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                                                                   EXHIBIT 10.01

                              CERIDIAN CORPORATION
                            EXECUTIVE INVESTMENT PLAN

                         THIRD DECLARATION OF AMENDMENT

Pursuant to the retained power of amendment contained in Section 6.2 of the
Ceridian Corporation Executive Investment Plan, the undersigned hereby amends
the Plan in the manner described below.

1.       Section 1.1 of the Plan is amended to read as follows:

         1.1.     PLAN NAME.

                  The name of the Plan is the "Ceridian Corporation Deferred
                  Compensation Plan."

2.       Section 3.4 of the Plan is amended by adding a new Subsection (j) which
         reads as follows:

         (j)      Company Stock Fund. Effective as of August 1, 2001, the
                  Company Stock Fund will be one of the designated investment
                  funds under Subsection (a). This subsection contains special
                  rules applicable to the Company Stock Fund. Unless otherwise
                  expressly provided in this subsection, the Company Stock Fund
                  is subject to all of the provisions of the Plan applicable to
                  other designated investment funds including, without
                  limitation, the other subsections of this section.

                  (i)      Description. The Company Stock Fund will be deemed to
                           be invested in shares of common stock issued by the
                           Company ("Company Stock").

                  (ii)     Eligibility. To be eligible to direct to have his or
                           her Account deemed to be invested in the Company
                           Stock Fund, a Participant must be an Employee
                           Participant who is either covered by the Company's
                           executive stock ownership guidelines or selected by
                           the Compensation and Human Resources Committee of the
                           Company's Board. A Participant who is selected by the
                           Compensation and Human Resources Committee of the
                           Company's Board will be eligible to direct to have
                           his or her Account deemed to be invested in the
                           Company Stock Fund effective as of a date specified
                           in a written notice provided to the Participant by
                           the Administrator.

                  (iii)    Deemed Investments. All deemed investments in the
                           Company Stock Fund, whether pursuant to Subsection
                           (b), (c) or (d), will be effective as of the first
                           day of the calendar month that first follows by at
                           least 10 days (or such shorter period as Plan Rules
                           may allow) the date on which (1) the Administrator
                           receives the direction from the Participant or (2) in
                           the case of such a direction pursuant to Subsection
                           (b) relating to amounts credited to the Participant's
                           Account after the effective date of the direction

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                           pursuant to Subsection (b) and before the effective
                           date of a change in the direction pursuant to
                           Subsection (c), the date as of which the amounts are
                           credited to the Participant's Account. Deemed
                           investments in the Company Stock Fund will be
                           reflected in full and fractional shares of Company
                           Stock. The conversion of dollar denominated credits
                           into shares in connection with any deemed investment
                           in the Company Stock Fund will be made by dividing
                           the dollar amount of the deemed investment by the
                           "Price per Share," as defined in clause (viii), on
                           the effective date of the deemed investment.

                  (iv)     Company Stock Premium. A Participant who makes a
                           deemed investment in the Company Stock Fund is
                           entitled to an additional credit in an amount equal
                           to 15 percent of the dollar value of the
                           Participant's deemed investment (the "Company Stock
                           Premium"). The dollar value of the Company Stock
                           Premium will be converted into full and fractional
                           shares of Company Stock in accordance with clause
                           (iii) and the shares will be credited to the
                           Participant's Account within the Company Stock Fund
                           as of the effective date of the deemed investment to
                           which the Company Stock Premium relates.

                  (v)      Vesting of Company Stock Premium. A Participant will
                           acquire a fully vested nonforfeitable right to any
                           Company Stock Premium credited to his or her Account
                           as of a date within a Plan Year on the first to occur
                           of the following dates (the "Vesting Date"), provided
                           that the Participant remains continuously employed
                           with the Company and its Affiliates from the date as
                           of which the Company Stock Premium is credited to his
                           or her Account through the Vesting Date:

                           (1)      the last day of the "Applicable Vesting
                                    Period," as defined in clause (viii);

                           (2)      the effective date of a "Change of Control,"
                                    as defined in clause (viii);

                           (3)      the date of the Participant's death; or

                           (4)      the effective date of the Participant's
                                    Disability.

                           If a Participant's Severance occurs prior to the
                           Vesting Date with respect to any Company Stock
                           Premium, the Company Stock Premium (and any
                           additional shares credited to the Participant's
                           Account in accordance with clause (vii) reflecting
                           dividends attributable to the Company Stock Premium)
                           will be permanently and completely forfeited as of
                           his or her Severance date and the Participant will
                           have no right to the forfeited amounts.

                  (vi)     Transfer Restrictions. A Participant may not direct a
                           transfer out of the Company Stock Fund pursuant to
                           Subsection (d) at any time.

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                  (vii)    Dividends. If the Company pays dividends on Company
                           Stock, Accounts that are deemed to be invested in the
                           Company Stock Fund will be adjusted to reflect the
                           dividend in accordance with Plan Rules.

                  (viii)   Special Definitions.

                           (1)      Applicable Vesting Period. The "Applicable
                                    Vesting Period" with respect to any Company
                                    Stock Premium credited to a Participant's
                                    Account as of a date within a given Plan
                                    Year is the period that starts on the first
                                    day of the Plan Year during which the
                                    Company Stock Premium is credited to the
                                    Participant's Account and ends on the last
                                    day of the second following Plan Year. For
                                    example, the Applicable Vesting Period for a
                                    Company Stock Premium credited to a
                                    Participant's Account as of a date during
                                    the 2002 Plan Year begins on January 1, 2002
                                    and ends on December 31, 2004.

                           (2)      Change of Control. "Change of Control" means
                                    any of the following:

                                    (A)      a merger or consolidation to which
                                             Company is a party if the
                                             individuals and entities who were
                                             stockholders of Company immediately
                                             prior to the effective date of such
                                             merger or consolidation have
                                             beneficial ownership (as defined in
                                             Rule 13d-3 under the Securities
                                             Exchange Act of 1934) of less than
                                             50 percent of the total combined
                                             voting power for election of
                                             directors of the surviving
                                             corporation immediately following
                                             the effective date of such merger
                                             or consolidation; or

                                    (B)      the direct or indirect beneficial
                                             ownership (as defined in Rule 13d-3
                                             under the Securities Exchange Act
                                             of 1934) in the aggregate of
                                             securities of Company representing
                                             25 percent or more of the total
                                             combined voting power of Company's
                                             then issued and outstanding
                                             securities by any person or entity,
                                             or group of associated persons or
                                             entities acting in concert;
                                             provided, however, that for
                                             purposes of this subsection, the
                                             following acquisitions will not
                                             constitute a Change of Control: (I)
                                             any acquisition by the Company or
                                             (II) any acquisition by any
                                             employee benefit plan (or related
                                             trust) sponsored or maintained by
                                             Company or any Affiliate; or

                                    (C)      the sale of the properties and
                                             assets of Company, substantially as
                                             an entirety, to any person or
                                             entity which is not a wholly-owned
                                             subsidiary of Company; or

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

                                    (E)      a change in the composition of the
                                             Board at any time during any
                                             consecutive 24 month period such
                                             that the "Continuity Directors"
                                             cease for any reason to constitute
                                             at least a 70 percent majority of
                                             the Company's Board. For purposes
                                             of this clause, "Continuity
                                             Directors" means those members of
                                             the Company's Board who either (I)
                                             were directors at the beginning of
                                             such consecutive 24 month period,
                                             or (II) were elected by, or on the
                                             nomination or recommendation of, at
                                             least a two-thirds majority of the
                                             then-existing Company Board; or

                                    (F)      such other event or transaction as
                                             the Company's Board determines
                                             constitutes a Change of Control.

                           (3)      Price per Share. The "Price per Share" on a
                                    given date is the closing market price per
                                    share of Company Stock at the end of the
                                    regular trading session on the last business
                                    day of the calendar month immediately
                                    preceding the date in question as reported
                                    on the New York Stock Exchange Composite
                                    Tape on that day (or if no shares of Company
                                    Stock were traded or quoted on that day, as
                                    of the next preceding day on which shares of
                                    Company Stock were traded or quoted). For
                                    example, the Price per Share for a
                                    transaction that is effective on September
                                    1, 2001 is the closing market price per
                                    share of Company Stock at the end of the
                                    regular trading session (i.e., 4:00 p.m. New
                                    York City time) on August 31, 2001 as
                                    reported on the New York Stock Exchange
                                    Composite Tape on August 31, 2001.

3.       Section 4.1 of the Plan is amended by adding a new Subsection (e) which
         reads as follows:

         (e)      No Distributions From Company Stock Fund. A Participant is not
                  entitled to receive a distribution pursuant to this section of
                  any portion of his or her Account that is deemed to be
                  invested in the Company Stock Fund pursuant to Section 3.4(j).
                  Accordingly, in connection with any distribution made to a
                  Participant pursuant to this section, the portion of the
                  Participant's Account that is deemed to be invested in the
                  Company Stock Fund will be disregarded.

4.       Section 4.2(b) of the Plan is amended by adding a new clause (iii)
         which reads as follows:

         (iii)    Company Stock. To the extent that a Participant's Account is
                  deemed to be invested in whole shares of Company Stock, as
                  defined in Section 3.4(j)(i), at the time of a distribution to
                  the Participant pursuant to this section, the distribution

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                  will be made to the Participant in whole shares of Company
                  Stock. Any fractional share will be valued based on the Price
                  per Share, as defined in Section 3.4(j)(viii), on the date of
                  the distribution and the value of the fractional share will be
                  distributed to the Participant in cash.

5.       Section 4.3(b) of the Plan is amended to read as follows:

         (b)      Form. Distribution to the Participant's Beneficiary will be
                  made in the form of a lump sum payment whether or not payments
                  had commenced to the Participant in the form of installments
                  prior to his or her death. The distribution will be made in
                  the form of cash except that to the extent that the
                  Participant's Account is deemed to be invested in whole shares
                  of Company Stock, as defined in Section 3.4(j)(i), at the time
                  of the distribution, the distribution will be made to the
                  Beneficiary in whole shares of Company Stock. Any fractional
                  share will be valued based on the Price per Share, as defined
                  in Section 3.4(j)(viii), on the date of the distribution and
                  the value of the fractional share will be distributed to the
                  Beneficiary in cash.

The foregoing amendments are effective as of August 1, 2001.

The undersigned has caused this instrument to be executed by its duly authorized
officers this 26th day of July, 2001.

                                          CERIDIAN CORPORATION

Attest: /s/ William E. McDonald           By /s/ Shirley J. Hughes
        -----------------------              ---------------------
           Deputy Secretary                  Senior Vice President

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                                                                   EXHIBIT 10.02

                              CERIDIAN CORPORATION
                       BENEFIT PROTECTION TRUST AGREEMENT

                         THIRD DECLARATION OF AMENDMENT

Pursuant to the retained power of amendment contained in Section 9.1 of the
Ceridian Corporation Benefit Protection Trust Agreement (the "Trust Agreement"),
the undersigned hereby amends the Trust Agreement in the manner described below.

1. Section 1.4 of the Trust Agreement is amended to read as follows:

         1.4 ADDITIONAL DEFINITIONS. In addition to the definitions set forth
         above, for purposes hereof, unless otherwise clearly apparent from the
         context, the following terms have the following indicated meanings:

                  (a) "Account" has the meaning set forth in Section 2.3(a).

                  (b) "Beneficiary" means one or more persons, trusts, estates
         or other entities, designated in accordance with a Plan, that are
         entitled to receive benefits under a Plan upon the death of a
         Participant.

                  (c) "Board" means the board of directors of the Company. When
         this Trust Agreement provides for an action to be taken by the Board,
         the action may be taken by any committee or individual authorized to
         take such action pursuant to a proper delegation of the Company's board
         of directors which remains in effect at the time in question.

                  (d) "Code" means the Internal Revenue Code of 1986, as amended
         from time to time.

                  (e) "Company" means Ceridian Corporation, formerly known as
         New Ceridian Corporation.

                  (f) "Company Stock" means common stock issued by the Company.

                  (g) "Committee" means the administrative committee appointed
         by the Company's Chief Executive Officer to administer the Trust.

                  (h) "ERISA" means the Employee Retirement Income Security Act
         of 1974, as amended from time to time.

                  (i) "Insolvent" has the meaning set forth in Section 3.4(a).

                  (j) "Insolvent Entity" has the meaning set forth in Section
         3.4(a).

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                  (k) "IRS" means the Internal Revenue Service.

                  (l) "Participant" means a current or former employee of the
         Company or a Subsidiary, or a current or former director of the
         Company, who is a party to, or a participant under, one or more of the
         Plans in accordance with their terms and conditions.

                  (m) "Payment Schedule" has the meaning set forth in Section
         3.3(b).

                  (n) "Plan" means any plan, program, policy or agreement
         pursuant to which the Company or a Subsidiary is required to provide
         deferred or supplemental compensation to a current or former employee
         of the Company or Subsidiary or a current or former director of the
         Company and which is listed on Schedule 1, as such schedule may be
         amended from time to time by the Board.

                  (o) "Subaccount" has the meaning set forth in Section 2.3(b).

                  (p) "Subsidiary" means any corporation at least a majority of
         whose outstanding securities ordinarily having the right to vote at
         elections of directors is owned, directly or indirectly, by the
         Company.

                  (q) "Trust" means the trust established pursuant to this Trust
         Agreement as amended from time to time.

                  (r) "Trust Fund" means the assets held by the Trustee pursuant
         to the terms of this Trust Agreement and for the purposes of the Plans.

2. Section 2.2 of the Trust Agreement is amended to read as follows:

         2.2 CONTRIBUTIONS. The Company and the Subsidiaries, in their sole
         discretion, may at any time, or from time to time, make deposits of
         cash or other property acceptable to the Trustee in trust with the
         Trustee to be held, administered and disposed of by the Trustee as
         provided in this Trust Agreement. In addition, the Company, in its sole
         discretion, may at any time, or from time to time, make deposits of
         Company Stock in trust with the Trustee to be held, administered and
         disposed of by the Trustee as provided in this Trust Agreement. In
         connection with any deposit, the Committee will designate in writing to
         the Trustee the portion of the deposit attributable to each Account
         and, if applicable, Subaccount. Neither the Trustee nor any Participant
         or Beneficiary has any right to compel such additional deposits. The
         Trustee has no duty to (a) collect or enforce payment to it of any
         contributions, (b) require that any contributions be made, (c) compute
         any amount to be paid to it or (d) determine whether amounts paid
         comply with the terms of the Plans.

3. Section 3.2(a) of the Trust Agreement is amended to read as follows:

                  (a) To invest and reinvest the Trust Fund, together with the
         income therefrom, in common stock, including Company Stock, preferred
         stock,

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         convertible preferred stock, mutual funds, bonds, debentures,
         convertible debentures and bonds, mortgages, notes, time certificates
         of deposit, commercial paper and other evidences of indebtedness
         (including those issued by the Trustee or any of its affiliates),
         financial futures contracts, other securities, policies of life
         insurance, annuity contracts, options to buy or sell securities or
         other assets, and other property of any kind (personal, real, or mixed,
         and tangible or intangible).

4. Section 3.2(k) of the Trust Agreement is amended to read as follows:

                  (k) To vote all stocks and to exercise all rights incident to
         the ownership of stocks, bonds, or other securities or properties held
         in the Trust Fund, including Company Stock, and to issue proxies to
         vote such stocks; to enter into voting trusts for such period and upon
         such terms as it may determine; to give general or special proxies or
         powers of attorney, with or without substitution; to sell or exercise
         any and all subscription rights and conversion privileges; to sell or
         retain any and all stock dividends; to oppose, consent to, or join in
         any plan of reorganization, readjustment, merger, or consolidation in
         respect to any corporation whose stocks, bonds, or other securities are
         a part of the Trust Fund, including becoming a member of any
         stockholders' or bondholders' committee; to accept and hold any new
         securities issued pursuant to any plan of reorganization, readjustment,
         merger, consolidation, or liquidation; to pay any assessments on stocks
         or securities or to relinquish the same; and to otherwise exercise any
         and all rights and powers to deal in and with the securities and
         properties held in the Trust Fund in the same manner and to the same
         extent as any individual owner and holder thereof might do.

5. Section 3.4(a) of the Trust Agreement is amended by adding a new final
sentence which reads as follows:

         Company Stock or other assets contributed by the Company for the
         benefit of a Participant who is or was an employee of a Subsidiary with
         respect to his or her service as such is subject to the claims of the
         creditors of both the Company and the Subsidiary in the event that
         either the Company or the Subsidiary becomes an Insolvent Entity.

6. Section 9.7(a)(1) of the Trust Agreement is amended to read as follows:

                  (1) By the Company and the Trustee, provided, however, that
         (A) if an amendment would in any way adversely affect the rights
         created by the Plans or this Trust Agreement of any Participant or
         Beneficiary in the Trust Fund, each and every Participant and
         Beneficiary whose rights in the Trust Fund would be adversely affected
         must consent to the amendment before this Trust Agreement may be so
         amended and (B) no consent is required pursuant to clause (A) with
         respect to an amendment that modifies or eliminates any provision in
         this Trust Agreement expressly related to Company Stock; and

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                  (2) By the Company and the Trustee as may be necessary to
         comply with laws which would otherwise render the Trust void, voidable
         or invalid in whole or in part.

7. Section 9.2 of the Trust Agreement is amended to read as follows:

         9.2 FINAL TERMINATION. The Trust will not terminate until the date on
         which Participants and their Beneficiaries are no longer entitled to
         benefits pursuant to the terms of the Plans. Upon termination of the
         Trust, any assets remaining in the Trust will be returned to the
         Company and the Subsidiaries. Such remaining assets will be paid by the
         Trustee to the Company and the Subsidiaries in such amounts and in the
         manner instructed by the Committee, whereupon the Trustee will be
         released and discharged from all obligations hereunder; provided, that
         any Company Stock or other assets contributed by the Company for the
         benefit of a Participant who is or was an employee of a Subsidiary with
         respect to his or her service as such may only be paid by the Trustee
         to the Company. From and after the date of termination and until final
         distribution of the Trust Fund, the Trustee will continue to have all
         of the powers provided herein as are necessary or expedient for the
         orderly liquidation and distribution of the Trust Fund.

8. Item 2 of Schedule 1 to the Trust Agreement is amended to read as follows:

         2.       Ceridian Corporation Deferred Compensation Plan (formerly
                  known as the Ceridian Corporation Executive Investment Plan)

The foregoing amendments are effective as of August 1, 2001.

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

U.S. BANK NATIONAL ASSOCIATION              CERIDIAN CORPORATION

By: /s/ Paul M. Dadlez                      By: /s/ Shirley J. Hughes
Title:  Assistant Vice President            Title:  Sr. Vice President
Date:  August 14, 2001                      Date:  July 26, 2001

By: /s/ M. R. Braun                         By:  /s/ William E. McDonald
Title:  Vice President                      Title:  Deputy Secretary
Date:  August 14, 2001                      Date:  July 26, 2001

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STATE OF MINNESOTA      )
                        )   ss.
COUNTY OF HENNEPIN      )

On this 26th day of July, 2001, before me personally appeared Shirley J. Hughes
and William E. McDonald, to me personally known, who, being each by me duly
sworn, did say that they are respectively the Senior Vice President and Deputy
Secretary of Ceridian Corporation, the corporation named in the foregoing
instrument and that the instrument was signed on behalf of the corporation, and
they acknowledged the instrument to be the free act and deed of said
corporation.

                 {SEAL}                            /s/ Pamela J. Emerson
                                                   Notary

STATE OF MINNESOTA      )
                        )   ss.
COUNTY OF RAMSEY        )

On this 14th day of July, 2001, before me personally appeared Paul M. Dadlez and
M. R. Braun, to me personally known, who, being each by me duly sworn, did say
that they are respectively the Assistant Vice President and Vice President of
U.S. Bank National Association, the national banking association named in the
foregoing instrument and that the instrument was signed on behalf of the
association, and they acknowledged the instrument to be the free act and deed of
the association.

               {SEAL}                        /s/ Kathleen Donnelly
                                             Notary

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