Document:

Exhibit 10.1

Chevy Chase Bank

Change in Terms
Agreement

	
  Principal

  	
   

  	
  Loan Date

  	
   

  	
  Maturity

  	
   

  	
  Loan No

  	
   

  	
  Call / Coll

  	
   

  	
  Account

  	
   

  	
  Officer

  	
   

  	
  Initials

  	
   

  
	
  $250,000.00

  	
   

  	
  03-01-2005

  	
   

  	
  03-01-2007

  	
   

  	
  9001

  	
   

  	
  4AO / 8120

  	
   

  	
  0120535

  	
   

  	
  40536

  	
   

  	
   

  	
   

  

 

References
in the shaded area are of Lender’s use only and do no limit the applicability
of this document to any particular loan or item. Any item above containing “***”
has been omitted due to text length limitations.

	
  Borrower:

  	
   

  	
  Precision Auto Care, Inc.

  	
   

  	
  Lender:

  	
   

  	
  Chevy Chase Bank, F.S.B.

  
	
   

  	
   

  	
  748 Miller Drive, S.E.

  	
   

  	
   

  	
   

  	
  Commercial Banking Division

  
	
   

  	
   

  	
  Leesburg, VA 20175

  	
   

  	
   

  	
   

  	
  7501 Wisconsin Avenue, 12th Floor

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Bethesda, MD 20814

  
	
   

  	
   

  	
   

  
	
  Principal Amount: $250,000.00

  	
   

  	
  Date of Agreement: February 28, 2006

  

 

DESCRIPTION
OF EXISTING INDEBTEDNESS. That certain Promissory Note dated March 1,
2005 made by Borrower to Lender (the “Note”), which was a renewal of that
certain Promissory Note dated March 9, 2004 in the original principal
amount of $250,000.00.

DESCRIPTION
OF CHANGE IN TERMS. The maturity date of the Note is hereby
extended from March 1, 2006 to March 1, 2007.

CONTINUITY
VALIDITY. Except as expressly changed by this Agreement, the
terms of the original obligation or obligations, including all agreements
evidenced of securing the obligation(s), remain unchanged and in full force and
effect. Consent by Lender to this Agreement does not waive Lender’s right to
strict performance of the obligation(s) as changed, nor obligate Lender to
make any future change in terms. Nothing in this Agreement will constitute a
satisfaction of the obligation(s). It is the intention of Lender to retain as
liable parties all makers and endorsers of the original obligation(s),
including accommodation parties, unless a party is expressly released by Lender
in writing. Any maker or endorser, including accommodation makers, will not be
released by virtue of this Agreement. If any person who signed the original
obligation does not sign this Agreement below, then all persons signing below
acknowledge that this Agreement is given conditionally, based on the
representation to Lender that the non-signing party consents to the changes and
provisions of this Agreement or otherwise will not be released by it. This
waiver applies not only to any initial extension, modification or release, but
also to all such subsequent actions.

CLARIFICATION
OF GOVERNING LAW. Notwithstanding anything to the contrary in
any of the documents, the parties agree that federal law governs the Agreement
or Promissory Note, as the case may be, and Maryland law will apply only to the
extent it is not otherwise superceded or preempted by federal law.

THIS
AGREEMENT IS GIVEN UNDER SEAL AND IT IS INTENDED THAT THIS AGREEMENT IS AN
SHALL CONSTITUTE AND HAVE THE EFFECT OF A SEALED INSTRUMENT ACCORDING TO LAW.

PRIOR
TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
THIS AGREEMENT, BORROWER AGREES TO THE TERMS OF THE AGREEMENT.

	
  BORROWER:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  PRECISION AUTO CARE, INC.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Robert R. Falconi

  	
   

  	
  (Seal)

  	
  By:

  	
  /s/ Mark P. Francis

  	
   

  	
  (Seal)

  
	
   

  	
  Robert R. Falconi, President of

  	
   

  	
   

  	
   

  	
  Mark P. Francis, Controller of

  	
   

  	
   

  
	
   

  	
  Precision Auto Care, Inc

  	
   

  	
   

  	
   

  	
  Precision Auto Care, Inc.Exhibit 10.1

Restricted Stock
Unit Agreement

This Restricted
Stock Unit Agreement, dated as of [          ],
2006, between CDRV Investors, Inc., a Delaware corporation, and [          ]
(the “Employee”), is being entered into
pursuant to the CDRV Investors, Inc. Stock Incentive Plan.

1.     Incorporation of the Plan by Reference.   The terms of
the Plan are hereby incorporated by reference. Capitalized terms that are not
defined herein shall have the same meanings assigned in the Plan. In the event
of any conflict between this Agreement and the Plan, the Plan shall control.

2.     Grant of Restricted Stock Units.   The Company hereby
evidences and confirms an Award to the Employee of [          ]
restricted stock units that are each valued by reference to the value of a
share of Common Stock (the “Restricted Stock Units”).

3.     Vesting.   It is understood and agreed that the Award of
Restricted Stock Units evidenced hereby is subject to the following conditions:

(a)    Normal Vesting of Restricted Stock Units.   The
Restricted Stock Units shall become vested in five equal annual installments on
each of the first through fifth anniversaries of [insert
vesting start date], subject to the continuous employment of the
Employee with the Company until the applicable vesting date

(b)   Accelerated Vesting.   If the Employee’s employment with
the Company is terminated in a Special Termination (i.e., by reason of the
Employee’s death or Disability), any Restricted Stock Units held by the
Employee shall immediately vest as of the effective date of such Special
Termination. All Restricted Stock Units shall also become immediately vested
upon the effective date of a Change in Control.

(c)    Termination of Employment.   Unless otherwise determined
by the Committee, the Employee shall forfeit any unvested Restricted Stock
Units upon termination of employment for any reason other than a Special
Termination.

(d)   Restrictions on Transfer.   The Restricted Stock Units
may not be sold, transferred, pledged, assigned, hedged, encumbered or
otherwise alienated or hypothecated in any manner, and remain subject to
forfeiture as described in this Agreement.

(e)    No Rights as a Stockholder.   The Employee shall have no
rights as a stockholder of the Company (including rights in respect of
dividends declared or paid on the Common Stock) until any Common Stock has been
issued by the Company to the Employee in respect of Restricted Stock Units. No
adjustment shall be made for dividends or other rights for which the record
date is prior to the issuance of any shares of Common Stock in settlement of
the Restricted Stock Units.

4.     Limitation of Benefits.   If as a result of accelerated
vesting of the Restricted Stock Units in connection with a Change in Control or
otherwise, the Employee would receive any payment, deemed payment or other
benefit that, together with any other payment, deemed payment or other benefit
the Employee may receive under any other plan, program, policy or arrangement,
would constitute an “excess parachute payment” under section 280G of the Code,
then, notwithstanding anything in this Agreement to the contrary, the payments,
deemed payments or other benefits the Employee would otherwise receive under
this Agreement shall be reduced to the extent necessary to eliminate any such
excess parachute payment and the Employee shall have no further rights or
claims with respect thereto. If the preceding sentence would result in a
reduction of the payments, deemed payments or other benefits the Employee would
otherwise receive, the Company will use its commercially reasonable best
efforts to seek the approval of the Company’s shareholders in the manner
provided for in section 280G(b)(5) of the Code and the regulations
thereunder with respect to such reduced payments or other benefits (if the
Company is eligible to do so), so that such payments would not be treated as “parachute
payments” for these purposes (and therefore would cease to be subject to
reduction pursuant to this Section 4).

5.     Settlement of Restricted Stock Units.   Subject to the
provisions of Section 12.2 of the Plan (withholding) and Section 4 of
this Agreement, the Company shall deliver to the Employee one share of Common
Stock in settlement of each outstanding 
Restricted Stock Unit that has become vested pursuant to Section 3
of this Agreement as soon as practicable, but not later than 15 (15) business
days, following the date of the first to occur of (i) a Change in Control,
(ii) the date of the Employee’s termination of employment and (iii)                     
[optional outside date selected by the Employee
in accordance with 409A], provided that
subsection (iii) of this Section 5 shall not apply if a Change in
Control or a Special Termination occurs in 2006. If the settlement date occurs
prior to a Public Offering, the Company and the Employee shall enter into an
Employee Stock Subscription Agreement with respect to the shares of Common
Stock delivered in settlement of the Restricted Stock Units.

6.     Binding Effect; Benefits.   This Agreement shall be
binding upon and inure to the benefit of the Company and the Employee and their
respective successors and permitted assigns. Except for any rights that may be
provided to the Investor in an Employee Stock Subscription Agreement, nothing
in this Agreement, express or implied, is intended or shall be construed to
give any person other than the Company or the Employee or their respective successors
or assigns any legal or equitable right, remedy or claim under or in respect of
any agreement or any provision contained herein.

7.     Amendment.   This
Agreement may not be altered, modified, or amended except by a written
instrument signed by the Company and the Employee.

8.     Sections and Other
Headings.   The section and other headings contained in this
Agreement are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement.

IN WITNESS WHEREOF, this Agreement has been executed and delivered by
the Company on the date hereof.

	
  

  	
   

  	
  

  	
   

  	
  CDRV INVESTORS, INC.

  
	
   

  	
   

  	
  By:

  	
   

  	
            

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
  THE EMPLOYEE:

  
	
   

  	
   

  	
  By:

  	
   

  	
            

  
	
   

  	
   

  	
   

  	
   

  	
  [                    ]

  

 

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