Document:

exhibit_10tii.htm

    Exhibit
10(t)(ii)
 

     

    
 

    FIRST AMENDMENT
OF

    

    THE PITTSTON
COMPANY

    

    EMPLOYEE WELFARE BENEFIT
TRUST

    

    

    THIS FIRST AMENDMENT, dated as of
November 1, 2001, is entered into among THE PITTSTON COMPANY, a Virginia
corporation (hereinafter referred to as the “Sponsor”), THE CHASE MANHATTAN BANK
(hereinafter referred to as the “Resigning Trustee”), and FLEETBOSTON BANK
(hereinafter referred to as the “Successor Trustee”).

    

    WITNESSETH:

    

    WHEREAS,
the Sponsor and the Resigning Trustee entered into The Pittston Company Employee
Welfare Benefit Trust effective on August 2, 1999, a copy of which is attached
as Exhibit A (hereinafter referred to as the “Trust Agreement”);

    

    WHEREAS,
pursuant to the Trust Agreement, the Sponsor established the Trust (all
capitalized terms not defined in this First Amendment shall have the meanings
ascribed to them in the Trust Agreement) as of the Effective Date, and the
Resigning Trustee agreed to serve as Trustee of the Trust, to hold, administer,
and distribute the assets of the Trust, in trust, for the uses and purposes and
in accordance with the terms and conditions of the Trust Agreement, as
amended;

    

    WHEREAS,
pursuant to Section 4.15 of the Trust Agreement, the Resigning Trustee is
permitted to resign as Trustee of the Trust at any time, and upon such
resignation to carry out its duties to transfer and deliver the Trust Fund
assets to a successor Trustee;

    

    WHEREAS,
the Resigning Trustee desires to resign as Trustee of the Trust,
the

    Successor
Trustee desires to be appointed as the successor Trustee of the Trust, and
the

    Sponsor
desires for these events to occur.

    

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

    

    
      	
              1.  

            	
              Resignation of
      Resigning Trustee; Appointment of Successor
  Trustee.

            

    

    

    (a). Pursuant
to Section 4.15(a) of the Trust Agreement, the Resigning Trustee hereby resigns
as Trustee of the Trust and agrees to perform all of the duties required in the
Trust Agreement to transfer and deliver the Trust Fund assets to the Trustee on
October 31, 2001. The Sponsor agrees to waive the resignation notice requirement
provided in Section 4.15.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b). Pursuant
to Section 4.15(b) of the Trust Agreement, the Successor Trustee is hereby
appointed as the Trustee under the Trust Agreement effective November 1, 2001
and to be bound by all of the provisions of such agreement, as it is amended in
this First
Amendment  and  as  it  may  be  amended  in  accordance  with  the  terms
of the Trust Agreement.

    

    2. Amendment of Section
1.30. Section 1.30 of the Trust Agreement is hereby amended to substitute
“FleetBoston Bank” for “The Chase Manhattan Bank.”

    

    3. Amendment of Section
4.2(a). Section 4.2(a) of the Trust Agreement is hereby amended to add
the following sentence at the end of that section: “The investment of an
Investment Account shall be governed by either Section 4.3 (Sponsor Directed
Investment Accounts) or by Section 4.4 (Trustee Directed Investment Accounts),
and the Trustee shall have no investment responsibilities other than as
specifically set forth in those Sections.”

    

    4. Amendment
of  Section  4.17. Section  4.17 of the
Trust Agreement is hereby amended by striking the entire section and replacing
such section with the following:

    

    The
Trustee shall assume, until advised to the contrary, that the Trust is described
under  Section 501(c)(9) of the Code, is exempt from Federal income
tax under  Section 501(a) thereof, and is exempt from state and local
income tax.  Upon the direction of the Sponsor or the Administrative
Committee, the Trustee shall pay out of the Trust Fund all real and personal
property taxes, income taxes and other taxes of any and all kinds levied or
assessed against the Trust Fund. The Administrative Committee shall timely file
all Federal, state and local tax returns and information returns relating to the
Plan and the Trust.

    

    5. Amendment of Section
5.13. Section 5.13(a) of the Trust Agreement is hereby amended by
striking the following phrase which appears at the end of that subsection: “(ii)
appropriate personnel of the Trustee knew of the other person’s breach and
failed to notify the Administrative Committee of such breach (except in the case
where such breach is alleged to have been committed by the Administrative
Committee, in which case such notification must have been to the Board).” The
Trust Agreement is further amended by replacing such stricken phrase with the
following: “(ii) appropriate personnel of the Trustee knew of the other person’s
breach and failed to notify the Sponsor or the Administrative Committee of such
breach.”

    

    6. Capitalized
Terms.  Capitalized terms not defined in this First Amendment
shall have the meanings ascribed to them in the Trust Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have caused this First
Amendment to be executed and attested.

     

    
      
        	 	THE PITTSTON COMPANY	 
	 	 	 	 
	
                ATTEST:

              	
                By:
      

              	/s/ James
      B. Hartough	 
	 	 	 	 
	/s/ Austin
      F. Reed, Secretary     	Title: 	Vice
      President 	 
	 	 	 	 
	 	Date:	10/9/01	 
	 	 	 	 

      

    

     

    
 

    
      	
            	THE CHASE MANHATTAN BANK	 
	 	 	 	 
	
              ATTEST:

            	
              By:
      

            	/s/ Peter
      J. Coghill	 
	 	 	 	 
	/s/                                            
      	Title: 	Vice
      President 	 
	 	 	 	 
	 	Date:	10/10/01	 
	 	 	 	 

    

     

     

    
      	
            	FLEETBOSTON BANK	 
	 	 	 	 
	
              ATTEST:

            	
              By:
      

            	/s/ Karen
      Adam	 
	 	 	 	 
	/s/                                            
      	Title: 	Vice
      President 	 
	 	 	 	 
	 	Date:	10/29/01exhibit_10tiii.htm

    Exhibit
10(t)(iii)
 

     

     

    
 

    SECOND AMENDMENT
OF

    

    THE PITTSTON
COMPANY

    

    EMPLOYEE WELFARE BENEFIT
TRUST

    

    This  SECOND
AMENDMENT, dated as of September 30, 2003, is entered
into  by  THE  BRINK’S COMPANY, a Virginia
corporation, formerly The Pittston Company (hereinafter, the
“Sponsor”).

    

    WITNESSETH:

    

    WHEREAS,
the Sponsor and FLEETBOSTON BANK (the “Trustee”) are parties to The Pittston
Company Employee Welfare Benefit Trust which was effective on August 2, 1999 and
was amended on November 1, 2001 (the “Trust”);

    

    WHEREAS,
Section 8.1of the Trust Agreement authorizes the Sponsor to amend the Trust
Agreement, and provides that the Sponsor shall promptly provide a copy of any
such amendment to the Trustee;

    

    WHEREAS,
the Sponsor’s shareholders approved the change of the Sponsor’s name from The
Pittston Company to The Brink’s Company, effective May 5, 2003;

    

    WHEREAS,
the Sponsor’s Board of Directors authorized and directed the Sponsor’s officers
to amend all relevant documents to reflect the name change; and

    

    WHEREAS,
the undersigned officers of the Sponsor, all of whom serve as members of the
Administrative Committee of the Trust, desire to amend the Trust Agreement to
reflect the Sponsor’s name change.

    

    NOW,
THEREFORE, in consideration of the foregoing, the Trust Agreement shall be
amended as follows:

    

    The
name of the Trust shall be “The Brink’s Company Employee Welfare Benefit Trust,”
and any references in the Trust Agreement to “The Pittston Company” shall be
replaced with “The Brink’s Company.”

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have caused this Second
Amendment to be executed and attested.

    

     

    
      
        	 	 	 
	
                ATTEST:

              	
                By:
      

              	/s/ Robert
      T. Ritter	 
	 	 	Robert
      T. Ritter	 
	 	 	 	 
	/s/
      Tracy
      R. Foard            
          	Date:	10/13/03 	 

      

    

     

    

      	
            	 	 
	
              ATTEST:

            	
              By:
      

            	/s/ Austin
      F. Reed	 
	 	 	Austin
      F. Reed	 
	 	 	 	 
	/s/ M.
      Marshall    
                      
      	Date:	10/13/03 

    

     

    
 

    
      	
            	 	 
	
              ATTEST:

            	
              By:
      

            	/s/ F.
      T. Lennon	 
	 	 	Frank
      T. Lennon	 
	 	 	 	 
	/s/ Dorothy
      S. Hayward         	Date:	10/13/03 

    

     

    

    
      	
            	 	 
	
              ATTEST:

            	
              By:
      

            	/s/ James
      B. Hartough	 
	 	 	James
      B. Hartough	 
	 	 	 	 
	/s/ Barbara
      Sutphin      
               	Date:	10/13/03exhibit10_10.htm

    
      
         

      

      
         

        
          

        

      

      
         

        
          Exhibit
10.10

        

      

    

    FORM
OF

    REGAL-BELOIT
CORPORATION

    2003
EQUITY INCENTIVE PLAN

    RESTRICTED
STOCK UNIT AWARD

    

    [Participant
Name]

    

    You have
been granted an award of Restricted Stock Units (an “Award”) under the
Regal-Beloit Corporation 2003 Equity Incentive Plan (the “Plan”) with the
following terms and conditions:

    

    
      	
              Grant
      Date:

               

            	
              [Date]

               

            	 
      
	
              Number
      of Restricted

              Stock
      Units:

               

            	
              [Number
      of Units]

            	 
      
	
              Vesting
      Schedule:

            	
              One
      hundred percent (100%) of your Restricted Stock Units will vest on the
      [_____]
      anniversary of the Grant Date. Upon
      your termination of employment or service, you will forfeit the Restricted
      Stock Units that have not yet vested.

               

            	 
      
	
              Issuance
      of Shares:

               

            	
              As
      soon as practicable after your Restricted Stock Units vest, the Company
      will issue in your name a number of Shares equal to the number of
      Restricted Stock Units that have vested.

               

            
	
              Change
      of Control:

               

            	
              Upon
      a Change of Control, the Restricted Stock Units shall vest in full and you
      shall have the right, exercisable by written notice to the Company within
      sixty (60) days after the Change of Control, to receive in exchange for
      the surrender of the Shares you receive upon vesting of your Restricted
      Stock Units an amount of cash equal to the Fair Market Value of such
      Shares.

               

            
	
              Transferability
      of

              Shares:

            	
              By
      accepting this Award, you agree not to sell any Shares acquired under this
      Award at a time when applicable laws, Company policies or an agreement
      between the Company and its underwriters prohibit a sale.

               

            
	
              Rights
      as Shareholder:

            	
              You
      will not be deemed for any purposes to be a shareholder of the Company
      with respect to any of the Restricted Stock Units unless and until Shares
      are issued therefor upon vesting of the units. Accordingly, prior to
      Shares being issued to you upon vesting of the Restricted Stock Units, you
      may not exercise any voting rights and you will not be entitled to receive
      any dividends, dividend equivalent payments and other distributions paid
      with respect to any such Shares underlying the Restricted Stock
      Units.

               

            
	
              Transferability
      of Award:

            	
              You
      may not transfer or assign this Award for any reason, other than under
      your will or as required by interstate laws.  Any attempted
      transfer or assignment will be null and void.

               

            
	
              Tax
      Withholding:

            	
              To
      the extent that the vesting of the Restricted Stock Units results in
      income to you for Federal, state or local income tax purposes, you shall
      deliver to the Company at the time the Company is obligated to withhold
      taxes in connection with such vesting, such amount as the Company requires
      to meet the minimum statutory withholding obligation under applicable tax
      laws or regulations, and if you fail to do so, the Company has the right
      and authority to deduct or withhold from other compensation payable to you
      an amount sufficient to satisfy its withholding obligations. You may
      satisfy the withholding requirement, in whole or in part, in cash or by
      electing to have the Company withhold for its own account that number of
      Shares otherwise deliverable to you upon vesting of the Restricted Stock
      Units having an aggregate Fair Market Value equal to the minimum statutory
      total tax that the Company must withhold in connection with the vesting of
      such units.  Your election must be irrevocable, in writing, and
      submitted to the Secretary of the Company before the applicable vesting
      date.  The Fair Market Value of any fractional Share not used to
      satisfy the withholding obligation (as determined on the date the tax is
      determined) will be paid to you in cash.

            
	
              Miscellaneous:

            	
              · As
      a condition of the granting of this Award, you agree, for yourself and
      your legal representatives or guardians, that this Agreement shall be
      interpreted by the Administrator and that any interpretation by the
      Administrator of the terms of this Agreement or the Plan and any
      determination made by the Administrator pursuant to this Agreement shall
      be final, binding and conclusive.

               

              · This
      Agreement may be executed in counterparts.

               

            

    

    This
Restricted Stock Unit Award is granted under and governed by the terms and
conditions of the Plan.  Additional provisions regarding your Award
and definitions of capitalized terms used and not defined in this Award can be
found in the Plan.

     

    BY
SIGNING BELOW AND ACCEPTING THIS RESTRICTED STOCK UNIT AWARD, YOU AGREE TO ALL
OF THE TERMS AND CONDITIONS DESCRIBED HEREIN AND IN THE PLAN.  YOU
ALSO ACKNOWLEDGE RECEIPT OF THE PLAN.

    

    REGAL-BELOIT
CORPORATION

    

    

    By: __________________                                       ____________________________________

    Authorized
Officer                                                               Participant

    

    ____________________________________

    Date

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