Document:

Exhibit
10.1

AMENDMENT
TO REVOLVING CREDIT AGREEMENT

THIS AMENDMENT TO REVOLVING
CREDIT AGREEMENT (this “Amendment”) is made as of March 30, 2007, by and
among ERP OPERATING LIMITED PARTNERSHIP, a Delaware limited partnership (the “Borrower”),
the BANKS listed on the signature pages hereof, BANK OF AMERICA, N.A., as
Administrative Agent, JPMORGAN CHASE BANK, N.A., as Syndication Agent, and SUNTRUST
BANK, WACHOVIA BANK, NATIONAL ASSOCIATION, WELLS FARGO BANK, N.A., LASALLE BANK
NATIONAL ASSOCIATION, THE ROYAL BANK OF SCOTLAND plc, and U.S. BANK NATIONAL
ASSOCIATION, as Documentation Agents.

W
I  T  N  E  S  S  E  T  H:

WHEREAS, the
Borrower, Administrative Agent and the Banks have entered into the Revolving Credit
Agreement dated as of February 28, 2007 (the “Credit Agreement”); and

WHEREAS, the
parties desire to modify the Credit Agreement upon the terms and conditions set
forth herein.

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

1.                             Definitions.  All capitalized terms not otherwise defined
herein shall have the meanings ascribed to them in the Credit Agreement.

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2.                             Non-Stabilized Property Value.  The definition of “Non-Stabilized Property
Value” is hereby deleted and the following substituted therefor:

“‘Non-Stabilized Property Value’ means, the sum of (i) the aggregate
Acquisition Property Value,  (ii)  the aggregate Construction Property Value,
(iii) the aggregate Redevelopment Property Value, (iv) the aggregate Condo
Property Value, (v) the aggregate value of any Acquisition Property that was
classified as a “Non-Stabilized Property” as of September 30, 2006 pursuant to
the Existing Revolving Credit Agreement, valued for a period of six fiscal
quarters at the greater of (1) the 
Property EBITDA divided by FMV Cap Rate (or Borrower’s Share thereof
with respect to any such Non-Stabilized Property owned by a Consolidated
Subsidiary or an Investment Affiliate), and (2) undepreciated book value (cost
basis plus improvements) (or Borrower’s Share thereof with respect to any such
Non-Stabilized Property owned by a Consolidated Subsidiary or an Investment
Affiliate) and thereafter shall be valued as a Stabilized Property, and (vi) with
respect to Raw Land or any other Non-Stabilized Property (other than the
Non-Stabilized Properties described under clauses (i) through (v)), the aggregate
undepreciated book value (cost basis plus improvements), determined in
accordance with GAAP of such Non-Stabilized Property (or Borrower’s Share
thereof with respect to any Non-Stabilized Property owned by a Consolidated
Subsidiary or an Investment Affiliate). All such Acquisition Properties
described under clause (v) shall be valued as a Stabilized Property following
the sixth full fiscal quarter after the date of this Agreement.”

3.                             Effective Date.  This Amendment shall become effective upon
receipt by the Administrative Agent of counterparts hereof signed by the
Borrower and the Required Banks (the date of such receipt being deemed the “Effective
Date”).

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4.                             Representations
and Warranties.  Borrower hereby
represents and warrants that as of the Effective Date, all the representations
and warranties set forth in the Credit Agreement, as amended hereby (other than
representations and warranties which expressly speak as of a different date),
are true and complete in all material respects.

5.                             Entire Agreement.  This Amendment constitutes the entire and
final agreement among the parties hereto with respect to the subject matter
hereof and there are no other agreements, understandings, undertakings,
representations or warranties among the parties hereto with respect to the
subject matter hereof except as set forth herein.

6.                             Governing Law.  This Amendment shall be governed by, and
construed in accordance with, the law of the State of Illinois.

7.                             Counterparts.  This Amendment may be executed in any number
of counterparts, all of which taken together shall constitute one and the same
agreement, and any of the parties hereto may execute this Amendment by signing
any such counterpart.

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8.                             Headings, Etc.  Section or other headings contained in this
Amendment are for reference purposes only and shall not in any way affect the
meaning or interpretation of this Amendment.

9.                             No Further Modifications.  Except as modified herein, all of the terms
and conditions of the Credit Agreement, as modified hereby shall remain in full
force and effect and, as modified hereby, the Borrower confirms and ratifies
all of the terms, covenants and conditions of the Credit Agreement in all
respects.

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IN WITNESS
WHEREOF, this Agreement has been duly executed as of the date first above
written.

	
  

  	
   

  	
  ERP OPERATING LIMITED PARTNERSHIP, an

  Illinois limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Equity Residential, a Maryland real estate

  investment trust and its sole general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Donna Brandin

  
	
   

  	
   

  	
   

  	
  Name: Donna Brandin

  
	
   

  	
   

  	
   

  	
  Title: EVP – Chief Financial Officer

  

 

 5
 

 

	
  

  	
   

  	
  BANK OF AMERICA, N.A., as Administrative Agent

  and a Bank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Mark Mokelke

  
	
   

  	
   

  	
   

  	
  Name: Mark Mokelke

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

\

	
  

  	
   

  	
  JPMORGAN CHASE BANK, N.A., as Syndication

  Agent and as a Bank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Marc E. Costantino

  
	
   

  	
   

  	
   

  	
  Name: Marc E. Costantino

  
	
   

  	
   

  	
   

  	
  Title: Executive Director

  

 

	
  

  	
   

  	
  SUNTRUST BANK, as Documentation Agent

  
	
   

  	
   

  	
   

  	
  and as a Bank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Nancy B. Richards

  
	
   

  	
   

  	
   

  	
  Name:  Nancy
  B. Richards

  
	
   

  	
   

  	
   

  	
  Title:  Senior
  Vice President

  
						

 

 6
 

 

	
  

  	
   

  	
  WELLS FARGO BANK, N.A., as

  
	
   

  	
   

  	
  Documentation Agent and as a Bank

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Scott S. Solis

  
	
   

  	
   

  	
   

  	
  Name: Scott S. Solis

  
	
   

  	
   

  	
   

  	
  Title: Senior Vice President

  
					

 

	
  

  	
   

  	
  EUROHYPO AG, NEW YORK BRANCH, as

  
	
   

  	
   

  	
  Managing Agent and as a Bank

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Mark A. Fisher

  
	
   

  	
   

  	
   

  	
  Name: Mark A. Fisher

  
	
   

  	
   

  	
   

  	
  Title: Director

  
					

 

	
  

  	
   

  	
  By:

  	
  /s/ John Hayes

  
	
   

  	
   

  	
   

  	
  Name: John Hayes

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

	
  

  	
   

  	
  U.S. BANK NATIONAL ASSOCIATION, as

  
	
   

  	
   

  	
  Documentation Agent and as a Bank

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Renee Lewis

  
	
   

  	
   

  	
   

  	
  Name: Renee Lewis

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
					

 

 7
 

 

	
  

  	
   

  	
  THE ROYAL BANK OF SCOTLAND plc, as

  
	
   

  	
   

  	
  Documentation Agent and as a Bank

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Neil Crawford

  
	
   

  	
   

  	
   

  	
  Name: Neil Crawford

  
	
   

  	
   

  	
   

  	
  Title: Managing Director

  
					

 

	
  

  	
   

  	
  CITICORP NORTH AMERICA INC., as Senior

  
	
   

  	
   

  	
  Managing Agent and as a Bank

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Malav Kakad

  
	
   

  	
   

  	
   

  	
  Name: Malav Kakad

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
					

 

	
  

  	
   

  	
  DEUTSCHE BANK AG, NEW YORK

  
	
   

  	
   

  	
  BRANCH, as Senior Managing Agent and as a

  	
   

  
	
   

  	
   

  	
  Bank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven P. Lapham

  
	
   

  	
   

  	
   

  	
  Name: Steven P. Lapham

  
	
   

  	
   

  	
   

  	
  Title: Managing Director

  
					

 

	
  

  	
   

  	
  By:

  	
  /s/ Joanna Soliman

  
	
   

  	
   

  	
   

  	
  Name: Joanna Soliman

  
	
   

  	
   

  	
   

  	
  Title: Assistant Vice President

  

 

 8
 

 

	
  

  	
   

  	
  LEHMAN COMMERCIAL PAPER INC., as

  
	
   

  	
   

  	
  Senior Managing Agent and as a Bank

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Janine M. Shugan

  
	
   

  	
   

  	
   

  	
  Name: Janine M. Shugan

  
	
   

  	
   

  	
   

  	
  Title: Authorized Signatory

  
					

 

	
  

  	
   

  	
  MERRILL LYNCH BANK USA, as Senior

  
	
   

  	
   

  	
  Managing Agent and as a Bank

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Louis Alder

  
	
   

  	
   

  	
   

  	
  Name: Louis Alder

  
	
   

  	
   

  	
   

  	
  Title: Director

  
					

 

	
  

  	
   

  	
  MORGAN STANLEY BANK, as Senior

  
	
   

  	
   

  	
  Managing Agent and as a Bank

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Daniel Twenge

  
	
   

  	
   

  	
   

  	
  Name: Daniel Twenge

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
   

  	
   

  	
   

  	
  Morgan Stanley Bank

  
						

 

 9
 

 

	
  

  	
   

  	
  THE BANK OF TOKYO - MITSUBISHI UFJ,

  
	
   

  	
   

  	
  LTD., as Co-Agent and as a Bank

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James T. Taylor

  
	
   

  	
   

  	
   

  	
  Name: James T. Taylor

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
					

 

	
  

  	
   

  	
  THE BANK OF NEW YORK, as Co-Agent and

  
	
   

  	
   

  	
  as a Bank

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Scott Detraglia

  
	
   

  	
   

  	
   

  	
  Name: Scott Detraglia

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
					

 

	
  

  	
   

  	
  COMERICA BANK, as Co-Agent and as a Bank

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Leslie A. Vogel

  
	
   

  	
   

  	
   

  	
  Name: Leslie A. Vogel

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
					

 

 10
 

 

	
  

  	
   

  	
  MEGA INTERNATIONAL COMMERCIAL

  
	
   

  	
   

  	
  BANK CO., LTD., NEW YORK BRANCH, as a

  
	
   

  	
   

  	
  Bank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Tsang-Pei Hsu

  
	
   

  	
   

  	
   

  	
  Name: Tsang-Pei Hsu

  
	
   

  	
   

  	
   

  	
  Title: VP & Deputy General Manager

  

 

	
  

  	
   

  	
  THE NORTHERN TRUST COMPANY, as a

  
	
   

  	
   

  	
  Bank

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Kate M. Spadoni

  
	
   

  	
   

  	
   

  	
  Name: Kate M. Spadoni

  
	
   

  	
   

  	
   

  	
  Title: Second Vice President

  
					

 

	
  

  	
   

  	
  PEOPLE’S BANK, as a Bank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Anne Kuchinski

  
	
   

  	
   

  	
   

  	
  Name: Anne Kuchinski

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

 11
 

 

	
  

  	
   

  	
  SUMITOMO MITSUI BANKING

  
	
   

  	
   

  	
  CORPORATION, as a Bank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ William M. Ginn

  
	
   

  	
   

  	
   

  	
  Name: William M. Ginn

  
	
   

  	
   

  	
   

  	
  Title: General Manager

  

 

	
  

  	
   

  	
  FIRST HORIZON BANK, A DIVISION OF

  
	
   

  	
   

  	
  FIRST TENNESSEE BANK, NA, as a Bank

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Kenneth W. Rub

  
	
   

  	
   

  	
   

  	
  Name: Kenneth W. Rub

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
					

 

	
  

  	
   

  	
  BANK OF CHINA, NEW YORK BRANCH, as

  
	
   

  	
   

  	
  a Bank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ William W. Smith

  
	
   

  	
   

  	
   

  	
  Name: William W. Smith

  
	
   

  	
   

  	
   

  	
  Title: Deputy General Manager

  

 

	
  

  	
   

  	
  BANK OF CHINA, LOS ANGELES BRANCH,

  
	
   

  	
   

  	
  as a Bank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Xiao Wang

  
	
   

  	
   

  	
   

  	
  Name: Xiao Wang

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Branch Manager &

  
	
   

  	
   

  	
   

  	
   

  	
  First Vice President

  

 

 12EXHIBIT
10.01

CERIDIAN
CORPORATION

NON-EMPLOYEE
DIRECTOR COMPENSATION PROGRAM

(As
Amended on April 27, 2007)

1.                                       Purpose.

The purpose of the Ceridian Corporation Non-employee
Director Compensation Program (the “Program”) is to advance the interest of the
Company, and its stockholders by enabling the Company to attract and retain the
services of experienced and knowledgeable non-employee directors, to increase
the proprietary interests of such non-employee directors in the Company’s
long-term success and their identification with the interests of the Company’s
stockholders.  All Awards that are part
of the compensation paid or deferred pursuant to this Program are awarded
pursuant to the terms of the applicable Stock Plan and any applicable Award
Agreement.  The Program is designed and
intended to comply with Rule 16b-3 of the Exchange Act.  The Program is also intended to comply in
form and operation with Section 409A of the Code.

2.                                       Definitions.

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

2.1           “Affiliate” means all persons with whom the
Company would be considered a single employer under Section 414(b) or 414(c) of
the Code.

2.2           “Annual Retainer” means the annual Board retainer
payable to an Eligible Director for services as a member of the Board during
the calendar year, excluding any Board Chair Retainer paid to the Board Chair
during the calendar year and/or any Committee Chair Retainer paid to an
Eligible Director for serving as the chair of a committee during the calendar
year.  The amount of the Annual Retainer
is set forth on Exhibit A hereto, and may be amended from time to time
by the Board or the Committee.

2.3           “Annual Retainer Election” means the election
made or deemed to have been made by an Eligible Director relating to the
Eligible Director’s Annual Retainer, Board Chair Retainer and/or Committee
Chair Retainer, as provided in Section 7.1 hereof.

2.4           The “Average Market Price” of a share of Common
Stock means the average of the closing sale prices of a share of Common Stock,
at the end of the regular trading session, which as of the Effective Date is
4:00 p.m., New York City time, as reported on the New York Stock Exchange Composite
Tape for the ten trading days immediately prior to the date as of which the
Average Market Price is being determined.

2.5           “Award” means an Option, Restricted Stock
Award, or Retainer Share Award granted to an Eligible Director pursuant to the Program
and the Stock Plan.

2.6           “Award Agreement” shall mean any written
agreement, contract or other instrument or document evidencing an award granted
under the Stock Plan.  Each Award
Agreement shall be subject to the applicable terms and conditions of the Stock
Plan under which such Award Agreement was granted and any other terms and
conditions (not inconsistent with such Stock Plan) determined by the Committee.

2.7           “Board” means the Board of Directors of the
Company.

2.8           “Board Chair” means any Eligible Director who
serves as chair of the Board.

2.9           ‘‘Board Chair Option’’ means a right to
purchase shares of Common Stock granted to the Board Chair pursuant to Section
6 of the Program that does not qualify as an “incentive stock option” within
the meaning of Section 422 of the Code. 
The amount of shares underlying a Board Chair Option is set forth on Exhibit
A hereto, and may be amended from time to time by the Board or the
Committee.

2.10         “Board Chair Retainer” means the annual
retainer payable to the Board Chair during the calendar year.  The amount of the Board Chair Retainer is set
forth on Exhibit A hereto, and may be amended from time to time by the
Board or the Committee.

2.11         “Change of Control” shall mean the first of the
following events to occur:

(a)           there is consummated a merger or consolidation to
which the Company or any direct or indirect subsidiary of the Company is a
party if the merger or consolidation would result in the voting securities of
the Company outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or any parent thereof) less than
60% of the combined voting power of the securities of the Company or such
surviving entity or any parent thereof outstanding immediately after such
merger or consolidation; or

(b)           the direct or indirect beneficial ownership (as
defined in Rule 13d-3 under the Securities Exchange Act of 1934) in the
aggregate of securities of the Company representing 20%  or
more of the total combined voting power of the Company’s then issued and
outstanding securities is acquired by any person or entity or group of
associated persons or entities acting in concert; provided, however, that for
purposes hereof, the following acquisitions shall not constitute a Change of
Control: (i) any acquisition by the Company or any of its subsidiaries, (ii)
any acquisition directly from the Company or any of its subsidiaries, (iii) any
acquisition by any employee benefit plan (or related trust or fiduciary)
sponsored or maintained by the Company or any corporation controlled by the
Company, (iv) any acquisition by an underwriter temporarily holding securities
pursuant to an offering of such securities, (v) any acquisition by a
corporation owned, directly or indirectly, by the stockholders of the Company
in substantially the same proportions as their ownership of stock of the
Company (vi) any acquisition in connection with which, pursuant to Rule 13d-1
promulgated pursuant to the Exchange Act, the individual, entity or group is permitted
to,

 2
 

and
actually does, report its beneficial ownership on Schedule 13-G (or any
successor Schedule); provided that, if any such individual, entity or group
subsequently becomes required to or does report its beneficial ownership on
Schedule 13D (or any successor Schedule), then, for purposes of this paragraph,
such individual, entity or group shall be deemed to have first acquired, on the
first date on which such individual, entity or group becomes required to or
does so report, beneficial ownership of all of the voting securities of the
Company beneficially owned by it on such date, and (vii) any acquisition in
connection with a merger or consolidation which, pursuant to paragraph (a)
above, does not constitute a Change of Control; or

(c)           there is consummated a transaction contemplated by an
agreement for the sale or disposition by the Company of all or substantially
all of the Company ‘s assets, other than a sale or disposition by the Company
of all or substantially all of the Company ‘s assets to an entity, at least 60%
of the combined voting power of the voting securities of which are owned by
stockholders of the Company in substantially the same proportions as their
ownership of the Company immediately prior to such sale; or

(d)           the stockholders of the Company approve any plan or
proposal for the liquidation of the Company; or

(e)           a change in the composition of the Board such that the
“Continuity Directors” cease for any reason to constitute at least a majority
of the Board.  For purposes of this
clause, “Continuity Directors” means those members of the Board who either (i)
were directors on January 1, 2006 or (ii) were elected by, or on the nomination
or recommendation of, at least a two-thirds (2/3) majority of the then-existing
Board (other than a director whose initial assumption of office was in
connection with an actual or threatened election contest, including but not
limited to a consent solicitation, relating to the election of directors of the
Company); or

(f)            such other event or transaction as the Board shall
determine constitutes a Change of Control.

2.12         “Code” means the Internal Revenue Code of 1986,
as amended (including, when the context requires, all regulations,
interpretations and rulings issued thereunder).

2.13         “Committee” means the Compensation and Human
Resources Committee of the Board, or any successor committee thereto.

2.14         “Committee Chair Retainer” means the annual
cash retainer payable to Eligible Directors for service as the chair of
committees of the Board during the calendar year.  The amount of the Committee Chair Retainer is
set forth on Exhibit A hereto, and may be amended from time to time by
the Board or the Committee.

2.15         “Common Stock” means the common stock of the
Company, par value $0.01 per share.

2.16         “Company” means Ceridian Corporation, a
Delaware corporation.

 3
 

2.17         “Deferred Shares” shall have the meaning set
forth in Section 7.3(a) hereof.

2.18         “Deferred Stock Account” means a book keeping
account established and maintained by the Committee to evidence amounts
credited with respect to an Eligible Director’s election to receive a portion
of his or her Annual Retainer and, if applicable, Board Chair Retainer and/or Committee
Chair Retainer in the form of Retainer Deferred Share Awards.

2.19         “Effective Date” means January 1, 2006.

2.20         “Eligible Director” means a director of the
Company who is not an employee of the Company or any subsidiary of the Company.

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

2.22         “Fair Market Value” means, with respect to the
Common Stock, as of any date (or, if no shares were traded or quoted on such
date, as of the next preceding date on which there was such a trade or quote),
the closing sale price of a share of the Common Stock, at the end of the regular
trading session, which as of the Effective Date is 4:00 p.m., New York
City time, as reported on the New York Stock Exchange Composite Tape on that
date.

2.23         “Issuance Year” means the calendar year in
which the Award was made to an Eligible Director.

2.24         ‘‘Option’’ means a right to purchase shares of
Common Stock granted to an Eligible Director pursuant to Section 6 of the Program
that does not qualify as an “incentive stock option” within the meaning of
Section 422 of the Code.  The amount of
shares underlying an Option is set forth on Exhibit A hereto, and may be
amended from time to time by the Board or the Committee.

2.25         “Program” means this Ceridian Corporation
Non-Employee Director Compensation Program, as from time to time amended or
restated.

2.26         “Restricted Shares” means shares of Common
Stock that are the subject of (a) a Restricted Stock Award, and therefore
subject to the restrictions on transferability and the risk of forfeiture
imposed by the provisions of Section 5 of the Program; or (b) a Retainer
Restricted Share Award, and therefore subject to the restrictions on
transferability and risk of forfeiture imposed by the provisions of Section 7.2
of the Program, as applicable.

2.27         “Restricted Stock Award” means a grant of
Restricted Shares to an Eligible Director pursuant to Section 5 of the Program.  The dollar value of a Restricted Stock Award
is set forth on Exhibit A hereto, and may be amended from time to time
by the Board or the Committee.

 4
 

2.28         “Retainer Deferred Share Award’’ means that
portion of the Annual Retainer and, if applicable, Board Chair Retainer and/or Committee
Chair Retainer that an Eligible Director has elected to defer in the form of a
credit to the Eligible Director’s Deferred Stock Account pursuant to Section
7.3 of the Program.

2.29         “Retainer Restricted Share Award” means that
portion of an Eligible Director’s Annual Retainer and, if applicable, Board
Chair Retainer and/or Committee Chair Retainer that the Eligible Director has
elected to receive in the form of Restricted Shares pursuant to Section 7.2 of
the Program.

2.30         “Retainer Share Award” means a Retainer
Deferred Share Award and/or a Retainer Restricted Share Award.

2.31         “Securities Act” means the Securities Act of
1933, as amended.

2.32         “Separation from Service” means a termination
of an Eligible Director’s service with the Company and all Affiliates as a
director and non-employee consultant/advisor, provided such termination
constitutes a “separation from service” within the meaning of Section 409A of
the Code, or such other change in the Eligible Director’s relationship with the
Company and all Affiliates that constitutes a “separation from service” within
the meaning of Section 409A of the Code.

2.33         “Stock Plan” means the then current shareholder-approved
stock incentive plan of the Company pursuant to which stock based awards shall
be granted to Eligible Directors, which as of the Effective Date is the
Ceridian Corporation 2004 Long-Term Stock Incentive Plan.

3.                                       Program
Administration.

The Program will be administered by the
Committee.  The Committee may retain such
actuarial, accounting, legal, clerical and other services as may reasonably be
required in the administration of the Program, and may pay reasonable
compensation for such services.  The
Company will pay all costs of administering the Program.  All questions of interpretation of the Program
will be determined by the Committee, each determination, interpretation or
other action made or taken by the Committee pursuant to the provisions of the Program
will be conclusive and binding for all purposes and on all persons, and no
member of the Committee will be liable for any action or determination made in
good faith with respect to the Program or any Award granted under the Program
and the Stock Plan.

4.                                       Annual
Retainer, Board Chair Retainer, Committee Chair Retainer and Expenses.

4.1           Annual Retainer.  Each Eligible
Director is entitled to receive an Annual Retainer.  The portion of the Annual Retainer payable in
cash shall be paid in arrears on a quarterly basis on or about the 15th day of March, June, September and December.  In the event an Eligible Director joins the
Board during a calendar year, the Eligible Director will receive a pro rata
portion of the Annual Retainer and such portion will be paid entirely in cash
on a quarterly basis.  In addition, a pro
rata portion of the Annual

 5
 

Retainer
payable in cash shall be forfeited if an Eligible Director ceases to be an
Eligible Director prior to December 31.

4.2           Board Chair Retainer. 
The Board Chair is entitled to receive a Board Chair Retainer.  The portion of the Board Chair Retainer
payable in cash shall be paid in arrears on a quarterly basis on or about the
15th day of March, June,
September and December.  In the event an
Eligible Director becomes Board Chair during a calendar year, such Board Chair
will receive a pro rata portion of the Board Chair Retainer and such portion
will be paid fifty percent (50%) in cash on a quarterly basis and fifty percent
(50%) as a Retainer Restricted Share Award.  In addition, a pro rata portion of the Board
Chair Retainer payable in cash shall be forfeited if a Board Chair ceases to be
Board Chair prior to December 31.

4.3           Committee Chair Retainer. 
The chairs of committees of the Board are each entitled to receive a
Committee Chair Retainer.  The portion of
any Committee Chair Retainer payable in cash shall be paid in arrears on a
quarterly basis on or about the 15th day of March,
June, September and December.  In the
event an Eligible Director becomes a chair of a committee of the Board during a
calendar year, the committee chair will receive a pro rata portion of the
Committee Chair Retainer and such portion will be paid entirely in cash on a
quarterly basis.  In addition, a pro rata
portion of the Committee Chair Retainer payable in cash shall be forfeited if
the Eligible Director ceases to be a chair of a committee of the Board prior to
December 31.

4.4           Expenses.  Each Eligible
Director is entitled to reimbursement for reasonable travel costs of attending
Board and committee meetings and other business purposes related to Board
membership.  Such reimbursement shall be
payable in cash after receipt of proper documentation by the Company from such
Eligible Director.

5.                                       New
Director Restricted Stock Awards.

5.1           Grants to New Directors. 
At such time after the Effective Date as additional Eligible Directors
are first elected or appointed to the Board to fill new directorships or to
fill vacancies, each such Eligible Director will receive, on a one-time basis
on the date of his or her first election or appointment to the Board, a
Restricted Stock Award.  The number of
Restricted Shares to be awarded to each such Eligible Director pursuant to such
Restricted Stock Award shall be determined by dividing the dollar value of the Restricted
Stock Award by the Average Market Price calculated on the date of such Eligible
Director’s first election or appointment to the Board, and then rounding the
result to the nearest 100 shares.  Such
Restricted Stock Award shall be awarded under the Stock Plan.  In addition to the terms and conditions set
forth below, such Restricted Stock Award shall be subject to the terms and
conditions of the Stock Plan and any applicable Award Agreement.

5.2           Restrictions.  Restricted Shares that
are awarded to an Eligible Director pursuant to a Restricted Stock Award may
not be sold, assigned or otherwise transferred, or subjected to any lien,
either voluntarily or involuntarily, by operation of law or otherwise, until
such time and only to the extent that such restrictions on transferability

 6
 

have lapsed as provided in this Section 5.2 and in the Award
Agreement.  For purposes of this Program,
the lapsing of such transferability restrictions is referred to as “vesting,”
and Restricted Shares that are no longer subject to such transferability
restrictions are referred to as “vested.” Except as otherwise provided in the
Award Agreement, 20% of the total number of Restricted Shares subject to a
Restricted Stock Award will vest on each of the first five anniversary dates of
the date such Restricted Stock Award was granted.

6.                                       Option
and Board Chair Option.

6.1           Grant.  Each Eligible
Director will be granted on an annual basis, at such time as the Eligible
Director is elected or re-elected to the Board by the stockholders of the
Company, an Option.  Further, the Board
Chair also will be granted on an annual basis, at such time as the Board Chair
is elected or re-elected to the Board by the stockholders of the Company, a
Board Chair Option.  Such Option and
Board Chair Option will be granted only upon such election or re-election of
the Eligible Director, and no Option or Board Chair Option will be granted if
the Eligible Director is not so elected or re-elected.  Such Option and Board Chair Option shall be
awarded under the Stock Plan.  In
addition to the terms and conditions set forth below, such Option and Board
Chair Option shall be subject to the terms and conditions of the Stock Plan and
any applicable Award Agreement.

6.2           Exercise Price, Exercisability and Duration. 
The per share price to be paid by an Eligible Director upon exercise of
an Option and Board Chair Option will be 100% of the Fair Market Value of one
share of Common Stock on the date of grant.  Except as otherwise provided in the Award
Agreement, one-third of each Option and Board Chair Option will become
exercisable on each of the first three anniversaries of its date of grant and
will expire and will no longer be exercisable on the fifth anniversary of its
date of grant.

7.                                       Payment
of Portion of Annual Retainer in Retainer Share Award.

7.1           Annual Retainer Election.

(a)           Each year an Eligible Director must elect to receive at
least fifty percent (50%) (or such other greater percentage as the Committee
shall determine) and may elect to receive more of his or her Annual Retainer and,
if applicable, Board Chair Retainer, in the form of (a) Retainer Restricted
Share Awards pursuant to Section 7.2, (b) Retainer Deferred Share Awards
pursuant to Section 7.3, or (c) a combination of Retainer Restricted Share Awards
and Retainer Deferred Share Awards.  Each
year an Eligible Director, if applicable, may elect to receive a portion of his
or her Committee Chair Retainer in the form of (a) Retainer Restricted Share
Awards pursuant to Section 7.2, (b) Retainer Deferred Share Awards pursuant to
7.3, or (c) a combination of Retainer Restricted Share Awards and Retainer
Deferred Share Awards.  In the event that
an Eligible Director fails to make a valid Annual Retainer Election, such
Eligible Director shall be deemed to have elected to receive (a) fifty percent
(50%) (or such other greater percentage as the Committee shall determine) of
his or her Annual Retainer and, if

 7
 

applicable, Board Chair Retainer, in the form of Retainer
Restricted Share Awards and any balance of his or her Annual Retainer and, if
applicable, Board Chair Retainer, in cash and (b) if applicable, one hundred
percent (100%) of the Committee Chair Retainer in cash.

(b)           The Annual Retainer Election is made by the Eligible
Director by filing, no later than December 31 of each year (or by such other
date as the Committee shall determine), an irrevocable election with the
Company on a form provided for that purpose. 
The Annual Retainer Election shall be effective with respect to the
Annual Retainer, Board Chair Retainer and Committee Chair Retainer payable with
respect to services performed during the next calendar year.  The Annual Retainer Election form shall
specify an amount to be received in the form of Retainer Restricted Share
Awards and/or Retainer Deferred Share Awards expressed as a dollar amount or as
a percentage of the Eligible Director’s Annual Retainer and, if applicable, Board
Chair Retainer and Committee Chair Retainer. 
The issuance of such a Retainer Restricted Share Award or Retainer Deferred
Share Award shall be in lieu of payment of that portion of the Annual Retainer,
Board Chair Retainer and Committee Chair Retainer in cash.

7.2           Retainer Restricted Share Awards.

(a)           On the first trading day of the calendar year, an
Eligible Director shall be granted a Retainer Restricted Share Award equal to the
number of shares of Common Stock determined by dividing an amount equal to the
amount of the Annual Retainer and, if applicable, the Board Chair Retainer
and/or the Committee Chair Retainer that the Eligible Director elected to
receive (or is deemed to have elected to receive) in the form of a Retainer
Restricted Share Award by the Average Market Price calculated on the first
trading day of the calendar year, rounded up to the nearest whole share.

(b)           If an Eligible Director becomes Board Chair during the
year, the Board Chair shall be granted a Retainer Restricted Share Award equal
to the number of shares of Common Stock determined by dividing an amount equal
to fifty percent (50%) of the pro rata portion of the Board Chair Retainer by
the closing price of a share of Common Stock, at the end of the regular trading
session, which as of the Effective Date is 4:00 p.m., New York City time, as
reported on the New York Stock Exchange Composite Tape on the date the Eligible
Director was elected Board Chair, rounded up to the nearest whole share.

(c)           Any Retainer Restricted Share Award shall be awarded
under the Stock Plan.  In addition to the
terms and conditions set forth below, such Retainer Restricted Share Award
shall be subject to the terms and conditions of the Stock Plan and any
applicable Award Agreement.

(d)           Shares subject to a Retainer Restricted Share Award
may not be sold, assigned or otherwise transferred, or subjected to any lien,
either voluntarily or involuntarily, by operation of law or otherwise, until
the Eligible Director’s service with the Company ceases.  In the event (1) an Eligible Director’s
service with the Company

 8
 

ceases prior
to December 31 of the Issuance Year, (2) a Board Chair who was Board Chair at
the beginning of the Issuance Year ceases to serve as Board Chair prior to December
31 of the Issuance Year, or (3) a chair of a Committee ceases to serve as a
Committee chair prior to December 31 of the Issuance Year (unless any such
cessation of service occurs following a Change of Control), a portion of the
shares subject to a Retainer Restricted Share Award will be forfeited in an
amount equal to the number of shares subject to such Retainer Restricted Share
Award multiplied by a fraction, the numerator of which is the number of days
remaining in the Issuance Year after the date of such Eligible Director’s service
with the Company ceases (or after the Board Chair or committee chair ceases to
serve as Board Chair or committee chair) and the denominator of which is 365,
rounded down to the nearest whole share. 
In the event a Board Chair who became Board Chair during the Issuance
Year ceases to serve as Board Chair prior to December 31 of the Issuance Year
(unless such cessation of service occurs following a Change of Control), a
portion of the shares subject to a Retainer Restricted Share Award will be
forfeited in an amount equal to the number of shares subject to such Retainer
Restricted Share Award multiplied by a fraction, the numerator of which is the
number of days remaining in the Issuance Year after the date of termination of
service or the date the Board Chair ceases to be Board Chair and the
denominator of which is 365 less the total number of days from the beginning of
the Issuance Year to the date the Eligible Director became Board Chair, rounded
down to the nearest whole share.

7.3           Retainer Deferred Share Awards.

(a)           On the first trading day of the calendar year, an
Eligible Director shall receive a credit to his or her Deferred Stock Account
equal to the number of shares of Common Stock (“Deferred Shares”) determined by
dividing an amount equal to the amount of the Annual Retainer and, if
applicable, the Board Chair Retainer and/or the Committee Chair Retainer that
the Eligible Director elected to receive in the form of a Retainer Deferred
Share Award by the Average Market Price calculated on the first trading day of
the calendar year,  rounded up to
the nearest whole share.  Any such
Retainer Deferred Share Award shall be awarded under the Stock Plan.  In addition to the terms and conditions set
forth below, such Retainer Deferred Share Award shall be subject to the terms
and conditions of the Stock Plan; provided, however, that the terms and
conditions set forth below shall be deemed to constitute the Award Agreement
with respect to any Retainer Deferred Share Award and no separate, executed
Award Agreement shall be required under the terms of the Program or the Stock
Plan.

(b)           In the event (1) an Eligible Director incurs a
Separation from Service prior to December 31 of the Issuance Year, (2) a Board
Chair who was Board Chair at the beginning of the Issuance Year ceases to serve
as Board Chair prior to December 31 of the Issuance Year, or (3) a chair of a
Committee ceases to serve as a Committee chair prior to December 31 of the
Issuance Year (unless any such cessation of service occurs following a Change
of Control), a portion of the Deferred Shares credited to the Eligible Director’s
Deferred Stock Account will be forfeited in an amount equal to the Deferred
Shares multiplied by a fraction, the numerator of which is the number of days
remaining in the Issuance Year after the date of such Eligible Director’s
Separation from Service (or after the Board Chair or committee chair ceases to
serve as Board Chair

 9
 

or
committee chair) and the denominator of which is 365, rounded down to the
nearest whole share.  In the event a
Board Chair who became Board Chair during the Issuance Year ceases to serve as
Board Chair prior to December 31 of the Issuance Year (unless such cessation of
service occurs following a Change of Control), a portion of the Deferred Shares
credited to the Eligible Director’s Deferred Stock Account will be forfeited in
an amount equal to the Deferred Shares multiplied by a fraction, the numerator
of which is the number of days remaining in the Issuance Year after the date of
termination of service or the date the Board Chair ceases to be Board Chair and
the denominator of which is 365 less the total number of days from the
beginning of the Issuance Year to the date the Eligible Director became Board
Chair, rounded down to the nearest whole share.

(c)           Each time a cash dividend is paid on the Common Stock,
the Eligible Director shall receive a credit to his or her Deferred Stock
Account equal to that number of shares of Common Stock (rounded to the nearest
whole share) having a Fair Market Value on the dividend payment date equal to
the amount of the cash dividend payable on the number of shares credited to the
Eligible Director’s Deferred Stock Account on the dividend record date.  Each time there is a change in the number or
character of the Common Stock (through any stock dividend or other
distribution, recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation split-up, spin-off, combination, repurchase or exchange
of shares or otherwise), the Eligible Director shall receive a credit to his or
her Deferred Stock Account equal to that change in number or character of the
Common Stock.

(d)           At the time of making the Annual Retainer Election,
each Eligible Director shall also complete a deferral payment election
specifying one of the payment options described in Section 7.3(e) below with
respect to the Deferred Shares subject to such Annual Retainer Election.

(e)           An Eligible Director may elect to receive payment of
his or her Deferred Stock Account in a lump sum on January 10 of the year (or
the first business day thereafter) following the Eligible Director’s Separation
from Service on the Board or in five, ten or fifteen annual installments
beginning on January 10 of the year (or the first business day thereafter)
following the Eligible Director’s Separation from Service.  If an Eligible Director fails to make a
deferral payment election, such Eligible Director shall be deemed to have
elected a single lump sum payment.  All
payments shall be made in shares of Common Stock plus cash in lieu of any
fractional share.  If an Eligible
Director elects to receive installment payments from his or her Deferred Stock
Account, the amount of each installment payment shall be computed as the number
of shares credited to the Eligible Director’s Deferred Stock Account,
multiplied by a fraction, the numerator of which is one and the denominator of
which is the total number of installments elected (i.e., five, ten or fifteen) minus the number of installments
previously paid.  Amounts paid prior to
the final installment payment shall be rounded to the nearest whole number of
shares; the final installment payment shall be for the whole number of shares
then credited to the Eligible Director’s Deferred Stock Account, together with
cash in lieu of any fractional share.

 10
 

(f)            An Eligible Director may
elect to change the form of his or her distribution after making his or her
Annual Retainer Election (other than on account of a Change in Control under
Section 7.3(i)), provided (i) the Eligible Director makes such election in
accordance with rules established by the Committee at least 12 months prior to
the date that the Eligible Director’s first scheduled payment was to begin,
(ii) the election may not take effect until at least 12 months after the date
on which a completed election is filed with the Committee, and (iii) the
election defers commencement of the benefit at least 5 years beyond the date
payment otherwise would have been made or commenced, except with respect to
payments on account of death.  An
installment distribution shall be treated as a single payment for purposes of
this Section 7(f).

(g)           If an Eligible Director dies before receiving all
payments to which he or she is entitled under this Section 7.3 of the Program,
payment shall be made in the form elected by the Eligible Director to the
beneficiary designated by the Eligible Director on a form provided for that
purpose and delivered to and accepted by the Committee or, in the absence of a
valid designation or if the designated beneficiary does not survive the
Eligible Director, to such Eligible Director’s estate.

(h)           No right to receive payments under this Section 7.3 of
the Program nor any shares of Common Stock credited to an Eligible Director’s
Deferred Stock Account shall be assignable or transferable by an Eligible
Director other than by will or the laws of descent and distribution.  The designation of a beneficiary by an
Eligible Director pursuant to Section 7.3(g) does not constitute a transfer.

(i)            Notwithstanding anything to the contrary set forth in
the Program, upon the occurrence of a Change of Control of the Company, then
if, and only if, such Change of Control is determined by the Committee to be a “change
of control” within the meaning of Section 409A of the Code, credits to an
Eligible Director’s Deferred Stock Account as of the business day immediately
prior to the effective date of the transaction constituting the Change of
Control shall be paid in full to the Eligible Director or the Eligible Director’s
beneficiary or estate, as the case may be, in whole shares of Common Stock
(together with cash in lieu of a fractional share) on such date.

8.                                       Rights
of Eligible Directors.

8.1           Service as a Director. 
Nothing in the Program nor the Stock Plan will interfere with or limit
in any way the right of the stockholders of the Company to remove an Eligible
Director, and neither the Program nor the Stock Plan, nor the granting of an
Award nor any other action taken pursuant to the Program or Stock Plan, will
constitute or be evidence of any agreement or understanding, express or
implied, that the stockholders of the Company will re-elect an Eligible Director
for any period of time or at any particular rate of compensation.

8.2           Non-Exclusivity of the Program. 
Nothing contained in the Program is intended to create any limitations
on the power or authority of the Board to adopt such additional or other compensation
arrangements for non-employee directors as the Board may deem necessary or
desirable.

 11
 

9.                                       Securities
Law and Other Restrictions.

Notwithstanding any other provision of the Program or
any agreements entered into pursuant to the Program, the Company will not be
required to issue any shares of Common Stock under this Program, and an
Eligible Director may not sell, assign, transfer or otherwise dispose of shares
of Common Stock issued pursuant to Awards granted under the Program, unless (a)
there is in effect with respect to such shares a registration statement under
the Securities Act and any applicable state securities laws or an exemption
from such registration under the Securities Act and applicable state securities
laws, and (b) there has been obtained any other consent, approval or permit
from any other regulatory body which 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.

10.                                 Program
Effective Date, Duration, Amendment, Modification and Termination.

The Program shall be deemed effective as of the
Effective Date and shall continue in full force and effect until suspended or
terminated by the Committee or the Board. 
The Committee or the Board may suspend or terminate the Program or any
portion thereof at any time, and may amend the Program from time to time in
such respects as the Committee or the Board may deem advisable in order that
Awards under the Program will conform to any change in applicable laws or
regulations or in any other respect the Committee or the Board may deem to be
in the best interests of the Company; provided, however, that no amendments to
the Program will be effective without approval of the stockholders of the Company
if stockholder approval of the amendment is then required pursuant to the rules
of the New York Stock Exchange or any similar regulatory body.  Payments of amounts due under Section 7.3 may
not be accelerated on account of a termination of the Program unless and only
to the extent permitted under Section 409A of the Code.

11.                                 Stock
Plan.

Notwithstanding anything stated to the contrary
herein, all Awards granted pursuant to the Program shall be awarded under, and
in accordance with, the terms of the Stock Plan.

12.                                 Miscellaneous.

12.1         Governing Law. 
Notwithstanding conflict of law provisions, the validity, construction,
interpretation, administration and effect of the Program and any rules,
regulations and actions relating to the Program will be governed by and
construed exclusively in accordance with the laws of the State of Delaware.

 12
 

12.2         Successors and Assigns. 
The Program will be binding upon and inure to the benefit of the
successors and permitted assigns of the Company and the Eligible Directors.

12.3         No Representation or Warranty. 
The Company makes no representation or warranty regarding the tax
consequences relating to any Award, and the Company recommends that the
Eligible Director consult with his or her own advisors before making any
determination regarding the election to receive, exercise or the sale of an
Award.

12.4         Unfunded Program.  The Program
shall be unfunded and shall not create (or be construed to create) a trust or
separate fund or funds.  The Program
shall not establish any fiduciary relationship between the Company and any
Eligible Director or other person.  To
the extent any person holds any rights by virtue of a grant under the Program,
such rights shall be no greater than the rights of an unsecured general
creditor of the Company.  If the Company
shall, in fact, elect to set aside monies or other assets to meet its
obligations under Section 7.3 of the Program (there being no obligation to do
so), whether in a grantor trust or otherwise, the same shall, nevertheless, be
regarded as a part of the general assets of the Company subject to the claims
of its general creditors, and neither any Eligible Director nor any beneficiary
of any Eligible Director shall have a legal, beneficial, or security interest
therein.

 13

EXHIBIT A

	
  Annual Retainer

  	
   

  	
  $

  	
  65,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Board Chair
  Retainer

  	
   

  	
  $

  	
  130,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Committee Chair
  Retainer (Audit)

  	
   

  	
  $

  	
  15,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Committee Chair
  Retainer (Other)

  	
   

  	
  $

  	
  10,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Option Award

  	
   

  	
  8,000 shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Board Chair Option
  Award

  	
   

  	
  16,000 shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  New Director Restricted
  Stock Award

  	
   

  	
  $

  	
  150,000 value

  	
   

  

 

 A-1

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