Document:

exv10w1

 

Exhibit 10.1

AMENDMENT NO. 2006-1 TO

OMNIBUS AGREEMENT

          This AMENDMENT NO. 2006-1, dated as of February 14, 2006 and effective January 1, 2006 (this
“Amendment”), to the Omnibus Agreement, dated as of February 8, 2002, (the “Omnibus Agreement”) is
adopted, executed and agreed to by Sunoco, Inc., Sunoco, Inc. (R&M), Sun Pipe Line Company of
Delaware, Atlantic Petroleum Corporation, Sun Pipe Line Company, Sun Pipe Line Delaware (Out) LLC,
Sunoco Logistics Partners L.P., Sunoco Logistics Partners Operations L.P., and Sunoco Partners LLC
(each a “Party” and, collectively, the “Parties”).

Recitals

          WHEREAS, except as otherwise provided herein, capitalized terms used herein have the meanings
assigned to them in the Omnibus Agreement; and

          WHEREAS, the Parties desire to amend the Omnibus Agreement to provide for the payment of a
one-year fixed Administrative Fee for the 2006 calendar year.

          NOW, THEREFORE, in consideration of the premises, and each intending to be legally bound, the
Parties do hereby agree as follows:

          SECTION 1. Amendment to Section 4.1. Section 4.1 of the Omnibus Agreement is amended to add a
new subsection (d), as follows:

“(d) Effective January 1, 2006, and for a period of one year thereafter, the
Administrative Fee paid by the Partnership to the General Partner will be Seven
Million Six Hundred Thousand Sixty-Eight Dollars ($7,668,000) per year. This
Administrative Fee for the 2006 calendar year will be a fixed fee, and will not be
subject to any increase by Sunoco, whether to reflect changes in the Consumer Price
Index, or otherwise; provided, however, that the General Partner, with the approval
and consent of its Conflicts Committee, may agree on behalf of the Partnership to
increase such Administrative Fee in connection with expansions of the operations of
the Partnership Group through the acquisition or construction of new assets or
businesses.”

          SECTION 2. Governing Law. This Amendment shall be governed by, and construed in accordance
with, the laws of the Commonwealth of Pennsylvania.

          SECTION 3. Counterparts. This Amendment may be executed in any number of counterparts and by
the different Members in separate counterparts, each of which when so executed shall be deemed to
be an original and all of which taken together shall constitute one and the same agreement.

[COUNTERPART SIGNATURE PAGES FOLLOW]

1

 

          IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first set forth
above.

	 	 	 	 	 
	 	 	SUNOCO, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ THOMAS W. HOFMANN
	 

	 	 	 	 
	 	 	Name: Thomas W. Hofmann
	 	 	Title: Senior Vice President & Chief Financial Officer
	 
	 	 	 	 
	 	 	SUNOCO, INC. (R&M)
	 
	 	 	 	 
	 

	 	By:
	 	/s/ THOMAS W. HOFMANN
	 

	 	 	 	 
	 	 	Name: Thomas W. Hofmann
	 	 	Title: Senior Vice President & Chief Financial Officer
	 
	 	 	 	 
	 	 	ATLANTIC PETROLEUM CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ GEORGE J. SZILIER
	 

	 	 	 	 
	 	 	Name: George J. Szilier
	 

	 	Title
	 	: President
	 
	 	 	 	 
	 	 	SUN PIPE LINE COMPANY OF DELAWARE
	 
	 	 	 	 
	 

	 	By:
	 	/s/ DAVID A. JUSTIN
	 

	 	 	 	 
	 	 	Name: David A. Justin
	 	 	Title: President
	 
	 	 	 	 
	 	 	SUN PIPE LINE COMPANY
	 
	 	 	 	 
	 

	 	By:
	 	/s/ DEBORAH M. FRETZ
	 

	 	 	 	 
	 	 	Name: Deborah M. Fretz
	 	 	Title: President
	 
	 	 	 	 
	 	 	SUNOCO PARTNERS LLC
	 
	 

	 	By:
	 	/s/ DEBORAH M. FRETZ
	 

	 	 	 	 
	 	 	Name: Deborah M. Fretz
	 	 	Title: President and Chief Executive Officer

2

 

	 	 	 	 	 	 	 	 	 
	 	 	SUNOCO LOGISTICS PARTNERS L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	SUNOCO PARTNERS LLC,	 	 
	 	 	 	 	its General Partner
	 

	 	 	 	By:
	 	/s/ DEBORAH M. FRETZ	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Deborah M. Fretz
	 	 	 	 	Title: President and Chief Executive Officer
	 
	 	 	 	 	 	 	 	 
	 	 	SUNOCO LOGISTICS PARTNERS OPERATIONS L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	SUNOCO PARTNERS LLC,	 	 
	 	 	 	 	its General Partner	 	 
	 

	 	 	 	By:
	 	/s/ DEBORAH M. FRETZ	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Deborah M. Fretz	 	 
	 	 	 	 	Title: President and Chief Executive Officer	 	 

	 	 	 	 	 	 	 
	 	 	SUN PIPE LINE DELAWARE (OUT) LLC
	 	 	(as successor to Sun Pipe Line Services (Out) LLC)
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ DEBORAH M. FRETZ	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Deborah M. Fretz
	 	 	Title: President

3RUDDICK CORPORATION DIRECTOR DEFERRAL PLAN

RUDDICK
CORPORATION DIRECTOR DEFERRAL PLAN

 

Amended and
Restated

Effective
February 16, 2006

 1.         Name:

             This plan
shall be known as the "Ruddick Corporation Director Deferral Plan" (the
"Plan").

2.         Purpose
and Intent:

             Ruddick
Corporation (the "Corporation") originally established this Plan effective
January 1, 1998 for the purpose of providing the nonemployee members of its
Board of Directors with the opportunity to defer payment of all (but not any
portion of) the annual retainer fee and/or the regularly-scheduled or
duly-called Board of Directors meetings fees payable during a year.  This Plan
(i) allows a participating director to defer all of the director's annual
retainer fee and meeting fees and (ii) sets forth special provisions for
crediting such deferrals in a manner that parallels the performance of the
Corporation's common stock.  The Plan was amended by resolution of the Board of
Directors effective November 18, 2004 to provide for discretionary
contributions by the Corporation for each nonemployee member of the Board of
Directors. The Plan is hereby amended and restated effective February 16,
2006.  It is the intent of the Corporation that amounts deferred under the Plan
by a director shall not be taxable to the director for income tax purposes
until the time actually received by the director.  The provisions of the Plan
shall be construed and interpreted to effectuate such intent.

            This Plan is intended to
comply with the requirements of Section 409A of the Internal Revenue Code and
the regulations and other guidance issued thereunder, as in effect from time to
time.  To the extent a provision of the Plan is contrary to or fails to address
the requirements of Code Section 409A, the Plan shall be construed and
administered as necessary to comply with such requirements until this Plan is
appropriately amended to comply with such requirements.

3.         Definitions:

             For purposes
of the Plan, the following terms shall have the following meanings:

            (a)        "Accounts"
mean collectively the Participants'  Stock Accounts.

            (b)        "Board of
Directors" means the Board of Directors of the Corporation.

            (c)        "Claim" means
a claim for benefits under the Plan.

            (d)        "Claimant"
means a person making a Claim.

            (e)        "Code" means
the Internal Revenue Code of 1986, as now in effect or as hereafter amended,
and the regulations thereunder.

            (f)        "Common
Stock" means the common stock of the Corporation.

            (g)        "Compensation
Committee" means the committee of individuals who are serving from time to time
as the members of the Compensation Committee of the Board of Directors.

            (h)        "Fair Market
Value" of a share of Common Stock means, as of a Valuation Date and for so long
as shares of the Common Stock are listed on a national securities exchange or
reported on The Nasdaq Stock Market as a Nasdaq National Market security, the
mean between the high and low sales prices for the Common Stock on such
Valuation Date, or, if no such shares were sold on such date, the most recent
date on which shares of such Common Stock were sold, as reported in The Wall
Street Journal.  If the Common Stock is not listed on a national securities
exchange or reported on The Nasdaq Stock Market as a Nasdaq National Market
security, Fair Market Value shall mean the average of the closing bid and asked
prices for such stock in the over‐the‐counter market as reported by
The Nasdaq Stock Market.  If the Common Stock is not listed on a national
securities exchange,  reported on The Nasdaq Stock Market as a Nasdaq National
Market security, or reported by The Nasdaq Stock Market in the over‐the‐counter
market, Fair Market Value shall be the fair value thereof determined in good
faith by the Board of Directors.

            (i)         "Fees" means
both (i) the annual retainer fee (the "Annual Retainer Fee") and (ii) any
regularly-scheduled or duly-called Board of Directors meeting fees (the
"Meetings Fees") payable to a Nonemployee Director under the Corporation's
compensation policies for directors in effect from time to time.

            (j)         "Nonemployee
Director" means an individual who is a member of the Board of Directors but who
is not an employee of the Corporation or any of its Subsidiaries.

            (k)        "Participant"
means a Nonemployee Director who has elected to participate in the Plan as
provided in paragraph 5(b) below.

            (l)         "Payment
Date" means the date ninety (90) days following the effective date on which the
director ceases to be a member of the Board of Directors.

            (m)       "Plan Administrator"
means the Compensation Committee, or such other person or entity designated as
the "Plan Administrator" for purposes of the Plan by the Compensation
Committee.

            (n)        "Plan Year"
means the twelve (12) month period beginning January 1 and ending December 31.

            (o)        "Stock
Account" means the account established and maintained on the books of the
Corporation to record a Participant's interest under the Plan attributable to
the Fees credited to the Participant pursuant to paragraphs 5(c) and (d) below,
as adjusted from time to time pursuant to the terms of the Plan.

            (p)        "Stock Unit"
means a unit having a value as of a given date equal to the Fair Market Value
of one (1) share of Common Stock on the Valuation Date.

            (q)        "Subsidiary"
means a subsidiary corporation of the Corporation as that term is defined in
Code section 424(f).  

            (r)        "Valuation
Date" means any date requiring the determination of a Fair Market Value; in the
case of association with a Payment Date, Valuation Date shall mean the business
day next preceding the Payment Date; and in the case of the deferral of
retainer, Fees or distributions payable on the Common Stock, Valuation Date
shall mean the business day on which such payment would have been made.

2

 4.         Administration:

            The Plan Administrator
shall be responsible for administering the Plan. The Plan Administrator shall
have all of the powers necessary to enable it to properly carry out its duties
under the Plan.  Not in limitation of the foregoing, the Plan Administrator
shall have the power to construe and interpret the Plan and to determine all
questions that shall arise thereunder.  The Plan Administrator shall have such
other and further specified duties, powers, authority and discretion as are
elsewhere in the Plan either expressly or by necessary implication conferred
upon it.  The Plan Administrator may appoint such agents as it may deem
necessary for the effective performance of its duties, and may delegate to such
agents such powers and duties as the Plan Administrator may deem expedient or
appropriate that are not inconsistent with the intent of the Plan.  The
decision of the Plan Administrator upon all matters within its scope of
authority shall be final and conclusive on all persons, except to the extent
otherwise provided by law.

5.         Operation:

            (a)        Eligibility. 
Each Nonemployee Director shall be eligible to participate in the Plan.

            (b)        Elections
to Defer/Contributions.  A Nonemployee Director may become a Participant in
the Plan by irrevocably electing, on a form provided by the Plan Administrator,
to defer all of the Annual Retainer Fee payable to the Nonemployee Director
during such Plan Year and/or the Meetings Fees payable to the Nonemployee
Director for all meetings occurring during such Plan Year.  In order to be
effective, a Nonemployee Director's written election to defer must be executed
and returned prior to the beginning of the Plan Year to which the election
relates; provided, however, a Nonemployee Director shall have 30 days following
the date he or she first becomes a Nonemployee Director to execute and return
his or her initial written election to defer. 

            Effective on or about
November 18, 2004, the Corporation may make discretionary contributions for the
benefit of each Nonemployee Director who holds such position at the time the
contribution is approved.  Such amount shall be allocated to the Stock Account
of each Participant as provided in Section 5(c) below. 

            (c)        Establishment
of Accounts.  The Corporation shall establish and maintain on its books a
Stock Account for each Participant.  Each Stock Account shall be designated by
the name of the Participant for whom established.  The Fees deferred by a
Participant shall be credited to the Participant's Stock Account as of the date
such Fees would have otherwise been paid to the Participant.  The Stock Account
of a Participant shall be credited with a number of Stock Units equal to the
number of whole and fractional shares of Common Stock which the Participant
would have received with respect to such Fees if the Fees had been paid in
Common Stock, determined by dividing such Fees by the Fair Market Value of a
share of Common Stock on the Valuation Date and such Stock Units shall be
credited to the Participant's Stock Account as of the date the Fees would have
been paid to the Participant.

            (d)        Adjustments
to the Accounts.  Each Stock Account shall be credited additional whole or
fractional Stock Units for distributions and stock dividends paid on the Common
Stock based on the number of Stock Units in the Stock Account on the applicable
record date, which additional whole or fractional Stock Units shall be
calculated based on the Fair Market Value of the Common Stock on the applicable
Valuation Date.  Each Stock Account shall also be equitably adjusted as determined
by the Plan Administrator in the event of any stock dividend, stock split or
similar change in the capitalization of the Corporation.

3

            (e)        Method of
Payment.  When a Participant ceases to serve as a member of the Board of
Directors, such Participant's Accounts shall continue to be credited with
adjustments under paragraph 5(d) above through the Payment Date following the
date on which the Participant's membership on the Board of Directors ceases. 
The number of Stock Units in the Stock Account as of such Payment Date shall be
delivered and paid in the form of a certificate, or an electronic equivalent
thereof, for the equivalent number of whole shares of Common Stock, plus cash
equivalent for any fractional shares; provided, however, that the maximum
number of shares of Common Stock deliverable under this Plan shall be 500,000
subject to equitable adjustment by the Plan Administrator in the event of any
stock dividend, stock split or similar change in the capitalization of the
Corporation.  Delivery and payment shall be made on the Payment Date as defined
in Section 3(1) to the Participant or to the Participant's designated
beneficiary, if the Participant's termination as a member of the Board of
Directors was the result of the Participant's death. 

            (f)        Other
Payment Provisions.  A Participant shall not be paid any portion of the
Participant's Stock Account prior to the Participant's termination of services
as a member of the Board of Directors.  Any payment hereunder shall be subject
to applicable payroll and withholding taxes.  In the event any amount becomes
payable under the provisions of the Plan to a Participant, beneficiary or other
person who is a minor or an incompetent, whether or not declared incompetent by
a court, such amount may be paid directly to the minor or incompetent person or
to such person's fiduciary (or attorney-in-fact in the case of an incompetent)
as the Plan Administrator, in its sole discretion, may decide, and the Plan
Administrator shall not be liable to any person for any such decision or any
payment pursuant thereto.

            (g)        Statements
of Account.  Each Participant shall receive an annual statement of the
balance in the Participant's Account upon the request of a Participant or in
the discretion of the Plan Administrator.

6.         Amendment,
Modification and Termination of the Plan:

             (a)        Corporation's
Right to Amend or Modify.  The Board of Directors shall have the right and
power at any time and from time to time to amend the Plan in whole or in part
at any time; provided, however, that no such amendment or modification shall
reduce the amount actually credited to a Participant's Accounts under the Plan
on the date of such amendment or modification, accelerate the due dates for the
payment of such amounts, or further defer the due dates for the payment of such
amounts.  

            (b)        Corporation's
Right to Terminate.  The Board of Directors may terminate the Plan and
accelerate the payment of benefits under the Plan in accordance with Code
Section 409A and related treasury regulations and other guidance issued under
Code Section 409A as follows:

            (i)         all
plans or arrangements of a similar type that cover or benefit employees are
terminated;

            (ii)        upon
a change in control; or

            (iii)       upon
the Corporation's bankruptcy or dissolution.

No such termination of the Plan
shall reduce the amount actually credited to a Participant's Accounts under the
Plan on the date of the termination or further defer the due dates for the
payment of such amounts.

 4

(c)        Disposition
of the Plan Following Certain Transactions.  The Plan shall be continued
following a transfer or sale of assets of the Corporation, or following the
merger or consolidation of the Corporation into or with any other corporation
or entity, by the purchaser or successor entity, unless the Plan has been
terminated by the Corporation pursuant to the provisions of Section 6(b) prior
to the effective date of such transaction.

7.         Claims
Procedures:

            (a)        General. 
In the event that a Claimant has a Claim under the Plan, such Claim shall be
made by the Claimant's filing a notice thereof with the Plan Administrator
within ninety (90) days after such Claimant first has knowledge of such
Claim.   Each Claimant who has submitted a Claim to the Plan Administrator
shall be afforded a reasonable opportunity to state such Claimant's position
and to present evidence and other material relevant to the Claim to the Plan
Administrator for its consideration in rendering its decision with respect
thereto.  The Plan Administrator shall render its decision in writing within
ninety (90) days after the Claim is referred to it, unless special
circumstances, determined in the sole discretion of the Plan Administrator,
require an extension of such time within which to render such decision, in
which event such decision shall be rendered no later than one hundred eighty
(180) days after the Claim is referred to it.  A copy of such written decision
shall be furnished to the Claimant.

            (b)        Notice of
Decision of Plan Administrator.  Each Claimant whose Claim has been denied
by the Plan Administrator shall be provided written notice thereof, which
notice shall set forth:

            (i)         the
specific reason(s) for the denial;

            (ii)        specific
reference to pertinent provision(s) of the Plan upon which such denial is
based;

            (iii)       a
description of any additional material or information necessary for the
Claimant to perfect such Claim and an explanation of why such material or
information is necessary; and

            (iv)       an
explanation of the procedure hereunder for review of such Claim;

all in a manner calculated to be
understood by such Claimant.

            (c)        Review of
Decision of Plan Administrator.  Each such Claimant shall be afforded a
reasonable opportunity for a full and fair review of the decision of the Plan
Administrator denying the Claim.  Such review shall be by the Board of
Directors. Such appeal shall be made within ninety (90) days after the Claimant
received the written decision of the Plan Administrator and shall be made by
the written request of the Claimant or such Claimant's duly authorized
representative, to the Board of Directors.  In the event of appeal, the
Claimant or such Claimant's duly authorized representative may (i) review
pertinent documents and (ii) submit issues and comments in writing to the Board
of Directors.   The Board of Directors shall review the following:

            (i)         the  
initial   proceedings of the Plan Administrator with respect to such Claim;

            (ii)        such
issues and comments as were submitted in writing by the Claimant or the
Claimant's duly authorized representative; and

5

            (iii)       such
other material and information as the Board of Directors, in its sole
discretion, deems advisable for a full and fair review of the decision of the
Plan Administrator.

The Board of Directors may approve,
disapprove or modify the decision of the Plan Administrator, in whole or in
part, or may take such other action with respect to such appeal as it deems
appropriate. The decision of the Board of Directors with respect to such appeal
shall be made in no event later than sixty (60) days after receipt of such
appeal, unless special circumstances, determined in the sole discretion of the
Board of Directors, require an extension of such time within which to render
such decision, in which event such decision shall be rendered as soon as
possible and in no event later than one hundred twenty (120) days following
receipt of such appeal.  The decision of the Board of Directors shall be in
writing and in a manner calculated to be understandable by the Claimant and
shall include specific reasons for such decision and set forth specific
references to the pertinent provisions of the Plan upon which such decision is
based.  The Claimant shall be furnished a copy of the written decision of the
Board of Directors. Such decision shall be final and conclusive upon all
persons interested therein, except to the extent otherwise provided by
applicable law.

8.         Applicable
Law:

             The Plan
shall be construed, administered, regulated and governed in all respects under
and by the laws of the United States to the extent applicable, and to the
extent such laws are not applicable, by the laws of the state of North
Carolina.

9.         Miscellaneous:

             A
Participant's rights and interests under the Plan may not be assigned or
transferred by the Participant.  The Plan shall be an unsecured, unfunded
arrangement.  To the extent the Participant acquires a right to receive
payments from the Corporation under the Plan, such right shall be no greater
than the right of any unsecured general creditor of the Corporation.  Nothing contained
herein shall be deemed to create a trust of any kind or any fiduciary
relationship between the Corporation and any Participant. The Plan shall be
binding on the Corporation and any successor in interest of the Corporation.

            IN WITNESS WHEREOF,
this instrument has been executed by an authorized officer of the Corporation
effective as of the 16th day of February, 2006. 

                                                            RUDDICK
CORPORATION

                                                            By:
                                                                  

                                                            Title:
                                                                

6

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