Document:

EXHIBIT
10.3

TRUST AGREEMENT FOR

CERIDIAN CORPORATION

EXECUTIVE
BENEFIT PROTECTION TRUST NUMBER ONE

SECOND
DECLARATION OF AMENDMENT

Pursuant to the retained power of amendment contained
in Section 7.1 of the Trust Agreement for Ceridian Corporation Executive
Benefit Protection Trust Number One (the “Trust Agreement”), the undersigned
hereby amend the Trust Agreement in the manner described below.

1.             Section
3.2 of the Trust Agreement is amended by adding an unnumbered paragraph to the
end of such Section to read as follows:

“Notwithstanding
anything in this Trust Agreement to the contrary, the Trustee shall not permit
any portion of the Trust Fund to be located outside of the United States in
violation of Section 409A(b)(1) of the Code.”

The foregoing amendment is effective as of October 25,
2006.

To acknowledge and
affirm the foregoing amendments, the undersigned have caused this instrument to
be executed by their duly authorized officers.

 

	
  U.S. BANK NATIONAL ASSOCIATION

  	
  CERIDIAN CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Deborah Burnett 

  	
   

  	
  By:

  	
  /s/ Gary M. Nelson 

  	
   

  
	
  Name: Deborah Burnett

  	
  Name: Gary M. Nelson

  
	
  Title: Assistant Vice President

  	
  Title: Executive Vice President

  
	
  Date: October 23, 2006

  	
  Date: October 25, 2006

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Michael Hay 

  	
   

  	
  By:

  	
  /s/ William E. McDonald 

  	
   

  
	
  Name: Michael Hay

  	
  Name: William E. McDonald

  
	
  Title: Vice President

  	
  Title: Deputy Secretary

  
	
  Date: October 23, 2006

  	
  Date: October 25, 2006

  
										

 

 

 

	
  STATE OF MINNESOTA

  	
  )

  
	
   

  	
  ) ss.

  
	
  COUNTY OF
  HENNEPIN

  	
  )

  

 

On this 25th day of October, 2006, before me
personally appeared Gary M. Nelson and William E. McDonald, to me personally
known, who, being each by me duly sworn, did say that they are respectively the
Executive Vice President and Deputy Secretary of Ceridian Corporation, the
corporation named in the foregoing instrument and that the instrument was
signed on behalf of the corporation, and they acknowledged the instrument to be
the free act and deed of said corporation.

	
  

  	
  /s/ Patricia
  Esterley

  
	
   

  	
  Notary

  

 

	
  STATE OF MINNESOTA

  	
  )

  
	
   

  	
  ) ss.

  
	
  COUNTY OF RAMSEY

  	
  )

  

 

On this 23 day of October, 2006, before me personally
appeared Deborah Burnett and Michael Hay, to me personally known, who, being
each by me duly sworn, did say that they are respectively the Assistant Vice
President and Vice President of U.S. Bank National Association, the national
banking association named in the foregoing instrument and that the instrument
was signed on behalf of the association, and they acknowledged the instrument
to be the free act and deed of the association.

	
  

  	
  /s/ Kathleen
  Donnelly

  
	
   

  	
  Notary

  

 

 2EXHIBIT
10.4

Amendment
No. 2

to

Executive
Employment Agreement

Ronald
L. Turner

This Amendment,
dated October 25, 2006, amends certain provisions of the Executive Employment
Agreement, dated as of January 29, 2002 and amended by amendment dated as of
November 21, 2002 (“Agreement”), between Ceridian Corporation (“Ceridian”) and
Ronald L. Turner (“Executive”) primarily to comply with the requirements of, or
to satisfy exceptions to, the provisions of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), and the regulations issued
thereunder.

Unless otherwise
defined herein, capitalized terms used in this Amendment have the meanings
given to them in the Agreement.  In
consideration of the material promises and obligations contained in the
Agreement as modified by this Amendment, Executive and Ceridian agree to amend
the Agreement as follows:

1.             Article I is amended effective January 1, 2005 by adding
a new Section 1.08 to read as follows:

“1.08       “AFFILIATE”
means any entity with whom Ceridian would be considered a single employer under
Section 414(b) or 414(c) of the Code.”

2.             Section 3.04(a)(1) is amended effective as of January 1,
2005 adding the following to the end of such Section:

“Executive will be treated as terminating employment
with Ceridian if (i) his employment relationship is severed with Ceridian and
all persons with whom Ceridian would be considered a single employer under
Section 414(b) or 414(c) of the Code (“Affiliates”) provided such termination
constitutes a “separation from service” within the meaning of Section 409A of
the Code, or (ii) he experiences a change in employment status with Ceridian
and its Affiliates that constitutes a “separation from service” within the
meaning of Section 409A of the Code.”

3.             Section 3.04(b) is amended effective January 1, 2005, by
adding the following language to the end of such Section:

“Notwithstanding the foregoing, if, upon the Executive’s
termination of employment, the Executive is a “specified employee” for purposes
of complying with Section 409A(a)(2)(B)(i) of the Code, that portion of the
benefit payable under this Section 3.04 that exceeds that amount of the benefit
determined as of December 31, 2004, will be suspended and not be paid to
Executive until the first day of the month immediately following the date that
is six (6) months after the

 

date of the Executive’s termination of employment (or,
if earlier, upon the Executive’s death). 
Any payment delayed beyond the Determination Date will be credited with
simple interest equal to the annual rate determined under Section 3.04(c)(3)
multiplied by a fraction the numerator of which is the number of days the
payment is suspended and the denominator of which is 365.”

4.             Section 4.03 is amended effective as of January 1, 2005
by adding the following sentence after the first sentence of Section 4.03:

“The Executive will be treated as terminating
employment under this Section 4.03 as defined in Section 3.04(a)(1).”

5.             Section 4.03(b) is amended effective as of January 1,
2005 by amending and restating clause (2) within the first sentences of Section
4.03(b) to read as follows:

“(2)         Executive
shall receive, starting within 15 days after the end of the 75 day notice
period, three years’ annual Base Salary and annual perquisite cash adder payable
in a single lump sum.”

6.             Section 4.03(b) is amended effective January 1,
2005 by adding a new sentence immediately preceding the last sentence of
Section 4.03(b) to read as follows:

“Reasonable outplacement services will be provided
only through the end of the second full calendar year following the calendar
year in which the Executive terminates employment.”

7.             Section 4.03 is amended effective as of January 1, 2005
by adding a new paragraph (c) to read as follows:

“(c)         If
Executive is a “specified employee” for the purposes of complying with the
requirements of Section 409A(a)(2)(B)(i) of the Code, then any severance
payments, other than reasonable outplacement services, or other amounts of
deferred compensation due under this Section 4.03, will be suspended and not
made until the first day immediately following the date that is six (6) months
after the date of the Executive’s termination of employment (or, if earlier,
upon the Executive’s death).”

8.             Section 4.05(a) is amended effective as of January 1,
2005 by adding the following sentence to the end of such Section:

“Executive will be treated as terminating employment
under this Section 4.05 as defined in Section 3.04(a)(1).”

9.             Section 4.05(b) is amended effective January 1, 2005 to
read as follows:

“If Executive terminates employment with Ceridian by
retirement after attaining 55 years and completing five or more years of
service to Ceridian, Executive shall, until age 65, be entitled to receive from
Ceridian medical, dental, life and

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accidental death and dismemberment insurance coverage
substantially equivalent to the coverage Executive had on the day immediately
prior to retiring, including coverage then in effect for Executive’s spouse and
dependents.  Executive shall be required
to pay no more for such insurance coverage than Executive paid as an active
employee immediately prior to retiring. 
To the extent practicable, medical and dental coverage will be provided
by a fully insured policy issued to Executive or under a fully insured group
policy issued to Ceridian.  If Executive
is covered by a self-insured group medical or dental plan maintained by
Ceridian, Executive will pay the full fair market value for such coverage and,
at least annually, will be reimbursed by Ceridian for the amount by which such
full fair market value exceeds the amount Executive paid for such coverage as
an active employee immediately prior to retiring.  To continue life and accidental death and
dismemberment insurance coverage, Executive will elect the portability option
available under Ceridian’s group insurance policy and will pay the full premium
for such coverage following termination of employment.  Ceridian will reimburse Executive at least
annually for the amount by which such premium exceeds the amount Executive paid
for such coverage as an active employee immediately prior to retiring.  Notwithstanding the foregoing, to the extent
any of the foregoing benefits are considered deferred compensation that is
subject to Section 409A of the Code, Ceridian shall not provide without charge,
pay for, or reimburse Executive for any such benefits until the date that is
six (6) months after the date of the Executive’s termination of employment  (or, if earlier, upon the Executive’s death).”

10.           Article IV is amended by adding a new
Section 4.08 to read as follows:

“4.08       TERMINATION
ON ACCOUNT OF CHANGE IN STATUS OF AFFILIATE. 
In the event that, prior to a Change of Control or a termination for
Cause under Section 4.02, Executive incurs a termination of employment as
defined under Section 3.04(a)(5) solely on account of being primarily employed
by an entity that ceases to be an Affiliate, then:

(a)           if at the time of such termination of
employment, Executive has entered into or has been offered an agreement with
the Affiliate or an entity that has or will have an interest in such Affiliate
and such agreement provides or would provide rights that are identical to the
Executive’s rights under Article IV of this Agreement, then such termination
will be treated as a termination for Cause pursuant to Section 4.02; and

(b)           in all other cases, such termination
of employment will be treated as a termination without Cause under Section
4.03.”

11.           Section 6.02(d) is amended effective
January 1, 2005 by adding the following phrase to the end of the first
sentence:

“subject to the six-month suspension period described
in Section 4.03(c).”

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12.           Section 7.01(d) is amended effective
January 1, 2005 by adding the following sentence to the end of Section 7.01(d):

“Executive will be treated as terminating employment
under this Section 7.01 as defined in Section 3.04(a)(1).”

13.           Section 7.03(e) is amended and
restated effective January 1, 2005 to read as follows:

“(e)         Following
a Change of Control Termination, Ceridian shall provide Executive with reasonable
outplacement services suitable to the Executive’s position until the end of the
second full calendar year following the calendar year in which the Change of
Control Termination occurs or, if earlier, until the first acceptance by the
Executive of an offer of employment. 
Following a Change of Control Termination, Ceridian shall reimburse
Executive for all customary relocation expenses actually incurred by Executive
in one move out of the Executive’s state of residence within the one-year
period following such Change of Control Termination, provided such move is
directly related to the termination of Executive’s employment.”

14.           Section 7.07 is amended and restated
effective January 1, 2005 to read as follows:

“7.07       BENEFITS
CONTINUATION.  In the event of a Change
of Control Termination, Executive shall, until age 65, be entitled to receive
from Ceridian medical, dental, life and accidental death and dismemberment
insurance coverage substantially equivalent to the coverage Executive had on
the day immediately prior to the Change of Control, including coverage then in
effect for Executive’s spouse and dependents, but excluding supplemental
disability coverage provided for in Section 3.05(b) of this Agreement.  Executive shall be required to pay no more for
such insurance coverage than Executive would be required to pay had Executive
continued in active employment with Ceridian, provided, if continuation of any
such coverage is made available to employees terminating at age 55 with 15 or
more years of service, Executive shall be required to pay no more for
continuation than is required of such employees on the day immediate prior to
the Change of Control.  To the extent
practicable, medical and dental coverage will be provided by a fully insured
policy issued to Executive or under a fully insured group policy issued to
Ceridian.  If Executive is covered by a
self-insured group medical or dental plan maintained by Ceridian, Executive
will pay the full fair market value for such coverage and, at least annually,
will be reimbursed by Ceridian for the amount of which such full fair market
value exceeds the amount Executive paid for such coverage as an active employee
immediately

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prior to retiring. 
To continue life and accidental death and dismemberment insurance
coverage, Executive will elect the portability option available under Ceridian’s
group insurance policy and will pay the full premium for such coverage
following termination of employment. 
Ceridian will reimburse Executive at least annually for the amount by
which such premium exceeds the amount Executive paid for such coverage as an
active employee immediately prior to retiring. 
If the provision of any such coverage to Executive causes inclusion of
any amount in Executive’s gross income that would not have been so included had
Executive received such coverage as an active employee, Ceridian shall pay
Executive the amount necessary to wholly offset the federal and state income
taxes attributable to such amount and the tax reimbursement amounts paid pursuant
to this sentence.”

15.           Article VII is amended effective
January 1, 2005 by adding a new Section 7.09 to read as follows:

“7.09       Six-Month
Suspension For Specified Key Employee. 
If, upon a Change of Control Termination, Executive is a “specified
employee” for purposes of complying with the requirements of Section
409A(a)(2)(B)(i) of the Code, any payments due under Sections 7.03 and 7.04 and
the provision of benefits under Section 7.07 (including any tax gross-up
payment), will not be paid, provided without charge or reimbursed to Executive
until the first day immediately following the date that is six (6) months after
the date of the Executive’s termination of employment (or, if earlier, upon the
Executive’s death).”

16.           Article VIII is amended and restated
effective January 1, 2005 in its entirety to read as follows:

“Article VIII

[Intentionally
left blank.]”

Ceridian has
caused this Amendment to be duly executed and delivered as of the date first
written above.  Following the
effectiveness of this Amendment, each reference in the Agreement to “this
Agreement,” “hereunder,” “herein,” “hereof,” or words of like impact shall mean
and be a reference to the Agreement as amended by this Amendment.

 

	
  EXECUTIVE

  	
  CERIDIAN CORPORATION 

  
	
   

  	
   

  
	
   

  	
   

  
	
   /s/Ronald L. Turner

  	
   

  	
  By: 

  	
  /s/ Gary M. Nelson 

  	
   

  
	
  Ronald L. Turner
  

  	
   

  
	
  Address: 

  	
   

  	
   

  	
   

  	
  Name: Gary M. Nelson 

  
	
   

  	
   

  	
   

  	
  Title:   Executive Vice President,
  Chief 

  
	
   

  	
  Administrative Officer, General Counsel and 

  
	
   

  	
  Corporate Secretary

  
							

 

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