Document:

Amended and Restated 1998 Incentive Plan

 
Exhibit 10.8

 
ALBEMARLE CORPORATION 
 
AMENDED AND RESTATED 
 
1998 INCENTIVE PLAN 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Albemarle
Corporation 
1998 Incentive Plan 
 
TABLE OF CONTENTS 
 
Section 
 

	
	 ARTICLE I
	  	 DEFINITIONS
	  	 
	
	 1.01.
	  	 Administrator
	  	 1

	
	 1.02.
	  	 Affiliate
	  	 1

	
	 1.03.
	  	 Agreement
	  	 1

	
	 1.04.
	  	 Board
	  	 1

	
	 1.05.
	  	 Change in Control
	  	 1

	
	 1.06.
	  	 Code
	  	 1

	
	 1.07.
	  	 Committee
	  	 1

	
	 1.08.
	  	 Common Stock
	  	 1

	
	 1.09.
	  	 Company
	  	 1

	
	 1.10.
	  	 Control Change Date
	  	 2

	
	 1.11.
	  	 Corresponding SAR
	  	 2

	
	 1.12.
	  	 Fair Market Value
	  	 2

	
	 1.13.
	  	 Incentive Award
	  	 2

	
	 1.14.
	  	 Initial Value
	  	 2

	
	 1.15.
	  	 Option
	  	 2

	
	 1.16.
	  	 Participant
	  	 2

	
	 1.17.
	  	 Performance Shares
	  	 3

	
	 1.18.
	  	 Plan
	  	 3

	
	 1.19.
	  	 Restricted Stock
	  	 3

	
	 1.20.
	  	 SAR
	  	 3

	
	 1.21.
	  	 Ten Percent Shareholder
	  	 3

	
	 ARTICLE II
	  	 PURPOSES
	  	 
	
	 ARTICLE III
	  	 ADMINISTRATION
	  	 
	
	 ARTICLE IV
	  	 ELIGIBILITY
	  	 
	
	 4.01.
	  	 General
	  	 6

	
	 4.02.
	  	 Grants
	  	 6

	
	 4.03.
	  	 Limitation
	  	 6

	
	 ARTICLE V
	  	 STOCK SUBJECT TO PLAN
	  	 
	
	 ARTICLE VI
	  	 OPTION PRICE
	  	 

 
Albemarle
Corporation 
1998 Incentive Plan 
 
TABLE OF CONTENTS 
 
Section 
 

	 ARTICLE VII
	  	 EXERCISE OF OPTIONS AND SARS
	  	 
	
	 7.01.
	  	 Maximum Option or SAR Period
	  	 9

	
	 7.02.
	  	 Nontransferability
	  	 9

	
	 7.03.
	  	 Transferable Options and SARs
	  	 9

	
	 7.04.
	  	 Employee Status
	  	 9

	
	 7.05.
	  	 Change in Control
	  	 10

	
	 7.06.
	  	 Performance Objectives
	  	 10

	
	 ARTICLE VIII
	  	 METHOD OF EXERCISE
	  	 
	
	 8.01.
	  	 Exercise
	  	 11

	
	 8.02.
	  	 Payment
	  	 11

	
	 8.03.
	  	 Determination of Payment of Cash and/or Common Stock Upon Exercise of SAR
	  	 11

	
	 8.04.
	  	 Shareholder Rights
	  	 11

	
	 ARTICLE IX
	  	 RESTRICTED STOCK
	  	 
	
	 9.01.
	  	 Award
	  	 12

	
	 9.02.
	  	 Vesting
	  	 12

	
	 9.03.
	  	 Performance Objectives
	  	 12

	
	 9.04.
	  	 Change in Control
	  	 12

	
	 9.05.
	  	 Shareholder Rights
	  	 13

	
	 ARTICLE X
	  	 INCENTIVE AWARDS
	  	 
	
	 10.01.
	  	 Awards
	  	 14

	
	 10.02.
	  	 Terms and Conditions
	  	 14

	
	 10.03.
	  	 Determination of Payment of Cash and/or Common Stock In Settlement of An Incentive Award
	  	 15

	
	 ARTICLE XI
	  	 PERFORMANCE SHARE AWARDS
	  	 
	
	 11.01.
	  	 Award
	  	 16

	
	 11.02.
	  	 Earning the Award
	  	 16

	
	 11.03.
	  	 Change in Control
	  	 16

	
	 11.04.
	  	 Shareholder Rights
	  	 16

	
	 ARTICLE XII
	  	 ADJUSTMENT UPON CHANGE IN COMMON STOCK
	  	 

 

 
Albemarle
Corporation 
1998 Incentive Plan 
 
TABLE OF CONTENTS 
 
Section 
 

	 ARTICLE XIII
	  	 COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES
	  	 
	
	 ARTICLE XIV
	  	 GENERAL PROVISIONS
	  	 
	
	 14.01.
	  	 Effect on Employment
	  	 20

	
	 14.02.
	  	 Unfunded Plan
	  	 20

	
	 14.03.
	  	 Disposition of Stock
	  	 20

	
	 14.04.
	  	 Rules of Construction
	  	 20

	
	 14.05.
	  	 Withholding Taxes
	  	 20

	
	 14.06.
	  	 Certain Reduction of Restrictive Payments
	  	 21

	
	 ARTICLE XV
	  	 AMENDMENT
	  	 
	
	 ARTICLE XVI
	  	 DURATION OF PLAN
	  	 
	
	 ARTICLE XVII
	  	 EFFECTIVE DATE OF PLAN
	  	 
	
	 SIGNATURE PAGE
	  	 	  	 

 

 
Albemarle
Corporation 
1998 Incentive Plan 
 
ARTICLE I 
DEFINITIONS 
 
1.01.
Administrator 
 
Administrator means
the Committee and any delegate of the Committee that is appointed in accordance with Article III. 
 
1.02. Affiliate 
 
Affiliate means any “subsidiary” or “parent” corporation (within the meaning of Code section 424) of the Company. 
 
1.03. Agreement 
 
Agreement means a written agreement (including any amendment or supplement thereto) between the Company and a
Participant specifying the terms and conditions of an award of Restricted Stock, Performance Share award, or an Option or SAR, an Incentive Award or a combination thereof, granted to such Participant. 
 
1.04. Board 
 
Board means the Board of Directors of the Company.

 
1.05. Change in Control 
 
Change in Control has the same meaning as is given that
defined term in the Albemarle Corporation Supplemental Benefits Trust. 
 
1.06. Code 
 
Code means the Internal Revenue Code of 1986, and any amendments thereto. 
 
1.07. Committee 
 
Committee means the Executive Compensation Committee of the Board. 
 
1.08. Common Stock 
 
Common Stock means the Common Stock of the Company. 
 
1.09. Company 
 
Company means Albemarle Corporation. 
 

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Albemarle
Corporation 
1998 Incentive Plan 
 
1.10. Control Change Date 
 
Control Change Date has the same meaning as is given that defined term in the Albemarle Corporation Supplemental Benefits Trust.

 
1.11. Corresponding SAR 
 
Corresponding SAR means an SAR that is granted in relation to
a particular Option and that can be exercised only upon the surrender to the Company, unexercised, of that portion of the Option to which the SAR relates. 
 
1.12. Fair Market Value 
 
Fair Market Value means, on any given date, the closing price of a share of Common Stock as reported on the New York Stock Exchange
composite tape on such date, or if the Common Stock was not traded on the New York Stock Exchange on such day, then on the next preceding day that the Common Stock was traded on such exchange, all as reported by such source as the Administrator may
select. 
 
1.13. Incentive Award 
 
Incentive Award means an award which, subject to such terms
and conditions as may be prescribed by the Administrator, entitles the Participant to receive a payment in cash or Common Stock in an amount determined by the Administrator. 
 
1.14. Initial Value 
 
Initial Value means, with respect to a Corresponding SAR, the option price per share of the related Option,
and with respect to an SAR granted independently of an Option, the Fair Market Value of one share of Common Stock on the date of grant. 
 
1.15. Option 
 
Option means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common Stock at the price
set forth in an Agreement. 
 
1.16. Participant

 
Participant means an employee of the
Company or an Affiliate, including an employee who is a member of the Board, or an individual who provides services to the Company or an Affiliate who satisfies the requirements of Article IV and is selected by the Administrator to receive a
Restricted Stock award, Performance Share award, an Option, an SAR, an Incentive Award or a combination thereof. 
 

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Albemarle Corporation 
1998 Incentive Plan 
 
1.17. Performance Shares 
 
Performance Shares means an award which, in accordance with and subject to an Agreement, will entitle the Participant, or his estate or beneficiary in the event of the Participant’s death, to receive cash or an award of
Restricted Stock or a combination thereof. 
 
1.18.
Plan 
 
Plan means the Albemarle
Corporation 1998 Incentive Plan, as amended and restated effective January 1, 2003. 
 
1.19. Restricted Stock 
 
Restricted Stock means Common Stock awarded to a Participant under Article IX. Shares of Common Stock shall cease to be Restricted Stock when, in accordance with the terms of the applicable Agreement, they become
transferable and free of substantial risks of forfeiture. 
 
1.20. SAR 
 
SAR means a stock appreciation right that entitles the holder to receive, with respect to each share of Common Stock encompassed by the exercise of such SAR, the amount determined by the Administrator and specified in an Agreement.
In the absence of such a determination, the holder shall be entitled to receive, with respect to each share of Common Stock encompassed by the exercise of such SAR, the excess of the Fair Market Value on the date of exercise over the Initial Value.
References to “SARs” include both Corresponding SARs and SARs granted independently of Options, unless the context requires otherwise. 
 
1.21. Ten Percent Shareholder 
 
Ten Percent Shareholder means any individual owning more than ten percent (10%) of the total combined voting power of all classes of stock
of the Company or of an Affiliate. An individual shall be considered to own any voting stock owned (directly or indirectly) by or for his brothers, sisters, spouse, ancestors or lineal descendants and shall be considered to own proportionately any
voting stock owned (directly or indirectly) by or for a corporation, partnership, estate or trust of which such individual is a shareholder, partner or beneficiary. 
 

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Albemarle
Corporation 
1998 Incentive Plan 
 
ARTICLE II 
PURPOSES 
 
The Plan
is intended to assist the Company in recruiting and retaining individuals with ability and initiative who provide services to the Company or an Affiliate by enabling such persons to participate in its future success and to associate their interests
with those of the Company and its shareholders. The Plan is intended to permit the award of Performance Shares and shares of Restricted Stock, the grant of SARs, the grant of both Options qualifying under Code section 422 (“incentive stock
options”) and Options not so qualifying, and the grant of Incentive Awards. No Option that is intended to be an incentive stock option shall be invalid for failure to qualify as an incentive stock option. The proceeds received by the Company
from the sale of Common Stock pursuant to the Plan shall be used for general corporate purposes. 
 

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Albemarle
Corporation 
1998 Incentive Plan 
 
ARTICLE III 
ADMINISTRATION 
 
The
Plan shall be administered by the Administrator. The Administrator shall have authority to award Performance Shares and Restricted Stock and to grant Options, SARs and Incentive Awards upon such terms (not inconsistent with the provisions of the
Plan) as the Administrator may consider appropriate. Such terms may include conditions (in addition to those contained in the Plan) on the exercisability of all or any part of an Option or SAR or on the transferability or forfeitability of
Restricted Stock, Performance Shares, or an Incentive Award, including by way of example and not limitation, requirements that the Participant complete a specified period of employment with the Company or an Affiliate or that the Company achieve a
specified level of financial performance or financial return. Notwithstanding any such conditions, the Administrator may, in its discretion, accelerate the time at which any Option or SAR may be exercised, the time at which Restricted Stock may
become transferable or nonforfeitable, or the time at which Performance Shares or Incentive Awards are earned. In addition, the Administrator shall have complete authority to interpret all provisions of the Plan; to prescribe the form of Agreements;
to adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan; and to make all other determinations necessary or advisable for the administration of the Plan. The express grant in the Plan of any specific power to
the Administrator shall not be construed as limiting any power or authority of the Administrator. Any decision made, or action taken, by the Administrator in connection with the administration of the Plan shall be final and conclusive. Neither the
Administrator nor any member of the Committee shall be liable for any act done in good faith with respect to the Plan or any Agreement, Option, SAR, Incentive Award, award of Performance Shares, or Restricted Stock award. All expenses of
administering the Plan shall be borne by the Company. 
 
The Committee, in its discretion, may delegate to one or more officers of the Company or the Executive Committee of the Board, all or part of the Committee’s authority and duties with respect to grants and awards to individuals
who are not subject to the reporting and other provisions of Section 16 of the Securities Exchange Act of 1934, as in effect from time to time. The Committee may revoke or amend the terms of a delegation at any time but such action shall not
invalidate any prior actions of the Committee’s delegate or delegates that were consistent with the terms of the Plan. 
 

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Albemarle Corporation 
1998 Incentive Plan 
 
ARTICLE IV 
ELIGIBILITY 
 
4.01. General 
 
Any employee of the Company or an Affiliate (including a
corporation that becomes an Affiliate after the adoption of the Plan) or a person who provides services to the Company or an Affiliate (including a corporation that becomes an Affiliate after the adoption of the Plan) is eligible to participate in
the Plan if the Administrator, in its sole discretion, determines that such person has contributed significantly or can be expected to contribute significantly to the profits or growth of the Company or an Affiliate. Directors of the Company who are
employees of the Company or an Affiliate may be selected to participate in the Plan. A person who is a member of the Committee may not be granted Options or SARs, or awarded Restricted Stock, Performance Shares, or Incentive Awards under the Plan.

 
4.02. Grants

 
The Administrator will designate individuals to
whom shares of Restricted Stock or Performance Shares are to be awarded and to whom Incentive Awards, Options and SARs are to be granted and will specify the number of shares of Common Stock subject to each award or grant. An Option may be granted
with or without a related SAR. An SAR may be granted with or without a related Option. Each award of Performance Shares, each Incentive Award, each Restricted Stock award, and all grants of Options and SARs under the Plan shall be evidenced by
Agreements which shall be subject to the applicable provisions of the Plan and to such other provisions as the Administrator may adopt. No Participant may be granted incentive stock options or related SARs (under all incentive stock option plans of
the Company and its Affiliates) that are first exercisable in any calendar year for stock having an aggregate Fair Market Value (determined as of the date an Option is granted) that exceeds the limitation prescribed by Code section 422(d). The
preceding annual limitation shall not apply with respect to Options that are not incentive stock options. 
 
4.03. Limitation 
 
No Participant may be granted Options and SARs that are not related to Options in any calendar year for more than 200,000 shares of Common
Stock. For purposes of the preceding sentence, an Option and Corresponding SAR are treated as a single award. In addition, no Participant may, in any calendar year, be awarded, in the aggregate, Restricted Stock, Performance Shares, and/or Incentive
Awards covering more than 100,000 shares of Common Stock. 
 

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Albemarle Corporation 
1998 Incentive Plan 
 
ARTICLE V 
STOCK SUBJECT TO PLAN 
 
Upon the award of shares of Restricted Stock the Company may
issue shares of Common Stock from its authorized but unissued Common Stock. Upon the exercise of any Option or SAR, the Company may deliver to the Participant (or the Participant’s broker if the Participant so directs), shares of Common Stock
from its authorized but unissued Common Stock. The maximum aggregate number of shares of Common Stock that may be issued pursuant to the exercise of Options and SARs, the award of Restricted Stock, or in settlement of Incentive Awards under the Plan
is 3,000,000 shares. Subject to the limitations set forth in the preceding sentence, the maximum aggregate number of shares that may be issued pursuant to the exercise of Options is 2,600,000. The maximum aggregate number of shares of Common Stock
that may be issued under the Plan shall be subject to adjustment as provided in Article XII. If an Option is terminated, in whole or in part, for any reason other than its exercise or the exercise of a Corresponding SAR, the number of shares of
Common Stock allocated to the Option or portion thereof may be reallocated to other Options, SARs, Restricted Stock awards, Incentive Awards, and awards of Performance Shares to be granted under the Plan. If an SAR is terminated, in whole or in
part, for any reason other than its exercise or the exercise of a related Option, the number of shares of Common Stock allocated to the SAR or portion thereof may be reallocated to other Options, SARs, Restricted Stock awards, Incentive Awards, and
awards of Performance Shares to be granted under the Plan. If an award of Restricted Stock is forfeited, in whole or in part, the number of shares of Common Stock allocated to the award of Restricted Stock or portion thereof may be reallocated to
other Options, SARs, Restricted Stock awards, Incentive Awards, and awards of Performance Shares to be granted under the Plan. If an award of Performance Shares is forfeited, in whole or in part, without the issuance of an award of Restricted Stock,
the number of shares of Common Stock allocated to the award of Performance Shares or portion thereof may be reallocated to other Options, SARs, Restricted Stock awards, Incentive Awards, and awards of Performance Shares to be granted under the Plan.

 

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Albemarle
Corporation 
1998 Incentive Plan 
 
ARTICLE VI 
OPTION PRICE 
 
The
price per share for Common Stock to be purchased on the exercise of an Option shall be determined by the Administrator on the date of grant; provided, however, that the price per share for Common Stock to be purchased on the exercise of any Option
that is an incentive stock option shall not be less than the Fair Market Value on the date the Option is granted and provided further that the price per share shall not be less than 110% of such Fair Market Value in the case of an incentive stock
option granted to a Participant who is a Ten Percent Shareholder on the date such incentive stock option is granted. 
 

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Albemarle
Corporation 
1998 Incentive Plan 
 
ARTICLE VII 
EXERCISE OF OPTIONS AND SARS 
 
7.01. Maximum Option or SAR Period 
 
The maximum period in which an Option or SAR may be exercised shall be determined by the Administrator on the date of grant, except that no Option that is an incentive stock option or its Corresponding SAR shall be
exercisable after the expiration of ten years from the date such Option or Corresponding SAR was granted. In the case of an incentive stock option or its Corresponding SAR that is granted to a participant who is a Ten Percent Shareholder, such
Option and Corresponding SAR shall not be exercisable after the expiration of five years from the date of grant. The terms of any Option that is an incentive stock option or Corresponding SAR may provide that it is exercisable for a period less than
such maximum period. 
 
7.02. Nontransferability

 
Any Option or SAR granted under the Plan
shall be nontransferable except by will or by the laws of descent and distribution. In the event of any such transfer, the Option and any Corresponding SAR that relates to such Option must be transferred to the same person or persons. During the
lifetime of the Participant to whom the Option or SAR is granted, the Option or SAR may be exercised only by the Participant. No right or interest of a Participant in any Option or SAR shall be liable for, or subject to, any lien, obligation, or
liability of such Participant. 
 
7.03. Transferable
Options and SARs 
 
Section 7.02 to the
contrary notwithstanding, if the Agreement provides, an Option that is not an incentive stock option or an SAR, other than a Corresponding SAR that is related to an incentive stock option, may be transferred by a Participant to the
Participant’s children, grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership in which such family members are the only partners, on such terms and conditions as may be permitted under Securities
Exchange Commission Rule 16b-3 as in effect from time to time. The holder of an Option or SAR transferred pursuant to this section shall be bound by the same terms and conditions that governed the Option or SAR during the period that it was held by
the Participant; provided, however, that such transferee may not transfer the Option or SAR except by will or the laws of descent and distribution. An Option or its Corresponding SAR may only be transferred if the awards are transferred to the same
person or persons or entity or entities. 
 
7.04.
Employee Status 
 
For purposes of
determining the applicability of Code section 422 (relating to incentive stock options), or in the event that the terms of any Option or SAR provide that it may be exercised only during employment or continued service or within a specified period of
time after termination of employment or service, the Administrator may decide to what extent leaves of 
 

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Albemarle Corporation 
1998 Incentive Plan 
 
absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or service. 
 
7.05. Change in Control 
 
Section 7.01 to the contrary notwithstanding, upon a Control
Change Date each Option or SAR then outstanding shall be fully exercisable thereafter in accordance with the terms of the applicable Agreement. 
 
7.06. Performance Objectives 
 
The Committee may prescribe that an Option or SAR is exercisable only to the extent that certain performance objectives are attained. Such
performance objectives may be based on one or more of the Company’s, an Affiliate’s or a business unit’s (i) gross, operating or net earnings before or after taxes, (ii) return on equity, (iii) return on capital, (iv) return on sales,
(v) return on assets or net assets, (vi) earnings per share, (vii) cash flow per share, (viii) book value per share, (ix) earnings growth, (x) sales growth, (xi) volume growth, (xii) cash flow (as defined by the Committee), (xiii) Fair Market Value,
(xiv) share price or total shareholder return, (xv) market share, (xvi) economic value added, (xvii) market value added, (xviii) productivity, (xix) level of expenses, (xx) quality, (xxi) safety, (xxii) customer satisfaction, (xxiii) product
development or improvement, (xxiv) peer group comparisons of any of the aforementioned objectives or (xxv) such other performance objectives, if any, as may be determined by the Committee. If the Committee, on the date of the award, prescribes that
an Option or SAR shall become exercisable only upon the attainment of performance objectives stated with respect to one or more of the foregoing criteria, the Option or SAR shall become exercisable only to the extent the Committee certifies that
such objectives have been achieved. 
 

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Albemarle
Corporation 
1998 Incentive Plan 
 
ARTICLE VIII 
METHOD OF EXERCISE 
 
8.01.
Exercise 
 
Subject to the provisions of
Articles VII and XIII, an Option or SAR may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Administrator shall determine; provided, however, that a Corresponding SAR that
is related to an incentive stock option may be exercised only to the extent that the related Option is exercisable and when the Fair Market Value exceeds the option price of the related Option. An Option or SAR granted under the Plan may be
exercised with respect to any number of whole shares less than the full number for which the Option or SAR could be exercised. A partial exercise of an Option or SAR shall not affect the right to exercise the Option or SAR from time to time in
accordance with the Plan and the applicable Agreement with respect to the remaining shares subject to the Option or related to the SAR. The exercise of either an Option or a Corresponding SAR shall result in the termination of the other to the
extent of the number of shares with respect to which the Option or Corresponding SAR is exercised. 
 
8.02. Payment 
 
Unless otherwise provided by the Agreement, payment of the Option price shall be made in cash or a cash equivalent acceptable to the Administrator. Subject to rules established by the Committee,
payment of all or part of the Option price may be made with shares of Common Stock of the Company. If Common Stock is used to pay all or part of the Option price, the sum of the cash and cash equivalent and the Fair Market Value of the shares
(determined as of the day preceding the date of exercise) must not be less than the Option Price of shares for which the Option is being exercised. 
 
8.03. Determination of Payment of Cash and/or Common Stock Upon Exercise of SAR 
 
At the Administrator’s discretion, the amount payable as
a result of the exercise of an SAR may be settled in cash, Common Stock, or a combination of cash and Common Stock. No fractional share shall be deliverable upon the exercise of an SAR but a cash payment will be made in lieu thereof. 
 
8.04. Shareholder Rights 
 
No Participant shall have any rights as a stockholder with
respect to shares subject to his Option or SAR until the date of exercise of such Option or SAR. 
 

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Albemarle
Corporation 
1998 Incentive Plan 
 
ARTICLE IX 
RESTRICTED STOCK 
 
9.01.
Award 
 
In accordance with the
provisions of Article IV and subject to the limitations set forth in Article V, the Administrator will designate each individual to whom an award of Restricted Stock is to be made and will specify the number of shares of Common Stock covered by the
award. 
 
9.02. Vesting 
 
The Administrator, on the date of the award, must prescribe
that a Participant’s rights in the Restricted Stock shall be forfeitable or otherwise restricted for a period of time or until satisfaction of such conditions as are set forth in the Agreement. By way of example and not of limitation, the
restrictions may postpone transferability of the shares or may provide that the shares will be forfeited if the Participant separates from the service of the Company and its Affiliates before the expiration of a stated term or if the Company, the
Company and its Affiliates or the Participant fails to achieve stated objectives. 
 
9.03. Performance Objectives 
 
In accordance with Section 9.02, the Committee may prescribe that awards of Restricted Stock will become vested or transferable or both based on objectives stated with respect to one or more of the
Company’s, an Affiliate’s or a business unit’s (i) gross, operating or net earnings before or after taxes, (ii) return on equity, (iii) return on capital, (iv) return on sales, (v) return on assets or net assets, (vi) earnings per
share, (vii) cash flow per share, (viii) book value per share, (ix) earnings growth, (x) sales growth, (xi) volume growth, (xii) cash flow (as defined by the Committee), (xiii) Fair Market Value, (xiv) share price or total shareholder return, (xv)
market share, (xvi) economic value added, (xvii) market value added, (xviii) productivity, (xix) level of expenses, (xx) quality, (xxi) safety, (xxii) customer satisfaction, (xxiii) product development or improvement, (xxiv) peer group comparisons
of any of the aforementioned objectives or (xxv) such other performance objectives, if any, as may be determined by the Committee. If the Committee, on the date of the award, prescribes that a Restricted Stock award shall become nonforfeitable and
transferrable only upon the attainment of performance objectives stated with respect to one or more of the foregoing criteria, the shares subject to such Restricted Stock award shall become nonforfeitable and transferrable only to the extent the
Committee certifies that such objectives have been achieved. 
 
9.04. Change in Control 
 
Sections 9.02 and 9.03 to the contrary notwithstanding, upon a Control Change Date each Restricted Stock award then outstanding will become transferable and nonforfeitable in accordance with the terms of the applicable Agreement.

 

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Albemarle
Corporation 
1998 Incentive Plan 
 
9.05. Shareholder Rights 
 
If, and as provided in the Agreement, prior to their forfeiture, a Participant will have all rights of a shareholder with respect to
Restricted Stock, including the right to receive dividends and vote the shares; provided, however, that (i) a Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of Restricted Stock, (ii) the Company shall retain
custody of the certificates evidencing shares of Restricted Stock, and (iii) the Participant will deliver to the Company a stock power or powers, endorsed in blank, with respect to each award of Restricted Stock. The limitations set forth in the
preceding sentence shall not apply after the shares cease to be Restricted Stock. 
 

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Albemarle Corporation 
1998 Incentive Plan 
 
ARTICLE X 
INCENTIVE AWARDS 
 
10.01. Awards 
 
The Administrator shall designate Participants to whom
Incentive Awards are made for annual incentive payments. All Incentive Awards shall be finally determined exclusively by the Administrator under the procedures established by the Administrator; provided, however, that in any calendar year no
Participant may receive an Incentive Award for an amount in excess of $1.0 million. 
 
10.02. Terms and Conditions 
 
The Administrator, at the time an Incentive Award is made, shall specify the terms and conditions which govern the award. Such terms and conditions may include, by way of example and not of limitation, requirements that the
Participant complete a specified period of employment with the Company or an Affiliate or that the Company, Affiliate, or the Participant attain stated objectives or goals as a prerequisite to payment under an Incentive Award. Such performance
objectives or goals may be based on one or more of the Company’s, an Affiliate’s or a business unit’s (i) gross, operating or net earnings before or after taxes, (ii) return on equity, (iii) return on capital, (iv) return on sales,
(v) return on assets or net assets, (vi) earnings per share, (vii) cash flow per share, (viii) book value per share, (ix) earnings growth, (x) sales growth, (xi) volume growth, (xii) cash flow (as defined by the Committee), (xiii) Fair Market Value,
(xiv) share price or total shareholder return, (xv) market share, (xvi) economic value added, (xvii) market value added, (xviii) productivity, (xix) level of expenses, (xx) quality, (xxi) safety, (xxii) customer satisfaction, (xxiii) product
development or improvement, (xxiv) peer group comparisons of any of the aforementioned objectives or (xxv) such other performance objectives, if any, as may be determined by the Committee. If the Committee, on the date of the award, prescribes that
the Incentive Award shall be earned only upon the attainment of performance objectives stated with respect to one or more of the foregoing criteria, such Incentive Award shall be earned only to the extent that the Committee certifies that such
objectives have been achieved. The Administrator, at the time an Incentive Award is made, shall also specify when amounts shall be payable under the Incentive Award and whether amounts shall be payable in the event of the Participant’s death,
disability, or retirement. 
 
Except with respect
to those Participants who are covered employees (as determined under Code section 162(m)(3)) and notwithstanding any other provision of the Plan, the Administrator, in its discretion may adjust the terms, conditions or other requirements applicable
to Incentive Awards and may increase or decrease the amounts otherwise payable under an Incentive Award, to reflect unusual or extraordinary transactions or events. The Administrator may make such adjustments with respect to one or more
Participants, with respect to all Participants as to Incentive Awards made during a particular year, or with respect to all outstanding Incentive Awards. 
 

14 

 
Albemarle
Corporation 
1998 Incentive Plan 
 
10.03. Determination of Payment of Cash and/or Common Stock In Settlement of An Incentive Award 
 
At the Administrator’s discretion, an Incentive Award may
be settled in cash, Common Stock, or a combination of cash and Common Stock. No fractional share shall be deliverable in settlement of an Incentive Award but a cash payment will be made in lieu thereof. 
 

15 

Albemarle Corporation 
1998 Incentive Plan 
 
ARTICLE XI 
PERFORMANCE SHARE AWARDS 
11.01. Award 
 
In accordance with the provisions of Article IV and subject to the limitations set forth in section 4.03, the Administrator will designate
individuals to whom an award of Performance Shares is granted and will specify the number of shares of Common Stock covered by the award. 
 
11.02. Earning the Award 
 
The Administrator, on the date of the grant of an award, may prescribe that the Performance Shares, or portion thereof, will be earned,
and the Participant will be entitled to receive Common Stock pursuant to a Stock Award only upon the satisfaction of certain requirements or the attainment of certain objectives. By way of example and not of limitation, the restrictions may provide
that Performance Shares shall be earned only upon the Participant’s completion of a specified period of employment with the Company or an Affiliate or upon the attainment of stated performance objectives or goals. Such performance objectives or
goals may be based on one or more of the Company’s, an Affiliate’s or a business unit’s (i) gross, operating or net earnings before or after taxes, (ii) return on equity, (iii) return on capital, (iv) return on sales, (v) return on
assets or net assets, (vi) earnings per share, (vii) cash flow per share, (viii) book value per share, (ix) earnings growth, (x) sales growth, (xi) volume growth, (xii) cash flow (as defined by the Committee), (xiii) Fair Market Value, (xiv) share
price or total shareholder return, (xv) market share, (xvi) economic value added, (xvii) market value added, (xviii) productivity, (xix) level of expenses, (xx) quality, (xxi) safety, (xxii) customer satisfaction, (xxiii) product development or
improvement, (xxiv) peer group comparisons of any of the aforementioned objectives or (xxv) such other performance objectives, if any, as may be determined by the Committee. If the Committee, on the date of the award, prescribes that Performance
Shares shall be earned only upon the attainment of performance objectives stated with respect to one or more of the foregoing criteria, such Performance Shares shall be earned only to the extent the Committee certifies that such objectives have been
achieved. 
 
11.03. Change in Control

 
Section 11.02 to the contrary
notwithstanding, in accordance with the terms of the applicable Agreement, each Performance Share shall be earned and converted into an award of Restricted Stock as of a Control Change Date and such awards of Restricted Stock will become
transferable and nonforfeitable thereafter in accordance with the terms of the applicable Agreement. 
 
11.04. Shareholder Rights 
 
No Participant shall, as a result of receiving an award of Performance Shares, have any rights as a shareholder until and to the extent that the award of Performance Shares is earned and an award of
Restricted Stock is made. If the Agreement so provides, a Participant may receive a 
 

16 

Albemarle Corporation 
1998 Incentive Plan 
 
cash payment equal to the dividends that are payable with respect to the number of shares of Common Stock covered by the award between the date the Performance Shares are awarded and the date an award of Restricted Stock is
made. A Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of a Performance Share award or the right to receive Common Stock thereunder other than by will or the laws of descent and distribution. After an award
of Performance Shares is earned and an award of Restricted Stock is made, a Participant will have all the rights of a shareholder as described in Plan section 9.05. 
 

17 

Albemarle Corporation 
1998 Incentive Plan 
 
ARTICLE XII 
ADJUSTMENT UPON CHANGE IN COMMON STOCK

 
The maximum number of shares as to which
Restricted Stock may be awarded, as to which Options and SARs may be granted, and which may be issued in settlement of Incentive Awards or Performance Shares under the Plan shall be proportionately adjusted, and the terms of outstanding Restricted
Stock awards, Performance Share awards, Incentive Awards, Options, and SARs shall be adjusted, as the Committee shall determine to be equitably required in the event that (a) the Company (i) effects one or more stock dividends, stock split-ups,
subdivisions or consolidations of shares or (ii) engages in a transaction to which Code section 424 applies or (b) there occurs any other event that, in the judgment of the Committee, necessitates such action. Any determination made under this
Article XII by the Committee shall be final and conclusive. 
 
The issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or
warrants to subscribe therefore, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, outstanding awards of
Restricted Stock, Performance Shares, Incentive Awards, Options or SARs. 
 
The Committee may grant Performance Shares, shares of Restricted Stock, Incentive Awards, Options, and SARs in substitution for performance shares, stock awards, stock options, stock appreciation rights, or similar awards
held by an individual who is or becomes an employee of the Company or an Affiliate in connection with a transaction described in this Article XII. Notwithstanding any provision of the Plan (other than the limitations of Article V), the terms of such
substituted Performance Share awards, Restricted Stock awards, Incentive Awards and Option or SAR grants shall be as the Committee, in its discretion, determines is appropriate. 
 

18 

Albemarle Corporation 
1998 Incentive Plan 
 
ARTICLE XIII 
COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY
BODIES 
 
No Option or SAR shall be
exercisable, no Common Stock shall be issued, no certificates for shares of Common Stock shall be delivered, and no payment shall be made under the Plan except in compliance with all applicable federal and state laws and regulations (including,
without limitation, withholding tax requirements), any stock listing agreement to which the Company is a party, and the rules of all domestic stock exchanges on which the Company’s shares may be listed. The Company shall have the right to rely
on an opinion of its counsel as to such compliance. Any share certificate issued to evidence Common Stock for which shares of Restricted Stock are awarded or for which an Option or SAR is exercised may bear such legends and statements as the
Administrator may deem advisable to assure compliance with federal and state laws and regulations. No Option or SAR shall be exercisable, no Restricted Stock shall be awarded, no Common Stock shall be issued, no certificate for shares shall be
delivered, and no payment shall be made under the Plan until the Company has obtained such consent or approval as the Administrator may deem advisable from regulatory bodies having jurisdiction over such matters. 
 

19 

Albemarle Corporation 
1998 Incentive Plan 
 
ARTICLE XIV 
GENERAL PROVISIONS 
14.01. Effect on Employment 
 
Neither the adoption of the Plan, its operation, nor any documents describing or referring to the Plan (or any part thereof) shall confer
upon any individual any right to continue in the employ or service of the Company or an Affiliate or in any way affect any right and power of the Company or an Affiliate to terminate the employment or service of any individual at any time with or
without assigning a reason therefore. 
 
14.02.
Unfunded Plan 
 
The Plan, insofar as it
provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any time be represented by grants under the Plan. Any liability of the Company to any person with respect to any grant under the Plan
shall be based solely upon any contractual obligations that may be created pursuant to the Plan. No such obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company. 
 
14.03. Disposition of Stock 
 
A Participant shall notify the Administrator of any sale or
other disposition of Common Stock acquired pursuant to an Option that was an incentive stock option if such sale or disposition occurs (i) within two years of the grant of an Option or (ii) within one year of the issuance of the Common Stock to the
Participant. Such notice shall be in writing and directed to the Secretary of the Company. 
 
14.04. Rules of Construction 
 
Headings are given to the articles and sections of the Plan solely as a convenience to facilitate reference. The reference to any statute,
regulation, or other provision of law shall be construed to refer to any amendment to or successor of such provision of law. 
 
14.05. Withholding Taxes 
 
Each Participant shall be responsible for satisfying any income and employment tax withholding obligations attributable to participation
in the Plan. Unless otherwise provided by the Agreement, any such withholding tax obligations may be satisfied in cash (including from any cash payable in settlement of an SAR, Performance Share award, or Incentive Award) or a cash equivalent
acceptable to the Committee. Any withholding tax obligations may also be satisfied by surrendering shares of Common Stock to the Company, by withholding or reducing the number of shares of Common Stock otherwise issuable to the Participant upon the
exercise of an Option or SAR, the vesting of an award of Restricted Stock, or by any other method as may be approved by the Committee. If shares of Common Stock are used to pay all or part of such 
 

20 

Albemarle Corporation 
1998 Incentive Plan 
 
withholding tax obligation, the Fair Market Value of the shares surrendered, withheld or reduced shall be determined as of the day preceding the date the Option or SAR is exercised, or the Restricted Stock vests, as
applicable. 
 
14.06. Certain Reduction of Restrictive
Payments 
 
Any benefit, payment,
accelerated vesting or other right under the Plan may constitute a “parachute payment” (as defined in Code section 280G(b)(2)(A), but without regard to Code section 280G(b)(2)(A)(ii)), with respect to a Participant and the Participant may
incur a liability under Code section 4999. In accordance with the terms of an Agreement, the Company may reduce or adjust any such parachute payments. 
 

21 

Albemarle Corporation 
1998 Incentive Plan 
 
ARTICLE XV 
AMENDMENT 
 
The Board may amend the Plan from time to time or terminate
it; provided, however, that no amendment may become effective until shareholder approval is obtained if (i) the amendment increases the aggregate number of shares of Common Stock that may be issued under the Plan or (ii) the amendment changes the
class of individuals eligible to become Participants. No amendment shall, without a Participant’s consent, adversely affect any rights of such Participant under any outstanding Restricted Stock award, Performance Share award, Incentive Award or
under any Option or SAR outstanding at the time such amendment is made. 
 

22 

Albemarle Corporation 
1998 Incentive Plan 
 
ARTICLE XVI 
DURATION OF PLAN 
 
No Performance Shares or shares of Restricted Stock may be
awarded and no Option, SAR, or Incentive Award may be granted or made under the Plan more than ten years after the earlier of the date that the Plan is adopted by the Board or the date that the Plan is approved by shareholders as provided in Article
XVII. Awards of Restricted Stock, Performance Shares, Incentive Awards, and Options and SARs granted before that date shall remain valid in accordance with their terms. 
 

23 

Albemarle Corporation 
1998 Incentive Plan 
 
ARTICLE XVII 
EFFECTIVE DATE OF PLAN 
 
Shares of Restricted Stock and Performance Shares may be
awarded and Options, SARs, and Incentive Awards may be granted or made under the Plan upon its adoption by the Board, provided that no Restricted Stock award, Performance Share award, Incentive Award, Option or SAR will be effective unless the Plan
is approved by a majority of the votes cast by the Company’s shareholders, voting either in person or by proxy, at a duly held shareholders’ meeting provided that the total vote cast for or against adoption of the Plan represents over 50%
of the outstanding Common Stock. 
 

24 

Albemarle Corporation 
1998 Incentive Plan 
 
SIGNATURE PAGE 
 
As evidence of its adoption of the Plan, the Company has caused this document to be executed by its duly authorized officer this 20 day of November, 2002. 
 

	 ALBEMARLE CORPORATION

	
	 By:
	 	 /S/    JACK P. HARSH

	 	 	 Vice President, Human Resources

 

25EXHIBIT 10.1

<TABLE>
<CAPTION>
                                              February 18, 2003
                                       DART 2000-1 DISTRIBUTION SUMMARY

                                              Collection Account

Wire/Deposit to:                            In consideration of:                      In the amount of:
----------------                            --------------------                      -----------------
<S>                                         <C>                                       <C>
1.  Premier Auto Finance, Inc.              Reimburse Previous Advances                       18,572.03
                                            Excess Coverage                                        0.00

2.  Bank of New York                        Indenture Trustee Fee                                  0.00

3.  Chase                                   Owner Trustee Fee                                      0.00

4.  Premier Auto Finance, Inc.              Servicing Fees                                   122,079.22
                                            Late Fees                                         59,651.46
                                                                                      -----------------
                                            Total Servicing Fees                             181,730.68

5.  Note Distribution Account               Note Interest                                    796,895.46

6.  Certificate Distribution Account        Certificate Interest                              87,068.70

7.  Note Distribution Account               Principal Payable                             10,056,495.34

8.  Certificate Distribution Account        Principal Payable                                      0.00

9.  Reserve Fund                            Funding                                          357,452.90

                                                                                      -----------------
TOTAL AMOUNT WIRED/DEPOSITED:                                                             11,498,215.11
                                                                                      =================

                                              Reserve Account

Wire/Deposit to:                            In consideration of:                      In the amount of:
----------------                            --------------------                      -----------------

1. Collection Account                       Collection Shortfall                                   0.00

2. Premier Auto Finance, Inc.               Excess Reserve Release                                 0.00

                                                                                      -----------------
TOTAL AMOUNT WIRED/DEPOSITED:                                                                      0.00
                                                                                      =================

/S/ Kevin P. Diamond
------------------------------
Senior Vice President

/S/ David C. Greenberg
------------------------------
CEO                                                                                   February 24, 2003
                                                                                                2:19 PM
</TABLE>

                                   Page 3 of 9
<PAGE>

                   Dealer Auto Receivables Owner Trust 2000-1

190,000,000.00      6.69% Dealer Auto Receivables Asset-Backed Notes, Class A-1
274,000,000.00      7.01% Dealer Auto Receivables Asset-Backed Notes, Class A-2
168,000,000.00      7.07% Dealer Auto Receivables Asset-Backed Notes, Class A-3
 83,251,000.00      7.12% Dealer Auto Receivables Asset-Backed Notes, Class A-4
 24,470,000.00      7.46% Dealer Auto Receivables Asset-Backed Notes, Class B
 13,175,591.56      7.93% Dealer Auto Receivables Asset- Backed Certificates

<TABLE>
<CAPTION>
                                                   Monthly Report
                                 For the February 18, 2003 Distribution Date
<S>                                                                                                       <C>
A    Calculation of Available Amounts

     1   Available Principal (as defined in Article I of the Sale and Servicing Agreement)                         $9,736,651.07
                                                                                                          -----------------------
     2   Available Interest (as defined in Article I of the Sale and Servicing Agreement)                          $1,701,912.58
                                                                                                          -----------------------
     3   Available Amounts (l. plus 2.)                                                                           $11,438,563.65
                                                                                                          -----------------------

B    Calculation of Principal Distributable Amount                                                                $10,056,495.34
                                                                                                          -----------------------
      (as defined in Article I of the Sale and Servicing Agreement)

C    Calculation of Note Monthly Principal Distributable Amount                                                   $10,056,495.34
                                                                                                          -----------------------

     1   Note Percentage for such Distribution Date

     (a)    for each Distribution Date to but excluding the Distribution Date on which the
            principal amount of the Class B Notes is reduced to zero                                                     100.00%
                                                                                                          -----------------------

     (b)    after the principal amount of the Class B Notes have been reduced to zero                                      0.00%
                                                                                                          -----------------------

     2  Principal Distributable Amount (from B)                                                                   $10,056,495.34
                                                                                                          -----------------------

     3   Note Monthly Principal Distributable Amount for

         (a)Class A-1 Notes                                                                                                $0.00
                                                                                                          -----------------------

         (b)Class A-2 Notes                                                                                                $0.00
                                                                                                          -----------------------

         (c)Class A-3 Notes                                                                                       $10,056,495.34
                                                                                                          -----------------------

         (d)Class A-4 Notes                                                                                                $0.00
                                                                                                          -----------------------

         (e)Class B Notes                                                                                                  $0.00
                                                                                                          -----------------------

         (f)Note Principal Carryover Shortfall                                                                             $0.00
                                                                                                          -----------------------

D    Calculation of Note Monthly Interest Distributable Amount

     1   Class A-1 Interest Rate                                                                                           6.69%
                                                                                                          -----------------------

     2   Class A-2 Interest Rate                                                                                           7.01%
                                                                                                          -----------------------

     3   Class A-3 Interest Rate                                                                                           7.07%
                                                                                                          -----------------------

     4   Class A-4 Interest Rate                                                                                           7.12%
                                                                                                          -----------------------

     5   Class B Interest Rate                                                                                             7.46%
                                                                                                          -----------------------

                                                                  Page 4 of 9
<PAGE>

     6   Class A-1 Note Interest Distributable Amount                                                                      $0.00
                                                                                                          -----------------------

     7   Class A-2 Note Interest Distributable Amount                                                                      $0.00
                                                                                                          -----------------------

     8   Class A-3 Note Interest Distributable Amount                                                                $150,817.70
                                                                                                          -----------------------

     9   Class A-4 Note Interest Distributable Amount                                                                $493,955.93
                                                                                                          -----------------------

     10   Class B Note Interest Distributable Amount                                                                 $152,121.83
                                                                                                          -----------------------

     11   Aggregate Interest Carryover Shortfall for each Class for such
          Distribution Date                                                                                                $0.00
                                                                                                          -----------------------

     12   Note Monthly Interest Distributable Amount (the sum of items D.6, D.7, D.8,
          D.9, D.10 and D.11)                                                                                        $796,895.46
                                                                                                          -----------------------

E    Calculation of Note Distributable Amount (sum of C.3 plus D.12.)                                             $10,853,390.80
                                                                                                          -----------------------

F    Calculation of Certificate Principal Distributable Amount

     1   Certificate Balance                                                                                      $13,175,591.56
                                                                                                          -----------------------

     2   Principal Distributable Amount                                                                                    $0.00
                                                                                                          -----------------------

     3   Certificate Percentage for each respective Distribution Date

     3   (a)for each Distribution Date to but excluding the Distribution Date on which the
            Principal Amount of the Class B Notes is reduced to zero                                                       0.00%
                                                                                                          -----------------------

     3   (b)on the Distribution Date on which the Principal Amount of the Class B Notes is
            reduced to zero
                                                                                                          -----------------------

     3   (c)thereafter                                                                                                   100.00%
                                                                                                          -----------------------

     4   (a)Principal Distributable Amount multiplied by the Certificate Percentage for
            such Distribution Date                                                                                         $0.00
                                                                                                          -----------------------

     4   (b)Certificate Principal Carryover Shortfall for such Distribution Date                                           $0.00
                                                                                                          -----------------------

     5   Certificate Principal Distributable Amount (the sum of  4.(a) and 4.(b))                                          $0.00
                                                                                                          -----------------------

G    Calculation of Certificate Interest Distributable Amount

     1   Certificate Pass-Through Rate                                                                                     7.93%
                                                                                                          -----------------------

     2   (a)Certificate Monthly Interest Distributable Amount                                                         $87,068.70
                                                                                                          -----------------------

     2   (b)Certificate Interest Carryover Shortfall for such Distribution Date                                            $0.00
                                                                                                          -----------------------

     3   Certificate Interest Distributable Amount (sum of 2.(a) and 2.(b))                                           $87,068.70
                                                                                                          -----------------------

H    Calculation of Certificate Distributable Amount (sum of F.5 and G.3)                                             $87,068.70
                                                                                                          -----------------------

I    Fees

     1   The Monthly Servicing Fee for such Distribution Date                                                        $122,079.22
                                                                                                          -----------------------
     (1/12 of the product of 1% and the Aggregate Principal Balance of the Contracts as
     of the beginning of the preceding Distribution Date)

     2   Late Payment Penalty Fees for such Distribution Date                                                         $59,651.46
                                                                                                          -----------------------

     3   Extension Fees for such Distribution Date                                                                         $0.00
                                                                                                          -----------------------

                                                                  Page 5 of 9
<PAGE>
     4   Indenture Trustee Fee for such Distribution Date                                                                  $0.00
                                                                                                          -----------------------

     5   Owner Trustee Fee for such Distribution Date                                                                      $0.00
                                                                                                          -----------------------

J    Calculation of the Available Amounts for such Distribution Date

     1  The amount of funds deposited into the Collection Account pursuant to Section 5.05(b)
     of the Sale and Servicing Agreement with respect  to the related Due Period                                   11,498,215.11
                                                                                                          -----------------------

     a      All amounts received by the Indenture Trustee or the Servicer with respect to
            principal and interest on the Contracts, as well as Late Payment Penalty Fees and
            Extensions Fees for related Due Period                                                               $ 10,812,984.36
                                                                                                          -----------------------

     b      All Net Liquidation Proceeds                                                                             $683,551.76
                                                                                                          -----------------------

     c      The aggregate of the Repurchase Prices for Contracts required to be repurchased by
            the Depositor as described in Section 7.05 of the Sale and Servicing Agreement                                 $0.00
                                                                                                          -----------------------

     d      All Advances made by Servicer pursuant to Section 7.02 of the Sale and Servicing
            Agreement                                                                                                          -
                                                                                                          -----------------------

     e      All amounts paid by the Seller in connection with an optional repurchase of the
            Contracts described in Section 7.07 of the Sale and Servicing Agreement                                        $0.00
                                                                                                          -----------------------

     f      All amounts received in respect of interest, dividends, gains, income and earnings
            on investments of funds in the Trust Accounts as contemplated in Section 5.05(b)
            of the Sale and Servicing Agreement                                                                         1,678.99
                                                                                                          -----------------------

     g      Total amount of funds deposited into the Collection Account pursuant to Section 5.05(b)              $ 11,498,215.11
                                                                                                          -----------------------
             (the sum of a. through f.)

     2  The amount of funds permitted to be withdrawn from the Collection Account pursuant to
     clauses (i) through (iii) of Section 7.03(a) of the Sale and Servicing Agreement with respect
     to related Due Period                                                                                           $200,302.71
                                                                                                          -----------------------

     a      Amounts to be paid to the Servicer as the Reimbursement Amount in accordance with
             Section 7.02 of the Sale and Servicing Agreement                                                          18,572.03
                                                                                                          -----------------------

     b      Amounts to be paid to the Servicer in respect to the Servicing Fee for the related
            Due Period                                                                                               $181,730.68
                                                                                                          -----------------------

     c      Amounts to be paid to the Indenture Trustee in respect of the Indenture Trustee Fee
            for the related Due Period                                                                                     $0.00
                                                                                                          -----------------------

     d      Amounts to be paid to the Owner Trustee in respect of Owner Trustee Fee for related
            Due Period                                                                                                     $0.00
                                                                                                          -----------------------

     e      Total amount of funds permitted to be withdrawn from the Collection
            Account pursuant to clauses (i) through (iii) Section 7.03(a) of the
            Sale and Servicing Agreement with respect to the related
            Due Period (sum of a. through d.)                                                                        $200,302.71
                                                                                                          -----------------------

     3  The Available Amounts (not including amounts from Reserve Fund Account) for such Distribution
     Date available to pay Note Distributable Amounts  and Certificate Distributable Amounts                      $11,297,912.40
                                                                                                          -----------------------
      (1(g) minus 2(e))

K    The shortfall of Available Amounts for such Distribution Date to pay either the Note
     Distributable Amount or the Certificate Distributable Amount                                                          $0.00
                                                                                                          -----------------------
     (the Available Amounts for such Distribution Date minus the sum of the Note Distributable Amount
     as set forth in E. and the Certificate Distributable Amount as set forth in H.)

L    The amount to be withdrawn from the Reserve Fund on such Distribution Date to cover the
     Note Interest Distributable Amount                                                                                    $0.00
                                                                                                          -----------------------

                                                                  Page 6 of 9
<PAGE>

M    The amount to be withdrawn from the Reserve Fund on such Distribution Date to cover the
     Certificate Interest Distributable Amount                                                                             $0.00
                                                                                                          -----------------------

N    The amount to be withdrawn from the Reserve Fund on such Distribution Date to cover the
     Note Principal Distributable Amount                                                                                   $0.00
                                                                                                          -----------------------

O    The amount to be withdrawn from the Reserve Fund on such Distribution Date to cover the
     Certificate Principal Distributable Amount                                                                            $0.00
                                                                                                          -----------------------

P    Interest Earnings on the Reserve Fund.                                                                              $539.78
                                                                                                          -----------------------

Q    The amount on deposit in the Reserve Fund after giving effect to deposits and withdrawals
     therefrom on such Distribution Date                                                                            7,757,482.04
                                                                                                          -----------------------

R    The Specified Reserve Fund Amount for such Distribution Date will be an
     amount equal to the lesser of (i) the aggregate unpaid principal balance of
     the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class
     A-4 Notes and the Class B Notes and the Certificate Balance as of such
     Distribution Date, and (ii) the greater of:

     (a) 4.25% of the aggregate unpaid principal balance of the Class A-1 Notes,
     the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class
     B Notes and the Certificate Balance on such Distribution Date, except that
     if a Reserve Fund Trigger Event shall have occurred and be continuing on
     such Distribution Date, then the percentage of the aggregate unpaid
     principal balance of the Class A-1 Notes, the Class A-2 Notes, the Class
     A-3 Notes, the Class A-4 Notes and the Class B Notes and the Certificate
     Balance referred to in this clause (a), shall be equal to 6.50%; and

     (b)  1.00% of the Aggregate Principal Balance as of the Cutoff Date.                                           8,868,507.28
                                                                                                          -----------------------

S    The Pool Factor
               Factor immediately Before Factor immediately After
                  such Distribution Date such Distribution Date

            Class A-1 Note            1      0.0000000                          7        0.0000000
                                        ---------------                           -----------------

            Class A-2 Note            2      0.0000000                          8        0.0000000
                                        ---------------                           -----------------

            Class A-3 Note            3      0.1523719                          9        0.0925118
                                        ---------------                           -----------------

            Class A-4 Note            4      1.0000000                          10       1.0000000
                                        ---------------                           -----------------

            Class B Note              5      1.0000000                          11       1.0000000
                                        ---------------                           -----------------

            Certificate               6      1.0000000                          12       1.0000000
                                        ---------------                           -----------------

T    Delinquent Contracts

     1    31-60 Days                                                                                761            $5,704,397.55
                                                                                               ----------------------------------

     2    61-90 Days                                                                                182            $1,273,324.07
                                                                                               ----------------------------------

     3    91 or More Days                                                                            89              $630,663.78
                                                                                               ----------------------------------

            Total Delinquent Receivables                                                          1,032            $7,608,385.40
            61+ Days Delinquencies as Percentage of Receivables                                                            1.40%

            Delinquency Ratio for Second Preceding Collection Period                                                       1.16%
            Delinquency Ratio for Preceding Collection Period                                                              1.32%
            Delinquency Ratio for Current Collection Period                                                                1.40%
            Average Delinquency Ratio                 (Reserve Fund Trigger Event >= 2.0%)                                 1.29%

                                                                  Page 7 of 9
<PAGE>

U    Defaulted Contracts

     1   Total Defaulted Contracts for the Due Period                                               136               907,160.81
                                                                                                        -------------------------

     2   Identity (attach)

     3   Liquidation proceeds for the Due Period                                                                     $715,271.54
                                                                                                        -------------------------

     4   Liquidation expenses for the Due Period                                                                       31,719.78
                                                                                                        -------------------------

     5   Net Liquidation Proceeds for the Due Period                                                                 $683,551.76
                                                                                                        -------------------------

     6   Net Liquidation Losses for the Due Period                                                                   $223,609.05
                                                                                                        -------------------------

            Pool Balance at Beginning of Collection Period                                                      $ 146,495,068.89
            Net Loss Ratio for Current Collection Period                                                                   1.83%

            Net Loss Ratio for Second Preceding Collection Period                                                          4.06%
            Net Loss Ratio for Preceding Collection Period                                                                 2.83%
            Net Loss Ratio for Current Collection Period                                                                   1.83%
            Average Net Loss Ratio                    (Reserve Fund Trigger Event >= 2.5%)                                 2.91%

V    Advances

     1   Unreimbursed Advances prior to such Distribution Date                                                       $111,693.76
                                                                                                        -------------------------

     2   Amount paid to Servicer on such Distribution Date to reimburse Servicer for such
         unreimbursed Advances                                                                                         80,805.56
                                                                                                        -------------------------

     3   Amount of Delinquent Interest for the related Due Period                                                      62,233.53
                                                                                                        -------------------------

     4   Amount of new Advances on such Distribution Date (if such amount is less than the
         amount of Delinquent                                                                                        (18,572.03)
                                                                                                        -------------------------
        Interest, attach the certificate required by Section 7.02 of the Sale and
        Servicing Agreement)

     5   Total of unreimbursed Advances after new Advances on such Distribution Date                                  $93,121.73
                                                                                                        -------------------------

W    Repurchased Contracts

     1   Number of Contracts to be repurchased pursuant to Section 7.07 of the Sale and
         Servicing Agreement                                                                                                   0
                                                                                                        -------------------------

     2   Principal Amount of such Contracts                                                                                $0.00
                                                                                                        -------------------------

     3   Related Repurchase Price of such Contracts                                                                        $0.00
                                                                                                        -------------------------

X    Contracts

     1   Number of Contracts as of beginning of Due Period                                                                22,410
                                                                                                        -------------------------

     2   Principal Balance of Contracts as of beginning of Due Period                                            $146,495,068.89
                                                                                                        -------------------------

     3   The weighted average Contract Rate of the Contracts as of the beginning of the
         Due Period                                                                                                       11.86%
                                                                                                        -------------------------

     4   The weighted average remaining term to maturity of the Contracts as of the beginning
         of the Due Period                                                                                                 25.10
                                                                                                        -------------------------

     5   Number of Contracts as of end of Due Period                                                                      21,409
                                                                                                        -------------------------

     6   Principal Balance of Contracts as of end of Due Period                                                  $136,438,573.55
                                                                                                        -------------------------

     7   The weighted average Contract Rate of the Contracts as of the end of the Due Period                              11.89%
                                                                                                        -------------------------

     8   The weighted average remaining term to maturity of the Contracts as of the end of
         the Due Period                                                                                                    24.45
                                                                                                        -------------------------
</TABLE>
                                   Page 8 of 9
<PAGE>

                                Net Loss Addendum

For the Period Ending January 31, 2003           Reported           Actual*
Servicing Report Dated February 18, 2003            8K               Loss
                                              ---------------    -------------
Net Loss Ratio for Current Month                  1.83%              6.16%
Net Loss Ratio for Previous Month                 2.83%              4.87%
Net Loss Ratio for 2nd Previous Month             4.06%              3.24%
Net Loss Ratio Three Month Average                2.91%              4.76%

                       Section "U" of Servicer Certificate

The difference between the Reported 8K and Actual Loss column is driven by the
difference in the definition of a Defaulted Contract between the DART 2000-1
Servicing Agreement and the servicer's normal procedures as described in the
Prospectus. Generally the servicer charges-off a contract:
1)   when the servicer deems the contract uncollectible;
2)   if the financed vehicle is not repossessed, during the month when 5% or
     more of an installment due under the contract becomes more than 120 days
     past due;
3)   if the financed vehicle is repossessed, when all sale proceeds, insurance
     claims and refunds of financed insurance policies and extended warranties
     have been received; or
4)   when an obligor files for bankruptcy and the servicer determines that its
     loss is known.

The definition of a Defaulted Contract in the DART 2000-1 Sale And Servicing
Agreement states:
      "Defaulted Contract" means a Contract with respect to which there has
      occurred one or more of the following: (i) all or part of a scheduled
      payment under the Contract is 120 days or more than 120 days past due and
      the Servicer has not repossessed the related Financed Vehicle, (ii) the
      Servicer, has in accordance with its customary servicing procedures,
      determined that eventual payment in full is unlikely and has either
      repossessed and liquidated the related Financed Vehicle or repossessed and
      held the related Financed Vehicle in its repossessed inventory for 90
      days, whichever occurs first; provided, however, in no event shall the
      period of time referred to in clauses (i) or (ii) extend for a combined
      period of longer than 120 days, or (iii) the relevant Obligor has suffered
      an Insolvency Event.

Two differences between the two standards account for the change in the Net Loss
Ratio reported in the revised Servicer Certificate from the Net Loss Ratio
calculated in accordance with the servicer's customary servicing procedures:
1)   Under the DART 2000-1 Servicing Agreement the servicer must recognize the
     entire amount of a bankrupt account as a loss when the obligor files for
     bankruptcy rather than when the seller determines the actual amount of
     loss. Although prior experience does not necessarily predict future
     performance, in the servicer's experience, a majority of the accounts that
     file bankruptcy are collected.

2)   Under the DART 2000-1 Servicing Agreement repossessions in inventory are
     considered to be a loss if the contract is 120 days delinquent.
     Traditionally the Servicer would not consider repossessions in inventory to
     be a loss until the car has been sold and all liquidation proceeds have
     been recovered and the loss is known.

*Losses as determined according to the Servicer's customary servicing
procedures.

                                   Page 9 of 9

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