Document:

Class C (2005-1) Terms Document

 Exhibit 4.1 
  

EXECUTION COPY 
  

 
 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 
  
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  

	
	 
	 

 CLASS C(2005-1) TERMS DOCUMENT 
  
 dated as of April 21, 2005 
  
 to 
  
 CARD SERIES INDENTURE SUPPLEMENT 
  
 dated as of October 9, 2002 
  
 to

  
 ASSET POOL 1 SUPPLEMENT 
  
 dated as of October 9, 2002 
  
 to 
  
 INDENTURE 
  
 dated as of October 9, 2002 
  

					
			
	 	  	 	  	Page
			
	 	  	 ARTICLE I
 Definitions and Other Provisions of General Application
	  	 
			
	Section 1.01.	  	Definitions	  	1
			
	Section 1.02.	  	Governing Law	  	7
			
	Section 1.03.	  	Counterparts	  	7
			
	Section 1.04.	  	Ratification of Indenture, the Asset Pool 1 Supplement and Indenture Supplement	  	7
			
	 	  	 ARTICLE II
 The Class C(2005-1) Notes
	  	 
			
	Section 2.01.	  	Creation and Designation	  	8
			
	Section 2.02.	  	Adjustments to Required Subordinated Percentages	  	8
			
	Section 2.03.	  	Interest Payment	  	8
			
	Section 2.04.	  	Calculation Agent; Determination of LIBOR	  	8
			
	Section 2.05.	  	Payments of Interest and Principal	  	9
			
	Section 2.06.	  	Targeted Deposit to the Class C Reserve Account	  	9
			
	Section 2.07.	  	Form of Delivery of Class C(2005-1) Notes; Depository; Denominations	  	10
			
	Section 2.08.	  	Delivery and Payment for the Class C(2005-1) Notes	  	10
			
	Section 2.09.	  	Targeted Deposits to the Accumulation Reserve Account	  	10
			
	Section 2.10.	  	[Reserved]	  	10

  

 i 

 THIS CLASS C(2005-1) TERMS DOCUMENT (this “Terms Document”), by and between CAPITAL ONE
MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at E.A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Wilmington, DE
19805 and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of April 21, 2005. 
  
 Pursuant to this Terms Document, the Issuer shall create a new tranche of Class C Notes and shall specify the principal
terms thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01. Definitions. For all purposes of this Terms Document,
except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(1)	the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 

  

	 	(2)	all other terms used herein which are defined in the Indenture Supplement, the Asset Pool 1 Supplement or the Indenture, either directly or by reference therein, have the meanings
assigned to them therein; 

  

	 	(3)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein
expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date
of such computation; 

  

	 	(4)	all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions
of this Terms Document; 

  

	 	(5)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular
Article, Section or other subdivision; 

  

	 	(6)	in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement, the Asset Pool 1
Supplement, the Indenture or the Transfer and Administration Agreement, the terms and provisions of this Terms Document shall be controlling; 

  

 1 

	 	(7)	each capitalized term defined herein shall relate only to the Class C(2005-1) Notes and no other Tranche of Notes issued by the Issuer; and 

  

	 	(8)	“including” and words of similar import will be deemed to be followed by “without limitation.” 

  
 “Accumulation Period Amount” means $14,583,333.34;
provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount specified in
the definition of “Accumulation Period Amount” in the Indenture Supplement. 
  
 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the
period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class
C(2005-1) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the March 2008 Distribution Date for which the Quarterly Excess Spread Percentage
is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 12 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding
sub-Account for the Class C(2005-1) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the September 2008 Distribution Date for which the
Quarterly Excess Spread Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 6 months prior to the first Distribution Date for which a budgeted deposit is targeted to be
made into the Principal Funding sub-Account for the Class C(2005-1) Notes pursuant to Section 3.10(b) of the Indenture Supplement, and (iv) the Monthly Period following the first Distribution Date following and including the November 2008
Distribution Date for which the Quarterly Excess Spread Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 4 months prior to the first Distribution Date for which a
budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class C(2005-1) Notes pursuant to Section 3.10(b) of the Indenture Supplement and (y) ending on the close of business on the last day of the Monthly Period
preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class C(2005-1) Notes and (ii) the date on which the Class C(2005-1) Notes are paid in full. 
  
 “Aggregate Class C Unencumbered Amount” means an amount equal to (a) the Adjusted Outstanding Dollar
Principal Amount of all Class C Notes in the Card Series minus (b) the sum of the Required Subordinated Amount of Class C Notes for all Class A Notes in the Card Series plus the Unencumbered Required Subordinated Amount of Class C Notes for
all Class B Notes in the Card Series. 
  
 “Asset Pool 1
Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  

 2 

 “Base Rate” means, with respect to any Monthly Period, the sum of (a) the Card Series
Servicing Fee Percentage and (b) the weighted average (based on the Outstanding Dollar Principal Amount of the related Card Series Notes) of the following: 
  
 (i) in the case of a Tranche of Card Series Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest
applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche
of Card Series Dollar Interest-bearing Notes in the following Monthly Period; 
  
 (ii) in the case of a Tranche of Card Series Discount Notes, the rate of accretion (converted to an accrual rate) of such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of
Card Series Discount Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Discount Notes in the following Monthly Period; 
  
 (iii) in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest, the
rate at which payments by the Issuer to the applicable Derivative Counterparty accrue (prior to the netting of such payments, if applicable) for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in
such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period; provided, however, that in the case of a Tranche of Card Series Notes with a Performing Derivative
Agreement for interest in which the rating on such Tranche of Card Series Notes is not dependant upon the rating of the applicable Derivative Counterparty, the amount determined pursuant to this clause (iii) will be the higher of (1) the rate
determined pursuant to this clause (iii) above and (2) the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding
the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period; and 
  
 (iv) in the case of a tranche of Card Series Notes with a non-Performing Derivative Agreement for interest, the rate specified for that
date in the related Terms Document. 
  
 “Calculation
Agent” is defined in Section 2.04(a). 
  
 “Class C(2005-1) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the Class C(2005-1) Notes or (b) an Event of Default and acceleration of the Class C(2005-1) Notes.

  
 “Class C(2005-1) Note” means any Note,
substantially in the form set forth in Exhibit A-3 to the Indenture Supplement, designated therein as a Class C(2005-1) Note and duly executed and authenticated in accordance with the Indenture. 
  

 3 

 “Class C(2005-1) Noteholder” means a Person in whose name a Class C(2005-1) Note is
registered in the Note Register. 
  
 “Class C Reserve
Account Percentage” means, (i) zero, if the Quarterly Excess Spread Percentage on such Distribution Date is greater than or equal to 4.50%, (ii) 1.25%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 4.50%
and greater than or equal to 4.00%, (iii) 2.25%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 4.00% and greater than or equal to 3.50%, (iv) 3.00%, if the Quarterly Excess Spread Percentage on such Distribution
Date is less than 3.50% and greater than or equal to 3.00%; (v) 4.50%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 3.00% and greater than or equal to 2.50%, (vi) 5.50%, if the Quarterly Excess Spread Percentage
on such Distribution Date is less than 2.50% and greater than or equal to 2.00%, and (vii) 7.25%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 2.00%. 
  
 “Class C(2005-1) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which
the Outstanding Dollar Principal Amount of the Class C(2005-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 
  
 “Encumbered Required Subordinated Amount of Class D Notes”
means, for the Class C(2005-1) Notes, an amount equal to the product of (a) the aggregate Required Subordinated Amount of Class D Notes for all Class A Notes in the Card Series plus the sum of the Unencumbered Required Subordinated Amount of Class D
Notes for all Class B Notes in the Card Series and (b) the percentage equivalent of a fraction, the numerator of which is the Adjusted Outstanding Dollar Principal Amount of the Class C(2005-1) Notes and the denominator of which is the Adjusted
Outstanding Dollar Principal Amount of all Class C Notes in the Card Series. 
  
 “Excess Spread Percentage” shall mean, with respect to any Distribution Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly
Period. 
  
 “Expected Principal Payment Date”
means April 15, 2010. 
  
 “Initial Dollar Principal
Amount” means $175,000,000. 
  
 “Indenture” means the Indenture dated as of October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  
 “Indenture Supplement” means the Card Series Indenture Supplement dated as of October 9, 2002, by and
between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  
 “Interest Payment Date” means the fifteenth day of each month commencing in May 2005, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest
Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date. 
  

 4 

 “Issuance Date” means April 21, 2005. 
  
 “Legal Maturity Date” means February 15, 2013. 

 
 “LIBOR” means, for any Interest Period, the London
interbank offered rate for one-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for such Interest Period in accordance with the provisions of Section 2.04. 
  
 “LIBOR Determination Date” means April 19, 2005 for the
period from and including the Issuance Date to but excluding May 16, 2005 and the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 
  
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are
transacted in the London interbank market. 
  
 “Note
Interest Rate” means a rate per annum equal to 0.40% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
  
 “Paying Agent” means The Bank of New York. 
  
 “Portfolio Yield” means, with respect to any Monthly Period,
the annualized percentage equivalent of a fraction: 
  
 (a) the
numerator of which is equal to the sum of: 
  
 (i) the aggregate amount of Finance Charge Amounts allocated to the Card Series with respect to such Monthly Period; plus 
  
 (ii) the aggregate amount of Interest Funding sub-Account Earnings on all Tranches of Card Series Notes for such Monthly Period;
plus 
  
 (iii) any amounts to be treated
as Card Series Finance Charge Amounts pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement; minus 
  
 (iv) the excess, if any, of (1) the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over (2) the
sum of the aggregate amount to be treated as Card Series Finance Charge Amounts for such Monthly Period pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings
shortfalls on amounts in the Principal Funding sub-Account for any tranche of Card Series Notes for such Monthly Period; minus 
  
 (v) the Card Series Default Amount for such Monthly Period; and 
  
 (b) the denominator of which is the numerator used in the calculation of the Card Series Floating Allocation Percentage for
such Monthly Period. 
  

 5 

 “Quarterly Excess Spread Percentage” means, (i) with respect to the May 2005
Distribution Date, the Excess Spread Percentage with respect to the immediately preceding Monthly Period, (ii) with respect to the June 2005 Distribution Date, the percentage equivalent of a fraction the numerator of which is the sum of the Excess
Spread Percentages with respect to the immediately preceding two Monthly Periods and the denominator of which is two, and (iii) with respect to the July 2005 Distribution Date and each Distribution Date thereafter, the percentage equivalent of a
fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three. 
  
 “Record Date” means, for any Distribution Date, the last Business Day of the preceding Monthly Period.

  
 “Reference Banks” means four major banks in
the London interbank market selected by the Beneficiary. 
  
 “Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the
Class C(2005-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall
have provided prior written confirmation that a Ratings Effect will not occur with respect to such change. 
  
 “Required Subordinated Amount of Class D Notes” means, for the Class C(2005-1) Notes, an amount equal to the sum of (a) the Unencumbered
Required Subordinated Amount of Class D Notes for such Class C(2005-1) Notes and (b) the Encumbered Required Subordinated Amount of Class D Notes for such Class C(2005-1) Notes; provided, however, that for any date of determination,
unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any
Tranche of Card Series Notes, the Required Subordinated Amount of Class D Notes for the Class C(2005-1) Notes will not be less than an amount equal to 1.5229% of the Initial Dollar Principal Amount of the Class C(2005-1) Notes, provided
further, however, that for any date of determination on or after the occurrence and during the continuation of a Class C(2005-1) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class C(2005-1) Notes will be the
greatest of (x) the amount determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class C(2005-1) Adverse Event shall have occurred and (z) unless (i) the Prefunding
Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes,
the amount determined pursuant to the preceding proviso. 
  
 “Required Subordinated Percentage of Class D Notes” means, for the Class C(2005-1) Notes, 1.5229%, subject to adjustment in accordance with Section 2.02. 
  
 “Stated Principal Amount” means $175,000,000. 
  

 6 

 “Telerate Page 3750” means the display page currently so designated on the Moneyline
Telerate Service (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 
  
 “Unencumbered Amount” means, for the Class C(2005-1) Notes, an amount equal to the product of (a) the percentage equivalent of a
fraction, the numerator of which is the Aggregate Class C Unencumbered Amount and the denominator of which is the Adjusted Outstanding Dollar Principal Amount of all Class C Notes in the Card Series and (b) the Adjusted Outstanding Dollar Principal
Amount of the Class C(2005-1) Notes. 
  
 “Unencumbered
Required Subordinated Amount of Class D Notes” means, for the Class C(2005-1) Notes, an amount equal to the product of (a) the Unencumbered Amount for the Class C(2005-1) Notes and (b) the Required Subordinated Percentage of Class D Notes
for the Class C(2005-1) Notes. 
  
 Section 1.02. Governing
Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 1.03. Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but
one and the same instrument. 
  
 Section 1.04. Ratification of
Indenture, the Asset Pool 1 Supplement and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture
as so supplemented by the Asset Pool 1 Supplement as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument. 
  
 [END OF ARTICLE I] 
  
  

 7 

 ARTICLE II 
  
 The Class C(2005-1) Notes 
  
 Section 2.01. Creation and Designation. There is hereby created a tranche of Card Series Class C Notes to be issued pursuant to the Indenture, the
Asset Pool 1 Supplement and the Indenture Supplement to be known as the “Card Series Class C(2005-1) Notes.” 
  
 Section 2.02. Adjustments to Required Subordinated Percentages. (a) On any date, the Issuer may increase the Required Subordinated Percentage of
Class D Notes for the Class C(2005-1) Notes without the consent of any Noteholders or the Note Rating Agencies. 
  
 (b) On any date, the Issuer may reduce the Required Subordinated Percentage of Class D Notes for the Class C(2005-1) Notes, provided that the Issuer has
(i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card Series that the change in such percentage will not result in a Ratings Effect with respect to any Outstanding Class C(2005-1) Notes and
(ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion. 
  
 Section 2.03. Interest Payment. 
  
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class C(2005-1) Notes shall be an amount equal to the product of (i)(A)
a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to such related Interest Period, times (ii) the
Outstanding Dollar Principal Amount of the Class C(2005-1) Notes determined as of the Record Date preceding the related Distribution Date. Any interest on the Class C(2005-1) Notes will be calculated on the basis of the actual number of days in the
related Interest Period and a 360-day year. 
  
 (b) Pursuant to
Section 3.03 of the Indenture Supplement, on each Distribution Date, the Indenture Trustee shall deposit into the Class C(2005-1) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class C(2005-1)
Notes. 
  
 Section 2.04. Calculation Agent; Determination of
LIBOR. 
  
 (a) The Issuer hereby agrees that for so long as
any Class C(2005-1) Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the
Calculation Agent for purposes of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the
Calculation Agent fails to determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The
Calculation Agent may not resign its duties, and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
  
 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a
one-month period which 

  

 8 

 
appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate Page 3750, the rate for that LIBOR
Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a
one-month period. The Calculation Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be
the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the
Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period. 
  

(c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture
Trustee at its corporate trust office at (212) 815-3247 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time.

  
 (d) On each LIBOR Determination Date, the Calculation Agent
shall send to the Indenture Trustee, the Issuer, the Beneficiary and the Servicer, by facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Period. 
  
 Section 2.05. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class
C(2005-1) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class C(2005-1)
Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not
later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on
such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee.

  
 (b) The right of the Class C(2005-1) Noteholders to receive
payments from the Issuer will terminate on the first Business Day following the Class C(2005-1) Termination Date. 
  
 Section 2.06. Targeted Deposit to the Class C Reserve Account. The deposit targeted to be made to the Class C Reserve sub-Account for the Class
C(2005-1) Notes for any Distribution Date will be an amount equal to (i) to the product of (A) Class C Reserve Account Percentage for the related Monthly Period times (B) the sum of the Initial Outstanding Dollar Principal Amounts of each tranche of
Outstanding Card Series Notes as of the last day of the preceding Monthly Period times (C) a fraction, the numerator of which is the Nominal Liquidation Amount of the Class C(2005-1) Notes as of the close of business on the last day of the
preceding Monthly Period and the denominator of which is the Nominal Liquidation Amount of all Class C Notes in the Card Series as of the close of business on the last day of the preceding Monthly Period, 

  

 9 

 
minus (ii) any amount previously on deposit in the Class C(2005-1) Reserve sub-Account prior to such targeted deposit; provided however,
that if an Early Redemption Event or Event of Default occurs with respect to the Class C(2005-1) Notes, the deposit targeted will be the Adjusted Outstanding Dollar Principal Amount of the Class C(2005-1) notes minus the amount then on
deposit in such sub-Account. 
  
 Section 2.07. Form of Delivery
of Class C(2005-1) Notes; Depository; Denominations. 
  
 (a)
The Class C(2005-1) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the Indenture, respectively. 
  
 (b) The Depository for the Class C(2005-1) Notes shall be The Depository Trust Company, and the Class C(2005-1) Notes shall
initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class C(2005-1) Notes will be issued in minimum denominations of $5,000 and integral multiples of $1,000 in excess of that amount. 
  
 Section 2.08. Delivery and Payment for the Class C(2005-1) Notes. The Issuer shall execute and deliver the Class C(2005-1) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class C(2005-1) Notes when authenticated, each in accordance with Section 303 of the Indenture. 
  
 Section 2.09. Targeted Deposits to the Accumulation Reserve Account. 
  
 The deposit targeted to be made to the Accumulation Reserve Account for any
Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 
  
 Section 2.10. [Reserved] 
  
 [END OF ARTICLE II] 
  
  

 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the
day and year first above written. 
  

			
	 CAPITAL ONE MULTI-ASSET EXECUTION TRUST,

 by DEUTSCHE BANK TRUST COMPANY DELAWARE,
not in its individual capacity, but solely as Owner Trustee
on behalf of the
Trust

		
	By:	 	             /s/    Michele H.Y. Voon        

	 	 	 Name: Michele H.Y. Voon
 Title: Attorney-In-Fact

	
	 THE BANK OF NEW YORK, as Indenture Trustee

 and not in its individual capacity

		
	By:	 	             /s/ John
Bobko            

	 	 	 Name: John Bobko
 Title: Assistant Vice President

  
 [Signature Page
to the Class C(2005-1) Terms Document]Employment Agreement dated May 3, 2004

 Exhibit 10.26 
  
 EMPLOYMENT AGREEMENT 
  

This EMPLOYMENT AGREEMENT (as the same may be amended, modified and supplemented from time to time, this “Agreement”), dated as
of May 3, 2004 by and between CIC Enterprises, LLC, a Delaware limited liability company (“Employer”), and Beth Henricks, an individual residing in the State of Indiana (“Employee”). 
  
 W I T N E S S E
T H: 
  
 WHEREAS, this Employment Agreement
is ancillary to that certain Asset Purchase Agreement (“Asset Purchase Agreement”), dated as of April 30, 2004, among First Advantage Corporation, a Delaware Corporation (“Parent”), Employer, CIC Enterprises, Inc., an
Indiana corporation (“CIC”), STEPS, Inc., an Indiana corporation (“STEPS”), Horton, Inc., an Indiana corporation (“Horton”), SFC, Inc., an Indiana corporation (collectively with CIC, STEPS and
Horton, the “Sellers”), and certain other parties, pursuant to which, among other things, CIC Enterprises is acquiring certain assets and businesses of the Sellers; 
  
 WHEREAS, Employee previously was the President of the businesses conducted by the Sellers; and 
  
 WHEREAS, Employer wishes to provide for the employment by Employer of
Employee, and Employee wishes to serve Employer, in the capacities and on the terms and conditions set forth in this Agreement; 
  
 NOW THEREFORE, in consideration of the above recitals and of the mutual promises and conditions in this Agreement, it is agreed as follows:

  

	 	1.	TERM OF EMPLOYMENT 

  
 The term of this Agreement shall be for a period commencing on the date hereof and ending two years and eight months thereafter (January 1, 2007), unless
earlier terminated as provided in Section 8 below (the “Initial Term”). This Agreement, except Section 5(b) shall be renewed automatically for successive terms of one (1) year each unless either party provides written notice of
non-renewal to the other party at least thirty (30) calendar days before the end of the then current term. (The Initial Term plus any extension or renewal thereof shall herein be referred to as the “Employment Term”). 
  

	 	2.	PLACE OF EMPLOYMENT 

  
 During the Employment Term, Employee shall perform the services Employee is required to perform under this Agreement in or in the commuting proximity of
Indianapolis, Indiana. 

	 	3.	DUTIES AND AUTHORITY 

  
 Employee shall serve as President of Employer or any successor thereof, subject to the directions from time to time of the senior officers of Employer and
senior officers of Parent and the policies in effect from time to time of Employer and its subsidiaries, whether stated orally or in writing. Subject to such directions and policies, in this capacity, Employee shall perform the duties and have the
responsibilities customarily performed and held by such an officer. 
  

	 	4.	EXCLUSIVITY 

  
 During the Employment Term, Employee shall devote her full business and professional time, energy and ability to the business and interests of Employer
and Employer’s subsidiaries and affiliates (each a “Related Company” and collectively, the “Related Companies”), and the performance of this Agreement, and shall not, without Employer’s prior written
consent, render to others services of any kind for compensation, or engage in any other business activity that would interfere with the performance of his/her duties under this Agreement, or permit any of her personal business or investment affairs
to interfere with the performance of his/her duties hereunder. Employee shall, upon reasonable notice, furnish such information and proper assistance to the Related Companies as may reasonably be required by Employer in connection with any legal
action involving any Related Company. Employee agrees to use her best efforts, skills and abilities to promote and protect the interest of the Related Companies and faithfully and to the best of her ability perform his/her duties hereunder. Employee
agrees to serve as a director or officer of any Related Company (other than Employer) requesting her services and to perform such services for such Related Company, consistent with her office, as the Board of Directors of Employer shall request.

  
 Employee hereby represents and warrants that she has the legal
capacity to execute and perform this/her Agreement, that this/her Agreement is a valid and binding agreement enforceable against him/her according to its terms, and that the execution and performance of this Agreement by him does not violate the
terms of any existing agreement or understanding, written or oral, to which Employee is a party or any judgment or decree to which Employee is subject. In addition, Employee represents and warrants that he/she knows of no reason why she is not
physically or legally capable of performing his/her obligations under this Agreement in accordance with its terms. Employee hereby indemnifies the Related Companies and shall hold harmless the Related Companies from and against any liability, loss,
cost or expense, including without limitation, reasonable attorneys’ fees, incurred by any Related Company by reason of the inaccuracy of Employee’s representations and warranties contained in this Section 4. 
  
 During the Employment Term, Employee shall not, directly or indirectly,
whether as partner, shareholder, member, director, officer, employee, consultant, creditor or otherwise, promote, participate or engage in any activity or other business competitive with the business of any Related Company, except on behalf of and
at the direction of the Employer or another Related Company. Employee’s failure to comply with the provisions of this Section during the Employment Term shall give Employer the right (in addition to all other remedies Employer may have) to
terminate any benefits or compensation to which Employee may be otherwise entitled following termination of this Agreement. If, at the time of enforcement of the covenants contained in this Section, a court shall hold that the covenants contained in
this Section are 

 
unenforceable under the circumstances then existing, it is agreed that such covenants shall be enforced to the maximum extent reasonable under the law under
such circumstances. 
  

	 	5.	COMPENSATION AND BENEFITS 

  
 (a) Base Salary. During the Employment Term, Employer shall pay Employee a base salary in the annual amount of Two Hundred Forty Thousand Dollars
($240,000.00) (the “Base Salary”). The Base Salary shall be payable as current salary with such frequency as is standard for similarly situated employees of the Related Companies. The Base Salary shall be prorated for any partial
pay period that occurs during the term of this Agreement in accordance with the Related Companies’ standard payroll policies applied to similarly situated employees of the Related Companies. All payments due to Employee hereunder shall be made
subject to such withholdings and deductions as are required to be made under applicable law. The Employer shall review the Base Salary at least annually during the Employment Term to determine whether the Base Salary should be increased and, if so,
the amount of such increase and the time at which the increase should take effect. If the Base Salary is increased, the Base Salary shall be increased for all purposes of this Agreement. 
  
 (b) Bonus. During the Employment Term, Employer shall pay to Employee an incentive bonus (the
“Bonus”) in accordance with the following provisions of this Section 5(b). On or before the last day of February following the end of each fiscal year of the Employer occurring, in whole or in part, during the Employment Term,
Employer shall pay to Employee an amount equal to the greater of: (I) One Hundred Sixty Thousand Dollars ($160,000) (“Bonus Guarantee”) or (II) the product of (A) Operating Earnings for such fiscal year, and (B) Five Percent (5%) of the
first Five Million Dollars ($5,000,000.00) of Operating Earnings and Four Percent (4%) thereafter. However, in the event that the WOTC/WtW legislation is not enacted by Congress by February 28th, 2005, the Bonus Guarantee shall be One Hundred Thousand Dollars ($100,000) with all other terms of the Bonus and its calculation remaining the same. For
purposes of this Section, “Operating Earnings” means, for any period of determination, the operating earnings of the Employer, before taxes, for such period, determined in accordance with United States generally accepted accounting
principles applied consistently and further applied in accordance with the guidance of the staff of the United States Securities and Exchange Commission. For fiscal year 2004 only, which will be a partial year of operations, the Operating Earnings
shall be increased by a factor of 1.5 so as to annualize such earnings for purposes of the Bonus calculation. 
  
 (c) Employee acknowledges that one or more Related Companies may offer products and services that compete with Employer’s products and services and
Employee agrees that he/she will have no claim under Section 5(b) resulting from any adverse effect that any such competition may have on Employer’s Net Income. Notwithstanding anything herein to the contrary, the parties agree that Employer
shall not reorganize in such a way so as to transfer any profitable activity of Employer outside of Employer without providing for an amendment to this Section 5, which provides Employee with substantially the same bonus they would have had but for
such transfer. Employee also understands and agrees that one or more Related Companies may provide administrative services, such as accounting, human resources and legal support, and the costs of such services will be allocated to Employer in a
manner consistent with the standard practices of Parent and The First American Corporation (Parent’s parent company) and its 

 
subsidiaries provided, however, (I) in no event shall such allocated human resources costs exceed $75.00 per employee of Employer per month; and (II) no
other administrative services costs shall be allocated to Employer for purposes of determining Operating Earnings, except those non-human resources administrative services costs to which Parent (or Related Company) supplies Employer and which
Employer has reasonably determined Parent (or Related Company) can supply in a more cost-effective manner than Employer’s providing such service functions directly. No other indirect costs shall be allocated by Parent (or Related Company) to
Employer for purposes of determining Operating Earnings. 
  
 (d)
Benefits. During the Employment Term, Employee shall be entitled to receive all benefits of employment generally available to other similar employees of the Related Companies when and as he/she becomes eligible for them, including without
limitation medical, dental, life and disability insurance benefits, and pension, retirement and savings plan benefits. Employer reserves the right to modify, suspend or discontinue any and all of the above benefit plans, policies, and practices at
any time without notice to or recourse by Employee, so long as such action is taken generally with respect to other similarly situated employees of Employer and does not single out Employee. 
  
 (e) Expenses. During the Employment Term, Employee shall be entitled
to receive prompt payment or reimbursement for all reasonable employment-related expenses, including without limitation, travel and entertainment expenses, incurred by Employee in performing his/her employment duties. 
  
 (f) Automobile Allowance. During the Employment Term, Employer shall
pay Employee an automobile allowance of Eight Hundred Dollars ($800.00) per month. 
  
 (g) Stock Options. The issuance of twenty-Five Thousand (25,000) of Parent stock options, granted in accordance with The First Advantage Corporation 2003 Incentive Compensation Plan (the “Plan”). The
strike price, vesting period and all other terms concerning the options shall be in accordance with the Plan. 
  

	 	6.	OWNERSHIP OF INTANGIBLE PROPERTY 

  
 All processes, inventions, patents, copyrights, trademarks and other intangible rights that may be conceived or developed by Employee, either alone or
with others, during the Employment Term, whether or not conceived or developed during Employee’s working hours, and with respect to which the equipment, supplies, facilities or trade secret information of any Related Company was used, or that
relate at the time of conception or reduction to practice of the invention to the business of any Related Company or to any Related Company’s actual or demonstrably anticipated research and development, or that result from any work performed by
Employee for any Related Company, shall be work-for-hire and the sole property of Employer. Employee shall disclose to Employer all inventions conceived during the Employment Term, whether or not the property of any Related Company under the terms
of the preceding sentence, provided that such disclosure shall be received by Employer in confidence. Employee shall execute all documents, including patent applications and assignments, required by Employer to establish Employer’s rights under
this Section. 

	 	7.	INDEMNIFICATION 

  
 Employer and the Related Companies shall, to the maximum extent permitted by law and their organizational documents, indemnify and hold Employee harmless
for any acts or decisions made in good faith while performing services for Employer and/or any of the Related Companies. To the same extent, Employer and the Related Companies will pay, and subject to any legal limitations, advance all expenses,
including reasonable attorneys’ fees and costs of court-approved settlements, and judgments or other liabilities, actually and necessarily incurred by Employee in connection with the defense of any action, suit or proceeding and in connection
with any appeal, which has been brought against Employee by reason of his/her good faith service as an employee and/or officer of Employer and/or any of the Related Companies. 
  

	 	8.	TERMINATION 

  
 (a) For Cause. This Agreement shall be terminated upon the discharge of Employee by Employer in writing for Cause. For purposes of this Agreement,
an event or occurrence constituting “Cause” shall mean: 
  
 (i) Employee’s willful failure or refusal to perform specific lawful directives of the senior officers of Employer or senior officers of Parent if such failure or refusal continues for a period of five (5) days
after Employer delivers to Employee written notice particularly stating the specific directives that Employee has failed or refused to perform; 
  
 (ii) Dishonesty of Employee affecting Employer or any other Related Company; 
  
 (iii) Drunkenness or use of illegal drugs which interferes
with the performance of Employee’s duties and responsibilities under this Agreement; 
  
 (iv) Employee’s conviction of a felony or of any crime involving moral turpitude, fraud or misrepresentation; 
  
 (v) Any willful misconduct of Employee resulting in material
loss to Employer or any other Related Company, or material damage to the reputation of Employer or any other Related Company or theft or defalcation from Employer or any other Related Company; 
  
 (vi) Employee’s neglect or willful failure to
substantially perform Employee’s material duties and responsibilities under this Agreement if such failure or refusal continues for a period of five (5) days after Employer delivers to Employee written notice specifying the manner in which
Employee has not substantially performed Employee’s duties; and 
  
 (vii) Any material breach (not covered by any of clauses (i) through (vi) above) of any of the provisions of this Agreement if such breach is not cured within five days after written notice thereof to Employee by
Employer. 

 (b) Without Cause. The Employer, at any time, may terminate this Agreement without cause (without
cause shall include notification by employer of non-renewal of this Agreement provided for under Section 1), and may terminate Employee, in which case Employee shall be entitled to wages in lieu of notice in an amount equivalent to the greater of:
(I) the Base Salary (calculated at $330,000 on an annualized basis), Bonus (pro-rated as to the date of termination) and fringe benefits for the period from the termination date to the end of the then current Employment Term; or (II) Six Months
salary (calculated at $330,000 on an annualized basis), Bonus (pro-rated as to the date of termination) and fringe benefits for a period of six (6) months. Wages in lieu of notice pay includes any compensation for the Bonus and/or fringe benefits
which would have been received by the Employee had the employment relationship continued during the wages in lieu of notice period. Wages in lieu of notice pay may be paid at the Employer’s option either in a lump sum, at or around the date of
termination, or at regular payroll intervals. Regardless of whether the wages in lieu of notice pay is paid in a lump sum or at regular payroll intervals, it shall be treated as salary for tax purposes, and taxes will be withheld. Employee shall
continue to be eligible for, and Employer shall continue to provide Employee with, the employee benefits provided under Section 5(d) throughout the entire wages in lieu of notice period. In the event Employer elects not to renew this Agreement by
providing notice of non-renewal in accordance with Section 1, such non-renewal by Employer shall constitute a termination of this Agreement without cause and Employee shall be entitled to receive, and Employer shall provide, the wages in lieu of
notice pay, and benefits, as provided in this Section 8(b). However, in the event Employee elects not to renew this Agreement by providing notice of non-renewal in accordance with Section 1, such non-renewal by Employee shall not constitute a
termination of this Agreement by Employer without cause and Employee shall not be entitled to receive any of the wages in lieu of notice of pay and benefits, as provided in this Section 8(b). 
  
 (c) Retirement or Resignation. This Agreement shall be terminated by
Employee’s voluntary retirement, which retirement shall be effective two weeks after Employee provides Employer notice of such voluntary retirement. This Agreement shall be terminated immediately upon Employee’s resignation. 
  
 (d) Disability. If, at the end of any calendar month during the
Employment Term, Employee is and has been for the four consecutive full calendar months then ending, or for 80 percent or more of the normal working days during the six consecutive full calendar months then ending, unable due to mental or physical
illness or injury to perform his/her duties under this Agreement in his/her normal and regular manner with or without reasonable accommodation, this Agreement shall be then terminated; provided, however, that any leave under the Family and Medical
Leave Act shall not count for purposes of determining disability under this Section. 
  
 (e) Death. This Agreement shall be terminated immediately upon the death of the Employee. 
  
 (f) Rights and Obligations Upon Termination. If Employee gives notice of termination of this Agreement under this Section 8, or if Employee
provides notice of non-renewal in accordance with Section 1, Employer may, in its sole discretion and subject to its other obligations under this Agreement, relieve Employee of his/her duties under this Agreement 

 
and assign Employee other reasonable duties and responsibilities to be performed until the termination becomes effective. 
  
 (g) Employee’s Termination for Good Reason. If Employee
terminates this Agreement and his/her employment with the Employer for Good Reason, such termination shall be considered a termination by Employer without cause and Employee shall be entitled to receive, and Employer shall provide, the wages in lieu
of notice pay, and benefits, as provided in Section 8(b) of this Agreement. For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following: (A) any action or inaction by Employer which results in a breach
of any material obligation of Employer under this Agreement which breach is not cured by Employer within five (5) days after Employee delivers to Employer written notice of such breach; and (B) a material reduction of Employee’s duties or
responsibilities which does not represent a promotion from Employee’s existing position. 
  

	 	9.	SURVIVAL 

  
 Each of the representations, warranties and covenants set forth in Sections 6, 7, 8, 9, 10 and 11 of this Agreement shall survive and shall continue to be
binding upon the parties notwithstanding the termination of this Agreement for any reason whatsoever. 
  

	 	10.	UNFAIR COMPETITION 

  
 Because of his/her employment by Employer, Employee will have access to trade secrets and confidential information about Employer and the Related
Companies, their products, their customers and their methods of doing business. Such information is considered secret and is disclosed to Employee in confidence. During and after his/her employment by Employer, Employee shall not directly or
indirectly disclose or use any such information except as required in the course of his/her employment by Employer. Employee’s confidentiality obligations hereunder shall not apply to any information which is publicly known or available, or
which becomes publicly known or available. In consideration of his/her access to this information, Employee agrees that during the Employment Term, he/she shall not induce or attempt to induce any employee of the Employer or any Related Company to
discontinue employment with or representation of such Related Company for the purpose of employment with or representation of a competitor of the Employer or any of the Related Companies. 
  

	 	11.	CONSIDERATION 

  
 In full consideration of the Employer’s employment of Employee, AND as an ancillary agreement to the Asset Purchase Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged. 
  
 (a) Agreement Not to Compete. Employee agrees Employee will not, while employed by the Employer and for greater of (I) the period from the date of Employee’s termination to the end of the then current
Employment Term or (II) six (6) months from termination of Employee’s employment, whether voluntary or involuntary, with or without cause, with Good Reason, or following a Change of Control, within the Territory, defined as the State of
Indiana, and also means the geographic area in which the business of the Employer and its subsidiaries has been carried on up to and including the date of this Agreement, further 

 
defined as the States of California, Colorado, Connecticut, Illinois, Iowa, Louisiana, Mississippi, Missouri, Nebraska, New Jersey, New York, North Carolina,
Ohio and Texas, directly or indirectly own, manage, operate, control, consult with, be employed by or participate in the ownership, management, operation or control of, or be connected in any manner with, any business that (i) competes with the
Employer or the Related Companies, (ii) is engaged in substantially the same business as the Employer or the Related Companies or (iii) provides similar or comparable services as those provided by the Employer or the Related Companies to the past or
present clients and customers of the Employer or the Related Companies. For the purposes of this clause (a), ownership of securities of 1% or less of any class of securities of a public company shall not alone be considered to be competition with
the Employer or the Related Companies 
  
 (b)
Non-Solicitation. Employee will not, while employed by the Employer, and for two (2) years following termination of such employment, whether voluntary or involuntary, with or without cause, in any manner, directly or indirectly, solicit or
accept any business which is competitive with respect to the services provided by the Employer or the Related Companies from any person, firm, corporation, or other entity which is a customer of the Employer or the Related Companies at any time
within the period of six (6) months preceding Employee’s termination of employment; provided, however, with respect to any Related Companies’ customers, this restriction will apply only if Employee had business contact with such Related
Companies’ customer on behalf of Employer or the Related Company within the period of six (6) months immediately preceding Employee’s termination of employment. 
  
 (c) No-Raid. Employee will not, while employed by the Employer and for one (1) year following termination of such
employment, whether voluntary or involuntary, with or without cause, employ, solicit for employment or otherwise contract for the services of any employee of the Employer or the Related Companies at the time of this Agreement, or who shall
subsequently become an employee of the Employer or the Related Companies. 
  
 Employee will not, while employed by the Employer and for one (1) year following termination of such employment, in any way interfere with the relationship of the Employer or any of the Related Companies with any
vendor, supplier or other professional or business relation of the Employer or the Related Companies. 
  
 (d) Enforceability. It is the desire and intent of the parties that the provisions of this Agreement shall be enforced to the fullest extent
permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. If at the time of enforcement of any of the agreements contained in this Section 11, a court shall hold that the duration, scope or area or
restrictions stated therein are unreasonable under the circumstances then existing, it is agreed that the maximum duration, scope or area reasonable under the law and such circumstances shall be substituted for the stated duration, scope or area.

  

	 	12.	COVENANT OF DUTY OF LOYALTY 

  
 Employee agrees that during the time that Employee is working for the Employer, Employee will owe the Employer a duty of loyalty, and that as part of this
duty of loyalty, Employee shall not engage in any form of business activity representing competition with the 

 
Employer or the Related Companies. Similarly, Employee, while employed by the Employer, shall notify the Employer of business opportunities and shall not
appropriate for Employee’s own use any business opportunity of the Employer, or otherwise engage in conduct amounting to a conflict of interest or competition with the Employer or the Related Companies. 
  

	 	13.	DISPUTE RESOLUTION 

  
 Any dispute arising of or regarding any aspect of this Agreement including, but not limited to, any claims of discrimination and harassment, whether under
federal or sate law, including, among others, Title VII of the Civil Rights Act of 1964, whether based on tort, contract, statutory, or equitable law or otherwise or any act which allegedly has or would violate any provision of this Agreement with
the exception of any disputes of either Party relating to Employee’s Non-Competition and Related Covenants (“Arbitrable Dispute”) will be exclusively submitted to binding arbitration before a neutral arbitrator (the
“Arbitrator”). If Employee and Employer are unable to agree upon the Arbitrator, Employer will obtain a list of five arbitrators from the American Arbitration Association. Employee (first) and then Employer will alternately strike
names from the list until only one name remains; the remaining person shall be the Arbitrator. Alternatively, the parties may mutually agree upon an Arbitrator. The Arbitrator shall be bound by the qualifications and disclosure provisions and the
procedures set forth in the then-current American Arbitration Association’s National rules for the Resolution of Employment Disputes and its Due Process Protocol Model Employment Arbitration Procedures of the American Arbitration Association
and shall order such discovery as is appropriate to the nature of the claim and necessary to the adjudication thereof. 
  
 Arbitration proceedings shall be held in Indianapolis, Indiana or any other mutually agreed location. The Arbitrator shall determine the prevailing party
in the arbitration. The Arbitrator shall be permitted to award only those remedies in law or equity that are requested by the parties, appropriate for the claims and supported by credible, relevant evidence. There shall be no right to appeal the
decision of the arbitrator. The parties shall bear equally the costs of the arbitration, and each party shall bear its own attorneys’ fees and other costs. EMPLOYEE AND EMPLOYER AGREE THAT THE FOREGOING ARBITRATION PROCEDURE SHALL BE THE
EXCLUSIVE MEANS OF RESOLVING ANY ARBITRABLE DISPUTE AND THAT NO OTHER ACTION WILL BE BROUGHT BY EMPLOYEE IN ANY COURT OR OTHER FORUM. THIS AGREEMENT IS A WAIVER OF ALL RIGHTS TO A CIVIL COURT ACTION AND APPEAL FOR AN ARBITRABLE DISPUTE; ONLY THE
ARBITRATOR, NOT A JUDGE OR JURY, WILL DECIDE SUCH DISPUTE. 
  

	 	14.	BREACH BY EMPLOYEE 

  
 Employee is obligated under this Agreement to render services of a special, unique, unusual, extraordinary, and intellectual character, which give this
Agreement peculiar value. The loss of these services cannot be reasonably or adequately compensated in damages in an action at law. Accordingly, in addition to other remedies provided by law or this Agreement, Employer shall have the right during
the Employment Term and the period of non-competition herein to obtain injunctive relief against any breach of this Agreement by Employee or the performance of services by Employee in violation of this Agreement, or both. 

	 	15.	ENTIRE AGREEMENT 

  
 This Agreement including all referenced agreements contains the entire agreement between the parties regarding the subject matter hereof and supersedes
all prior oral and written agreements, understandings, commitments, and practices between them. 
  

	 	16.	AMENDMENTS 

  
 No oral modifications, express or implied, may alter or vary the terms of this Agreement. No amendments or modifications to this Agreement and no waiver
of any provision of this Agreement may be made except by a writing signed by both parties. 
  

	 	17.	GOVERNING LAW 

  
 THE FORMATION, CONSTRUCTION, AND PERFORMANCE OF THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF INDIANA (EXCLUSIVE OF
CONFLICTS OF LAWS PRINCIPLES) APPLICABLE TO AGREEMENTS EXECUTED AND TO BE PERFORMED SOLELY WITHIN SUCH STATE. 
  

	 	18.	NOTICES 

  
 Any notice to Employer required or permitted under this Agreement shall be given in writing to Employer, either by personal service or by registered or
certified mail, postage prepaid, addressed to each of the respective President and General Counsel of each of Employer and Parent at their then respective principal places of business. Any such notice to Employee shall be given in a like manner and,
if mailed, shall be addressed to Employee at his/her home address then shown in Employer’s files. For the purpose of determining compliance with any time limit in this Agreement, a notice shall be deemed to have been duly given (a) on the date
of service, if served personally on the party to whom notice is to be given, or (b) on the third business day after mailing, if mailed to the party to whom the notice is to be given in the manner provided in this section. 
  

	 	19.	RIGHT TO PAYMENTS 

  
 Employee shall under no circumstances have any option or right to require payments hereunder otherwise than in accordance with the terms of this
Agreement. 
  

	 	20.	BINDING AGREEMENT 

  
 Except as otherwise expressly provided herein, this Agreement shall be binding upon, and shall inure to the benefit of, Employer, and its legal successors
and permitted assigns. Employer may not assign this Agreement except with the written consent of Employee. This Agreement, as it relates to Employee, is a personal contract and the rights and interest of Employee hereunder may not be sold,
transferred, assigned, pledged or hypothecated, except with the written consent of Employer. 

	 	21.	SEVERABILITY 

  
 If any provision of this Agreement is held invalid or unenforceable, the remainder of this Agreement shall nevertheless remain in full force and effect.
If any provision is held invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances. 
  

	 	22.	CAPTIONS 

  
 Section headings are for convenience of reference only and shall not be considered a part of this Agreement. 
  

	 	23.	COUNTERPARTS 

  
 This Agreement may be executed in any number of counterparts, each of which when executed shall be deemed to be an original and all of which together
shall be deemed to be one and the same instrument. 
  

	 	24.	THIRD-PARTY BENEFICIARIES 

  
 This Agreement shall not confer any rights or remedies upon any party other than Employer, Employee and their respective successors and permitted assigns.

  
 * * * * * 

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

			
	CIC ENTERPRISES, LLC
		
	By:	 	 /s/ John Long

	 Name:
	 	 John Long

	 Title:
	 	 Chairman

  

	
	EMPLOYEE
	
	 /s/ Beth Hendricks

	 Beth Hendricks

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