Document:

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                                                                  EXECUTION COPY

                   HONDA AUTO RECEIVABLES 2003-5 OWNER TRUST,
                                   as Issuer,

                       AMERICAN HONDA FINANCE CORPORATION,
                                as Administrator,

                        AMERICAN HONDA RECEIVABLES CORP.,
                                  as Depositor,

                                       and

                              THE BANK OF NEW YORK,
                              as Indenture Trustee

                            ADMINISTRATION AGREEMENT

                          Dated as of December 1, 2003

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                                TABLE OF CONTENTS

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                                                                                 Page
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<S>            <C>                                                               <C>
Section 1.01   Capitalized Terms; Interpretive Provisions .........................1
Section 1.02   Duties of the Administrator.........................................2
Section 1.03   Records.............................................................7
Section 1.04   Compensation........................................................7
Section 1.05   Additional Information to be Furnished to the Issuer ...............8
Section 1.06   Independence of the Administrator...................................8
Section 1.07   No Joint Venture....................................................8
Section 1.08   Other Activities of Administrator...................................8
Section 1.09   Term of Agreement; Resignation and Removal of Administrator.........8
Section 1.10   Action Upon Termination, Resignation or Removal ....................9
Section 1.11   Notices............................................................10
Section 1.12   Amendments.........................................................10
Section 1.13   Successors and Assigns.............................................10
Section 1.14   Governing Law......................................................11
Section 1.15   Headings...........................................................11
Section 1.16   Counterparts.......................................................11
Section 1.17   Severability.......................................................11
Section 1.18   Limitation of Liability of Owner Trustee and Indenture Trustee.....11
Section 1.19   Third-Party Beneficiary............................................11
Section 1.20   Rights of the Indenture Trustee....................................12

                              EXHIBITS

Exhibit A - Form of Power of Attorney ...........................................A-1
</TABLE>

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     This Administration Agreement, dated as of December 1, 2003 (the
"Agreement"), is among Honda Auto Receivables 2003-5 Owner Trust, as issuer (the
"Issuer"), American Honda Finance Corporation ("AHFC"), as administrator (in
such capacity, the "Administrator"), American Honda Receivables Corp. ("AHRC"),
as depositor (in such capacity, the "Depositor"), and The Bank of New York, as
indenture trustee (the "Indenture Trustee").

     WHEREAS, the Issuer was created pursuant to the Amended and Restated Trust
Agreement, dated as of December 16, 2003 (the "Trust Agreement"), between the
Depositor and Deutsche Bank Trust Company Delaware, as owner trustee (the "Owner
Trustee");

     WHEREAS, the Issuer is issuing 1.14% Asset Backed Notes, Class A-1, 1.57%
Asset Backed Notes, Class A-2, 2.30% Asset Backed Notes, Class A-3 and 2.96%
Asset Backed Notes, Class A-4 (collectively, the "Notes") pursuant to an
Indenture, dated as of the date hereof (the "Indenture"), between the Issuer and
the Indenture Trustee;

     WHEREAS, the Issuer has entered into certain agreements in connection with
the issuance of the Notes and of certain beneficial ownership interests of the
Issuer, including (i) the Indenture, (ii) a Sale and Servicing Agreement, dated
as of the date hereof (the "Sale and Servicing Agreement"), among the Issuer,
AHRC, as transferor (in such capacity, the "Seller"), and AHFC, as servicer (in
such capacity, the "Servicer"), and (iii) a Letter of Representations, dated
December 16, 2003 (the "Note Depository Agreement" and, together with this
Agreement, the Indenture, the Sale and Servicing Agreement, the Control
Agreement and the Trust Agreement, the "Related Documents"), among the Issuer,
the Indenture Trustee and The Depository Trust Company;

     WHEREAS, pursuant to the Related Documents, the Issuer and the Owner
Trustee are required to perform certain duties in connection with (i) the Notes
and the collateral therefor pledged pursuant to the Indenture (the "Collateral")
and (ii) the beneficial ownership interests in the Issuer (the registered
holders of such interests being referred to herein as the "Owners");

     WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator
perform certain of the duties of the Issuer and the Owner Trustee referred to in
the preceding clause and to provide such additional services consistent with the
terms of this Agreement and the other Related Documents as the Issuer and the
Owner Trustee may from time to time request; and

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

     NOW, THEREFORE, in consideration of the mutual agreements herein contained,
and of other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties hereto agree as follows:

     Section 1.01 Capitalized Terms; Interpretive Provisions.

     (a) Capitalized terms used herein that are not otherwise defined shall have
the meanings ascribed thereto or incorporated by reference in the Sale and
Servicing Agreement, the

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Trust Agreement or the Indenture, as the case may be. Whenever used herein,
unless the context otherwise requires, the following words and phrases shall
have the following meanings:

     "Agreement" means this Administration Agreement, as amended, supplemented
or modified from time to time.

     "Related Documents" has the meaning set forth in the Preamble.

     (b) For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires, (i) terms used in this
Agreement include, as appropriate, all genders and the plural as well as the
singular, (ii) references to this Agreement include all Exhibits hereto, (iii)
references to words such as "herein", "hereof" and the like shall refer to this
Agreement as a whole and not to any particular part, Article or Section within
this Agreement, (iv) the term "include" and all variations thereof shall mean
"include without limitation", (v) the term "or" shall include "and/or" and (vi)
the term "proceeds" shall have the meaning ascribed to such term in the UCC.

     Section 1.02 Duties of the Administrator.

     (a) The Administrator agrees to perform all its duties as Administrator
and, except as specifically excluded herein, agrees to perform all the duties of
the Issuer and the Owner Trustee under the Related Documents. In addition, the
Administrator shall consult with the Owner Trustee regarding the duties of the
Issuer or the Owner Trustee under the Related Documents. The Administrator shall
monitor the performance of the Issuer and shall advise the Owner Trustee when
action is necessary to comply with the respective duties of the Issuer and the
Owner Trustee under the Related Documents. The Administrator shall prepare for
execution by the Issuer or the Owner Trustee, or shall cause the preparation by
other appropriate persons of, all such documents, reports, notices, filings,
instruments, certificates and opinions that it shall be the duty of the Issuer
or the Owner Trustee to prepare, file or deliver pursuant to the Related
Documents. In furtherance of the foregoing, the Administrator shall take (or, in
the case of the immediately preceding sentence, cause to be taken) all
appropriate action that the Issuer or the Owner Trustee is required to take
pursuant to the Indenture including, without limitation, such of the foregoing
as are required with respect to the following matters under the Indenture
(references are to Sections of the Indenture):

         (i) the preparation of or obtaining of the documents and instruments
     required for execution and authentication of the Notes and delivery of the
     same to the Indenture Trustee (Section 2.02);

         (ii) the duty to cause the Note Register to be kept and to give the
     Indenture Trustee notice of any appointment of a new Note Registrar and the
     location, or change in location, of the Note Register (Section 2.04);

         (iii) the notification of Noteholders and the Rating Agencies of the
     final principal payment on the Notes (Section 2.07(b));

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         (iv) the fixing or causing to be fixed of any special record date and
     the notification of the Indenture Trustee and Noteholders with respect to
     special payment dates, if any (Section 2.07(c));

         (v) the preparation of Definitive Notes in accordance with the
     instructions of the Clearing Agency (Section 2.11);

         (vi) the preparation, obtaining or filing of the instruments, opinions
     and certificates and other documents required for the release of collateral
     (Section 2.12);

         (vii) the duty to cause newly appointed Paying Agents, if any, to
     deliver to the Indenture Trustee the instrument specified in the Indenture
     regarding funds held in trust (Section 3.03);

         (viii) the direction to the Indenture Trustee to deposit monies with
     Paying Agents, if any, other than the Indenture Trustee (Section 3.03);

         (ix) the obtaining and preservation of the Issuer's qualifications to
     do business, including under the Pennsylvania Motor Vehicle Sale Finance
     Act, Arizona Revised Statutes, Title 44-282 and MD. Fin. Inst. Code Ann.,
     Title 11, Subtitle 4 (Section 3.04), as applicable;

         (x) the preparation of all supplements and amendments to the Indenture
     and all financing statements, continuation statements, instruments of
     further assurance and other instruments and the taking of such other action
     as are necessary or advisable to protect the Owner Trust Estate (Section
     3.05);

         (xi) the delivery of the Opinion of Counsel on the Closing Date and the
     annual delivery of Opinions of Counsel as to the Owner Trust Estate, and
     the annual delivery of the Officer's Certificate and certain other
     statements as to compliance with the Indenture (Sections 3.06 and 3.09);

         (xii) the identification to the Indenture Trustee in an Officer's
     Certificate of a Person with whom the Issuer has contracted to perform its
     duties under the Indenture (Section 3.07(b));

         (xiii) the notification of the Indenture Trustee and the Rating
     Agencies of each Servicer Default and, if such Servicer Default arises from
     the failure of the Servicer to perform any of its duties or obligations
     under the Servicing Agreement with respect to the Receivables, the taking
     of all reasonable steps available to remedy such failure (Section 3.07(d));

         (xiv) the preparation and obtaining of documents and instruments
     required for the release of the Issuer from its obligations upon the merger
     or consolidation of the Issuer under the Indenture and the obtaining of the
     Opinion of Counsel and the Officer's Certificate relating thereto (Section
     3.10);

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         (xv) the duty to cause the Servicer to comply with Sections 3.10, 3.11,
     3.12, 4.10 and Article Eight of the Sale and Servicing Agreement (Section
     3.14);

         (xvi) the delivery of written notice to the Indenture Trustee and each
     Rating Agency of each Event of Default and each default by the Servicer or
     the Seller under the Sale and Servicing Agreement (Section 3.19);

         (xvii) the monitoring of the Issuer's obligations as to the
     satisfaction and discharge of the Indenture and the preparation of an
     Officer's Certificate and the obtaining of the Opinion of Counsel and the
     Independent Certificate relating thereto (Section 4.01);

         (xviii) the compliance with Section 5.04 of the Indenture with respect
     to the sale of the Owner Trust Estate in a commercially reasonable manner
     if an Event of Default shall have occurred and be continuing (Section
     5.04);

         (xix) the preparation and delivery of notice to Noteholders of the
     removal of the Indenture Trustee and the appointment of a successor
     Indenture Trustee (Section 6.08);

         (xx) the preparation and delivery to each Noteholder such information
     as may be required to enable such holder to prepare its federal and state
     income tax returns (Section 6.06);

         (xxi) the preparation of any written instruments required to confirm
     more fully the authority of any co-trustee or separate trustee and any
     written instruments necessary in connection with the resignation or removal
     of the Indenture Trustee or any co-trustee or separate trustee (Sections
     6.08 and 6. 10);

         (xxii) the furnishing of the Indenture Trustee with the names and
     addresses of Noteholders during any period when the Indenture Trustee is
     not the Note Registrar (Section 7.01);

         (xxiii) the preparation and, after execution by the Issuer, the filing
     with the Commission, any applicable state agencies and the Indenture
     Trustee of documents required to be filed on a periodic basis with, and
     summaries thereof as may be required by rules and regulations prescribed
     by, the Commission and any applicable state agencies and the transmission
     of such summaries, as necessary, to the Noteholders (Section 7.03);

         (xxiv) the opening of one or more accounts in the Issuer's name and the
     taking of all other actions necessary with respect to investment and
     reinvestment of funds in the Accounts (Sections 8.02 and 8.03);

         (xxv) the preparation of an Issuer Request and Officer's Certificate
     and the obtaining of an Opinion of Counsel and Independent Certificates, if
     necessary, for the release of the Owner Trust Estate (Sections 8.04 and
     8.05);

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         (xxvi) the preparation of Issuer Requests, the obtaining of Opinions of
     Counsel and the certification to the Indenture Trustee with respect to the
     execution of supplemental indentures and the mailing to the Noteholders of
     notices with respect to such supplemental indentures (Sections 9.01 and
     9.02);

         (xxvii) the execution and delivery of new Notes conforming to any
     supplemental indenture (Section 9.06);

         (xxviii) the duty to notify Noteholders and the Rating Agencies of
     redemption of the Notes or to cause the Indenture Trustee to provide such
     notification (Sections 10.01 and 10.02);

         (xxix) the preparation and delivery of all Officer's Certificates,
     Opinions of Counsel and Independent Certificates with respect to any
     requests by the Issuer to the Indenture Trustee to take any action under
     the Indenture (Section 11.01(a));

         (xxx) the preparation and delivery of Officer's Certificates and the
     obtaining of Independent Certificates, if necessary, for the release of
     property from the Lien of the Indenture (Section 11.01(b));

         (xxxi) the notification of each Rating Agency, upon the failure of the
     Issuer, the Owner Trustee or the Indenture Trustee to give such
     notification, of the information required pursuant to Section 11.04 of the
     Indenture (Section 11.04); and

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

     (b) The Administrator shall:

         (i) pay from time to time reasonable compensation to (A) the Indenture
     Trustee for all services rendered by the Indenture Trustee under the Basic
     Documents and (B) the Owner Trustee for all services rendered under the
     Trust Agreement (in each case which compensation shall not be limited by
     any provision of law in regard to the compensation of a trustee of an
     express trust);

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

         (iii) except as otherwise expressly provided in the third sentence of
     Section 7.01 of the Trust Agreement, reimburse the Owner Trustee upon its
     request for all reasonable expenses, disbursements and advances incurred or
     made by the Owner Trustee in accordance with any provision of the Trust
     Agreement (including reasonable compensation, expenses and disbursements of
     its agents and counsel), except any such

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     expense, disbursement or advance as may be attributable to its willful
     misconduct, gross negligence or bad faith; and

         (iv) indemnify the Indenture Trustee, the Owner Trustee and their
     respective agents for, and hold them harmless against, any loss, liability
     or expense incurred without negligence (or, in the case of the Owner
     Trustee only, gross negligence), willful misconduct or bad faith on their
     part, arising out of or in connection with the acceptance or administration
     of the transactions contemplated by the Basic Documents, as the case may
     be, including the reasonable costs and expenses of defending themselves
     against any claim or liability in connection with the exercise or
     performance of any of their powers or duties thereunder.

     The obligations of the Administrator under this Section 1.02(b) shall
survive the termination of this agreement.

     (c) In addition to the duties set forth in Sections 1.02(a) and (b), the
Administrator shall perform such calculations and shall prepare or shall cause
the preparation by other appropriate Persons of, and shall execute on behalf of
the Issuer or the Owner Trustee, all such documents, notices, reports, filings,
instruments, certificates and opinions that the Issuer or the Owner Trustee are
required to prepare, file or deliver pursuant to the Related Documents, and at
the request of the Owner Trustee shall take all appropriate action that the
Issuer or the Owner Trustee are required to take pursuant to the Related
Documents. In furtherance thereof, the Owner Trustee shall, on behalf of itself
and of the Issuer, execute and deliver to the Administrator and to each
successor Administrator appointed pursuant to the terms hereof, one or more
powers of attorney substantially in the form of Exhibit A hereto, appointing the
Administrator the attorney-in-fact of the Owner Trustee and the Issuer for the
purpose of executing on behalf of the Owner Trustee and the Issuer all such
documents, reports, filings, instruments, certificates and opinions. Subject to
Section 1.06, and in accordance with the directions of the Owner Trustee, the
Administrator shall administer, perform or supervise the performance of such
other activities in connection with the Collateral (including the Related
Documents) as are not covered by any of the foregoing provisions and as are
expressly requested by the Owner Trustee and are reasonably within the
capability of the Administrator.

     (d) Notwithstanding anything in this Agreement or the Related Documents to
the contrary, the Administrator shall be responsible for promptly notifying the
Owner Trustee in the event that any withholding tax is imposed on the Issuer's
payments (or allocations of income) to a Trust Certificateholder as contemplated
in Section 5.02(c) of the Trust Agreement. Any such notice shall specify the
amount of any withholding tax required to be withheld by the Owner Trustee
pursuant to such provision.

     (e) Notwithstanding anything in this Agreement or the Related Documents to
the contrary, the Administrator shall be responsible for performance of the
duties of the Owner Trustee set forth in Section 5.05 of the Trust Agreement
with respect to, among other things, accounting and reports to Owners; provided,
however, that the Owner Trustee shall retain responsibility for the distribution
of the Schedule K-1's, necessary to enable each Owner to prepare its federal and
state income tax returns.

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     (f) The Administrator shall perform any duties expressly required to be
performed by the Administrator under the Trust Agreement or the Indenture.

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

     (h) With respect to matters that in the reasonable judgment of the
Administrator are non-ministerial, the Administrator shall not take any action
unless within a reasonable time before the taking of such action, the
Administrator shall have notified the Owner Trustee of the proposed action and
the Owner Trustee shall not have withheld consent or provided an alternative
direction. For the purpose of the preceding sentence, "non-ministerial matters"
shall include:

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

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

         (iii) the amendment, change or modification of the Basic Documents;

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

         (v) the removal of the Indenture Trustee.

     (i) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not, (i) make any payments to
the Noteholders under the Related Documents, (ii) sell the Owner Trust Estate
pursuant to Section 5.04 of the Indenture, (iii) take any other action that the
Issuer directs the Administrator not to take on its behalf or (iv) take any
other action which may be construed as having the effect of varying the
investment of the Trust Certificateholders.

     Section 1.03 Records. The Administrator shall maintain appropriate books of
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer and the
Depositor at any time during normal business hours.

     Section 1.04 Compensation. As compensation for the performance of the
Administrator's obligations under this Agreement and as reimbursement for its
expenses related

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thereto, the Administrator shall be entitled to an annual payment of
compensation which shall be solely an obligation of the Depositor.

     Section 1.05 Additional Information to be Furnished to the Issuer. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

     Section 1.06 Independence of the Administrator. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Issuer or the Owner Trustee with respect to
the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer, the Administrator shall
have no authority to act for or represent the Issuer or the Owner Trustee in any
way and shall not otherwise be deemed an agent of the Issuer or the Owner
Trustee.

     Section 1.07 No Joint Venture. Nothing contained in this Agreement (i)
shall constitute the Administrator and either the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

     Section 1.08 Other Activities of Administrator. Nothing herein shall
prevent the Administrator or its Affiliates from engaging in other businesses
or, in its sole discretion, from acting in a similar capacity as an
administrator for any other Person or entity, even though such person or entity
may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee.

     Section 1.09 Term of Agreement; Resignation and Removal of Administrator.
This Agreement shall continue in force until the dissolution of the Issuer, upon
which event this Agreement shall automatically terminate.

     (a) Subject to Sections 1.09(d) and 1.09(e), the Administrator may resign
its duties hereunder by providing the Issuer with at least 60 days' prior
written notice.

     (b) Subject to Sections 1.09(d) and 1.09(e), the Issuer may remove the
Administrator without cause by providing the Administrator with at least 60
days' prior written notice.

     (c) Subject to Sections 1.09(d) and 1.09(e), at the sole option of the
Issuer, the Administrator may be removed immediately upon written notice of
termination from the Issuer to the Administrator if any of the following events
shall occur:

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

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         (ii) the existence of any proceeding or action, or the entry of a
     decree or order for relief by a court or regulatory authority having
     jurisdiction over the Administrator in an involuntary case under the
     federal bankruptcy laws, as now or hereafter in effect, or appointing a
     receiver, liquidator, assignee, trustee, custodian, sequestrator or other
     similar official of the Administrator or of any substantial part of its
     property, or ordering the winding up or liquidation of the affairs of the
     Administrator and the continuance of any such action, proceeding, decree or
     order unstayed and, in the case of any such order or decree, in effect for
     a period of 90 consecutive days; or

         (iii) the commencement by the Administrator of a voluntary case under
     the federal bankruptcy laws, as now or hereafter in effect, or the consent
     by the Administrator to the appointment of or taking of possession by a
     receiver, liquidator, assignee, trustee, custodian, sequestrator or other
     similar official of the Administrator or of any substantial part of its
     property or the making by the Administrator of an assignment for the
     benefit of creditors or the failure by the Administrator generally to pay
     its debts as such debts become due or the taking of corporate action by the
     Administrator in furtherance of any of the foregoing.

     The Administrator agrees that if any of the events specified in clauses
(ii) or (iii) above shall occur, it shall give written notice thereof to the
Issuer and the Indenture Trustee within seven days after the occurrence of such
event.

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

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

     (f) Subject to Sections 1.09(d) and 1.09(e), the Administrator acknowledges
that upon the appointment of a successor Servicer pursuant to the Sale and
Servicing Agreement, the Administrator shall immediately resign and such
successor Servicer shall automatically become the Administrator under this
Agreement.

     Section 1.10 Action Upon Termination, Resignation or Removal. Promptly upon
the effective date of termination of this Agreement pursuant to the first
sentence of Section 1.09 or the resignation or removal of the Administrator
pursuant to Section 1.09(a), (b) or (c), respectively, the Administrator shall
be entitled to be paid all fees and reimbursable expenses accruing to it to the
date of such termination, resignation or removal. The Administrator shall
forthwith upon such termination pursuant to the first sentence of Section 1.09
deliver to the Issuer all property and documents of or relating to the
Collateral then in the custody of the Administrator. In the event of the
resignation or removal of the Administrator pursuant to Section 1.09(a), (b) or
(c), respectively, the Administrator shall cooperate with the Issuer and take
all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Administrator.

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     Section 1.11 Notices. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by telecopier (followed by hard copy by overnight delivery), and
addressed in each case as follows: (a) if to the Issuer or the Owner Trustee,
to: Deutsche Bank Trust Company Delaware, 1011 Centre Road, Suite 200,
Wilmington, Delaware 19805-1266, Attention: Corporate Trust Administration, (b)
if to the Administrator, to: American Honda Finance Corporation, 700 Van Ness
Avenue, Building 300, Torrance, California 90501, Attention: President; (c) if
to the Depositor, to: American Honda Receivables Corp., 700 Van Ness Avenue,
Building 300, Torrance, California 90501, Attention: President; and (d) if to
the Indenture Trustee, to: The Bank of New York, 101 Barclay Street, 8th Floor
West, New York, New York 10286, Attention: Asset Backed Securities Unit--Honda
2003-5; or to such other address as any party shall have provided to the other
parties in writing. Any notice required to be in writing hereunder shall be
deemed given if such notice is mailed by certified mail, postage prepaid, or
hand-delivered to the address of such party as provided above.

     Section 1.12 Amendments. This Agreement may be amended from time to time by
a written amendment duly executed and delivered by the parties hereto, with the
written consent of the Owner Trustee but without the consent of the Noteholders
or the Certificateholders, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, that such amendment will not, in the Opinion of
Counsel satisfactory to the Indenture Trustee, materially and adversely affect
the interest of any of the Noteholders or the Certificateholders. This Agreement
may also be amended by the parties hereto with the written consent of the Owner
Trustee and the Holders of Notes evidencing at least a majority of the
Outstanding Amount and the Holders of Trust Certificates evidencing at least a
majority of the Percentage Interests evidenced by the Trust Certificates for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of
the Noteholders or the Certificateholders; provided, however, that no such
amendment may (i) increase or reduce in any manner the amount of, or accelerate
or delay the timing of, collections of payments on the Receivables or
distributions that are required to be made for the benefit of the Noteholders or
the Certificateholders or (ii) reduce the aforesaid percentage of the Holders of
Notes and Trust Certificates which are required to consent to any such
amendment, without the written consent of the Holders of all outstanding Notes
and Trust Certificates. Notwithstanding the foregoing, the Administrator may not
amend this Agreement without the permission of the Depositor, which permission
shall not be unreasonably withheld.

     Section 1.13 Successors and Assigns. This Agreement may not be assigned by
the Administrator unless such assignment is previously consented to in writing
by the Issuer and the Owner Trustee and subject to the satisfaction of the
Rating Agency Condition in respect thereof. An assignment with such consent and
satisfaction, if accepted by the assignee, shall bind the assignee hereunder in
the same manner as the Administrator is bound hereunder. Notwithstanding the
foregoing, this Agreement may be assigned by the Administrator without the
consent of the Issuer or the Owner Trustee to a corporation or other
organization that is a successor (by merger, consolidation or purchase of
assets) to the Administrator; provided, that such successor organization
executes and delivers to the Issuer, the Owner Trustee and the

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

     Section 1.14 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 1.15 Headings. The headings of the various Sections herein are for
convenience of reference only and shall not define or limit any of the terms or
provisions hereof.

     Section 1.16 Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered
shall be an original, but all such counterparts shall together constitute but
one and the same instrument.

     Section 1.17 Severability. Any provision of this Agreement that is
prohibited or unenforceable in any 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 jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     Section 1.18 Limitation of Liability of Owner Trustee and Indenture
Trustee.

     (a) Notwithstanding anything contained herein to the contrary, this
instrument has been countersigned by Deutsche Bank Trust Company Delaware, in
its capacity as Owner Trustee of the Issuer and in no event shall Deutsche Bank
Trust Company Delaware, in its individual capacity or any beneficial owner of
the Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder, as to all of which
recourse shall be had solely to the assets of the Issuer. For all purposes of
this Agreement, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Articles Six, Seven and Eight of the Trust
Agreement as if specifically set forth herein.

     (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been executed by The Bank of New York in its capacity as Indenture
Trustee under the Indenture and in no event shall The Bank of New York in its
individual capacity have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of
the certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

     Section 1.19 Third-Party Beneficiary. The Owner Trustee is a third-party
beneficiary to this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it were a party hereto.

                                       11
<PAGE>

     Section 1.20 Rights of the Indenture Trustee. The Indenture Trustee shall
be afforded the same rights, protections, immunities and indemnities set forth
in the Indenture as if specifically set forth herein.

                                       12
<PAGE>

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

                                      HONDA AUTO RECEIVABLES 2003-5 OWNER TRUST,
                                        as Issuer

                                      By: Deutsche Bank Trust Company Delaware
                                          not in its individual capacity but
                                          solely as Owner Trustee

                                      By:  /s/  Louis Bodi
                                         ---------------------------------------
                                         Name:  Louis Bodi
                                         Title: Vice President

                                      AMERICAN HONDA RECEIVABLES CORP.,
                                        as Depositor

                                      By:  /s/  Y. Takahashi
                                         ---------------------------------------
                                         Name:  Y. Takahashi
                                         Title: President

                                      THE BANK OF NEW YORK,
                                      not in its individual capacity but solely
                                      as Indenture Trustee

                                      By:  /s/  Allison R. Clan
                                         ---------------------------------------
                                         Name:  Allison R. Clan
                                         Title: Assistant Treasurer

                                      AMERICAN HONDA FINANCE CORPORATION,
                                        as Administrator

                                      By:  /s/  Y. Takahashi
                                         ---------------------------------------
                                         Name:  Y. Takahashi
                                         Title: President

<PAGE>

                                                                       EXHIBIT A

                          POWER OF ATTORNEY PURSUANT TO
                   SECTION 1.02(c) OF ADMINISTRATION AGREEMENT

     KNOW ALL MEN BY THESE PRESENTS, that Deutsche Bank Trust Company Delaware
(the "Grantor"), located at 1011 Centre Road, Suite 200, Wilmington, Delaware
19805-1266, as owner trustee of Honda Auto Receivables 2003-5 Owner Trust, a
Delaware statutory trust (the "Issuer"), does hereby appoint American Honda
Finance Corporation, a California corporation (the "Grantee"), located at 700
Van Ness Avenue, Building 300, Torrance, California 90501, as its
attorney-in-fact with full power of substitution and hereby authorizes and
empowers the Grantee, in the name of and on behalf of the Grantor or the Issuer,
to take the following actions from time to time with respect to the duties of
the Administrator under the Administration Agreement, dated as of December 1,
2003 (the "Administration Agreement"), among the Issuer, the Administrator,
American Honda Receivables Corp., as depositor and The Bank of New York, as
indenture trustee, for the purpose of executing on behalf of the Grantor or the
Issuer all such documents, reports, filings, instruments, certificates and
opinions required pursuant to the Related Documents:

     The Grantee is hereby empowered to do any and all lawful acts necessary or
desirable to effect the performance of the duties under the Administration
Agreement and the Grantor hereby ratifies and confirms any and all lawful acts
the Grantee shall undertake pursuant to and in conformity with this Power of
Attorney.

     This Power of Attorney is revocable in whole or in part as to the powers
herein granted upon notice by the Grantor. If not earlier revoked, this Power of
Attorney shall expire completely or, if so indicated, in part, upon the earlier
of (i) the termination of the amended and restated trust agreement, dated
December 16, 2003 (the "Trust Agreement"), between American Honda Receivables
Corp., as depositor and the Grantor, as owner trustee, or (ii) the termination
of the Administration Agreement, as each may be amended, restated or
supplemented from time to time. Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in the Trust
Agreement or the Administration Agreement, as the case may be.

     THIS POWER OF ATTORNEY SHALL BE CREATED UNDER AND GOVERNED AND CONSTRUED
UNDER THE INTERNAL LAWS OF THE STATE OF NEW YORK.

     The Grantor executes this Power of Attorney with the intent to be legally
bound hereby, and with the intent that such execution shall have the full
dignity afforded by the accompanying witnessing and notarization and all lesser
dignity resulting from the absence of such witnessing and notarization or any
combination thereof.

                                      A-1

<PAGE>

     Dated this __ day of December, 2003.

[Seal]

                                           DEUTSCHE BANK TRUST COMPANY DELAWARE,
                                           not in its individual capacity but
                                           solely as Owner Trustee of the Honda
                                           Auto Receivables 2003-5 Owner Trust

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

Signed and delivered in the presence of.

-------------------------------

Address:
        ------------------------------

[Unofficial Witness]

                                      A-2exv4w1

 

Exhibit 4.1

ANTEON INTERNATIONAL CORPORATION

SUPPLEMENTAL RETIREMENT SAVINGS PLAN

EFFECTIVE AS OF JANUARY 1, 2004

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 	 	 	 	
	 
	 	ARTICLE 1 INTRODUCTION
	 	 	1	 
	 
	 	 	 	 
	 	 	1.1 Purpose of Plan
	 	 	1	 
	 	 	1.2 Status of Plan
	 	 	1	 
	 
	 	 	 	 
	 	ARTICLE 2 DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	 	 	2.1 “Account”
	 	 	1	 
	 	 	2.2 “Administrator”
	 	 	1	 
	 	 	2.3 “Board”
	 	 	1	 
	 	 	2.4 “Beneficiary”
	 	 	1	 
	 	 	2.5 “Bonus”
	 	 	1	 
	 	 	2.6 “Bonus Deferral”
	 	 	1	 
	 	 	2.7 “Code”
	 	 	1	 
	 	 	2.8 “Compensation”
	 	 	2	 
	 	 	2.9 “Corporation”
	 	 	2	 
	 	 	2.10 “Deferral Form”
	 	 	2	 
	 	 	2.11 “Elective Deferral”
	 	 	2	 
	 	 	2.12 “Eligible Individual”
	 	 	2	 
	 	 	2.13 “Employee”
	 	 	2	 
	 	 	2.14 “Employer”
	 	 	2	 
	 	 	2.15 “ERISA”
	 	 	2	 
	 	 	2.16 “Hardship”
	 	 	2	 
	 	 	2.17 “Outside Director”
	 	 	3	 
	 	 	2.18 “Participant”
	 	 	3	 
	 	 	2.19 “Plan”
	 	 	3	 
	 	 	2.20 “Plan Year”
	 	 	3	 
	 	 	2.21 “Qualified Plan”
	 	 	3	 
	 	 	2.22 “Required Withholding”
	 	 	3	 
	 	 	2.23 “Valuation Date”
	 	 	3	 
	 
	 	 	 	 
	 	ARTICLE 3 ELIGIBILITY AND PARTICIPATION
	 	 	3	 
	 
	 	 	 	 
	 	 	3.1 Eligibility
	 	 	3	 
	 	 	3.2 Participation
	 	 	4	 
	 	 	3.3 Suspension of Participation
	 	 	4	 
	 
	 	 	 	 
	 	ARTICLE 4 DEFERRALS AND CONTRIBUTIONS
	 	 	4	 
	 
	 	 	 	 
	 	 	4.1 Elective Deferrals
	 	 	4	 
	 	 	4.2 Bonus Deferrals
	 	 	4	 
	 	 	4.3 Elections
	 	 	5	 

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 	 	 	 	
	 
	 	ARTICLE 5 ACCOUNTS AND INVESTMENTS
	 	 	6	 
	 
	 	 	 	 
	 	 	5.1 Accounts
	 	 	6	 
	 	 	5.2 Investments
	 	 	6	 
	 	 	5.3 Statements
	 	 	7	 
	 
	 	 	 	 
	 	ARTICLE 6 VESTING
	 	 	7	 
	 
	 	 	 	 
	 	ARTICLE 7 DISTRIBUTION OF ACCOUNTS
	 	 	7	 
	 
	 	 	 	 
	 	 	7.1 Election as to Time and Form of Payment
	 	 	7	 
	 	 	7.2 Death
	 	 	8	 
	 	 	7.3 Scheduled In-Service Distribution
	 	 	8	 
	 	 	7.4 Hardship Distributions
	 	 	9	 
	 	 	7.5 Early Distribution
	 	 	9	 
	 	 	7.6 Right of Offset
	 	 	10	 
	 	 	7.7 Taxes
	 	 	10	 
	 
	 	 	 	 
	 	ARTICLE 8 PLAN ADMINISTRATION
	 	 	10	 
	 
	 	 	 	 
	 	 	8.1 Plan Administration and Interpretation
	 	 	10	 
	 	 	8.2 Information
	 	 	11	 
	 	 	8.3 Indemnification of Administrator
	 	 	11	 
	 	 	8.4 Claims Procedure
	 	 	11	 
	 
	 	 	 	 
	 	ARTICLE 9 AMENDMENT AND TERMINATION
	 	 	12	 
	 
	 	 	 	 
	 	 	9.1 Authority to Amend and Terminate
	 	 	12	 
	 	 	9.2 Existing Rights
	 	 	12	 
	 
	 	 	 	 
	 	ARTICLE 10 MISCELLANEOUS
	 	 	12	 
	 
	 	 	 	 
	 	 	10.1 No Funding
	 	 	12	 
	 	 	10.2 General Creditor Status
	 	 	12	 
	 	 	10.3 Non-assignability
	 	 	12	 
	 	 	10.4 Satisfaction of Claims; Unclaimed Benefits
	 	 	13	 
	 	 	10.5 Governing Law and Severability
	 	 	13	 
	 	 	10.6 Not Contract of Employment or Board Service
	 	 	13	 
	 	 	10.7 Severability
	 	 	13	 
	 	 	10.8 Headings
	 	 	13	 

ii

 

 

Anteon International Corporation

Supplemental Retirement Savings Plan

Effective as of January 1, 2004

ARTICLE 1

INTRODUCTION

     1.1 Purpose of Plan. Anteon International Corporation (the “Corporation”)
hereby establishes the Anteon International Corporation Supplemental Retirement
Savings Plan (the “Plan”) to provide certain eligible employees and outside
members of the Board of Directors deferral opportunities. The Plan is
effective as of January 1, 2004.

     1.2 Status of Plan. The Plan is intended to be an unfunded plan
maintained by the Corporation “primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees”
within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and
the Plan shall be interpreted and administered consistent with this intent.

ARTICLE 2

DEFINITIONS

     Under the Plan, except where the context otherwise indicates, the
following definitions shall apply.

     2.1 “Account” means an account established for the benefit of a
Participant under Section 5.1, which may include one or more sub-accounts.

     2.2 “Administrator” means the person, persons or committee designated by
the Board as responsible for the administration of the Plan as provided in
Article 8.

     2.3 “Board” means the Board of Directors of the Corporation.

     2.4 “Beneficiary” means a person, persons or trust designated by a
Participant as a direct or contingent beneficiary under Section 7.2 to receive
an amount, if any, payable from such Participant’s Account upon the death of
the Participant.

     2.5 “Bonus” means any cash compensation awarded to a Participant for a
Plan Year under any incentive compensation plan maintained by the Employer.
Bonus does not include any stock or stock-related income from stock option
exercises, stock appreciation right exercises or any other cash settlement of a
stock-based award to a Participant under a stock award plan or program
maintained by the Corporation.

     2.6 “Bonus Deferral” means the portion of a Bonus the receipt of which is
deferred by a Participant under Section 4.2 with respect to a Plan Year.

     2.7 “Code” means the Internal Revenue Code of 1986, as amended from time
to time, and the regulations and rulings issued thereunder.

 

 

     2.8 “Compensation” means, with respect to an Employee, the remuneration,
as defined in Code Section 3401(a) for purposes of income tax withholding at
the source, determined without regard to any rules that limit the remuneration
included in wages based on the nature or location of the employment or the
services performed, actually paid to an individual by an Employer during the
applicable period with respect to the individual’s services as an Employee, and
for Employees who are also members of the Board, Board and Board committee
fees, but excluding: (a) direct reimbursements or allowances for moving and
other expenses (including overseas living allowances), including expenses
incurred in connection with Board service (if applicable), and (b)
contributions, credits or benefits under this Plan or under any other
retirement, stock-related, deferred compensation, fringe benefit or employee
welfare benefit plan. Notwithstanding the foregoing, Compensation shall be
determined before contributions made to this Plan, the Qualified Plan or any
other Employer-sponsored plan to which contributions are excluded from the
gross income of the Participant under Code Section 125, 402(e)(3), 402(h)(1)(B)
or 403(b). Compensation does not include income from stock option exercises,
Bonuses and Bonus Deferrals under this Plan, or any other type of incentive
award. In the case of an Outside Director, “Compensation” means Board and
Board committee fees, but excludes any reimbursements for expenses incurred in
connection with Board service.

     2.9 “Corporation” means Anteon International Corporation, a Delaware
corporation, or any business which, with the consent of the Board, succeeds to
its business by merger, reorganization, consolidation or otherwise and adopts
this Plan as its own.

     2.10 “Deferral Form” means the document or documents, voice response or
electronic media prescribed by the Administrator pursuant to which a
Participant may make elections to defer a portion of the Participant’s
Compensation and/or all or a portion of the Participant’s Bonus.

     2.11 “Elective Deferral” means the portion of Compensation the receipt of
which is deferred by a Participant under Section 4.1 with respect to a Plan
Year.

     2.12 “Eligible Individual” means an Employee who satisfies the eligibility
requirements set forth in Article 3 or an Outside Director.

     2.13 “Employee” means an employee of an Employer who is a “Covered
Employee” within the meaning of the Qualified Plan.

     2.14 “Employer” means an entity that is an “Employer” within the meaning
of the Qualified Plan.

     2.15 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the regulations and rulings issued thereunder.

     2.16 “Hardship” means an unforeseeable emergency, consistent with Section
457 of the Code and regulations thereunder. An unforeseeable emergency is
defined as a severe financial hardship to the Participant resulting from a
sudden or unexpected illness or accident of a Participant or dependent, loss of the Participant’s property due to
casualty, or other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant.

2

 

     2.17 “Outside Director” means a member of the Board with respect to fees
who is not an Employee.

     2.18 “Participant” means a current or former Eligible Individual who
participates in the Plan in accordance with Article 3 or maintains an Account
balance hereunder.

     2.19 “Plan” means the Anteon International Corporation Supplemental
Retirement Savings Plan, as set forth herein, and as may be amended from time
to time.

     2.20 “Plan Year” means the calendar year.

     2.21 “Qualified Plan” means the Anteon Corporation 401(k) Plan, as amended
from time to time.

     2.22 “Required Withholding” means the federal, state or local employment
taxes, including applicable FICA and FUTA taxes required to be withheld under
Code Sections 3101 and 3501, respectively, from any (a) Elective Deferrals, (b)
elective deferrals on behalf of the Participant to the Qualified Plan or to any
other Employer-sponsored employee benefit plan, (c) Bonus Deferrals, (d)
amounts required to be paid to a third person pursuant to lien, court order or
similar process, and/or (e) any other compensation not paid to the Participant
in cash, and all federal, state or local income and employment taxes
attributable thereto required to be withheld from income, and any additional
such taxes attributable to such withholdings. The Administrator shall
determine Required Withholdings in its discretion.

     2.23 “Valuation Date” means each business day that the New York Stock
Exchange is open, or less frequent dates, as the Administrator may determine,
in its sole discretion.

ARTICLE 3

ELIGIBILITY AND PARTICIPATION

     3.1 Eligibility. The following classes of individuals shall be eligible
to participate in the Plan:

     (a) Unless the Administrator determines otherwise, an Employee shall be
eligible to participate in the Plan for a Plan Year if his or her stated
Compensation and Bonus for the year before the Plan Year equals or exceeds the
annual compensation limit established under Code Section 401(a)(17), or if the
Employee is hired during the Plan Year, his or her stated rate of Compensation
and target Bonus on the Employee’s date of hire equals or exceeds the
compensation limit then in effect under Code Section 401(a)(17).

     (b) Each Outside Director shall be eligible to participate in the Plan.

3

 

     (c) Before each Plan Year, the Administrator may designate as eligible for
participation in the Plan any other person who is among a select group of
management or highly compensated Employees of an Employer. The Administrator
will notify those Employees as well as Outside Directors of their eligibility
to participate in the Plan and provide them with a Deferral Form. The
Administrator shall have the sole discretion to determine eligibility pursuant
to the Plan.

     3.2 Participation. An Eligible Individual who properly completes and
timely submits a Deferral Form shall become a Participant in the Plan on the
first date as of which an Elective Deferral or Bonus Deferral is credited to
his or her Account. A Participant in the Plan shall continue to be a
Participant so long as any amount remains credited to his or her Account.

     3.3 Suspension of Participation. If the Administrator determines that a
Participant currently making Elective Deferrals no longer satisfies the
eligibility requirements of Section 3.1(a) or (c) during the Plan Year, the
Administrator may suspend the Participant’s Elective Deferrals until the next
following Plan Year as of which the Participant again satisfies such
eligibility requirements. In such circumstance, the Administrator shall notify
the Participant of such suspension. If the Participant’s participation is
suspended as described in this Section and the Administrator determines that
the Participant again satisfies the eligibility requirements of Section 3.1(a)
or (c), the Administrator shall notify the Participant, and the Participant
shall be permitted to resume active participation in the Plan as of the next
following Plan Year. During the period of any such suspension, such individual
shall continue to be a Participant solely with respect to his or her Account
balance until such Account balance is distributed from the Plan.

ARTICLE 4

DEFERRALS AND CONTRIBUTIONS

     4.1 Elective Deferrals. An Eligible Individual may irrevocably elect to
defer, on a pre-tax basis, all or a portion (in whole percentages) of his or
her Compensation at the time permitted under Section 4.3. Notwithstanding the
foregoing, the amount of an Eligible Individual’s Compensation eligible for
deferral in a given Plan Year shall not exceed his or her Compensation and
Bonus reduced by Required Withholdings with respect to such Compensation. Such
an election is a separate and independent election from an election to defer
compensation under the Qualified Plan.

     4.2 Bonus Deferrals. An Eligible Individual may irrevocably elect to
defer all or a portion of his or her Bonus (in whole percentages).
Notwithstanding the foregoing, the amount of an Eligible Individual’s Bonus
eligible for deferral in a given Plan Year shall not exceed the Bonus reduced
by the sum of any pre-tax contributions made to the Qualified Plan and the
amount necessary to satisfy any Required Withholdings with respect to such
Bonus.

4

 

     4.3 Elections.

     (a) Time for Making Deferral Elections.

	(i)	 	Elective Deferrals.

	(A)	 	Generally. An election to defer
Compensation shall be made no later than 15 days before
the first day of the calendar year in which the
Compensation is earned; except that an election to defer
Compensation to be earned in the initial Plan Year
beginning January 1, 2004 shall be made no later than
December 30, 2003.

	(B)	 	Newly Eligible Individuals. In the
case of an Eligible Individual in his or her first year
of employment or service as a member of the Board, as
the case may be, or in the case of an Employee who
becomes an Eligible Individual during a Plan Year, an
election to defer Compensation must be made within 30
days after the Eligible Individual begins employment or
such service, as the case may be, or becomes eligible,
and at least five business days before the commencement
of the first payroll period for which the election is
effective. For Compensation earned in such Plan Year,
such elections are effective only with respect to
Compensation earned after the effective date of the
election.

	(ii)	 	Bonus Deferrals. An election to defer Bonuses
must be made no later than November 30 of the Plan Year that
precedes the Plan Year in which the Bonus is otherwise fixed
in amount and paid. The first Bonus subject to deferral under
the Plan is the Bonus for 2003 that is scheduled to be paid in
2004.

	(iii)	 	Rolling Deferrals. A timely filed and completed
election for Elective and/or Bonus Deferrals shall also apply
to Compensation and/or Bonus, as applicable, earned in
subsequent Plan Years until changed or revoked by a
Participant in accordance with Section 4.3(b), or the
Participant otherwise ceases to be eligible to participate in
the Plan.

     (b) Deferral Forms; Revocation or Change of Deferral Election. All
Deferral Forms for Elective and Bonus Deferrals must be timely filed or
otherwise submitted in the manner and in such form as prescribed by the
Administrator. Except as provided in this subsection (b), from and after the
last date permitted for making such elections, all deferral elections pursuant
to this Article 4 shall be irrevocable.

	(i)	 	An Eligible Individual may change or revoke a
prior election up to the date established under Section
4.3(a)(i) or (ii), as applicable; except that deferral
elections made before the initial Plan Year beginning January
1, 2004 may be revoked at any time before January 1, 2004.

5

 

	(ii)	 	Notwithstanding the provisions of Sections 4.1
and 4.2, a Participant may revoke his or her Elective Deferral
election made under Section 4.3(a) after the commencement of
the Plan Year to which the election relates by filing an
election to cease Elective Deferrals; provided, however, that
(A) such revocation shall apply solely to Compensation not yet
earned as of the date the revocation is filed with the
Administrator, and (B) a Participant who revokes his or her
Elective Deferral election under this subsection (b) shall not
be entitled to make a new Elective Deferral election until the
Plan Year that begins at least 12 months after such
revocation.

ARTICLE 5

ACCOUNTS AND INVESTMENTS

     5.1 Accounts. The Administrator shall establish an Account for each
Participant to reflect Elective Deferrals and Bonus Deferrals made for the
Participant’s benefit, together with any adjustments for income, gains or
losses and any payments from the Account. Separate sub-accounts may be
established for Elective Deferrals and Bonus Deferrals, if any, and to reflect,
among other items, the various investment funds, separate deferral periods
and/or forms of payment. Elective Deferrals shall be credited as of the end of
each payroll period or, in the case of Outside Directors, when payment for
Board and Board committee fees would otherwise be paid to the Outside
Directors, and Bonus Deferrals shall be credited as of the date on which the
Bonus would otherwise be paid. The Accounts are established solely for the
purposes of tracking Elective Deferrals, Bonus Deferrals and any income
adjustments thereto. The Accounts shall not be used to segregate assets for
payment of any amounts deferred or allocated under the Plan, and shall not
constitute or be treated as a trust fund of any kind.

     5.2 Investments.

     (a) Hypothetical Investments. Amounts credited to each Participant’s
Account shall be deemed invested, in accordance with the Participant’s
directions, in one or more hypothetical investment funds that are available
under the Plan. The hypothetical investment funds available under the Plan
shall be those designated by the Administrator from time to time in its
discretion. If a Participant does not make investment elections with respect
to amounts credited to his or her Account, such amounts shall be deemed
invested in such hypothetical investment funds as the Administrator may direct.
Notwithstanding any provision in the Plan to the contrary, earnings and losses
based on a Participant’s investment elections shall begin to accrue as of the
date such Participant’s Elective Deferrals and Bonus Deferrals, if any, are
credited to his or her Account. The Administrator may promulgate uniform and
nondiscriminatory rules and procedures governing investment elections under the
Plan.

     (b) Time for Selecting Investments. A Participant shall make his or her
hypothetical investment fund elections at such time as he or she files the
Deferral Form, as described in Article 4. Investment elections must be made in
whole percentages. A Participant may change his or her investment elections at
any time, or may reallocate amounts invested

6

 

among the hypothetical investment funds available under the Plan, by
directing the Administrator in such form and at such time as the Administrator
shall require.

     (c) Account Charges. Unless the Administrator, in its sole discretion,
decides otherwise, investment expenses for each Participant’s sub-account shall
be debited against each respective sub-account. Other Plan charges and
administrative expenses will be paid by the Employer without debit against
Participant Accounts.

     5.3 Statements. At least once each Plan Year, the Administrator (or its
designee) shall provide the Participant with a statement of such Participant’s
Account reflecting the deemed income, gains and losses (realized and
unrealized), amounts of deferrals and distributions with respect to such
Account since the prior statement.

ARTICLE 6

VESTING

     Subject to the provisions of Section 7.5, a Participant shall at all times
have a fully vested and nonforfeitable right to all Elective Deferrals and
Bonus Deferrals, if any, credited to the Participant’s Account, as adjusted for
deemed income, gains and losses attributable thereto.

ARTICLE 7

DISTRIBUTION OF ACCOUNTS

     7.1 Election as to Time and Form of Payment.

     (a) Time of Payment. Except as otherwise permitted in this Article 7, a
Participant’s Account will be paid to the Participant as soon as
administratively practicable after his or her termination of employment with
all Employers or Board service, as the case may be. Notwithstanding the
foregoing, and subject to the approval of the Administrator, a Participant may
further defer payment of his or her Account to a later date by filing an
election, in the form and manner prescribed by the Administrator; provided that
such election is made before termination of the Participant’s employment or
Board service, as the case may be, and at least twelve months before payment is
otherwise scheduled to be made. In no event, however, may a Participant defer
payment to a date that is more than one year following such termination.

     (b) Payment Options. Except as elected otherwise by a Participant,
payment shall be made to the Participant in a single lump sum as soon as
administratively practicable after his or her termination of employment with
all Employers or Board service, as the case may be. Notwithstanding the
foregoing, before a Participant’s employment with all Employers or Board
service terminates, the Participant may elect to receive payment of all amounts
credited to his Account in annual installments over a period of up to ten
years, as elected by the Participant, provided that the Participant has an
Account balance of at least $25,000 at the time distribution is to begin. If a
Participant elects to receive payment of his Account in annual installments,
each annual amount shall consist of an amount equal to (A) the balance of the
Account on or about the annual payment date times (B) a fraction, the numerator
of which is one and the denominator of which is the number of remaining
installment years (including the year of the installment being

7

 

paid). Each installment shall be paid on or about the anniversary of the
first payment, and any remaining Account balance shall continue to be invested
in accordance with the Participant’s investment elections as described above.
Any such election shall be made in accordance with procedures and rules
established by the Administrator.

     Subject to approval by the Administrator, a Participant may change the
payment form for distribution of his or her Account under this subsection (b)
by filing an election, in the form and manner prescribed by the Administrator,
at any time before his employment or Board service, as the case may be,
terminates, provided that the election is made at least 12 months before
payment is otherwise scheduled to commence. Such change shall apply to all
amounts credited to the Participant’s Account.

     (c) Termination of Employment or Board Service. For purposes of the Plan,
a Participant who is an Employee shall terminate employment when the
Participant separates from service with all Employers. However, temporary
absence from employment because of illness, vacation, approved leaves of
absences, and transfers of employment among the Employers shall not be
considered a termination of employment or an interruption of employment. A
Participant who is an Outside Director shall terminate service with the Board
when he resigns or is removed from Board service or the effective date of his
or her termination as director if the Participant is not re-elected to serve on
the Board.

     7.2 Death.

     (a) If a Participant dies before payment or complete distribution (in the
case of installment payouts) of his or her Account, all amounts credited to the
Participant’s Account shall be paid to the Participant’s designated
Beneficiary, according to the Participant’s payment election, unless the
Administrator elects, in its sole discretion, to pay out a Participant’s
Account balance in a single lump sum as soon as practicable following
notification of the date of the Participant’s death.

     (b) A Participant may designate a Beneficiary or Beneficiaries, including
contingent Beneficiaries, by notifying the Administrator in writing, at any
time before the Participant’s death, on a form prescribed by the Administrator
for that purpose. A married Participant may designate someone other than his
or her spouse as Beneficiary, provided the Participant obtains the written
consent of his or her spouse. Spousal consent shall only be effective if it is
witnessed by a notary public and no designation shall be valid or effective
without such spousal consent, if applicable. A Participant may revoke any
Beneficiary designation or designate a new Beneficiary (with spousal consent,
if applicable) at any time without the consent of a Beneficiary or any other
person. If no Beneficiary is designated or no Beneficiary survives the
Participant, payment shall be made to the Participant’s surviving spouse, or,
if none, to the Participant’s estate.

     7.3 Scheduled In-Service Distribution. A Participant may elect to receive
a scheduled in-service distribution with respect to an Elective or Bonus
Deferral at the time he or she files the applicable Deferral Form. A scheduled
in-service distribution may not be made until three years have elapsed since
the close of the Plan Year to which the Elective and/or

8

 

Bonus Deferral relates. Any scheduled in-service distribution shall be
made in a cash lump sum payment. An election for a scheduled in-service
distribution shall automatically terminate upon the Participant’s retirement
(for purposes of the Qualified Plan), death or termination of employment, at
which time the provisions of Section 7.1 shall govern.

     A Participant may, with the consent of the Administrator, elect to (a)
terminate a scheduled in-service distribution, or (b) extend to a later date
the date on which a scheduled in-service distribution will occur. A
Participant may make an election under the preceding sentence by filing a new
election, at such time and in such form as the Administrator shall designate,
at least one year before the date such scheduled in-service distribution would
otherwise occur. An election to revoke or defer a scheduled in-service
distribution may be made during the election period for making deferral
elections for the Plan Year, as provided in Section 4.1, provided it is timely
made. No more than one such revocation or extension shall be permitted with
respect to any scheduled in-service distribution.

     7.4 Hardship Distributions.

     (a) A Participant may request that all or a portion of his or her Account
balance be distributed at any time by submitting a written request to the
Administrator, provided that the Participant has incurred a Hardship, and the
distribution is necessary to alleviate such Hardship. In determining whether
the Hardship distribution request should be approved, the Administrator shall
be entitled to rely on the Participant’s representation that the Hardship
cannot be alleviated:

	(i)	 	through reimbursement or compensation by
insurance or otherwise;

	(ii)	 	by reasonable liquidation of the Participant’s
assets (other than assets under the Qualified Plan, if
available), to the extent such liquidation would not itself
cause an immediate and heavy financial need; or

	(iii)	 	by cessation of contributions under the Plan and
other deferred compensation arrangements.

     (b) The Administrator shall deem a distribution to be necessary to
alleviate a Hardship if the distribution is not in excess of the amount of the
Participant’s Hardship, plus taxes attributable thereto. The Account balance
that is not distributed pursuant to the Hardship request shall remain in the
Plan. Distributions to alleviate a Hardship will be made as soon as
administratively feasible after the Administrator has reviewed and approved the
request. Elective Deferrals will be suspended effective with the beginning of
the pay period following the date of the Administrator’s approval of the
request and may not be resumed until the Plan Year that begins at least twelve
months later.

     7.5 Early Distribution. Notwithstanding the foregoing provisions of this
Article VII or the provisions of any applicable deferral election, a
Participant may elect to receive a lump-sum payment of any or all of his or her
Account balance before the date prescribed in Section 7.1(a). Such payment
shall be made as soon as practicable following the date as of which the
Participant requests such payment. The Administrator shall impose a penalty
for such

9

 

early payment, in an amount equal to 10% of the Account balance to be
distributed, and such penalty shall be deducted from the distribution and
forfeited by the Participant.

     7.6 Right of Offset. The Corporation shall have the right to offset any
amounts payable to a Participant under the Plan by any amount necessary to
reimburse an Employer for liabilities or obligations of the Participant to the
Employer, including for amounts misappropriated by the Participant.

     7.7 Taxes. All federal, state or local taxes that the Administrator
determines are required to be withheld from any payments made pursuant to this
Article 7 shall be withheld.

ARTICLE 8

PLAN ADMINISTRATION

     8.1 Plan Administration and Interpretation. Unless the Board determines
otherwise, the Administrative Committee appointed for purposes of the Qualified
Plan shall be the Administrator and shall have the same authority and powers as
prescribed to it under the Qualified Plan. The Administrator shall have the
final authority and responsibility and complete discretion to interpret and
construe the Plan, and to decide all matters arising thereunder, including
without limitation, questions of eligibility for participation, eligibility for
benefits, the validity of any election made under the Plan, the value of any
Account balance, and the timing, method and amount of the distribution thereof.
Benefits under the Plan shall be paid only if the Administrator decides in its
discretion that the Eligible Individual, Participant or Beneficiary is entitled
to them. All such interpretations or decisions by the Administrator shall be
final, conclusive and binding on all Participants and any Beneficiary or other
person claiming under or through any Participant, in the absence of clear and
convincing evidence that the Committee acted arbitrarily and capriciously. The
Committee shall have the authority to deviate from the literal terms of the
Plan to the extent it shall determine to be necessary or appropriate to operate
the Plan in compliance with the provisions of applicable law. Any individual
serving on the Administrative Committee, or as Administrator, who is a
Participant will not vote or act on any matter relating solely to himself or
herself. When making a determination or calculation, the Administrator shall
be entitled to rely on information furnished by a Participant, a Beneficiary,
the Employer or a trustee (if any). The Administrator shall have the
responsibility for complying with any reporting and disclosure requirements of
ERISA.

     The Administrative Committee may appoint one or more officers or other
appropriate employees of the Corporation to act as Administrator of the Plan,
and may further delegate such specific administrative responsibilities to
officers or other appropriate employees of the Corporation as it deems
appropriate. Any action taken by the Administrator within the scope of his or
her authority under the Plan shall be final, conclusive and binding on all
Participants and any Beneficiary or other person claiming under or through any
Participant, in the absence of clear and convincing evidence that the
Administrator acted arbitrarily and capriciously; provided, however, that a
decision permitted to be made under the terms of the Plan in the best interests
of the Company shall (subject to the following) be final, conclusive and
binding on all persons whomsoever; and provided, further, that the Committee
may, in its discretion, review any such action.

10

 

     8.2 Information. To enable the Administrator to perform its functions,
the Employer shall supply full and timely information to the Administrator on
all matters relating to the compensation of Participants, their employment,
death, termination of employment, and such other pertinent facts as the
Administrator may require.

     8.3 Indemnification of Administrator. The Employer agrees to indemnify
and to defend to the fullest extent permitted by law any director, officer or
employee who serves as Administrator (including any such individual who
formerly served as Administrator) against all liabilities, damages, costs and
expenses (including reasonable attorneys’ fees and amounts paid in settlement
of any claims approved by the Employer in writing in advance) occasioned by any
act or omission to act in connection with the Plan, if such act or omission is
in good faith.

     8.4 Claims Procedure. A Participant or Beneficiary shall have the right
to file a claim, inquire if he has any right to benefits and the amounts
thereof, or appeal the denial of a claim. Benefits under the Plan will be paid
only if the Administrator decides, in its discretion, that the claimant is
entitled to them.

     (a) Initial Claim. A claim will be considered filed when a written
communication is made by the Participant, Beneficiary or his authorized
representative to the Administrator (the “claimant”). The Administrator shall,
within 90 days of the receipt of the claim, either allow or deny the claim in
writing. The claim denial shall include: (1) the specific reason or reasons
for the denial; (2) specific references to pertinent Plan provisions on which
the denial is based; (3) a description of any additional material or
information necessary for the claimant to perfect the claim and an explanation
of why such material or information is necessary; and (4) an explanation of the
Plan’s claim review procedure, including a statement of the claimant’s right to
bring a civil action under ERISA Section 502(a) following a denial of the claim
upon review.

     (b) Appeal of Denied Claim. If a claim is wholly or partially denied, the
claimant may file an appeal requesting the Administrator to conduct a full and
fair review. The claimant must file his written appeal no more than 60 days
after he receives written notice of the denial. The claimant may review or
receive copies, upon request and free of charge, any documents, records or
other information “relevant” (within the meaning of Department of Labor
Regulation Section 2560.503-1(m)(8)) to the claimant’s claim. The claimant may
also submit written comments, documents, records and other information relating
to his claim. The Administrator shall take into account all comments,
documents, records and other information submitted by the claimant relating to
the claim, without regard to whether such information was submitted or
considered in the initial review of the claim. The Administrator’s decision on
appeal shall be given to the claimant in writing no later than 60 days
following receipt of the appeal. However, if the Administrator, in its sole
discretion, grants a hearing, or there are special circumstances involved, the
decision will be given no later than 120 days after receiving the appeal. If
such an extension of time for review is required, written notice of the
extension shall be furnished to the claimant before the initial 60 days expires
and shall indicate the special circumstances requiring an extension of time and
the date by which the Administrator expects to render a final decision.
Benefits under the Plan will be paid only if the Administrator decides in its
discretion that the claimant is entitled to them. The written decision on
appeal shall be in a manner calculated to be understood by the claimant and
shall include: (1) the specific reason or reasons for the denial; (2)

11

 

specific references to pertinent Plan provisions on which the denial is
based; (3) a statement that the claimant is entitled to receive, upon request
and free of charge, reasonable access to, and copies of, all documents, records
or other information relevant to the claimant’s claim; and (4) a statement of
the claimant’s right to bring a civil action under ERISA Section 502(a)
following a denial of the claim upon review.

ARTICLE 9

AMENDMENT AND TERMINATION

     9.1 Authority to Amend and Terminate. Subject to Section 9.2, the
Administrator shall have the right to amend or terminate the Plan at any time.
If the Plan is terminated and a trust is established (as described in Section
10.1), the Board may (a) elect to continue to maintain the trust to pay
benefits hereunder as they become due as if the Plan had not terminated, or (b)
direct the trustee to pay promptly to Participants (or their Beneficiaries) the
balance of their Accounts.

     9.2 Existing Rights. No amendment or termination of the Plan shall
adversely affect the rights of any Participant with respect to amounts that
have been credited to his or her Account before the later of the date such
amendment or termination is adopted or effective. Notwithstanding the
foregoing, the Administrator may amend the Plan as necessary to address changes
in applicable law in order to assure that amounts contributed to the Plan are
not subject to federal income tax prior to distribution or withdrawal, which
amendment may (among other things) limit a Participant’s ability to withdraw
amounts previously credited to his or her Account prior to termination of
employment and/or limit previously available methods of distribution.

ARTICLE 10

MISCELLANEOUS

     10.1 No Funding. The Corporation intends that the Plan constitute an
“unfunded” plan for tax purposes and for purposes of Title I of ERISA; provided
that the Administrator may authorize the creation of trusts and deposit therein
cash or other property, or make other arrangements to meet the Corporation’s
obligations under the Plan. Any such trusts or other arrangements shall be
consistent with the unfunded status of the Plan, unless the Administrator
otherwise determines with the consent of each Participant.

     10.2 General Creditor Status. The Plan constitutes a mere promise by the
Corporation and any Employer to make payments in accordance with the terms of
the Plan and Participants and Beneficiaries shall have the status of general
unsecured creditors of the Corporation and all Employers. Nothing in the Plan
will be construed to give any employee or any other person rights to any
specific assets of the Corporation, an Employer or of any other person.

     10.3 Non-assignability. None of the benefits, payments, proceeds or
claims of any Participant or Beneficiary shall be subject to any claim of any
creditor of any Participant or Beneficiary and, in particular, the same shall
not be subject to attachment or garnishment or

12

 

other legal process by any creditor of such Participant or Beneficiary,
nor shall any Participant or Beneficiary have any right to alienate,
anticipate, commute, pledge, encumber or assign any of the benefits or payments
or proceeds that he or she may expect to receive, contingently or otherwise
under the Plan.

     10.4 Satisfaction of Claims; Unclaimed Benefits. Any payment to any
Participant or Beneficiary in accordance with the provisions of the Plan shall,
to the extent thereof, be in full satisfaction of all claims under the Plan
against the Employer, the Administrator and a trustee (if any) under the Plan,
and the Administrator may require such Participant or Beneficiary, as a
condition precedent to such payment, to execute a receipt and release to such
effect. If any Participant or Beneficiary is determined by the Administrator
to be incompetent by reason of physical or mental disability (including
minority) to give a valid receipt and release, the Administrator may cause the
payment or payments becoming due to such person to be made to another person
for his or her benefit without responsibility on the part of the Administrator,
the Employer or a trustee (if any) to follow the application of such funds. In
the case of a benefit payable on behalf of a Participant, if the Administrator
is unable to locate the Participant or beneficiary to whom such benefit is
payable, upon the Administrator’s determination thereof, such benefit shall be
forfeited to the Corporation. Notwithstanding the foregoing, if subsequent to
any such forfeiture the Participant or Beneficiary to whom such benefit is
payable makes a valid claim for such benefit, such forfeited benefit shall be
restored to the Plan by the Corporation.

     10.5 Governing Law and Severability. The Plan shall be construed,
administered, and governed in all respects under and by the laws of the
Commonwealth of Virginia. If any provision is held by a court of competent
jurisdiction to be invalid or unenforceable, the remaining provisions hereof
shall continue to be fully effective.

     10.6 Not Contract of Employment or Board Service. The adoption and
maintenance of the Plan shall not be deemed to be a contract between the
Employer and any person or to be consideration for the employment or service of
any person. Nothing contained in the Plan shall confer upon any person a right
to be employed or to continue in the employ of an Employer, or to interfere, in
any way, with an Employer’s right to terminate, with or without cause, the
employment of a Participant in the Plan at any time. Similarly, nothing
contained in the Plan shall be deemed to give a Participant who is a member of
the Board, the right to remain in the service of the Board or interfere with
the right of the Corporation or its shareholders to remove such Participant
from Board service at any time.

     10.7 Severability. If any provision of this Plan shall be held illegal or
invalid for any reason, said illegality or invalidity shall not affect the
remaining provisions of the Plan; but instead each provision shall be fully
severable and the Plan shall be construed and enforced as if said illegal or
invalid provision had never been included herein.

     10.8 Headings. Headings and subheading in the Plan are inserted for
convenience only and are not to be considered in the construction of the
provisions hereof.

[signature page follows]

13

 

* * *

     IN WITNESS WHEREOF, the undersigned officer of Anteon International
Corporation has executed this document to certify its adoption by Anteon
International Corporation as of the effective date provided herein.

	 	 	 	 	 	 	 
	 	 	ANTEON INTERNATIONAL CORPORATION
	 	 	 	 	 	 	 
	 	 	
By:
	 	/s/ Joseph M. Kampf	 	 
	 	 	 	 	
	 
	 	 	
Its:
	 	President & CEO	 	 
	 	 	 	 	
	 

14

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