Document:

exv10w02

 

EXHIBIT 10.02

CERIDIAN CORPORATION

AMENDED AND RESTATED EMPLOYEE STOCK PURCHASE PLAN

1. Purpose of Plan.

     The purpose of the Ceridian Corporation Amended and Restated Employee Stock Purchase Plan (as
amended from time to time, the “Plan”) is to advance the interests of Ceridian Corporation, a
Delaware corporation formerly known as New Ceridian Corporation (the “Company”), and its
stockholders by providing employees of the Company and certain of its subsidiaries with an
opportunity to acquire an ownership interest in the Company through the purchase of common stock of
the Company on favorable terms through payroll deductions. It is the intention of the Company that
the Plan qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue
Code of 1986, as amended (the “Code”), and provisions of the Plan shall be construed consistent
with such intention.

2. Definitions.

     The following terms will have the meanings set forth below, unless the context clearly
otherwise requires:

     2.1 “Agent” means the party or parties designated by the Company to provide Share
Accounts and certain administrative services in connection with the Plan.

     2.2 “Board” means the Board of Directors of the Company or any committee thereof to
which the Board of Directors has delegated authority with respect to the Plan.

     2.3 “Common Stock” means the common stock, par value $.01 per share, of the Company,
or the number and kind of shares of stock or other securities into which such common stock may be
changed in accordance with Section 11 of the Plan.

     2.4 “Committee” means the Compensation and Human Resources Committee of the Board, or
such successor committee that meets the criteria specified in Section 3.

     2.5 “Contribution Account” means an account established for each Participant to which
payroll deductions under the Plan are credited in accordance with Section 7.

     2.6 “Designated Subsidiary” means a Subsidiary that has been designated by the Board
from time to time, in its sole discretion, as eligible to participate in the Plan.

     2.7 “Employee” means any person, including an officer, who is employed on a full-time
or part-time basis by a Participating Employer.

     2.8 “Ending Date” means the last day of each Offering Period.

     2.9 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     2.10 “Fair Market Value” means, with respect to the Common Stock, as of any date:

	 	(a)  	if the Common Stock is listed on the New York Stock Exchange,
the closing price per share of the Common Stock, at the end of the regular
trading session, which as of the effective date of this Plan is 4:00 p.m.,

 

 

	 	   	New
York City time, as reported on the New York Stock Exchange Composite Tape on
that date (or, if no shares were traded on such day, as of the first day prior
thereto on which there was such a trade); or
	 
	 	(b)  	if the Common Stock is not so listed, such price as is
determined in the manner specified by the Committee in its sole discretion,
such manner to be acceptable under Section 423 of the Code.

     2.11 “Grant Date” means the first day of each Offering Period.

     2.12 “Insider” means any Employee who is subject to Section 16 of the Exchange Act.

     2.13 “Offering Period” means each three-month period beginning on March 16 and ending
on June 15, or beginning on June 16 and ending on September 15, or beginning on September 16 and
ending on December 15, or beginning on December 16 and ending on March 15.

     2.14 “Participant” means an eligible Employee who elects to participate in the Plan in
accordance with Section 6.

     2.15 “Participating Employer” means the Company and any Designated Subsidiary that has
elected to participate in the Plan.

     2.16 “Share Account” means the brokerage account established by the Agent for each
Participant to which shares of Common Stock purchased under the Plan are credited in accordance
with Section 9. The Share Account will be established pursuant to a separate agreement between
each Participant and the Agent.

     2.17 “Subsidiary” means any subsidiary corporation of the Company within the meaning
of Section 424(f) of the Code.

3. Administration.

     The Plan shall be administered by the Committee (or any successor thereto appointed by the
Board consisting of not less than three members, all of whom must be members of the Board who are
“Non-Employee Directors” as defined in Rule 16b-3 under the Exchange Act). Members of the
Committee shall be appointed from time to time by the Board, shall serve at the pleasure of the
Board, and may resign at any time upon written notice to the Board. A majority of the members of
the Committee shall constitute a quorum. The Committee shall act by majority approval of the
members, but action may be taken by the Committee without a meeting if unanimous written consent is
given. In accordance with and subject to the provisions of the Plan, the Committee shall have
authority to interpret the Plan, to make, amend and rescind rules and regulations regarding the
Plan (including rules and regulations intended to insure that operation of the Plan complies with
Section 16 of the Exchange Act), and to make all other determinations necessary or advisable in
administering the Plan, all of which determinations shall be final and binding upon all persons.
No member of the Committee shall be liable for any action or determination made in good faith with
respect to the Plan or any option granted under it. To the extent consistent with corporate law,
the Committee may delegate to any directors or officers of
the Company the duties, power and authority of the Committee under the Plan pursuant to such
conditions or limitations as the Committee may establish; provided, however, that only the
Committee may exercise such duties, power and authority with respect to Insiders. The

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Committee
may request advice or assistance or retain the services of such other persons as are necessary for
the proper administration of the Plan.

4. Eligibility.

     Any person who is (a) an Employee on the last day of the calendar month immediately preceding
a Grant Date, (b) is not on long-term disability or unpaid leave status at that time, and (c) has
reached the age of majority in the state or province in which he or she resides shall be eligible
to participate in the Plan for the Offering Period beginning on such Grant Date, subject to the
limitations imposed by Section 423(b) of the Code.

5. Offering Periods.

     Options to purchase shares of Common Stock shall be granted to Participants under the Plan
through a series of consecutive Offering Periods. The first Offering Period under the Plan shall
have a Grant Date of June 16, 2001 and an Ending Date of September 15, 2001. Offering Periods
under the Plan shall continue until either (a) the Committee decides, in its sole discretion, to
cancel future Offering Periods because the Common Stock remaining available under the Plan is
insufficient to grant options to all eligible Employees, or (b) the Plan is terminated in
accordance with Section 17 below. Notwithstanding the foregoing, and without limiting the
authority of the Committee under Section 3, 11.2 and 17 of the Plan, the Committee, in its sole
discretion, may (a) accelerate the Ending Date of the then current Offering Period and provide for
the exercise of Options thereunder by Participants in accordance with Section 9 of the Plan, or (b)
accelerate the Ending Date of the then current Offering Period and provide that all payroll
deductions credited to the accounts of Participants will be paid to Participants as soon as
practicable after such Ending Date and that all Options for such Offering Period will automatically
be canceled and will no longer be exerciable.

6. Participation.

     Participation in the Plan is voluntary. An eligible Employee may become a Participant in the
Plan by completing an enrollment form provided by the Company authorizing payroll deductions and
the establishment of a Share Account, and filing the enrollment form with the Company’s Human
Resources Department not later than the last business day of the month immediately preceding the
Grant Date of the first Offering Period in which the Participant wishes to participate.

7. Payroll Deductions.

     7.1 Each Employee electing to participate in the Plan shall designate on the enrollment form
the amount of money which he or she wishes to have deducted from his or her paycheck each pay day
to purchase Common Stock pursuant to the Plan. The aggregate amount of such payroll deductions
shall not be less than $25.00 per month, and shall not be more than $5,312.50 (85% of $6,250) per
Offering Period, pro-rated equally over the number of pay days applicable to a Participant during
each such Offering Period. Notwithstanding the foregoing, for the two Offering Periods in 2001,
the aggregate amount of such payroll deductions shall not be more than $10,625 (85% of $12,500) per
Offering Period, pro-rated equally over the number of pay days applicable to a Participant during
each such Offering Period in 2001. Deductions for
Plan purposes will not be withheld from compensation amounts, such as annual bonus or gain sharing
payments, that are not part of a Participant’s normal and recurring compensation each payday.

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     7.2 Payroll deductions for a Participant shall commence on the first pay day on or after the
Grant Date of the applicable Offering Period and shall continue until the termination date of the
Plan, unless participation in the Plan is sooner terminated as provided in Section 10, the
deduction amount is increased or decreased by the Participant as provided in Section 7.4,
deductions are suspended as provided in Section 7.4 or the Offering Period is adjusted by the
Committee as provided in Section 5. Except for a Participant’s rights to change the amount of,
suspend or discontinue deductions pursuant to Sections 7.4 and 10, the same deduction amount shall
be utilized for each pay day during subsequent Offering Periods, whether or not the Participant’s
compensation level increases or decreases. If the pay period of any Participant changes, such as
from weekly to semi-monthly, an appropriate adjustment shall be made to the deduction amount for
each pay day corresponding to the new pay period, if necessary, so as to ensure the deduction of
the proper amount as specified by the Participant in his or her enrollment form for that Offering
Period.

     7.3 All payroll deductions authorized by a Participant shall be credited to the Participant’s
Contribution Account. A Participant may not make any separate cash payment or contribution to such
Contribution Account. Contribution Accounts shall be solely for bookkeeping purposes, and no
separate fund or trust shall be established for payroll deductions. Until utilized to purchase
shares of Common Stock, funds from payroll deductions shall be held as part of the Participating
Employers’ general assets, and the Participating Employers shall not be obligated to segregate such
funds. No interest shall accrue on a Participant’s payroll deductions under the Plan.

     7.4 No increases or decreases in the amount of payroll deductions for a Participant may be
made during an Offering Period. A Participant may increase or decrease the amount of his or her
payroll deductions under the Plan, or may suspend such payroll deductions, for subsequent Offering
Periods by completing a change form and filing it with the Company’s Human Resources Department not
later than the last business day of the month immediately preceding the Grant Date for the Offering
Period as of which such increase, decrease or suspension is to be effective.

     7.5 Payroll deductions which are authorized by Participants who are paid other than in U.S.
currency shall be withheld in Contribution Accounts in the country in which such Participant is
employed until exercise of an option granted hereunder. Upon exercise of the option granted to
such Participant, the amount so withheld shall be converted into U.S. dollars on the basis of the
rate of exchange published in the Wall Street Journal for such currency into U.S. dollars as of the
business day immediately preceding the Ending Date for such Offering Period. The purchase price
shall thereupon be paid to the Company in U.S. dollars following such conversion, the extent to
which the Participant may exercise an option therefore being dependent, in part, upon the
applicable rate of currency exchange. If, as a result of fluctuations in the exchange rate between
the U.S. dollar and a foreign currency during an Offering Period, a Participant who is paid in such
foreign currency has less than the minimum permitted amount deducted during an Offering Period, the
amount deducted will, nevertheless, be used to purchase Common Stock in accordance with the Plan.

8. Grant of Option.

     8.1 Subject to Section 8.2, on each Grant Date, each eligible Employee who is then a
Participant shall be granted (by operation of the Plan) an option to purchase the number of whole
and fractional shares (computed to the fourth decimal place) of Common Stock equal to the lesser

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of
(a) the amount determined by dividing the amount of payroll deductions credited to his or her
Contribution Account during the Offering Period beginning on such Grant Date by the Purchase Price
specified in the following sentence, or (b) the amount determined by dividing $6,250.00 ($10,500.00
in 2001) by the Fair Market Value of one share of Common Stock on the applicable Grant Date. The
purchase price per share of such shares (the “Purchase Price”) shall be the lesser of (i) 85% of
the Fair Market Value of one share of Common Stock on the applicable Grant Date, or (ii) 85% of the
Fair Market Value of one share of Common Stock on the applicable Ending Date.

     8.2 Despite any provisions of the Plan that may provide or suggest otherwise:

	 	(a)  	no Employee shall be granted an option under the Plan to the
extent that immediately after the grant, such Employee (or any other person
whose stock ownership would be attributed to such Employee pursuant to Section
424(d) of the Code) would own shares of Common Stock and/or hold outstanding
options to purchase shares of Common Stock that would in the aggregate
represent 5% or more of the total combined voting power or value of all
classes of shares of the Company or of any Subsidiary;
	 
	 	(b)  	no Employee shall be granted an option under the Plan to the
extent that the Employee’s rights to purchase shares of Common Stock under all
“employee stock purchase plans” (within the meaning of Section 423 of the
Code) of the Company and its Subsidiaries would accrue (i.e., become
exercisable) at a rate that exceeds $25,000 of Fair Market Value of such
shares of Common Stock (determined at the time such option is granted, which
is the Grant Date) for each calendar year in which such option is outstanding
at any time; or
	 
	 	(c)  	no Participant may purchase more than 6,000 shares of Common
Stock under the Plan in any given Offering Period.

9. Exercise of Option.

     9.1 Unless a Participant withdraws from the Plan pursuant to Section 10, his or her option for
the purchase of shares of Common Stock granted for an Offering Period will be exercised
automatically and in full at the applicable Purchase Price as soon as practicable following the
Ending Date of such Offering Period. If the full amount credited to a Participant’s Contribution
Account during an Offering Period is not required to exercise such Participant’s option for that
Offering Period in full (due to the applicability of clause (b) of Section 8.1 and/or fluctuations
in the exchange rate between the U.S. dollar and the foreign currency in which such Participant is
paid), the amount not required to exercise such option shall promptly be refunded to the
Participant following the Ending Date of such Offering Period.

     9.2 No Participant (or any person claiming through such Participant) shall have any interest
in any Common Stock subject to an option under the Plan until such option has been exercised and
the shares of Common Stock purchased, at which point such Participant shall have all of the rights
and privileges of a stockholder of the Company with respect to shares purchased
under the Plan. During his or her lifetime, a Participant’s option to purchase shares of Common
Stock under the Plan is exercisable only by the Participant.

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     9.3 Shares of Common Stock purchased pursuant to the exercise of options hereunder shall be
held in Share Accounts maintained for and in the name of each Participant by the Agent, such Agent
or its nominee to be the record holder of such shares for the benefit of the Participant. The
Agent shall provide each Participant with a quarterly statement of his or her Share Account.

     9.4 Dividends paid with respect to shares credited to each Share Account will be themselves
credited to such Account and, if paid in cash, will automatically be reinvested in whole and
fractional shares of Common Stock.

     9.5 A Participant may request that the Agent cause a stock certificate representing some or
all of the number of whole shares of Common Stock credited to the Participant’s Share Account be
issued in the name of the Participant. The Agent shall cause such certificate to be issued as soon
as practicable after its receipt of such request and the payment by the Participant of any
applicable issuance fees. From and after the date of the issuance of any such certificate, the
number of shares credited to the Participant’s Share Account shall be reduced by the number of
shares represented by such certificate, and the Participant shall thereafter be the record holder
of the shares represented by such certificate.

10. Withdrawal; Termination of Employment.

     10.1 A Participant may terminate his or her participation in the Plan and withdraw all, but
not less than all, of the payroll deductions credited to his or her Contribution Account under the
Plan at any time on or before the last business day of an Offering Period by giving written notice
to the Company. Such notice shall (a) state that the Participant wishes to terminate participation
in the Plan, (b) specify the withdrawal date, and (c) request the withdrawal of all of the
Participant’s payroll deductions held under the Plan. All of the Participant’s payroll deductions
credited to his or her Contribution Account will be paid to the Participant as soon as practicable
after the withdrawal date specified in the notice of withdrawal (or, if no such date is specified,
as soon as practicable after receipt of the notice of withdrawal), the Participant’s option for
such Offering Period will be automatically canceled, and no further payroll deductions for the
purchase of shares of Common Stock will be made for such Offering Period or for any subsequent
Offering Period, except pursuant to a re-enrollment in the Plan as provided in Section 10.2.

     10.2 If a Participant’s suspension of payroll deductions under the Plan pursuant to Section
7.4 continues for four consecutive Offering Periods, such suspension shall be deemed an election by
the Participant to terminate his or her participation in the Plan, and such termination shall be
effective as of the Ending Date of the fourth consecutive Offering Period during which no payroll
deductions occurred. If, for any reason, a Participant’s net pay after withholding taxes and other
applicable deductions not related to the Plan (such as for health and welfare benefits) each pay
day becomes less than the amount the Participant has designated be deducted each pay day for
contribution to the Plan, such occurrence shall be deemed an election by the Participant to
terminate his or her participation in the Plan, and such termination shall be effective
immediately. Following such termination, all of the Participant’s payroll deductions credited to
his or her Contribution Account will be paid to the Participant as soon as practicable, the
Participant’s option for such Offering Period will be automatically canceled, and no further
payroll deductions for the purchase of shares of Common Stock will be made for such Offering Period
or for any
subsequent Offering Period, except pursuant to a re-enrollment in the Plan as provided in Section
10.4.

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     10.3 Upon termination of a Participant’s employment with all Participating Employers for any
reason, including retirement or death, his or her participation in the Plan will automatically
cease and the payroll deductions accumulated in his or her Contribution Account will be returned to
the Participant as soon as practicable after such employment termination or, in the case of death,
to the person or persons entitled thereto under Section 12 below, and the Participant’s option for
the current Offering Period will be automatically canceled. For purposes of the Plan, the
termination date of employment shall be the Participant’s last date of actual employment and shall
not include any period during which such Participant receives any severance payments. A transfer
of employment between the Company and a Designated Subsidiary or between one Designated Subsidiary
and another Designated Subsidiary, or leave of absence approved by the Participating Employer,
shall not be deemed a termination of employment under this Section 10.3.

     10.4 A Participant’s termination of participation in the Plan pursuant to Section 10.1 or 10.2
will not have any effect upon his or her eligibility to participate in a subsequent Offering Period
by completing and filing a new enrollment form in accordance with Section 6 or in any similar plan
that may hereafter be adopted by the Company.

11. Stock Subject to the Plan.

     11.1 The maximum number of shares of Common Stock that shall be reserved for sale under the
Plan shall be 1,600,000 shares, subject to adjustment as provided in Sections 11.2 and 11.3. The
shares to be sold to Participants under the Plan may be, at the election of the Company, either
treasury shares or shares authorized but unissued. If the total number of shares of Common Stock
that would otherwise be subject to options granted pursuant to Section 8 on any Ending Date exceeds
the number of shares then available under the Plan (after deduction of all shares for which options
have been exercised or are then outstanding), the Committee shall make a pro rata allocation of the
shares of Common Stock remaining available for issuance in as uniform and equitable a manner as is
practicable, as determined in the Committee’s sole discretion. In such event, the Company shall
give written notice of such reduction of the number of shares subject to the option to each
Participant affected thereby and shall return any excess funds accumulated in each Participant’s
Contribution Account as soon as practicable after the Ending Date of such Offering Period.

     11.2 In the event of any reorganization, merger, consolidation, recapitalization, liquidation,
reclassification, stock dividend, stock split, combination of shares, rights offering, divestiture
or extraordinary dividend (including a spin-off) or any other similar change in the corporate
structure or shares of the Company, the Committee (or, if the Company is not the surviving
corporation in any such transaction, the board of directors of the surviving corporation) will make
appropriate adjustments (which determination will be conclusive) as to the number and kind of
securities or other property (including cash) available for issuance or payment under the Plan and,
in order to prevent dilution or enlargement of the rights of Participants, (a) the number and kind
of securities or other property (including cash) subject to each outstanding option, and (b) the
Purchase Price of outstanding options.

     11.3 Subject to the following provisions of this Section 11.3, if the Company is the surviving
corporation in any reorganization, merger or consolidation with or involving one or more other
corporations, each outstanding option under the Plan shall apply to the amount and
kind of securities to which a holder of the number of shares of Common Stock subject to such option
would have been entitled immediately following such reorganization, merger or consolidation, with a
corresponding proportionate adjustment of the Purchase Price. If there is a

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(a) dissolution or
liquidation of the Company, (b) merger, consolidation or reorganization of the Company with one or
more other corporations in which the Company is not the surviving corporation, (c) sale of all or
substantially all of the assets of the Company to another person or entity, or (d) transaction
(including a merger or reorganization in which the Company is the surviving corporation) approved
by the Board that results in any person or entity owning more than 50% of the combined voting power
of all classes of stock of the Company, then the Plan and all options outstanding thereunder shall
terminate, except as provided in the following sentence. If provision is made in writing in
connection with such transaction for the continuation of the Plan and either the assumption of the
options theretofore granted or the substitution for such options of new options covering the stock
of a successor corporation (or a parent or subsidiary thereof), in either case with appropriate
adjustments as to the number and kinds of shares and exercise prices, then the Plan shall continue
in the manner and under the terms provided. If the Plan is terminated as provided in this Section
11.3, the current Offering Period shall be deemed to have ended on the last trading day prior to
such termination, and the options of each Participant then outstanding shall be deemed to have been
automatically exercised in accordance with Section 9.1 on such last trading day. The Committee
shall cause written notice to be sent of an event that will result in such a termination to all
Participants not later than the time the Company gives notice thereof to its stockholders.
Adjustments under this Section 11.3 shall be made by the Committee, whose determination in that
respect shall be final, binding and conclusive.

12. Designation of Beneficiary.

     12.1 A Participant may file a written designation of a beneficiary who is to receive a cash
refund of the amount, if any, from the Participant’s Contribution Account under the Plan in the
event of such Participant’s death at a time when cash is held for his or her account. Disposition
of shares of Common Stock in a Participant’s Share Account upon the Participant’s death shall be in
accordance with the agreement governing the Share Account.

     12.2 A designation of beneficiary pursuant to Section 12.1 may be changed by the Participant
at any time by written notice. In the event of the death of a Participant in the absence of a
valid designation of a beneficiary who is living at the time of such Participant’s death, the
Company shall deliver such cash to the executor or administrator of the estate of the Participant;
or, if no such executor or administrator has been appointed (to the knowledge of the Company), the
Company in its discretion, may deliver such cash to the spouse or to any one or more dependents or
relatives of the Participant; or, if no spouse, dependent or relative is known to the Company, then
to such other person as the Company may designate.

13. No Right to Employment.

     Nothing in the Plan will interfere with or limit in any way the right of the Company or any
Participating Employer to terminate the employment of any Employee or Participant at any time, nor
confer upon any Employee or Participant any right to continue in the employ of the Company or any
Participating Employer.

14. Rights As a Stockholder.

     As a holder of an Option under the Plan, a Participant will have no rights as a stockholder
unless and until such Option is exercised and the Participant becomes the holder of record of
shares of Common Stock. Except as otherwise provided in the Plan, no adjustment will be made
for dividends or distributions with respect to Options as to which there is a record date preceding

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the date the Participant becomes the holder of record of such shares, except as the Committee may
determine in its sole discretion.

15. Transferability.

     Neither payroll deductions credited to a Participant’s Contribution Account nor any rights
with regard to the exercise of an option or to receive shares of Common Stock under the Plan may be
assigned, transferred, pledged or otherwise disposed of in any way (other than by will or the laws
of descent and distribution) by the Participant. Any such attempt at assignment, transfer, pledge
or other disposition shall be without effect

16. Securities Law and Other Restrictions.

     Notwithstanding any other provision of the Plan or any agreements entered into pursuant to the
Plan, the Company will not be required to issue any shares of Common Stock under the Plan, and a
Participant may not sell, assign, transfer or otherwise dispose of shares of Common Stock issued
pursuant to Options granted under the Plan, unless (a) there is in effect with respect to such
shares a registration statement under the Securities Act and any applicable state or foreign
securities laws or an exemption from such registration under the Securities Act and applicable
state or foreign securities laws, and (b) there has been obtained any other consent, approval or
permit from any other regulatory body that the Committee, in its sole discretion, deems necessary
or advisable. The Company may condition such issuance, sale or transfer upon the receipt of any
representations or agreements from the parties involved, and the placement of any legends on
certificates representing shares of Common Stock, as may be deemed necessary or advisable by the
Company in order to comply with such securities law or other restrictions.

17. Amendment or Termination.

     The Board may suspend or terminate the Plan or any portion thereof at any time, and may amend
the Plan from time to time in such respects as the Board may deem advisable in order that Options
under the Plan will conform to any change in applicable laws or regulations or in any other respect
the Board may deem to be in the best interests of the Company; provided, however, that no
amendments to the Plan will be effective without approval of the stockholders of the Company if
stockholder approval of the amendment is then required pursuant to Section 423 of the Code or the
rules of any stock exchange or similar regulatory body. Upon termination of the Plan, the
Committee, in its sole discretion, may take any of the actions described in Section 5 of the Plan.

18. Notices.

     All notices or other communications by a Participant to the Company in connection with the
Plan shall be deemed to have been duly given when received by the Senior Vice President, Human
Resource Services of the Company or by any other person designated by the Company for the receipt
of such notices or other communications, in the form and at the location specified by the Company.

19. Effective Date of Plan.

     The Plan shall be effective as of November 28, 2000, the date it was adopted by the Board and
approved by the Company’s sole stockholder.

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20. Miscellaneous.

     The headings to sections of the Plan have been included for convenience of reference only.
The Plan shall be interpreted and construed in accordance with the laws of the State of Delaware.
References in the Plan to “$” or “dollars” shall be deemed to refer to United States dollars unless
the context clearly indicates otherwise.

Amended: January 27, 2004 and approved by the Company’s stockholders on May 12, 2004.

10exv10w03

 

EXHIBIT 10.03

AMENDMENT NO. 1 TO

RECEIVABLES PURCHASE AGREEMENT

          This Amendment No. 1 to Receivables Purchase Agreement (this “Amendment”) is entered
into as of June 20, 2003, among Comdata Funding Corporation, a Delaware corporation
(“Seller”), Comdata Network, Inc., a Maryland corporation (the “Servicer”) (the
Servicer together with Seller, the “Seller Parties” and each a “Seller Party”),
each Financial Institution party hereto (the “Financial Institutions”), Jupiter
Securitization Corporation (“Jupiter”) and Bank One, NA (Main Office Chicago), as agent for
the Purchasers (the “Agent”).

RECITALS

          Each of the parties hereto entered into that certain Receivables Purchase Agreement, dated as
of June 24, 2002 (the “Purchase Agreement”).

          Each Seller Party has requested that the Agent and Jupiter amend certain provisions of the
Purchase Agreement, all as more fully described herein.

          Subject to the terms and conditions hereof, each of the parties hereto now desires to amend
the Purchase Agreement as particularly described herein.

AGREEMENT

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

          Section 1. Definitions Used Herein. Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings set forth for such terms in the Purchase
Agreement.

          Section 2. Amendments. Subject to the terms and conditions set forth herein,
the Purchase Agreement is hereby amended as follows:

AMENDMENT NO. 1 TO

RECEIVABLES PURCHASE AGREEMENT

 

 

               (a) The phrase “If after the date hereof, any Funding Source shall be charged any fee,
expense or increased cost on account of the adoption of any applicable law, rule or regulation
(including any applicable law, rule or regulation regarding capital adequacy) or any change
therein, or any change in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or administration
thereof, or compliance with any request or directive (whether or not having the force of law) of
any such authority, central bank or comparable agency (a
‘Regulatory Change’)” at the
beginning of the first sentence of Section 10.2 of the Purchase Agreement is hereby amended and
restated in its entirety to read as follows:

If after the date hereof, any Funding Source shall be charged any fee, expense or
increased cost on account of the adoption of any applicable law, rule or
regulation (including any applicable law, rule or regulation regarding capital
adequacy), any accounting principles or any change in any of the foregoing, or any
change in the interpretation or administration thereof by the Financial Accounting
Standards Board (“FASB”), any governmental authority, any central bank or
any comparable agency charged with the interpretation or administration thereof,
or compliance with any request or directive (whether or not having the force of
law) of any such authority or agency

               (b) Section 10.2 of the Purchase Agreement is hereby amended by adding the following new
sentence to the end of such section:

For the avoidance of doubt, if the issuance of FASB Interpretation No. 46, or any
other change in accounting standards or the issuance of any other pronouncement,
release or interpretation, causes or requires the consolidation of all or a
portion of the assets and liabilities of Company or Seller with the assets and
liabilities of the Agent, any Financial Institution or any other Funding Source,
such event shall constitute a circumstance on which such Funding Source may base a
claim for reimbursement under this Section 10.2.

               (c) Section 14.5(a) of the Purchase Agreement is hereby amended by adding the
following new sentence to the end of such section:

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Anything herein to the contrary notwithstanding, each Seller Party, each
Purchaser, the Agent, each Funding Source, each Indemnified Party and any
Affiliate, successor or assign of any of the foregoing (and each employee,
representative or other agent of any of the foregoing) may disclose to any and all
Persons, without limitation of any kind, the “tax treatment” and “tax structure”
(in each case, within the meaning of U.S. Treasury Regulation §1.6011-4) of the
transactions contemplated herein and all materials of any kind (including opinions
or other tax analyses) that are or have been provided to any of the foregoing
relating to such tax treatment or tax structure, and it is hereby confirmed that
each of the foregoing have been so authorized since the commencement of
discussions regarding the transactions.

               (d) Exhibit I to the Purchase Agreement is hereby amended by amending and restating, in its
entirety, the definition of “Liquidity Termination Date” to read as follows:

          “Liquidity Termination Date” means June 17, 2004.

               (e) Exhibit I to the Purchase Agreement is hereby amended by deleting the definition of
“Regulatory Change” from such exhibit.

          Section 3. Conditions to Effectiveness of this Amendment. This Amendment shall
become effective as of the date hereof, upon the satisfaction of the conditions precedent that:

               (a) Amendment. The Agent shall have received, on or before the date hereof,
executed counterparts of this Amendment, duly executed by each of the parties hereto.

               (b) Representations and Warranties. As of the date hereof, both before and
after giving effect to this Amendment, all of the representations and warranties contained in the
Purchase Agreement and in each other Transaction Document shall be true and correct as though made
on and as of the date hereof (and by its execution hereof, each of Seller and the Servicer shall be
deemed to have represented and warranted such).

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               (c) No Amortization Event. As of the date hereof, both before and after giving
effect to this Amendment, no Amortization Event or Potential Amortization Event shall have occurred
and be continuing (and by its execution hereof, each of Seller and the Servicer shall be deemed to
have represented and warranted such).

          Section 4. Miscellaneous.

               (a) Effect; Ratification. The amendments set forth herein are effective solely for
the purposes set forth herein and shall be limited precisely as written, and shall not be deemed to
(i) be a consent to any amendment, waiver or modification of any other term or condition of the
Purchase Agreement or of any other instrument or agreement referred to therein or (ii) prejudice
any right or remedy which any Purchaser or the Agent may now have or may have in the future under
or in connection with the Purchase Agreement as amended hereby or any other instrument or agreement
referred to therein. Each reference in the Purchase Agreement to “this Agreement,” “herein,”
“hereof” and words of like import and each reference in the other Transaction Documents to the
Purchase Agreement or to the “Receivables Purchase Agreement” or to the “Purchase Agreement” shall
mean the Purchase Agreement as amended hereby. This Amendment shall be construed in connection
with and as part of the Purchase Agreement and all terms, conditions, representations, warranties,
covenants and agreements set forth in the Purchase Agreement and each other instrument or agreement
referred to therein, except as herein amended, are hereby ratified and confirmed and shall remain
in full force and effect.

               (b) Transaction Documents. This Amendment is a Transaction Document executed
pursuant to the Purchase Agreement and shall be construed, administered and applied in accordance
with the terms and provisions thereof.

               (c) Costs, Fees and Expenses. Seller agrees to reimburse the Agent and each
Purchaser on demand for all costs, fees and expenses (including, without limitation, the reasonable
fees and expenses of counsels to the Agent and each Purchaser) incurred in connection with the
preparation, execution and delivery of this Amendment.

               (d) Counterparts. This Amendment may be executed in any number of counterparts, each
such counterpart constituting an original and all of which when taken together shall constitute one
and the same instrument.

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               (e) Severability. Any provision contained in this Amendment that is held to be
inoperative, unenforceable or invalid in any jurisdiction shall, as to that jurisdiction, be
inoperative, unenforceable or invalid without affecting the remaining provisions of this Amendment
in that jurisdiction or the operation, enforceability or validity of such provision in any other
jurisdiction.

               (f) GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF ILLINOIS.

               (g) WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT,
CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT, ANY
DOCUMENT EXECUTED BY ANY SELLER PARTY PURSUANT TO THIS AMENDMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER.

(Signature Page Follows)

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          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered
by their respective duly authorized officers as of the date first written above.

	 	 	 
	

	 	COMDATA FUNDING CORPORATION, as

Seller
	 
	 	 
	

	 	By:   /s/ David B. Kuhnau                    
	

	 	Name: David B. Kuhnau
	

	 	Title: Vice President
	 
	 	 
	

	 	COMDATA NETWORK, INC., as Servicer
	 
	 	 
	

	 	By:   /s/ Gary A. Krow                    
	

	 	Name: Gary A. Krow
	

	 	Title: President
	 
	 	 
	

	 	JUPITER SECURITIZATION CORPORATION
	 
	 	 
	

	 	By:   /s/ Ronald J. Atkins                    
	

	 	         Authorized Signer
	 
	 	 
	

	 	BANK ONE, NA (MAIN OFFICE
CHICAGO),

as a Financial
Institution and as Agent
	 
	 	 
	

	 	By:   /s/ Ronald J. Atkins                    
	

	 	Name: Ronald J. Atkins
	

	 	Title: Director, Capital Markets

AMENDMENT NO. 1 TO

RECEIVABLES PURCHASE AGREEMENT

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