Document:

EX10_8

Exhibit 10.8

__________

 

 

 

 

 

 

AMENDING AGREEMENT TO CORPORATE

DEVELOPMENT EMPLOYMENT AGREEMENT

 

Between:

 

POWER AIR CORPORATION

 

And:

 

REMY KOZAK

Power Air Corporation

4777 Bennett Drive, Suite E, Livermore, California, U.S.A., 94551

__________

AMENDING AGREEMENT TO CORPORATE

DEVELOPMENT EMPLOYMENT AGREEMENT

 

 

THIS AMENDING AGREEMENT TO CORPORATE DEVELOPMENT AGREEMENT is made and dated for reference effective as of the 29th day of May, 2006 (the "Effective Date"), as fully executed on this _____ day of May, 2006.

 

BETWEEN:

POWER AIR CORPORATION, a company incorporated under the laws of the State of Nevada, U.S.A., and having an address for notice and delivery located at 4777 Bennett Drive, Suite E, Livermore, California, U.S.A., 94551

(the "Company");

OF THE FIRST PART

AND:

REMY KOZAK, having an address for notice and delivery located at 1303 - 283 Davie Street, Vancouver, British Columbia, Canada, V6B 5T6

(the "Executive");

OF THE SECOND PART

(the Company and the Executive being hereinafter singularly also referred to as a "Party" and collectively referred to as the "Parties" as the context so requires).

 

                    WHEREAS:

A.               In accordance with the terms and conditions of a certain underlying "Corporate Development Employment Agreement", dated for reference effective as at October 3, 2005, as entered into between the Parties hereto (the "Underlying Agreement"); a copy of which Underlying Agreement being attached hereto as Schedule "A" and forming a material part hereof; the Parties thereby formalized the appointment of the Executive as the Vice-President of Corporate Development of the Company together with the provision for certain related corporate development services to be provided by the Executive to the Company in accordance with the terms and conditions of the Underlying Agreement; and

B.                As a consequence of the Executive's recent determination, with the unanimous approval of the Board of Directors of the Company, to consent to and accept the further executive positions within the Company of each of President and Chief Executive Officer, while at the same continuing to provide to the Company various corporate development services which the Executive has heretofore provided to the Company within the scope of the Underlying Agreement, the Parties hereto have agreed to add certain provisions to the Underlying Agreement in order to recognize the Executive's new role within the Company, together with certain new rights and obligations of each of the Parties related thereto, in the manner as now set forth in this "Amending Agreement To Corporate Development Agreement" (the "Agreement") in this instance;

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                    NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the mutual promises, covenants and agreements herein contained, THE PARTIES HERETO COVENANT AND AGREE WITH EACH OTHER as follows:

 

Article 1

AMENDMENTS TO THE UNDERLYING AGREEMENT

1.1               Amendments to the Underlying Agreement.   As a consequence of the Executive's recent determination, with the unanimous approval of the Board of Directors of the Company, to consent to and accept the further executive positions within the Company of each of President and Chief Executive Officer, while at the same continuing to provide to the Company various corporate development services which the Executive has heretofore provided to the Company within the scope of the Underlying Agreement, the Parties hereto hereby acknowledge and agree that the following Article of the Underlying Agreement is hereby deleted in its entirety with the following Article being substituted in its stead:

Article "6" of the Underlying Agreement is hereby deleted in its entirety with the following Article being substituted in its stead:

"Article 6

D&O POLICY, INDEMNIFICATION AND PAYMENT OF LEGAL FEES

6.1               D&O Policy.   The Company, using reasonable business judgment, shall provide the Executive (including his heirs, executors and administrators) with coverage under a standard form Directors' and Officers' Liability Insurance Policy (the "D&O Policy") to be obtained by the Company as soon as reasonably practicable after the Effective Date hereof, at the Company's expense, and shall indemnify, hold harmless and defend the Executive (and his heirs, executors and administrators) to the fullest extent permitted under U.S. and Canadian law for any deductible expenses under the D&O Policy reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been an Officer of the Company (whether or not he continues to be an Officer at the time of incurring such expense); such expenses and liabilities to include, but not limited to, judgments, court costs and attorneys' fees and the cost of reasonable settlements; and such settlements to be approved by the Board of Directors if such action is brought against the Executive in his capacity as an Officer of the Company.

6.2               Indemnification.   If the Company does not provide the Executive with coverage under a D&O Policy the Company shall indemnify, hold harmless and defend the Executive (and his heirs, executors and administrators) to the fullest extent permitted under U.S. and Canadian law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been an Officer of the Company (whether or not he continues to be an Officer at the time of incurring such expenses or liabilities); such expenses and liabilities to include, but not be limited to, judgments, court costs and attorney's fees and the cost of reasonable settlements; and such settlements to be approved by the Board of Directors if such action is brought against the Executive in his capacity as an Officer of the Company.

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6.3               Payment of legal fees.   All reasonable legal fees paid or incurred by the Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Company if the Executive is successful or as may be determined to be appropriate by any arbitrator's award based on the relative merits of the two Parties."

1.2               Effect of the Underlying Agreement.   Save as hereby amended in accordance with section "1.2" hereinabove, the Underlying Agreement remains in full force and effect as unamended.

 

Article 2

GENERAL PROVISIONS

2.1               Entire agreement.   This Agreement constitutes the entire agreement to date between the Parties hereto and supersedes every previous agreement, communication, expectation, negotiation, representation or understanding, whether oral or written, express or implied, statutory or otherwise, between the Parties hereto with respect to the subject matter of this Agreement.

2.2               Enurement.   This Agreement will enure to the benefit of and will be binding upon the Parties hereto and their respective heirs, executors, administrators and assigns.

2.3               Time of the essence.   Time will be of the essence of this Agreement.

2.4               Representation and costs.   It is hereby acknowledged by each of the Parties hereto that Lang Michener LLP, Lawyers - Patent & Trade Mark Agents, act solely for the Company, and, correspondingly, that the Executive has been required by each of Lang Michener LLP and the Company to obtain independent legal advice with respect to its review and execution of this Agreement.   In addition, it is hereby further acknowledged and agreed by the Parties hereto that Lang Michener LLP, and certain or all of its principal owners or associates, from time to time, may have both an economic or shareholding interest in and to the Company and/or a fiduciary duty to the same arising from either a directorship, officership or similar relationship arising out of the request of the Company for certain of such persons to act in a similar capacity while acting for the Company as counsel.  Correspondingly, and even where, as a result of this Agreement, the consent of each Party hereto to the role and capacity of Lang Michener LLP, and its principal owners and associates, as the case may be, is deemed to have been received, where any conflict or perceived conflict may arise, or be seen to arise, as a result of any such capacity or representation, each Party hereto acknowledges and agrees to, once more, obtain independent legal advice in respect of any such conflict or perceived conflict and, consequent thereon, Lang Michener LLP, together with any such principal owners or associates, as the case may be, shall be at liberty at any time to resign any such position if it or any Party hereto is in any way affected or uncomfortable with any such capacity or representation.  Each Party to this Agreement will also bear and pay its own costs, legal and otherwise, in connection with its respective preparation, review and execution of this Agreement and, in particular, that the costs involved in the preparation of this Agreement, and all documentation necessarily incidental thereto, by Lang Michener LLP, shall be at the cost of the Company.

2.5               Applicable law.   For all purposes this Agreement will be governed exclusively by and construed and enforced in accordance with the laws and Courts prevailing in the Province of British Columbia, Canada.

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2.6               Further assurances.   The Parties hereto hereby, jointly and severally, covenant and agree to forthwith, upon request, execute and deliver, or cause to be executed and delivered, such further and other deeds, documents, assurances and instructions as may be required by the Parties hereto or their respective counsel in order to carry out the true nature and intent of this Agreement.

2.7               Severability and construction.   Each Article, section, paragraph, term and provision of this Agreement, and any portion thereof, shall be considered severable, and if, for any reason, any portion of this Agreement is determined to be invalid, contrary to or in conflict with any applicable present or future law, rule or regulation in a final unappealable ruling issued by any court, agency or tribunal with valid jurisdiction in a proceeding to any of the Parties hereto is a party, that ruling shall not impair the operation of, or have any other effect upon, such other portions of this Agreement as may remain otherwise intelligible (all of which shall remain binding on the Parties and continue to be given full force and agreement as of the date upon which the ruling becomes final).

2.8               Counterparts.   This Agreement may be signed by the Parties hereto in as many counterparts as may be necessary and, if required, by facsimile, each of which so signed being deemed to be an original, and such counterparts together shall constitute one and the same instrument and notwithstanding the date of execution will be deemed to bear the Effective Date as set forth on the front page of this Agreement.  

 

                    IN WITNESS WHEREOF each of the Parties hereto have hereunto set their respective hands and seals in the presence of their duly authorized signatories effective as of the Effective Date as set forth in the front page of this Agreement.

	
The CORPORATE SEAL of

POWER AIR CORPORATION,

the Company herein, was hereunto affixed

in the presence of:

________________________________

Authorized Signatory
	
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(C/S)

	
SIGNED, SEALED and DELIVERED by

REMY KOZAK,

the Executive herein, in the presence of:

________________________________

Witness Signature

________________________________

Witness Address

________________________________

Witness Name and Occupation
	
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________________________________

REMY KOZAK

 

__________

Schedule A

 

 

                    This is Schedule "A" to that certain Amending Agreement To Corporate Development Agreement between Power Air Corporation and Remy Kozak.

 

Underlying Agreement

Refer to the materials attached hereto.

__________Trust Agreement for the MSC.Software Corporation

 EXHIBIT 10.1 
 

 
 Rabbi Trust Agreement 
 for 
 MSC.Software Corporation 
 2005 Supplement Retirement and 
 Deferred Compensation Plan 

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
			
	 Section 1.
	  	Establishment of Trust	  	1
			
	 Section 2.
	  	Payments to Plan Participants and Their Beneficiaries	  	2
			
	 Section 3.
	  	Trustee Responsibility Regarding Payments to Trust Beneficiary When Company is Insolvent	  	3
			
	 Section 4.
	  	Payments to Company	  	4
			
	 Section 5.
	  	Investment Authority	  	4
			
	 Section 6.
	  	Disposition of Income	  	5
			
	 Section 7.
	  	Accounting by Trustee	  	5
			
	 Section 8.
	  	Responsibility of Trustee	  	6
			
	 Section 9.
	  	Compensation and Expenses of Trustee	  	7
			
	 Section 10.
	  	Resignation and Removal of Trustee	  	7
			
	 Section 11.
	  	Appointment of Successor	  	7
			
	 Section 12.
	  	Amendment or Termination	  	8
			
	 Section 13.
	  	Miscellaneous	  	8
			
	 Section 14.
	  	Effective Date	  	9

 Rabbi Trust Agreement 
 This Agreement, made this 1st day of January, 2005, by and between MSC.Software Corporation (the “Company”) and its affiliates,
and Wells Fargo Bank, N.A., (the “Trustee”), 
 WITNESSETH: 
 WHEREAS, Company has adopted a non-qualified deferred compensation Plan entitled MSC.Software Corporation 2005 Supplemental Retirement and
Deferred Compensation Plan (the “Plan”); 
 WHEREAS, Company wishes to establish a trust (hereinafter called
“Trust”) and to contribute to the Trust assets that shall be held therein, subject to the claims of Company’s Insolvency, as herein defined, until paid to Plan participants and their beneficiaries in such manner and at such times as
specified in the Plan; 
 WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded arrangement and
shall not affect the status of the Plan as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income
Security Act of 1974; 
 WHEREAS, it is the intention of Company to make contributions to the Trust to provide itself with a source of
funds to assist it in the meeting of its liabilities under the Plan; 
 NOW, THEREFORE, the parties do hereby establish the Trust and
agree that the Trust shall be comprised, held and disposed of as follows: 
 Section 1. Establishment of Trust. 
 (a) Company hereby deposits with Trustee in trust assets, which shall become the principal of the Trust to be held, administered and
disposed of by Trustee as provided in this Trust Agreement. 
 (b) The Trust hereby established shall be irrevocable by
Company. 
 (c) The Trust is intended to be a grantor trust, of which Company is the grantor, within the meaning of
subpart E, part 1, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly. However, the Trustee does not warrant and shall not be liable for any tax
consequences associated with the Trust or participation in the Plan. 
  

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 (d) The principal of the Trust, and any earnings thereon shall be held separate and apart
from other funds of Company and shall be used exclusively for the uses and purposes of Plan participants and general creditors as herein set forth. Plan participants and their beneficiaries shall have no preferred claim on, or any beneficial
ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against Company. Any assets held by the Trust will be
subject to the claims of Company’s general creditors under federal and state law in the event of Insolvency, as defined in Section 3(a) herein. 
 (e) Company, in its sole discretion, may at any time, or from time to time, make additional deposits of cash or other property, acceptable to the Trustee, in trust with Trustee to augment the principal to be held,
administered and disposed of by Trustee as provided in this Trust Agreement. Neither Trustee nor any Plan participant or beneficiary shall have any right to compel such additional deposits. 
 Section 2. Payments to Plan Participants and Their Beneficiaries. 
 (a) Company shall deliver to Trustee a schedule (the “Payment Schedule”) that indicates the amounts payable in respect of each
Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Plan,
and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Company shall make provision
for the reporting and withholding of any Federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate taxing
authorities. The Trustee may forward amounts to be withheld from the participants’ benefits to the Company for remittal to the appropriate taxing authorities. The Trustee shall have no responsibility or liability for determining and/or
reporting any such taxes. 
 (b) The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan
shall be determined by Company or such party as it shall designate under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan. 
 (c) Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the
Plan. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not
sufficient to make payments of benefits in accordance with the terms of the Plan, Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient. The trustee shall
not be liable for the inadequacy of the Trust to pay all amounts due under the Plan, unless such inadequacy is the direct result of trustee’s willful misconduct, bad faith or negligence. 
  

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 Section 3. Trustee Responsibility Regarding Payments to Trust Beneficiary When Company is
Insolvent. 
 (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is
Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United
States Bankruptcy Code or any comparable state or federal regulatory law. 
 (b) At all times during the continuance of this
Trust, as provided in Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of Company under federal and state law as set forth below. 
 (1) The Board of Directors and the Chief Executive Officer of Company shall have the duty to inform Trustee in writing of Company’s
Insolvency. If a person claiming to be a creditor of Company alleges in writing to Trustee that Company has become Insolvent, Trustee shall determine whether Company is Insolvent and, pending such determination, Trustee shall discontinue payment of
benefits to Plan participants or their beneficiaries. Except as stated above, the Trustee shall have no duty to determine whether the Company is Insolvent. 
 (2) Unless Trustee has actual knowledge of Company’s Insolvency, or has received notice from Company or a person claiming to be a creditor alleging that Company is Insolvent, Trustee shall have no duty to inquire
whether Company is Insolvent. Trustee may in all events rely on such evidence concerning Company’s solvency as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning Company’s
solvency. 
 (3) If at any time Trustee has determined that Company is Insolvent, Trustee shall discontinue payments to Plan
participants or their beneficiaries and shall hold the assets of the Trust for the benefit of Company’s general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of the Plan participants or their beneficiaries to
pursue their rights as general creditors of Company with respect to benefits due under the Plan or otherwise. 
 (4) Trustee
shall resume the payment of benefits to Plan participants or their beneficiaries in accordance with Section 2 of this Trust Agreement only after Trustee has determined that Company is not Insolvent (or is no longer Insolvent). 
 (c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to
Section 3(b) hereof and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the
period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the payments provided for hereunder during any such period of discontinuance. 
  

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 Section 4. Payments to Company. 
 Except as provided in Section 3 hereof, Company shall have no right or power to direct Trustee to return to Company or to divert to others any of the
Trust assets before all payment of benefits have been made to Plan participants and their beneficiaries pursuant to the terms of the Plan. 
 Section 5. Investment Authority. 
 (a) The Company may from time to time issue directions to the Trustee
instructing the Trustee how to invest the Trust. Prior to issuing any such directions, the Company shall certify to the Trustee the person(s) at the Company who have the authority to issue such directions. If such directions are issued, the Trustee
shall have no fiduciary responsibility or liability over the investment of the Trust except to follow the directions issued. 
 (b) Except as provided in paragraph (a), in the administration of the Trust, the Trustee shall have the following powers: 
 (1) To hold and control the assets in the Trust; 
 (2) To sell, exchange, assign, transfer, and convey any security
or property held in the Trust, at public or private sale, at such time and price and upon such terms and conditions (including credit) as directed by the Investment Manager; 
 (3) To invest and reinvest assets of the Trust (including accumulated income) as directed by the Investment Manager; 
 (4) To notify the Company of any vote on any stock or securities held in the Trust, as all voting rights with respect to Trust assets will
be exercised by Company; 
 (5) To consent to and participate in any plan for the liquidation, reorganization, consolidation,
or merger of any corporation, any security of which is held in the Trust; 
 (6) To sell or exercise any “rights”
issued on any securities held in the Trust; 
 (7) To cause all or any part of the assets of the Trust to be held in the name
of the Trustee (which in such instance need not disclose its fiduciary capacity) or, as permitted by laws, in the name of any nominee, and to acquire for the Trust any investment in bearer form, but the books and records of the Trust shall at all
times show that all such investments are part of the Trust and the Trustee shall hold evidence of title to all such investments; 
 (8) To make such distributions to Participants (as such term is defined in the Plan) in accordance with the provisions of this Trust Agreement; and 
  

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 (9) From time to time the Company may appoint one or more investment managers who shall
have investment management and control over all or a portion of the assets of the Trust (“Investment Managers”). The Company shall notify the Trustee of the appointment of the Investment Manager. In the event more than one Investment
Manager is appointed, the Company shall determine which assets shall be subject to management and control by each Investment Manager and shall also determine the proportion in which funds withdrawn or disbursed shall be charged against the assets
subject to each Investment Manager’s management and control. As shall be provided in any contract between an Investment Manager and the Company, such Investment Manager shall hold a revocable proxy with respect to all securities which are held
under the management of such Investment Manager pursuant to such contract and such Investment Manager shall report the voting of all securities subject to such proxy on an annual basis to the Company. In the event that the Company does not appoint
an Investment Manager as provided in this Section 5(i), references in this Trust Agreement to “Investment Manager” shall mean the Company. 
 Section 6. Disposition of Income. 
 During the term of this Trust, all income received by the
Trust, net of expenses and taxes, shall be accumulated and reinvested. 
 Section 7. Accounting by Trustee. 
 Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including
such specific records as shall be agreed upon in writing between Company and Trustee. Within 60 days following the close of each calendar year and within 90 days after the removal or resignation of Trustee, Trustee shall deliver to Company a written
account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions
effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being show separately), and showing all cash, securities and
other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. 
  

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 Section 8. Responsibility of Trustee. 
 (a) Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in
like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; provided, however, that Trustee shall incur no liability to any person for any action taken pursuant to a direction,
request or approval given by Company which is contemplated by, and in conformity with the terms of the Plan or this Trust and is given in writing by Company. In the event of a dispute between Company and a third party, Trustee may apply to a court
of competent jurisdiction to resolve the dispute. 
 (b) If Trustee undertakes or defends any litigation arising in connection
with this Trust, Company agrees to indemnify Trustee against Trustee’s costs, expenses and liabilities (including, without limitation, reasonable attorneys’ fees and expenses) relating thereto and to be primarily liable for such payments,
unless the litigation is a result of the Trustee’s negligence, bad faith or willful misconduct. If Company does not pay such costs, expenses and liabilities in a reasonably timely manner, Trustee may obtain payment from the Trust. 

(c) Trustee may consult with legal counsel (who may also be counsel for Company generally) with respect to any of its duties or
obligations hereunder. 
 (d) Trustee may hire agents, accountants, actuaries, investment advisors, financial consultants or
other professionals to assist it in performing any of its duties or obligations hereunder. 
 (e) Trustee shall have, without
exclusion, all powers conferred on Trustees by applicable law, unless expressly provided otherwise herein; provided, however, that if an insurance policy is held as an asset of the Trust, Trustee shall have no power to name a beneficiary of the
policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a different form) other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against such policy. The Trustee shall not be
liable for the failure or omission of any insurance company for any reason to pay any benefits or furnish any services under the policies or contracts. 
 (f) However, notwithstanding the provisions of Section 8(e) above, Trustee may loan to Company the proceeds of any borrowing against an insurance policy held as an asset of the Trust. 
 (g) Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement or to applicable law, Trustee shall not have any power
that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the Internal Revenue Code.

 (h) The Company shall indemnify and hold the Trustee harmless for any claims arising from its administration of the Trust,
provided the Trustee acted in good faith in 

  

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the discharge of its duties under the Trust. The Trustee shall not be liable for any action taken or omitted, or for any loss or depreciation of value of the
Trust where the Trustee has exercised good faith and diligence in the exercise of its duties. 
 Section 9. Compensation and Expenses
of Trustee. 
 Company shall pay all administrative and Trustee’s fees and expenses. 
 Section 10. Resignation and Removal of Trustee. 
 (a) Trustee may resign at any time by written notice to Company, which shall be effective 30 days after receipt of such notice unless Company and Trustee agree otherwise. 
 (b) Trustee may be removed by Company on 30 days notice or upon shorter notice accepted by Trustee. 
 (c) Upon resignation or removal of Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the
successor Trustee. The transfer shall be completed within 90 days after receipt of notice of resignation, removal or transfer, unless Company extends the time limit. 
 (d) If Trustee resigns or is removed, a successor shall be appointed, in accordance with Section 11 hereof, by the effective date of
resignation or removal under paragraph(s) (a) or (b) of this section. If no such appointment has been made, Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions. All expenses of Trustee
in connection with the proceeding shall be allowed as administrative expenses of the Trust. 
 Section 11. Appointment of Successor.

 (a) If Trustee resigns or is removed in accordance with Section 10(a) or (b) hereof, Company may appoint any
third party, such as a bank trust department or other party that may be granted corporate trustee powers under state law, as a successor to replace Trustee upon resignation or removal. The appointment shall be effective when accepted in writing by
the new Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust assets. The former Trustee shall execute any instrument necessary or reasonably requested by Company or the successor Trustee
to evidence the transfer. 
 (b) The successor Trustee need not examine the records and acts of any prior Trustee and may
retain or dispose of existing Trust assets, subject to Sections 7 and 8 hereof. The successor Trustee shall not be responsible for and Company shall indemnify and defend the successor Trustee from any claim or liability resulting from any action or
inaction of any prior Trustee or from any other past event, or any condition existing at the time it becomes successor Trustee. 
  

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 Section 12. Amendment or Termination. 
 (a) This Trust Agreement may be amended by a written instrument executed by Trustee and Company. Notwithstanding the foregoing, no such
amendment shall conflict with the terms of the Plan or shall make the Trust revocable. 
 (b) The Trust shall not terminate
until the date on which Plan participants and their beneficiaries are no longer entitled to benefits pursuant to the terms of the Plan. Upon termination of the Trust any assets remaining in the Trust shall be returned to Company. 
 (c) Upon written approval of participants or beneficiaries entitled to payment of benefits pursuant to the terms of the Plan, Company may
terminate this Trust prior to the time all benefit payments under the Plan have been made. All assets in the Trust at termination shall be returned to Company. 
 Section 13. Miscellaneous. 
 (a) Any provision of this Trust Agreement prohibited
by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof. 
 (b) Benefits payable to Plan participants and their beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy,
execution or other legal or equitable process. 
 (c) This Trust Agreement shall be governed by and construed in accordance
with the laws of the State of Minnesota. 
 (d) The Trustee shall be entitled to rely on the accuracy of any information
furnished to it by the Company or any other party from whom the Trustee is entitled to any information. 
  

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 Section 14. Effective Date. 
 The effective date of this Trust Agreement shall be January 1, 2005. 
 IN WITNESS WHEREOF, the Company and the Trustee have caused this Agreement to be executed by individuals thereunto duly authorized as of the day
and year first above written. 
  

									
	MSC.Software Corporation	 		 	Wells Fargo Bank, N.A.
					
	By	 	  	 		 	 By
	 	  
	Title:	 	Vice President, Human Resources	 		 	Title:	 	Vice President, Relationship Manager
					
	By	 	  	 		 	 By
	 	  
					
	Title	 	  	 		 	 Title
	 	  

  

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