Document:

exv10w1

	 	 	 	 	 

Exhibit 10.1

June 24, 2009

Mr. Philip Keipp

6 Spring Mill Woods Ct.

St. Charles, MO 63303

Dear Phil:

This letter confirms our offer for you to join Huttig Building Products, Inc., as Vice President
and Chief Financial Officer, reporting to Jon Vrabely, President and Chief Executive Officer. Your
official start date will be determined at a later date.

This offer is contingent on your satisfactory completion of the requirements of our pre-employment
screening process, in accordance with company policy, which may include drug testing, background
inquiries, and a criminal background check. In addition, because the U.S. Immigration Reform and
Control Act requires employers to verify employment eligibility for all new hires, your employment
with Huttig depends on successful verification of eligibility within three days of your start date.

Compensation

Your annual base salary will be $250,000, which will be paid bi-weekly. As the Chief Financial
Officer, you will be eligible to participate in and receive bonus awards under the Company’s
Executive Incentive Plan. To be eligible to receive incentive compensation dollars, you must be on
the current payroll as an active employee on the day the bonus is paid.

In addition, the Board of Directors has approved and awarded to you, on your start date, 100,000
shares of restricted stock that will vest over a three year period starting on the first
anniversary of your start date.

The Company will provide you with a laptop. You will be reimbursed for your personal cell phone
according to Huttig Building Products’ Wireless Communication Devices policy.

Employee Benefits

Since you will be classified as a full-time salaried employee, you and any eligible family members
will be qualified to participate in our group health insurance plan effective on the first day of
the month following 30 calendar days of continuous employment. Additionally, you will be eligible
to participate in our 401(k) plan effective on the first day of the month following 30 calendar
days of continuous employment. You will also be eligible to purchase Huttig Building Products
common stock through the Employee Stock Purchase Plan upon commencement of your employment.

Vacation Eligibility

In 2009 you will be entitled to 5 days of vacation. In 2010 you will be eligible for 10 days of
vacation according to Huttig Building Products Vacation policy.

By your signature below, you acknowledge that your employment with Huttig is an “at will”
relationship for no definite time period and can be terminated at any time, with or without notice,
and with or without cause, by either party.

 

 

We are excited to extend to you this offer of employment and look forward to working with you. If
you have any questions, please feel free to contact me at 314-216-2615.

	 	 	 	 	 
	Yours truly,

 	 	 
	
 	 	 
	Jon Vrabely 	 	 
	President and Chief Executive Officer 	 	 
	 

	 	 	 	 	 
	Accepted:  	/s/  Philip W. Keipp 	 	 	                                         Date 06/30/2009
 
	 	 	 

	cc:  	 	Leon P. Rogers, Senior Director — Human Resourcesexv10w1

Exhibit 10.1

Execution Version

TAX RECEIVABLE PREPAYMENT AGREEMENT

dated June 26, 2009

between

Wright Express Corporation

and

Realogy Corporation

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	 	 	 	 	 	 
	ARTICLE I THE PREPAYMENT	 	 	1	 
	1.1

	 	Prepayment
	 	 	1	 
	1.2

	 	The Closing
	 	 	2	 
	 
	 	 	 	 	 	 
	ARTICLE II REPRESENTATIONS AND WARRANTIES OF REALOGY	 	 	2	 
	2.1

	 	Organization, Qualification and Corporate Power
	 	 	2	 
	2.2

	 	Authorization of Transaction
	 	 	2	 
	2.3

	 	Noncontravention
	 	 	3	 
	2.4

	 	Ownership of Rights
	 	 	3	 
	2.5

	 	Contracts
	 	 	3	 
	2.6

	 	Litigation
	 	 	4	 
	2.7

	 	Financial Statements
	 	 	4	 
	2.8

	 	No Additional Representations
	 	 	4	 
	2.9

	 	Brokers’ Fees
	 	 	4	 
	 
	 	 	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF WEX	 	 	4	 
	3.1

	 	Organization and Corporate Power
	 	 	4	 
	3.2

	 	Authorization of the Transaction
	 	 	5	 
	3.3

	 	Noncontravention
	 	 	5	 
	3.4

	 	[Reserved]
	 	 	5	 
	3.5

	 	No Additional Representations
	 	 	5	 
	3.6

	 	Brokers’ Fees
	 	 	5	 
	 
	 	 	 	 	 	 
	ARTICLE IV CERTAIN COVENANTS	 	 	6	 
	4.1

	 	Confidentiality
	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE V [RESERVED]	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE VI POST-CLOSING COVENANTS	 	 	6	 
	6.1

	 	Press Releases and Announcements
	 	 	6	 
	6.2

	 	Private Letter Ruling Request
	 	 	6	 
	6.3

	 	IRS Position
	 	 	6	 
	6.4

	 	Access to Information
	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE VII INDEMNIFICATION	 	 	7	 
	7.1

	 	Indemnification by Realogy
	 	 	7	 
	7.2

	 	Indemnification by WEX
	 	 	8	 
	7.3

	 	Indemnification Claims
	 	 	8	 
	7.4

	 	Survival of Representations and Warranties
	 	 	11	 
	7.5

	 	Limitations
	 	 	11	 
	7.6

	 	[Reserved]
	 	 	11	 
	7.7

	 	[Reserved]
	 	 	11	 
	7.8

	 	Insurance
	 	 	11	 

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	 	 	 	 	Page
	 
	 	 	 	 	 	 
	7.9

	 	Exclusive Remedy
	 	 	12	 
	7.10

	 	Treatment of Payments
	 	 	12	 
	 
	 	 	 	 	 	 
	ARTICLE VIII [RESERVED]	 	 	12	 
	 
	 	 	 	 	 	 
	ARTICLE IX DEFINITIONS	 	 	12	 
	 
	 	 	 	 	 	 
	ARTICLE X MISCELLANEOUS	 	 	15	 
	10.1

	 	No Third Party Beneficiaries
	 	 	15	 
	10.2

	 	Entire Agreement
	 	 	15	 
	10.3

	 	Succession and Assignment
	 	 	15	 
	10.4

	 	Counterparts and Facsimile Signature
	 	 	15	 
	10.5

	 	Headings
	 	 	15	 
	10.6

	 	Notices
	 	 	15	 
	10.7

	 	Governing Law
	 	 	16	 
	10.8

	 	Amendments and Waivers
	 	 	16	 
	10.9

	 	Expenses
	 	 	16	 
	10.10

	 	Submission to Jurisdiction
	 	 	16	 
	10.11

	 	Specific Performance
	 	 	17	 
	10.12

	 	Construction
	 	 	17	 
	 
	 	 	 	 	 	 
	Schedules	 	 	 	 
	 
	 	 	 	 	 	 
	Disclosure Schedule	 	 	 	 

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TAX RECEIVABLE PREPAYMENT AGREEMENT

     This Tax Receivable Prepayment Agreement is entered into as of June 26, 2009 by and between
Wright Express Corporation, a Delaware corporation (“WEX”) and Realogy Corporation, a Delaware
corporation (“Realogy”).

     WHEREAS pursuant to the Separation and Distribution Agreement dated as of July 27, 2006, by
and among Avis Budget Group, Inc. (f/k/a Cendant Corporation) (“ABG”), Realogy, Wyndham Worldwide
Corporation (“Wyndham”) and Travelport Inc. (the “Separation Agreement”), and as ratified pursuant
to the ABG Agreement (as defined below), Realogy has acquired from ABG the right to receive 62.5%
of the payments to ABG under the Tax Receivable Agreement, dated February 22, 2005, among WEX,
Cendant Corporation, and Cendant Mobility Services Corporation (the “TRA”) and has assumed 62.5% of
the liabilities and obligations of ABG under the TRA;

     WHEREAS this Agreement contemplates a transaction in which WEX will prepay to Realogy
contingent obligations to Realogy under the TRA, as specified in the Agreement, and Realogy will
accept prepayment for such contingent rights under the TRA and will release WEX from obligations
thereunder, as specified in this Agreement;

     WHEREAS the parties to this Agreement intend to treat all payments by WEX hereunder as part of
the purchase price (and interest thereon under the applicable provisions of the Code) for the
assets transferred by ABG to WEX upon its conversion into a Delaware corporation on February 16,
2005;

     WHEREAS contemporaneously with the execution of this Agreement, Apollo Investment Fund VI,
L.P., Apollo Overseas Partners VI, L.P., Apollo Overseas Partners (Delaware) VI, L.P., Apollo
Overseas Partners (Delaware892) VI, L.P. and Apollo Overseas Partners (Germany) VI, L.P., have
entered into a guarantee agreement (the “Guarantee Agreement”);

     NOW, THEREFORE, in consideration of the premises, representations, warranties and covenants
herein contained, the Parties agree as follows:

     Capitalized terms used in this Agreement shall have the meanings ascribed to them in Article
IX.

ARTICLE I

THE PREPAYMENT

     1.1 Prepayment. Upon and subject to the terms and conditions of this Agreement, WEX
shall make the payment set forth in Section 1.2 below to Realogy, as prepayment in full of its
remaining contingent obligations to Realogy under Article III of the TRA (the “Prepayment”).
Except as specifically set forth in Article VII of this Agreement, from and after the Closing, WEX
shall have no further obligations under the TRA to ABG, Realogy or any other person claiming
through ABG or Realogy on account of Realogy’s interest in the TRA (including under Articles III
and VIII thereof), and Realogy hereby releases, remises and forever discharges WEX, its affiliates,
shareholders and employees from any such obligations, effective as of the

[Signature page to Tax Receivable Prepayment Agreement]

 

 

Closing. Except as specifically set forth in Article VII of this Agreement, from and after
the Closing, Realogy shall have no further obligations under the TRA (including Articles III and
VIII thereof) to WEX, or any other person claiming on account of WEX’s interest in the TRA, and WEX
hereby releases, remises and forever discharges Realogy, its affiliates, shareholders, and
employees from any such obligations, effective as of the Closing.

     1.2 The Closing.

          (a) The Closing shall take place by electronic exchange of documents commencing at 9:00 a.m.
local time on the Closing Date. All transactions at the Closing shall be deemed to take place
simultaneously, and no transaction shall be deemed to have been completed and no documents or
certificates shall be deemed to have been delivered until all other transactions are completed and
all other documents and certificates are delivered.

          (b) At the Closing:

               (i) WEX shall make a payment of the Aggregate Prepayment Amount less the Expenses (other than
the PLR Fees, with respect to which Realogy has put in place a letter of credit in the amount of
$250,000 with WEX as the beneficiary thereunder) by wire transfer to an account designated by
Realogy;

               (ii) Realogy shall have provided evidence satisfactory to WEX of the release of all Security
Interests in its rights, and in the rights of ABG, if any, in the TRA being prepaid hereunder; and

               (iii) WEX and Realogy shall execute and deliver to each other a cross-receipt evidencing the
transactions referred to above.

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF REALOGY

     Realogy represents and warrants to WEX that, except as set forth in the Disclosure Schedule,
the statements contained in this Article II are true and correct as of the date of this Agreement.
The Disclosure Schedule shall be arranged in sections and subsections corresponding to the numbered
and lettered sections and subsections contained in this Article II. The disclosures in any section
or subsection of the Disclosure Schedule shall qualify the corresponding section or subsection in
this Article II, except that it shall also qualify any other section where such disclosure is
reasonably apparent.

     2.1 Organization, Qualification and Corporate Power. Realogy is a corporation duly
organized, validly existing and in good standing under the laws of the State of Delaware. Realogy
has all requisite corporate power and authority to carry on the businesses in which it is engaged
and to own and use the properties owned and used by it in all material respects.

     2.2 Authorization of Transaction. Realogy has all requisite corporate power and
authority to execute and deliver this Agreement and the ABG Agreement and to perform its
obligations hereunder and thereunder. The execution and delivery by Realogy of this Agreement

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and the ABG Agreement and the performance by Realogy of this Agreement and the ABG Agreement
and the consummation by Realogy of the transactions contemplated hereby and thereby have been duly
and validly authorized by all necessary corporate action on the part of Realogy. This Agreement
and the ABG Agreement have been duly and validly executed and delivered by Realogy and such
agreements, together with the TRA and the Separation Agreement, constitute valid and binding
obligations of Realogy, enforceable against Realogy in accordance with their terms, except as such
enforcement may be limited by general equitable principles or by applicable bankruptcy, insolvency,
fraudulent transfer, moratorium, or similar laws, legal requirements and judicial decisions from
time to time in effect which affect creditors’ rights generally.

     2.3 Noncontravention. Neither the execution and delivery by Realogy of this Agreement
or the ABG Agreement, nor the consummation by Realogy of the transactions contemplated hereby or
thereby, will (a) conflict with or violate any provision of the Certificate of Incorporation or
by-laws of Realogy, (b) require on the part of Realogy any notice to or filing with, or any permit,
authorization, consent or approval of, any Governmental Entity, (c) conflict with, result in a
breach of, constitute (with or without due notice or lapse of time or both) a default under, result
in the acceleration of obligations under, create in any party the right to terminate, modify or
cancel, or require any notice, consent or waiver under, any contract or instrument to which Realogy
is a party or by which Realogy is bound or to which any of its assets is subject, except for (i)
any conflict, breach, default, acceleration, termination, modification or cancellation which would
not be material or which would not materially adversely affect the consummation or enforceability
of the transactions contemplated hereby or thereby or (ii) any notice, consent or waiver the
absence of which would not adversely affect the consummation or enforceability of the transactions
contemplated hereby or thereby, or (d) violate any order, writ, injunction, decree, statute, rule
or regulation applicable to Realogy or any of its properties or assets.

     2.4 Ownership of Rights. Realogy has the sole and exclusive rights to receive the
payments under the TRA assigned or purported to be assigned to Realogy pursuant to the ABG
Agreement and the Separation Agreement, and to exercise all of the rights assigned or purported to
be assigned to Realogy pursuant to the ABG Agreement and the provisions of the Separation Agreement
that relate to the matters contained in the ABG Agreement, and such rights are free and clear of
all Security Interests other than such Security Interests as shall have been released on or before
Closing.

     2.5 Contracts. Realogy has delivered to WEX a complete and accurate copy of the
Separation Agreement and any other agreements to which Realogy is a party or of which it has
knowledge (including written summaries of any oral agreements) adversely affecting the rights of
WEX under this Agreement. The provisions of the Separation Agreement that relate to the matters
contained in the ABG Agreement are legal, valid, binding on and enforceable against Realogy and in
full force and effect to the extent not modified by the ABG Agreement and Realogy is not in
material breach or in material violation of, or material default under, any such provision, and no
event has occurred, is pending or is threatened, which, after the giving of notice, with lapse of
time, or otherwise, would constitute a breach or default by Realogy or any other party under any
such provision of the Separation Agreement in a manner adverse to WEX.

-3-

 

     2.6 Litigation. There is no Legal Proceeding which is pending or has been threatened
in writing, or judgment, order or decree outstanding, against or otherwise naming Realogy which in
any manner challenges or seeks, or would if commenced challenge or seek, to prevent, enjoin, alter
or delay the transactions contemplated by this Agreement. To Realogy’s knowledge, there is no Legal
Proceeding which is pending or has been threatened in writing, or judgment, order or decree
outstanding, against ABG which in any manner challenges or seeks or would if commenced challenge or
seek to prevent, enjoin, alter or delay the transactions contemplated by this Agreement.

     2.7 Financial Statements.

          (a) Realogy has filed all registration statements, forms, reports and other documents required
to be filed by Realogy with the United States Securities and Exchange Commission (the “SEC”) since
January 1, 2008. All such registration statements, forms, reports and other documents are referred
to herein as the “Realogy SEC Reports.”

          (b) The consolidated financial statements (including, in each case, any related notes and
schedules) contained in the 2008 Form 10-K and 2009 Form 10-Q for the first quarter of 2009 at the
time filed (i) were prepared in accordance with United States generally accepted accounting
principles (“GAAP”) applied on a consistent basis throughout the periods involved (except as may be
indicated in the notes to such financial statements or, in the case of unaudited interim financial
statements, as permitted by the SEC on Form 10-Q under the Exchange Act), and (ii) fairly presented
in all material respects the consolidated financial position of Realogy and its Subsidiaries as of
the dates indicated and the consolidated results of its operations and cash flows for the periods
indicated, except that the unaudited interim financial statements were subject to normal and
recurring year-end adjustments, none of which are expected to have a material adverse effect on
Realogy.

     2.8 No Additional Representations. Realogy acknowledges that neither WEX nor any
person has made any representation or warranty, express or implied, as to the accuracy or
completeness of any information regarding WEX furnished or made available to Realogy and its
representatives except as expressly set forth in this Agreement.

     2.9 Brokers’ Fees. Realogy has no liability or obligation to pay any fees or
commissions to any broker, finder or agent with respect to the transactions contemplated by this
Agreement.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF WEX

     WEX represents and warrants to Realogy that the statements contained in this Article III are
true and correct as of the date of this Agreement and will be true and correct as of the Closing as
though made as of the Closing.

     3.1 Organization and Corporate Power. WEX is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware. WEX has all requisite

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corporate power and authority to carry on the businesses in which it is engaged and to own and
use the properties owned and used by it.

     3.2 Authorization of the Transaction. WEX has all requisite corporate power and
authority to execute and deliver this Agreement and the ABG Agreement and to perform its
obligations hereunder and thereunder. The execution and delivery by WEX of this Agreement and the
ABG Agreement, the performance by WEX of this Agreement and the ABG Agreement and the consummation
by WEX of the transactions contemplated hereby and thereby have been duly and validly authorized by
all necessary corporate action on the part of WEX. This Agreement and the ABG Agreement have been
duly and validly executed and delivered by WEX and this Agreement, the ABG Agreement and the TRA
constitute valid and binding obligations of WEX, enforceable against WEX in accordance with their
terms, except as such enforcement may be limited by general equitable principles or by applicable
bankruptcy, insolvency, fraudulent transfer, moratorium, or similar laws, legal requirements and
judicial decisions from time to time in effect which affect creditors’ rights generally.

     3.3 Noncontravention. Neither the execution and delivery by WEX of this Agreement or
the ABG Agreement, nor the consummation by WEX of the transactions contemplated hereby or thereby,
will (a) conflict with or violate any provision of the Certificate of Incorporation or by-laws of
WEX, (b) require on the part of WEX any filing with, or permit, authorization, consent or approval
of, any Governmental Entity, (c) conflict with, result in breach of, constitute (with or without
due notice or lapse of time or both) a default under, result in the acceleration of obligations
under, create in any party any right to terminate, modify or cancel, or require any notice, consent
or waiver under, any contract or instrument to which WEX is a party or by which it is bound or to
which any of its assets is subject, except for (i) any conflict, breach, default, acceleration,
termination, modification or cancellation which is not material or which would not materially
adversely affect the consummation of the transactions contemplated hereby or (ii) any notice,
consent or waiver the absence of which would not adversely affect the consummation of the
transactions contemplated hereby, or (d) violate any order, writ, injunction, decree, statute, rule
or regulation applicable to WEX or any of its properties or assets.

     3.4 [Reserved]

     3.5 No Additional Representations. WEX acknowledges that neither Realogy nor any
person has made any representation or warranty, express or implied, as to the accuracy or
completeness of any information regarding Realogy furnished or made available to WEX and its
representatives except as expressly set forth in this Agreement (which includes the Disclosure
Schedule).

     3.6 Brokers’ Fees. WEX has no liability or obligation to pay any fees or commissions
to any broker, finder or agent with respect to the transactions contemplated by this Agreement.

-5-

 

ARTICLE IV

CERTAIN COVENANTS

     4.1 Confidentiality. The parties contemplate public disclosure of this Agreement
(including to the extent each party deems it necessary to include in its required public filings or
to communicate with its investors) and will develop in good faith a separate Confidentiality
Agreement to govern the exchange of other confidential information necessary to implement a request
for a Private Letter Ruling or other further joint activities.

ARTICLE V

[RESERVED]

ARTICLE VI

POST-CLOSING COVENANTS

     6.1 Press Releases and Announcements. Other than public disclosures contemplated by
Section 4.1, neither Party shall issue any press release or public announcement relating to the
subject matter of this Agreement without the prior written approval of the other Party.

     6.2 Private Letter Ruling Request. WEX agrees as soon as practicable following the
Closing to submit a request to the Internal Revenue Service for the Private Letter Ruling;
provided, however, that WEX shall (i) provide Realogy with a timely and detailed
account of each stage of such Private Letter Ruling request; (ii) consult with Realogy and offer
Realogy a reasonable opportunity to comment before submitting such request or any written material
prepared or furnished in connection with such request; and (iii) consult with Realogy before taking
any significant action in connection with such Private Letter Ruling request after it has been
submitted. Realogy shall provide, and shall cause ABG and Wyndham to provide, promptly to WEX such
information, documents and Tax Returns as WEX shall reasonably request in connection with its
preparation and submission to the Internal Revenue Service of the Private Letter Ruling request or
any such written material to be prepared or furnished in connection with such request.

     6.3 IRS Position. Except as required by a TRA Final Determination or as otherwise
required by law, neither WEX nor Realogy shall take any position for Federal, state, or local
income Tax purposes inconsistent with the position that no cancellation or indebtedness income will
arise from the transactions contemplated by this Agreement.

     6.4 Access to Information. Each of the parties shall cooperate fully (and shall cause
its respective Affiliates to cooperate fully) with all reasonable requests from the other party in
connection with providing information relating to the preparation and filing of any of its Tax
Returns, any calculation or determination contemplated by this Agreement, or any other matter
relating to Taxes covered by this Agreement or any other agreements between the parties. Such
cooperation shall include, without limitation, at each party’s own expense, (i) the retention until

-6-

 

the expiration of the applicable statute of limitations (including extensions), and the
provision upon request, of its Tax Returns, books, records, documentation and other information
relating to its Tax Returns and/or the calculations and determinations contemplated under this
Agreement, and (ii) the execution of any document that may be necessary or helpful in connection
with the filing of any party’s Tax Returns. Each party shall make its employees and facilities
available on a reasonable basis in connection with the foregoing matters.

ARTICLE VII

INDEMNIFICATION

     7.1 Indemnification by Realogy. Realogy shall indemnify WEX in respect of, and hold
WEX harmless against, any and all Damages incurred or suffered by WEX or any Affiliate thereof
resulting from, relating to or constituting:

          (a) any breach, as of the date of this Agreement, of any representation or warranty of Realogy
contained in this Agreement;

          (b) so long as WEX is in compliance with Section 6.3, Taxes resulting from any cancellation of
indebtedness income recognized by WEX for federal, state or local income tax purposes as a result
of the transactions contemplated by this Agreement (provided, however, that to the extent that WEX
would be permitted to elect to defer (the “Deferral Election”) the recognition of any such
cancellation of indebtedness income under Section 108(i) of the Code, then, at its option, Realogy
may elect to (i) pay to WEX the present value of the payment stream of Taxes due as a result of the
Deferral Election at a discount rate equal to the five-year ‘USD US Composite (BBB)’ rate as
reported by Bloomberg Financial Markets under the ticker symbol C8835Y as of the close of market
one business day prior to the date of such payment, or (ii) pay to WEX the deferral payments on the
dates they would have been due if the Deferral Election had been elected by WEX, whether or not it
in fact had been elected; provided, however, that Realogy shall have no right to
elect the option described in this clause (ii) if at such time the Guarantee Agreement is not in
effect with respect to the obligations set forth in this paragraph or shall expire or otherwise
terminate with respect thereto within 30 days thereafter, unless (A) Realogy is then rated BB (or
any higher rating) by Standard & Poor’s Rating Services, a division of the McGraw Hill Companies,
Inc., or (B) Realogy has provided a letter of credit to WEX as security for the payment of such
deferral payments in form and substance reasonably satisfactory to WEX (each of (A) and (B), an
“Alternative Security Condition”), and provided further, that any deferral payments
that would extend beyond the period during which the Guarantee Agreement covers the obligations set
forth in this paragraph shall be paid at least thirty days prior to the expiration of such period
in an amount equal to the present value of the unpaid amount of the payment stream due as a result
of the Deferral Election, at a discount rate equal to the five-year ‘USD US Composite (BBB)’ rate
as reported by Bloomberg Financial Markets under the ticker symbol C8835Y as of the close of market
one business day prior to the date of such payment, unless an Alternative Security Condition has
been met;

          (c) any claims by or on behalf of Realogy (while in bankruptcy), any creditors of Realogy
(whenever existing), including banks, or any committee of such creditors, or any

-7-

 

trustee, or any assignee thereof or successor thereto, challenging or otherwise seeking to
avoid or rescind this Agreement or any of the transactions contemplated by this Agreement;

          (d) any claims by or on behalf of ABG (while in bankruptcy), any creditors of ABG (whenever
existing), including banks, or any committee of such creditors, or any trustee, or any assignee
thereof or successor thereto, challenging or otherwise seeking to avoid or rescind this Agreement
or the ABG Agreement or any of the transactions contemplated by this Agreement or the ABG
Agreement;

          (e) if there is a Basis Final Determination as a result of which any Tax Benefit Payment would
have been reduced,

               (i) 62.5% of the excess, if any, of any Original Payment over the Recomputed Tax Benefit
Payment pursuant to Section 3.03 of the TRA, in each case limited to payments made by WEX pursuant
to the TRA prior to the Closing Date, and

               (ii) the amount by which the Prepayment would have been reduced had it been calculated by
using the cash flows implied by the Basis Final Determination, discounted at the same rate and
using the same methodology as used to arrive at the Prepayment; and

          (f) without duplication, 62.5% of any Taxes and other losses for which ABG indemnified or has
agreed to indemnify WEX and its Affiliates under Section 4.01 of the TRA.

     7.2 Indemnification by WEX. WEX shall indemnify Realogy in respect of, and hold it
harmless against, any and all Damages incurred or suffered by Realogy or any Affiliate thereof
resulting from, relating to or constituting:

          (a) any breach, as of the date of this Agreement or as of the Closing Date, of any
representation or warranty of WEX contained in this Agreement or any other agreement or instrument
furnished by WEX to Realogy pursuant to this Agreement;

          (b) if there is a Basis Final Determination as a result of which any Tax Benefit Payment would
have been increased,

               (i) 62.5% of the excess, if any, of any Recomputed Tax Benefit Payment over the Original
Payment pursuant to Section 3.03 of the TRA, in each case limited to payments made by WEX pursuant
to the TRA prior to the Closing Date, and

               (ii) the amount by which the Prepayment would have been increased had it been calculated by
using the cash flows implied by the Basis Final Determination, discounted at the same rate and
using the same methodology as used to arrive at the Prepayment; and

          (c) without duplication, 62.5% of any Taxes and other losses for which WEX indemnified or has
agreed to indemnify ABG and its Affiliates under Section 4.01 of the TRA.

     7.3 Indemnification Claims.

-8-

 

          (a) An Indemnified Party shall give written notification to the Indemnifying Party of the
commencement of any Third Party Action. Such notification shall be given within 20 days after
receipt by the Indemnified Party of notice of such Third Party Action, and shall describe in
reasonable detail (to the extent known by the Indemnified Party) the facts constituting the basis
for such Third Party Action and the amount of the claimed damages; provided,
however, that no delay or failure on the part of the Indemnified Party in so notifying the
Indemnifying Party shall relieve the Indemnifying Party of any liability or obligation hereunder
except to the extent of any damage or liability caused by or arising out of such failure. Within
20 days after delivery of such notification, the Indemnifying Party may, upon written notice
thereof to the Indemnified Party, assume control of the defense of such Third Party Action with its
own counsel reasonably satisfactory to the Indemnified Party; provided that the
Indemnifying Party may not assume control of the defense of any Third Party Action (x) involving
action by the Internal Revenue Service or any other taxing authority, but only if the Indemnified
Party can reasonably demonstrate that the action involves a likelihood of loss to it that is equal
to or greater than the indemnifiable claim, (y) involving criminal liability or (z) if the
Indemnifying Party is in bankruptcy. If the Indemnifying Party does not, or is not permitted under
the terms hereof to, so assume control of the defense of a Third Party Action, the Indemnified
Party shall control such defense, provided, however, that if the Controlling Party
is not the Indemnifying Party in the case of an action by the Internal Revenue Service or any other
taxing authority, the Controlling Party shall:

               (i) promptly deliver to the Indemnifying Party complete copies of all written notices,
requests, or other information received from any taxing authority or judicial or similar body that
could result in a redetermination or other adjustment to any Tax item which could increase the
liability of the Indemnified Party for any Tax for which the Indemnifying Party is or may be liable
under this Agreement (hereinafter a “Tax Indemnity Issue”);

               (ii) not provide any documents or other information to any taxing authority or judicial or
similar body that relate to the Tax Indemnity Issue without the Indemnifying Party’s prior review:

               (iii) not submit any written response or other written work in respect of any Tax Indemnity
Issue to any taxing authority or judicial or similar body without allowing the Indemnifying Party
to review and revise such written response or other written work to the extent it relates to any
Tax Indemnity issue (with any disagreement as to the ultimate language used in any such written
response or other written work to be resolved by the Controlling Party);

               (iv) permit the Indemnifying Party and its representatives, at the Indemnifying Party’s sole
expense, to participate fully in all conferences, meetings, proceedings or judicial appearances
with or before any taxing authority or judicial or similar body (whether in person or by telephone)
the subject matter of which is or includes the Tax Indemnity Issue;

               (v) consult in good faith with the Indemnifying Party with respect to all aspects of any
action or position to be taken by the Controlling Party that relates to any Tax Indemnity Issue and
take the Indemnifying Party’s interests into account;

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               (vi) not adopt any position in any proceeding that compromises a Tax Indemnity Issue so as to
gain any advantage with respect to any other issue, including those which are the subject of the
same or any related proceeding; and

               (vii) not make any settlement offer to any taxing authority or accept any settlement offer
made by any taxing authority, in each case with respect to any proceeding that is related, in whole
or in part, to any Tax Indemnity Issue without the prior written consent of the Indemnifying Party,
which consent shall not be unreasonably withheld, conditioned or delayed.

The Non-controlling Party may participate in such defense at its own expense and the Controlling
Party shall keep the Non-controlling Party advised of the status of such Third Party Action and the
defense thereof and shall consider in good faith recommendations made by the Non-controlling Party
with respect thereto. The Non-controlling Party shall furnish the Controlling Party with such
information as it may have with respect to such Third Party Action (including copies of any
summons, complaint or other pleading which may have been served on such party and any written
claim, demand, invoice, billing or other document evidencing or asserting the same) and shall
otherwise cooperate with and assist the Controlling Party in the defense of such Third Party
Action. The fees and expenses of counsel to the Indemnified Party with respect to a Third Party
Action shall be considered Damages for purposes of this Agreement if (i) the Indemnified Party
controls the defense of such Third Party Action pursuant to the terms of this Section 7.3(a) (other
than pursuant to clause (x) above, in which case the parties shall determine an equitable sharing
of counsel costs to reflect the pro rata likelihood of loss referenced in clause (x) above) or (ii)
the Indemnifying Party assumes control of such defense, but the Indemnified Party is named in the
Third Party Action and its counsel reasonably concludes that the Indemnifying Party and the
Indemnified Party have actual conflicts of interest with respect to such Third Party Action. The
Indemnifying Party shall not agree to any settlement of, or the entry of any judgment arising from,
any Third Party Action without the prior written consent of the Indemnified Party, which shall not
be unreasonably withheld, conditioned or delayed. The Indemnified Party shall not agree to any
settlement of, or the entry of any judgment arising from, any such Third Party Action without the
prior written consent of the Indemnifying Party, which shall not be unreasonably withheld,
conditioned or delayed.

          (b) In order to seek indemnification under this Article VII, an Indemnified Party shall
deliver a Claim Notice to the Indemnifying Party.

          (c) Within 20 days after delivery of a Claim Notice, the Indemnifying Party shall deliver to
the Indemnified Party a Response, in which the Indemnifying Party shall: (i) agree that the
Indemnified Party is entitled to receive all of the Claimed Amount (in which case the Response
shall be accompanied by a payment by the Indemnifying Party to the Indemnified Party of the Claimed
Amount, by check or by wire transfer), (ii) agree that the Indemnified Party is entitled to receive
the Agreed Amount (in which case the Response shall be accompanied by a payment by the Indemnifying
Party to the Indemnified Party of the Agreed Amount, by check or by wire transfer), or (iii)
dispute that the Indemnified Party is entitled to receive any of the Claimed Amount. During the
30-day period following the delivery of a Response that reflects a Dispute, the Indemnifying Party
and the Indemnified Party shall use good faith efforts to resolve the Dispute. In the absence of
an agreement by the Indemnifying

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Party and the Indemnified Party, such Dispute shall be resolved in
a state or federal court in accordance with Section 10.10.

          (d) Notwithstanding the other provisions of this Section 7.3, if a third party asserts (other
than by means of a lawsuit) that an Indemnified Party is liable to such third party for a monetary
or other obligation which may constitute or result in Damages for which such Indemnified Party may
be entitled to indemnification pursuant to this Article VII, and such Indemnified Party reasonably
determines that it has a valid business reason to fulfill such obligation, then (i) such
Indemnified Party shall be entitled to satisfy such obligation, without prior notice to or consent
from the Indemnifying Party, (ii) such Indemnified Party may subsequently make a claim for
indemnification in accordance with the provisions of this Article VII, and (iii) such Indemnified
Party shall be reimbursed, in accordance with the provisions of this Article VII, for any such
Damages for which it is entitled to indemnification pursuant to this Article VII (subject to the
right of the Indemnifying Party to dispute the Indemnified Party’s entitlement to indemnification,
or the amount for which it is entitled to indemnification, under the terms of this Article VII).

     7.4 Survival of Representations and Warranties. All representations and warranties
that are covered by the indemnification agreements in Section 7.1(a) and Section 7.2(a) shall
survive the Closing for two years from the date of Closing. The rights to indemnification set
forth in this Article VII shall not be affected by (i) any investigation conducted by or on behalf
of an Indemnified Party or any knowledge acquired (or capable of being acquired) by an Indemnified
Party, whether before or after the date of this Agreement or the Closing Date, with respect to the
inaccuracy or noncompliance with any representation, warranty, covenant or obligation which is the
subject of indemnification hereunder or (ii) any waiver by an Indemnified Party of any closing
condition. For the avoidance of doubt, the indemnification obligations set forth in Sections
7.1(b) through and including 7.1(f) and 7.2(b) through and including 7.2(c) shall survive until the
expiration of all applicable statutes of limitation, provided that the indemnification
obligation set forth in Section 7.1(b) shall also expire earlier upon the receipt by WEX of the
Private Letter Ruling.

     7.5 Limitations.

          (a) Realogy’s maximum obligation for Damages under Sections 7.1(a), (b), (c) and (d) shall
equal $75,000,000.

          (b) In no event shall any party hereunder recover more than once for any Damages, regardless
of whether alternative theories of recovery exist under this Agreement.

     7.6 [Reserved]

     7.7 [Reserved]

     7.8 Insurance. Any indemnity payment due and payable by an Indemnifying Party under
this Agreement shall be net of any insurance proceeds received by the other party with respect to
the respective claim.

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     7.9 Exclusive Remedy. As between Realogy and WEX, the indemnification in this Article
VII shall be the exclusive remedy with respect to the subject matter hereof.

     7.10 Treatment of Payments. The parties to this Agreement shall treat all payments by
WEX hereunder as part of the purchase price (and interest thereon under the applicable provisions
of the Code) for the assets transferred by ABG to WEX upon its conversion into a Delaware
corporation on February 16, 2005, unless otherwise required by law.

ARTICLE VIII

[RESERVED]

ARTICLE IX

DEFINITIONS

     For purposes of this Agreement, each of the following terms shall have the meaning set forth
below.

     “ABG” shall have the meaning set forth in the second paragraph of this Agreement.

     “ABG Agreement” shall mean the agreement duly executed by ABG, Realogy, Wyndham and
WEX contemporaneously herewith.

     “Affiliate” shall mean any affiliate, as defined in Rule 12b-2 under the Securities
Exchange Act of 1934.

     “Aggregate Prepayment Amount” shall mean Fifty-One Million Dollars ($51,000,000).

     “Agreed Amount” shall mean part, but not all, of the Claimed Amount.

     “Asset(s)” as referenced in this Article IX shall have the meaning set forth in the
TRA.

     “Basis Final Determination” shall mean a TRA Final Determination with respect to the
Tax basis of any Asset(s) or class thereof immediately after the Stock Sale Closing Date.

     “Claim Notice” shall mean written notification which contains (i) a description of the
Damages incurred or reasonably expected to be incurred by the Indemnified Party and the Claimed
Amount of such Damages, to the extent then known, (ii) a statement that the Indemnified Party is
entitled to indemnification under Article VII for such Damages and a reasonable explanation of the
basis therefor, and (iii) a demand for payment in the amount of such Damages.

     “Claimed Amount” shall mean the amount of any Damages incurred or reasonably expected
to be incurred by the Indemnified Party.

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     “Closing” shall mean the closing of the transactions contemplated by this Agreement.

     “Closing Date” shall mean June 26, 2009.

     “Code” shall mean the Internal Revenue Code of 1986, as amended.

     “Controlling Party” shall mean the party controlling the defense of any Third Party
Action.

     “Damages” shall mean any and all actual damages, liabilities, obligations, penalties,
fines, judgments, claims and losses, and, for third party claims only, costs and expenses
(including reasonable attorneys’ fees), but Damages shall not include indirect, special, exemplary
or punitive damages, or any theory of expectation damages or loss based on a multiple of any type
of financial measure.

     “Disclosure Schedule” shall mean the disclosure schedule provided by Realogy to WEX on
the date hereof and accepted in writing by WEX.

     “Dispute” shall mean the dispute resulting if the Indemnifying Party in a Response
disputes its liability for all or part of the Claimed Amount.

     “Expenses” shall mean the out-of-pocket fees and other expenses of WEX reimbursable by
Realogy pursuant to and to the extent permitted under Section 10.9 below.

     “Governmental Entity” shall mean any court, arbitrational tribunal, administrative
agency or commission or other governmental or regulatory authority or agency.

     “Guarantee Agreement” shall have the meaning set forth in the fifth paragraph of this
Agreement.

     “Indemnified Party” shall mean a party entitled, or seeking to assert rights, to
indemnification under Article VII of this Agreement.

     “Indemnifying Party” shall mean the party from whom indemnification is sought by the
Indemnified Party.

     “Knowledge” or “knowledge” with respect to an entity shall mean the actual
knowledge of its executive officers.

     “Legal Proceeding” shall mean any action, suit, proceeding, claim, arbitration or
investigation before any Governmental Entity or before any arbitrator.

     “Non-controlling Party” shall mean the party not controlling the defense of any Third
Party Action.

     “Original Payment” as referenced in Sections 7.1(e)(i) and 7.2(b)(i) above shall have
the meaning set forth in the TRA.

     “Parties” shall mean WEX and Realogy.

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     “PLR Fees” has the meaning set forth in Section 10.9 below.

     “Prepayment” shall have the meaning set forth in Article I above.

     “Private Letter Ruling” shall mean a private letter ruling from the Internal Revenue
Service to the effect that the transaction will not result in cancellation of indebtedness income
to WEX for federal income tax purposes.

     “Realogy” shall have the meaning set forth in the first paragraph of this Agreement.

     “Recomputed Tax Benefit Payment” as referenced in Sections 7.1(e)(i) and 7.2(b)(i)
above shall have the meaning set forth in the TRA.

     “Representatives” shall mean the respective officers and other employees involved in
the negotiation of this Agreement, members of the Boards of Directors, and the respective
accountants, attorneys and other advisors (including, with respect to Realogy, representatives of
Apollo Management, L.P.) of the Parties.

     “Response” shall mean a written response containing the information provided for in
Section 7.3(c).

     “Security Interest” shall mean any mortgage, pledge, security interest, encumbrance,
charge or other lien (whether arising by contract or by operation of law).

     “Stock Sale Closing Date” as referenced in this Article IX shall mean the “Closing
Date” as defined in the TRA.

     “Tax Benefit Payment” as referenced in Sections 7.1(e) and 7.2(b) above shall have the
meaning set forth in the TRA.

     “Taxes” shall mean any and all taxes, charges, fees, duties, contributions, levies or
other similar assessments or liabilities in the nature of a tax, including, without limitation,
income, gross receipts, corporation, ad valorem, premium, value-added, net worth, capital stock,
capital gains, documentary, recapture, alternative or add-on minimum, disability, estimated,
registration, recording, excise, real property, personal property, sales, use, license, lease,
service, service use, transfer, withholding, employment, unemployment, insurance, social security,
national insurance, business license, business organization, environmental, workers compensation,
payroll, profits, severance, stamp, occupation, windfall profits, customs duties, franchise and
other taxes of any kind whatsoever imposed by the United States of America or any state, local or
foreign government, or any agency or political subdivision thereof, and any interest, fines,
penalties, assessments or additions to tax imposed with respect to such items or any contest or
dispute thereof.

     “Tax Indemnity Issue” shall have the meaning set forth in Section 7.3(a)(i) above.

     “Tax Returns” shall mean any and all reports, returns, declarations, or statements
relating to Taxes, including any schedule or attachment thereto and any related or supporting work
papers or information with respect to any of the foregoing, including any amendment thereof.

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     “Third Party Action” shall mean any suit or proceeding by a person or entity other
than a Party (or an Affiliate thereof) for which indemnification may be sought by a Party under
Article VII.

     “TRA” shall have the meaning set forth in the second paragraph of this Agreement.

     “TRA Final Determination” shall mean a “Final Determination” as defined in the TRA.

     “Wyndham” shall have the meaning set forth in the second paragraph of this Agreement.

ARTICLE X

MISCELLANEOUS

     10.1 No Third Party Beneficiaries. This Agreement shall not confer any rights or
remedies upon any person other than the Parties and their respective successors and permitted
assigns.

     10.2 Entire Agreement. This Agreement (including the documents referred to herein)
constitutes the entire agreement between the Parties and supersedes any prior understandings,
agreements, or representations by or between the Parties, written or oral, with respect to the
subject matter hereof.

     10.3 Succession and Assignment. This Agreement shall be binding upon and inure to the
benefit of the Parties named herein and their respective successors and permitted assigns. Neither
Party may assign either this Agreement or any of its rights, interests, or obligations hereunder
without the prior written approval of the other Party.

     10.4 Counterparts and Facsimile Signature. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument. This Agreement may be executed by facsimile signature.

     10.5 Headings. The section headings contained in this Agreement are inserted for
convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

     10.6 Notices. All notices, requests, demands, claims, and other communications
hereunder shall be in writing. Any notice, request, demand, claim, or other communication
hereunder shall be deemed duly delivered four business days after it is sent by registered or
certified mail, return receipt requested, postage prepaid, or one business day after it is sent for
next business day delivery via a reputable nationwide overnight courier service, in each case to
the intended recipient as set forth below:

	 	 	 
	If to Realogy:

	 	Copy to:
	 
	 	 
	Realogy Corporation

	 	Wachtell, Lipton, Rosen & Katz
	One Campus Drive

	 	51 W 52nd Street

-15-

 

	 	 	 
	Parsippany, NJ 07054

	 	New York, NY 10019
	Tel: (973) 407-2000

	 	Tel: (212) 403-1000
	Attn: Chief Financial Officer

	 	Attn: Igor Kirman
	 
	 	 
	If to WEX:

	 	Copy to:
	 
	 	 
	Wright Express Corporation

	 	Wilmer Cutler Pickering Hale and Dorr LLP
	97 Darling Avenue

	 	60 State Street
	South Portland, ME 04016

	 	Boston, MA 02109
	Tel: (207) 773-8171

	 	Tel: (617) 526-6000
	Attn: Chief Financial Officer

	 	Attn: Jeffrey A. Stein

     Either Party may give any notice, request, demand, claim, or other communication hereunder
using any other means (including personal delivery, expedited courier, messenger service, telecopy,
telex, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other
communication shall be deemed to have been duly given unless and until it actually is received by
the party for whom it is intended. Either Party may change the address to which notices, requests,
demands, claims, and other communications hereunder are to be delivered by giving the other Party
notice in the manner herein set forth.

     10.7 Governing Law. This Agreement shall be governed by and construed in accordance
with the internal laws of the State of New York, without giving effect to applicable principles of
conflict of laws.

     10.8 Amendments and Waivers. The Parties may mutually amend any provision of this
Agreement. No amendment of any provision of this Agreement shall be valid unless the same shall be
in writing and signed by each of the Parties. No waiver by either Party of any right or remedy
hereunder shall be valid unless the same shall be in writing and signed by the Party giving such
waiver. No waiver by either Party with respect to any default, misrepresentation, or breach of
warranty or covenant hereunder shall be deemed to extend to any prior or subsequent default,
misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights
arising by virtue of any prior or subsequent such occurrence.

     10.9 Expenses. Except as set forth in Article VII, each Party shall bear its own
costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby; provided, however, that Realogy shall reimburse WEX for (i) legal fees (not
to exceed $500,000) in connection with the preparation and negotiation of this Agreement, (ii)
legal fees (not to exceed an additional $250,000) in connection with the preparation of the
Internal Revenue Service private letter ruling request and Internal Revenue Service private letter
ruling fees (the items in clause (ii), the “PLR Fees”), and (iii) bank consent fees not to exceed
$1.45 million.

     10.10 Submission to Jurisdiction. Each Party (a) submits to the jurisdiction of any
state or federal court sitting in New York, New York in any action or proceeding arising out of or
relating to this Agreement, (b) agrees that all claims in respect of such action or proceeding may
be heard and determined in any such court, (c) waives any claim of inconvenient forum or other
challenge to venue in such court, (d) agrees not to bring any action or proceeding arising out of

-16-

 

or relating to this Agreement in any other court and (e) waives any right it may have to a trial by
jury with respect to any action or proceeding arising out of or relating to this Agreement. Each
Party agrees to accept service of any summons, complaint or other initial pleading made in the
manner provided for the giving of notices in Section 10.6, provided that nothing in this Section
10.10 shall affect the right of either Party to serve such summons, complaint or other initial
pleading in any other manner permitted by law.

     10.11 Specific Performance. Each Party acknowledges and agrees that the other Party
would be damaged irreparably in the event any of the provisions of this Agreement (including
Section 7.1) are not performed in accordance with their specific terms or otherwise are breached.
Accordingly, each Party agrees that the other Party shall be entitled to an injunction or other
equitable relief to prevent breaches of the provisions of this Agreement and to enforce
specifically this Agreement and the terms and provisions hereof in any action instituted in any
court of the United States or any state thereof having jurisdiction over the Parties and the
matter, in addition to any other remedy to which it may be entitled, at law or in equity.

     10.12 Construction.

          (a) The language used in this Agreement shall be deemed to be the language chosen by the
Parties to express their mutual intent, and no rule of strict construction shall be applied against
either Party.

          (b) Any reference to any federal, state, local, or foreign statute or law shall be deemed also
to refer to all rules and regulations promulgated thereunder, unless the context requires
otherwise.

          (c) Any reference herein to “including” shall be interpreted as “including without
limitation”.

          (d) Any reference to any Article, Section or paragraph shall be deemed to refer to an Article,
Section or paragraph of this Agreement, unless the context clearly indicates otherwise.

[Remainder of page intentionally left blank]

-17-

 

     IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	WRIGHT EXPRESS CORPORATION

 	 
	 	By:  	/s/ Melissa D. Smith
 	 
	 	 	Name:  	Melissa D. Smith 	 
	 	 	Title:  	CFO, Executive Vice President, Finance and
Operations 	 
	 
	 	REALOGY CORPORATION

 	 
	 	By:  	/s/ Anthony Hull
 	 
	 	 	Name:  	Anthony Hull 	 
	 	 	Title:  	CFO 	 
	 

[Signature page to Tax Receivable Prepayment Agreement]

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