EXHIBIT 10.02
CERIDIAN CORPORATION
BENEFIT PROTECTION TRUST AGREEMENT
THIRD DECLARATION OF AMENDMENT
Pursuant to the retained power of amendment contained in Section 9.1 of the
Ceridian Corporation Benefit Protection Trust Agreement (the "Trust Agreement"),
the undersigned hereby amends the Trust Agreement in the manner described below.
1. Section 1.4 of the Trust Agreement is amended to read as follows:
1.4 ADDITIONAL DEFINITIONS. In addition to the definitions set forth
above, for purposes hereof, unless otherwise clearly apparent from the
context, the following terms have the following indicated meanings:
(a) "Account" has the meaning set forth in Section 2.3(a).
(b) "Beneficiary" means one or more persons, trusts, estates
or other entities, designated in accordance with a Plan, that are
entitled to receive benefits under a Plan upon the death of a
Participant.
(c) "Board" means the board of directors of the Company. When
this Trust Agreement provides for an action to be taken by the Board,
the action may be taken by any committee or individual authorized to
take such action pursuant to a proper delegation of the Company's board
of directors which remains in effect at the time in question.
(d) "Code" means the Internal Revenue Code of 1986, as amended
from time to time.
(e) "Company" means Ceridian Corporation, formerly known as
New Ceridian Corporation.
(f) "Company Stock" means common stock issued by the Company.
(g) "Committee" means the administrative committee appointed
by the Company's Chief Executive Officer to administer the Trust.
(h) "ERISA" means the Employee Retirement Income Security Act
of 1974, as amended from time to time.
(i) "Insolvent" has the meaning set forth in Section 3.4(a).
(j) "Insolvent Entity" has the meaning set forth in Section
3.4(a).
(k) "IRS" means the Internal Revenue Service.
(l) "Participant" means a current or former employee of the
Company or a Subsidiary, or a current or former director of the
Company, who is a party to, or a participant under, one or more of the
Plans in accordance with their terms and conditions.
(m) "Payment Schedule" has the meaning set forth in Section
3.3(b).
(n) "Plan" means any plan, program, policy or agreement
pursuant to which the Company or a Subsidiary is required to provide
deferred or supplemental compensation to a current or former employee
of the Company or Subsidiary or a current or former director of the
Company and which is listed on Schedule 1, as such schedule may be
amended from time to time by the Board.
(o) "Subaccount" has the meaning set forth in Section 2.3(b).
(p) "Subsidiary" means any corporation at least a majority of
whose outstanding securities ordinarily having the right to vote at
elections of directors is owned, directly or indirectly, by the
Company.
(q) "Trust" means the trust established pursuant to this Trust
Agreement as amended from time to time.
(r) "Trust Fund" means the assets held by the Trustee pursuant
to the terms of this Trust Agreement and for the purposes of the Plans.
2. Section 2.2 of the Trust Agreement is amended to read as follows:
2.2 CONTRIBUTIONS. The Company and the Subsidiaries, in their sole
discretion, may at any time, or from time to time, make deposits of
cash or other property acceptable to the Trustee in trust with the
Trustee to be held, administered and disposed of by the Trustee as
provided in this Trust Agreement. In addition, the Company, in its sole
discretion, may at any time, or from time to time, make deposits of
Company Stock in trust with the Trustee to be held, administered and
disposed of by the Trustee as provided in this Trust Agreement. In
connection with any deposit, the Committee will designate in writing to
the Trustee the portion of the deposit attributable to each Account
and, if applicable, Subaccount. Neither the Trustee nor any Participant
or Beneficiary has any right to compel such additional deposits. The
Trustee has no duty to (a) collect or enforce payment to it of any
contributions, (b) require that any contributions be made, (c) compute
any amount to be paid to it or (d) determine whether amounts paid
comply with the terms of the Plans.
3. Section 3.2(a) of the Trust Agreement is amended to read as follows:
(a) To invest and reinvest the Trust Fund, together with the
income therefrom, in common stock, including Company Stock, preferred
stock,
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convertible preferred stock, mutual funds, bonds, debentures,
convertible debentures and bonds, mortgages, notes, time certificates
of deposit, commercial paper and other evidences of indebtedness
(including those issued by the Trustee or any of its affiliates),
financial futures contracts, other securities, policies of life
insurance, annuity contracts, options to buy or sell securities or
other assets, and other property of any kind (personal, real, or mixed,
and tangible or intangible).
4. Section 3.2(k) of the Trust Agreement is amended to read as follows:
(k) To vote all stocks and to exercise all rights incident to
the ownership of stocks, bonds, or other securities or properties held
in the Trust Fund, including Company Stock, and to issue proxies to
vote such stocks; to enter into voting trusts for such period and upon
such terms as it may determine; to give general or special proxies or
powers of attorney, with or without substitution; to sell or exercise
any and all subscription rights and conversion privileges; to sell or
retain any and all stock dividends; to oppose, consent to, or join in
any plan of reorganization, readjustment, merger, or consolidation in
respect to any corporation whose stocks, bonds, or other securities are
a part of the Trust Fund, including becoming a member of any
stockholders' or bondholders' committee; to accept and hold any new
securities issued pursuant to any plan of reorganization, readjustment,
merger, consolidation, or liquidation; to pay any assessments on stocks
or securities or to relinquish the same; and to otherwise exercise any
and all rights and powers to deal in and with the securities and
properties held in the Trust Fund in the same manner and to the same
extent as any individual owner and holder thereof might do.
5. Section 3.4(a) of the Trust Agreement is amended by adding a new final
sentence which reads as follows:
Company Stock or other assets contributed by the Company for the
benefit of a Participant who is or was an employee of a Subsidiary with
respect to his or her service as such is subject to the claims of the
creditors of both the Company and the Subsidiary in the event that
either the Company or the Subsidiary becomes an Insolvent Entity.
6. Section 9.7(a)(1) of the Trust Agreement is amended to read as follows:
(1) By the Company and the Trustee, provided, however, that
(A) if an amendment would in any way adversely affect the rights
created by the Plans or this Trust Agreement of any Participant or
Beneficiary in the Trust Fund, each and every Participant and
Beneficiary whose rights in the Trust Fund would be adversely affected
must consent to the amendment before this Trust Agreement may be so
amended and (B) no consent is required pursuant to clause (A) with
respect to an amendment that modifies or eliminates any provision in
this Trust Agreement expressly related to Company Stock; and
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(2) By the Company and the Trustee as may be necessary to
comply with laws which would otherwise render the Trust void, voidable
or invalid in whole or in part.
7. Section 9.2 of the Trust Agreement is amended to read as follows:
9.2 FINAL TERMINATION. The Trust will not terminate until the date on
which Participants and their Beneficiaries are no longer entitled to
benefits pursuant to the terms of the Plans. Upon termination of the
Trust, any assets remaining in the Trust will be returned to the
Company and the Subsidiaries. Such remaining assets will be paid by the
Trustee to the Company and the Subsidiaries in such amounts and in the
manner instructed by the Committee, whereupon the Trustee will be
released and discharged from all obligations hereunder; provided, that
any Company Stock or other assets contributed by the Company for the
benefit of a Participant who is or was an employee of a Subsidiary with
respect to his or her service as such may only be paid by the Trustee
to the Company. From and after the date of termination and until final
distribution of the Trust Fund, the Trustee will continue to have all
of the powers provided herein as are necessary or expedient for the
orderly liquidation and distribution of the Trust Fund.
8. Item 2 of Schedule 1 to the Trust Agreement is amended to read as follows:
2. Ceridian Corporation Deferred Compensation Plan (formerly
known as the Ceridian Corporation Executive Investment Plan)
The foregoing amendments are effective as of August 1, 2001.
To acknowledge and affirm the foregoing amendments, the Company and the Trustee
have caused this instrument to be executed by their duly authorized officers.
U.S. BANK NATIONAL ASSOCIATION CERIDIAN CORPORATION
By: /s/ Xxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxxx
Title: Assistant Vice President Title: Sr. Vice President
Date: August 14, 2001 Date: July 26, 2001
By: /s/ X. X. Xxxxx By: /s/ Xxxxxxx X. XxXxxxxx
Title: Vice President Title: Deputy Secretary
Date: August 14, 2001 Date: July 26, 0000
0
XXXXX XX XXXXXXXXX )
) ss.
COUNTY OF HENNEPIN )
On this 26th day of July, 2001, before me personally appeared Xxxxxxx X. Xxxxxx
and Xxxxxxx X. XxXxxxxx, to me personally known, who, being each by me duly
sworn, did say that they are respectively the Senior Vice President and Deputy
Secretary of Ceridian Corporation, the corporation named in the foregoing
instrument and that the instrument was signed on behalf of the corporation, and
they acknowledged the instrument to be the free act and deed of said
corporation.
{SEAL} /s/ Xxxxxx X. Xxxxxxx
Notary
STATE OF MINNESOTA )
) ss.
COUNTY OF XXXXXX )
On this 14th day of July, 2001, before me personally appeared Xxxx X. Xxxxxx and
X. X. Xxxxx, to me personally known, who, being each by me duly sworn, did say
that they are respectively the Assistant Vice President and Vice President of
U.S. Bank National Association, the national banking association named in the
foregoing instrument and that the instrument was signed on behalf of the
association, and they acknowledged the instrument to be the free act and deed of
the association.
{SEAL} /s/ Xxxxxxxx Xxxxxxxx
Notary
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