Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 

SUPPLEMENT NO. 3 TO INDENTURE 

This Supplement No. 3 to Indenture, dated as of February 15, 2017 (this “Supplement”), is between Volkswagen Auto
Lease Trust 2015-A, as issuer (the “Issuer”), and Citibank, N.A., as indenture trustee (the “Indenture Trustee”). 

WHEREAS, the Issuer and the Indenture Trustee are parties to that certain Indenture, dated as of March 5, 2015 (as supplemented prior to
the date hereof, the “Indenture”); 
 WHEREAS, pursuant to Section 9.1 of the Indenture, the
parties hereto desire to supplement the Indenture, without the consent of the Noteholders or any other Person, to revise certain definitions as set forth herein; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as
follows: 
 SECTION 1.    Definitions. Capitalized terms used in this Supplement and not otherwise defined herein
shall have the meanings assigned thereto in the Indenture, as supplemented hereby. 
 SECTION 2.    Supplement.
The Indenture is, effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, hereby supplemented as follows: 

(a)    Section 8.4(c) of the Indenture is hereby amended by inserting the phrase “and clause (vi)”
after the phrase “clauses (i) through (iv)” where it appears therein. 
 SECTION
3.    Conditions to Effectiveness. This Supplement shall become effective on the date hereof, subject to the satisfaction of the following conditions precedent: 

(a)    The Rating Agency Condition shall have been satisfied with respect to this Supplement; 

(b)    The Issuer shall have delivered to the Indenture Trustee an Opinion of Counsel stating that this Supplement shall
not (i) affect the treatment of the Notes as debt for federal income tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income tax purposes or (iii) cause the Issuer, the Certificateholder or VW Credit
Leasing, Ltd. to be classified as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes; 

(c)    The Issuer shall have delivered to the Indenture Trustee an Opinion of Counsel stating that the execution of this
Supplement is authorized or permitted by the Indenture and all conditions precedent to its execution have been complied with; and 

(d)    The Issuer and the Indenture Trustee shall each have received a copy of this Supplement, duly executed by the
parties hereto. 

  

					
		 		  	Supplement No. 3 to VALT 2015-A Indenture

 SECTION 4.    Indenture Trustee Disclaimer. The Indenture Trustee is
not responsible for the validity or sufficiency of this Supplemental Indenture, or for the recitals contained herein. 
 SECTION
5.    Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this document is executed and delivered by Deutsche Bank Trust Company Delaware
(“DBTCD”), not individually or personally but solely as owner trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by DBTCD but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as
creating any liability on DBTCD, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or
under the parties hereto, (d) DBTCD has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Supplement and (e) under no circumstances shall DBTCD 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 Supplement or any other related documents. 

SECTION 6.    Miscellaneous. The Indenture, as supplemented hereby, remains in full force and effect. Any reference
to the Indenture from and after the date hereof shall be deemed to refer to the Indenture as supplemented hereby, unless otherwise expressly stated. This Supplement may be executed in any number of counterparts and by the different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Executed counterparts of this Supplement may be delivered by email, which shall
be effective as delivery of a manually executed signature page. This Supplement shall be governed by and construed in accordance with the laws of the State of New York without reference to its conflicts of law provisions other than Sections 5-1401 and 5-1402 of the New York General Obligations Law, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such
laws. 
 [Signatures follow] 

  

					
		  	2	  	Supplement No. 3 to VALT 2015-A Indenture

 IN WITNESS WHEREOF, the parties hereto have caused this Supplement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	VOLKSWAGEN AUTO LEASE TRUST 2015-A, as Issuer
	
	By: Deutsche Bank Trust Company Delaware, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Rosemary Cabrera

	Name:	 	 Rosemary Cabrera

	Title:	 	 Attorney-in-fact

		
	By:	 	 /s/ Diana Vasconez

	Name:	 	 Diana Vasconez

	Title:	 	 Attorney-in-fact

	
	CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 /s/ Louis Piscitelli

	Name:	 	Louis Piscitelli
	Title:	 	Vice President

  

					
		  	S-1	  	Supplement No. 3 to VALT 2015-A IndentureExhibit

AMENDMENT TO 
EXECUTIVE EMPLOYMENT AGREEMENT
This amendment (this “Amendment”) to the Executive Employment Agreement dated July 23, 2016 and effective as of July 1, 2017 (the “Employment Agreement"), between Canadian Pacific Railway Company (the “Company”) and Keith Creel (the “Executive”), is dated as of January 31, 2017.
WHEREAS, the Company and the Executive wish to amend the Employment Agreement as provided herein.
NOW, THEREFORE, in consideration of the mutual agreements and understandings set forth herein, the parties hereby agree as follows:
		
	1.
	Capitalized Terms.  Except as defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Employment Agreement.

		
	2.
	 Effective Date.  The first recital on page 1 of the Employment Agreement is hereby amended to delete the date of "July 1, 2017" and replace it with "January 31, 2017".

		
	3.
	Performance Options. Section 2(b) of the Employment Agreement is hereby amended as follows:

		
	a.
	The phrase "Effective Date" in the first sentence of paragraph 2(b)(i) of the Employment Agreement is deleted and replaced with "February 1, 2017".

		
	b.
	The date of "July 1, 2022" in the last sentence of paragraph 2(b)(i) of the Employment Agreement is deleted and replaced with "February 1, 2022".

		
	c.
	Section 2(b)(ii) of the Employment Agreement is deleted in its entirety.

		
	4.
	Long Term Incentive Plan. Section 2(d) of the Employment Agreement is hereby amended to delete "2018" and replace it with "2017".

		
	5.
	Term, Termination and Effects of Agreement. All references to the date of "July 1, 2022" in the Employment Agreement, including the references to the date of "July 1, 2022" in Sections 9 (b)(i),(ii),(iii),(iv) and (v) of the Employment Agreement are deleted and replaced with "February 1, 2022".

		
	6.
	Continuing Effect of Employment Agreement.  Except as expressly modified hereby, the provisions of the Employment Agreement are and shall remain in full force and effect.

		
	7.
	Governing Law.  This amendment shall in all respects be subject to, and governed by, the laws of the Province of Alberta without giving effect to its conflict of laws principles.

		
	8.
	Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the Company and the Executive have executed and delivered this Amendment as of the date first written above.

CANADIAN PACIFIC RAILWAY COMPANY

Per:    /s/ Andrew Reardon                
Name: Andrew Reardon
Title:   Chair, Board of Directors    

By:    /s/ Isabelle Courville                
Name: Isabelle Courville
Title:   Director and Chair, MRCC

/s/ Cheryl Parks                    /s/ Keith Creel                    
Witness                        Keith Creel

     Cheryl Parks            
 
Witness NameExhibit

	
							
	
	Keith Creel
President &
Chief Operating Officer
	 
	7550 Ogden Dale Road SE
Calgary Alberta
Canada T2C 4X9
	 
	T 403 319 7600
F 403 205 9000
keith_creel@cpr.ca
	 

April 19, 2016

Robert A. Johnson
9857 Rainier Court
Eden Prairie Minnesota
55347
 
Dear Robert:

Congratulations Robert, I am pleased to announce your appointment as EVP Operations. Your position will be located in Calgary AB. You will report to myself.

For the long term, we are building a stronger, more successful company through the disciplined application of our core Foundations: Provide Service, Control Costs, Optimize Assets, Operate Safely and Develop People. Together we are changing the expectations of what it means to be great railroaders.  

Commencement Date
April 20, 2016

Total Direct Compensation
In this role your base salary will be $435,000 USD.  The expected target value of your total compensation package (base salary, short term and long term incentive plans) will be $1,740,000 annually. Please review the attached details for further information. 

Today, we are not only a stronger company that is building on our historic legacy; we are creating a future whose first pages are only now just unfolding for our shareholders and customers.  We are building a stronger more successful company for the long-term and changing the expectations of what it means to be great railroaders.  Robert, I look forward to continue working with you on the many opportunities we have ahead of us.

Sincerely,

/s/ Keith Creel

Keith Creel
President and COO

CP Offer Details

Specific Work Location
Your position will be based in 7550 Ogden Dale Road, Calgary AB.
  
Total Direct Compensation

Base Salary
Your annual base salary will increase to $435,000 USD.  This salary consists of payment for all hours which you may be required to work in the performance of your role. 

Short Term Incentive Plan (STIP)
You will continue to be eligible to participate in the Short Term Incentive Plan (STIP).  Your target award level will increase to 75% of your base salary (or $326,250). This annual bonus is comprised of two components, individual and corporate: 25% will be based on your individual performance as measured through the Company's Performance Management Program and the remaining 75% will be based on the Company's performance against its corporate targets. Both Corporate and individual components have a maximum of 200% of target. 

Long Term Incentive Plan (LTIP)
You will continue to be eligible to participate in CP’s annual Long Term Incentive Plan. Subject to plan design, as it may change over time and ongoing Board discretion, your target award level will be 225% of your annual salary (or $978,750), consisting of a 50% allocation in value of regular stock options and a 50% allocation in value of performance share units (PSU’s).  Subject to Board approval, annual grants typically occur in January of each year.

Your participation in the compensation Plans mentioned above is governed by the appropriate Plan document, detailing the Plan terms and conditions.  These terms and conditions may be revised at any time at the discretion of the company.  If you have any questions about these plans or any other compensation matter, contact the Total Compensation team at total_comp@cpr.ca 

Ownership Guidelines 
By five (5) years from the effective date of this position, you will be required to achieve an ownership level equivalent to 3 times your annual salary.  To help you meet your ownership requirements, the Company has a voluntary incentive deferral program.  Annually, you may elect to defer all or a portion of your STIP payment into DSUs up to your ownership level.  The company will provide a 25% match, i.e., one DSU will be awarded for every four DSUs acquired with your STIP deferral.  The matched units will only be provided if you are below your ownership level. 

Relocation 
As your position is based in Calgary AB, the relocation of you, your family and your household effects will be governed by the Company’s relocation (policy # 8801) which can be found under Employee Policies on CP Station.  Once your relocation paperwork appended has been processed, Weichert Workforce Mobility will contact you to initiate the process and answer any questions you might have. Please fill in Appendix I and return to Kathie Brown to initiate your relocation.   

Benefits
As a SOO Line employee on a cross border assignment, you will continue to be able to participate in the benefit plans and programs currently provided by the Company to US – based employees under the terms and conditions of those plans (including but not limited to medical, dental, vision, life and disability insurance, and 401k plan). 

You may also choose to participate in CP’s Canadian extended health and dental plans through Manulife, our Canadian benefits provider.  If you require prescriptions, and/or dental services while in Canada, it is beneficial to be enrolled in these plans.  Please contact Kathie Brown to enroll in the Canadian plan or for further information on associated premiums. 

There is no coordination of benefits between the Canadian and US plans should you choose to participate in both plans.

As a resident of Alberta, you are eligible for Alberta Health Insurance Plan.  Please see the following link for more information and the forms that you are required to submit for registration. <http://www.health.alberta.ca/AHCIP/register-for-AHCIP.html>

Death in Service
If you should die in service while employed by the Company in Canada, we will relocate your remains, if your family chooses, back to the US and we will absorb the relocation costs such as movement of household goods, one-way travel cost, and costs of selling your home (real estate commission and legal fees).

Taxation
For application to your specific tax situation, we will provide you with up to three hours of consultation with a tax advisor.  Please contact Paul Watson at KPMG at 403-691-8487 to arrange a mutually agreeable time for this consultation if you wish to use this service.

You will be responsible for the remittance of income tax to the Canada Revenue Agency.  As a result of the complications resulting from the preparation of tax returns during the year of transfer, the Company is prepared to provide you with professional assistance in completing your tax returns for the transition year and the following tax year.  The Company will not compensate you for any increased income tax burden arising from the cross border assignment.  

Due to different tax filing deadlines between the US and Canada, and the manner in which source tax deductions are made, there may be a potential allocation of tax liabilities between the two countries causing an amount owing to one jurisdiction while a refund is expected in the other, which can only be determined upon filing of all appropriate returns. You will be responsible for keeping a record of days worked in the US or Canada.

In order to work and submit income tax in Canada you will be required to obtain a Social Insurance Number. Please see the following link for more information: 
<//www.servicecanada.gc.ca/eng/sc/sin/index.shtml>

Future Relocation
CP is a national organization with an extensive network in Canada and the U.S. Based on operational needs, you may be required to relocate to another work location on the system. As well, advancement opportunities may require geographical relocation. Should you be faced with either situation, notice of the need to relocate and assistance to do so will be provided to you in accordance with corporate relocation policies. 

Obtaining or Maintaining Qualification
Provided you are medically fit for safety-critical positions, you may be required to obtain a certification or to maintain your current certification/qualification as a locomotive engineer or conductor, as you may be called upon to operate trains as and when required. This may involve operating trains away from your normal work location.

Terms of Employment
We recognize that you retain the option, as does the Company, of ending your employment with the Company at any time, with or without notice and with or without cause.  As such, your employment with the Company is at-will and neither this letter nor any other oral or written representations may be considered a contract for any specific period of time.

Other terms and condition of your employment are found in the Company’s US non-union employee policies on CP Station, which represent the current policy and practice of CP and may be changed from time to time by CP without notice.  Nothing in the Company’s non-union policies is intended to create any contract, agreement or other obligation by CP with any of its employees. 

This will confirm that the terms of this arrangement are to remain strictly confidential.  They may not be disclosed to any person save and except for your immediate family and professional advisors (including your lawyer and accountant), or as may be required by law.

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