Document:

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                                                                   EXHIBIT 10.32

                                 TRUST AGREEMENT

                                     BETWEEN

                             -----------------------

                            SYBASE, INC. 401(K) PLAN

                                       AND

                        FIDELITY MANAGEMENT TRUST COMPANY

                             -----------------------

                            SYBASE, INC. 401(K) PLAN
                                      TRUST

                             DATED AS OF MAY 1, 2000

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                                                                           PAGE
-------                                                                                           ----
<S>                                                                                               <C>
1     TRUST.....................................................................................    2

2     EXCLUSIVE BENEFIT AND REVERSION OF SPONSOR CONTRIBUTIONS..................................    2

3     DISBURSEMENTS.............................................................................    2
      (a)   Administrator-Directed Disbursements
      (b)   Participant Withdrawal Requests
      (c)   Limitations

4     INVESTMENT OF TRUST ......................................................................    3
      (a)   Selection of Investment Options
      (b)   Available Investment Options
      (c)   Participant Direction
      (d)   Mutual Funds
      (e)   Participant Loans
      (f)   Reliance of Trustee on Directions
      (g)   Trustee Powers

5     RECORDKEEPING AND ADMINISTRATIVE SERVICES TO BE PERFORMED.................................    7
      (a)   General
      (b)   Accounts
      (c)   Inspection and Audit
      (d)   Effect of Plan Amendment
      (e)   Returns, Reports and Information

6     COMPENSATION AND EXPENSES.................................................................    9

7     DIRECTIONS AND INDEMNIFICATION ...........................................................    9
      (a)   Identity of Administrator and Named Fiduciary
      (b)   Directions from Administrator
      (c)   Directions from Named Fiduciary
      (d)   Co-Fiduciary Liability
      (e)   Indemnification
      (f)   Survival
</TABLE>

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                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
SECTION                                                                                            PAGE
-------                                                                                            ----
<S>                                                                                                <C>
8     RESIGNATION OR REMOVAL OF TRUSTEE ........................................................    11
      (a)   Resignation
      (b)   Removal

9     SUCCESSOR TRUSTEE ........................................................................    11
      (a)   Appointment
      (b)   Acceptance
      (c)   Corporate Action

10    TERMINATION ..............................................................................    12

11    RESIGNATION, REMOVAL, AND TERMINATION NOTICES ............................................    12

12    DURATION..................................................................................    12

13    AMENDMENT OR MODIFICATION ................................................................    12

14    ELECTRONIC SERVICES ......................................................................    12

15    GENERAL...................................................................................    14
      (a)   Performance by Trustee, its Agents or Affiliates
      (b)   Entire Agreement
      (c)   Waiver
      (d)   Successors and Assigns
      (e)   Partial Invalidity
      (f)   Section Headings
      (g)   Force Majeure

16    GOVERNING LAW ............................................................................    15
      (a)   Massachusetts Law Controls
      (b)   Trust Agreement Controls

SCHEDULES

      "A"      Recordkeeping Services
      "A-l"    Signature Ready 5500
      "B"      Fee Schedule
      "C "     Investment Options
      "D"      Administrator's Authorization Letter
      "E"      Named Fiduciary's Authorization Letter
      "F"      IRS Determination Letter or Opinion of Counsel
      "G"      Exchange Guidelines
      "H"      Operational Guidelines for Non-Fidelity Mutual Funds
      "I"      Performance Standards
</TABLE>

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       TRUST AGREEMENT, dated as of the first day of May, 2000, between SYBASE,
INC. a California corporation, having an office at 6475 Christie Avenue,
Emeryville, California 94608 (the "Sponsor"), and FIDELITY MANAGEMENT TRUST
COMPANY, a Massachusetts trust company, having an office at 82 Devonshire
Street, Boston, Massachusetts 02109 (the "Trustee").

                                   WITNESSETH:

       WHEREAS, the Sponsor is the sponsor of the Sybase, Inc. 401(k) Plan (the
"Plan"); and

       WHEREAS, the Sponsor wishes to establish a trust to hold and invest Plan
assets under the Plan for the exclusive benefit of participants in the Plan and
their beneficiaries; and

       WHEREAS, the Administrative Committee is the named fiduciary (the "Named
Fiduciary") of the Plan (within the meaning of section 402(a) of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA")) and is the
administrator (the "Administrator") of the Plan (within the meaning of section
3(16)(A) of ERISA); and

       WHEREAS, the Trustee is willing to hold and invest the aforesaid Plan
assets in trust among several investment options selected by the Named
Fiduciary; and

       WHEREAS, the Sponsor wishes to have the Trustee perform certain
ministerial recordkeeping and administrative functions under the Plan; and

       WHEREAS, the Trustee is willing to perform recordkeeping and
administrative services for the Plan if the services are ministerial in nature
and are provided within a framework of plan provisions, guidelines and
interpretations conveyed in writing to the Trustee by the Administrator.

       NOW, THEREFORE, in consideration of the foregoing premises and the mutual
covenants and agreements set forth below, the Sponsor and the Trustee agree as
follows:

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SECTION 1. TRUST. The Sponsor hereby establishes the Sybase, Inc. 401(k) Plan
Trust (the "Trust") with the Trustee. The Trust shall consist of an initial
contribution of money or other property acceptable to the Trustee in its sole
discretion, made by the Sponsor or transferred from a previous trustee under the
Plan, such additional sums of money as shall from time to time be delivered to
the Trustee under the Plan, all investments made therewith and proceeds thereof,
and all earnings and profits thereon, less the payments that are made by the
Trustee as provided herein. The Trustee hereby accepts the Trust on the terms
and conditions set forth in this Agreement. In accepting this Trust, the Trustee
shall be accountable for the assets received by it, subject to the terms and
conditions of this Agreement.

SECTION 2. EXCLUSIVE BENEFIT AND REVERSION OF SPONSOR CONTRIBUTIONS. Except as
provided under applicable law, no part of the Trust may be used for, or diverted
to, purposes other than the exclusive benefit of the participants in the Plan or
their beneficiaries or the reasonable expenses of Plan administration.

SECTION 3. DISBURSEMENTS.

       (a) Administrator-Directed Disbursements. The Trustee shall make
disbursements in the amounts and in the manner that the Administrator directs
from time to time in writing. The Trustee shall have no responsibility to
ascertain such direction's compliance with the terms of the Plan (except to the
extent the terms of the plan have been communicated to the Trustee in writing)
or of any applicable law or the direction's effect for tax purposes or
otherwise; nor shall the Trustee have any responsibility to see to the
application of any disbursement.

       (b) Participant Withdrawal Requests. The Administrator hereby directs
that, a participant withdrawal request (in-service or full withdrawal) may be
made by the participant by telephone, or such other electronic means as may be
agreed to from time to time by the Sponsor and Trustee, and the Trustee shall
process such request only after the identity of the participant is verified by
use of a personal identification number ("PIN") and social security number. When
spousal consent is required, the Trustee shall forward the documentation to the
participant and shall process such withdrawal upon receipt and acceptance of
spousal consent. In all cases, the Trustee shall process such withdrawal in
accordance with the written guidelines provided by the Administrator and
documented in the Plan Administrative Manual. In the case of a hardship
withdrawal request, the Trustee shall forward the withdrawal document to the
participant for

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execution and submission for approval to the Administrator. The Administrator
shall have the responsibility for approving the withdrawal and instructing the
Trustee to send the proceeds to the Administrator or to the participant if so
directed by the Administrator.

       (c) Limitations. The Trustee shall not be required to make any
disbursement in excess of the net realizable value of the assets of the Trust at
the time of the disbursement. The Trustee shall make cash disbursements in
accordance with the applicable source and fund withdrawal hierarchy as
documented in the Plan Administrative Manual, unless the Administrator has
provided a written direction to the contrary.

SECTION 4. INVESTMENT OF TRUST.

       (a) Selection of Investment Options. The Trustee shall have no
responsibility for the selection of investment options under the Trust and shall
not render investment advice to any person in connection with the selection of
such options.

       (b) Available Investment Options. The Named Fiduciary shall direct the
Trustee as to the investment options in which the Trust shall be invested during
the period beginning on the date of the initial transfer of assets to the Trust
and ending on the date of the completion of the reconciliation of participant
records ("Recordkeeping Reconciliation Period"), and the investment options
which Plan participants may invest following the Recordkeeping Reconciliation
Period, subject to the following limitations. The Named Fiduciary may determine
to offer as investment options only: (i) securities issued by the investment
companies advised by Fidelity Management & Research Company ("Fidelity Mutual
Funds") and certain securities issued by investment companies not advised by
Fidelity Management & Research Company ("Non-Fidelity Mutual Funds")
(collectively, "Mutual Funds"), and (ii) notes evidencing loans to Plan
participants in accordance with the terms of the Plan.

       The investment options initially selected by the Named Fiduciary are
identified on Schedules "A" and "C" attached hereto. The Named Fiduciary may add
additional investment options with the consent of the Trustee and upon mutual
amendment of this Trust Agreement and the Schedules thereto to reflect such
additions.

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       (c) Participant Direction. As authorized under the Plan, each Plan
participant shall direct the Trustee in which investment option(s) to invest the
assets in the participant's individual accounts. Such directions may be made by
Plan participants by use of the telephone exchange system, the internet or in
such other manner as may be agreed upon from time to time by the Sponsor and the
Trustee, maintained for such purposes by the Trustee or its agent, in accordance
with written Exchange Guidelines attached hereto as Schedule "G". In the event
that the Trustee fails to receive a proper direction, the assets shall be
invested in the investment option set forth for such purpose on Schedule "C",
until the Trustee receives a proper direction.

       (d) Mutual Funds. The Named Fiduciary hereby acknowledges that it has
received from the Trustee a copy of the prospectus for each Fidelity Mutual Fund
selected by the Named Fiduciary as a Plan investment option or short-term
investment fund. All transactions involving Non-Fidelity Mutual Funds shall be
done in accordance with the Operational Guidelines attached hereto as Schedule
"H". Trust investments in Mutual Funds shall be subject to the following
limitations:

              (i) Execution of Purchases and Sales. Purchases and sales of
Mutual Funds (other than for exchanges) shall be made on the date on which the
Trustee receives from the Administrator in good order all information,
documentation and wire transfer of funds (if applicable) necessary to accurately
effect such transactions. Exchanges of Mutual Funds shall be made in accordance
with the Exchange Guidelines attached hereto as Schedule "G".

              (ii) Voting. At the time of mailing of notice of each annual or
special stockholders' meeting of any Mutual Fund, the Trustee shall send a copy
of the notice and all proxy solicitation materials to each Plan participant who
has shares of the Mutual Fund credited to the participant's accounts, together
with a voting direction form for return to the Trustee or its designee. The
participant shall have the right to direct the Trustee as to the manner in which
the Trustee is to vote the shares credited to the participant's accounts (both
vested and unvested). The Trustee shall vote the shares as directed by the
participant. The Trustee shall not vote shares for which it has received no
directions from the participant.

       During the Recordkeeping Reconciliation Period, the Named Fiduciary shall
have the right to direct the Trustee as to the manner in which the Trustee is to
vote the shares of the

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Mutual Funds in the Trust. Following the Recordkeeping Reconciliation Period the
Named Fiduciary shall continue to have the right to direct the Trustee as to the
manner in which the Trustee is to vote the Mutual Fund shares held in a
short-term liquidity reserve for a unitized investment option.

       With respect to all rights other than the right to vote, the Trustee
shall follow the directions of the participant and if no such directions are
received, the directions of the Named Fiduciary. The Trustee shall have no
further duty to solicit directions from participants or the Named Fiduciary.

       (e) Participant Loans. The Administrator shall act as the Trustee's agent
for participant loan notes and as such shall (i) separately account for
repayments of such loans and clearly identify such assets as Plan assets and
(ii) collect and remit all principal and interest payments to the Trustee. To
originate a participant loan, the Plan participant shall direct the Trustee as
to the term and amount of the loan to be made from the participant's individual
account. Such directions shall be made by Plan participants by use of the
telephone exchange system maintained for such purpose by the Trustee or its
agent. The Trustee shall determine, based on the current value of the
participant's account on the date of the request and any guidelines provided by
the Sponsor, the amount available for the loan. Based on the interest rate
supplied by the Sponsor in accordance with the terms of the Plan, the Trustee
shall advise the participant of such interest rate, as well as the installment
payment amounts. When spousal consent is necessary, the Trustee shall forward
the loan documentation to the participant for spousal consent. Upon receipt of
any required consent, and acceptance thereof based upon guidelines provided by
the Sponsor, the Trustee shall distribute the Participant loan agreement and
truth-in-lending disclosure with the proceeds check to the participant. To
facilitate recordkeeping, the Trustee may destroy the original of any promissory
note made in connection with a loan to a participant under the Plan, provided
that the Trustee first creates a duplicate by a photographic or optical scanning
or other process yielding a reasonable facsimile of the promissory note and the
Plan participant's signature thereon, which duplicate may be reduced or enlarged
in size from the actual size of the original promissory note.

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       (f) Reliance of Trustee on Directions.

              (i) The Trustee shall not be liable for any loss or expense, which
arises from any participant's exercise or non-exercise of rights under this
Section 4 over the assets in the participant's accounts.

              (ii) The Trustee shall not be liable for any loss, or by reason of
any breach, which arises from the Named Fiduciary's exercise or non-exercise of
rights under this Section 4, unless it was reasonably clear on their face that
the actions to be taken under the Named Fiduciary's directions were prohibited
by the fiduciary duty rules of section 404(a) of ERISA or were inconsistent with
the terms of the Plan as communicated in writing to the Trustee.

       (g) Trustee Powers. The Trustee shall have the following powers and
authority:

              (i) Subject to paragraphs (b) and (c) of this Section 4, to sell,
exchange, convey, transfer, or otherwise dispose of any property held in the
Trust, by private contract or at public auction. No person dealing with the
Trustee shall be bound to see to the application of the purchase money or other
property delivered to the Trustee or to inquire into the validity, expediency,
or propriety of any such sale or other disposition.

              (ii) To cause any securities or other property held as part of the
Trust to be registered in the Trustee's own name, in the name of one or more of
its nominees, or in the Trustee's account with the Depository Trust Company of
New York and to hold any investments in bearer form, but the books and records
of the Trustee shall at all times show that all such investments are part of the
Trust.

              (iii) To keep that portion of the Trust in cash or cash balances
as the Named Fiduciary or Administrator may, from time to time, deem to be in
the best interest of the Trust.

              (iv) To make, execute, acknowledge, and deliver any and all
documents of transfer or conveyance and to carry out the powers herein granted.

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              (v) To borrow funds from a bank not affiliated with the Trustee in
order to provide sufficient liquidity to process Plan transactions in a timely
fashion; provided that the cost of such borrowing shall be allocated in a
reasonable fashion to the investment fund(s) in need of liquidity.

              (vi) To settle, compromise, or submit to arbitration any claims,
debts, or damages due to or arising from the Trust; to commence or defend suits
or legal or administrative proceedings; to represent the Trust in all suits and
legal and administrative hearings; and to pay all reasonable expenses arising
from any such action, from the Trust if not paid by the Sponsor.

              (vii) To employ legal, accounting, clerical, and other assistance
as may be required in carrying out the provisions of this Agreement and to pay
their reasonable expenses and compensation from the Trust if not paid by the
Sponsor.

              (viii) To invest all or any part of the assets of the Trust in
investment contracts and short term investments (including interest bearing
accounts with the Trustee or money market mutual funds advised by affiliates of
the Trustee) and in any collective investment trust or group trust, including
any collective investment trust or group trust maintained by the Trustee, which
then provides for the pooling of the assets of plans described in Section 401(a)
and exempt from tax under Section 501(a) of the Code, or any comparable
provisions of any future legislation that amends, supplements, or supersedes
those sections, provided that such collective investment trust or group trust is
exempt from tax under the Code or regulations or rulings issued by the Internal
Revenue Service. The provisions of the document governing such collective
investment trusts or group trusts, as it may be amended from time to time, shall
govern any investment therein and are hereby made a part of this Trust
Agreement.

              (ix) To do all other acts, although not specifically mentioned
herein, as the Trustee may deem necessary to carry out any of the foregoing
powers and the purposes of the Trust.

SECTION 5.  RECORDKEEPING AND ADMINISTRATIVE SERVICES TO BE PERFORMED.

       (a) General. The Trustee shall perform those recordkeeping and
administrative functions described in Schedule "A" attached hereto. These
recordkeeping and administrative

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functions shall be performed within the framework of the Administrator's written
directions regarding the Plan's provisions, guidelines and interpretations.

       (b) Accounts. The Trustee shall keep accurate accounts of all
investments, receipts, disbursements, and other transactions hereunder, and
shall report the value of the assets held in the Trust as of the last day of
each fiscal quarter of the Plan and, if not on the last day of a fiscal quarter,
the date on which the Trustee resigns or is removed as provided in Section 8 of
this Agreement or is terminated as provided in Section 10 (the "Reporting
Date"). Within thirty (30) days following each Reporting Date or within sixty
(60) days in the case of a Reporting Date caused by the resignation or removal
of the Trustee, or the termination of this Agreement, the Trustee shall file
with the Administrator a written account setting forth all investments,
receipts, disbursements, and other transactions effected by the Trustee between
the Reporting Date and the prior Reporting Date, and setting forth the value of
the Trust as of the Reporting Date. Except as otherwise required under ERISA,
upon the expiration of six (6) months from the date of filing such account, the
Trustee shall have no liability or further accountability with respect to the
propriety of its acts or transactions shown in such account, except with respect
to such acts or transactions as to which a written objection shall have been
filed with the Trustee within such six (6) month period.

       (c) Inspection and Audit. All records generated by the Trustee in
accordance with paragraphs (a) and (b) shall be open to inspection and audit,
during the Trustee's regular business hours prior to the termination of this
Agreement, by the Administrator or any person designated by the Administrator.
Upon the resignation or removal of the Trustee or the termination of this
Agreement, the Trustee shall provide to the Administrator, at no expense to the
Sponsor, in the format regularly provided to the Administrator, a statement of
each participant's accounts as of the resignation, removal, or termination, and
the Trustee shall provide to the Administrator or the Plan's new recordkeeper
such further records as are reasonable, at the Sponsor's expense.

       (d) Effect of Plan Amendment. A confirmation of the current qualified
status of the Plan is attached hereto as Schedule "F". The Trustee's provision
of the recordkeeping and administrative services set forth in this Section 5
shall be conditioned on the Sponsor delivering to the Trustee a copy of any
amendment to the Plan as soon as administratively feasible following the
amendment's adoption, with, if requested, an IRS determination letter or an

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opinion of counsel substantially in the form of Schedule "F" covering such
amendment, and on the Administrator providing the Trustee on a timely basis with
all the information the Administrator deems necessary for the Trustee to perform
the recordkeeping and administrative services and such other information as the
Trustee may reasonably request.

       (e) Returns, Reports and Information. Except as set forth on Schedule
"A," the Administrator shall be responsible for the preparation and filing of
all returns, reports, and information required of the Trust or Plan by law. The
Trustee shall provide the Administrator with such information as the
Administrator may reasonably request to make these filings. The Administrator
shall also be responsible for making any disclosures to Participants required by
law, except such disclosure as may be required under federal or state
truth-in-lending laws with regard to Participant loans, which shall be provided
by the Trustee.

SECTION 6. COMPENSATION AND EXPENSES. Sponsor shall pay to Trustee the fees for
services in accordance with Schedule "B". Fees for services are specifically
outlined in Schedule "B" and are based on all of the assumptions identified
therein. The Trustee shall maintain its fees for two (2) years; provided,
however, in the event that the Plan characteristics referenced in the
assumptions outlined in Schedule "B" change significantly by either falling
below or exceeding current or projected levels, such fees shall be subject to
revision. To reflect increased operating costs, Trustee may once each calendar
year, but not prior to May 1, 2002, amend Schedule "B" without the Sponsor's
consent upon ninety (90) days prior notice to the Sponsor.

       All reasonable expenses of plan administration as shown on Schedule "B"
attached hereto, as amended from time to time, shall be a charge against and
paid from the appropriate plan participants' accounts, except to the extent such
amounts are paid by the Plan Sponsor in a timely manner.

       All expenses of the Trustee relating directly to the acquisition and
disposition of investments constituting part of the Trust, and all taxes of any
kind whatsoever that may be levied or assessed under existing or future laws
upon or in respect of the Trust or the income thereof, shall be a charge against
and paid from the appropriate Participants' accounts.

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SECTION 7. DIRECTIONS AND INDEMNIFICATION.

       (a) Identity of Administrator and Named Fiduciary. The Trustee shall be
fully protected in relying on the fact that the Named Fiduciary and the
Administrator under the Plan are the individuals or persons named as such above
or such other individuals or persons as the Sponsor may notify the Trustee in
writing.

       (b) Directions from Administrator. Whenever the Administrator provides a
direction to the Trustee, the Trustee shall not be liable for any loss or
expense arising from the direction (i) if the direction is contained in a
writing (or is oral and immediately confirmed in a writing) signed by any
individual whose name and signature have been submitted (and not withdrawn) in
writing to the Trustee by the Administrator in the form attached hereto as
Schedule "D", and (ii) if the Trustee reasonably believes the signature of the
individual to be genuine, unless it is reasonably clear on the direction's face
that the actions to be taken under the direction would be prohibited by the
fiduciary duty rules of Section 404(a) of ERISA or would be inconsistent with
the terms of this Agreement. For purposes of this Section, such direction may
also be made via electronic data transfer ("EDT") or other electronic means in
accordance with procedures agreed to by the Administrator and the Trustee;
provided, however, that the Trustee shall be fully protected in reasonably
relying on such direction as if it were a direction made in writing by the
Administrator.

       (c) Directions from Named Fiduciary. Whenever the Named Fiduciary or
Sponsor provides a direction to the Trustee, the Trustee shall not be liable for
any loss or expense arising from the direction (i) if the direction is contained
in a writing (or is oral and immediately confirmed in a writing) signed by any
individual whose name and signature have been submitted (and not withdrawn) in
writing to the Trustee by the Named Fiduciary in the form attached hereto as
Schedule "E" and (ii) if the Trustee reasonably believes the signature of the
individual to be genuine, unless it is reasonably clear on the direction's face
that the actions to be taken under the direction would be prohibited by the
fiduciary duty rules of Section 404(a) of ERISA or would be inconsistent with
the terms of this Agreement. Such direction may also be made via EDT or other
electronic means in accordance with procedures agreed to by the Named Fiduciary
and the Trustee; provided, however, that the Trustee shall be fully protected in
reasonably relying on such direction as if it were a direction made in writing
by the Named Fiduciary.

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       (d) Co-Fiduciary Liability. In any other case, the Trustee shall not be
liable for any loss or expense arising from any act or omission of another
fiduciary under the Plan except as provided in section 405(a) of ERISA.

       (e) Indemnification. The Sponsor shall indemnify the Trustee against, and
hold the Trustee harmless from, any and all loss, damage, penalty, liability,
cost, and expense, including without limitation, reasonable attorneys' fees and
disbursements, that may be incurred by, imposed upon, or asserted against the
Trustee by reason of any claim, regulatory proceeding, or litigation arising
from any act done or omitted to be done by any individual or person with respect
to the Plan or Trust, excepting only any and all loss, etc., arising solely from
the Trustee's negligence, bad faith or willful misconduct.

       The Trustee shall indemnify the Sponsor against and hold the Sponsor
harmless from any and all such loss, damage, penalty, liability, cost, and
expense, including without limitation, reasonable attorney's fees and
disbursements, that may be incurred by, imposed upon, or asserted against the
Sponsor solely as a result of a) any defects in the investment methodology
embodied in the target asset allocation or model portfolio provided through
Fidelity PortfolioPlanner(SM) except to the extent that any such loss, damage,
penalty, liability, cost or expense arises from information provided by the
participant, the Sponsor or third parties; or b) any prohibited transactions
resulting from the provision by the Trustee of Fidelity PortfolioPlanner(SM).

       (f) Survival. The provisions of this Section 7 shall survive the
termination of this Agreement.

SECTION 8. RESIGNATION OR REMOVAL OF TRUSTEE.

       (a) Resignation. The Trustee may resign at any time upon sixty (60) days'
notice in writing to the Sponsor, unless a shorter period of notice is agreed
upon by the Sponsor.

       (b) Removal. The Sponsor may remove the Trustee at any time upon sixty
(60) days' notice in writing to the Trustee, unless a shorter period of notice
is agreed upon by the Trustee.

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SECTION 9. SUCCESSOR TRUSTEE.

       (a) Appointment. If the office of Trustee becomes vacant for any reason,
the Sponsor may in writing appoint a successor trustee under this Agreement. The
successor trustee shall have all of the rights, powers, privileges, obligations,
duties, liabilities, and immunities granted to the Trustee under this Agreement.
The successor trustee and predecessor trustee shall not be liable for the acts
or omissions of the other with respect to the Trust.

       (b) Acceptance. When the successor trustee accepts its appointment under
this Agreement, title to and possession of the Trust assets shall immediately
vest in the successor trustee without any further action on the part of the
predecessor trustee. The predecessor trustee shall execute all instruments and
do all acts that reasonably may be necessary or reasonably may be requested in
writing by the Sponsor or the successor trustee to vest title to all Trust
assets in the successor trustee or to deliver all Trust assets to the successor
trustee.

       (c) Corporate Action. Any successor of the Trustee or successor trustee,
through sale or transfer of the business or trust department of the Trustee or
successor trustee, or through reorganization, consolidation, or merger, or any
similar transaction, shall, upon consummation of the transaction, become the
successor trustee under this Agreement.

SECTION 10. TERMINATION. This Agreement may be terminated at any time by the
Sponsor upon sixty (60) days' notice in writing to the Trustee. On the date of
the termination of this Agreement, the Trustee shall forthwith transfer and
deliver to such individual or entity as the Sponsor shall designate, all cash
and assets then constituting the Trust. If, by the termination date, the Sponsor
has not notified the Trustee in writing as to whom the assets and cash are to be
transferred and delivered, the Trustee may bring an appropriate action or
proceeding for leave to deposit the assets and cash in a court of competent
jurisdiction. The Trustee shall be reimbursed by the Sponsor for all costs and
expenses of the action or proceeding including, without limitation, reasonable
attorneys' fees and disbursements.

SECTION 11. RESIGNATION, REMOVAL, AND TERMINATION NOTICES. All notices of
resignation, removal, or termination under this Agreement must be in writing and
mailed to the party to which the notice is being given by certified or
registered mail, return receipt requested, to the Sponsor c/o Legal Department,
Sybase, Inc. 6425 Christie Avenue, Emeryville, California

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94608, and to the Trustee c/o ERISA Group, Legal Department, Fidelity
Investments, 82 Devonshire Street, Boston, Massachusetts 02109, or to such other
addresses as the parties have notified each other of in the foregoing manner.

SECTION 12. DURATION. This Trust shall continue in effect without limit as to
time, subject, however, to the provisions of this Agreement relating to
amendment, modification, and termination thereof.

SECTION 13. AMENDMENT OR MODIFICATION. This Agreement may be amended or modified
at any time and from time to time only by an instrument executed by both the
Sponsor and the Trustee.

SECTION 14. ELECTRONIC SERVICES.

       (a) The Trustee may provide communications and services ("Electronic
Services") and/or software products ("Electronic Products") via electronic
media, including, but not limited to Fidelity Plan Sponsor WebStation. The
Sponsor and its agents agree to use such Electronic Services and Electronic
Products only in the course of reasonable administration of or participation in
the Plan and to keep confidential and not publish, copy, broadcast, retransmit,
reproduce, commercially exploit or otherwise redisseminate the Electronic
Products or Electronic Services or any portion thereof without the Trustee's
written consent, except, in cases where Trustee has specifically notified the
Sponsor that the Electronic Products or Services are suitable for delivery to
Sponsor's plan participants, for non-commercial personal use by participants or
beneficiaries with respect to their participation in the plan or for their other
retirement planning purposes.

       (b) The Sponsor shall be responsible for installing and maintaining all
Electronic Products, (including any programming required to accomplish the
installation) and for displaying any and all content associated with Electronic
Services on its computer network and/or Intranet so that such content will
appear exactly as it appears when delivered to Sponsor. All Electronic Products
and Services shall be clearly identified as originating from the Trustee or its
affiliate. The Sponsor shall promptly remove Electronic Products or Services
from its computer network and/or Intranet, or replace the Electronic Products or
Services with updated products or services

                                       13
<PAGE>   17

provided by the Trustee, upon written notification (including written
notification via facsimile) by the Trustee.

       (c) All Electronic Products shall be provided to the Sponsor without any
express or implied legal warranties or acceptance of legal liability by the
Trustee, and all Electronic Services shall be provided to the Sponsor without
acceptance of legal liability related to or arising out of the electronic nature
of the delivery or provision of such Services. Except as otherwise stated in
this Agreement, and except with respect to data specific to Sponsor's plan
participants embedded in the Products or Services, which data is the property of
Sponsor and/or Sponsor's plan participants no rights are conveyed to any
property, intellectual or tangible, associated with the contents of the
Electronic Products or Services and related material. The Trustee hereby grants
to the Sponsor a non-exclusive, non-transferable revocable right and license to
use the Electronic Products and Services in accordance with the terms and
conditions of this Agreement.

       (d) To the extent that any Electronic Products or Services utilize
Internet services to transport data or communications, the Trustee will take,
and Sponsor agrees to follow, reasonable security precautions, however, the
Trustee disclaims any liability for interception of any such data or
communications. The Trustee reserves the right not to accept data or
communications transmitted via electronic media by the Sponsor or a third party
if it determines that the media does not provide adequate data security, or if
it is not administratively feasible for the Trustee to use the data security
provided. The Trustee shall not be responsible for, and makes no warranties
regarding access, speed or availability of Internet or network services, or any
other service required for electronic communication. The Trustee shall not be
responsible for any loss or damage related to or resulting from any changes or
modifications to the Electronic Products or Services after delivering it to the
Sponsor.

SECTION 15. GENERAL.

       (a) Performance by Trustee, its Agents or Affiliates. The Sponsor
acknowledges and authorizes that the services to be provided under this
Agreement shall be provided by the Trustee, its agents or affiliates, including
Fidelity Investments Institutional Operations Company, Inc. or its successor,
and that certain of such services may be provided pursuant to one or more other
contractual agreements or relationships.

                                       14
<PAGE>   18

       (b) Entire Agreement. This Agreement together with the schedules attached
hereto, which are hereby incorporated herein, contains all of the terms agreed
upon between the parties with respect to the subject matter hereof.

       (c) Waiver. No waiver by either party of any failure or refusal to comply
with an obligation hereunder shall be deemed a waiver of any other or subsequent
failure or refusal to so comply.

       (d) Successors and Assigns. The stipulations in this Agreement shall
inure to the benefit of, and shall bind, the successors and assigns of the
respective parties.

       (e) Partial Invalidity. If any term or provision of this Agreement or the
application thereof to any person or circumstances shall, to any extent, be
invalid or unenforceable, the remainder of this Agreement, or the application of
such term or provision to persons or circumstances other than those as to which
it is held invalid or unenforceable, shall not be affected thereby, and each
term and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law.

       (f) Section Headings. The headings of the various sections and
subsections of this Agreement have been inserted only for the purposes of
convenience and are not part of this Agreement and shall not be deemed in any
manner to modify, explain, expand or restrict any of the provisions of this
Agreement.

       (g) Force Majeure. Notwithstanding anything to the contrary contained in
this Agreement or in any Schedule hereto, the Sponsor and the Trustee shall be
excused from performing hereunder in the event of any force majeure event
including, but to limited to, natural disasters, acts of God, fire or other
casualty, power outages, system failures and civil commotion. This clause shall
not excuse either party from liability which results from failure to have in
place reasonable disaster recovery and safeguarding plans adequate for
protecting all data that the respective party is responsible for maintaining in
order to provide services under this Agreement.

                                       15
<PAGE>   19

SECTION 16. GOVERNING LAW.

       (a) Massachusetts Law Controls. This Agreement is being made in the
Commonwealth of Massachusetts, and the Trust shall be administered as a
Massachusetts trust. The validity, construction, effect, and administration of
this Agreement shall be governed by and interpreted in accordance with the laws
of the Commonwealth of Massachusetts, except to the extent those laws are
superseded under Section 514 of ERISA.

       (b) Trust Agreement Controls. The Trustee is not a party to the Plan, and
in the event of any conflict between the provisions of the Plan and the
provisions of this Agreement, the provisions of this Agreement shall control.

       IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers as of the day and year first above
written.

                                        SYBASE, INC.

Attest:                                 By:
        ---------------------------        -------------------------------------

                                        Name:
                                             -----------------------------------

                                        Title:
                                              ----------------------------------

                                        Date:
                                             -----------------------------------

                                        FIDELITY MANAGEMENT TRUST COMPANY

Attest:                                 By:
        ---------------------------        -------------------------------------
                Assistant Clerk
                                        Name:
                                             -----------------------------------

                                        Title:
                                              ----------------------------------

                                        Date:
                                             -----------------------------------

                                       16
<PAGE>   20

                                  SCHEDULE "A"

                             RECORDKEEPING SERVICES

ADMINISTRATION

*      Establishment and maintenance of participant account and election
       percentages.

*      Maintenance of the following Plan investment options:

       -      Fidelity Retirement Money Market Portfolio
       -      Fidelity Equity-Income Fund
       -      Fidelity Fund
       -      Spartan(R) U.S. Equity Index Fund
       -      PIMCO Total Return Fund - Administrative Class
       -      PAX World Fund
       -      MFS Mass Investors Trust - Class A
       -      Undiscovered Behavioral Growth Fund - Investors Class
       -      Templeton Foreign Fund A
       -      Putnam International Growth Fund - Class A

*      Maintenance of the following money classifications:

       -      Salary Deferral Account
       -      Employer Match
       -      Rollover Account
       -      Discretionary Contribution
       -      Prior Employer Match

*      The Trustee will provide the recordkeeping and administrative services
       set forth on this Schedule "A" or as otherwise agreed to in writing
       between the Sponsor and the Trustee.

A)     PARTICIPANT TELEPHONE SERVICES

       1.     Participant service representatives are available each business
              day from 8:30 a.m. ET - 8:00 p.m. in the participant's time zone
              in the continental United States to provide toll-free telephone
              service for participant inquiries and transactions.

       2.     Through the automated voice response system and on-line account
              access via the World Wide Web, participants also have virtually
              24-hour account inquiry and transaction capabilities.

       3.     For security purposes, all calls are recorded. In addition,
              several levels of security are available including the
              verification of a Personal Identification Number (PIN) and/or any
              other indicative data resident on the system.

                                       17
<PAGE>   21

       4.     The following telephone services are available:

              -      Enroll new participants via telephone; provide confirmation
                     of enrollment within five (5) calendar days of the request.
              -      Provide Plan investment option information.
              -      Provide and maintain information and explanations about
                     Plan provisions.
              -      Respond to requests for literature.
              -      Allow participants to change their deferral and after-tax
                     percentages and provide updates via EDT for the Sponsor to
                     apply to its payrolls accordingly.
              -      Maintain and process changes to participants' contribution
                     allocations for all money sources.
              -      Process exchanges between investment options on a daily
                     basis.
              -      Process in-service withdrawals due to certain circumstances
                     previously approved by the Sponsor.
              -      Process hardship withdrawals as directed and approved by
                     the Sponsor.
              -      Consult with participants on various loan scenarios and
                     generate all documentation
              -      Process loan requests according to written direction
                     provided by the Sponsor.

B)     PLAN ACCOUNTING

       1.     Process consolidated payroll contributions according to the
              Sponsor's payroll frequency via EDT, consolidated magnetic tape or
              diskette. The data format will be provided by Trustee.

       2.     Maintain and update employee data necessary to support plan
              administration. The data will be submitted according to payroll
              frequency.

       3.     Provide daily Plan and participant level accounting for all Plan
              investment options.

       4.     Provide daily Plan and participant level accounting for all money
              classifications for the Plan.

       5.     Audit and reconcile the Plan and participant accounts daily.

       6.     Reconcile and process participant withdrawal requests and
              distributions as approved and directed by the Sponsor. All
              requests are paid based on the current market values of
              participants' accounts, not advanced or estimated values. A
              distribution report will accompany each check.

       7.     Track individual participant loans; process loan withdrawals;
              re-invest loan repayments; and prepare and deliver comprehensive
              reports to the Sponsor to assist in the administration of
              participant loans.

       8.     Maintain and process changes to participants' deferral percentage
              and prospective and existing investment mix elections.

                                       18
<PAGE>   22

C)     PARTICIPANT REPORTING

       1.     Mail confirmation to participants of all participant initiated
              transactions within three to five calendar days of the
              transaction.

       2.     Prepare and mail via first class to each Plan participant a
              quarterly detailed participant statement reflecting all activity
              for the period. Statements will be mailed not later than twenty
              (20) calendar days after the end of each quarter in the absence of
              unusual circumstances.

       3.     Mail required 402(f) notification for distribution from the Plan.
              This notice advises participants of the tax consequences of their
              Plan distributions.

D)     PLAN REPORTING

       1.     Prepare, reconcile and deliver a monthly Trial Balance Report
              presenting all money classes and investments. This report is based
              on the market value as of the last business day of the month. The
              report will be delivered not later than twenty (20) calendar days
              after the end of each month in the absence of unusual
              circumstances.

       2.     Prepare, reconcile and deliver a Quarterly Administrative Report
              presenting both on a participant and a total Plan basis all money
              classes, investment positions and a summary of all activity of the
              participant and Plan as of the last business day of the quarter.
              The report will be delivered not later than twenty (20) calendar
              days after the end of each quarter in the absence of unusual
              circumstances.

E)     GOVERNMENT REPORTING

       1.     Process year-end tax reports for participants - 1099R, as well as
              preparation of Form 5500 in accordance with the procedures set
              forth in Schedule "A-1" attached hereto.

F)     COMMUNICATION & EDUCATION SERVICES

       1.     Design, produce and distribute a customized comprehensive
              communications program for employees. The program may include
              multimedia informational materials, investment education and
              planning materials, access to the Trustee's homepage on the
              Internet and STAGES magazine. Additional fees for such services
              apply as mutually agreed upon between the Sponsor and the Trustee.

       2.     Provide Fidelity PortfolioPlanner(SM), an internet-based
              educational service for participants that generates target asset
              allocations and model portfolios customized to investment options
              in the Plan(s) based upon methodology provided by Strategic
              Advisers, Inc., an affiliate of the Trustee. The Sponsor
              acknowledges that it has received the ADV Part II for Strategic
              Advisers, Inc. more than 48 hours prior to executing this
              Agreement.

                                       19
<PAGE>   23

G)     OTHER

       1.     Perform non-discrimination limitation testing upon request. In
              order to obtain this service, the Sponsor shall be required to
              provide the information identified in the Fidelity Discrimination
              Testing Package Guidelines. Any fees and restrictions associated
              with this testing service shall be addressed in such Guidelines.

       2.     Monitor and process required minimum distribution amounts ("MRD")
              as follows: the Trustee will notify the MRD participant and, upon
              notification from the MRD participant, will use the MRD
              participant's information to process the distribution. If the MRD
              participant does not respond to the Trustee's notification, the
              Sponsor directs the Trustee to automatically begin the required
              distribution for the participant.

       3.     The Fidelity Participant Recordkeeping System is available on-line
              to the Sponsor via the Plan Sponsor Webstation ("PSW"). PSW is a
              graphical, Windows-based application that provides current plan
              and participant-level information, including indicative data,
              account balances, activity and history.

       4.     De Minimus Distributions: After a participant terminates
              employment and is eligible for a distribution. Fidelity will
              determine whether the vested account balance exceeds $5,000,
              exceeded $5,000 at any prior distribution or in-service withdrawal
              date in the account history at Fidelity, or exceeds $5,000 at the
              end of the warning period (at least 30 days, but not more than 70
              days, from the determination date). If not, Fidelity will process
              a mandatory and immediate cashout, subject only to the requirement
              to offer a rollover opportunity. The $5,000 threshold will
              increase or decrease as the IRS may from time to time amend this
              threshold in Internal Revenue Code Section 411(a)(11).

       5.     Roll-In Processing. The Trustee shall process the qualification of
              rollover contributions to the Trust. The procedures for qualifying
              a rollover are directed by the Sponsor and the Trustee shall
              accept or deny each rollover based upon the Plan's written
              criteria and any written guidelines provided by the Administrator
              and documented in the Plan Administrative Manual, or, if none, as
              set forth below:

              To process a rollover request the participant must obtain the
              signature from the distributing plan, trustee or custodian, on the
              designated form, certifying that the monies distributed originally
              came from a qualified plan and have not been commingled with any
              non-eligible money. If a signature cannot be obtained a signed
              letter from the distributing plan, trustee or custodian on its
              Company letterhead will also be acceptable.

                                       20
<PAGE>   24

              Requests that do not meet the specified criteria will be returned
              to the participant with further an explanation as to why the
              request cannot be processed. If the Sponsor or the Trustee
              determine that a request is not a valid rollover, the fall amount
              of the requested rollover will be distributed to the participant.

SYBASE, INC.                             FIDELITY MANAGEMENT TRUST COMPANY

By:                                      By:
   -----------------------------------      ------------------------------------
                              Date          Vice President                Date

                                       21
<PAGE>   25

                                FORM 5500 SERVICE

Effective for Form 5500, applicable schedules and Summary Annual Report ("SAR")
prepared for plan year ending month, date, 200_ and thereafter, Fidelity
Management Trust Company/ FIIOC ("Fidelity") agrees to provide its Signature
Ready Form 5500 Service ("Service"), in accordance with the following:

1.     The Sponsor hereby agrees to:

       a.     If Fidelity's Non-Discrimination Testing ("NDT") services are
              used, submit NDT data by one and one half (1 1/2) months following
              the plan's year end, which will be performed pursuant to a
              separate Non Discrimination Testing Services Agreement;

       b.     If Fidelity did not prepare the plan's prior year Form 5500,
              submit a copy of the most recent Form 5500 filed with the Internal
              Revenue Service ("IRS");

       c.     If the plan's assets were transferred to Fidelity at any time
              during the plan year, submit a draft or final copy of the audited
              financial statements from the prior recordkeeper;

       d.     Provide Fidelity with complete and accurate plan data in the
              required format, including a completed plan questionnaire
              ("Questionnaire") as soon as possible after the plan's year end
              but which may be no later than the last day of the 8th month
              following the plan's year-end (assuming a filing extension has
              been requested);

       e.     In the event that Fidelity has not received all data required to
              complete a Form 5500 within five and one half (5 1/2) months after
              the plan year end, the Sponsor hereby authorizes Fidelity to
              prepare and execute IRS Form 5558 (Application for Extension) on
              behalf of the Plan Administrator and file Form 5558 with the IRS
              in order to obtain an extension of the filing deadline;

       f.     Review, sign and mail the Form 5500 prepared by Fidelity to the
              IRS in a timely manner;

       g.     Distribute the SAR to participants and beneficiaries in a timely
              manner;

       h.     Elect the Service prior to the last day of the plan year for which
              the Form 5500 would be required; and

       i.     Respond to and provide any other information, requested by
              Fidelity, related to the Form 5500.

                                       22
<PAGE>   26

2.     Fidelity hereby agrees to:

       a.     Provide the Sponsor with the Questionnaire within one and one-half
              (1 1/2) months after the plan's year-end. Fidelity shall have no
              responsibility for verifying the authenticity or accuracy of the
              data submitted by the Sponsor on the Questionnaire;

       b.     File Form 5558 to request an extension of time to file Form 5500
              if all required data is not received from the Sponsor within five
              and one half (5 1/2) months after the plan's year end, as
              specified above;

       c.     If all requested information is received later than 8 months after
              the plan's year-end (assuming a filing extension has been filed),
              Fidelity will not prepare your company's Form 5500. The Plan
              Sponsor shall be responsible for completing the Form 5500 for
              filing with the IRS. Fidelity shall not be held responsible for
              any late fees or penalties for incomplete filings caused by the
              Sponsor's delay, in the event that Fidelity does not receive the
              required information within 8 month's after the plan's year end;

       d.     Provide the Sponsor with Form 5500 at least ten (10) days prior to
              the required filing date and SAR at least ten (10) days prior to
              the required mailing date assuming the plan sponsor has submitted
              the required documents and has met the filing deadlines as
              outlined in this agreement, which may be no later than the 8 month
              following the plan's year end;

       e.     Respond to inquiries from the IRS received by the Sponsor, related
              to any Form 5500 prepared by Fidelity.

3.     Fees related to this service are set out on Schedule "B" to the Agreement
       to which this schedule is attached and as follows: $1,000 per plan that
       submit all required information within 5 1/2 months following the plan's
       year end. $2,000 if all required information is received after 5 1/2
       months following the plan's year-end. $100 per hour for any revisions
       requested by the plan sponsor after Fidelity has initially prepared and
       submitted the Form 5500 to the Sponsor.

SYBASE, INC.                              FIDELITY MANAGEMENT TRUST COMPANY

By:                                       By:
   ---------------------------------         -----------------------------------
                             Date            Vice President               Date

                                       23
<PAGE>   27

                                  SCHEDULE "B"

                                  FEE SCHEDULE

<TABLE>
<S>                                <C>
Annual Participant Fee:            $0 per participant* per year.

Enrollments by Phone:              Waived

Loan Fee:                          Establishment fee and annual fee waived for
                                   all outstanding loan accounts on April 30,
                                   2000 and on the first 200 loan accounts
                                   established per year. All loan accounts in
                                   addition to the first 200 per year shall be
                                   charged a one-time establishment fee of
                                   $75.00 per loan account.

Minimum Required Distribution:     Withdrawal fee waived for the first ten (10)
                                   MRD withdrawals per year.  Withdrawals in
                                   addition to the first ten (10) per year shall
                                   be charged $25.00 per participant per MRD
                                   withdrawal.#

In-Service Withdrawals by Phone:   Withdrawal fee waived for the first 100
                                   in-service withdrawals per year.  All
                                   in-service withdrawals in addition to the
                                   first 100 per year shall be charged $20.00
                                   per withdrawal.#

Plan Sponsor Webstation (PSW):     Two User I.D.'s provided free of charge.
                                   Each additional I.D., $500.00 per year.

Return of Excess Contribution Fee: $25.00 per participant, one-time charge per
                                   calculation and check generation.#

Non-Fidelity Mutual Funds:         Non-Fidelity Mutual Fund vendors shall pay
                                   service fees directly to Fidelity
                                   Institutional Retirement Services Company
                                   equal to a percentage (generally 25 or 35
                                   basis points) of plan assets invested in such
                                   Non-Fidelity Mutual Funds.

Signature Ready 5500:              Waived.
</TABLE>

# SEE SCHEDULE "I" FOR PERFORMANCE STANDARDS.

                                       24
<PAGE>   28

*      Other Fees: separate charges for optional non-discrimination testing,
       extraordinary expenses resulting from large numbers of simultaneous
       manual transactions, from errors not caused by the Trustee, reports not
       contemplated in this Agreement, corporate actions, or the provision of
       communications materials in hard copy which are also accessible to
       participants via electronic services in the event that the provision of
       such material in hard copy would result in an additional expense deemed
       to be material. The Administrator may direct the Trustee to withdraw
       reasonable administrative fees from the Trust by written direction to the
       Trustee.

Note: These fees have been negotiated and accepted based on the following Plan
characteristics: current plan assets of $153.9 million, current participation of
3,200 participants, total Fidelity actively managed Mutual Fund assets of $52.2
million, total Non-Fidelity Mutual Fund assets of $74.6 million, and projected
net cash flows of $5.0 million per year. Fees will be subject to revision if
these Plan characteristics change significantly by either falling below or
exceeding current or projected levels.

SYBASE, INC.                             FIDELITY MANAGEMENT TRUST COMPANY

By:                                      By:
   -------------------------------          ------------------------------------
                            Date            Vice President                Date

                                       25
<PAGE>   29

                                  SCHEDULE "C"

                               INVESTMENT OPTIONS

       In accordance with Section 4(b), the Named Fiduciary hereby directs the
Trustee that participants' individual accounts may be invested in the following
investment options:

       -      Fidelity Retirement Money Market Portfolio
       -      Fidelity Equity-Income Fund
       -      Fidelity Fund
       -      Spartan(R) U.S. Equity Index Fund
       -      PIMCO Total Return Fund - Administrative Class
       -      PAX World Fund
       -      MFS Mass Investors Trust - Class A
       -      Undiscovered Behavioral Growth Fund - Investors Class
       -      Templeton Foreign Fund A
       -      Putnam International Growth Fund - Class A

       The Named Fiduciary hereby directs that the investment option referred to
in Section 4(c) shall be Fidelity Retirement Money Market Portfolio.

SYBASE, INC.

By:
   -----------------------------
                           Date

                                       26
<PAGE>   30

                                  SCHEDULE "D"

April 14, 2000

Ms. Kim McCausland
Fidelity Investments Institutional Operations Company, Inc.
82 Devonshire Street-MM3H
Boston, Massachusetts 02109

                            SYBASE, INC. 401(k) PLAN

Dear Ms. McCausland:

       This letter is sent to you in accordance with Section 7(b) of the Trust
Agreement, dated as of May 1, 2000, between Sybase, Inc. and Fidelity Management
Trust Company. I hereby designate Selam Legesse, Eileen Seeto-Collins, and Janet
Niwa, as the individuals who may provide directions, on behalf of the
Administrator, upon which Fidelity Management Trust Company shall be fully
protected in relying. Only one such individual need provide any direction. The
signature of each designated individual is set forth below and certified to be
such.

       You may rely upon each designation and certification set forth in this
letter until I deliver to you written notice of the termination of authority of
a designated individual.

                                             Very truly yours,

                                             Dan Carl

--------------------------
Selam Legesse

--------------------------
Eileen Seeto-Collins

--------------------------
Janet Niwa

<PAGE>   31

                                  SCHEDULE "E"

April 14, 2000

Ms. Kim McCausland
Fidelity Investments Institutional Operations Company, Inc.
82 Devonshire Street - MM3H
Boston, Massachusetts 02109

                            SYBASE, INC. 401(k) PLAN

Dear Ms. McCausland:

       This letter is sent to you in accordance with Section 7(c) of the Trust
Agreement, dated as of May 1, 2000, between Sybase, Inc. and Fidelity Management
Trust Company. I hereby designate Nita White-Ivy, Dan Carl, and Scott Irey as
the individuals who may provide directions, on behalf of the Named Fiduciary,
upon which Fidelity Management Trust Company shall be fully protected in
relying. Only one such individual need provide any direction. The signature of
each designated individual is set forth below and certified to be such.

       You may rely upon each designation and certification set forth in this
letter until I deliver to you written notice of the termination authority of a
designated individual.

                                             Very truly yours,

                                             Dan Carl

--------------------------
Nita White-Ivy

--------------------------
Dan Carl

--------------------------
Scott Irey

<PAGE>   32

                               ORRICK, HERRINGTON
                                 & SUTCLIFFE LLP

                                  May 24, 2000
Internet                                                            Direct Dial
rag@orrick.com                                                    (415) 773-5424

VIA FEDERAL EXPRESS

Administrative Committee under the
  Sybase, Inc. 401(k) Plan
c/o Ms. Eileen Collins
Human Resources Department
Sybase, Inc.
6425 Christie Avenue
Emeryville, CA 94608

       Re: QUALIFIED STATUS OF THE SYBASE, INC. 401(k) PLAN (THE "PLAN")

Ladies/Gentlemen:

       Pursuant to the trust agreement for the Plan, and which is to be executed
by Sybase, Inc. ("Sybase"), as sponsor of the Plan, and Fidelity Management
Trust Company, as trustee ("Fidelity"), you have asked for our opinion regarding
the qualified status of the Plan.

       The qualified status of a profit sharing or other retirement plan
(including a profit sharing plan which includes a cash or deferred arrangement),
such as the Plan, can be confirmed in advance by applying for a determination
letter from the Internal Revenue Service (the "IRS"). Such a determination
letter relates only to a plan's status as a qualified plan under the Internal
Revenue Code of 1986, as amended (the "Code"), and further relates to the
provisions of the Plan document and its related trust agreement and not to its
operation. Therefore, this opinion is similarly limited.

       You have advised us that Sybase has not yet applied for a determination
letter regarding the qualified status of the Plan under legislation subsequent
to the Tax Reform Act of 1986. We understand the Plan was adopted effective as
of January 1, 1998. We further understand that Sybase will apply for a
determination letter regarding the Plan within the remedial amendment period
applicable to the Plan. You have advised us (and we assume for present purposes)
that Sybase intends to adopt all such amendments to the Plan (or its related
trust agreement) as may be necessary or appropriate in order to assure that it
will obtain the favorable determination letter described above, or (in the
alternative) to seek a favorable determination from the United States Tax Court
and to appeal any adverse judicial decision, or (lastly) to discontinue the
Plan.

<PAGE>   33

Administrative Committee under
the Sybase, Inc. 401(k) Plan
May 24, 2000
Page Two

       You have asked that our opinion confirm that the provisions of the
written document constituting the Plan comply with the pertinent qualification
requirements of section 401(a) and related provisions of the Code. We have
reviewed the provisions of the Plan document. The compliance of the Plan with
the qualification requirements of section 401(a) and related provisions of the
Code is determinable as to form (but not as to operation) on the basis of the
formal plan and trust documents. Moreover, determinations as to the Plan's
compliance with such requirements are made in the first instance by the IRS and
ultimately by the courts.

       Subject to the foregoing and based on Sybase's assurances (described
above) regarding the determination letter application to be filed with respect
to the Plan, it is our opinion that the provisions of the Plan document comply
in all material respects, or will so comply if retroactively amended as
described above, with the qualification requirements of section 401(a) and
related provisions of the Code. We hereby consent to your release, of a copy of
this opinion to Fidelity or Fidelity Investments Institutional Operations
Company, Inc. (as applicable) and its counsel (but to no other person without
our consent).

                                        Very truly yours,

                                        ORRICK, HERRINGTON & SUTCLIFFE LLP

                                        By:
                                           -------------------------------------
                                           Richard A. Gilbert

cc:  Glenn Germanowski

<PAGE>   34

                                  SCHEDULE "G"

                               EXCHANGE GUIDELINES

The following exchange guidelines are currently employed by Fidelity Investments
Institutional Operations Company, Inc. ("FIIOC").

Exchange hours, via a participant service representative, are 8:30 a.m. ET to
8:00 p.m. in the participant's time zone in the continental United States on
each business day. A "business day" is any day on which the New York Stock
Exchange ("NYSE") is open.

Exchanges via VRS and the internet may be made virtually 24 hours a day.

FIIOC reserves the right to change these exchange guidelines at its discretion.

Note: The NYSE's normal closing time is 4:00 p.m. ET; in the event the NYSE
alters its closing time, all references below to 4:00 p.m. ET shall mean the
NYSE closing time as altered.

                               INVESTMENT OPTIONS

       EXCHANGES BETWEEN INVESTMENT OPTIONS

       Participants may call on any business day to exchange between the
       investment options. If the request is confirmed before 4:00 p.m. ET, it
       will receive that day's trade date. Requests confirmed after 4:00 p.m. ET
       will be processed on a next business day basis.

SYBASE, INC.

By:
    ---------------------------------
                              Date

                                       30
<PAGE>   35

                                  SCHEDULE "H"

              OPERATIONAL GUIDELINES FOR NON-FIDELITY MUTUAL FUNDS

PRICING
By 7:00 p.m. Eastern Time ("ET") each Business Day, the Non-Fidelity Mutual Fund
Vendor (Fund Vendor) will input the following information ("Price Information")
into the Fidelity Participant Recordkeeping System ("FPRS") via the remote
access price screen that Fidelity Investments Institutional Operations Company,
Inc. ("FIIOC"), an affiliate of the Trustee, has provided to the Fund Vendor:
(1) the net asset value for each Fund at the Close of Trading, (2) the change in
each Fund's net asset value from the Close of Trading on the prior Business Day,
and (3) in the case of an income fund or funds, the daily accrual for interest
rate factor ("mil rate"). FIIOC must receive Price Information each Business Day
(a "Business Day" is any day the New York Stock Exchange is open). If on any
Business Day the Fund Vendor does not provide such Price Information to FIIOC,
FIIOC shall pend all associated transaction activity in the Fidelity Participant
Recordkeeping System ("FPRS") until the relevant Price Information is made
available by Fund Vendor.

TRADE ACTIVITY AND WIRE TRANSFERS
By 7:00 a.m. ET each Business Day following Trade Date ("Trade Date plus One"),
FIIOC will provide, via facsimile, to the Fund Vendor a consolidated report of
net purchase or net redemption activity that occurred in each of the Funds up to
4:00 p.m. ET on the prior Business Day. The report will reflect the dollar
amount of assets and shares to be invested or withdrawn for each Fund. FIIOC
will transmit this report to the Fund Vendor each Business Day, regardless of
processing activity. In the event that data contained in the 7:00 a.m. ET
facsimile transmission represents estimated trade activity, FIIOC shall provide
a final facsimile to the Fund Vendor by no later than 9:00 a.m. ET. Any
resulting adjustments shall be processed by the Fund Vendor at the net asset
value for the prior Business Day.

The Fund Vendor shall send via regular mail to FIIOC transaction confirms for
all daily activity in each of the Funds. The Fund Vendor shall also send via
regular mail to FIIOC, by no later than the fifth Business Day following
calendar month close, a monthly statement for each Fund. FIIOC agrees to notify
the Fund Vendor of any balance discrepancies within twenty (20) Business Days of
receipt of the monthly statement.

                                       31
<PAGE>   36

For purposes of wire transfers, FIIOC shall transmit a daily wire for aggregate
purchase activity and the Fund Vendor shall transmit a daily wire for aggregate
redemption activity, in each case including all activity across all Funds
occurring on the same day.

PROSPECTUS DELIVERY
FIIOC shall be responsible for the timely delivery of Fund prospectuses and
periodic Fund reports ("Required Materials") to Plan participants, and shall
retain the services of a third-party vendor to handle such mailings. The Fund
Vendor shall be responsible for all materials and production costs, and hereby
agrees to provide the Required Materials to the third-party vendor selected by
FIIOC. The Fund Vendor shall bear the costs of mailing annual Fund reports to
Plan participants. FIIOC shall bear the costs of mailing prospectuses to Plan
participants.

PROXIES
The Fund Vendor shall be responsible for all costs associated with the
production of proxy materials. FIIOC shall retain the services of a third-party
vendor to handle proxy solicitation mailings and vote tabulation. Expenses
associated with such services shall be billed directly to the Fund Vendor by the
third-party vendor.

PARTICIPANT COMMUNICATIONS
The Fund Vendor shall provide internally-prepared fund descriptive information
approved by the Funds' legal counsel for use by FIIOC in its written participant
communication materials. FIIOC shall utilize historical performance data
obtained from third-party vendors (currently Morningstar, Inc., FACTSET Research
Systems and Lipper Analytical Services) in telephone conversations with plan
participants and in quarterly participant statements. The Sponsor hereby
consents to FIIOC's use of such materials and acknowledges that FIIOC is not
responsible for the accuracy of such third-party information. FIIOC shall seek
the approval of the Fund Vendor prior to retaining any other third-party vendor
to render such data or materials under this Agreement.

COMPENSATION
FIIOC shall be entitled to fees as set forth in a separate agreement with the
Fund Vendor.

                                       32
<PAGE>   37

                                  SCHEDULE "I"

                              PERFORMANCE STANDARDS

       The standards set forth in this Schedule shall apply to the performance
of certain administrative services under this Agreement. The Trustee and the
Sponsor agree that these standards shall not be in effect, for purposes of
determining any penalty, until the completion of the initial conversion of the
Plan and will not apply to any corporate actions until they have fully converted
to the Trustee.

1.     PHONE SERVICES

       A.     Standards.

              (1)    Participants' calls shall be answered within no greater
                     than 20 seconds, 85% of the time. A penalty shall apply in
                     the event that participants' calls are answered within no
                     greater than 20 seconds, less than or equal to 80% of the
                     time.

              (2)    No greater than 3% of participants' calls shall be
                     abandoned. A penalty shall apply in the event that greater
                     than or equal to 5% of participants' calls are abandoned.

       B.     Exceptions.

              The call abandonment rate referenced above shall not apply to
              calls abandoned in the first 20 seconds of the call.

2.     PARTICIPANT STATEMENTS & CHECKS

       A.     Standards

              (1)    Participant quarterly statements shall be mailed within 20
                     calendar days following the close of the calendar quarter.
                     A penalty shall apply in the event that such statements are
                     mailed more than 20 calendar days following the close of
                     the calendar quarter.

              (2)    Participant checks shall be mailed within 5 calendar days
                     of processing. A penalty shall apply in the event that such
                     checks are mailed more than 5 calendar days from the date
                     of processing.

              Note: The date of processing is the day in which the transaction
              is processed during a nightly update cycle on our recordkeeping
              system. This time frame is not associated with the date in which
              the request was made.

                                       33
<PAGE>   38

       B.     Exceptions

              Committee or third party delays which cause Trustee's delay,
              including but not limited to Sybase's failure to provide
              information to the Trustee within the time frames set forth in the
              Plan Administrative Manual or time frames as otherwise agreed to
              by the parties in writing.

3.     PLAN SPONSOR REPORTS

       A.     Standards

              (1)    Trial Balance Reports shall be mailed within 20 calendar
                     days following the close of the month. A penalty shall
                     apply in the event that such Trial Balance Reports are
                     mailed more than 20 calendar days following the close of
                     the month.

              (2)    Administrative Reports shall be mailed within 20 calendar
                     days following the close of the calendar quarter. A penalty
                     shall apply in the event that such Administrative Reports
                     are mailed more than 20 calendar days following the close
                     of the calendar quarter.

       B.     Exceptions

              Committee or third party delays which cause the Trustee's delay,
              including but not limited to Sybase's failure to provide
              information to the Trustee within the time frames set forth in the
              Plan Administrative Manual or time frames as otherwise agreed to
              by the parties in writing.

The performance standards set forth above will be reviewed on a semi-annual
basis by the Sponsor and the Trustee. If during any one semi-annual review
period the Trustee has failed to meet any of these performance standards, the
Trustee shall waive the fees (as set forth on Schedule "B") for the services
listed below during the subsequent six (6) month period, as follows:

       RETURN OF EXCESS CONTRIBUTIONS

       FEE WAIVER: This fee will be waived for all Return of Excess checks
                   processed during the subsequent six (6) month period, not to
                   exceed a total of 100 Return of Excess checks during a
                   calendar year period. Each check beyond 100 during a calendar
                   year will be assessed the $25 charge.

       MINIMUM REQUIRED DISTRIBUTION

       FEE WAIVER: This fee will be waived for all Minimum Required Distribution
                   checks processed during the subsequent six (6) month period,
                   not to exceed a total often (10) Minimum Required
                   Distribution checks during a

                                       34
<PAGE>   39

                   calendar year period. Each check beyond ten (10) during a
                   calendar year will be assessed the $25 charge.

       IN-SERVICE WITHDRAWALS BY PHONE

       FEE WAIVER: This fee will be waived for all In-Service Withdrawal checks
                   processed during the subsequent six (6) month period, not to
                   exceed a total of 100 In-Service Withdrawal checks during a
                   calendar year period. Each check beyond 100 during a calendar
                   year will be assessed the $20 charge.

SYBASE, INC.                              FIDELITY MANAGEMENT TRUST COMPANY

By:                                       By:
   -------------------------------           -----------------------------------
                            Date             Vice President              Date

                                       35<PAGE>   1

                                                                   EXHIBIT 10.33

                                 TRUST AGREEMENT

                                     BETWEEN

                          ----------------------------

                                  SYBASE, INC.

                                       AND

                        FIDELITY MANAGEMENT TRUST COMPANY

                          ----------------------------

             SYBASE, INC. EXECUTIVE DEFERRED COMPENSATION PLAN TRUST

                             DATED AS OF MAY 1, 2000

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                                                            PAGE
-------                                                                            ----
<S>                                                                                <C>
1     DEFINITIONS................................................................    2

2     TRUST......................................................................    3
      (a)   Establishment
      (b)   Grantor Trust
      (c)   Trust Assets
      (d)   Non-Assignment

3     PAYMENTS TO SPONSOR........................................................    3

4     DISBURSEMENT...............................................................    4
      (a)   Directions from Administrator
      (b)   Limitations

5     INVESTMENT OF TRUST .......................................................    4
      (a)   Selection of Investment Options
      (b)   Available Investment Options
      (c)   Investment Directions
      (d)   Mutual Funds
      (e)   Trustee Powers

6     RECORDKEEPING AND ADMINISTRATIVE SERVICES TO BE PERFORMED..................    7
      (a)   General
      (b)   Accounts
      (c)   Inspection and Audit
      (d)   Effect of Plan Amendment
      (e)   Returns, Reports and Information

7     COMPENSATION AND EXPENSES .................................................    8

8     DIRECTIONS AND INDEMNIFICATION ............................................    9
      (a)   Identity of Administrator
      (b)   Directions from Administrator
      (c)   Directions from Participants
      (d)   Indemnification
      (e)   Survival

9     RESIGNATION OR REMOVAL OF TRUSTEE .........................................   10
      (a)   Resignation
      (b)   Removal

10    SUCCESSOR TRUSTEE .........................................................   10
      (a)   Appointment
      (b)   Acceptance
      (c)   Corporate Action
</TABLE>

                                       i
<PAGE>   3

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
SECTION                                                                             PAGE
-------                                                                             ----
<S>                                                                                 <C>
11    TERMINATION ...............................................................    10

12    RESIGNATION, REMOVAL, AND TERMINATION NOTICES .............................    11

13    DURATION ..................................................................    11

14    INSOLVENCY OF SPONSOR......................................................    11

15    AMENDMENT OR MODIFICATION .................................................    12

16    ELECTRONIC SERVICES .......................................................    12

17    GENERAL ...................................................................    13
      (a)   Performance by Trustee, its Agent or Affiliates
      (b)   Entire Agreement
      (c)   Waiver
      (d)   Successors and Assigns
      (e)   Partial Invalidity
      (f)   Section Headings

18    GOVERNING LAW .............................................................    14
      (a)   Massachusetts Controls
      (b)   Trust Agreement Controls

SCHEDULES

      A.    Recordkeeping and Administrative Services
      B.    Fee Schedule
      C.    Administrator's Authorization Letter
      D.    Operational Guidelines for Non-Fidelity Mutual Funds
      E.    Exchange Guidelines
</TABLE>

                                       ii
<PAGE>   4

       TRUST AGREEMENT, dated as of the first day of May, 2000, between SYBASE,
INC., a Delaware corporation, having an office at 6425 Christie Avenue,
Emeryville, CA 94608 (the "Sponsor"), and FIDELITY MANAGEMENT TRUST COMPANY, a
Massachusetts trust company, having an office at 82 Devonshire Street, Boston,
Massachusetts 02109 (the "Trustee").

                                   WITNESSETH:

       WHEREAS, the Sponsor is the sponsor of the SYBASE, INC. EXECUTIVE
DEFERRED COMPENSATION PLAN TRUST (the "Plan"); and

       WHEREAS, the Sponsor wishes to establish an irrevocable trust and to
contribute to the trust assets that shall be held therein, subject to the claims
of Sponsor's creditors in the event of Sponsor'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; and

       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
("ERISA"); and

       WHEREAS, it is the intention of the Sponsor 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; and

       WHEREAS, the Trustee is willing to hold and invest the aforesaid plan
assets in trust among several investment options selected by the Sponsor; and

       WHEREAS, the Sponsor wishes to have the Trustee perform certain
ministerial recordkeeping and administrative functions under the Plan; and

       WHEREAS, the Committee (the "Administrator") is the administrator of the
Plan; and

       WHEREAS, the Trustee is willing to perform recordkeeping and
administrative services for the Plan if the services are purely ministerial in
nature and are provided within a framework of plan provisions, guidelines and
interpretations conveyed in writing to the Trustee by the Administrator.

                                       1
<PAGE>   5

       NOW, THEREFORE, in consideration of the foregoing premises and the mutual
covenants and agreements set forth below, the Sponsor and the Trustee agree as
follows:

SECTION 1. DEFINITIONS. The following terms as used in this Trust Agreement have
the meaning indicated unless the context clearly requires otherwise:

(a)    "Administrator" shall mean, with respect to the Plan, the person or
       entity which is the "administrator" of such Plan.

(b)    "Agreement" shall mean this Trust Agreement, as the same may be amended
       and in effect from time to time.

(c)    "Code" shall mean the Internal Revenue Code of 1986, as it has been or
       may be amended from time to time.

(d)    "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
       as it has been or may be amended from time to time.

(e)    "Fidelity Mutual Fund" shall mean any investment company advised by
       Fidelity Management & Research Company or any of its affiliates.

(f)    "Mutual Fund" shall refer both to Fidelity Mutual Funds and Non-Fidelity
       Mutual Funds.

(g)    "Non-Fidelity Mutual Fund" shall mean certain investment companies not
       advised by Fidelity Management & Research Company or any of its
       affiliates.

(h)    "Participant" shall mean, with respect to the Plan, any employee (or
       former employee) with an account under the Plan, which has not yet been
       fully distributed and/or forfeited, and shall include the designated
       beneficiary(ies) with respect to the account of any deceased employee (or
       deceased former employee) until such account has been fully distributed
       and/or forfeited.

(i)    "Participant Recordkeeping Reconciliation Period" shall mean the period
       beginning on the date of the initial transfer of assets to the Trust and
       ending on the date of the completion of the reconciliation of Participant
       records.

(j)    "Plan" shall mean the SYBASE, INC. EXECUTIVE DEFERRED COMPENSATION PLAN.

(k)    "Reporting Date" shall mean the last day of each calendar quarter, the
       date as of which the Trustee resigns or is removed pursuant to Section 9
       hereof and the date as of which this Agreement terminates pursuant to
       Section 11 hereof.

(1)    "Sponsor" shall mean SYBASE, INC., a Delaware corporation, or any
       successor to all or substantially all of its businesses which, by
       agreement, operation of law or otherwise, assumes the responsibility of
       the Sponsor under this Agreement.

(m)    "Trust" shall mean the SYBASE, INC. EXECUTIVE DEFERRED COMPENSATION PLAN
       TRUST, being the trust established by the Sponsor and the Trustee
       pursuant to the provisions of this Agreement.

(n)    "Trustee" shall mean Fidelity Management Trust Company, a Massachusetts
       trust company and any successor to all or substantially all of its trust
       business. The term Trustee shall also include any successor trustee
       appointed pursuant to this agreement to the extent such successor agrees
       to serve as Trustee under this Agreement.

                                       2
<PAGE>   6

SECTION 2. TRUST.

       (a) Establishment. The Sponsor hereby establishes the SYBASE, INC.
EXECUTIVE DEFERRED COMPENSATION PLAN TRUST with the Trustee. The Trust shall
consist of an initial contribution of money or other property acceptable to the
Trustee in its sole discretion, made by the Sponsor or transferred from a
previous trustee under the Plan, such additional sums of money as shall from
time to time be delivered to the Trustee under the Plan, all investments made
therewith and.proceeds thereof, and all earnings and profits thereon, less the
payments that are made by the Trustee as provided herein, without distinction
between principal and income. The Trustee hereby accepts the Trust on the terms
and conditions set forth in this Agreement. In accepting this Trust, the Trustee
shall be accountable for the assets received by it, subject to the terms and
conditions of this Agreement.

       (b) Grantor Trust. The Trust is intended to be a grantor trust, of which
the Sponsor is the grantor, within the meaning of subpart E, part I, subchapter
J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and
shall be construed accordingly.

       (c) Trust Assets. The principal of the Trust, and any earnings thereon
shall be held separate and apart from other funds of the Sponsor 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 the Sponsor. Any assets held by the Trust will be subject
to the claims of the Sponsor's general creditors under federal and state law in
the event of Insolvency, as defined in Section 14(a).

       (d) Non-Assignment. Benefit payments to Plan participants and their
beneficiaries funded under this Trust 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.

SECTION 3. PAYMENTS TO SPONSOR. Except as provided under Section 14, the Sponsor
shall have no right to retain or divert to others any of the Trust assets before
all payment of benefits have been made to the participants and their
beneficiaries pursuant to the terms of the Plan.

SECTION 4. DISBURSEMENTS.

       (a) Directions from Administrator. The Trustee shall disburse monies to
employee participants and their beneficiaries for benefit payments in the
amounts that the Administrator directs from time to time in writing. The Trustee
shall have no responsibility to ascertain whether the Administrator's

                                       3
<PAGE>   7

direction complies with the terms of the Plan or of any applicable law. The
Trustee shall be responsible for any Federal or State income tax reporting or
withholding with respect to such Plan benefits. The Trustee shall not be
responsible for FICA (Social Security and Medicare) or any Federal or State
unemployment tax with respect to Plan distributions.

       (b) Limitations. The Trustee shall not be required to make any
disbursement in excess of the net realizable value of the assets of the Trust at
the time of the disbursement. The Trustee shall not be required to make any
disbursement in cash unless the Administrator has provided a written direction
as to the assets to be converted to cash for the purpose of making the
disbursement.

SECTION 5. INVESTMENT OF TRUST.

       (a) Selection of Investment Options. The Trustee shall have no
responsibility for the selection of investment options under the Trust and shall
not render investment advice to any person in connection with the selection of
such options.

       (b) Available Investment Options. The Sponsor shall direct the Trustee as
to what investment options the Trust shall be invested in (i) during the period
beginning on the initial transfer of assets to the Trust and ending on the
completion of the reconciliation of Trust records (the "reconciliation period"),
and (ii) following the reconciliation period, subject to the following
limitations. The Sponsor may determine to offer as investment options only
securities issued by the investment companies advised by Fidelity Management &
Research Company and certain investment companies not advised by Fidelity
Management & Research Company identified collectively as Mutual Funds on
Schedule "A" attached hereto; provided, however, that the Trustee shall not be
considered a fiduciary with investment discretion. The Sponsor may add or remove
investment options with the consent of the Trustee and upon mutual amendment of
this Trust Agreement and the Schedules thereto to reflect such additions.

       (c) Investment Directions. In order to provide for an accumulation of
assets comparable to the contractual liabilities accruing under the Plan, the
Sponsor may direct the Trustee in writing to invest the assets held in the Trust
to correspond to the hypothetical investments made for Participants under the
Plan. Such directions may be made by Plan participants by use of the telephone
exchange system, the internet or such other electronic means as may be agreed
upon from time to time by the Sponsor and the Trustee, maintained for such
purposes by the Trustee or its agents, in accordance with written Exchange
Guidelines attached hereto as Schedule "E". In the event that the Trustee fails
to receive a proper direction from the Sponsor or from Participants, the assets
in question shall be invested in Fidelity Retirement Money Market Portfolio
until the Trustee receives a proper direction.

                                       4
<PAGE>   8

       The Sponsor's designation of available investment options under
paragraphs (a) and (b) above, the maintenance of accounts for each Plan
participant and the crediting of investments to such accounts, the giving of
investment directions by participants under this paragraph (c), and the exercise
by participants of any other powers relating to investments under this Section 5
are solely for the purpose of providing a mechanism for measuring the obligation
of the Sponsor to any particular participant under the applicable Plan. As
provided in Section 2(c) above, no participant or beneficiary will have any
preferential claim to or beneficial ownership interest in any asset or
investment, and the rights of any participant and his or her beneficiaries under
the applicable Plan and this Agreement are solely those of an unsecured general
creditor of the Sponsor with respect to the benefits of the participant under
the Plan.

       (d) Mutual Funds. The Sponsor hereby acknowledges that it has received
from the Trustee a copy of the prospectus for each Mutual Fund selected by the
Sponsor as a Plan investment option. Trust investments in Mutual Funds shall be
subject to the following limitations:

              (i) Execution of Purchases and Sales. Purchases and sales of
Fidelity Mutual Funds (other than for Exchanges) shall be made on the date on
which the Trustee receives from the Sponsor in good order all information and
documentation necessary to accurately effect such purchases and sales (or in the
case of a purchase, the subsequent date on which the Trustee has received a wire
transfer of funds necessary to make such purchase). Transactions involving
Mutual Funds not advised by Fidelity Management & Research Company shall be
executed in accordance with the operating procedures set forth in Schedule "D"
attached hereto. Exchanges of Fidelity Mutual Funds shall be made on the same
business day that the Trustee receives a proper direction if received before
market close (generally 4:00 p.m. eastern time); if the direction is received
after market close (generally 4:00 p.m. eastern time), the exchange shall be
made the following day.

              (ii) Voting. At the time of mailing of notice of each annual or
special stockholders' meeting of any Mutual Fund, the Trustee shall send a copy
of the notice and all proxy solicitation materials to each Plan participant who
has hypothetical shares of the Mutual Fund credited to the participant's
accounts, together with a voting direction form for return to the Trustee or its
designee. The participant shall have the right to direct the Trustee as to the
manner in which the Trustee is to vote the hypothetical shares credited to the
participant's accounts. The Trustee shall vote the shares held in the Trust in
the same manner as directed by the participant under the Plan. The Trustee shall
not vote shares for which it has received no corresponding directions from the
participant. During the reconciliation period, the Sponsor shall have the right
to direct the Trustee as to the manner in which the Trustee is to vote the
shares of the Mutual Funds in the Trust. With respect to all rights other than
the right to vote, the Trustee shall follow the directions of the Sponsor. The
Trustee shall have no duty to solicit directions from the Sponsor.

                                       5
<PAGE>   9

       (e) Trustee Powers. The Trustee shall have the following powers and
authority:

              (i) Subject to paragraphs (b), (c) and (d) of this Section 5, to
sell, exchange, convey, transfer, or otherwise dispose of any property held in
the Trust, by private contract or at public auction. No person dealing with the
Trustee shall be bound to see to the application of the purchase money or other
property delivered to the Trustee or to inquire into the validity, expediency,
or propriety of any such sale or other disposition.

              (ii) To cause any securities or other property held as part of the
Trust to be registered in the Trustee's own name, in the name of one or more of
its nominees, or in the Trustee's account with the Depository Trust Company of
New York and to hold any investments in bearer form, but the books and records
of the Trustee shall at all times show that all such investments are part of the
Trust.

              (iii) To keep that portion of the Trust in cash or cash balances
as the Sponsor or Administrator may, from time to time, deem to be in the best
interest of the Trust.

              (iv) To make, execute, acknowledge, and deliver any and all
documents of transfer or conveyance and to carry out the powers herein granted.

              (v) To settle, compromise, or submit to arbitration any claims,
debts, or damages due to or arising from the Trust; to commence or defend suits
or legal or administrative proceedings; to represent the Trust in all suits and
legal and administrative hearings; and to pay all reasonable expenses arising
from any such action, from the Trust if not paid by the Sponsor.

              (vi) To employ legal, accounting, clerical, and other assistance
as may be required in carrying out the provisions of this Agreement and to pay
their reasonable expenses and compensation from the Trust if not paid by the
Sponsor.

              (vii) To do all other acts although not specifically mentioned
herein, as the Trustee may deem necessary to carry out any of the foregoing
powers and the purposes of the Trust.

       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.
The Sponsor may provide the Trustee with an opinion of counsel whether an annual
fiduciary tax return should be filed for the Trust;

                                       6
<PAGE>   10

in the absence of such opinion. Trustee may consult with counsel to the extent
it deems appropriate on this issue, and any resulting counsel fees shall be
charged to the Trust to the extent not paid by the Sponsor.

SECTION 6. RECORDKEEPING AND ADMINISTRATIVE SERVICES TO BE PERFORMED.

       (a) General. The Trustee shall perform those recordkeeping and
administrative functions described in Schedule "A" attached hereto. These
recordkeeping and administrative functions shall be performed within the
framework of the Administrator's written directions regarding the Plan's
provisions, guidelines and interpretations.

       (b) Accounts. The Trustee shall keep accurate accounts of all
investments, receipts, disbursements, and other transactions hereunder, and
shall report the value of the assets held in the Trust as of the last day of
each fiscal quarter of the Plan and, if not on the last day of a fiscal quarter,
the date on which the Trustee resigns or is removed as provided in Section 9 of
this Agreement or is terminated as provided in Section 11. Within thirty (30)
days following each Reporting Date or within sixty (60) days in the case of a
Reporting Date caused by the resignation or removal of the Trustee, or the
termination of this Agreement, the Trustee shall file with the Administrator a
written account setting forth all investments, receipts, disbursements, and
other transactions effected by the Trustee between the Reporting Date and the
prior Reporting Date, and setting forth the value of the Trust as of the
Reporting Date. Except as otherwise required under applicable law, upon the
expiration of six (6) months from the date of filing such account with the
Administrator, the Trustee shall have no liability or further accountability to
anyone with respect to the propriety of its acts or transactions shown in such
account, except with respect to such acts or transactions as to which the
Sponsor shall within such six (6) month period file with the Trustee written
objections.

       (c) Inspection and Audit. All records generated by the Trustee in
accordance with paragraphs (a) and (b) shall be open to inspection and audit,
during the Trustee's regular business hours prior to the termination of this
Agreement, by the Administrator or any person designated by the Administrator.
Upon the resignation or removal of the Trustee or the termination of this
Agreement, the Trustee shall provide to the Administrator, at no expense to the
Sponsor, in the format regularly provided to the Administrator, a statement of
the Trust accounts as of the resignation, removal, or termination, and the
Trustee shall provide to the Administrator or the new recordkeeper such further
records as are reasonable, at the Sponsor's expense.

       (d) Effect of Plan Amendment. The Trustee's provision of the
recordkeeping and administrative services set forth in this Section 6 shall be
conditioned on the Sponsor delivering to the Trustee a copy of any amendment to
the Plan as soon as administratively feasible following the

                                       7
<PAGE>   11

amendment's adoption, and on the Administrator providing the Trustee on a timely
basis with all the information the Administrator deems necessary for the Trustee
to perform the recordkeeping and administrative services and such other
information as the Trustee may reasonably request.

       (e) Returns, Reports and Information. The Administrator shall be
responsible for the preparation and filing of all returns, reports, and
information required of the Trust or Plan by law. The Trustee shall provide the
Administrator with such information as the Administrator may reasonably request
to make these filings. The Administrator shall also be responsible for making
any disclosures to participants required by law.

SECTION 7. COMPENSATION AND EXPENSES. Sponsor shall pay to Trustee, within
thirty (30) days of receipt of the Trustee's bill, the fees for services in
accordance with Schedule "B". All fees for services are specifically outlined in
Schedule "B" and are based on any assumptions identified therein. The Trustee
shall maintain its fees for two (2) years; provided, however, in the event that
the Plan characteristics referenced in the assumptions outlined in Schedule "B"
change significantly by either falling below or exceeding current or projected
levels, such fees shall be subject to revision. To reflect increased operating
costs. Trustee may once each calendar year, but not prior to May 1, 2000, amend
Schedule B without the Sponsor's consent upon ninety (90) days prior notice to
the Sponsor.

       All reasonable expenses of plan administration as shown on Schedule "B"
attached hereto, as amended from time to time, shall be a charge against and
paid from the appropriate plan participants' accounts, except to the extent such
amounts are paid by the Plan Sponsor in a timely manner.

       All expenses of the Trustee relating directly to the acquisition and
disposition of investments constituting part of the Trust, and all taxes of any
kind whatsoever that may be levied or assessed under existing or future laws
upon or in respect of the Trust or the income thereof, shall be a charge against
and paid from the appropriate Participants' accounts.

SECTION 8. DIRECTIONS AND INDEMNIFICATION.

       (a) Identity of Administrator. The Trustee shall be fully protected in
relying on the fact that the Administrator under the Plan is the individual or
persons named as such above or such other individuals or persons as the Sponsor
may notify the Trustee in writing.

       (b) Directions from Administrator. Whenever the Administrator provides a
direction to the Trustee, the Trustee shall not be liable for any loss, or by
reason of any breach, arising from the direction if the direction is contained
in a writing (or is oral and immediately confirmed in a writing) signed by any

                                       8
<PAGE>   12

individual whose name and signature have been submitted (and not withdrawn) in
writing to the Trustee by the Administrator in the form attached hereto as
Schedule "C", provided the Trustee reasonably believes the signature of the
individual to be genuine unless it is reasonably clear on the direction's face
that the action to be taken under the direction would be inconsistent with the
terms of this Agreement. Such direction may be made via electronic data transfer
("EDT") in accordance with procedures agreed to by the Administrator and the
Trustee; provided, however, that the Trustee shall be fully protected in
reasonably relying on such direction as if it were a direction made in writing
by the Administrator. The Trustee shall have no responsibility to ascertain any
direction's (i) accuracy, (ii) compliance with the terms of the Plan or any
applicable law, or (iii) effect for tax purposes or otherwise.

       (c) Directions from Participants. The Trustee shall not be liable for any
loss which arises from any participant's exercise or non-exercise of rights
under Section 5 over the assets in the participant's accounts.

       (d) Indemnification. The Sponsor shall indemnify the Trustee against, and
hold the Trustee harmless from, any and all loss, damage, penalty, liability,
cost, and expense, including without limitation, reasonable attorneys' fees and
disbursements, that may be incurred by, imposed upon, or asserted against the
Trustee by reason of any claim, regulatory proceeding, or litigation arising
from any act done or omitted to be done by any individual or person with respect
to the Plan or Trust, excepting only any and all loss, etc., arising solely from
the Trustee's negligence, willful misconduct or bad faith.

       Special Indemnification for Fidelity PortfolioPlanner(SM). The Trustee
shall indemnify the Sponsor against and hold the Sponsor harmless from any and
all such loss, damage, penalty, liability, cost, and expense, including without
limitation, reasonable attorney's fees and disbursements, that may be incurred
by, imposed upon, or asserted against the Sponsor solely as a result of a) any
defects in the investment methodology embodied in the target asset allocation or
model portfolio provided through Fidelity PortfolioPlanner, except to the extent
that any such loss, damage, penalty, liability, cost or expense arises from
information provided by the participant, the Sponsor or third parties; or b) any
prohibited transactions resulting from the provision by of Fidelity
PortfolioPlanner.

       (e) Survival. The provisions of this Section 8 shall survive the
termination of this Agreement.

SECTION 9. RESIGNATION OR REMOVAL OF TRUSTEE.

       (a) Resignation. The Trustee may resign at any time upon sixty (60) days'
notice in writing to the Sponsor, unless a shorter period of notice is agreed
upon by the Sponsor.

                                       9
<PAGE>   13

       (b) Removal. The Sponsor may remove the Trustee at any time upon sixty
(60) days' notice in writing to the Trustee, unless a shorter period of notice
is agreed upon by the Trustee.

SECTION 10. SUCCESSOR TRUSTEE.

       (a) Appointment. If the office of Trustee becomes vacant for any reason,
the Sponsor may in writing appoint a successor trustee under this Agreement. The
successor trustee shall have all of the rights, powers, privileges, obligations,
duties, liabilities, and immunities granted to the Trustee under this Agreement.
The successor trustee and predecessor trustee shall not be liable for the acts
or omissions of the other with respect to the Trust.

       (b) Acceptance. When the successor trustee accepts its appointment under
this Agreement, title to and possession of the Trust assets shall immediately
vest in the successor trustee without any further action on the part of the
predecessor trustee. The predecessor trustee shall execute all instruments and
do all acts that reasonably may be necessary or reasonably may be requested in
writing by the Sponsor or the successor trustee to vest title to all Trust
assets in the successor trustee or to deliver all Trust assets to the successor
trustee.

       (c) Corporate Action. Any successor of the Trustee or successor trustee,
through sale or transfer of the business or trust department of the Trustee or
successor trustee, or through reorganization, consolidation, or merger, or any
similar transaction, shall, upon consummation of the transaction, become the
successor trustee under this Agreement.

SECTION 11. TERMINATION. This Agreement may be terminated at any time by the
Sponsor upon sixty (60) days' notice in writing to the Trustee. On the date of
the termination of this Agreement, the Trustee shall forthwith transfer and
deliver to such individual or entity as the Sponsor shall designate, all cash
and assets then constituting the Trust. If, by the termination date, the Sponsor
has not notified the Trustee in writing as to whom the assets and cash are to be
transferred and delivered, the Trustee may bring an appropriate action or
proceeding for leave to deposit the assets and cash in a court of competent
jurisdiction. The Trustee shall be reimbursed by the Sponsor for all costs and
expenses of the action or proceeding including, without limitation, reasonable
attorneys' fees and disbursements.

SECTION 12. RESIGNATION, REMOVAL, AND TERMINATION NOTICES. All notices of
resignation, removal, or termination under this Agreement must be in writing and
mailed to the party to which the notice is being given by certified or
registered mail, return receipt requested, to the Sponsor c/o [SEE COVER LETTER
UNLESS OTHERWISE INSTRUCTED], and to the Trustee c/o John M. Kimpel, Fidelity
Investments, 82 Devonshire Street,

                                       10
<PAGE>   14

F7A, Boston, Massachusetts 02109, or to such other addresses as the parties have
notified each other of in the foregoing manner.

SECTION 13. DURATION. This Trust shall continue in effect without limit as to
time, subject, however, to the provisions of this Agreement relating to
amendment, modification, and termination thereof.

SECTION 14. INSOLVENCY OF SPONSOR.

       (a) Trustee shall cease disbursement of funds for payment of benefits to
Plan participants and their beneficiaries if the Sponsor is Insolvent. Sponsor
shall be considered "Insolvent" for purposes of this Trust Agreement if (i)
Sponsor is unable to pay its debts as they become due, or (ii) Sponsor is
subject to a pending proceeding as a debtor under the United States Bankruptcy
Code.

       (b) All times during the continuance of this Trust, the principal and
income of the Trust shall be subject to claims of general creditors of the
Sponsor under federal and state law as set forth below.

              (i) The Board of Directors and the Chief Executive Officer of the
Sponsor shall have the duty to inform Trustee in writing of Sponsor's
Insolvency. If a person claiming to be a creditor of the Sponsor alleges in
writing to Trustee that Sponsor has become Insolvent, Trustee shall determine
whether Sponsor is Insolvent and, pending such determination. Trustee shall
discontinue disbursements for payment of benefits to Plan participants or their
beneficiaries.

              (ii) Unless Trustee has actual knowledge of Sponsor's Insolvency,
or has received notice from Sponsor or a person claiming to be a creditor
alleging that Sponsor is Insolvent, Trustee shall have no duty to inquire
whether Sponsor is Insolvent. Trustee may in all events rely on such evidence
concerning Sponsor's solvency as may be furnished to Trustee and that provides
Trustee with a reasonable basis for making a determination concerning Sponsor's
solvency.

              (iii) If any time Trustee has determined that Sponsor is
Insolvent, Trustee shall discontinue disbursements for payments to Plan
participants or their beneficiaries and shall hold the assets of the Trust for
the benefit of Sponsor's general creditors. Nothing in this Trust Agreement
shall in any way diminish any rights of Plan participants or their beneficiaries
to pursue their rights as general creditors of Sponsor with respect to benefits
due under the Plan or otherwise.

              (iv) Trustee shall resume disbursement for the payment of benefits
to Plan participants or their beneficiaries in accordance with Section 4 of this
Trust Agreement only after Trustee has determined that Sponsor is not Insolvent
(or is no longer Insolvent).

                                       11
<PAGE>   15

       (c) Provided that there are sufficient assets, if Trustee discontinues
the payment of benefits from the Trust pursuant to (a) 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 Sponsor in lieu of the payments provided for hereunder during
any such period of discontinuance.

SECTION 15. AMENDMENT OR MODIFICATION. This Agreement may be amended or modified
at any time and from time to time only by an instrument executed by both the
Sponsor and the Trustee.

SECTION 16. ELECTRONIC SERVICES.

       (a) The Trustee may provide communications and services ("Electronic
Services") and/or software products ("Electronic Products") via electronic
media, including, but not limited to Fidelity Plan Sponsor WebStation. The
Sponsor and its agents agree to use such Electronic Services and Electronic
Products only in the course of reasonable administration of or participation in
the Plan and to keep confidential and not publish, copy, broadcast, retransmit,
reproduce, commercially exploit or otherwise redisseminate the Electronic
Products or Electronic Services or any portion thereof without the Trustee's
written consent, except, in cases where Trustee has specifically notified the
Sponsor that the Electronic Products or Services are suitable for delivery to
Sponsor's plan participants, for non-commercial personal use by participants or
beneficiaries with respect to their participation in the plan or for their other
retirement planning purposes.

       (b) The Sponsor shall be responsible for installing and maintaining all
Electronic Products, (including any programming required to accomplish the
installation) and for displaying any and all content associated with Electronic
Services on its computer network and/or Intranet so that such content will
appear exactly as it appears when delivered to Sponsor. All Electronic Products
and Services shall be clearly identified as originating from the Trustee or its
affiliate. The Sponsor shall promptly remove Electronic Products or Services
from its computer network and/or Intranet, or replace the Electronic Products or
Services with updated products or services provided by the Trustee, upon written
notification (including written notification via facsimile) by the Trustee.

       (c) All Electronic Products shall be provided to the Sponsor without any
express or implied legal warranties or acceptance of legal liability by the
Trustee, and all Electronic Services shall be provided to the Sponsor without
acceptance of legal liability related to or arising out of the electronic nature
of the delivery or provision of such Services. Except as otherwise stated in
this Agreement, no rights are

                                       12
<PAGE>   16

conveyed to any property, intellectual or tangible, associated with the contents
of the Electronic Products or Services and related material. The Trustee hereby
grants to the Sponsor a non-exclusive, non-transferable revocable right and
license to use the Electronic Products and Services in accordance with the terms
and conditions of this Agreement.

       (d) To the extent that any Electronic Products or Services utilize
Internet services to transport data or communications, the Trustee will take,
and Sponsor agrees to follow, reasonable security precautions, however, the
Trustee disclaims any liability for interception of any such data or
communications. The Trustee reserves the right not to accept data or
communications transmitted via electronic media by the Sponsor or a third party
if it determines that the media does not provide adequate data security, or if
it is not administratively feasible for the Trustee to use the data security
provided. The Trustee shall not be responsible for, and makes no warranties
regarding access, speed or availability of Internet or network services, or any
other service required for electronic communication. The Trustee shall not be
responsible for any loss or damage related to or resulting from any changes or
modifications to the Electronic Products or Services after delivering it to the
Sponsor.

SECTION 17. GENERAL.

       (a) Performance by Trustee, its Agents or Affiliates. The Sponsor
acknowledges and authorizes that the services to be provided under this
Agreement shall be provided by the Trustee, its agents or affiliates, including
Fidelity Investments Institutional Operations Company, Inc. or its successor,
and that certain of such services may be provided pursuant to one or more other
contractual agreements or relationships.

       (b) Entire Agreement. This Agreement contains all of the terms agreed
upon between the parties with respect to the subject matter hereof.

       (c) Waiver. No waiver by either party of any failure or refusal to comply
with an obligation hereunder shall be deemed a waiver of any other or subsequent
failure or refusal to so comply.

       (d) Successors and Assigns. The stipulations in this Agreement shall
inure to the benefit of, and shall bind, the successors and assigns of the
respective parties.

       (e) Partial Invalidity. If any term or provision of this Agreement or the
application thereof to any person or circumstances shall, to any extent, be
invalid or unenforceable, the remainder of this Agreement, or the application of
such term or provision to persons or circumstances other than those as to

                                       13
<PAGE>   17

which it is held invalid or unenforceable, shall not be affected thereby, and
each term and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law.

       (f) Section Headings. The headings of the various sections and
subsections of this Agreement have been inserted only for the purposes of
convenience and are not part of this Agreement and shall not be deemed in any
manner to modify, explain, expand or restrict any of the provisions of this
Agreement.

SECTION 18. GOVERNING LAW.

       (a) Massachusetts Law Controls. This Agreement is being made in the
Commonwealth of Massachusetts, and the Trust shall be administered as a
Massachusetts trust. The validity, construction, effect, and administration of
this Agreement shall be governed by and interpreted in accordance with the laws
of the Commonwealth of Massachusetts, except to the extent those laws are
superseded under Section 514 of ERISA.

       (b) Trust Agreement Controls. The Trustee is not a party to the Plan, and
in the event of any conflict between the provisions of the Plan and the
provisions of this Agreement, the provisions of this Agreement shall control.

       IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers as of the day and year first above
written.

                                             SYBASE, INC.

Attest:                                      By:
        -----------------------------------     --------------------------------
         Assistant Secretary                     Vice President

                                             FIDELITY MANAGEMENT TRUST COMPANY

Attest:                                      By:
        -----------------------------------     --------------------------------
         Assistant Clerk                         Vice President

                                       14
<PAGE>   18

                                  SCHEDULE "A"

                    RECORDKEEPING AND ADMINISTRATIVE SERVICES

*      The Trustee will provide only the recordkeeping and administrative
       services set forth on this Schedule "A" and no others.

Administration

*      Establishment and maintenance of participant account and election
       percentages.

*      Maintenance of the following plan investment options:

       -      Fidelity Retirement Money Market Portfolio
       -      Fidelity Equity-Income Fund
       -      Fidelity Spartan U.S. Equity Index Fund
       -      Fidelity Fund
       -      PIMCO Total Return Fund (Administrative Class)
       -      Templeton Foreign Fund A
       -      PAX World Fund
       -      MFS Mass Investors Trust (Class A)
       -      Undiscovered Behavioral Growth (Investors Class)
       -      Putnam International Growth Fund (Class A)

*      Maintenance of the following money classifications:

       -      Deferred Account

Processing

*      Processing of mutual fund trades.
*      Maintain and process changes to participants' prospective investment mix
       elections.
*      Process exchanges between investment options on a daily basis.
*      Provide monthly processing consolidated payroll contribution data via a
       consolidated magnetic tape.
*      Provide monthly reconciliation and processing of participant withdrawal
       requests as approved and directed by the Sponsor. All withdrawal requests
       will be based on the current market values of the participants' accounts,
       not advances or estimated values. The "current market value" of a
       participant's account shall be the account value on the business day that
       direction is received from the Sponsor in good order by the Trustee, if
       such direction is received before 4:00 p.m. (E.T.). If direction from the
       Sponsor is received by the Trustee after 4:00 p.m. (E.T.) on a business
       day, then the current market value of a participant's account shall be
       the account value on the next business day.

Other

*      Prepare, reconcile and deliver a monthly Trial Balance Report presenting
       all money classes and investments. This report is based on the market
       value as of the last business day of the month. The report will be
       delivered not later than thirty (30) days after the end of each month in
       the absence of unusual circumstances.

                                       15
<PAGE>   19

                            SCHEDULE "A" (CONTINUED)

*      Prepare, reconcile and deliver a Quarterly Administrative Report
       presenting both on a participant and a total plan basis all money
       classes, investment positions and a summary of all activity of the
       participant and plan as of the last business day of the quarter. The
       report will be delivered not later than thirty (30) days after the end of
       each quarter in the absence of unusual circumstances.
*      Prepare and distribute, either to the Sponsor or to each plan participant
       directly, a quarterly detailed participant statement reflecting all
       activity for the period. Statements will be delivered not later than
       thirty (30) days after each quarter in the absence of unusual
       circumstances.
*      Provide monthly trial balance
*      Prepare and mail to the participant, a confirmation of the transactions
       exchanges and changes to investment mix elections) within five (5)
       business days of the participants instructions.
*      Provide access to Plan Sponsor Webstation (PSW). PSW is a graphical,
       Windows-based application that provides current plan and
       participant-level information, including indicative data, account
       balances, activity and history.
*      Provide Mutual Fund tax reporting (Forms 1099 Div. And 1099-B) to the
       Sponsor.
*      Provide Federal and state tax reporting and withholding on benefit
       payments made to participants and beneficiaries.
*      Prepare employee communications describing available investment options,
       including multimedia informational materials and group presentations.

Communication Services

*      Provide employee communications describing available investment options,
       including multimedia informational materials and group presentations.
*      Fidelity PortfolioPlanner(SM), an internet-based educational service for
       participants that generates target asset allocations and recommended
       model portfolios customized to investment options in the Plan(s) based
       upon methodology provided by Strategic Advisers, Inc., an affiliate of
       the Trustee. The Sponsor acknowledges that it has received the ADV Part
       II for Strategic Advisers, Inc. more than 48 hours prior to executing the
       Trust.

SYBASE, INC.                                FIDELITY MANAGEMENT TRUST COMPANY

By:                                         By:
   ----------------------------------          ---------------------------------
                               Date                                      Date

                                       16
<PAGE>   20

                                  SCHEDULE "B"

                                  FEE SCHEDULE

Annual Participant Fee:          Fee Waived*

Non-Fidelity                     Mutual Funds Non-Fidelity Mutual Fund vendors
                                 shall pay service fees directly to Fidelity
                                 Management Trust Company equal to a percentage
                                 (generally 25 or 35 basis points) of plan
                                 assets invested in such Non-Fidelity Mutual
                                 Funds.

Plan Sponsor Webstation (PSW):   Two User I.D.'s provided free of charge.  Each
                                 additional I.D., $500.00 per year.

Other                            Fees: Separate charges for extraordinary
                                 expenses resulting from large numbers of
                                 simultaneous manual transactions, from errors
                                 not caused by Fidelity, reports not
                                 contemplated in this Agreement, corporate
                                 actions, or the provision of communications
                                 materials in hard copy which are also
                                 accessible to participants via electronic
                                 services in the event that the provision of
                                 such material in hard copy would result in an
                                 additional expense deemed to be material.

*NOTE: Assumptions - These fees have been negotiated and accepted based on
current plan assets of current participation of 200 participants. Fees will be
subject to revision if these Plan characteristics change significantly by either
falling below or exceeding current or projected levels. Fees also have been
based on the use of up to ten (10) investment options, and such fees will be
subject to revision if additional investment options are added.

SYBASE, INC.                                FIDELITY MANAGEMENT TRUST COMPANY

By:                                         By:
   --------------------------------            ---------------------------------
                             Date               Vice President            Date

                                       17
<PAGE>   21

                                  SCHEDULE "C"

April 20, 2000

Ms. Roberta Coen
Fidelity Investments Institutional Operations Company, Inc.
82 Devonshire Street-MM3H
Boston, Massachusetts 02109

                SYBASE, INC. EXECUTIVE DEFERRED COMPENSATION PLAN

Dear Ms. Coen

       This letter is sent to you in accordance with Section 8(b) of the Trust
Agreement, dated as of May 1, 2000, between Sybase, Inc. and Fidelity Management
Trust Company. I hereby designate Selam Legesse, Eileen Seeto-Collins, and Janet
Niwa, as the individuals who may provide directions upon which Fidelity
Management Trust Company shall be fully protected in relying. Only one such
individual need provide any direction. The signature of each designated
individual is set forth below and certified to be such.

       You may rely upon each designation and certification set forth in this
letter until I deliver to you written notice of the termination of authority of
a designated individual.

                                             Very truly yours,

                                             By
                                               ---------------------------------
                                               Dan Carl

-----------------------------
Selam Legesse

-----------------------------
Eileen Seeto-Collins

-----------------------------
Janet Niwa

                                       18
<PAGE>   22

                                  SCHEDULE "D"

              OPERATIONAL GUIDELINES FOR NON-FIDELITY MUTUAL FUNDS

Pricing
By 7:00 p.m. Eastern Time ("ET") each Business Day, the Non-Fidelity Mutual Fund
Vendor (Fund Vendor) will input the following information ("Price Information")
into the Fidelity Participant Recordkeeping System ("FPRS") via the remote
access price screen that Fidelity Investment Institutional Operations Company,
Inc. ("FIIOC"), an affiliate of the Trustee, has provided to the Fund Vendor:
(1) the net asset value for each Fund at the Close of Trading, (2) the change in
each Fund's net asset value from the Close of Trading on the prior Business Day,
and (3) in the case of an income fund or funds, the daily accrual for interest
rate factor ("mil rate"). FIIOC must receive Price Information each Business Day
(a "Business Day" is any day the New York Stock Exchange is open). If on any
Business Day the Fund Vendor does not provide such Price Information to FIIOC,
FIIOC shall pend all associated transaction activity in the Fidelity Participant
Recordkeeping System ("FPRS") until the relevant Price Information is made
available by Fund Vendor.

Trade Activity and Wire Transfers
By 7:00 a.m. ET each Business Day following Trade Date ("Trade Date Plus One"),
FIIOC will provide, via facsimile, to the Fund Vendor a consolidated report of
net purchase or net redemption activity that occurred in each of the Funds up to
4:00 p.m. ET on the prior Business Day. The report will reflect the dollar
amount of assets and shares to be invested or withdrawn for each Fund. FIIOC
will transmit this report to the Fund Vendor each Business Day, regardless of
processing activity. In the event that data contained in the 7:00 a.m. ET
facsimile transmission represents estimated trade activity, FIIOC shall provide
a final facsimile to the Fund Vendor by no later than 9:00 a.m. ET. Any
resulting adjustments shall be processed by the Fund Vendor at the net asset
value for the prior Business Day.

The Fund Vendor shall send via regular mail to FIIOC transaction confirms for
all daily activity in each of the Funds. The Fund Vendor shall also send via
regular mail to FIIOC, but no later than the fifth Business Day following
calendar month close, a monthly statement for each Fund. FIIOC agrees to notify
the Fund Vendor of any balance discrepancies within twenty (20) Business Days of
receipt of the monthly statement.

For purposes of wire transfers, FIIOC shall transmit a daily wire for aggregate
purchase activity and the Fund Vendor shall transmit a daily wire for aggregate
redemption activity, in each case including all activity across all Funds
occurring on the same day.

Prospectus Delivery
FIIOC shall be responsible for the timely delivery of Fund prospectuses and
periodic Fund reports ("Required Materials") to Plan participants, and shall
retain the services of a third-party vendor to handle such mailings. The Fund
Vendor shall be responsible for all materials and production costs, and hereby
agrees to provide the Required Materials to the third-party vendor selected by
FIIOC. The Fund Vendor shall bear the costs of mailing annual Fund reports to
Plan participants. FIIOC shall bear the costs of mailing prospectuses to Plan
participants.

Proxies
The Fund Vendor shall be responsible for all costs associated with the
production of proxy materials. FIIOC shall retain the services of a third-party
vendor to handle proxy solicitation mailings and vote tabulation. Expenses
associated with such services shall be billed directly the Fund Vendor by the
third-party vendor.

                                       19
<PAGE>   23

                            SCHEDULE "D" (CONTINUED)

Participant Communications
The Fund Vendor shall provide internally prepared fund descriptive information
approved by the Funds' legal counsel for use by FIIOC in its written participant
communication materials. FIIOC shall utilize historical performance data
obtained from third-party vendors (currently Morningstar, Inc., FACTSET Research
Systems and Lipper Analytical Services) in telephone conversations with plan
participants and in quarterly participant statements. The Sponsor hereby
consents to FIIOC's use of such materials and acknowledges that FIIOC is not
responsible for the accuracy of third-party information. FIIOC shall seek the
approval of the Fund Vendor prior to retaining any other third-party vendor to
render such data or materials under this Agreement.

Compensation
FIIOC shall be entitled to fees as set forth in a separate agreement with the
Fund Vendor.

Indemnification
The Fund Vendor shall be responsible for compensating participants and/or FIIOC
in the event that losses occur as a result of (1) the Fund Vendor's failure to
provide FIIOC with Price Information or (2) providing FIIOC with incorrect Price
Information.

                                       20
<PAGE>   24

                                  SCHEDULE "E"

                               EXCHANGE GUIDELINES

The following exchange procedures are currently employed by Fidelity Investments
Institutional Operations Company, Inc. (FIIOC).

Exchange hours, via a Fidelity participant service representative, are 8:30 a.m.
(ET) to 8:00 p.m. in the participant's time zone in the continental United
States on each business day. A "business day" is any day on which the New York
Stock Exchange (NYSE) is open.

Exchanges via the internet may be made virtually 24 hours a day.

Exchanges via VRS may be made virtually 24 hours a day.

FIIOC reserves the right to change these exchange guidelines at its discretion.

Note: The NYSE's normal closing time is 4:00 p.m. (ET); in the event the NYSE
alters its closing time, all references below to 4:00 p.m. (ET) shall mean the
NYSE closing time as altered.

                                  MUTUAL FUNDS

       EXCHANGES BETWEEN MUTUAL FUNDS

       Participants may call on any business day to exchange between the mutual
       funds. If the request is confirmed before 4:00 p.m. (ET), it will receive
       that day's trade date. Calls received after 4:00 p.m. (ET) will be
       processed on a next business day basis.

SYBASE, INC.

By:
   -------------------------------
                            Date

                                       21
<PAGE>   25

April 20, 2000

John M. Kimpel, Esq.
Senior Vice President and Deputy General Counsel
Fidelity Investments
82 Devonshire Street, F7A
Boston, MA 02109

       RE: INVESTMENT INSTRUCTIONS FOR RABBI TRUST ASSETS

Dear Mr. Kimpel:

       The participants under the Sybase, Inc. Executive Deferred Compensation
Plan ("Plan") have the right to direct the investment of their Plan account in
hypothetical investment options, which are currently based on a number of
registered investment companies advised by Fidelity Management & Research
Company ("Fidelity Mutual Funds") and certain investment companies not advised
by Fidelity Management & Research Company ("Non-Fidelity Mutual Funds").
Fidelity Management Trust Company has agreed pursuant to a Trust Agreement with
Sybase, Inc. dated May 1, 2000, to receive such participant directions.

       The Company hereby directs the Trustee to invest funds contributed to the
rabbi trust in a manner which corresponds directly to elections made by
participants under the plan.

       This procedure will remain in effect until a revised instruction letter
is provided by the Company and accepted by the Trustee.

                                        Sincerely,

                                        Dan Carl

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