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EXHIBIT 10.1

DIONEX CORPORATION

2003 EMPLOYEE STOCK PARTICIPATION PLAN

ADOPTED BY THE BOARD OF DIRECTORS JULY 29, 2003

APPROVED BY STOCKHOLDERS OCTOBER 24, 2003

1. PURPOSE.

     (a) The purpose of the Plan is to provide a means by which Employees of
the Company and certain designated Related Corporations may be given an
opportunity to purchase shares of the Common Stock of the Company.

     (b) The Company, by means of the Plan, seeks to retain the services of
such Employees, to secure and retain the services of new Employees and to
provide incentives for such persons to exert maximum efforts for the success of
the Company and its Related Corporations.

     (c) The Company intends that the Purchase Rights be considered options
issued under an Employee Stock Purchase Plan.

2. DEFINITIONS.

     (a) “Board” means the Board of Directors of the Company.

     (b) “Code” means the Internal Revenue Code of 1986, as amended.

     (c) “Committee” means a committee appointed by the Board in accordance
with Section 3(c) of the Plan.

     (d) “Common Stock” means the common stock of the Company.

     (e) “Company” means Dionex Corporation, a Delaware corporation.

     (f) “Contributions” means the payroll deductions, and other additional
payments specifically provided for in the Offering, that a Participant
contributes to fund the exercise of a Purchase Right. A Participant may make
additional payments into his or her account, if specifically provided for in
the Offering, and then only if the Participant has not already had the maximum
permitted amount through payroll deductions withheld during the Offering.

     (g) “Corporate Transaction” means the occurrence, in a single transaction
or in a series of related transactions, of any one or more of the following
events:

          (i) a sale, lease, license or other disposition of all or substantially
all of the consolidated assets of the Company;

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          (ii) a sale or other disposition of at least fifty percent (50%) of the
outstanding securities of the Company;

          (iii) a merger, consolidation or similar transaction following which the
Company is not the surviving corporation; or

          (iv) a merger, consolidation or similar transaction following which the
Company is the surviving corporation but the shares of Common Stock outstanding
immediately preceding the merger, consolidation or similar transaction are
converted or exchanged by virtue of the merger, consolidation or similar
transaction into other property, whether in the form of securities, cash or
otherwise.

     (h) “Director” means a member of the Board.

     (i) “Eligible Employee” means an Employee who meets the requirements set
forth in the Offering for eligibility to participate in the Offering, provided
that such Employee also meets the requirements for eligibility to participate
set forth in the Plan.

     (j) “Employee” means any person, including Officers and Directors, who is
employed for purposes of Section 423(b)(4) of the Code by the Company or a
Related Corporation. Neither service as a Director nor payment of a director’s
fee shall be sufficient to make an individual an Employee of the Company or a
Related Corporation.

     (k) “Employee Stock Purchase Plan” means a plan that grants Purchase
Rights intended to be options issued under an “employee stock purchase plan,”
as that term is defined in Section 423(b) of the Code.

     (l) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (m) “Fair Market Value” means the value of a security, as determined in
good faith by the Board. If the security is listed on any established stock
exchange or traded on the Nasdaq National Market or the Nasdaq SmallCap Market,
the Fair Market Value of the security, unless otherwise determined by the
Board, shall be the closing sales price (rounded up where necessary to the
nearest whole cent) for such security (or the closing bid, if no sales were
reported) as quoted on such exchange or market (or the exchange or market with
the greatest volume of trading in the relevant security of the Company) on the
Trading Day prior to the relevant determination date, as reported in The Wall
Street Journal or such other source as the Board deems reliable.

     (n) “Offering” means the grant of Purchase Rights to purchase shares of
Common Stock under the Plan to Eligible Employees.

     (o) “Offering Date” means a date selected by the Board for an Offering to
commence.

     (p) "Officer” means a person who is an officer of the Company within the
meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

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     (q) “Participant” means an Eligible Employee who holds an outstanding
Purchase Right granted pursuant to the Plan.

     (r) “Plan” means this Dionex Corporation 2003 Employee Stock Participation
Plan.

     (s) “Purchase Date” means one or more dates during an Offering established
by the Board on which Purchase Rights shall be exercised and as of which
purchases of shares of Common Stock shall be carried out in accordance with
such Offering.

     (t) “Purchase Period” means a period of time specified within an Offering
beginning on the Offering Date or on the next day following a Purchase Date
within an Offering and ending on a Purchase Date. An Offering may consist of
one or more Purchase Periods.

     (u) “Purchase Right” means an option to purchase shares of Common Stock
granted pursuant to the Plan.

     (v) “Related Corporation” means any parent corporation or subsidiary
corporation, whether now or hereafter existing, as those terms are defined in
Sections 424(e) and (f), respectively, of the Code.

     (w) “Securities Act” means the Securities Act of 1933, as amended.

     (x) "Trading Day” means any day the exchange(s) or market(s) on which
shares of Common Stock are listed, whether it be any established stock
exchange, the Nasdaq National Market, the Nasdaq SmallCap Market or otherwise,
is open for trading.

3. ADMINISTRATION.

     (a) The Board shall administer the Plan unless and until the Board
delegates administration to a Committee, as provided in Section 3(c). Whether
or not the Board has delegated administration, the Board shall have the final
power to determine all questions of policy and expediency that may arise in the
administration of the Plan.

     (b) The Board (or the Committee) shall have the power, subject to, and
within the limitations of, the express provisions of the Plan:

          (i) To determine when and how Purchase Rights to purchase shares of Common
Stock shall be granted and the provisions of each Offering of such Purchase
Rights (which need not be identical).

          (ii) To designate from time to time which Related Corporations of the
Company shall be eligible to participate in the Plan.

          (iii) To construe and interpret the Plan and Purchase Rights, and to
establish, amend and revoke rules and regulations for the administration of the
Plan. The Board, in the exercise of this power, may correct any defect,
omission or inconsistency in the Plan, in a manner and to the extent it shall
deem necessary or expedient to make the Plan fully effective.

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          (iv) To amend the Plan as provided Section 15.

          (v) Generally, to exercise such powers and to perform such acts as it
deems necessary or expedient to promote the best interests of the Company and
its Related Corporations and to carry out the intent that the Plan be treated
as an Employee Stock Purchase Plan.

     (c) The Board may delegate administration of the Plan to a Committee of
the Board composed of not fewer than three (3) or more members of the Board.
If administration is delegated to a Committee, the Committee shall have, in
connection with the administration of the Plan, the powers theretofore
possessed by the Board, subject, however, to such resolutions, not inconsistent
with the provisions of the Plan, as may be adopted from time to time by the
Board. The Board may abolish the Committee at any time and revest in the Board
the administration of the Plan. If administration is delegated to a Committee,
references to the Board in this Plan and in the Offering document shall
thereafter be deemed to be to the Board or the Committee, as the case may be.

4. SHARES OF COMMON STOCK SUBJECT TO THE PLAN.

     (a) Subject to the provisions of Section 14 relating to adjustments upon
changes in securities, the shares of Common Stock that may be sold pursuant to
Purchase Rights shall not exceed in the aggregate eight hundred thousand
(800,000) shares of Common Stock. If any Purchase Right granted under the Plan
shall for any reason terminate without having been exercised, the shares of
Common Stock not purchased under such Purchase Right shall again become
available for issuance under the Plan.

5. GRANT OF PURCHASE RIGHTS; OFFERING.

     (a) The Board may from time to time grant or provide for the grant of
Purchase Rights to purchase shares of Common Stock under the Plan to Eligible
Employees in an Offering (consisting of one or more Purchase Periods) on an
Offering Date or Offering Dates selected by the Board. Each Offering shall be
in such form and shall contain such terms and conditions as the Board shall
deem appropriate, which shall comply with the requirement of Section 423(b)(5)
of the Code that all Employees granted Purchase Rights shall have the same
rights and privileges. The terms and conditions of an Offering shall be
incorporated by reference into the Plan and treated as part of the Plan. The
provisions of separate Offerings need not be identical, but each Offering shall
include (through incorporation of the provisions of this Plan by reference in
the document comprising the Offering or otherwise) the period during which the
Offering shall be effective, which period shall not exceed twenty-seven (27)
months beginning with the Offering Date, and the substance of the provisions
contained in Sections 6 through 9, inclusive.

     (b) If a Participant has more than one Purchase Right outstanding under
the Plan, unless he or she otherwise indicates in agreements or notices
delivered hereunder: (i) each agreement or notice delivered by that
Participant shall be deemed to apply to all of his or her Purchase Rights under
the Plan, and (ii) a Purchase Right with a lower exercise price (or an
earlier-granted Purchase Right, if different Purchase Rights have identical
exercise prices) shall be exercised to the fullest possible extent before a
Purchase Right with a higher exercise price (or

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 a later-granted Purchase Right if different Purchase Rights have identical
exercise prices) shall be exercised.

6. ELIGIBILITY.

     (a) Purchase Rights may be granted only to Employees of the Company or, as
the Board may designate as provided in Section 3(b), to Employees of a Related
Corporation. Except as provided in Section 6(b), an Employee shall not be
eligible to be granted Purchase Rights under the Plan unless, on the Offering
Date, such Employee has been in the employ of the Company or the Related
Corporation, as the case may be, for such continuous period preceding such
Offering Date as the Board may require, but in no event shall the required
period of continuous employment be greater than two (2) years. In addition,
the Board may provide that no Employee shall be eligible to be granted Purchase
Rights under the Plan unless, on the Offering Date, such Employee’s customary
employment with the Company or the Related Corporation is more than twenty (20)
hours per week and more than five (5) months per calendar year.

     (b) The Board may provide that each person who, during the course of an
Offering, first becomes an Eligible Employee shall, on a date or dates
specified in the Offering which coincides with the day on which such person
becomes an Eligible Employee or which occurs thereafter, receive a Purchase
Right under that Offering, which Purchase Right shall thereafter be deemed to
be a part of that Offering. Such Purchase Right shall have the same
characteristics as any Purchase Rights originally granted under that Offering,
as described herein, except that:

          (i) the date on which such Purchase Right is granted shall be the
“Offering Date” of such Purchase Right for all purposes, including
determination of the exercise price of such Purchase Right;

          (ii) the period of the Offering with respect to such Purchase Right shall
begin on its Offering Date and end coincident with the end of such Offering;
and

          (iii) the Board may provide that if such person first becomes an Eligible
Employee within a specified period of time before the end of the Offering, he
or she shall not receive any Purchase Right under that Offering.

     (c) No Employee shall be eligible for the grant of any Purchase Rights
under the Plan if, immediately after any such Purchase Rights are granted, such
Employee owns stock possessing five percent (5%) or more of the total combined
voting power or value of all classes of stock of the Company or of any Related
Corporation. For purposes of this Section 6(c), the rules of Section 424(d) of
the Code shall apply in determining the stock ownership of any Employee, and
stock which such Employee may purchase under all outstanding Purchase Rights
and options shall be treated as stock owned by such Employee.

     (d) As specified by Section 423(b)(8) of the Code, an Eligible Employee
may be granted Purchase Rights under the Plan only if such Purchase Rights,
together with any other rights granted under all Employee Stock Purchase Plans
of the Company and any Related Corporations, do not permit such Eligible
Employee’s rights to purchase stock of the Company or any Related Corporation
to accrue at a rate which exceeds twenty-five thousand dollars

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 ($25,000) of Fair Market Value of such stock (determined at the time such
rights are granted, and which, with respect to the Plan, shall be determined as
of their respective Offering Dates) for each calendar year in which such rights
are outstanding at any time.

     (e) Officers of the Company and any designated Related Corporation, if
they are otherwise Eligible Employees, shall be eligible to participate in
Offerings under the Plan. Notwithstanding the foregoing, the Board may provide
in an Offering that Employees who are highly compensated Employees within the
meaning of Section 423(b)(4)(D) of the Code shall not be eligible to
participate.

7. PURCHASE RIGHTS; PURCHASE PRICE.

     (a) On each Offering Date, each Eligible Employee, pursuant to an Offering
made under the Plan, shall be granted a Purchase Right to purchase up to that
number of shares of Common Stock purchasable either with a percentage or with a
maximum dollar amount, as designated by the Board, but in either case not
exceeding ten percent (10%) of such Employee’s Earnings (as defined by the
Board in each Offering) during the period that begins on the Offering Date (or
such later date as the Board determines for a particular Offering) and ends on
the date stated in the Offering, which date shall be no later than the end of
the Offering.

     (b) In connection with each Offering made under the Plan, the Board may
specify a maximum number of shares of Common Stock that may be purchased by any
Participant on any Purchase Date during such Offering. In connection with each
Offering made under the Plan, the Board may specify a maximum aggregate number
of shares of Common Stock that may be purchased by all Participants pursuant to
such Offering. In addition, in connection with each Offering that contains
more than one Purchase Date, the Board may specify a maximum aggregate number
of shares of Common Stock that may be purchased by all Participants on any
given Purchase Date under the Offering. If the aggregate purchase of shares of
Common Stock issuable upon exercise of Purchase Rights granted under the
Offering would exceed any such maximum aggregate number, then, in the absence
of any Board action otherwise, a pro rata allocation of the shares of Common
Stock available shall be made in as nearly a uniform manner as shall be
practicable and equitable.

     (c) The purchase price of shares of Common Stock acquired pursuant to
Purchase Rights shall be not less than the lesser of:

          (i) an amount equal to eighty-five percent (85%) of the Fair Market Value
of the shares of Common Stock on the Offering Date; or

          (ii) an amount equal to eighty-five percent (85%) of the Fair Market Value
of the shares of Common Stock on the applicable Purchase Date.

8. PARTICIPATION; WITHDRAWAL; TERMINATION.

     (a) A Participant may elect to authorize payroll deductions pursuant to an
Offering under the Plan by completing and delivering to the Company, within the
time specified in the Offering, an enrollment form (in such form as the Company
may provide). Each such enrollment form shall authorize an amount of
Contributions expressed as a percentage of the submitting

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 Participant’s Earnings (as defined in each Offering) during the Offering
(not to exceed the maximum percentage specified by the Board). Each
Participant’s Contributions shall be credited to a bookkeeping account for such
Participant under the Plan and shall be deposited with the general funds of the
Company except where applicable law requires that Contributions be deposited
with a third party. To the extent provided in the Offering, a Participant may
begin such Contributions after the beginning of the Offering. To the extent
provided in the Offering, a Participant may thereafter reduce (including to
zero) or increase his or her Contributions.

     (b) During an Offering, a Participant may cease making Contributions and
withdraw from the Offering by delivering to the Company a notice of withdrawal
in such form as the Company may provide. Such withdrawal may be elected at any
time prior to the end of the Offering, except as provided otherwise in the
Offering. Upon such withdrawal from the Offering by a Participant, the Company
shall distribute to such Participant all of his or her accumulated
Contributions (reduced to the extent, if any, such deductions have been used to
acquire shares of Common Stock for the Participant) under the Offering, without
interest, and such Participant’s Purchase Right in that Offering shall
thereupon terminate. A Participant’s withdrawal from an Offering shall have no
effect upon such Participant’s eligibility to participate in any other
Offerings under the Plan, but such Participant shall be required to deliver a
new enrollment form in order to participate in subsequent Offerings.

     (c) Purchase Rights granted pursuant to any Offering under the Plan shall
terminate immediately upon a Participant ceasing to be an Employee for any
reason or for no reason (subject to any post-employment participation period
required by law) or other lack of eligibility. The Company shall distribute to
such terminated or otherwise ineligible Employee all of his or her accumulated
Contributions (reduced to the extent, if any, such deductions have been used to
acquire shares of Common Stock for the terminated or otherwise ineligible
Employee) under the Offering.

     (d) Purchase Rights shall not be transferable by a Participant otherwise
than by will or the laws of descent and distribution[, or by a beneficiary
designation as provided in Section 13] and, during a Participant’s lifetime,
shall be exercisable only by such Participant.

9. EXERCISE.

     (a) On each Purchase Date during an Offering, each Participant’s
accumulated Contributions shall be applied to the purchase of shares of Common
Stock up to the maximum number of shares of Common Stock permitted pursuant to
the terms of the Plan and the applicable Offering, at the purchase price
specified in the Offering. No fractional shares shall be issued upon the
exercise of Purchase Rights unless specifically provided for in the Offering.

     (b) The amount, if any, of accumulated Contributions remaining in a
Participant’s account after the purchase of shares of Common Stock which is
less than the amount required to purchase one share of Common Stock on the
final Purchase Date of an Offering shall be held in such Participant’s account
for the purchase of shares of Common Stock under the next Offering under the
Plan, unless such Participant withdraws from such next Offering, as provided in
Section 8(b), or is not eligible to participate in such Offering, as provided
in Section 6, in which case such amount shall be distributed to such
Participant after the final Purchase Date, without

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 interest. The amount, if any, of Contributions remaining in a
Participant’s account after the purchase of shares of Common Stock which is at
least equal to the amount required to purchase one (1) whole share of Common
Stock on the final Purchase Date of the Offering shall be distributed in full
to such Participant at the end of the Offering, without interest.

     (c) No Purchase Rights may be exercised to any extent unless the shares of
Common Stock to be issued upon such exercise under the Plan are covered by an
effective registration statement pursuant to the Securities Act and the Plan is
in material compliance with all applicable federal, state, foreign and other
securities and other laws applicable to the Plan. If on a Purchase Date during
any Offering hereunder the shares of Common Stock are not so registered or the
Plan is not in such compliance, no Purchase Rights or any Offering shall be
exercised on such Purchase Date, and the Purchase Date shall be delayed until
the shares of Common Stock are subject to such an effective registration
statement and the Plan is in such compliance, except that the Purchase Date
shall not be delayed more than twelve (12) months and the Purchase Date shall
in no event be more than twenty-seven (27) months from the Offering Date. If,
on the Purchase Date under any Offering hereunder, as delayed to the maximum
extent permissible, the shares of Common Stock are not registered and the Plan
is not in such compliance, no Purchase Rights or any Offering shall be
exercised and all Contributions accumulated during the Offering (reduced to the
extent, if any, such deductions have been used to acquire shares of Common
Stock) shall be distributed to the Participants.

10. COVENANTS OF THE COMPANY.

     The Company shall seek to obtain from each federal, state, foreign or
other regulatory commission or agency having jurisdiction over the Plan such
authority as may be required to issue and sell shares of Common Stock upon
exercise of the Purchase Rights. If, after commercially reasonable efforts,
the Company is unable to obtain from any such regulatory commission or agency
the authority that counsel for the Company deems necessary for the lawful
issuance and sale of shares of Common Stock under the Plan, the Company shall
be relieved from any liability for failure to issue and sell shares of Common
Stock upon exercise of such Purchase Rights unless and until such authority is
obtained.

11. USE OF PROCEEDS FROM SHARES OF COMMON STOCK.

     Proceeds from the sale of shares of Common Stock pursuant to Purchase
Rights shall constitute general funds of the Company.

12. RIGHTS AS A STOCKHOLDER.

     A Participant shall not be deemed to be the holder of, or to have any of
the rights of a holder with respect to, shares of Common Stock subject to
Purchase Rights unless and until the Participant’s shares of Common Stock
acquired upon exercise of Purchase Rights are recorded in the books of the
Company (or its transfer agent).

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13. ADJUSTMENTS UPON CHANGES IN SECURITIES; CORPORATE TRANSACTIONS.

     (a) If any change is made in the shares of Common Stock, subject to the
Plan, or subject to any Purchase Right, without the receipt of consideration by
the Company (through merger, consolidation, reorganization, recapitalization,
reincorporation, stock dividend, dividend in property other than cash, stock
split, liquidating dividend, combination of shares, exchange of shares, change
in corporate structure or other transaction not involving the receipt of
consideration by the Company), the Plan shall be appropriately adjusted in the
type(s), class(es) and maximum number of shares of Common Stock subject to the
Plan pursuant to Section 4(a), and the outstanding Purchase Rights shall be
appropriately adjusted in the type(s), class(es), number of shares and purchase
limits of such outstanding Purchase Rights. The Board shall make such
adjustments, and its determination shall be final, binding and conclusive.
(The conversion of any convertible securities of the Company shall not be
treated as a “transaction not involving the receipt of consideration by the
Company.”)

     (b) In the event of a Corporate Transaction, then: (i) any surviving or
acquiring corporation may continue or assume Purchase Rights outstanding under
the Plan or may substitute similar rights (including a right to acquire the
same consideration paid to stockholders in the Corporate Transaction) for those
outstanding under the Plan, or (ii) if any surviving or acquiring corporation
does not continue or assume such Purchase Rights or does not substitute similar
rights for Purchase Rights outstanding under the Plan, then, the Participants’
accumulated Contributions shall be used to purchase shares of Common Stock
within five (5) business days prior to the Corporate Transaction under the
ongoing Offering, and the Participants’ Purchase Rights under the ongoing
Offering shall terminate immediately after such purchase.

14. AMENDMENT OF THE PLAN.

     (a) The Board at any time, and from time to time, may amend the Plan.
However, except as provided Section 14 relating to adjustments upon changes in
securities, no amendment shall be effective unless approved by the stockholders
of the Company within twelve (12) months before or after the adoption of the
amendment, where the amendment will:

     (i) Increase the number of shares reserved for rights under the
Plan;

     (ii) Modify the provisions as to eligibility for participation in
the Plan (to the extent such modification requires stockholder approval
in order for the Plan to obtain employee stock purchase plan treatment
under Section 423 of the Code); or

     (iii) Modify the Plan in any other way if such modification requires
stockholder approval in order for the Plan to obtain employee stock
purchase plan treatment under Section 423 of the Code or to comply with
the requirements of Rule 16b-3.

It is expressly contemplated that the Board may amend the Plan in any respect
the Board deems necessary or advisable to provide Employees with the maximum
benefits provided or to be provided under the provisions of the Code and the
regulations promulgated thereunder relating to

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Employee Stock Purchase Plans and/or to bring the Plan and/or Purchase Rights
into compliance therewith.

     (b) The rights and obligations under any Purchase Rights granted before
amendment of the Plan shall not be impaired by any amendment of the Plan
except: (i) with the consent of the person to whom such Purchase Rights were
granted, or (ii) as necessary to comply with any laws or governmental
regulations (including, without limitation, the provisions of the Code and the
regulations promulgated thereunder relating to Employee Stock Purchase Plans).

15. TERMINATION OR SUSPENSION OF THE PLAN.

     (a) The Board in its discretion may suspend or terminate the Plan at any
time. Unless sooner terminated, the Plan shall terminate ten (10) years from
the date the Plan is adopted by the Board or approved by the stockholders of
the Company, whichever is earlier. No Purchase Rights may be granted under the
Plan while the Plan is suspended or after it is terminated.

     (b) Any benefits, privileges, entitlements and obligations under any
Purchase Rights while the Plan is in effect shall not be impaired by suspension
or termination of the Plan except (i) as expressly provided in the Plan or with
the consent of the person to whom such Purchase Rights were granted, (ii) as
necessary to comply with any laws, regulations, or listing requirements, or
(iii) as necessary to ensure that the Plan and/or Purchase Rights comply with
the requirements of Section 423 of the Code.

16. EFFECTIVE DATE OF PLAN.

     The Plan shall become effective as determined by the Board, but no
Purchase Rights shall be exercised unless and until the Plan has been approved
by the stockholders of the Company within twelve (12) months before or after
the date the Plan is adopted by the Board.

17. MISCELLANEOUS PROVISIONS.

     (a) The Plan and Offering do not constitute an employment contract.
Nothing in the Plan or in the Offering shall in any way alter the at will
nature of a Participant’s employment or be deemed to create in any way
whatsoever any obligation on the part of any Participant to continue in the
employ of the Company or a Related Corporation, or on the part of the Company
or a Related Corporation to continue the employment of a Participant.

     (b) The provisions of the Plan shall be governed by the laws of the State
of Delaware without resort to that state’s conflicts of laws rules.

10.<PAGE>

                                                                     EXHIBIT 4.6

                          SUPPLEMENT NO. 1 TO INDENTURE

         This SUPPLEMENT NO. 1 TO INDENTURE (this "Supplement") is entered into
as of January 29, 2004, by and between Onyx Acceptance Corporation, a Delaware
corporation (the "Company"), as obligor, and U.S. Bank National Association, a
national banking association, as trustee (the "Trustee").

         The Company and the Trustee agree as follows for the benefit of each
other and for the equal and ratable benefit of the Holders of the renewable,
unsecured, subordinated debt securities of the Company issued pursuant to the
Company's registration statement on Form S-3 declared effective by the
Securities and Exchange Commission on or about January 29, 2004 (the
"Registration Statement"):

         WHEREAS, the Company and the Trustee entered into that certain
Indenture dated as of the February 11, 2002 (the "Original Indenture"), pursuant
to which the Trustee agreed to act as Trustee in connection with the issuance by
the Company of $50,000,000 aggregate principal amount of unsecured subordinated
renewable notes (the "Original Notes");

         WHEREAS, the Company has authorized and proposes to issue up to an
additional $50,000,000 aggregate principal amount of its unsecured subordinated
renewable notes (the "Additional Notes" and, together with the Original Notes,
the "Notes");

         WHEREAS, the Company and the Trustee desire to supplement the Original
Indenture with this Supplement (as supplemented, the "Indenture") to allow for
the issuance of the Additional Notes subject to the terms and conditions of the
Original Indenture;; and

         WHEREAS, Section 9.1(c) of the Original Indenture permits an amendment
to the Original Indenture by the Company and the Trustee without the consent of
any Holder "to provide for additional uncertificated Securities or certificated
Securities;"

         NOW, THEREFORE, in consideration of the mutual agreements hereinafter
contained, the Company and the Trustee hereby covenant and agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         SECTION 1.1 The parties hereto agree and acknowledge that, effective as
of the date hereof, the following terms, as used and defined in the Original
Indenture, shall have the definitions set forth below for all purposes of the
Original Indenture and this Supplement:

         "Indenture" shall mean the indenture dated as of February 11, 2002
between the Issuer and U.S. Bank National Association, as trustee, as
supplemented by Supplement No. 1 to Indenture, dated as of January 29, 2004.

<PAGE>

                                   ARTICLE II
                                 THE SECURITIES

         SECTION 2.1 To allow for the issuance of the Additional Notes, the
first sentence of Section 2.1(a) of the Original Indenture is hereby amended and
restated in its entirety as follows:

     The outstanding aggregate principal amount of Securities to be issued
     hereunder (absent an amendment to the Registration Statement) is limited to
     $100 million; provided, however, that the Company and the Trustee may,
     without the consent of any Holder, increase such aggregate principal amount
     of Securities which may be outstanding at any time.

                                   ARTICLE III
                                  MISCELLANEOUS

         SECTION 3.1 Capitalized terms used and not otherwise defined herein
have the meanings set forth in the Original Indenture.

         SECTION 3.2 The terms and provisions set forth in this Supplement shall
modify and supersede all inconsistent terms and provisions set forth in the
Original Indenture and, except as expressly modified and superseded by this
Supplement, the terms and provisions of the Original Indenture are ratified and
confirmed and shall continue in full force and effect. The Indenture and this
Supplement shall be read, taken and construed as one and the same instrument.

         SECTION 3.3 This Supplement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original,
but all of such counterparts shall together constitute but one and the same
instrument.

         SECTION 3.4 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN THIS
SUPPLEMENT, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

                         [SIGNATURES BEGIN ON NEXT PAGE]

                                     - 2 -
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused to be duly executed,
and their respective corporate seals to be affixed and attested unto, as of the
day and year first written above, this SUPPLEMENT NO. 1 TO INDENTURE.

                              ONYX ACCEPTANCE CORPORATION

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                              U.S. BANK NATIONAL ASSOCIATION, a
                              national banking association, as Trustee

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

Indenture - Signature Page

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