Document:

exv10w3

Exhibit 10.3

NaviSite, Inc.

Restricted Stock Agreement

Granted Under Amended and Restated 2003 Stock Incentive Plan

     AGREEMENT made as of the [___] day of [                    ], 20[___] (the “Grant Date”) between NaviSite,
Inc., a Delaware corporation (the “Company”), and [                    ] (the “Participant”).

     For past services rendered and other valuable consideration, receipt of which is acknowledged,
the parties hereto agree as follows:

     1. Grant of Shares.

     The Company hereby grants to the Participant, subject to the terms and conditions set forth in
this Agreement and in the Company’s Amended and Restated 2003 Stock Incentive Plan (the “Plan”),
[___] shares (the “Shares”) of common stock, $0.01 par value, of the Company (“Common Stock”).
The Participant agrees that the Shares shall be subject to forfeiture as set forth in Section 2 of
this Agreement and the restrictions on transfer set forth in Section 3 of this Agreement.

     2. Forfeiture.

          (a) In the event that the Participant ceases to be employed by the Company for any reason or
no reason, with or without cause, prior to vesting of the Shares as set forth below, all of the
Unvested Shares (as defined below) shall be forfeited.

     “Vested Shares” means the total number of Shares that have vested as specified in the table
below so long as the Participant remains employed by the Company.

	 	 	 
	Number of Shares Vested	 	Vesting Date
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

     “Unvested Shares” means the total number of Shares that are not Vested Shares at the time the
Participant ceases to be employed by the Company.

          (b) If a vesting date shall fall on a date which is during a Company-declared black-out period
with respect to the Common Stock to which the Participant is subject, such vesting date shall be
delayed until the first business day after the expiration of such black-out period; provided,
however, that if the Participant ceases to be employed by the Company during such black-out period,
the Shares that would have vested but for the black-out period shall not be forfeited and shall
vest on the date the Participant ceases to be employed by the Company.

 

 

          (c) For purposes of this Agreement, employment with the Company shall include employment with
a parent or subsidiary of the Company.

     3. Restrictions on Transfer.

     The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of,
by operation of law or otherwise (collectively “transfer”) any Shares, or any interest therein,
that would be Unvested Shares if the Participant were to cease to be employed by the Company at the
time of the transfer, except that the Participant may transfer such Shares (i) to or for the
benefit of any spouse, children, parents, uncles, aunts, siblings, grandchildren and any other
relatives approved by the Board of Directors (collectively, “Approved Relatives”) or to a trust
established solely for the benefit of the Participant and/or Approved Relatives, provided
that such Shares shall remain subject to this Agreement (including without limitation the
forfeiture provisions of Section 2 and the restrictions on transfer set forth in this Section 3)
and such permitted transferee shall, as a condition to such transfer, deliver to the Company a
written instrument confirming that such transferee shall be bound by all of the terms and
conditions of this Agreement or (ii) as part of the sale of all or substantially all of the shares
of capital stock of the Company (including pursuant to a merger or consolidation), provided
that, in accordance with the Plan, the securities or other property received by the Participant in
connection with such transaction shall remain subject to this Agreement.

     4. Restrictive Legends.

     All certificates representing Shares shall have affixed thereto a legend in substantially the
following form, in addition to any other legends that may be required under federal or state
securities laws:

“The shares of stock represented by this certificate are subject to
restrictions on transfer and a risk of forfeiture as set forth in a
certain Restricted Stock Agreement between the corporation and the
registered owner of these shares (or his or her predecessor in
interest), and such Agreement is available for inspection without
charge at the office of the Secretary of the corporation.”

     5. Provisions of the Plan.

          (a) This Agreement is subject to the provisions of the Plan, a copy of which is furnished to
the Participant with this Agreement.

          (b) As provided in the Plan, upon the occurrence of a Reorganization Event (as defined in the
Plan), all rights of the Company hereunder shall inure to the benefit of the Company’s successor
and shall apply to the cash, securities or other property which the Shares were converted into or
exchanged for pursuant to such Reorganization Event in the same manner and to the same extent as
they applied to the Shares under this Agreement. If, in connection with a Reorganization Event, a
portion of the cash, securities and/or other property received upon the conversion or exchange of
the Shares is to be placed into escrow to secure indemnification or similar obligations, the mix
between the vested and unvested portion of such cash, securities

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and/or other property that is placed into escrow shall be the same as the mix between the
vested and unvested portion of such cash, securities and/or other property that is not subject to
escrow.

     6. Withholding Taxes; Section 83(b) Election.

          (a) The Participant acknowledges and agrees that the Company has the right to deduct from
payments of any kind otherwise due to the Participant any federal, state or local taxes of any kind
required by law to be withheld with respect to the lapse or partial lapse of the risk of
forfeiture.

          (b) The Participant has reviewed with the Participant’s own tax advisors the federal, state,
local and foreign tax consequences of this investment and the transactions contemplated by this
Agreement. The Participant is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. The Participant understands that the
Participant (and not the Company) shall be responsible for the Participant’s own tax liability that
may arise as a result of the transactions contemplated by this Agreement. The Participant
understands that it may be beneficial in many circumstances to elect to be taxed at the time the
Shares are granted rather than when and as the risk of forfeiture lapses by filing an election
under Section 83(b) of the Code with the I.R.S. within 30 days from the date of grant.

          THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE
COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b), EVEN IF THE PARTICIPANT REQUESTS THE
COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE PARTICIPANT’S BEHALF.

     7. Miscellaneous.

          (a) No Rights to Employment. The Participant acknowledges and agrees that the vesting
of the Shares pursuant to Section 2 hereof is earned only by continuing service as an employee at
the will of the Company (not through the act of being hired or being granted shares hereunder).
The Participant further acknowledges and agrees that the transactions contemplated hereunder and
the vesting schedule set forth herein do not constitute an express or implied promise of continued
engagement as an employee or consultant for the vesting period, for any period, or at all.

          (b) Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
and each other provision of this Agreement shall be severable and enforceable to the extent
permitted by law.

          (c) Waiver. Any provision for the benefit of the Company contained in this Agreement
may be waived, either generally or in any particular instance, by the Board of Directors of the
Company.

          (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the Company and the Participant and their respective heirs, executors, administrators,

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legal representatives, successors and assigns, subject to the restrictions on transfer set
forth in Section 3 of this Agreement.

          (e) Notice. All notices required or permitted hereunder shall be in writing and
deemed effectively given upon personal delivery or five days after deposit in the United States
Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto
at the address shown beneath his or its respective signature to this Agreement, or at such other
address or addresses as either party shall designate to the other in accordance with this Section
8(e).

          (f) Pronouns. Whenever the context may require, any pronouns used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns
and pronouns shall include the plural, and vice versa.

          (g) Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the parties, and supersedes all prior agreements and understandings, relating to the
subject matter of this Agreement.

          (h) Amendment. This Agreement may be amended or modified only by a written instrument
executed by both the Company and the Participant.

          (i) Governing Law. This Agreement shall be construed, interpreted and enforced in
accordance with the internal laws of the State of Delaware without regard to any applicable
conflicts of laws.

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

	 	 	 	 	 	 	 
	 	 	NaviSite, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 
	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[Name of Participant]	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

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Exhibit 10.1

AMENDMENT TO

SALE AND SERVICING AGREEMENT

     This Amendment to Sale and Servicing Agreement, dated as of March 16, 2009 (this
“Amendment”), is by and among Volkswagen Auto Lease/Loan Underwritten Funding, LLC, as
seller (the “Seller”), VW Credit, Inc. (“VCI”), as servicer (in such capacity, the
“Servicer”), and Citibank, N.A., as indenture trustee (the “Indenture Trustee”).

     WHEREAS, Volkswagen Auto Loan Enhanced Trust 2008-1, as issuer (the “Issuer”), the
Seller, the Servicer, and Citibank, N.A., as indenture trustee (the “Indenture Trustee”)
are parties to that certain Sale and Servicing Agreement, dated as of May 9, 2008 (the “Sale
and Servicing Agreement”);

     WHEREAS, VCI has elected to make a voluntary capital contribution of $50,000,000.00 to
Volkswagen Public Auto Loan Securitization, LLC (the “Certificateholder”), and the
Certificateholder, in turn, has elected to make a voluntary capital contribution to the Issuer in
the form of a deposit of $50,000,000.00 into the Reserve Account, making the amount on deposit in
the Reserve Account equal to the “Specified Reserve Account Balance” as such term is amended by
this Amendment; and

     WHEREAS, the parties hereto desire to amend the Sale and Servicing Agreement in certain
respects 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 Amendment and not otherwise
defined herein shall have the meanings assigned thereto in the Sale and Servicing Agreement, as
amended hereby.

     SECTION 2. Amendments. The Sale and Servicing Agreement is, effective as of the date
hereof and subject to the satisfaction of the conditions precedent set forth in Section 4
hereof, hereby amended as follows:

     (a) The definition of “Specified Reserve Account Balance” in Appendix A of the Sale and
Servicing Agreement is hereby amended and restated in full to read as follows:

     “’Specified Reserve Account Balance’ means, for any Payment Date, the lesser of
$55,214,656.86 and the aggregate outstanding principal balance of the Notes after giving
effect to all payments of principal on such Payment Date.”

     (b) The definition of “Specified Reserve Reduction Trigger” in Appendix A of the Sale and
Servicing Agreement is hereby deleted in its entirety.

     SECTION 3. Conditions to Effectiveness. This Amendment shall become effective on the
date hereof, subject to the satisfaction of the following conditions precedent:

First Amendment to

Sale and Servicing Agreement

 

 

     (a) Each of the Seller, the Servicer and the Indenture Trustee shall have received a copy of
this Amendment, duly executed by each of the parties hereto; and

     (b) The Seller or the Servicer shall have delivered to the Indenture Trustee an Officer’s
Certificate of the Seller or Servicer, respectively, to the effect that this Amendment will not
materially and adversely affect the interests of the Noteholders.

     SECTION 4. Miscellaneous. The Sale and Servicing Agreement, as amended hereby,
remains in full force and effect. Any reference to the Sale and Servicing Agreement from and after
the date hereof shall be deemed to refer to the Sale and Servicing Agreement as amended hereby,
unless otherwise expressly stated. This Amendment 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 Amendment may be delivered by facsimile, which shall be
effective as delivery of a manually executed signature page. This Amendment shall be governed by,
and construed in accordance with, the laws of the State of New York without giving effect to the
conflict of Laws principles thereof (other than Section 5-1401 of the New York General Obligations
Law) and the obligations, rights and remedies of the parties under this Amendment shall be
determined in accordance with such laws.

[Signatures follow]

First Amendment to

Sale and Servicing Agreement

2

 

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

	 	 	 	 	 
	 	VOLKSWAGEN AUTO LEASE/LOAN 

UNDERWRITTEN FUNDING, LLC, as Seller

 	 
	 	By:  	/s/ Martin Luedtke
 	 
	 	Name:  	Martin Luedtke 	 
	 	Title:  	Treasurer 	 
	 
	 	By:  	                                              /s/ Lawrence Tolep
 	 
	 	Name:  	Lawrence S. Tolep 	 
	 	Title:  	Assistant Treasurer 	 
	 
	 	VW CREDIT, INC., as Servicer

 	 
	 	By:  	/s/ Martin Luedtke
 	 
	 	Name:  	Martin Luedtke 	 
	 	Title:  	Treasurer 	 
	 
	 	By:  	                                              /s/ Lawrence Tolep
 	 
	 	Name:  	Lawrence S. Tolep 	 
	 	Title:  	Assistant Treasurer 	 
	 
	 	CITIBANK, N.A., as Indenture Trustee

 	 
	 	By:  	/s/ Marion O’Connor
 	 
	 	Name:  	Marion O’Connor 	 
	 	Title:  	Vice President 	 
	 

First Amendment to

Sale and Servicing Agreement

S-1

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