Document:

exv10w3

 Exhibit
10.3

AMENDED AND RESTATED

WRIGHT EXPRESS CORPORATION EXECUTIVE

DEFERRED COMPENSATION PLAN

ARTICLE 1-INTRODUCTION

1.1 Purpose of Plan

Wright Express Corporation has adopted the Plan set forth herein to provide a means by which
certain employees designated by Wright Express Corporation for participation may elect to defer
receipt of designated percentages or amounts of their Compensation and to provide a means for
certain other deferrals of Compensation.

1.2 Status of Plan

The Plan is intended to be “a plan which is unfunded and is maintained by an employer 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) and 301(a)(3) of the Employee
Retirement Income Security Act of 1974 (“ERISA”), and shall be interpreted and administered in a
manner consistent with such intent. With respect to Compensation deferred on or after January 1,
2005, the Plan shall be administered in a manner consistent with the applicable requirements of
Code Section 409A and the guidance published thereunder by the U.S. Department of Treasury.

ARTICLE 2-DEFINITIONS

Wherever used herein, the following terms have the meanings set forth below, unless a different
meaning is clearly required by the context:

2.1 Account means, for each Participant, the account established for his or her benefit under
Section 5.1.

2.2 Adoption Agreement means the agreement between Wright Express Corporation and Merrill Lynch
(or other service provider) containing certain terms of the Plan and entered into as of the
Effective Date, as the same may be amended from time to time. The Adoption Agreement shall be
considered part of the Plan document.

2.3 Change of Control Transaction means any transaction or series of transactions that
constitutes a “Change in Control” as defined in Section 2(g) of the 2005 Equity and Incentive
Plan.

2.4 Code means the Internal Revenue Code of 1986, as amended from time to time. Reference to
any section or subsection of the Code includes reference to any comparable or succeeding
provisions of any legislation which amends, supplements or replaces such section or subsection.

2.5 Compensation has the meaning set forth in the Adoption Agreement.

2.6 Effective Date means January 1, 2009, for this amendment and restatement of the Plan, and
February 22, 2005, the date on which the Plan first becomes became effective, for the Plan as originally adopted.

2.7 Election Form means the participation election form as approved and prescribed by the Plan
Administrator.

 

 

2.8 Elective Deferral means the portion of Compensation which is deferred by a
Participant under Section 4.1.

2.9
Eligible Employee has the
meaningmeans each employee of the Employer who satisfies the criteria
set forth in the Adoption
Agreement.

2.10 Employer means Wright Express Corporation or any successor to all or a major portion of the
Employer’s assets or business which assumes the obligations of the Employer, and each other entity
that is affiliated with Wright Express Corporation which adopts the Plan with the consent of the
Employer.

2.11 ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to
time. Reference to any section or subsection of ERISA includes reference to any comparable or
succeeding provisions of any legislation which amends, supplements or replaces such section or
subsection.

2.12 Incentive Deferral means a discretionary additional deferral of Compensation made by the
Employer for the benefit of a Participant as described in Section 4.3.

2.13 Insolvent means either (i) the Employer is unable to pay its debts as they become due, or
(ii) the Employer is subject to a pending proceeding as a debtor under the United States Bankruptcy
Code.

2.14 Matching Deferral means a deferral for the benefit of a Participant as described in Section
4.2.

2.15 Participant means any individual who participates in the Plan in accordance with Article 3.

2.16 Plan means this Wright Express Corporation Executive Deferred Compensation Plan, as amended
from time to time, including the provisions of any the Adoption Agreement, which are incorporated therein.

2.17 Plan Administrator means the person, persons or entity designated by Wright Express
Corporation in the Adoption Agreement or in another instrument to administer the Plan and to serve as the agent for Wright
Express Corporation with respect to the Plan and Trust as contemplated by the agreement
establishing the Trust. If no such person or entity is so serving at any time, the Employer shall
be the Plan Administrator.

2.18 Plan Year means a calendar yearthe 12-month period set forth in the Adoption Agreement.

2.19 Total and Permanent Disability means the inability of a Participant to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or which has lasted or can be expected to last for a
continuous period of not less than 12 months, and the permanence and degree of which shall be
supported by medical evidence satisfactory to the Plan Administrator.

2.20 Trust means the trust, if any, established by the Employer that identifies the Plan as a plan
with respect to which assets are to be held by the Trustee.

2.21 Trustee means the trustee or trustees under the Trust.

2.22 Year of Service means the computation period and related service requirement set forth in the Adoption Agreement.

 

 

ARTICLE 3-PARTICIPATION

3.1 Commencement of Participation

Any Eligible Employee who elects to defer part of his or her Compensation in accordance with
Section 4.1 shall become a Participant in the Plan as of the date such deferrals commence in
accordance with Section 4.1. Any Eligible Employee who is not already a Participant and whose
Account is credited with an Incentive Deferral shall become a Participant as of the date such
amount is credited.

3.2 Continued Participation

A Participant in the Plan shall continue to be a Participant so long as any amount remains credited
to his or her Account. Notwithstanding the foregoing, Participation in respect of any calendar year
is not a guarantee of participation in respect of any future calendar year.

ARTICLE 4-ELECTIVE, MATCHING AND INCENTIVE DEFERRALS

4.1 Elective Deferrals

An individual who is an Eligible Employee on the Effective Date may, by completing an Election Form
and filing it with the Plan Administrator within 30 days following the Effective Date, elect to
defer a percentage or dollar amount of one or more payments of Compensation, on such terms as the
Plan Administrator may permit, for services to be performedwhich are payable to the Participant after the date on which the individual
files the Election Form. Any individual who becomes an Eligible Employee after the Effective Date
may, by completing an Election Form and filing it with the Plan Administrator within 30 days
following the date on which the Plan Administrator gives such individual written notice that the
individual is an Eligible Employee, elect to defer a percentage or dollar amount of one or more
payments of Compensation, on such terms as the Plan Administrator may permit, for services to be
performedwhich are payable to the Participant after the date on which
the individual files the Election Form. Any Eligible Employee who
has not otherwise initially elected to defer Compensation in accordance with this paragraph 4.1 may
elect to defer a percentage or dollar amount of one or more payments of Compensation, on such terms
as the Plan Administrator may permit, for services to be performedcommencing with Compensation paid in the next succeeding Plan
Year, by completing an Election Form prior to the first day of such succeeding Plan Year. In the
case of commissions, services are deemed performed in the year in which the customer pays the
Employer. In addition, a Participant may defer all or part of the amount of any elective deferral
or matching contribution made on his or her behalf to the Employer’s 401(k) plan for the prior Plan
Year that is treated as an excess deferral, an excess contribution or otherwise limited by the
application of the limitations of sections 401(k), 401(m), 415 or 402(gq) of the Code, so long as
the Participant so indicates on an Election Form. A Participant’s Compensation shall be reduced in
accordance with the Participant’s election hereunder and amounts deferred hereunder shall be paid
by the Employer to the Trust as soon as administratively feasible and credited to the Participant’s
Account as of the date the amounts are received by the Trustee.

An election to defer Compensation for any Plan Year shall be irrevocable for such year and shall
apply for subsequent Plan Years unless changed or revoked. A Participant may change or revoke his
or her deferral election on a prospective basis as of the first day of any Plan Year by giving
written notice to the Plan Administrator before such first day (or by any earlier date as the Plan
Administrator may prescribe).

4.2 Matching Deferrals

At the Employer’s sole discretion, the Employer may make Matching Deferrals at a rate established
by the Employer and set forth in the Adoption Agreement. Each Matching Deferral will be credited,
as of the later of the date it is received by the Trustee or the date the Trustee receives from the
Plan Administrator such instructions as the Trustee may reasonably require to allocate the amount
received among the asset accounts maintained by the Trustee.

 

 

4.3 Incentive Deferrals

In addition to other amounts deferred under the Plan, the Employer may, in its sole discretion,
select one or more Eligible Employees to havereceive an Incentive Deferral allocated to his or her Account
on such terms as the Employer shall specify at the time it defers such amountmakes the contribution. For example, the
Employer may credit an amount to a Participant’s Account and condition the payment of that amount
and accrued earnings thereon upon the Participant remaining employed by the Employer for an
additional specified period of time. If the Employer does not specify a method of distribution, the
Incentive Deferral, to the extent vested, shall be distributed in a manner consistent with the
election last made by the particular Participant under Section 7.1prior to the year in which the Incentive Deferral is made. The Employer, in its discretion, may
permit the Participant to designate a distribution schedule for a particular Incentive Deferral
provided that such designation is made under the timing rules of Section 4.1 as if the Participant were making an Elective Deferralprior to the time that the Employer finally
determines that the Participant will receive the Incentive
Deferral.

ARTICLE 5-ACCOUNTS

5.1 Accounts

The Plan Administrator shall establish an Account for each Participant reflecting Elective
Deferrals, Matching Deferrals and Incentive Deferrals made for the Participant’s benefit together
with any adjustments for income, gain or loss and any payments from the Account. The Plan
Administrator may cause the Trustee to maintain and invest separate asset accounts corresponding to
each Participant’s Account. The Plan Administrator shall establish sub-accounts for each
Participant that has more than one election in effect under Section 7.1 and such other sub-accounts
as are necessary for the proper administration of the Plan. As of the last business day of each
calendar quarter, the Plan Administrator shall provide the Participant with a statement of his or
her Account reflecting the income, gains and losses (realized and unrealized), amounts of
deferrals, and distributions of such Account since the prior statement.

5.2 Investments

The assets of the Trust shall be invested in such investments as the Trustee shall determine. The
Trustee may (but is not required to) consider the Employer’s or a Participant’s investment
preferences when investing the assets attributable to a Participant’s Account.

ARTICLE 6-VESTING

6.1 General

A Participant shall be immediately vested in, i.e., shall have a nonforfeitable right to,
all Elective Deferrals, and all income and gain attributable thereto, credited to his or her
Account. A Participant shall become vested in the portion of his or her Account attributable to
Matching Deferrals or Incentive Deferrals and income and gain attributable thereto in accordance
with the schedule set forth in the Adoption Agreement, subject to earlier vesting in accordance
with Sections 6.3, 6.4, and 6.5.

6.2 Vesting Service

For purposes of applying anythe vesting schedule in the
Adoption Agreement, a Participant shall be
considered to have completed a
Year
year of Service service for each complete year of
full-time service with the
Employer or an Affiliate, measured from the Participant’s first date of such employment, unless the
Employer also maintains a 401(k) plan that is qualified under section 401(a) of the Internal
Revenue Code in which the Participant participates, in which case anythe rules governing vesting
service under that plan shall also be controlling under this Plan.

 

 

6.3 Change of Control

A Participant shall become fully vested in his or her Account immediately prior to a Change inof
Control of the Employer.

6.4 Death or Disability

A Participant shall become fully vested in his or her Account immediately prior to termination of
the Participant’s employment by reason of the Participant’s death or Total and Permanent
Disability. Whether a Participant’s termination of employment is by reason of the Participant’s
Total and Permanent Disability shall be determined by the Plan Administrator in its sole
discretion.

6.5 Insolvency

A Participant shall become fully vested in his or her Account immediately prior to the Employer
becoming Insolvent, in which case the Participant will have the same rights as a general creditor
of the Employer with respect to his or her Account Balance.

ARTICLE 7-PAYMENTS

7.1 Election as to Time and Form of Payment

A Participant shall elect (on the Election Form used to elect to defer Compensation under Section
4.1) the date at which the Elective Deferrals,
and vested Matching Deferrals, and vested Incentive Deferrals, if any, (including any earnings attributable thereto) will commence to be paid
to the
Participant. The Participant shall also elect thereon for payments to be paid in either:

     (a) a single lump-sum payment; or

     (b) annual installments over a period elected by the Participant up to 10 years, the amount of
each installment to equal the balance of his or her Account immediately prior to the installment
divided by the number of installments remaining to be paid.

Each such election will be effective for the Plan Year for which it is made and succeeding Plan
Years, unless changed by the Participant. Any change will be effective only for Elective Deferrals,and
vested Matching Deferrals and vested Incentive Deferrals, if any, made for the first Plan Year
beginning after the date on which the Election Form containing the change is filed with the Plan
Administrator, unless the following conditions are met: the change (i) is made at least 12 months
before the date payment is to commence (ii) defers the payment date at least 5 years from the
current payment date; and is made at least 12 months after the Participant’s most recent election
of a payment date. Except as otherwise provided in this Article 7 below, payment of a Participant’s
Account shall be made in accordance with the Participant’s elections under this Section 7.1.

7.2 Death

If a Participant dies prior to the complete distribution of his or her Account, the balance of the
Account shall be paid as soon as practicable to the Participant’s designated beneficiary or
beneficiaries, in the form  elected by the Participant under either of the following options:of
(a)a single lump-sum payment.; or

(b)annual installments over a period elected by the Participant up to 10 years, the amount of each installment to equal the balance of the Account
immediately prior to the installment divided by the number of installments remaining to be paid.

Any designation of beneficiary and form of payment to such beneficiary shall be made by the Participant on an Election Form filed with the
Plan

 

 

Administrator and may be changed by the Participant at any time by filing another Election Form
containing the revised instructions. If no beneficiary is designated or no designated beneficiary
survives the Participant, payment shall be made to the Participant’s surviving spouse, or, if none,
payment shall be made in a single lump sum to the Participant’s estate.

7.3 Unforeseeable Emergency

A Participant may elect payment on account of a severe financial hardship resulting from illness or
accident of the Participant or the Participant’s spouse, beneficiary or dependent (as defined in
Code Section 152 without regard to subsections (b)(1), (b)(2) and (d)(1)(B) of that section); loss
of the Participant’s property due to casualty; or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the Participant’s control, all as determined by
the Plan Administrator in compliance with Code Section 409A and applicable regulations. Payment
may not be made under this section to the extent the emergency is or may be relieved through
insurance or other assets available to the Participant without causing severe financial hardship;
shall not exceed the amount reasonably necessary to satisfy the emergency need (which may include
amounts necessary to pay income or penalty taxes reasonably anticipated to result from the
payment); and shall be made only to the extent permitted under Code Section 409A and applicable
regulations.

7.3 Forfeiture of Non-Vested Amounts

To the extent that any amounts credited to a Participant’s Account are not vested at the time such
amounts are otherwise payable under Section 7.1, such amounts shall be forfeited and shall be used
to satisfy the Employer’s obligation to make contributions to any Trust under the Plan.

7.4 Taxes

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

ARTICLE 8-PLAN ADMINISTRATOR

8.1 Plan Administration and Interpretation

The Plan Administrator shall oversee the administration of the Plan. The Plan Administrator shall
have complete control and authority to determine the rights and benefits and all claims, demands
and actions arising out of the provisions of the Plan of any Participant, beneficiary, deceased
Participant, or other person having or claiming to have any interest under the Plan. The Plan
Administrator shall have complete discretion to interpret the Plan and to decide all matters under
the Plan. Such interpretation and decision shall be final, conclusive and binding on all
Participants and any person claiming under or through any Participant, in the absence of clear and
convincing evidence that the Plan Administrator acted arbitrarily and capriciously. Any
individual(s) serving as Plan Administrator who is a Participant shall not vote or act on any
matter relating solely to himself or herself. When making a determination or calculation, the Plan
Administrator shall be entitled to rely on information furnished by a Participant, a beneficiary,
the Employer or the Trustee. The Plan Administrator shall have the responsibility for complying
with any reporting and disclosure requirements or ERISA.

8.2 Powers, Duties, Procedures, Etc.

The Plan Administrator shall have such powers and duties as are described herein and in ERISA, and
may adopt such policies and procedures, may act in accordance with such policies and procedures,
may appoint such officers or agents, may delegate such powers and duties, may receive such
reimbursements and compensation, and shall follow such claims and appeal procedures with respect
to the Plan as it may establish, consistent with its duties under the Plan and ERISA.

 

 

8.3 Information

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

8.4 Indemnification of Plan Administrator

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

ARTICLE 9-AMENDMENT AND TERMINATION

9.1 Amendments

Board of Directors of Wright Express Corporation shall have the right to amend the Plan from time
to time, subject to Section 9.3, by an instrument in writing which has been executed on behalf of
Wright Express Corporation by its duly authorized officer.

9.2 Termination of Plan

This Plan is strictly a voluntary undertaking on the part of the Employer and shall not be deemed
to constitute a contract between the Employer and any Employee or a consideration for, or an
inducement or condition of employment for, the performance of the services by any Employee. Board
of Directors of Wright Express Corporation reserves the right to terminate the Plan at any time,
subject to Section 9.3, by an instrument in writing which has been executed on behalf of Wright
Express Corporation by its duly authorized officer. Upon termination, the Employer may (a) elect to
continue to maintain any 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
vested balance of their Accounts. For purposes of the preceding sentence, in the event the Employer
chooses to implement clause (b), the Account balances of all Participants who are in the employ of
the Employer at the time the Trustee is directed to pay such balances shall become fully vested and
nonforfeitable; and all Account balances shall be paid as soon as practicable in compliance with
Code Section 409A and related regulations. After Participants and their beneficiaries are paid all
Plan benefits to which they are entitled, all remaining assets of the Trust attributable to
Participants who terminated employment with the Employer prior to termination of the Plan and who
were not fully vested in their Accounts under Article 6 at that time shall be returned to the
Employer.

9.3 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 prior to the date of such
amendment or termination without the consent of such Participant.

 

 

ARTICLE 10-CLAIMS PROCEDURE

If an application for a benefit (“claim”) is denied by the Plan Administrator, the Plan
Administrator shall give written notice of such denial to the applicant, by certified or registered mail, within 60 days
after the claim was filed with the Plan Administrator; provided, however, that such 60-day period
may be extended to 120 days by the Plan Administrator if it determines that special circumstances
exist which require an extension of the time required for processing the claim. Such denial shall
set forth:

     (a) the specific reason or reasons for the denial;

     (b) the specific Plan provisions on which the denial is based;

     (c) any additional material or information necessary for the applicant to perfect the claim
and an explanation of why such material or information is necessary; and

     (d) an explanation of the Plan’s claim review procedure.

Following receipt of such denial, the applicant or his or her duly authorized
representative may:

     (a) request a review of the denial by filing written application for review with the Plan
Administrator within 60 days after receipt by the applicant of such denial;

     (b) review documents pertinent to the claim at such reasonable time and location as shall be
mutually agreeable to the applicant and the Plan Administrator; and

     (c) submit issues and comments in writing to the Plan Administrator relating to its review of
the claim.

     The Plan Administrator shall, after consideration of the application for review, render a
decision and shall give written notice thereof to the applicant, by certified or registered mail,
within 60 days after receipt by the Plan Administrator of the application for review; provided,
however, that such 60-day period may be extended to 120 days by the Plan Administrator if it
determines that special circumstances exist which require an extension of the time required for
processing the application for review. Such notice shall include specific reasons for the decision
and specific references to the pertinent Plan provisions on which the decision is based.

ARTICLE 11-MISCELLANEOUS

11.1 No Funding

The Plan constitutes a mere promise by the 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 Employer. Nothing in the Plan will be construed to give any employee or any other
person rights to any specific assets of the Employer or of any other person. In all events, it is
the intent of the Employer that the Plan be treated as unfunded for tax purposed and for purposes
of Title I of ERISA.

11.2 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 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 which he or she may expect to receive, contingently or otherwise, under the Plan.

 

 

11.3 Limitation of Participants’ Rights

Nothing contained in the Plan shall confer upon any person a right to be employed or to continue
in the employ of the Employer, or interfere in any way with the right of the Employer to terminate
the employment of a Participant in the Plan at any time, with or without cause.

11.4 Participants Bound

Any action with respect to the Plan taken by the Plan Administrator or the Employer or the Trustee
or any action authorized by or taken at the direction of the Plan Administrator, the Employer or
the Trustee shall be conclusive upon all Participants and beneficiaries entitled to benefits under
the Plan.

11.5 Receipt and Release

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 against the Employer, the Plan
Administrator and the Trustee under the Plan, and the Plan Administrator may require such
Participant or beneficiary, as a condition precedent to such payment, to execute a receipt and
release to such effect; provided, however, that the timing of such release shall be in compliance
with Code Section 409A and shall not cause an impermissible delay of payment. If any Participant
or beneficiary is determined by the Plan Administrator to be incompetent by reason of physical or
mental disability (including minority) to give a valid receipt and release, the Plan 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 Plan Administrator, the Employer or the
Trustee to follow the application of such funds.

11.6 Governing Law

The Plan shall be construed, administered, and governed in all respects under and by the laws of
the state of Delaware, without effect to conflicts of laws provisions thereof. If any provision
shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining
provisions hereof shall continue to be fully effective.

11.7 Headings and Subheadings

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

11.8 409A Compliance.

     (a) The terms of the Plan shall be interpreted and applied in a manner consistent
with the requirements of Section 409A of the Code and the Treasury Regulations thereunder, and the
Company shall have no right to make any payment under the Plan, except in compliance with Section
409A of the Code.

      (b) It is intended that payments made under the Plan on or before the 15th day of
the third month following the end of the Participant’s first taxable year in which the right to the
payment is no longer subject to a substantial risk of forfeiture shall be exempt from compliance
with Section 409A of the Code pursuant to the exception for short-term deferrals set forth in
Section 1.409A-1(b)(4) of the Treasury Regulations.

     (c) The Company shall have no obligation to reimburse a Participant for any tax penalty or
interest payable, or provide a gross-up payment in connection with any tax
liability of a Participant under Section 409A of the Code. The preceding sentence
shall not apply in the event of the Company’s negligence or willful disregard in interpreting the
application of Section 409A of the Code to the Plan, which negligence or willful disregard causes
the Participant to become subject to a tax penalty or interest

 

 

payable under Section 409A of the Code. In such case the Company will reimburse the
Participant on an after-tax basis for any such tax penalty or interest not later than the last day
of the Participant’s taxable year next following the Participant’s taxable year in which the
Participant remits the applicable taxes and interest.

     (d) The Committee shall have no authority to accelerate payments in excess of the
authority permitted under Section 1.409A-3(j) of the Treasury Regulations.

     (e) Any payment triggered by a Participant’s termination of employment
shall be made only if such termination
constitutes, as determined by the Committee, a “separation
of service” under Treasury Regulation 1.409A-1(h) and shall be delayed for six months following the
date of such termination if such Participant is a Specified Employee on such date.
In the event of any such delay in the distribution date, payment will be made at the beginning of
the seventh month following the Participant’s termination. In the event of the
Participant’s death during such six-month period, payment will be made in the
payroll period next following the payroll period in which the Participant’s death
occurs. A Participant is a “Specified Employee” if he or she is an employee of the
Company who satisfies the requirements for being designated a “key employee” under Section
416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code at any
time during a calendar year, in which case such employee shall be considered a Specified Employee
for the twelve-month period beginning on the first day of the fourth month immediately following
the end of such calendar year. Notwithstanding the foregoing, all employees who are nonresident
aliens during an entire calendar year are excluded for purposes of determining which employees meet
the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section
416(i)(5) of the Code for such calendar year. The term “nonresident alien” as used herein shall
have the meaning set forth in Regulations Section 1.409A-1(j). In the event of any corporate
spinoff or merger, the determination of which employees meet the requirements of Section
416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code for any
calendar year shall be determined in accordance with Regulations Section 1.409A-1(i)(6).

     (f) Payment may be delayed to a date after the payment date designated in the Plan if
the Company’s deduction with respect to such payment otherwise would be limited or eliminated by
the application of Section 162(m) of the Code, in which case the payment shall be made upon the
earliest date at which the Committee reasonably anticipates that the deduction of the payment of
the amount will not be limited or eliminated by the application of Section 162(m) of the Code. Any
such delay shall apply to all scheduled payments to such Participant.

(g)
For purposes of Section 11.8, any reference to a term or event (including any
authority or right of the Company or a Participant) being “permitted” under or
being in “compliance” with Section 409A and the Treasury Regulations thereunder means that the term
or event will not cause the Participant to be deemed to be in constructive receipt
of compensation prior to the payment date or to be liable for payment of interest or a penalty tax
under Section 409A.exv10w4

Exhibit 10.4

AMENDED AND RESTATED

                       
               
    
        

             

           WRIGHT EXPRESS CORPORATION

SEVERANCE PAY PLAN

FOR

OFFICERS

Effective Date:—————  February 22, 2005

Amended and Restated February 1, 2008

Further Amended and Restated January 1, 2009

 

 

ARTICLE I — INTRODUCTION

          Wright Express Corporation and Wright Express Financial Services Corporation (referred to
collectively herein as the “Company”), hereby establishes the Wright Express Corporation Severance
Pay Plan for Officers (the “Plan”), effective as of February 1, 2008, to provide severance benefits
to certain employees of the Company and its subsidiaries who suffer a loss of employment under the
terms and conditions set forth in the Plan. The Plan replaces and supercedes (i) any and all
severance plans, policies and/or practices of the Company or its subsidiaries, whether written or
unwritten, in effect for covered employees prior to February 1, 2008 and (ii) any and all severance
plans, policies and or practices of any business or entity acquired by the Company effective upon
the consummation of any such acquisition, in the sole discretion of the Company. The Plan may not
be amended or changed except in accordance with the provisions set forth below and is to be
administered in the sole and absolute discretion of the Company.

ARTICLE II — DEFINITIONS AND INTERPRETATIONS

          The following definitions and interpretations of important terms apply to the Plan.

          (a) Agreement. The Agreement and General Release provided by the Company to an
Eligible Employee as determined in the sole and absolute discretion of the Company in connection
with his or her termination of employment with the Company, which if executed by the Eligible
Employee (and not timely revoked), will acknowledge his or her termination of employment with the
Company and release the Company from liability for any and all claims. By signing the Agreement
and General Release, an Employee waives all rights he or she may have under state and federal
employment statutes and all common law causes of action related to his or her employment and
termination thereof.

          (b) Base Pay. For purposes hereof, Base Pay shall mean an employee’s annual base
salary or wages from the Company. Base Pay shall be determined as reflected on the Company’s
payroll records, and shall not include bonuses, overtime pay, shift premiums, commissions, employer
contributions for benefits, incentive or deferred compensation or other additional compensation.
For purposes hereof, an Eligible Employee’s Base Pay shall include any salary reduction
contributions made on his or her behalf to any plan of the Company under section 125 or 401(k) of
the Internal Revenue Code of 1986, as amended (“Code”). One week of Base Pay shall mean an
employee’s annual Base Pay divided by fifty-two (52).

          (c) Cause. Termination for cause shall mean termination as a result of any of the
following: (a) misappropriation or improper use or disclosure of any confidential or proprietary
information of the Company; (b) failure to comply with any contractual obligations to the Company;
(c) solicitation for hire away from the Company any current Company employees absent the Company’s
consent; or (d) taking any action which the Company, in its sole discretion, deems to have been
inimical or detrimental to the interests of the Company

 

 

          (d) Company. Wright Express Corporation and Wright Express Financial Services
Corporation.

          (e) Effective Date. February 1, 2008

          (f) Eligible Employee. Any employee of the Company who: (i) is classified by the
Company as an active, full-time employee of the Company and who is designated as Chief Executive
Officer(“CEO”), Executive Vice President (“EVP”), Senior Vice President (“SVP”), or Vice President
(“VP”), and, (ii) is involuntarily terminated from employment for one of the reasons set forth in
Article III, Section A of the Plan. Notwithstanding the foregoing, an Eligible Employee shall not
include any individual (i) classified as an independent contractor by the Company, (ii) being paid
by or through an employee leasing company or other third party agency, (iii) any other person
classified by the Company as a leased employee, during the period the individual is so paid or
classified even if such individual is later retroactively reclassified as a common-law employee of
the Company or an affiliate during all or any part of such period pursuant to applicable law or
otherwise.

          (g) Participant. An Eligible Employee who meets all the requirements set forth in
Article III of the Plan. An individual shall cease being a Participant once payment of all
severance pay and other benefits due to such individual under the Plan has been completed (or upon
the death of the Participant, if earlier) and no person shall have any further rights under the
Plan with respect to such former Participant.

          (h) Plan Administrator. The Plan Administrator shall be SVP, Human Resources.

          (i) Taxation. The Participant acknowledges and agrees that the
Company may directly or
indirectly withhold from any payments under this Plan all federal, state, city or other taxes
that will be required pursuant to any law or governmental regulation. Anything in this Plan to
the contrary notwithstanding, the terms of this Plan shall be interpreted and applied in a manner
consistent with the requirements of Section 409A of the Code and the Treasury Regulations
(“Regulations”) so as not to subject Participants to the payment of any tax or interest which may
be imposed under such section, and the Company shall have no right to accelerate or make any
payment under this Plan to the extent such action would subject the Participant to the payment of
any tax or interest under such section. If all or a portion of the benefits and payments
provided under this Agreement constitute taxable income to Participants for any taxable year that
is prior to the taxable year in which such payments and/or benefits are to be paid to the
Participant, as a result of the Plan’s failure to comply with the requirements of Section 409A of
the Code and the Regulations, the applicable payment or benefit shall be paid immediately to the
Participant to the extent such payment or benefit is required to be included in income.

ARTICLE III — ELIGIBILITY

          A. WHO IS ELIGIBLE?

5

 

          If you meet the criteria to be determined an Eligible Employee as that term is defined in
Article II (f) above, you shall become eligible for the severance pay described in Article IV of
the Plan (i.e., you will become a “Participant”) by meeting the requirements set forth
below:

     (a) you are involuntarily terminated for one of the following reasons:

	 	•	 	a reduction in the Company’s workforce;
	 
	 	•	 	elimination or discontinuation of your job or position provided that you are
not offered a comparable position. Comparability shall be determined in the
sole and absolute discretion of the Plan Administrator; or
	 
	 	•	 	other circumstances as the Plan Administrator, in its sole discretion, deems
appropriate for the payment of severance;

     (b) you deliver a signed, dated and notarized Agreement to the individual whose signature
appears on the cover letter accompanying the Plan and the Agreement by no later than the date (if
any) set forth in the Agreement; provided, however, that the timing of such release shall be
in compliance with Code Section 409A and shall not cause an impermissible delay of payment, and
the time for you to revoke such Agreement (if any) as specified in the Agreement has expired; and

     (c) the Company has not determined that you, either prior or subsequent to your termination of
employment, have (a) misappropriated or improperly used or disclosed any confidential or
proprietary information of the Company; (b) failed to comply with any contractual obligations to
the Company; (c) solicited for hire away from the Company, any current Company employees absent the
Company’s consent; (d) taken any action which the Company, in its sole discretion, deems to have
been inimical or detrimental to the interests of the Company; or (e) you meet the criteria to be
determined an Eligible Employee as that term is defined in Article II (f) above.

     If you do not satisfy all of the above requirements, you shall not be considered a
Participant, and you shall not be entitled to commence or continue to receive any benefits under
the Plan. Additionally, you shall not become a Participant, and shall not become entitled to
benefits while you continue to be employed by the Company.

          B. WHO IS NOT ELIGIBLE?

          You shall not be eligible for severance pay under this Plan if your employment is terminated
for any reason other than set forth in paragraph A, including, but not limited to:

	 	•	 	retirement;
	 
	 	•	 	voluntary termination;
	 
	 	•	 	termination by the Company either for cause or not for cause;

6

 

	 	•	 	elimination or discontinuation of your job or position, if you are offered a
comparable position. Comparability shall be determined in the sole and
absolute discretion of the Plan Administrator.

          In addition, if you have executed a separate employment agreement with the Company which
expressly provides for severance pay, you shall not be eligible for benefits under this Plan,
unless this Plan provides for greater benefits (as determined by the Plan Administrator). No
employee of any subsidiary of the Company outside of those subsidiary(ies) defined as the Company
by Article II (d) of this Plan shall be eligible for severance pay under this Plan unless provided
for by separate written agreement.

ARTICLE IV — SEVERANCE PAY

          A. SCHEDULE OF BENEFITS

          If you become a Participant, you will receive the following benefits under the Plan:

          If you are an Officer of the Company and are designated by the Plan Administrator as Chief
Executive Officer (“CEO”), then (i) if you have less than six (6) months employment service with
the Company, you will receive twenty-six (26) weeks of Base Pay; and (ii) if you have been actively
employed with the Company for a minimum of six (6) months, you will receive fifty-two (52) weeks of
Base Pay.

          If you are an Officer of the Company and are designated by the Plan Administrator as Senior
Vice President or Executive Vice President (“SVP”) or (“EVP”), then (i) if you have less than six
(6) months of employment service with the Company, you will receive thirteen (13) weeks of Base
Pay; and (ii) if you have been actively employed with the Company for a minimum of six (6) months,
you will receive twenty-six (26) weeks of Base Pay.

          If you are an Officer of the Company and are designated by the Plan Administrator as Vice
President (“VP”) then (i) if you have less than six (6) months of employment service with the
Company, you will receive six (6) weeks of Base Pay; and (ii) if you have been actively employed
with the Company for a minimum of six (6) months, you will receive thirteen (13) weeks of Base Pay.

          Notwithstanding the foregoing, if the amount of severance pay that you would have received if
calculated pursuant to the most favorable formula set forth in the Wright Express Corporation
Severance Pay Plan for Non-Officer Employees (assuming that you were an eligible participant of
such plan) is greater than the amount of severance pay calculated hereunder, then you will receive
hereunder, upon eligibility for severance pay hereunder, such higher amount.

          Notwithstanding any provision of this Plan to the contrary, the Plan Administrator, in its
sole and absolute discretion and based on such criteria as the Administrator deems relevant, may,
vary the severance benefits under this Plan. In no event, however, will a

7

 

Participant receive more than fifty-two (52) weeks of Base Pay. In addition, in no event will
any employee be entitled to receive severance pay under this Plan in addition to severance pay
provided for under a separate employment agreement or from any other source.

          B. HOW AND WHEN BENEFITS WILL BE PAID

          Severance pay benefits are payable at the discretion of the Company and may be paid to you in
a lump sum payment, in equal installments not less frequently than once per month over a twelve
month period, or a combination of lump sum and equal installments not less frequently than once per
month over a twelve month period, subject to applicable federal, state and local tax deductions
and withholding.

          Amounts payable under Article IV, Section A, following termination of employment, other
than those expressly payable on a deferred basis, will be paid in the payroll period next following
the payroll period in which termination of employment occurs except as otherwise provided in this
Article IV, Section B. Payment of any amount by reason of Participant’s termination of employment
shall be made no later than the last day of the Participant’s second taxable year following the
Participant’s taxable year in which the termination occurs.

          Short-Term Deferral Exemption. It is intended that payments made under this Plan due to a
Participant’s termination of employment that are not otherwise subject to Section 409A of the
Internal Revenue Code (“409A”) which are paid on or before the 15th day of the third
month following the end of the Participant’s taxable year in which his termination of employment
occurs shall be exempt from compliance with 409A pursuant to the exemption for short-term
deferrals set forth in Section 1.409A-1(b)(4) of the Regulations.

          Separation Pay Exemption. It is intended that payments made under this Plan due to a
Participant’s involuntary termination that are not otherwise subject to 409A which do not exceed
two times the lesser of (a) the Participant’s annualized compensation (determined in accordance
with the Regulations) or (b) the maximum amount that may be taken into account under Section
401(a)(17) of the Code
($230,000245,000 for
20098) shall be exempt from compliance with 409A
pursuant to the exemption for separation pay set forth in Section 1.409A-1(b)(9) of the
Regulations.

          Six-Month Delay for Specified Employees. Anything in this Plan to the contrary
notwithstanding, payments to be made under this Plan upon termination of Participant’s employment
which are subject to 409A (“409A Payments”) shall be delayed for six months following such
termination of employment if Participant is a Specified Employee as defined below on the date of
termination of employment. Any 409A Payment due within such six-month period shall be delayed to
the end of such six-month period. In addition, the following rules apply: 

     i. The Company will adjust the 409A Payment to reflect the deferred payment
date by multiplying the payment or reimbursement by the product of the six-month CMT
Treasury Bill annualized yield rate as published by the U.S. Treasury for the date on which
such payment or reimbursement would have been made but for the delay multiplied by a 
fraction, the numerator of which is the number of days by which such payment or
reimbursement was delayed and the denominator of which is 365. 

8

 

     ii. The Company will make the adjusted 409A Payment at the beginning of the
seventh month following Participant’s termination of employment. Notwithstanding the
foregoing, if calculation of the amounts payable by any payment date specified in this
subsection is not administratively practicable due to events beyond the control of the
Participant (or the Participant’s beneficiary or estate) and for reasons that are
commercially reasonable, payment will be made as soon as administratively practicable in
compliance with 409A and the Regulations thereunder. In the event of Participant’s death
during such six-month period, payment will be made in the payroll period next following the
payroll period in which Participant’s death occurs.

     iii. “Specified Employee”. For purposes of this Plan, a “Specified
Employee” shall mean an employee of the Company who satisfies the requirements for being
designated a “key employee” under Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without
regard to Section 416(i)(5) of the Code at any time during a calendar year, in which case
such employee shall be considered a Specified Employee for the twelve-month period beginning
on the first day of the fourth month immediately following the end of such calendar year.
Notwithstanding the foregoing, all employees who are nonresident aliens during an entire
calendar year are excluded for purposes of determining which employees meet the requirements
of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of
the Code for such calendar year. The term “nonresident alien” as used herein shall have the
meaning set forth in Regulations Section 1.409A-1(j). In the event of any corporate spinoff
or merger, the determination of which employees meet the requirements of Section
416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code
for any calendar year shall be determined in accordance with Regulations Section
1.409A-1(i)(6).

          You shall not be eligible after your date of termination for continued coverage under the
Company’s medical/dental plans (except to the extent you elect to continue such coverage as under
the Consolidated Omnibus Budget Reconciliation Act of 1985 “COBRA”).

ARTICLE V — GENERAL PROVISIONS OF THE PLAN

          (a) Termination of Your Coverage. Coverage under this Plan ends when you are no
longer considered a Participant.

          (b) Re-employment. If you are re-employed by the Company after severance has been
paid to you, you will have to make arrangements, prior to being rehired, to return any severance
pay which you received in excess of one week’s pay plus the amount of your weekly salary multiplied
by the number of weeks during the period of your separation. If, after being re-employed, your
employment with the Company is terminated for a reason set forth Article III, you shall receive the
severance pay calculated based upon your rehire date, plus the severance

9

 

pay which was refunded by you to the Company upon your re-employment or the severance pay
calculated before your rehire date which was not paid to you because you became re-employed with
the Company.

          (c) Termination, Amendment and Modification. Notwithstanding anything in this Plan to
the contrary, the Company expressly reserves the right, at any time, for any reason, without
limitation, and in its sole and absolute discretion, to terminate, amend or modify the Plan and any
or all of the benefits provided thereunder, either in whole or in part, whether as to all persons
covered thereby or as to one or more groups thereof. The termination, amendment or modification of
the Plan shall be effected by a document in writing.

          (d) No Additional Rights Created. Neither the establishment of this Plan, nor any
modification thereof, nor the payment of any benefits hereunder, shall be construed as giving to
any Participant, Eligible Employee (or any beneficiary of either), or other person any legal or
equitable right against the Company or any Officer, director or employee thereof; and in no event
shall the terms and conditions of employment by the Company of any Eligible Employee be modified or
in any way affected by this Plan. There is no promise of employment of any kind by the Company
contained in this Plan. Regardless of what this Plan provides, the Company remains free to change
wages and all other working conditions without notice of agreement. The Company also continues to
have the absolute right to terminate your employment with or without cause.

          (e) Records. The records of the Company with respect to employment history, Base
Salary, Years of Service, absences, and all other relevant matters shall be conclusive for all
purposes of this Plan.

          (f) Construction. The respective terms and provisions of the Plan shall be construed,
whenever possible, to be in conformity with the requirements of ERISA, or any subsequent laws or
amendments thereto. To the extent not in conflict with the preceding sentence or another provision
in the Plan, the construction and administration of the Plan shall be in accordance with the laws
of Maine (without reference to its conflicts of law provisions).

          (g) Severability. Should any provisions of the Plan be deemed or held to be unlawful
or invalid for any reason, such fact shall not adversely affect the other provisions of the Plan
unless such determination shall render impossible or impracticable the functioning of the Plan, and
in such case, an appropriate provision or provisions shall be adopted so that the Plan may continue
to function properly.

          (h) Unfunded Plan. The Company shall pay for benefits under the Plan out of its
general assets. No Participant or any other person shall have any interest whatsoever in any
specific asset of the Company. To the extent that any person acquires a right to receive payments
under this Plan, such right shall not be secured by any assets of the Company. The obligations of
the Company may be funded through contributions to a trust or otherwise, but the obligations of the
Company are not required to be funded under this Plan unless required by law.

          (i) Nontransferability. In no event shall the Company make any payment under this
Plan to any assignee or creditor of a Participant, except as otherwise required by law.

10

 

Prior to the time of a payment hereunder, a Participant shall have no rights by way of
anticipation or otherwise to assign or otherwise dispose of any interest under this Plan, nor shall
rights be assigned or transferred by operation of law.

          (j) Incompetency. In the event that the Plan Administrator finds that a Participant
is unable to care for his or her affairs because of illness or accident, then benefits payable
hereunder, unless claim has been made therefor by a duly appointed guardian, committee, or other
legal representative, may be paid in such manner as the Plan Administrator shall determine, and the
application thereof shall be a complete discharge of all liability for any payments or benefits to
which such Participant (or designated beneficiary) was or would have been otherwise entitled under
this Plan.

          (k) Welfare Plan. The Company intends that this Plan constitute a “welfare plan”
under ERISA and any ambiguities in this Plan shall be construed to effect that intent.

          (l) Termination, Amendment and Modification. Notwithstanding anything in this Plan to
the contrary, the Company expressly reserves the right, at any time, for any reason, without
limitation, and in its sole and absolute discretion, to terminate, amend or modify the Plan and any
or all of the benefits provided thereunder, either in whole or in part, whether as to all persons
covered thereby or as to one or more groups thereof. The termination, amendment or modification of
the Plan shall be effected by a document in writing.

          (m) Exclusive Benefit. A Participant who receives severance benefits under this Plan
shall not be eligible to receive severance benefits under the Wright Express Corporation Severance
Pay Plan for Non-Officers.

ARTICLE VI — OTHER IMPORTANT INFORMATION

          (a) Claim Procedure.

          How to File a Claim. If you are a Participant in the Plan, you will automatically
receive the benefits set forth under Article IV of the Plan. If you feel you have not been
provided with all benefits to which you are entitled under the Plan, you may file a written claim
with the Plan Administrator with respect to your rights to receive benefits from the Plan. If you
wish to make a claim for payment of benefits under the Plan, a claim must be filed by contacting
the Human Resources Department at the Company’s headquarter in South Portland, Maine within 90 days
of the date you received notification from the Company that your benefits were denied. You may be
required to provide additional information. After your claim has been processed, you will be
notified in writing if any benefits are denied in whole or in part, or if any additional
information is required by the office that processes your claim. You will receive this written
notification within 90 days after it is filed. Under special circumstances, the Plan Administrator
may require an additional period of not more than 90 days to review your claim. If this occurs,
you will be notified in writing as to the length of the extension, the reason for the extension,
and any other information needed in order to process your claim. If you are not
notified within the 90-day (or 180-day, if so extended) period, you may consider your claim to
be denied.

11

 

          How to Appeal a Claim. If your claim is denied, in whole or in part, you will be
notified in writing of the specific reason(s) for the denial, the exact plan provision(s) on which
the decision was based, what additional material or information is relevant to your case, and what
procedure you should follow to get your claim reviewed again. If you do not agree with the reason
why your claim was denied in whole or in part, you then have sixty (60) days to appeal the decision
to the Plan Administrator.

          Your appeal must be submitted in writing. You may request to review pertinent documents, and
you may submit a written statement of issues and comments. You must state why you believe the
claim should not have been denied and submit any data, questions or comments you think are
appropriate.

          Your appeal will be reviewed by the Company, and a decision will be made within sixty (60)
days after the appeal is received. Under special circumstances, the Plan Administrator may require
an additional period of not more than 60 days to review your appeal. If this occurs, you will be
notified in writing as to the length of the extension, not to exceed 120 days from the day on which
your appeal was received.

          If your appeal is denied, in whole or in part, you will be notified in writing of the specific
reason(s) for the denial and the exact plan provision(s) on which the decision was based. The
decision on your appeal will be final and binding on all parties and persons affected thereby. If
you are not notified within the 60-day (or 120-day, if so extended) period, you may consider your
appeal as denied.

          (b) Plan Interpretation and Benefit Determination. The Plan is administered and
operated by the Plan Administrator, who has the exclusive discretionary authority and power to
determine eligibility for benefits and to construe the terms and provisions of the Plan, to
determine questions of fact and law arising under the Plan, to direct disbursements pursuant to the
Plan and to exercise all other powers specified herein or which may be implied from the provisions
hereof. The Plan administrator may adopt such rules for the conduct of the administration of the
Plan as it may deem appropriate. All interpretations and determinations of the Plan Administrator
shall be final and binding upon all parties and persons affected thereby. The Plan Administrator
may appoint one or more individuals and delegate such of its powers and duties as it deems
desirable to any such individual(s), in which case every reference herein made to the Plan
Administrator shall be deemed to mean or include the appointed individual(s) as to matters within
their jurisdiction.

          (c) Your Rights Under ERISA. The following is a statement of your rights under
Federal law as required by the U.S. Department of Labor:

          As a participant in this Plan, you are entitled to certain rights and protections under the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”). ERISA provides that all
Plan participants shall be entitled to:

12

 

	 	•	 	Examine, without charge, at the Plan Administrator’s office and at other
specified locations, all Plan documents and copies of all documents filed by
the Plan with the U.S. Department of Labor, such as detailed annual reports
and Plan descriptions.
	 
	 	•	 	Obtain copies of all Plan documents and other Plan information upon written
request to the Plan Administrator. The Plan Administrator may make a
reasonable charge for the copies.
	 
	 	•	 	Receive a summary of the latest annual financial report of the Plan. The
Plan Administrator is required by law to furnish each participant with a copy
of such summary.

          In addition to creating rights for Plan participants, ERISA imposes duties upon the people who
are responsible for the operation of the employee benefit Plan. The people who operate your Plan,
called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and
other Plan participants and beneficiaries. The named fiduciary is Wright Express Corporation. It
is illegal for anyone to prevent you from obtaining a benefit or exercising your rights under ERISA
by firing you or discriminating against you in any way.

          If your claim for a benefit is denied in whole or in part, you must receive a written
explanation of the reason for the denial. You have the right to a review and reconsideration of a
denial of benefits under the Plan.

          Under ERISA, there are steps you can take to enforce the above rights. For instance, if you
request materials from the Plan and do not receive them within thirty (30) days, you may file suit
in a federal court. In such a case, the court may require the Plan Administrator to provide the
materials and pay you up to $110 a day until you receive the requested materials, unless the
materials were not sent because of reasons beyond the control of the Plan Administrator.

          If you have a claim for benefits which is denied or ignored, in whole or in part, you may file
suit in a state or Federal court. If you believe that Plan fiduciaries misused the Plan’s money,
or that you have been discriminated against for asserting your rights, you may seek assistance from
the U.S. Department of Labor, or you may file suit in a federal court. The named fiduciary is
Wright Express Corporation.

          If you file a suit, the court will decide who should pay court costs and legal fees. If you
are successful, the court may order the person you have sued to pay these costs and fees. If you
lose, the court may order you to pay these costs and fees, for example, if the court finds that
your claim is frivolous.

          If you have questions about your Plan, you should contact the Plan Administrator. If you have
any questions about this statement or about your rights under ERISA, you should
contact the nearest Area office of the U.S. Labor-Management Services Administration,
Department of Labor, listed in your telephone directory.

13

 

          (d) Plan Document. This document shall constitute both the plan document and summary
plan description and shall be distributed to all Eligible Employees in this form.

          (e) Other Important Facts.

	 	 	 
	OFFICIAL NAME OF THE PLAN:

	 	Wright Express Corporation Severance Pay Plan
for Officers
	 
	 	 
	SPONSOR:

	 	Wright Express Corporation
	 

	 	97 Darling Avenue
	 

	 	South Portland, Maine 04106
	 

	 	(207) 773-8171
	 
	 	 
	PLAN NUMBER:

	 	516
	 
	 	 
	TYPE OF PLAN:

	 	Employee Welfare Severance Benefit Plan
	 
	 	 
	TYPE OF ADMINISTRATION:

	 	Employer Administered
	 
	 	 
	PLAN ADMINISTRATOR:

	 	SVP, Human Resources
	 

	 	Wright Express Corporation
	 

	 	97 Darling Avenue
	 

	 	South Portland, Maine 04106
	 

	 	(207) 773-8171
	 
	 	 
	EFFECTIVE DATE:

	 	February 22, 2005
	 
	 	 
	RECORDS

	 	The Plan Administrator keeps records of the
Plan and is responsible for the administration
of the Plan. The Plan Administrator will also
answer any questions you may have about the
Plan.
	 
	 	 
	AGENT FOR SERVICE
OF LEGAL PROCESS:

	 	General Counsel

Wright Express Corporation
	 

	 	97 Darling Avenue

South Portland, Maine 04106
	 

	 	(207) 773-8171

14

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