Document:

exv10w12

Exhibit 10.12

EXECUTION VERSION

MANAGEMENT SERVICES AGREEMENT

     THIS
MANAGEMENT SERVICES AGREEMENT, dated as of November 24, 2009 (as amended, supplemented,
or otherwise modified and in effect from time to time, this “Agreement”), is between
VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC, a Delaware limited liability company (the
“Manager”), VW CREDIT, INC., a Delaware corporation (the “Servicer”) and VW CREDIT LEASING,
LTD., a Delaware statutory trust (the “Origination Trust”).

RECITALS :

     WHEREAS, the Servicer is currently servicing the assets of the Origination Trust pursuant to
the Servicing Agreement (as defined below);

     WHEREAS, the Servicer and the Origination Trust desire for the Manager to perform certain
managerial and administrative services on behalf of the Origination Trust;

     WHEREAS, the Manager is willing to provide such managerial and administrative services; and

     NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein,
the parties hereby agree as follows:

     1. Definitions. All capitalized terms used herein but not otherwise defined
(including the capitalized terms used in the preamble hereto) shall have the respective meanings
assigned to such terms in the Amended and Restated Servicing Agreement dated as of December 21,
2000 between the Servicer and the Origination Trust (as amended, supplemented or otherwise modified
and in effect from time to time, the “Servicing Agreement”).

     2. Services.

     In accordance with Section 2.10(c) of the Servicing Agreement, the Servicer hereby
delegates (to the extent of the Servicer’s obligations under the Servicing Agreement) to the
Manager the performance of, and the Manager hereby agrees to provide, the following management and
administrative services for the Origination Trust:

     (a) designate individuals (who may be officers, employees or directors of the Servicer
or the Manager) to serve, from time to time, in the capacity of (or to otherwise perform the
function of) principal executive officer, principal financial officer, principal accounting
officer, directors, and attorneys-in-fact on behalf of the Origination Trust, (who may be
officers, employees or directors of the Servicer or the Manager);

     (b) provide for compliance by the Origination Trust with all Applicable Laws governing
the conduct and activities of the Origination Trust and its qualifications to do business in
any jurisdiction;

 

 

     (c) the Manager, at the Servicer’s expense, will obtain all material licenses required
by the applicable laws of any jurisdiction in which the Manager deems necessary for the
conduct of the activities of the Origination Trust in connection with the ownership of the
User Leases or the ownership and leasing of the Leased Vehicles, and will make all filings
and pay all fees as may be required in connection with such licenses during the term of this
Agreement;

     (d) the Manager is authorized and directed, as attorney-in-fact or otherwise, to
prepare, execute and deliver, on behalf of the Origination Trust, and the Origination Trust
hereby authorizes and directs the Manager to prepare, execute and deliver:

     (i) any applications, instruments and other documents deemed necessary or
appropriate in the discretion of the Manager or the Servicer to comply with, and
effect the purposes of the Trust Agreement or the Servicing Agreement other than any
application, instrument or other document directly related to the servicing of the
Trust Assets; and

     (ii) any registration statement to be filed with the United States Securities
and Exchange Commission or otherwise, any offering document (whether relating to a
public or private offering), any reports or filings by the Origination Trust under
the Exchange Act, any financial statements or statistical information for the
Origination Trust to be included in any such registration statement, report or
offering document; and

     (e) such other services as the Servicer may from time to time designate or the Manager
in its discretion may deem incidental to its performance of the foregoing services.

     3. Compensation.

     (a) The Servicer shall pay to the Manager, as compensation for its services hereunder, a fee
of $1,000 annually.

     (b) The Servicer shall reimburse the Manager for any reasonable fees and out-of-pocket
expenses (including reasonable attorneys’ fees) paid or incurred by the Manager in connection with
the Manager’s activities pursuant to this Agreement.

     4. Initial Persons Designated to Perform Certain Functions for the Origination Trust.

     The initial individuals designated by the Manager in accordance with Section 2(a)
above are set forth on Schedule I hereto.

     5. Term.

     This Agreement shall terminate upon the mutual agreement of the parties hereto.

2

 

     6. Manager’s and Servicer’s Liability.

     The Manager assumes no liability for anything other than to render or stand ready to render
the services called for herein and neither the Manager nor any of its members, managers, officers,
employees, subsidiaries or affiliates shall be responsible for any action of the Servicer, the
Origination Trust, or their managers, officers or employees. The Manager shall not be liable for,
nor shall it have any obligation with regard to, any of the liabilities, whether direct or
indirect, absolute or contingent, of the Servicer, the Origination Trust or their managers,
officers or employees. Nothing in this Agreement shall be construed to limit the liability of the
Servicer under the Servicing Agreement for any duties delegated hereunder.

     7. Indemnity.

     The Servicer shall indemnify the Manager, its members, directors, officers and employees
against all losses, claims, damages, penalties, judgments, liabilities and expenses (including,
without limitation, all expenses of litigation or preparation therefor whether or not the Manager
is a party thereto) which any of them may pay or incur arising out of or relating to its
performance of (or failure to perform) its obligations set forth in this Agreement.

     8. Governing Law.

     THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK.

     9. Amendment; Successors; Counterparts.

     (a) The terms of this Agreement may be waived, altered, modified, amended or supplemented by a
written instrument signed by the parties hereto.

     (b) This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors.

     (c) This Agreement may be executed in several counterparts, each of which shall be deemed an
original hereof.

     10. Captions.

     The captions in this Agreement are for convenience of reference only and shall not govern the
interpretation of any of the provisions hereof.

[Signature pages begin on next page]

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

	 	 	 	 	 
	 	VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC

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

 	 
	 	By:  	
/s/ Martin Luedtke 	 
	 	 	Name:  	Martin Luedtke 	 
	 	 	Title:  	Treasurer 	 
	 
	 	 	 
	 	By:  	
/s/ Lawrence Tolep 	 
	 	 	Name:  	Lawrence Tolep 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

					
	 
	 	S-1
	 	 Management Services Agreement

 

 

	 	 	 	 	 
	 	VW CREDIT LEASING, LTD.,

by U.S. Bank National Association, as Administrative

Trustee and UTI Trustee.

 	 
	 	By:  	/s/ Melissa Rosal
 	 
	 	 	Name:  	Melissa A. Rosal	 
	 	 	Title:  	Vice President	 
	 

					
	 
	 	S-2
	 	Management Services Agreement

 

 

SCHEDULE I

The following persons are designated to perform the specified functions of the Origination Trust:

Principal Executive Officer of the Origination Trust: Martin Luedtke

Principal Accounting Officer of the Origination Trust: Dennis Tack

Principal Financial Officer of the Origination Trust: Andrew Stuart

Director: Allen Strang

Director: Andrew Stuart

Director: Martin Luedtke

					
	 
	 	S-1
	 	 Management Services AgreementExhibit 10.1

EXHIBIT 10.1

HILL-ROM HOLDINGS, INC.

Amended and Restated Short-Term Incentive Compensation Program

(Approved September 16, 2009)

ARTICLE I

PURPOSE AND DEFINITIONS

	1.1	 	Purpose. The purpose of this Program is to provide performance-based incentive awards, in
addition to regular salary, to eligible employees of Hill-Rom Holdings, Inc. and its
Subsidiaries. The Program provides the mechanism to pay amounts above the average total cash
compensation when the Company experiences above average financial success. The Program is
designed to encourage high individual and group performance and is based on the philosophy
that employees should share in the success of the Company if above average value is created
for Company shareholders.

	 
	1.2	 	Definitions:

	 	(a)	 	“Achievement Percentage” means a percentage determined in writing by the
Committee.

	 
	 	(b)	 	“Base Incentive Compensation” means the amount determined in accordance with
Section 4.3.

	 
	 	(c)	 	“Base Salary” means the annual calendar earnings of a Participant including
wages and salary as reported for federal income tax purposes, but excluding all bonus
payments of any kind, commissions, incentive compensation, equity based compensation,
long term performance compensation, perquisites and other forms of additional
compensation.

	 
	 	(d)	 	“Board of Directors” or “Board” means the Board of Directors of Hill-Rom
Holdings, Inc.

	 
	 	(e)	 	“Business Criteria” means one or more of the following financial indexes of the
Company or a Subsidiary for a Plan Year determined in accordance with the Company’s
accounting principles less certain non-reoccurring and/or non-expected events happening
in any Plan Year, as determined by the Committee: revenue, earnings per share, net
income, shareholder value growth, return on equity, cash flow, comparisons against
Standard & Poor’s indices and/or other
indices, criteria or comparator groups, as selected and approved by the Committee.
The Business Criteria may include both financial and non-financial measures and may
reflect achievement of tactical and strategic plans of a Subsidiary.

 

 

 

	 	(f)	 	“Business Criteria Achievement” means the actual final result of a Business
Criteria for a Plan Year.

	 
	 	(g)	 	“Cause” shall mean the Committee’s good faith determination that a Participant
has:

	 	(i)	 	Failed or refused to fully and timely comply with any
reasonable instructions or orders issued by the Employer, provided such
noncompliance is not based primarily on the Participant’s compliance with
applicable legal or ethical standards;

	 
	 	(ii)	 	Acquiesced or participated in any conduct that is dishonest,
fraudulent, illegal (at the felony level), unethical, involves moral turpitude
or is otherwise illegal and involves conduct that has the potential, in the
Employer’s reasonable opinion, to cause the Employer, its related companies or
any of their respective officers or its directors embarrassment or ridicule;

	 
	 	(iii)	 	Violated any Employer policy or procedure, specifically
including a violation of Hill-Rom Holdings, Inc.’s Code of Ethical Business
Conduct; or

	 
	 	(iv)	 	Engaged in any act, which is contrary to its best interests or
would hold the Employer, its related businesses or any of their respective
officers or directors up to probable civil or criminal liability, excluding the
Participant’s actions in compliance with applicable legal or ethical standards.

	 	(h)	 	“CEO” means the Chief Executive Officer of the Company.

	 
	 	(i)	 	A “Change in Control” means:

	 	(i)	 	the date that both of the following occur:

	 	(A)	 	any person, corporation, partnership,
syndicate, trust, estate or other group acting with a view to the
acquisition, holding or disposition of securities of the Company,
becomes, directly or indirectly, the beneficial owner, as defined in
Rule 13d-3 under the Securities Exchange Act of 1934 (“Beneficial
Owner”), of securities of the Company representing 35% or more of the
voting
power of all securities of the Company having the right under
ordinary circumstances to vote at an election of the Board (“Voting
Securities”), other than by reason of (x) the acquisition of
securities of the Company by the Company or any Subsidiaries or any
employee benefit plan of the Company or any Subsidiaries, (y) the
acquisition of securities of the Company directly from the Company,
or (z) the acquisition of securities of the Company by one or more
members of the Hillenbrand Family (which term shall mean descendants
of John A. Hillenbrand and their spouses, trusts primarily for their
benefit or entities controlled by them), and

 

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	 	(B)	 	members of the Hillenbrand Family cease to be,
directly or indirectly, the Beneficial Owners of Voting Securities
having a voting power equal to or greater than that of such person,
corporation, partnership, syndicate, trust, estate or group;

	 	(ii)	 	the consummation of a merger or consolidation of the Company
with another corporation unless

	 	(A)	 	the shareholders of the Company, immediately
prior to the merger or consolidation, beneficially own, immediately
after the merger or consolidation, shares entitling such shareholders
to 50% or more of the voting power of all securities of the corporation
surviving the merger or consolidation having the right under ordinary
circumstances to vote at an election of directors in substantially the
same proportions as their ownership, immediately prior to such merger
or consolidation, of Voting Securities of the Company;

	 
	 	(B)	 	no person, corporation, partnership, syndicate,
trust, estate or other group beneficially owns, directly or indirectly,
35% or more of the voting power of the outstanding voting securities of
the corporation resulting from such merger or consolidation except to
the extent that such ownership existed prior to such merger or
consolidation; and

	 
	 	(C)	 	the members of the Board, immediately prior to
the merger or consolidation, constitute, immediately after the merger
or consolidation, a majority of the board of directors of the
corporation issuing cash or securities in the merger;

	 	(iii)	 	the date on which a majority of the members of the Board
consist of persons other than Current Directors (which term shall mean any
member of the Board on the date hereof and any member whose nomination or
election has been approved by a majority of Current Directors then on the
Board);

 

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	 	(iv)	 	the consummation of a sale or other disposition of all or
substantially all of the assets of the Company; or

	 
	 	(v)	 	the date of approval by the shareholders of Corporate of a plan
of complete liquidation of the Company.

	 	(j)	 	“Committee” means the Compensation and Management Development Committee of the
Board appointed to administer the Program under Article II. Each Committee member
shall be an outside director for purposes of Section 162(m)(4) of the Internal Revenue
Code of 1986, as amended.

	 
	 	(k)	 	“Company” means Hill-Rom Holdings, Inc. as a corporate holding company and does
not include Subsidiaries.

	 
	 	(l)	 	“Disability” means a physical or mental disability by reason of which a
Participant is determined by the Office of the President or its delegate, to be
eligible (except for the waiting period) for permanent disability benefits under Title
II of the Federal Social Security Act.

	 
	 	(m)	 	“Employer” means Hill-Rom Holdings, Inc., an Indiana Corporation, and its
Subsidiaries.

	 
	 	(n)	 	“Executive Management Team” means the officers of the Corporation who report
directly to the CEO.

	 
	 	(o)	 	“Incentive Compensation” means the Incentive Compensation as provided for in
Article IV.

	 
	 	(p)	 	“Incentive Compensation Pool” means the aggregate amount of Base Incentive
Compensation for all Participants for any Plan Year.

	 
	 	(q)	 	“Incentive Compensation Opportunity” means the percentage of Base Salary as
determined in accordance with Section 4.2.

	 
	 	(r)	 	“Participant” means any individual who is a non-bargained for, full-time or
regular part-time employee of the Employer and is selected for participation in the
Program pursuant to Article III.

	 
	 	(s)	 	“Percentage of Target One Achievement” means a percentage determined as of the
end of each Plan Year as follows:

	 
	 	 	 	(Business Criteria Achievement – Performance Base)  ̧ (Target One – Performance
Base.)

 

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	 	(t)	 	“Percentage of Target Two Achievement” means a percentage determined as of the
end of each Plan Year as follows:

	 
	 	 	 	(Business Criteria Achievement – Target One)  ̧ (Target Two – Target One)

	 
	 	(u)	 	“Performance Base” means the base level of achievement of the Company or a
Subsidiary with respect to the Business Criteria, as determined in accordance with
Section 4.1.

	 
	 	(v)	 	“Plan Year” means the fiscal year beginning on October 1st and ending on
September 30th. The first Plan Year shall begin on October 1, 2003.

	 
	 	(w)	 	“Program” means the Hill-Rom Holdings, Inc. Short-Term Incentive Compensation
Program.

	 
	 	(x)	 	“Subsidiary” means an operating company unit of which a majority equity
interest is owned directly or indirectly by the Company.

	 
	 	(y)	 	“Target One” means a certain level of achievement of the Company or a
Subsidiary with respect to the Business Criteria, as determined in accordance with
Section 4.1.

	 
	 	(z)	 	“Target Two” means a certain level of achievement of the Company or a
Subsidiary with respect to the Business Criteria which is greater than Target One as
determined in accordance with Section 4.1.

ARTICLE II

ADMINISTRATION

Full power and authority to construe, interpret, and administer the Program, including power
to establish, administer and certify performance goals related to Incentive Compensation is vested
in the Committee. Decisions of the Committee are final, conclusive and binding upon all parties,
including the Employer, the Company and its shareholders and the Participants. The Committee may
rely upon recommendations of the CEO, the Executive Management Team, or persons designated by the
Committee, in approving financial and non-financial goals recommended to it.

ARTICLE III

PARTICIPANTS

Participation in this Program by members of the Executive Management Team or any Company
corporate officer elected to such position by the Board shall be determined by the
Committee. Other Participants in this Program shall be determined by the CEO or if an
eligible employee is employed by a Subsidiary, then the Chief Executive Officer of such Subsidiary.

 

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ARTICLE IV

INCENTIVE COMPENSATION

	4.1	 	Establishment of Performance Base and Target. A Performance Base, Target One and Target Two
for the Company Vice Presidents as a group shall be recommended by the CEO and approved by the
Committee. The Performance Base, Target One and Target Two of a Participant who is otherwise
employed by the Company shall be established and approved by the CEO. The Performance Base,
Target One and Target Two of a Participant who is employed by a Subsidiary shall be
established and approved by the CEO and the Chief Executive Officer of each Subsidiary,
respectively. The Performance Base, Target One and Target Two shall be established annually
for the Company and each Subsidiary and will be communicated to each Participant.

	 
	4.2	 	Base Salary as a Part Incentive Compensation. Incentive Compensation Opportunity is
established in writing annually by the Committee (within ninety (90) days of the start of each
Plan Year) in percentages up to but not exceeding the following:

	 	 	 
	Class of Participant	 	Incentive Compensation Opportunities
	 	 	 
	President and Chief Executive
Officer of the Company
	 	100% of Base Salary
	 	 	 
	Senior Vice President and Chief
Financial Officer of the Company
	 	50% of Base Salary

60% of Base Salary

(for Plan Years after Plan Year 2009)
	 	 	 
	Company Business Unit Presidents and
Senior Vice President, General
Counsel and Secretary
	 	60% of Base Salary

(for Plan Years after Plan Year 2009)
	 	 	 
	Other Company or Subsidiary Senior
Executives
	 	50% of Base Salary
	 	 	 
	Company or Subsidiary Executives
	 	40% of Base Salary
	 	 	 
	Other Key Executives
	 	30% of Base Salary

 

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	4.3	 	Base Incentive Compensation Calculation. Except as set forth in Section 4.5, attainment of
the Performance Base or below for a Plan Year shall result in Base Incentive Compensation of
0% of the Incentive Compensation Opportunity as set forth in
Section 4.2 above. If Target Two is met or exceeded for a Plan Year, Base Incentive
Compensation shall be equal to the Achievement Percentage multiplied by the amount of a
Participant’s Incentive Compensation Opportunity as set forth in Section 4.2 above. If
Business Criteria Achievement is between the Performance Base and Target One for a Plan
Year, the Base Incentive Compensation shall be equal to the Percentage of Target One
Achievement multiplied by both (i) the amount of a Participant’s Incentive Compensation
Opportunity as set forth in Section 4.2 above and (ii) a percentage equal to one-half of the
Achievement Percentage. If the Business Criteria Achievement is between Target One and
Target Two for a Plan Year, the Base Incentive Compensation shall be equal to the amount of
a Participant’s Incentive Compensation Opportunities set forth in Section 4.2 above
multiplied by a percentage as determined under the following formula:

	 
	 	 	[1/2 Achievement Percentage plus (Percentage of Target Two Achievement times 1/2 Achievement
Percentage)]

	 
	4.4	 	Incentive Compensation. After the Business Criteria Achievement and Base Incentive
Compensation has been determined for each Plan Year, the Committee shall evaluate each
Participant on his or her individual performance goals. The Committee shall determine each
Participant’s Incentive Compensation based on individual financial and non-financial goals for
each Participant. The aggregate amount of Incentive Compensation that can be paid to all
Participants for any Plan Year shall not exceed the Incentive Compensation Pool for such Plan
Year. The Committee may create or authorize, with the assistance of the CEO, sub-pools for
Participants based on which Subsidiary they are employed by or any other criteria the
Committee deems appropriate, provided that the aggregate amount of all sub-pools cannot exceed
the Incentive Compensation Pool for any Plan Year. The aggregate amount of Incentive
Compensation that can be paid to all Participants in a sub-pool or combination of sub pools is
the aggregate amount of Base Incentive Compensation allocated by the Committee to such
sub-pool or combination of sub-pools.

	 
	4.5	 	Non-Business Criteria Based Incentive Compensation. The Committee may establish a
“Non-Business Criteria Pool”. Once such a Non-Business Criteria Pool is established, the CEO
may, in his or her discretion (with approval from the Committee for Company Vice Presidents),
allocate all or some of the Non-Business Criteria Pool to all or some Participants and the
amount allocated to any Participants shall be the Participant’s Incentive Compensation under
the Program for the Plan Year.

	 
	4.6	 	Payment of Incentive Compensation. Incentive Compensation shall be due and payable in cash
after forty (40) days but not later than seventy-five (75) days after the end of the Plan
Year.

	 
	4.7	 	Election to Defer Compensation – Deferral Period. A Participant may elect to defer all or
any portion of his or her Incentive Compensation. A Participant’s written election to defer
any compensation must be made in the year before the beginning of the period of service,
ordinarily a Plan Year, during which such compensation would otherwise be paid.

 

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	4.8	 	Termination of Employment. Subject to Section 4.9 below and the last sentence of this
section, termination of Participant’s employment prior to the last day of the Plan Year for
any reasons other than death, Disability or normal or early retirement (as determined under
the Company’s Pension Plan or Savings Plan) shall terminate a Participant’s right to any
non-deferred Incentive Compensation. Termination of employment because of death, Disability
or normal or early retirement shall result in a pro-ration of Incentive Compensation based on
the number of months employed during the Plan Year of a Participant’s termination of
employment. Upon a termination of employment for Cause at any time, a Participant shall
forfeit any and all payments due under this Program.

	 
	4.9	 	Change in Control. Upon a Change in Control, a Participant’s unpaid Incentive Compensation
for a Plan Year ending prior to the Change in Control shall in all events be paid in
accordance with Section 4.6. In addition, a Participant’s Incentive Compensation for the Plan
Year during which the Change in Control occurred shall in no event be less than the amount
calculated pursuant to Sections 4.2, 4.3, 4.4 and 4.5 above as if the Target (at 100%) had
been achieved. For purposes of such calculation, Base Salary shall mean such Participant’s
annualized Base Salary for the calendar year in which the Change in Control occurred times a
fraction, the numerator of which is the number of months from the start of the Plan Year up to
and including the month during which the Change in Control occurred and the denominator of
which is 12. Following a Change in Control, the Incentive Compensation under the Program
shall be paid out at the time specified in Section 4.6 above, provided, however, and
notwithstanding Section 4.8 above, that in the case of a Participant whose employment is
terminated prior to payout (for any reason other than on account of termination of employment
by the Company for Cause) the Incentive Compensation shall be paid out within 30 days of such
termination of employment. In the event of termination for Cause, the Incentive Compensation
shall be forfeited.

ARTICLE V

FINALITY OF DETERMINATION

Each determination made by the Committee and the CEO shall be final, binding and conclusive
for all purposes and upon all persons. The Committee may rely conclusively on the determinations
made by and information received from the Company’s independent public accountants or the Employer
employees with respect to action of the Committee.

ARTICLE VI

LIMITATIONS

No employee of the Employer or any other persons shall have any claim or right (legal,
equitable or other) to be granted any award under the Program, and no director, officer or employee
of the Employer, or any other person, shall have the authority to enter into any agreement with any
person for the making or payment of any award under the Program or to make any representation or
warranty with respect thereto.

 

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Neither the action of the Company in establishing the Program nor any action taken by the
Company, the Committee, the Board of Directors, CEO, Executive Management Team, or any persons
designated by them to administer the Program, nor any provision of the Program, shall be construed
as giving to any Participant or employee of the Employer the right to be retained in the employ of
the Employer.

ARTICLE VII

AMENDMENTS, SUSPENSION OR TERMINATION

The Board may discontinue the Program in whole or in part at any time and may from time to
time amend or revise the terms as permitted by applicable statute; provided, however, that no such
discontinuance, amendment, or revision shall effect adversely any right or obligation with respect
to any award theretofore made. No amendment shall require shareholder approval unless such
approval is otherwise required by law.

ARTICLE VIII

MISCELLANEOUS

	8.1	 	Effective Date. This Program was approved by the Board of Directors on August 18, 2003, and
became effective October 1, 2003.

	 
	8.2	 	Governing Law. This Program shall be governed by and construed in accordance with the laws
of the State of Indiana.

 

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