Document:

exv10w1

Exhibit 10.1

Execution Version

BANK OF AMERICA, N.A.

BANC OF AMERICA SECURITIES LLC

July 25, 2010

Wright Express Corporation

97 Darling Avenue

South Portland, ME 04106

Attention: Melissa Smith

Chief Financial Officer

$75,000,000 Senior Term Credit Facility

Ladies and Gentlemen:

Bank of America, N.A. (“Bank of America”) is pleased to offer to be the sole administrative agent
(in such capacity, the “Administrative Agent”) for a $75,000,000 364-day Senior Term Credit
Facility (the “Senior Credit Facility”) to Wright Express Corporation (“you” or the “Borrower”).
Bank of America is pleased to offer its commitment to lend all $75,000,000 of the Senior Credit
Facility, upon and subject to the terms and conditions set forth in this letter (this “Commitment
Letter”) and in the Summary of Terms and Conditions attached as Exhibit A hereto and incorporated
herein by this reference (the “Summary of Terms”). Banc of America Securities LLC (“BAS”) is
pleased to advise you of its willingness in connection with the foregoing commitments, as sole lead
arranger and book manager (in such capacities, the “Lead Arranger”) for the Senior Credit Facility,
to use its reasonable efforts to form a syndicate of financial institutions (including Bank of
America) (collectively, the “Lenders”) reasonably acceptable to you for the Senior Credit Facility.

Bank of America will act as sole Administrative Agent for the Senior Credit Facility and BAS will
act as Lead Arranger for the Senior Credit Facility. No additional agents, co-agents or arrangers
will be appointed and no other titles will be awarded without the prior written approval of Bank of
America and BAS.

The commitment of Bank of America and the undertaking of BAS to provide the services described
herein are subject to the satisfaction of each of the following conditions precedent in a manner
acceptable to Bank of America and BAS: (a) the accuracy and completeness of all representations
that you and your affiliates make to Bank of America and BAS and your compliance with the terms of
this Commitment Letter (including the Summary of Terms) and the Fee Letter (as hereinafter
defined); (b) prior to and during the syndication of the Senior Credit Facility there shall be no
competing offering, placement or arrangement of any debt securities or bank financing by or on
behalf of the Borrower or any of its subsidiaries (but excluding the offering, arrangement and
placement of debt securities or bank financings by Wright Express Financial Services Corporation
(“FSC”) in the ordinary course of its business); (c) the negotiation, execution and delivery of
definitive documentation for the Senior Credit Facility consistent with the Summary of Terms and
otherwise satisfactory to Bank of America and BAS; and (d) no change, occurrence or development
shall have occurred or become known to Bank of America or BAS since
December 31, 2009 that has had or could reasonably be expected to have a Material Adverse Effect
(as defined in the Summary of Terms).

 

 

BAS may commence syndication of the Senior Credit Facility after your acceptance of this Commitment
Letter and the Fee Letter, and the commitment of Bank of America hereunder shall be reduced
dollar-for-dollar as and when the corresponding commitments are received from the Lenders. You
agree to actively assist BAS in achieving a syndication of the Senior Credit Facility that is
satisfactory to BAS and you. Such assistance shall include your (a) providing and causing your
advisors to provide Bank of America and BAS and the other Lenders upon request with all information
reasonably deemed necessary by Bank of America and BAS to complete syndication, including, but not
limited to, information and evaluations prepared by you and your advisors, or on your behalf,
relating to the transactions contemplated hereby (including the Projections (as hereinafter
defined), the “Information”), (b) assisting in the preparation of an Information Memorandum and
other materials to be used in connection with the syndication of the Senior Credit Facility
(collectively with the Summary of Terms, the “Information Materials”), (c) using your best efforts
to ensure that the syndication efforts of BAS benefit materially from your existing banking
relationships and (d) otherwise assisting Bank of America and BAS in their syndication efforts,
including by making your officers and advisors available from time to time to attend and make
presentations regarding the business and prospects of the Borrower and its subsidiaries, as
appropriate, at one or more meetings of prospective Lenders.

It is understood and agreed that BAS will manage and control all aspects of the syndication in
consultation with you, including decisions as to the selection of prospective Lenders and any
titles offered to proposed Lenders, when commitments will be accepted and the final allocations of
the commitments among the Lenders. It is understood that no Lender participating in the Senior
Credit Facility will receive compensation from you in order to obtain its commitment, except on the
terms contained herein and in the Summary of Terms. It is also understood and agreed that the
amount and distribution of the fees among the Lenders will be at the sole and absolute discretion
of Bank of America and BAS. Notwithstanding any provision to the contrary set forth in this
Commitment Letter, Bank of America’s commitment hereunder is not conditioned upon the syndication
of the Senior Credit Facility.

You represent, warrant and covenant that (a) all financial projections concerning the Borrower and
its subsidiaries that have been or are hereafter made available to Bank of America, BAS or the
Lenders by you or any of your representatives (or on your or their behalf) (the “Projections”) have
been or will be prepared in good faith based upon reasonable assumptions and (b) all Information,
other than Projections, which has been or is hereafter made available to Bank of America, BAS or
the Lenders by you or any of your representatives (or on your or their behalf) in connection with
any aspect of the transactions contemplated hereby, as and when furnished, is and will be complete
and correct in all material respects and does not and will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements contained therein
not misleading (it being understood, that to the extent that any Information described in this
clause (b) is provided by, or on behalf of, the Target (as defined in the Summary of Terms), such
Information is and will be, to the best of your knowledge, complete and correct in all material
respects and does not and will not, to the best of your knowledge, contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements contained therein
not misleading). You agree to furnish us with further and supplemental information from time to
time until the date of the initial borrowing under the Senior Credit Facility (the “Closing Date”)
so that the representation, warranty and covenant in the immediately preceding sentence are correct
on the Closing Date as if the Information were being furnished, and such representation, warranty
and covenant were being made, on such date. In issuing this commitment and in arranging and
syndicating the Senior Credit Facility, Bank of America and BAS are and will be using and relying
on the Information without independent verification thereof.

You acknowledge that BAS and/or Bank of America on your behalf will make available Information
Materials to the proposed syndicate of Lenders by posting the Information Materials on IntraLinks
or

Commitment Letter

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another similar electronic system. In connection with the syndication of the Senior Credit
Facility, unless the parties hereto otherwise agree in writing, you shall be under no obligation to
provide Information Materials suitable for distribution to any prospective Lender (each, a “Public
Lender”) that has personnel who do not wish to receive material non-public information (within the
meaning of the United States federal securities laws, “MNPI”) with respect to the Borrower or its
affiliates, or the respective securities of any of the foregoing. You agree, however, that the
definitive credit documentation will contain provisions concerning Information Materials to be
provided to Public Lenders and the absence of MNPI therefrom. Prior to distribution of Information
Materials to prospective Lenders, you shall provide us with a customary letter authorizing the
dissemination thereof.

By executing this Commitment Letter, you agree to reimburse Bank of America and BAS from time to
time on demand for all reasonable out-of-pocket fees and expenses (including, but not limited to,
(a) the reasonable fees, disbursements and other charges of Edwards Angell Palmer & Dodge LLP, as
counsel to BAS and the Administrative Agent, and of special and local counsel retained by the
Administrative Agent, and (b) due diligence expenses) incurred in connection with the Senior Credit
Facility, the syndication thereof, the preparation of the definitive documentation therefor and the
other transactions contemplated hereby.

You agree to indemnify and hold harmless Bank of America, BAS, each Lender and each of their
affiliates and their respective officers, directors, employees, agents, advisors and other
representatives (each, an “Indemnified Party”) from and against (and will reimburse each
Indemnified Party as the same are incurred for) any and all claims, damages, losses, liabilities
and expenses (including, without limitation, the reasonable fees, disbursements and other charges
of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each
case arising out of or in connection with or by reason of (including, without limitation, in
connection with any investigation, litigation or proceeding or preparation of a defense in
connection therewith) (a) any matters contemplated by this Commitment Letter or any related
transaction or (b) the Senior Credit Facility and any other financings or any use made or proposed
to be made with the proceeds thereof, except to the extent such claim, damage, loss, liability or
expense is found in a final, nonappealable judgment by a court of competent jurisdiction to have
resulted from such Indemnified Party’s gross negligence or willful misconduct. In the case of an
investigation, litigation or proceeding to which the indemnity in this paragraph applies, such
indemnity shall be effective whether or not such investigation, litigation or proceeding is brought
by you, your equityholders or creditors or an Indemnified Party, whether or not an Indemnified
Party is otherwise a party thereto and whether or not the transactions contemplated hereby are
consummated. You also agree that no Indemnified Party shall have any liability (whether direct or
indirect, in contract or tort or otherwise) to you or your subsidiaries or affiliates or to your or
their respective equity holders or creditors arising out of, related to or in connection with any
aspect of the transactions contemplated hereby, except to the extent of direct, as opposed to
special, indirect, consequential or punitive, damages determined in a final, nonappealable judgment
by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross
negligence, breach of contract in bad faith, or willful misconduct. Notwithstanding any other
provision of this Commitment Letter, no Indemnified Party shall be liable for any damages arising
from the use by others of information or other materials obtained through electronic
telecommunications or other information transmission systems, other than for direct or actual
damages resulting from the gross negligence or willful misconduct of such Indemnified Party as
determined by a final and nonappealable judgment of a court of competent jurisdiction.

This Commitment Letter and the fee letter among you, Bank of America and BAS of even date herewith
(the “Fee Letter”) and the contents hereof and thereof are confidential and, except for disclosure
hereof or thereof on a confidential basis to your accountants, attorneys and other professional
advisors retained by
you in connection with the Senior Credit Facility or as otherwise required by law, may not be
disclosed in

Commitment Letter

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whole or in part to any person or entity without our prior written consent; provided,
however, it is understood and agreed that (i) you may disclose this Commitment Letter (including
the Summary of Terms) but not the Fee Letter after your acceptance of this Commitment Letter and
the Fee Letters, in filings with the Securities and Exchange Commission and other applicable
regulatory authorities and stock exchanges and (ii) you may disclose the Fee Letter to the extent
required by applicable law, provided that, to the extent practicable, you provide each other party
to the Fee Letter with prior notice of such disclosure as promptly as practicable and afford each
such party the opportunity to contest or suppress such disclosure. Bank of America and BAS hereby
notify you that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56
(signed into law October 26, 2001) (the “Act”), each of them is required to obtain, verify and
record information that identifies you, which information includes your name and address and other
information that will allow Bank of America or BAS, as applicable, to identify you in accordance
with the Act.

Subject to any undertaking of exclusivity by Bank of America, BAS or any of their affiliates in
favor of the Borrower set forth in any engagement letter which you have entered into or may enter
into with Bank of America, BAS or any of their affiliates, you acknowledge that Bank of America and
BAS or their affiliates may be providing financing or other services to parties whose interests may
conflict with yours. Bank of America and BAS agree that they will not furnish confidential
information obtained from you to any of their other customers and that they will treat confidential
information relating to you and your affiliates with the same degree of care as they treat their
own confidential information. Bank of America and BAS further advise you that they will not make
available to you confidential information that they have obtained or may obtain from any other
customer. In connection with the services and transactions contemplated hereby, you agree that
Bank of America and BAS are permitted to access, use and share with any of their bank or non-bank
affiliates, agents, advisors (legal or otherwise) or representatives any information concerning you
or any of your affiliates that is or may come into the possession of Bank of America, BAS or any of
such affiliates.

In connection with all aspects of each transaction contemplated by this Commitment Letter, you
acknowledge and agree, and acknowledge your affiliates’ understanding, that: (a) (i) the arranging
and other services described herein regarding the Senior Credit Facility are arm’s-length
commercial transactions between you and your affiliates, on the one hand, and Bank of America and
BAS, on the other hand, (ii) you have consulted your own legal, accounting, regulatory and tax
advisors to the extent you have deemed appropriate, and (iii) you are capable of evaluating, and
understand and accept, the terms, risks and conditions of the transaction contemplated hereby; (b)
(i) Bank of America and BAS each has been, is, and will be acting solely as a principal and, except
as otherwise expressly agreed in writing by the relevant parties, has not been, is not, and will
not be acting as an advisor, agent or fiduciary for you, any of your affiliates or any other person
or entity and (ii) neither Bank of America nor BAS has any obligation to you or your affiliates
with respect to the transaction contemplated hereby except (x) those obligations expressly set
forth herein and (y) as set forth in any engagement letter which you may enter into with Bank of
America, BAS or any of their affiliates; (c) Bank of America and BAS and their respective
affiliates may be engaged in a broad range of transactions that involve interests that differ from
yours and those of your affiliates, and Bank of America and BAS have no obligation to disclose any
of such interests to you or your affiliates; and (d) Bank of America and BAS have not provided any
legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated
hereby and you have consulted your own legal, accounting, regulatory and tax advisors to the extent
you have deemed appropriate. To the fullest extent permitted by law, you hereby waive and release
any claims that you may have against Bank of America and BAS with respect to any breach or alleged
breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated by
this Commitment Letter.

Commitment Letter

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The provisions of the immediately preceding five paragraphs shall remain in full force and effect
regardless of whether any definitive documentation for the Senior Credit Facility shall be executed
and delivered, and notwithstanding the termination of this Commitment Letter or any commitment or
undertaking of Bank of America or BAS hereunder.

Each of Bank of America and BAS agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its affiliates and to its and its
affiliates’ respective partners, directors, officers, employees, agents, advisors and
representatives (collectively, “Representatives”) (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (b) to the extent requested by any regulatory
authority purporting to have jurisdiction over it (including any self-regulatory authority, such as
the National Association of Insurance Commissioners), (c) to the extent required by applicable laws
or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in
connection with the exercise of any remedies hereunder or any action or proceeding relating to this
Commitment Letter, the Fee Letter or the enforcement of rights hereunder or thereunder, (f) to (i)
any Lender or prospective Lender or (ii) any actual or prospective counterparty (or its advisors)
to any swap or derivative transaction relating to the Borrower and its obligations, provided, in
each such case, that any such recipient of Information agrees in writing to keep such Information
confidential as specified in this paragraph (or otherwise in a manner reasonably satisfactory to
you), (g) with the consent of the Borrower or (h) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this paragraph, (y) is or becomes
available to Bank of America, BAS or any of their respective affiliates or Representatives on a
nonconfidential basis from a source other than the Borrower or the Target (as defined in the
Summary of Terms) or (z) is independently developed, discovered or arrived at by Bank of America,
BAS or any of their affiliates or any of their or their affiliates’ Representatives. For purposes
of this paragraph, “Information” means all information received from the Borrower relating to the
Borrower or any of its subsidiaries or any of their respective businesses, other than any such
information that is available to Bank or America or BAS on a nonconfidential basis prior to
disclosure by the Borrower. Any person required to maintain the confidentiality of Information as
provided in this paragraph shall be considered to have complied with its obligation to do so if
such person has exercised the same degree of care to maintain the confidentiality of such
Information as such person would accord to its own confidential information.

This Commitment Letter and the Fee Letter may be executed in counterparts which, taken together,
shall constitute an original. Delivery of an executed counterpart of this Commitment Letter or the
Fee Letter by telecopier or facsimile shall be effective as delivery of a manually executed
counterpart thereof.

This Commitment Letter (including the Summary of Terms) and the Fee Letter shall be governed by,
and construed in accordance with, the laws of the State of New York. Each of you, Bank of America
and BAS hereby irrevocably waives any and all right to trial by jury in any action, proceeding or
counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this
Commitment Letter (including the Summary of Terms), the Fee Letter, the transactions contemplated
hereby and thereby or the actions of Bank of America and BAS in the negotiation, performance or
enforcement hereof. The commitments and undertakings of Bank of America and BAS may be terminated
by us if you fail to perform your obligations under this Commitment Letter or the Fee Letter on a
timely basis.

This Commitment Letter (including the Summary of Terms) and the Fee Letter embody the entire
agreement and understanding among Bank of America, BAS, you and your affiliates with respect to the
Senior Credit Facility and supersedes all prior agreements and understandings relating to the
specific matters hereof (including, without limitation, the commitment letter dated as of July 15,
2010 from Bank of America and BAS to the Borrower and the summary of terms attached thereto
(collectively, the “Prior

Commitment Letter

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Commitment Letter”), which Prior Commitment Letter is of no further force
and effect). However,
please note that the terms and conditions of the commitment of Bank of America and the undertaking
of BAS hereunder are not limited to those set forth herein or in the Summary of Terms. Those
matters that are not covered or made clear herein or in the Summary of Terms or the Fee Letters are
subject to mutual agreement of the parties. No party has been authorized by Bank of America or BAS
to make any oral or written statements that are inconsistent with this Commitment Letter. This
Commitment Letter is not assignable by the Borrower without our prior written consent and is
intended to be solely for the benefit of the parties hereto and the Indemnified Parties.

This Commitment Letter and all commitments and undertakings of Bank of America and BAS hereunder
will expire at 5:00 p.m. (Boston time) on July 26, 2010 unless you execute this Commitment Letter
and the Fee Letter and return them to us prior to that time (which may be by facsimile
transmission), whereupon this Commitment Letter (including the Summary of Terms) and the Fee Letter
(each of which may be signed in one or more counterparts) shall become binding agreements.
Thereafter, all commitments and undertakings of Bank of America and BAS hereunder will expire on
October 31, 2010 unless definitive documentation for the Senior Credit Facility is executed and
delivered prior to such date. Notwithstanding the preceding two sentences, the provisions of the
fourteenth paragraph of this Commitment Letter shall survive until the earlier of (i) the second
anniversary of the termination hereof and (ii) the delivery of definitive credit documentation in
respect of the Senior Credit Facility. In consideration of the time and resources that BAS and
Bank of America will devote to the Senior Credit Facility, you agree that, until such expiration,
you will not solicit, initiate, entertain or permit, or enter into any discussions in respect of,
any offering, placement or arrangement of any competing senior credit facility for the Borrower and
its subsidiaries (other than as described in the proviso to clause (b) of the third
paragraph hereof).

[THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

Commitment Letter

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We are pleased to have the opportunity to work with you in connection with this important
financing.

	 	 	 	 	 
	 	Very truly yours,

BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/ Jane A. Parker
 	 
	 	 	Name:  	Jane A. Parker 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	BANC OF AMERICA SECURITIES LLC

 	 
	 	By:  	/s/ A. Britt Canady 	 
	 	 	Name:  	A. Britt Canady 	 
	 	 	Title:  	Managing Director 	 
	 

ACCEPTED AND AGREED TO

AS OF THE DATE FIRST ABOVE WRITTEN:

	 	 	 	 	 
	WRIGHT EXPRESS CORPORATION

 	 	 
	By:  	/s/ Melissa D. Smith
 	 	 
	 	Name:  	Melissa D. Smith 	 	 
	 	Title:  	CFO 	 	 
	 

Commitment Letter

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EXHIBIT A

SUMMARY OF TERMS AND CONDITIONS

WRIGHT EXPRESS CORPORATION

$75,000,000 SENIOR CREDIT FACILITY

	 	 	 

	Borrower:

	 	Wright Express Corporation, a Delaware corporation (the “Borrower”).
	 
	 	 
	Guarantors:

	 	The Senior Credit Facility will be guaranteed by each existing and future direct and
indirect domestic subsidiary of the Borrower, other than (i) Wright Express Financial Services
Corporation and (ii) any immaterial subsidiary, as the same will be defined in the definitive
credit documentation (collectively, the “Guarantors”). All guarantees will be guarantees of
payment and not of collection.
	 
	 	 
	Administrative and
Collateral Agent:

	 	Bank of America, N.A. (“Bank of America”) will act as sole administrative agent (the
“Administrative Agent”).
	 
	 	 
	Sole Lead Arranger
and
Sole Book Manager:

	 	Banc of America Securities LLC (“BAS”)
	 
	 	 
	Lenders:

	 	A syndicate of financial institutions (including Bank of America) arranged by BAS,
which institutions shall be acceptable to the Borrower and the Administrative Agent
(collectively, the “Lenders”).
	 
	 	 
	Senior Credit
Facility:

	 	An aggregate principal amount of up to $75.0 million will be available under a 364-day
term credit facility (the “Senior Credit Facility”), all of which shall be drawn on the
Closing Date.
	 
	 	 
	Purpose:

	 	The proceeds of the Senior Credit Facility shall be used to fund part of the
acquisition consideration for the acquisition (the “Mars Acquisition”) of RD Card Holdings
Australia Pty Ltd (the “Target”), to pay related fees and expenses and for other general
corporate purposes.
	 
	 	 
	Closing Date:

	 	The execution of definitive loan documentation, expected to occur on or before October
31, 2010 (the “Closing Date”).
	 
	 	 
	Interest Rates:

	 	As set forth in Addendum I.

Commitment Letter

 

 

	 	 	 

	Maturity:

	 	All amounts outstanding under the Senior Credit Facility, plus accrued
interest, shall be due and payable 364 days after the Closing Date.
	 
	 	 
	Amortization:

	 	None.
	 
	 	 
	Mandatory 
Prepayments:

	 	100% of all net cash proceeds from the issuance of additional equity interests in the
Borrower or any of its subsidiaries and 100% of all net cash proceeds from the issuance or
incurrence after the Closing Date of additional debt of the Borrower or any of its
subsidiaries (other than (i) any incurrence of debt by the Borrower under the Existing Credit
Facility (as defined below), (ii) any incurrence of debt by Wright Express Financial Services
Corporation, (iii) debt under any line of credit permitted to be maintained by the Target or
its subsidiaries under the Senior Credit Facility loan documentation, (iv) up to $5.0 million
of debt permitted to be incurred under any unallocated debt basket in the Senior Credit
Facility loan documentation, (v) debt entirely between the Borrower and/or its subsidiaries
and (vi) any incurrence of debt by the Borrower or any of its subsidiaries consisting of
capital leases or purchase money debt) shall be applied to the prepayment of the Senior Credit
Facility.
	 
	 	 
	Optional
Prepayments
and Commitment
Reductions:

	 	The Borrower may prepay the Senior Credit Facility in whole or in part at any time
without premium or penalty, subject to reimbursement of the Lenders’ breakage and redeployment
costs (excluding, in each case, anticipated profits) in the case of prepayment of LIBOR
borrowings.
	 
	 	 
	Conditions Precedent
to Closing:

	 	The closing and the initial extension of credit under the Senior Credit Facility will
be subject to satisfaction of the conditions precedent deemed appropriate by the
Administrative Agent and the Lenders including, but not limited to, the following:

	 	(i)	 	The negotiation, execution and
delivery of definitive documentation (including, without
limitation, satisfactory legal opinions and other customary
closing documents) for the Senior Credit Facility satisfactory
to BAS, the Administrative Agent and the Lenders.
	 
	 	(ii)	 	The Lenders shall have received
satisfactory opinions of counsel to the Borrower and the
Guarantors (which shall cover, among other things, authority,
legality, validity, binding effect and enforceability of the
documents for the Senior Credit Facility) and of appropriate
local counsel such corporate resolutions, certificates and other
documents for the Lenders shall reasonably require.

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	 	(iii)	 	Receipt of all consents and
approvals necessary in connection with the Senior Credit
Facility, including under the Borrower’s existing $450.0 million
credit facility (the “Existing Credit Facility”).
	 
	 	(iv)	 	There shall not have occurred
since December 31, 2009 any event or condition that has had or
could be reasonably expected, either individually or in the
aggregate, to have a Material Adverse Effect. “Material Adverse
Effect” means (A) a material adverse change in, or a material
adverse effect on, the operations, business, properties or
financial condition of the Borrower or the Borrower and its
subsidiaries, taken as a whole; (B) a material impairment of the
rights and remedies of the Administrative Agent or any Lender
under any loan documentation, or of the ability of the Borrower
and the Guarantors, taken as a whole, to perform their
obligations under any loan documentation with respect to the
Senior Credit Facility to which it is a party; or (C) a material
adverse effect upon the legality, validity, binding effect or
enforceability against the Borrower or any Guarantor of any loan
documentation with respect to the Senior Credit Facility to
which it is a party.
	 
	 	(v)	 	the Borrower shall have
consummated the Mars Acquisition pursuant to documentation, in a
manner, and upon terms reasonably satisfactory to the Lead
Arranger. No condition precedent to the obligation of the
Borrower or any of its affiliates under the acquisition
agreement shall have been waived without the consent of the Lead
Arranger.
	 
	 	(vi)	 	All accrued fees and expenses of
the Lead Arranger, the Administrative Agent and the Lenders
(including the fees and expenses of counsel for the
Administrative Agent) shall have been paid.
	 
	 	(vii)	 	All of the representations and
warranties in the loan documentation shall be true and correct
as of the Closing Date.
	 
	 	(viii)	 	No default or event of default (as defined in the Senior
Credit Facility) shall have occurred and be continuing, or would
result from the transactions contemplated hereby.

	 	 	 

	Representations
and Warranties:

	 	Usual and customary for transactions of this type
(with customary qualifications and exclusions),
including, without limitation, the following: (i)
legal existence, qualification and power; (ii)
due authorization and no contravention of law,
contracts or organizational documents; (iii)
governmental and third party approvals and
consents; (iv) enforceability; (v) accuracy and
completeness of specified financial statements
and other information and no event or
circumstance, either individually or in the
aggregate, that has had or could reasonably be

Commitment Letter

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	 	expected to have a Material Adverse Effect; (vi)
no materially adverse
litigation; (vii) no default; (viii) ownership of property; (ix) insurance
matters; (x) environmental matters; (xi) tax matters; (xii) ERISA compliance;
(xiii) identification of subsidiaries, equity interests and loan parties; (xiv)
use of proceeds/margin stock; (xv) status under Investment Company Act; (xvi)
accuracy of disclosure; (xvii) compliance with laws; (xviii) intellectual
property; (xix) solvency; and (xx) guarantee documents.
	 
	 	 
	Covenants:

	 	Usual and customary for transactions of this type
(with customary qualifications and exclusions,
including exclusions for Wright Express Financial
Services Corporation), including, without limitation,
the following: (i) delivery of financial statements,
forecasts, SEC filings, compliance certificates and
other information, (ii) notices of default, material
adverse effect, material governmental proceedings or
investigations, ERISA proceedings, debt or equity
issuances and material changes in accounting or
financial reporting practices; (iii) payment of
obligations; (iv) preservation of existence; (v)
maintenance of properties and insurance; (vi)
compliance with laws and regulations (including
without limitation, with respect to Wright Express
Financial Services Corporation, FDIC and other
applicable bank regulatory requirements); (vii)
maintenance of books and records, (viii) inspection
rights; (ix) use of proceeds; (x) covenant to
guarantee obligations; and (xi) limitations on (A)
liens, investments (including loans and advances, and
acquisitions), and indebtedness, (B) mergers and
other fundamental changes, (C) sales and other
dispositions of property or assets, (D) dividends and
other distributions, (E) changes in the nature of
business, (F) transactions with affiliates, (G)
amendments or modifications to (1) documentation
relating to any subordinated indebtedness incurred by
the Borrower or any of its subsidiaries and (2) that
certain Tax Receivable Agreement dated as of February
22, 2005 between the Borrower and Cendant Corporation
(the “Tax Receivable Agreement”), and (H) payments in
certain instances (similar to the Existing Credit
Facility) under the Tax Receivable Agreement and (I)
burdensome agreements.
	 
	 	 
	 

	 	Financial covenants to include (but not be limited to) the following:
	 
	 	 
	 

	 	•   Minimum Consolidated EBIT/Interest Expense Ratio (with
financial definitions to be agreed upon) of 3.00:1.00.

	 
	 	 
	 

	 	•   Maximum Consolidated Leverage Ratio (with financial
definitions to be agreed upon) of 3.00:1.00 (with a step-up, if
so elected by the Borrower, to 3.50:1.00 during any Step-up
Period, as defined in the Existing Credit Facility).

	 
	 	 
	 

	 	Each of the ratios referred to above will be calculated on a
consolidated basis for each consecutive four fiscal quarter period.

Commitment Letter

-4-

 

	 	 	 

	Events of
Default:

	 	Usual and customary in transactions of this type (with customary
qualifications and thresholds), including, without limitation, the following: (i) nonpayment
of principal, interest, fees or other amounts; (ii) failure to perform or observe covenants
set forth in the loan
documentation within a specified period of time, where customary and
appropriate, after such failure; (iii) any representation or warranty proving
to have been incorrect in any material respect when made or confirmed; (iv)
cross-default to other indebtedness in an amount to be agreed; (v) bankruptcy
and insolvency defaults (with grace period for involuntary proceedings); (vi)
admission in writing of inability to pay debts; (vii) monetary judgment
defaults in an amount to be agreed; (viii) customary ERISA defaults; (ix)
actual or asserted invalidity or impairment of any loan documentation; (x) the
occurrence of a “WEX Bank Event” as described in the Existing Credit Facility;
and (xi) change of control.
	 
	 	 
	Assignments and
Participations:

	 	Assignments: Subject to the consents described
below (which consents will not be unreasonably
withheld or delayed), each Lender will be
permitted to make assignments to other financial
institutions in a minimum amount equal to $1.0
million.
	 
	 	 
	 

	 	Consents: The consent of the Borrower will be
required unless (i) an Event of Default has
occurred and is continuing or (ii) the assignment
is to a Lender, an affiliate of a Lender or an
Approved Fund (as such term shall be defined in
the loan documentation). The consent of the
Administrative Agent will be required for any
assignment to an entity that is not a Lender, an
affiliate of such Lender or an Approved Fund in
respect of such Lender.
	 
	 	 
	 

	 	Assignments Generally: An assignment fee in the
amount of $3,500 will be charged with respect to
each assignment unless waived by the
Administrative Agent in its sole discretion.
Each Lender will also have the right, without
consent of the Borrower or the Administrative
Agent, to assign as security all or part of its
rights under the loan documentation to any
Federal Reserve Bank.
	 
	 	 
	 

	 	Participations: Lenders will be permitted to
sell participations with voting rights limited to
significant matters such as changes in amount,
rate, maturity date and releases of all or
substantially all of the value of the guaranties
of the Borrower’s obligations made by the
Guarantors.
	 
	 	 
	Waivers and
Amendments:

	 	Amendments and waivers of the provisions of the
loan agreement and other definitive credit
documentation will require the approval of
Lenders holding loans and commitments
representing more than 50% of the aggregate
amount of the loans and commitments under the
Senior Credit Facility (the “Required Lenders”),
except that (a) the consent of each Lender shall
be required with respect to (i) the waiver of
certain conditions precedent to the initial
credit extension under the Senior

Commitment Letter

-5-

 

	 	 	 

	 

	 	Credit
Facility, (ii) the amendment of pro rata sharing
provisions, (iii) the amendment of the voting
percentages of the Lenders and (iv) the release
of all or substantially all of the value of the
guaranties of the Borrower’s obligations made by
the Guarantors (other than in a transaction
otherwise permitted under the definitive credit
documents), and (b) the consent of
each Lender affected thereby shall be required with respect to (i) increases or
extensions in the commitment of such Lender, (ii) reductions of principal,
interest or fees, and (iii) extensions of scheduled maturities or times for
payment.
	 
	 	 
	Indemnification:

	 	The Borrower will indemnify and hold harmless
the Administrative Agent, BAS, each Lender and
their respective affiliates and their partners,
directors, officers, employees, agents and
advisors from and against all losses, claims,
damages, liabilities and expenses arising out of
or relating to the Senior Credit Facility, the
Borrower’s use of loan proceeds or the
commitments, including, but not limited to,
reasonable attorneys’ fees (including the
allocated cost of internal counsel) and
settlement costs. This indemnification shall
survive and continue for the benefit of all such
persons or entities.
	 
	 	 
	Governing Law:

	 	State of New York.
	 
	 	 
	Pricing/Fees/Expenses:

	 	As set forth in Addendum I.
	 
	 	 
	Other:

	 	Each of the parties shall (i) waive its right to
a trial by jury and (ii) submit to New York
jurisdiction. The loan documentation will
contain customary increased cost, withholding
tax, capital adequacy and yield protection
provisions.
	 
	 	 
	Patriot Act:

	 	Federal law requires all financial institutions
to obtain, verify and record information that
identifies each person who opens an account or
obtains a loan. Each Lender will ask for the
Borrower’s and each Guarantor’s legal name,
address, tax ID number or social security number
and other identifying information. Each Lender
may also ask for additional information or
documentation or take other actions reasonably
necessary to verify the identity of the
Borrower, Guarantors or other related persons.

Commitment Letter

-6-

 

ADDENDUM I

PRICING, FEES AND EXPENSES

	 	 	 

	Interest Rates:

	 	At the Borrower’s option, any loan under the Senior Credit Facility will
bear interest at a rate equal to (i) one-month BBA LIBOR (“LIBOR”) plus the Applicable Margin
or (ii) the Base Rate (to be defined as the higher of (a) the Bank of America prime rate, (b)
LIBOR + 1.00% and (c) the Federal Funds rate plus .50%) plus the Applicable Margin.
	 
	 	 
	 

	 	The Applicable Margin for any fiscal quarter, shall be a rate per
annum equal to 0.00% (in the case of Base Rate Loans) or 2.50% (in
the case of LIBOR Loans).
	 
	 	 
	 

	 	Interest shall be payable at the end of the selected interest period,
but no less frequently than quarterly.
	 
	 	 
	 

	 	During the continuance of any default under the loan documentation,
the Applicable Margin on obligations owing under the loan
documentation shall increase by 2% per annum (subject, in all cases
other than a bankruptcy default or a default in the payment of
principal when due, to the request of the Required Lenders).
	 
	 	 
	Calculation of
Interest and Fees:

	 	Other than calculations in respect of interest
at the Bank of America prime rate (which shall
be made on the basis of actual number of days
elapsed in a 365/366 day year), all
calculations of interest and fees shall be
made on the basis of actual number of days
elapsed in a 360 day year.
	 
	 	 
	Cost and Yield
Protection:

	 	Customary for transactions and facilities of
this type, including, without limitation, in
respect of breakage or redeployment costs
incurred in connection with prepayments,
changes in capital adequacy and capital
requirements or their interpretation,
illegality, unavailability, reserves without
proration or offset and payments free and
clear of withholding or other taxes.
	 
	 	 
	Expenses:

	 	The Borrower will pay all reasonable costs and
expenses associated with the preparation, due
diligence, administration (to the extent
constituting out-of-pocket expenses),
syndication and closing of all loan
documentation, including, without limitation,
the legal fees of counsel to the
Administrative Agent and BAS regardless of
whether or not the Senior Credit Facility is
closed. The Borrower will also pay the
expenses of the Administrative Agent and each
Lender in connection with the enforcement of
any of the loan documentation.

Commitment LetterExhibit 10.1

EXHIBIT 10.1

MONSTER WORLDWIDE, INC.

RESTRICTED STOCK UNIT AWARD

GRANT NOTICE

MONSTER WORLDWIDE, INC., a Delaware corporation (the “Company”), hereby notifies [Participant
Name] (the “Participant”) of a grant of Restricted Stock Units (“RSUs”) by the Committee to the
Participant on [Grant Date] (the “Grant Date”) pursuant to the Company’s 2008 Equity Incentive
Plan(the “Plan”), upon the terms and conditions set forth in this Grant Notice and the Plan.
Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan.

1. Grant of RSUs. Subject to the terms and conditions of this Grant Notice and the
Plan, the Participant has been granted [Number of RSUs] RSUs. The RSUs shall vest and payment in
respect of such RSUs shall be made, if at all, in accordance with Section 2 hereof.

2. Vesting.

(a) The RSUs granted to the Participant shall vest and payment in respect of such number of
RSUs shall be made as to the percentage of the RSUs indicated on the dates specified below (each an
“RSU Vesting Date”), provided that the Participant has remained in the continuous employment of the
Company or any of its Affiliates from the Grant Date through and including each applicable RSU
Vesting Date:

	 	 	 	 	 
	 	 	Incremental Percentage	 
	Date	 	of Award Being Vested	 
	First Anniversary of Grant Date
	 	 	25	%
	Second Anniversary of Grant Date
	 	 	25	%
	Third Anniversary of Grant Date
	 	 	25	%
	Fourth Anniversary of Grant Date
	 	 	25	%

Any fractional RSUs resulting from the strict application of the incremental percentages set forth
above will be disregarded and the actual number of RSUs becoming vested on any specific RSU Vesting
Date will cover only the full number of RSUs determined by applying the relevant incremental
percentage.

(b) In the event that during the period of the Participant’s employment with the Company or
one of its Affiliates after the Grant Date:

(i) the Participant dies, or

(ii) the Participant incurs a Disability,

 

 

 

(such events are collectively referred to as “Acceleration Events”), then all outstanding unvested
RSUs shall immediately vest as of the date of the applicable Acceleration Event, subject to Section
2(d) below.

(a) In the event that during the period of the Participant’s employment with the Company or
one of its Affiliates after the Grant Date a Change in Control shall occur, then all outstanding
unvested RSUs that have not been forfeited prior to the date of such Change in Control shall vest
on the date of such Change in Control. In the event that the Change in Control occurs on a date
prior to the date that a Participant is determined to be Disabled for purposes of the Plan and this
Grant Notice, but the Committee, in its sole determination expects the Participant to be Disabled
at the end of the 9-month period referred to in Section 4(a) of this Grant Notice, then all of the
unvested RSUs of such Participant, to the extent not previously forfeited, shall vest upon the date
of the Change in Control.

(b) In the event that any calendar date on which vesting is purportedly scheduled pursuant to
the terms of Sections 2(a), 2(b) or 2(c) above is not a Business Day (as defined below), the
vesting shall automatically be delayed until the first Business Day following that calendar date.
“Business Day” means a date on which commercial banks in New York, New York are open for general
business.

(c) On or as soon as reasonably practicable following the applicable RSU Vesting Date (but in
no event later than the end of the calendar year in which such date occurs), the Company shall
deliver to an account with the third party administering the Company’s equity awards programs
(currently Charles Schwab) (the “Administrator”) one share of Common Stock with respect to each
whole RSU that vests on such date, subject to Sections 3, 7 and 15 below. Upon such delivery, all
obligations of the Company with respect to each such RSU shall be deemed satisfied in full. It is
a condition to the Company’s obligation to deliver any evidence of the shares of Common Stock to
the Participant pursuant to this Grant Notice that, if required by the Company, the Participant
shall have opened an individual account with the Administrator.

3. Certain Changes; Rights as a Stockholder. The number and class of shares of Common
Stock or other securities which are distributable to the Participant with respect to any RSU
covered by this Grant Notice shall be adjusted proportionately or as otherwise appropriate to
reflect any increase or decrease in the number of issued shares of Common Stock resulting from a
stock split, spin-off, split-off, split-up, recapitalization, capital reorganization,
reclassification of shares of Common Stock, merger or consolidation, or any like capital
adjustment, or the payment of any stock dividend, and/or to reflect a change in the character or
class of shares covered by the Plan arising from a readjustment or recapitalization of the
Company’s capital stock, in each case as determined by the Committee. The Participant shall not
have any rights to cash dividends, voting rights or other rights of a stockholder with respect to
the RSUs covered by this Grant Notice until the Company delivers Common Stock in accordance with
Section 2(e).

4. Definitions. The following terms shall have the following meanings:

(a) “Affiliate” means a person or entity that controls, is controlled by, or is under common
control with the Company.

 

2

 

(b) “Disability” or “Disabled” means, notwithstanding any definition in the Plan, that, in the
determination of the Committee, the Participant is both (i) unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12
months and (ii) (x) in case the Participant is eligible for the long term disability program
offered to United States-based employees by the Company or its Affiliates, the Participant has
actually received long term disability benefits for no less than 9 months or (y) in case the
Participant is not eligible for such long term disability program solely by virtue of not being
based in the United States, the Participant would have been eligible to receive long term
disability benefits for no less than 9 months but for the Participant not being based in the United
States. For purposes of Section 2(b) above, it is understood that the Disability shall be deemed to
be incurred on the last day of the 9-month period contemplated in clause (ii) of the immediately
preceding sentence. In the event the Participant has met the condition set forth in clause (i) of
the first sentence of this definition but does not satisfy the condition set forth in clause (ii)
of this definition solely by reason of the Participant’s death, then the provisions of such clause
(ii) shall be deemed to have been satisfied and for purposes of Section 2(b) above the Disability
shall be deemed to be incurred on the date of such death.

5. No Employment Rights; Termination of Employment. Nothing in this Grant Notice
shall give the Participant any right to continue in the employment of the Company or any Affiliate,
or to interfere in any way with the right of the Company or any Affiliate to terminate the
employment of the Participant. Except as otherwise expressly provided in Sections 2(b) and 2(c)
hereof, RSUs that are not vested as of the date the Participant’s employment with the Company and
its Affiliates terminates or ceases for any reason or no reason, whether voluntary or involuntary
(including, without limitation, termination or cessation of employment with or without cause or
arising out of or in connection with a reduction in force, sale or shutdown of certain operations,
or otherwise), shall immediately and automatically terminate and be forfeited in their entirety,
provided, however, that only for purposes of this Grant Notice the Participant’s
employment shall not be deemed terminated solely by virtue of the Participant’s voluntary cessation
of employment in circumstances that the Committee determines are reasonably likely to result in a
Disability for so long as the Committee determines that the Participant continues to satisfy the
conditions that would ultimately lead to the Committee’s determination that the Participant has
incurred a Disability.

6. Plan Provisions. The provisions of the Plan shall govern, and if or to the extent
that there are inconsistencies between those provisions and the provisions hereof, the provisions
of the Plan shall govern. A copy of the Plan is available on the Company’s global Intranet Web
site, currently located at http://insideworldwide.com and obtainable from local Human
Resources Department.

 

3

 

7. Withholding. In the event that prior to any applicable RSU Vesting Date hereunder
the Participant has not provided the Company with notice (which may be by written notice or by an
election made via the website operated by the Administrator) (the “Payment Notice”) to the effect
that the Participant will provide the Company (or the Administrator on the Company’s behalf)
payment of the amount, if any, deemed necessary by the Company in its reasonable discretion to
enable the Company and its Affiliates to satisfy the minimum federal, foreign or other tax
withholding or similar obligations of the Company and its Affiliates with
respect to the shares of Common Stock vesting on such RSU Vesting Date (and/or any other items
which may be distributable to the Participant on the RSU Vesting Date pursuant to Section 3
hereof), or in the event the Participant provides the Payment Notice but does not deliver payment
of the appropriate amount to the Company (or the Administrator on the Company’s behalf) by such RSU
Vesting Date, then the Company shall satisfy the minimum federal, foreign or other tax withholding
or similar obligation of the Company and its Affiliates with respect to such vesting by withholding
the number of whole shares of Common Stock (on and valued as of the RSU Vesting Date) (and/or other
items which may be distributable to the Participant on the RSU Vesting Date pursuant to Section 3
hereof) sufficient to satisfy such minimum withholding and other obligations.

8. Notices. All notices or other communications to be given or delivered in
connection with this Grant Notice shall be either in electronic format or in writing and shall be
deemed to have been properly served if delivered electronically, personally, by courier, or by
certified or registered mail, return receipt requested and first class postage prepaid, in the case
of notices to the Company, to the attention of Director of Human Resources, at the Company’s
offices at 5 Clock Tower Place, Suite 500, Maynard, MA 01754 and in the case of notices to the
Participant, to the Participant’s last known address (as noted in the Participant’s personnel file)
or such other addresses (including any electronic email addresses) as the recipient party has
specified by prior notice to the sending party. All such notices and communications shall be deemed
received upon the actual delivery thereof in accordance with the foregoing.

9. Binding Effect; Headings; Status. This Grant Notice shall be binding upon and
shall inure to the benefit of the Company, the Participant and their respective successors and
permitted assigns. The subject headings of Sections are included for the purpose of convenience
only and shall not affect the construction or interpretation of any of the provisions of this Grant
Notice. The Participant’s rights under this Grant Notice, including, without limitation, rights to
RSUs, shall at all times that such rights exist represent a general obligation of the Company. The
Participant shall be a general creditor of the Company with respect thereto and shall not have a
secured or preferred position with respect thereto. Nothing in this Grant Notice or the Plan shall
be deemed to create an escrow, trust, custodial account or fiduciary relationship of any kind.

10. Non-Assignability, Etc. The Participant’s rights under this Grant Notice,
including, without limitation, rights to RSUs, are not assignable or transferable except upon the
Participant’s death to a beneficiary designated by the Participant in a written beneficiary
designation filed with the Company or, if no duly designated beneficiary shall survive the
Participant, pursuant to the Participant’s will and/or by the laws of descent and distribution.
Any and all such rights shall not be subject to anticipation, alienation, sale, transfer,
encumbrance except as otherwise expressly permitted herein.

 

4

 

11. Securities Laws; Insider Trading. The Committee may from time to time impose any
conditions on the RSUs and shares of Common Stock as it deems necessary or advisable to ensure that
the Plan, this Grant Notice and the issuance and resale or any securities comply with all
applicable securities laws, including without limitation the Securities Act and Rule 16b-3 under
the Exchange Act. Such conditions may include, among other things, the requirement that
certificates for shares of Common Stock to be issued to the Participant hereunder contain a
restrictive legend in such form and substance as may be determined by the Committee. Without
limiting the foregoing, it is understood that Affiliates of the Company may resell Common
Stock only pursuant to an effective registration statement under the Securities Act, pursuant to
Rule 144 under the Securities Act, or pursuant to another exemption from registration under the
Securities Act. The Participant understands and agrees that any and all transactions involving
shares of Common Stock or other securities of the Company must comply with applicable laws, rules,
regulations and policies, including but not limited to the Company’s policy regarding insider
trading, which policy, among other things, prohibits transactions involving shares of Common Stock
or other securities of the Company by individuals who have material non-public information relating
to the Company.

12. General.

(a) This Grant Notice shall be deemed to be an Award Agreement as defined in the Plan. This
Grant Notice shall be governed by and construed in accordance with the laws of the State of New
York (other than the conflict of laws provisions thereof). This Grant Notice constitutes the
entire understanding of the legal obligations between the parties with respect to the subject
matter hereof and controls and supersedes any prior understandings, agreements or representations
by or between the parties, written or oral with respect to its subject matter, including but not
limited to the provisions of any and all employment agreements and offer letters (such as terms
providing for acceleration or other enhancement to restricted stock or other equity interests in
the event of the occurrence of specified events), except and only to the extent of any rights of
the Company or its Affiliates relating to Section 280G of the Internal Revenue Code of 1986, as
amended. The Participant should not rely on any representation not set forth in this Grant Notice.

(b) The Participant has received a copy of a Mandarin Chinese translation of this Grant Notice
(attached as Annex A). The provisions of this Grant Notice (and the Plan as provided in Section 6
of this Grant Notice) shall govern, and if or to the extent that there are inconsistencies between
those provisions and the provisions of the Mandarin Chinese translation of this Grant Notice, the
provisions of this Grant Notice and the Plan shall govern.

13. Amendment. This Grant Notice may be unilaterally amended by the Company without
Participant’s consent as provided in the Plan or to conform the Grant Notice to any changes
required by the Administrator or as a result of the change of Administrator.

14. Confidentiality. No disclosure relating to the existence, the subject matter or
the terms of this Grant Notice shall be made by the Participant to any third party, including but
not limited to any present or former employee of the Company or any of its Affiliates, without the
prior written approval of the Company. Upon the Participant’s breach of this confidentiality
requirement, the Company shall have the sole discretion to seek indemnification from the
Participant in respect of the damage suffered by the Company or its Affiliates as a result of the
breach or instruct the relevant Affiliate to terminate the Participant’s employment with such
Affiliate and forfeit the RSUs granted hereunder in their entirety.

 

5

 

15. Additional Terms and Conditions for People’s Republic of China (“PRC”) National
Participants. For PRC national participants who reside in the PRC and hold PRC ID cards, the
following additional terms and conditions apply:

(a) Subject to Sections 15(b) and 15(c), upon the sale of shares of Common Stock following
vesting by PRC national participants, the Company agrees, pursuant to the arrangements described in
Section 15(b), to pay the PRC national participants the cash proceeds from the sale of the shares,
less any brokerage fees or commissions and subject to any obligation to satisfy federal, foreign or
other tax withholding or similar obligations of the Company and its Affiliates. Subject to Section
11, the determination of when to sell shares of vested Common Stock shall be in the Participant’s
discretion, unless otherwise required by the Company in accordance with Section 15(c).

(b) Pursuant to PRC exchange control requirements, the cash proceeds from the sale of the
shares will be repatriated into the PRC. Such repatriation of the cash proceeds will need to be
effectuated through a special exchange control account established by the Company or its Affiliates
in the PRC, and any cash proceeds from the sale of shares may be transferred to such special
exchange control account prior to being delivered to the PRC national participants.

(c) In order to ensure PRC law compliance of the Plan and the RSU Notice, the Company and its
Affiliates may need to impose additional filing, registration, or other requirements as additional
conditions for participation by PRC national participants. This may include conditions such as the
mandatory sale of granted RSUs immediately upon vesting.

 

6

 

ANNEX A

[Mandarin Chinese translation of the Grant Notice]

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