Document:

exv10w20

Exhibit 10.20

[FORM OF EMPLOYMENT AGREEMENT FOR 

GEORGE HOGAN AND RICHARD STECKLAIR]

EMPLOYMENT AGREEMENT

          This Employment Agreement is made and entered into effective as of January 1, 2009 (“Effective
Date”) between Wright Express Corporation (“WEX”), a Delaware corporation headquartered in South
Portland, Maine and [________] (the “Executive”).

          WHEREAS, WEX desires to employ the Executive as its Senior Vice President, Corporate
Payment Solutions, and the Executive desires to serve WEX in such capacity.

          NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

SECTION I

EMPLOYMENT

          WEX agrees to employ the Executive and the Executive agrees to be employed by WEX for the
Period of Employment as provided in Section III below and upon the terms and conditions provided in
this Agreement.

SECTION II

POSITION AND RESPONSIBILITIES

          During the Period of Employment, the Executive will serve as [________] and, subject to
the direction of the [________] of WEX (“CEO”), will perform such duties and exercise such
supervision with regard to the business of WEX as are associated with such position, as well as
such additional duties, reasonably associated with said position, as may be prescribed from time to
time by the [________].

          The Executive will, during the Period of Employment, devote substantially all of his time and
attention during normal business hours to the performance of services for WEX. The Executive will
maintain a primary office and conduct his business in [________], except for normal and
reasonable business travel in connection with his duties hereunder. Nothing contained in this
Agreement will prevent or be construed to prevent the Executive from devoting a reasonable amount
of time to serving on civic and charitable boards and conducting his personal affairs.

SECTION III

PERIOD OF EMPLOYMENT

          The period of the Executive’s employment under this Agreement (the “Period of Employment”)
will begin on the Effective Date and end on the second anniversary of such date, subject to earlier
termination as provided in this Agreement; provided, however, that the Period of
Employment will be automatically extended for an additional one year period on January 1, 2011 and
on each anniversary of such date thereafter, unless written notice of intent not to extend or to

 

 

reopen negotiations is provided by either party hereto to the other party hereto at least 30
days prior to such date or any such anniversary.

SECTION IV

COMPENSATION AND BENEFITS

          Compensation. For all services rendered by the Executive pursuant to this Agreement
during the Period of Employment, including services as an executive or officer of WEX or any
subsidiary or affiliate of thereof, the Executive will be compensated as follows:

     i. Base Salary.

          WEX will pay the Executive a base salary of not less than $[________]
per year (“Base Salary”). From time to time, the Executive may be eligible to receive annual
increases as WEX deems appropriate, in accordance with WEX’s customary policies and procedures
regarding the salaries of senior officers, including pursuant to annual compensation reviews to
occur no less than once per year. Base Salary will be payable according to the customary payroll
practices of WEX, but in no event less frequently than semi-monthly.

     ii. Annual Incentive Awards.

          The Executive will be eligible for discretionary annual incentive compensation awards;
provided, that the Executive will be eligible to receive an Incentive Compensation Award in
respect of each fiscal year of WEX during the Period of Employment based upon a target bonus equal
to no less than [________]% of his earned Base Salary in fiscal year 2009; provided, however, that such
bonus will be subject to the attainment by WEX of applicable performance targets reasonably
established and certified by or at the direction of the Board (as hereinafter defined) or the
Compensation Committee of the Board (the “Committee”). For purposes of this Agreement, the term
“Incentive Compensation Award” means the annual bonus paid pursuant to the Wright Express
Corporation Short-Term Incentive Program (STIP), as the Program may be amended from time to time.
The term “target” means the value of the STIP bonus payable in the event the Executive achieves the
annual target goals established pursuant to the Program.

     iii. Long Term Incentive Awards

          At such times as the Board or the Committee determines to conduct annual or periodic grants of
long term incentive awards to employees and officers of WEX, the Executive will be eligible to
receive such grants, subject to the sole and complete discretion of the Board or the Committee, and
upon such terms and conditions as determined by the Board or the Committee, but with due
consideration given to the Executive’s position with WEX and the Executive’s historical performance
and anticipated future contributions to WEX.

     iv. Additional Benefits

          The Executive will be entitled to participate in all other compensation and employee benefit
plans or programs offered generally to employees of WEX, and will receive all perquisites offered
to senior executive officers of WEX in positions comparable to the Executive’s position with WEX,
in either case pursuant to any plan or program now in effect, or later established by WEX. The
Executive will participate to the extent permissible under the terms

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and provisions of such plans or programs, and in accordance with the terms of such plans and
programs.

SECTION V

BUSINESS EXPENSES

          WEX will reimburse the Executive for all reasonable travel and other expenses incurred by the
Executive in connection with the performance of his duties and obligations under this Agreement.
The Executive will comply with such limitations and reporting requirements with respect to expenses
as may be established by WEX from time to time and will promptly provide all appropriate and
requested documentation in connection with such expenses.

SECTION VI

DISABILITY

          If the Executive becomes Disabled, as defined below, during the Period of Employment, the
Period of Employment may be terminated at the option of the Executive upon notice of resignation to
WEX, or at the option of WEX upon 30 days’ advance notice of termination to the Executive. WEX’s
obligation to make payments to the Executive under this Agreement will cease as of such date of
termination, except for Base Salary and Incentive Compensation Awards earned but unpaid as of the
date of such termination, and except for payment of a pro rata portion of his Incentive
Compensation Award in respect of the year in which such Disability occurs (paid at target level).
For purposes of this Agreement, “Disabled” means the first to occur of either (i) the Executive’s
inability to perform his duties hereunder as a result of serious physical or mental illness or
injury for a period of no less than 180 days, together with a determination by an independent
medical authority after in person examination of the Executive and review of any relevant medical
records that the Executive is currently unable to perform such duties, or (ii) a determination by
the insurance carrier or third party administrator that the Executive is “Disabled” within the
meaning of the WEX Long Term Disability Plan then in effect. Such independent medical authority
shall be mutually and reasonably agreed upon by WEX and the Executive and such opinion shall be
binding on WEX and the Executive. Nothing contained herein is intended to limit any of the
Executive’s vested benefits under any WEX benefit plan or program.

SECTION VII

DEATH

          In the event of the death of the Executive during the Period of Employment, the Period of
Employment will end and WEX’s obligation to make payments under this Agreement will cease as of the
date of death, except for Base Salary and Incentive Compensation Awards earned but unpaid through
the date of death, and except for payment of a pro rata portion of his Incentive Compensation Award
in respect of the year in which his death occurs (paid at target level), which will be paid to the
Executive’s surviving spouse, estate or personal representative, as applicable. Nothing contained
herein is intended to limit any of the Executive’s vested benefits under any WEX benefit plan or
program.

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SECTION VIII

EFFECT OF TERMINATION OF EMPLOYMENT

          A. Without Cause Termination and Constructive Discharge Outside of a Change in
Control. If the Executive’s employment terminates due to either a Without Cause Termination or
a Constructive Discharge, as defined below, and the Executive is not entitled to receive payment
pursuant to Section VIII(B) hereof, WEX will pay the Executive (or his surviving spouse, estate or
personal representative, as applicable) upon such Without Cause Termination or Constructive
Discharge (i) a cash payment equal to the Executive’s then current Base Salary, payable, at the
Company’s option, in either one lump sum, equal installments not less frequently than once per
month over a twelve month period, or a combination of lump sum and equal installments not less
frequently than once per month over a twelve month period, and (ii) any and all Base Salary and
Incentive Compensation Awards earned but unpaid through the date of such termination and any
legitimate unreimbursed business expenses. Nothing contained herein is intended to limit any of
the Executive’s vested benefits under any WEX benefit plan or program, including but not limited to
rights with respect to stock options, restricted shares or long term incentive awards.

          B. Without Cause Termination and Constructive Discharge In Case of Change in Control.
If the Executive’s employment terminates due to either a Without Cause Termination or a
Constructive Discharge, in either case within the time period beginning 90 days before the Change
in Control and ending 365 days after the Change in Control, then WEX will pay the Executive (or his
surviving spouse, estate or personal representative, as applicable) (i) a cash payment equal to the
sum of the Executive’s then current Base Salary plus his then current target Incentive Compensation
Award, multiplied by [________]%, payable, at the Company’s option, in either one lump sum, equal
installments not less frequently than once per month over a twelve month period , or a combination
of lump sum and equal installments not less frequently than once per month over a twelve month
period, and (ii) any and all Base Salary and Incentive Compensation Awards earned but unpaid
through the date of such termination and any legitimate unreimbursed business expenses. In
addition, upon such termination, those of the Executive’s outstanding and unvested WEX stock
options and unvested WEX restricted stock units held by the Executive as of the date of termination
will immediately become vested. In addition, WEX shall pay to the Executive in a lump sum an
amount equal to the present value of WEX’s share of the cost of medical and dental insurance
premiums for a twenty-four (24) month period. Nothing contained herein is intended to limit any of
the Executive’s vested benefits under any WEX benefit plan or program, including but not limited to
rights with respect to stock options, restricted shares or long term incentive awards. Payment of
cash and benefits and accelerated vesting under this Section VIII(B) shall be in lieu of and not in
addition to anything that might be owed to Executive under Section VIII(A).

          C. Termination for Cause; Resignation. If the Executive’s employment terminates due
to a Termination for Cause or a Resignation, as defined below, Base Salary and any Incentive
Compensation Awards earned but unpaid as of the date of such termination will be paid to the
Executive in a lump sum. Except as provided in this paragraph, WEX will have no further obligations
to the Executive hereunder. Nothing contained herein is intended to limit any of the Executive’s
vested benefits under any WEX benefit plan or program.

          D. For purposes of this Agreement, the following terms have the
following meanings:

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     i. “Termination for Cause” means termination because of (i) the Executive’s willful failure
to substantially perform his duties as an employee of WEX or any subsidiary thereof (other than
any such failure resulting from incapacity due to physical or mental illness), (ii) any act of
fraud, embezzlement, gross misconduct, dishonesty or similar conduct, in each case against WEX or
any subsidiary thereof, (iii) the Executive’s conviction of or indictment for a felony or any
crime involving moral turpitude, (iv) the Executive’s gross negligence in the performance of his
duties, (v) the Executive’s knowing or negligent making of a false certification to WEX
pertaining to its financial statements, or (vi) the Executive’s knowing or grossly negligent
violation of any provision of Section IX of this Agreement or any knowing violation of WEX’s Code
of Business Conduct and Ethics. WEX will provide the Executive a written notice that describes
the circumstances being relied on for the termination with respect to this paragraph. In the
event that WEX terminates the Executive’s employment without Cause but the Company later
discovers evidence not known at the time of termination that would have justified a Termination
for Cause under this paragraph, the Company may terminate the payment of all amounts to the
Executive pursuant to Section VIII(A) or (B), excluding any and all Base Salary and Incentive
Compensation Awards earned but unpaid through the date of such termination and any legitimate
unreimbursed business expenses.

     ii. “Constructive Discharge” means the Executive resigns in response to: (i) any material
failure of WEX to fulfill its obligations under this Agreement (including without limitation any
reduction of the Base Salary or any reduction in the target bonus percentage amount, as the same
may be increased during the Period of Employment), (ii) a material and adverse change to the
Executive’s titles, positions, duties and responsibilities with or to WEX, (iii) the relocation of
the Executive’s primary business office to a location more than 50 miles from Portland, Maine or
(iv) WEX’s failure to cause this Agreement to be assumed by any successor to the business of WEX.
The Executive will provide WEX a written notice that describes the circumstances being relied on
for the termination with respect to this paragraph within sixty (60) days after the event giving
rise to the notice. WEX will have sixty (60) days after receipt of such notice to remedy the
situation prior to the termination for Constructive Discharge.

     iii. “Without Cause Termination” or “Terminated Without Cause” means termination of the
Executive’s employment by WEX other than due to death, disability, or Termination for Cause.

     iv. “Resignation” means a termination of the Executive’s employment by the Executive, other
than in connection with a Constructive Discharge.

     v. “Change in Control” means the happening of any of the following events:

(1) An acquisition by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (any of which, a “Person”) resulting in such Person having beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50%
or more of either (i) the then-outstanding shares of common stock of the Company (the
“Outstanding Company Common Stock”) or (ii) the combined voting power of the
then-outstanding voting securities of the Company entitled to vote generally in the
election of directors (the “Outstanding Company Voting Securities”); excluding,
however, the following: (A) Any acquisition directly from the Company, other than an
acquisition by

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virtue of the exercise of a conversion privilege unless the security being so converted was
itself acquired directly from the Company, (B) Any acquisition by the Company, (C) Any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any entity controlled by the Company, or (D) Any acquisition pursuant to a
transaction which complies with clauses (i), (ii) and (iii) of Section VIII(D)(v)(3);or

(2) A change in the composition of the board of directors of the Company (the
“Board”) such that the individuals who, as of the Effective Date, constitute the Board
(such Board shall be hereinafter referred to as the “Incumbent Board”) cease for any
reason to constitute at least a majority of the Board; provided, however, for purposes
of this definition, that any individual who becomes a member of the Board subsequent to
the Effective Date, whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of those individuals who
are members of the Board and who were also members of the Incumbent Board (or deemed to
be such pursuant to this proviso) shall be considered as though such individual were a
member of the Incumbent Board; but, provided further, that any such individual whose
initial assumption of office occurs as a result of either an actual or threatened
election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated
under the Exchange Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board shall not be so considered as
a member of the Incumbent Board; or

(3) Consummation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the Company or the acquisition
of shares or assets of another company (“Corporate Transaction”); excluding, however,
such a Corporate Transaction pursuant to which (i) all or substantially all of the
individuals and entities who are the beneficial owners, respectively, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities immediately
prior to such Corporate Transaction will beneficially own, directly or indirectly, more
than 50% of, respectively, the outstanding shares of common stock (or equity
interests), and the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors (or equivalent governing body,
if applicable), as the case may be, of the entity resulting from such Corporate
Transaction (including an entity which as a result of such transaction owns the Company
or all or substantially all of the Company’s assets either directly or through one or
more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Corporate Transaction, of the Outstanding Company Common
Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person
(other than the Company, any employee benefit plan (or related trust) of the Company or
such entity resulting from such Corporate Transaction) will beneficially own, directly
or indirectly, 50% or more of, respectively, the outstanding shares of common stock (or
equity interests) of the entity resulting from such Corporate Transaction or the
combined voting power of the outstanding voting securities of such corporation entitled
to vote generally in the election of directors (or equivalent governing body, if
applicable) except to the extent that such ownership existed prior to the Corporate
Transaction, and (iii) individuals who were members of the Incumbent Board will
constitute at least a majority of the members of the board of directors (or equivalent
governing body, if applicable) of the entity resulting from such Corporate Transaction;
or

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(4) The approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company.

          E. Conditions to Payment. All payments due to the Executive under this Section VIII
shall be made as soon as practicable in accordance with Section VIIIA; provided, however,
that such payments, shall be subject to, and contingent upon, the execution by the Executive (or
his beneficiary or estate) of a release of any and all claims against WEX and its affiliates in
such reasonable form and substance adopted by WEX; provided further that such release shall
not waive, release or limit any rights the Executive has, or may have, to indemnification under the
Articles or Certificate of Incorporation, Bylaws, or other corporate governance documents of WEX,
to the extent arising out of claims asserted other than by the company or its affiliates, or under
applicable law, or any coverage or rights to coverage the Executive may have under insurance
maintained by WEX relating to the Executive’s actions on behalf of WEX within the scope of and
during the course of his employment with WEX. The Company will provide Executive with a copy of
such release not later than 21 days (45 days if Executive’s termination is part of an exit
incentive or other employment termination program offered to a group or class of employees) before
Executive’s termination of employment. Executive shall deliver the executed release to the Company
not later than eight days before the payment date provided in Section VIIIA for termination
payments to be made under this Agreement which are subject to 409A. The payments due to the
Executive under this Section VIII shall be in lieu of any other severance benefits otherwise
payable to the Executive under any severance plan of WEX or its affiliates and/or any other
agreement or arrangement. Nothing herein shall be construed as limiting the Executive’s
entitlement to any other vested accrued benefits to which he (or his estate if applicable) is then
entitled under WEX’s applicable employee benefit plans, including without limitation any disability
or life insurance plan benefits which may become payable.

SECTION VIIIA

OTHER TERMS RELATING TO TERMINATION OF EMPLOYMENT PAYMENTS;

REIMBURSEMENTS; SECTION 409A EXEMPTIONS; DELAYED PAYMENTS UNDER

SECTION 409A

     A. Time of Payment. Amounts payable under Section VIII following Executive’s
termination of employment, other than those expressly payable on a deferred basis, will be paid in
the payroll period next following the payroll period in which termination of employment occurs
except as otherwise provided in this Section VIIIA. Payment of any amount by reason of Executive’s
termination of employment shall be made no later than the last day of Executive’s second taxable
year following Executive’s taxable year in which the termination occurs.

     B. Reimbursements. Any reimbursements made or in-kind benefits provided under this Agreement
shall be subject to the following conditions:

     i. the amount of expenses eligible for reimbursement or in-kind benefits provided in
any one taxable year of Executive shall not affect the amount of expenses eligible for
reimbursement or in-kind benefits provided in any other taxable year of Executive;

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     ii. the reimbursement of any expense shall be made no later than the last day of
Executive’s taxable year following Executive’s taxable year in which the expense was
incurred (unless this Agreement specifically provides for reimbursement by an earlier date);

     iii. the right to reimbursement of an expense or payment of an in-kind benefit shall
not be subject to liquidation or exchange for another benefit.

     C. Short-Term Deferral Exemption. It is intended that payments made under this
Agreement due to Executive’s termination of employment that are not otherwise subject to Section
409A of the Internal Revenue Code (“409A”) which are paid on or before the 15th day of
the third month following the end of Executive’s taxable year in which his termination of
employment occurs shall be exempt from compliance with 409A pursuant to the exemption for
short-term deferrals set forth in Section 1.409A-1(b)(4) of the Treasury Regulations
(“Regulations”).

     D. Separation Pay Exemption. It is intended that payments made under this Agreement
due to Executive’s Without Cause Termination or Constructive Discharge that are not otherwise
subject to 409A which do not exceed two times the lesser of (a) the Executive’s annualized
compensation (determined in accordance with the Regulations) or (b) the maximum amount that may be
taken into account under Section 401(a)(17) of the Code ($245,000 for 2009) shall be exempt from
compliance with 409A pursuant to the exemption for separation pay set forth in Section
1.409A-1(b)(9) of the Regulations.

     E. Six-Month Delay for Specified Employees. Anything in this Agreement to the
contrary notwithstanding, payments to be made under this Agreement upon termination of Executive’s
employment which are subject to 409A (“409A Payments”) shall be delayed for six months following
such termination of employment if Executive is a Specified Employee as defined below on the date of
termination of employment. Any 409A Payment due within such six-month period shall be delayed to
the end of such six-month period.

     i. The Company will adjust the 409A Payment to reflect the deferred payment date by
multiplying the payment or reimbursement by the product of the six-month CMT Treasury Bill
annualized yield rate as published by the U.S. Treasury for the date on which such payment
or reimbursement would have been made but for the delay multiplied by a fraction, the
numerator of which is the number of days by which such payment or reimbursement was delayed
and the denominator of which is 365.

     ii. The Company will make the adjusted 409A Payment at the beginning of the seventh
month following Executive’s termination of employment. Notwithstanding the foregoing, if
calculation of the amounts payable by any payment date specified in this Subsection E is not
administratively practicable due to events beyond the control of Executive (or Executive’s
beneficiary or estate) and for reasons that are commercially reasonable, payment will be
made as soon as administratively practicable in compliance with 409A and the Regulations
thereunder. In the event of Executive’s death during such

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six-month period, payment will be made in the payroll period next following the payroll
period in which Executive’s death occurs.

     iii. “Specified Employee”. For purposes of this Agreement, a “Specified Employee”
shall mean an employee of the Company who satisfies the requirements for being designated a
“key employee” under Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to
Section 416(i)(5) of the Code at any time during a calendar year, in which case such
employee shall be considered a Specified Employee for the twelve-month period beginning on
the first day of the fourth month immediately following the end of such calendar year.
Notwithstanding the foregoing, all employees who are nonresident aliens during an entire
calendar year are excluded for purposes of determining which employees meet the requirements
of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of
the Code for such calendar year. The term “nonresident alien” as used herein shall have the
meaning set forth in Regulations Section 1.409A-1(j). In the event of any corporate spinoff
or merger, the determination of which employees meet the requirements of Section
416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code
for any calendar year shall be determined in accordance with Regulations Section
1.409A-1(i)(6).

SECTION IX

OTHER DUTIES OF THE EXECUTIVE

DURING AND AFTER THE PERIOD OF EMPLOYMENT

          A. Cooperation with Legal Claims. The Executive will, with reasonable notice during or after
the Period of Employment, furnish information as may be in his possession and reasonably cooperate
with WEX and its affiliates as may reasonably be requested in connection with any claims or legal
action in which WEX or any of its affiliates is or may become a party. The foregoing shall not
unreasonably interfere with the Executive’s duties to any successor employer and the Company shall
reimburse the Executive for any reasonable expenses incurred for providing such assistance.

          B. Protection of Confidential Information.

          i. Acknowledgement. The Company and the Executive acknowledge that the services to
be performed by the Executive under this Agreement are unique and extraordinary and that, as a
result of the Executive’s employment, the Executive will be in a relationship of confidence and
trust with the Company and will come into possession of Confidential Information (as defined
below) that is (1) owned or controlled by the Company, (2) in the possession of the Company and
belonging to third parties or (3) conceived, originated, discovered or developed, in whole or in
part, by the Executive. “Confidential Information” means trade secrets and other confidential or
proprietary business, technical, personnel or financial information, whether or not the
Executive’s work product, in written, graphic, oral, electronic or other tangible or intangible
forms, including specifications, samples, records, data, computer programs, drawings, diagrams,
models, customer names, business or mailing addresses, ID’s or e-mail addresses, business or
marketing plans, studies, analyses, projections and reports, communications by or to attorneys
(including attorney-client privileged communications),

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memos and other materials prepared by attorneys or under their direction (including attorney work
product), and software systems and processes. Any Confidential Information that is not readily
available to the public shall be considered to be a trade secret and confidential and proprietary,
even if it is not specifically marked as such, unless the Company advises the Executive otherwise
in writing.

          ii. Nondisclosure. The Executive agrees that the Executive will keep the Confidential
Information in strictest confidence and trust, and will not, without the prior written consent of
the Company, directly or indirectly, use or disclose Confidential Information to any person,
during or after the Executive’s employment, except as may be necessary in the ordinary course of
performing the Executive’s duties under this Agreement. This Section IX(B) shall apply
indefinitely, both during and after the Period of Employment.

          iii. Surrender Upon Termination. The Executive agrees that, in the event of the
termination of the Executive’s employment for any reason, at any time, the Executive will
immediately deliver to the Company all property belonging to the Company, including documents and
materials of any nature pertaining to the Executive’s work with the Company, and will not take
with the Executive any documents or materials of any description, or any reproduction thereof of
any description, containing or pertaining to any Confidential

          Information. It is understood that the Executive is free to use information that is in the public
domain, but not as a result of a breach of this Agreement.

          C. Restrictions.

          i. During the Period of Employment and for the Post Termination Period thereafter
(collectively, the “Restricted Period”), the Executive will not knowingly use his status with WEX
or any of its affiliates to obtain loans, goods or services from another organization on terms that
would not be available to him in the absence of his relationship to WEX or any of its affiliates.
The Post Termination Period means a period of two (2) years following the Executive’s termination
of employment, if, in connection with such termination, the Executive receives a severance under
Section VIII(B) of this Agreement, or one (1) year following the Executive’s termination of
employment, in all other cases, irrespective of the cause, manner or time of such termination.

          ii. During the Restricted Period, the Executive will not make any statements or perform any
acts intended or reasonably calculated to advance the interest of any existing or prospective
Competing Enterprise or in any way to injure the interests of or disparage WEX or any of its
affiliates.

          iii. During the Restricted Period, the Executive, without prior express written approval by
the Chief Executive Officer of WEX, will not become employed by, render services to or directly or
indirectly (whether for compensation or otherwise) own or hold a proprietary interest in, manage,
operate, or control, or join or participate in the ownership, management, operation or control of,
or furnish any capital to or be connected in any manner with, any Competing Enterprise.

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          iv. For purposes of this Section IX, a “Competing Enterprise” means any entity, organization
or person engaged, or planning to become engaged, in substantially the same or similar business to
that being conducted or actively and specifically planned to be conducted within the Restricted
Period by WEX or its subsidiaries, owned or controlled. It includes, without limitation: (i) the
business of developing, managing, operating, marketing, processing, financing, or otherwise being
involved in providing any products or services for the benefit of or use by commercial vehicle or
aviation fleets through charge cards, credit cards, procurement cards or any other form of payment
services or electronic commerce; (ii) the sale, distribution or publication of petroleum product
pricing or management information or other products or services currently sold or contemplated to
be sold by WEX or any of its owned or controlled subsidiaries, and (iii) the business of
developing, managing, operating, marketing, processing, financing, or otherwise being involved in
providing commercial travel, entertainment and purchasing credit cards. The restrictions in this
Section shall not be construed to prevent the Executive from working for a business entity that
does not compete with WEX or its subsidiaries simply because the entity is affiliated with a
Competing Enterprise, so long as the entity is operationally separate and distinct from the
Competing Enterprise and the Executive’s job responsibilities at that entity are unrelated to the
Competing Enterprise. The Executive acknowledges that WEX’s and its subsidiaries’ businesses are
conducted nationally and agrees that the provisions in this paragraph shall operate throughout the
United States.

          v. During the Restricted Period, the Executive, without express prior written approval from
the Chief Executive Officer, will not solicit any then-current clients, customers or private label,
cobrand or similar strategic partners of WEX or any of its affiliates. In addition, during the
Restricted Period, the Executive, without express prior written approval from the Chief Executive
Officer, will not discuss with any employee of WEX or any of its affiliates information related to
the operation or potential operation of any Competing Enterprise.

          vi. During the Restricted Period, the Executive will not interfere with the employees or
affairs of WEX or any of its affiliates or solicit or induce any person who is an employee of WEX
or any of its affiliates to terminate any relationship such person may have with WEX or any of its
affiliates. In addition, neither the Executive nor any entity he controls nor person he employs
shall, during such period, directly or indirectly engage, employ or compensate any employee of WEX
or any of its affiliates. The Executive hereby represents and warrants that the Executive has not
entered into any agreement, understanding or arrangement with any employee of WEX or any of its
affiliates pertaining to any business in which the Executive has participated or plans to
participate, or to the employment, engagement or compensation of any such employee.

          vii. For the purposes of this Agreement, “proprietary interest” means legal or equitable
ownership, whether through stock holding or otherwise, of an equity interest in a business, firm or
entity or ownership of more than 1% of any class of equity interest in a publicly-held company and
the term “affiliate” will include without limitation all subsidiaries of WEX.

          D. The Executive hereby acknowledges that damages at law may be an insufficient remedy to WEX
if the Executive violates the terms of this Agreement and that WEX will be entitled, upon making
the requisite showing, to preliminary and/or permanent injunctive relief in any court of competent
jurisdiction to restrain the breach of or otherwise to specifically enforce any of the covenants
contained in this Section IX without the necessity of showing any

11

 

actual damage or that monetary damages would not provide an adequate remedy. Such right to an
injunction will be in addition to, and not in limitation of, any other rights or remedies WEX may
have. Without limiting the generality of the foregoing, neither party will oppose any motion the
other party may make for any expedited discovery or hearing in connection with any alleged breach
of this Section IX.

          E. The Executive agrees that the restrictions contained in this Section IX are an essential
element of the compensation the Executive is granted hereunder and but for the Executive’s
agreement to comply with such restrictions, WEX would not have entered into this Agreement.

SECTION X

DIRECTORS AND OFFICERS INSURANCE

          WEX will maintain D&O insurance for the Executive on a basis no less favorable than it
maintains for other officers of WEX.

SECTION XI

MITIGATION

          The Executive will not be required to mitigate the amount of any payment provided for
hereunder by seeking other employment or otherwise, nor will the amount of any such payment be
reduced by any compensation earned by the Executive as the result of employment by another employer
after the date the Executive’s employment hereunder terminates or by offset against any amount
claimed to be owed by the Executive to WEX, or otherwise. The parties’ respective obligations
hereunder shall be absolute and unconditional and shall not be affected by any circumstances,
including without limitation any setoff, counterclaim, recoupment, defense or other right which the
other party hereto may have.

SECTION XII

TAXATION

          The Executive acknowledges and agrees that WEX may directly or indirectly withhold from any
payments under this Agreement all federal, state, city or other taxes that will be required
pursuant to any law or governmental regulation. Anything in this Agreement to the contrary
notwithstanding, the terms of this Agreement shall be interpreted and applied in a manner
consistent with the requirements of Section 409A of the Code and the Regulations so as not to
subject Executive to the payment of any tax or interest which may be imposed under such section,
and the Company shall have no right to accelerate or make any payment under this Agreement to the
extent such action would subject Executive to the payment of any tax or interest under such
section. If all or a portion of the benefits and payments provided under this Agreement
constitute taxable income to Executive for any taxable year that is prior to the taxable year in
which such payments and/or benefits are to be paid to Executive, as a result of the Agreement’s
failure to comply with the requirements of Section 409A of the Code and the Regulations, the
applicable payment or benefit shall be paid immediately to Executive to the extent such payment
or benefit is required to be included in income.

12

 

SECTION XIII

EFFECT OF PRIOR AGREEMENTS

          This Agreement will supersede any prior employment agreement between the Executive on the one
hand, and WEX (or any of its affiliates or parents) on the other hand and any such prior employment
agreement will be deemed terminated without any remaining obligations of either party thereunder.

SECTION XIV

CONSOLIDATION, MERGER OR SALE OF ASSETS

          Nothing in this Agreement will preclude WEX from consolidating or merging into or with, or
transferring all or substantially all of its assets to, another corporation that assumes this
Agreement and all obligations and undertakings of WEX hereunder. Upon such a consolidation, merger
or sale of assets the term “WEX” will mean the other corporation and this Agreement will continue
in full force and effect.

SECTION XV

MODIFICATION: WAIVER

          This Agreement may not be modified or amended except in writing signed by the parties. No term
or condition of this Agreement will be deemed to have been waived except when waived in writing by
the party charged with waiver. A waiver will operate only as to the specific term or condition
waived and will not constitute a waiver for the future or have any impact on anything other than
that which is specifically waived.

SECTION XVI

GOVERNING LAW

          This Agreement has been executed and delivered in the State of Maine and its validity,
interpretation, performance and enforcement will be governed by the internal laws of that state.

SECTION XVII

ARBITRATION

          A. Any controversy, dispute or claim arising out of or relating to this Agreement or the
breach hereof which cannot be settled by mutual agreement (other than with respect to the matters
covered by Section IX for which WEX may, but will not be required to, seek injunctive relief) will
be finally settled by binding arbitration in accordance with the Federal Arbitration Act (or if not
applicable, the applicable state arbitration law) as follows: Any party who is aggrieved will
deliver a written notice to the other party setting forth the specific points in dispute. Any
points remaining in dispute twenty (20) days after the giving of such written notice may be
submitted by either party, upon ten (10) days prior written notice to the other party, to
arbitration in Portland, Maine, to the American Arbitration Association, before a single arbitrator
appointed in accordance with the arbitration rules of the American Arbitration Association,
National Rules for the Resolution of Employment Disputes, modified only as herein expressly
provided. The arbitrator may enter a default decision against any party who fails to participate in
the arbitration proceedings.

13

 

          B. The decision of the arbitrator on the points in dispute will be final, and binding, and
judgment on the award may be entered in any court having jurisdiction thereof.

          C. Except as otherwise provided in this Agreement, the arbitrator will be authorized to
apportion his/her fees and expenses as the arbitrator deems appropriate. In the absence of any such
apportionment, the fees and expenses of the arbitrator will be borne equally by each party, and
each party will bear the fees and expenses of its or his own attorney.

          D. The parties agree that this Section XVII has been included to rapidly and inexpensively
resolve any disputes between them with respect to this Agreement, and that this Section XVII will
be grounds for dismissal of any court action commenced by either party with respect to this
Agreement, other than post-arbitration actions seeking to enforce an arbitration award, or matters
covered by Section IX. In the event that any court determines that this arbitration procedure is
not binding, or otherwise allows any litigation regarding a dispute, claim, or controversy covered
by this Agreement to proceed, the parties hereto hereby waive any and all right to a trial by jury
in or with respect to such litigation and do hereby consent to the jurisdiction of the appropriate
court within the State of Maine.

          E. The parties will keep confidential, and will not disclose to any person, except as may be
required by law, the existence of any controversy hereunder, the referral of any such controversy
to arbitration or the status or resolution thereof.

SECTION XVIII

SURVIVAL

          Sections IX, X, XI, XII, XIV and XVII will continue in full force in accordance with their
respective terms notwithstanding any termination of the Period of Employment.

SECTION XIX

SEPARABILITY

          All provisions of this Agreement are intended to be severable. In the event any provision or
restriction contained herein is held to be invalid or unenforceable in any respect, in whole or in
part, such finding will in no way affect the validity or enforceability of any other provision of
this Agreement. The parties hereto further agree that any such invalid or unenforceable provision
will be deemed modified so that it will be enforced to the greatest extent permissible under law,
and to the extent that any court of competent jurisdiction determines any restriction herein to be
unreasonable in any respect, such court may limit this Agreement to render it reasonable in the
light or the circumstances in which it was entered into and specifically enforce this Agreement as
limited.

14

 

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

	 	 	 
	 

	 	WRIGHT EXPRESS CORPORATION
	 
	 	 
	 

	 	 

	 

	 	By: Michael E. Dubyak
	 

	 	Title: President and CEO
	 
	 	 
	 

	 	[________]
	 
	 	 
	 
	 	 
	 

	 	 

15exv10w35

Exhibit 10.35

NOVATION AGREEMENT

and

NEW ISDA AGREEMENT

dated as of October 23, 2009 among:

WRIGHT EXPRESS CORPORATION (the “Remaining Party”), BANK OF AMERICA, N.A.. (the “Transferor”)

AND

MERRILL LYNCH COMMODITIES, INC. (the “Transferee”).

The Transferor and the Remaining Party have entered into one or more Transactions as identified in
the attached Annex A (each an “Old Transaction”), each evidenced by a Confirmation (an “Old
Confirmation”) subject to an ISDA between the Transferor and the Remaining Party dated April 20,
2005 (the “Old Agreement”).

With effect from and including December 10, 2009, (the “Novation Date”) the Transferor wishes to
transfer by novation to the Transferee, and the Transferee wishes to accept the transfer by
novation of, all the rights, liabilities, duties and obligations of the Transferor under and in
respect of each Old Transaction, with the effect that the Remaining Party and the Transferee enter
into new transactions (each a “New Transaction”) between them having terms identical to those of
each Old Transaction, as more particularly described below.

The Remaining Party wishes to accept the Transferee as its sole counterparty with respect to the
New Transactions.

The Transferor and the Remaining Party wish to have released and discharged, as a result and to the
extent of the transfer described above, their respective obligations under and in respect of the
Old Transactions.

Accordingly, the parties agree as follows: —

1. Definitions.

Terms defined in the ISDA Master Agreement (Multicurrency-Cross Border) as published in 1992 by the
International Swaps and Derivatives Association, Inc., (the “1992 ISDA Master Agreement”) are used
herein as so defined, unless otherwise provided herein.

2. Transfer, Release, Discharge and Undertakings.

With effect from and including the Novation Date and in consideration of the mutual
representations, warranties and covenants contained in this Novation Agreement and other good and
valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the
parties), the parties agree as follows:

	 	(a)	 	the Remaining Party and the Transferor are each released and discharged from further
obligations to each other with respect to each Old Transaction and their respective rights
against each other thereunder are cancelled; provided, for the avoidance of doubt, that all
of the respective rights, claims, including any third party claims, interests, liabilities,
duties and obligations under or in respect of the Old Transactions of Transferor and the
Remaining Party arising in respect of the period before the Novation Date shall remain
with, and be retained by, Transferor and the Remaining Party, as applicable, and
	 
	 	(b)	 	in respect of the each New Transaction, the Remaining Party and the Transferee each
undertake liabilities and obligations towards the other and acquire rights against each
other identical in their

 

 

	 	 	 	terms to each corresponding Old Transaction (and, for the avoidance of doubt as if the
Transferee were the Transferor and with the Remaining Party remaining the Remaining
Party); and
	 
	 	(c)	 	each New Transaction shall be governed by and form part of the New ISDA Agreement
(defined below) and the relevant Old Confirmation (which, in conjunction and as
deemed modified to be consistent with this Novation Agreement, shall be deemed to be a
Confirmation between the Remaining Party and the Transferee).

3. Creation of the New ISDA Agreement

With effect from and including the Novation Date, the terms and conditions set forth in the Old
Agreement are incorporated herein by reference and form a new, additional agreement (“New ISDA
Agreement”) between the Transferee (taking the position in the New ISDA Agreement as taken by the
Transferor in the Old Agreement) and the Remaining Party (taking the same position in the New ISDA
Agreement as it took in the Old Agreement), subject to the amendments described in Annex B to this
Novation Agreement. Transferee and Remaining Party agree that no further steps or actions need be
taken for the New Transactions under the New ISDA Agreement to come into effect and to supersede
and replace the Old Transactions subject to the Old Agreement. For purposes of clarification, upon
effectuation of this Novation Agreement, (1) the New ISDA Agreement and the Old Agreement will be
in full force and effect and (2) the Old Transaction(s) shall be governed by the New ISDA
Agreement.

4. Merrill Lynch & Co., Inc. Guaranty

The Transferee’s performance shall be guaranteed by Merrill Lynch & Co., Inc. (“ML&Co.”) in the
form of Guaranty attached to this Novation Agreement as Annex C. Upon execution of this Novation
Agreement by all parties, ML&Co. shall promptly provide an executed Guaranty to the Remaining Party
no later than the Novation Date.

5. Representations and Warranties.

	 	(a)	 	On the date of this Novation Agreement and on the Novation Date:

	 	(i)	 	Each of the parties makes to each of the other parties those
representations and warranties set forth in Section 3(a) of the 1992 ISDA Master
Agreement with references in such Section to “this Agreement” or “any Credit
Support Document” being deemed references to this Novation Agreement alone.
	 
	 	(ii)	 	The Remaining Party and the Transferor each makes to the other, and
the Remaining Party and the Transferee each makes to the other, the representation
set forth in Section 3(b) of the 1992 ISDA Master Agreement, in each case with
respect to the Old Agreement or the ISDA Agreement, as the case may be, and taking
into account the parties entering into and performing their obligations under this
Novation Agreement.
	 
	 	(iii)	 	Each of the Transferor and the Remaining Party represents and
warrants to each other and to the Transferee that:

	 	(A)	 	it has made no prior transfer (whether by way of security
or otherwise) of the Old Agreement or any interest or obligation in respect
of any Old Transaction; and
	 
	 	(B)	 	as of the Novation Date, all obligations of the
Transferor and the Remaining Party (with the exception of the payment
obligations set forth in Section 2(b) and 2 (c) above) under each Old
Transaction required to be performed on or before the Novation Date have
been fulfilled.

 

 

	 	(b)	 	The Transferor makes no representation or warranty and does not assume any
responsibility with respect to the legality, validity, effectiveness, adequacy or
enforceability of any New Transaction or the New ISDA Agreement or any documents relating
thereto and assumes no responsibility for the condition, financial or otherwise, of the
Remaining Party, the Transferee or any other person or for the performance and observance
by the Remaining Party, the Transferee or any other person of any of its obligations under
any New Transaction or the New ISDA Agreement or any document relating thereto and any and
all such conditions and warranties, whether express or implied by law or otherwise, are
hereby excluded.

6. Counterparts.

	 	 	This Novation Agreement (and each amendment, modification and waiver in respect of it) may be
executed and delivered in counterparts (including by facsimile transmission), each of which will
be deemed an original.

7. Costs and Expenses.

	 	 	The parties will each pay their own costs and expenses (including legal fees) incurred in
connection with this Novation Agreement and as a result of the negotiation, preparation and
execution of this Novation Agreement.

8. Amendments.

	 	 	No amendment, modification or waiver in respect of this Novation Agreement will be effective
unless in writing (including a writing evidenced by a facsimile transmission) and executed by
each of the parties or confirmed by an exchange of telexes or electronic messages on an
electronic messaging system.

	9.	(a)	 	Governing Law.
	 
	 	 	 	This Novation Agreement will be governed by and construed in accordance with the laws of the
State of New York without reference to the conflict of laws provisions thereof.
	 
	 	(b)	 	Jurisdiction.
	 
	 	 	 	The terms of Section 13(b) of the 1992 ISDA Master Agreement shall apply to this Novation
Agreement with references in such Section to “this Agreement” being deemed references to
this Novation Agreement alone.

IN WITNESS WHEREOF the parties have executed this Novation Agreement on the respective dates
specified below with effect from and including the Novation Date.

	 	 	 	 	 
	 	 	MERRILL LYNCH & CO., INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Dennis Albrecht
	 

	 	 	 	 
	 

	 	Name:
	 	Dennis Albrecht
	 

	 	Title:
	 	Managing Director
	 

	 	Date:
	 	12/9/2009

 

 

	 	 	 	 	 
	 	 	WRIGHT EXPRESS CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Steven A. Elder
	 

	 	 	 	 
	 

	 	Name:
	 	Steven A. Elder
	 

	 	Title:
	 	Vice President
	 

	 	Date:
	 	12/8/2009
	 
	 	 	 	 
	 	 	BANK OF AMERICA, N.A.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Victoria A. Namishia
	 

	 	 	 	 
	 

	 	Name:
	 	Victoria A. Namishia
	 

	 	Title:
	 	Assistant Vice President
	 

	 	Date:
	 	12/8/2009

 

 

ANNEX B

AMENDMENTS

1. New ISDA Agreement – Master Agreement

The Parties agree to the terms and conditions of the New ISDA Agreement pursuant to Section 3 of
this Novation Agreement, on identical terms as the Old Agreement (incorporated by reference in
Section 3 of this Novation Agreement), subject to the following amendments:

	 	(a)	 	Bank of America, N.A. References. References in the Old Agreement to “Bank of
America,” “BANA” or the like are replaced with “Merrill Lynch Commodities, Inc.” or
“MLCI” as applicable.
	 
	 	(b)	 	Cross-Default. In the definition of “Threshold Amount” in Part 1 of the
Schedule, the Threshold Amount applicable to MLCI is: “three percent (3%) of
Shareholders’ Equity of Merrill Lynch & Co., Inc.”
	 
	 	(c)	 	Payee Tax Representation. Notwithstanding anything herein to the contrary, the
Payee Tax Representation under Part 2 of the Schedule for MLCI is as follows:
	 
	 	 	 	MLCI is a corporation organized under the laws of the State of Delaware and is a resident of
the United States of America.
	 
	 	(d)	 	Agreement to Deliver Documents. Notwithstanding anything herein to the
contrary, the following shall replace Part 3(a) deliverables for MLCI:

	 	 	 	 	 
	Party	 	 	 	 
	Required to	 	 	 	Date by Which
	Deliver	 	 	 	Item to Be
	Document	 	Form/Document/Certificate	 	Delivered
	MLCI

	 	United States Internal Revenue Service
Form W-9, or any successor form.
	 	Upon Request
	 
	 	 	 	 
	MLCI

	 	Annual audited financial statements
(or, in the case of Party A, of its Credit
Support Provider) prepared in accordance
with generally accepted accounting
principles in the country in which the
party (or, in the case of Party A, its
Credit Support Provider) is organized.
	 	Upon Request
	 
	 	 	 	 
	MLCI

	 	Quarterly unaudited financial
statements (or, in the case of Party A, of
its Credit Support Provider) prepared in
accordance with generally accepted
accounting principles in the country in
which the party (or, in the case of Party
A, its Credit Support Provider) is
organized.
	 	Upon Request
	 
	 	 	 	 
	MLCI.

	 	Credit Support Document, if any,
specified in Part 4 of the Schedule, such
Credit Support Document being duly executed
if required.
	 	Upon Request
	 
	 	 	 	 
	MLCI

	 	Certified copies of the resolution(s)
of its board of directors or other
documents authorizing the execution and
delivery of this Agreement.
	 	Upon Request
	 
	 	 	 	 
	MLCI

	 	Evidence of the authority, incumbency
and specimen signature of each person
executing this Agreement or any
Confirmation, Credit Support Document or
other document entered into in connection
with this Agreement on its behalf or on
behalf of a Credit Support Provider or
otherwise, as the case may be.
	 	Upon Request

	 	(e)	 	Address for Notices.

 

 

	 	(i)	 	Part 4 of the Schedule (“Schedule”) to the ISDA Master
Agreement is hereby amended by replacing the notice information for Bank of
America, N.A. with the following:
	 
	 	 	 	Merrill Lynch Commodities, Inc.

20 East Greenway Plaza

7th Floor

Houston, Texas 77046

Attn: Legal

Fax: 713-544-5551

Phone: 713-544-4975
	 
	 	 	 	Address for notices or communications to Merrill Lynch Commodities, Inc.
(“MLCI”) for all purposes except under Section 5 or 6:
	 
	 	(ii)	 	Any notice to Merrill Lynch Commodities, Inc. under Sections 5
or 6 hereunder shall be in writing and delivered to the following addresses:

	 	(f)	 	Multibranch Party. Notwithstanding anything herein to the contrary, for the
purpose of Section 10 of the ISDA Master Agreement, MLCI is not a Multibranch Party.
	 
	 	(g)	 	Process Agent. Notwithstanding anything herein to the contrary in Part 4 of
the Schedule, the Process Agent for MLCI shall be: Not applicable.
	 
	 	(h)	 	Credit Support Documents. Notwithstanding anything herein to the contrary, in
Part 4 of the Schedule, the Credit Support Document for MLCI is a Guaranty, executed by
Merrill Lynch & Co., Inc. in the form attached as Annex C to this Novation Agreement.
	 
	 	(i)	 	Credit Support Provider. Notwithstanding anything herein to the contrary in the
Agreement, the Credit Support Provider or guarantor, as the case may be, for MLCI is
Merrill Lynch & Co., Inc.
	 
	 	(j)	 	ISDA Definitions. Unless otherwise specified in a Confirmation, the New ISDA
Agreement, each Confirmation and each Transaction incorporates, and is subject to and
governed by the 2000 ISDA Definitions, the 2005 ISDA Commodity Derivatives Definitions,
the 1996 ISDA Equity Derivatives Definitions, the 1997 ISDA Government Bond Option
Definitions, the 1998 ISDA FX and Currency Option Definitions all as amended,
supplemented, updated, and restated from time to time (collectively, the
“Definitions”).
	 
	 	(k)	 	Accounts. If a Confirmation does not state the account to which, or the
currency in which, payments are to be made, they shall be made in United States Dollars
to the following accounts:
	 
	 	 	 	MLCI

	 	 	 
	Pay:

	 	JP Morgan Chase Bank, New York, NY
	For the Account of:

	 	Merrill Lynch Commodities, Inc.
	Account No/CHIPS UID:

	 	323009980
	Fed. ABA No.:

	 	021000021
	 
	 	 
	Remaining Party
	 	 
	 
	 	 
	Pay:

	 	Harris NA

 

 

	 	 	 
	For the Account of:

	 	Wright Express Corporation
	Account No/CHIPS UID:

	 	[Redacted]
	Fed. ABA No.:

	 	[Redacted]

	 	(l)	 	Additional Sections. The following provisions shall be added to the Schedule
(or shall replace similar provisions that are included in the Schedule):

	 	(i)	 	LIMITATION OF LIABILITY. WITH RESPECT TO CLAIMS UNDER THIS
AGREEMENT, NO PARTY SHALL BE REQUIRED TO PAY OR BE LIABLE FOR EXEMPLARY,
PUNITIVE, INCIDENTAL, CONSEQUENTIAL, OR INDIRECT DAMAGES (WHETHER OR NOT
ARISING FROM ITS NEGLIGENCE) TO ANY OTHER PARTY EXCEPT TO THE EXTENT THAT THE
PAYMENTS REQUIRED TO BE MADE PURSUANT TO THIS AGREEMENT ARE DEEMED TO BE SUCH
DAMAGES.
	 
	 	 	 	IF AND TO THE EXTENT ANY PAYMENT REQUIRED TO BE MADE PURSUANT TO THIS
AGREEMENT IS DEEMED TO CONSTITUTE LIQUIDATED DAMAGES, THE PARTIES
ACKNOWLEDGE AND AGREE THAT SUCH DAMAGES ARE DIFFICULT OR IMPOSSIBLE TO
DETERMINE AND THAT SUCH PAYMENT IS INTENDED TO BE A REASONABLE APPROXIMATION
OF THE AMOUNT OF SUCH DAMAGES AND NOT A PENALTY.
	 
	 	(ii)	 	The “Market Disruption Events” specified in Section 7.4(d)(i)
of the Commodity Definitions shall apply, except as otherwise specifically
provided in the Confirmation.
	 
	 	(iii)	 	“Additional Market Disruption Events” shall apply only if so
specified in the relevant Confirmation.
	 
	 	(iv)	 	The following “Disruption Fallbacks” specified in Section
7.5(c) of the Commodity Definitions shall apply in the following order, except
as otherwise provided for in the Confirmation:

	 	1	 	“Fallback Reference Price”
	 
	 	2	 	“Negotiated Fallback”
	 
	 	3	 	“Delayed Publication or Announcement”
	 
	 	4	 	“Fallback Reference Dealers”
	 
	 	5	 	“No Fault Termination”

2. New ISDA Agreement  — Credit Support Annex

          The parties agree that the terms and conditions of the Credit Support Annex of the Old
Agreement (the “Old Credit Support Annex”), if any, are incorporated by reference in Section 3 of
this Novation Agreement (referred to herein as the “New Credit Support Annex”) subject to the
following amendments:

	 	(a)	 	Bank of America, N.A. References. References to “Bank of America,” “BANA” or
the like are replaced with “Merrill Lynch Commodities, Inc.” or “MLCI” as applicable.
	 
	 	(b)	 	Eligible Collateral. The description of Eligible Collateral in the Old Credit
Support Annex shall be replaced with the following:

 

 

	 	 	 	The following items will qualify as “Eligible Collateral” for the party specified:
	 
	 	 	 	Cash — Valuation 100%
	 
	 	(c)	 	Thresholds. If the definition of “Thresholds” is based on credit ratings, the
credit ratings that determine MLCI’s Threshold are the applicable ratings of Merrill
Lynch & Co., Inc.
	 
	 	(d)	 	Address for Transfer under the Credit Support Annex.

	 	 	 	 	 
	MLCI:

	 	Payment to:
	 	JP Morgan Chase Bank, New York, NY
	 

	 	For Account Of:
	 	Merrill Lynch Commodities, Inc.
	 

	 	Account #:
	 	323009980
	 

	 	Federal ABA#:
	 	021000021
	 
	 	 	 	 
	Remaining Party:

	 	Payment to:
	 	Harris NA
	 

	 	For Account Of:
	 	Wright Express Corporation
	 

	 	Account #:
	 	[Redacted]
	 

	 	Federal ABA#:
	 	[Redacted]

 

 

ANNEX C

Merrill Lynch & Co., Inc. Guaranty

GUARANTEE OF MERRILL LYNCH & CO., INC.

     FOR VALUE RECEIVED, receipt of which is hereby acknowledged, MERRILL LYNCH & CO., INC.,
a corporation duly organized and existing under the laws of the State of Delaware (“ML & CO.”),
hereby unconditionally guarantees to WRIGHT EXPRESS CORPORATION (the “Company”), the
due and punctual payment of any and all amounts payable by Merrill Lynch Commodities, Inc., a
corporation organized under the laws of the State of Delaware (“MLCI”), its successors and
permitted assigns, to the extent such successors or permitted assigns are direct or indirect
subsidiaries of ML & Co., under the terms of the ISDA Master Agreement between the Company and
MLCI, dated as of ___(the “Agreement”), including, in case of default, interest on any
amount due, when and as the same shall become due and payable, whether on the scheduled payment
dates, at maturity, upon declaration of termination or otherwise, according to the terms thereof.
In case of the failure of MLCI punctually to make any such payment, ML & Co. hereby agrees to make
such payment, or cause such payment to be made, promptly upon demand made by the Company to ML &
Co.; provided, however that delay by the Company in giving such demand shall in no event affect ML
& Co.’s obligations under this Guarantee. This Guarantee shall remain in full force and effect or
shall be reinstated (as the case may be) if at any time any payment guaranteed hereunder, in whole
or in part, is rescinded or must otherwise be returned by the Company upon the insolvency,
bankruptcy or reorganization of MLCI or otherwise, all as though such payment had not been made.

     ML & Co. hereby agrees that its obligations hereunder shall be unconditional, irrespective of
the validity, regularity or enforceability of the Agreement; the absence of any action to enforce
the same; any waiver or consent by the Company concerning any provisions thereof; the rendering of
any judgment against MLCI or any action to enforce the same; or any other circumstances that might
otherwise constitute a legal or equitable discharge of a guarantor or a defense of a guarantor. ML
& Co. covenants that this guarantee will not be discharged except by complete payment of the
amounts payable under the Agreement. This Guarantee shall continue to be effective if MLCI merges
or consolidates with or into another entity, loses its separate legal identity or ceases to exist.

     ML & Co. hereby waives diligence; presentment; protest; notice of protest, acceleration, and
dishonor; filing of claims with a court in the event of insolvency or bankruptcy of MLCI; all
demands whatsoever, except as noted in the first paragraph hereof; and any right to require a
proceeding first against MLCI.

     ML & Co. hereby certifies and warrants that this Guarantee constitutes the valid obligation of
ML & Co. and complies with all applicable laws. This Guarantee guarantees only payment obligations
of MLCI and does not guarantee the performance of any other obligations of, including, but not
limited to, physical delivery or, to the extent applicable, reporting obligations of MLCI. This
Guarantee constitutes a guarantee of payment and not of collection.

     This Guarantee shall be governed by, and construed in accordance with, the laws of the State
of New York.

     This Guarantee may be terminated at any time by notice by ML&Co. to the Company given in
accordance with the notice provisions of the Agreement, effective upon receipt of such notice by
the Company or such later date as may be specified in such notice; provided, however, that this
Guarantee shall continue in full force and effect, and shall be irrevocable, with respect to any
payment obligation of MLCI under the Agreement entered into prior to the effectiveness of such
notice of termination.

 

 

     This Guarantee becomes effective concurrent with the effectiveness of the Agreement, according
to its terms.

     IN WITNESS WHEREOF, ML & Co. has caused this Guarantee to be executed in its corporate name by
its duly authorized representative.

	 	 	 	 	 
	 	 	MERRILL LYNCH & CO., INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 

	 	Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}]]