Exhibit 99.1
AMENDMENT TO THE SNAP-ON INCORPORATED BENEFIT TRUST
AGREEMENT FOR THE GRANTOR TRUST STOCK OWNERSHIP PROGRAM
The last clause of the penultimate sentence of Section 6.1 of the
Trust Agreement shall be amended to read in its entirety as follows:
; and thereafter, any remaining shares of Common Stock or other
assets constituting the Trust Corpus shall be transferred to the
Director to be used (as determined by the Committee, taking into
account the best interests of a broad cross-section of employees of
the Company) solely to fund or provide benefits to employees of the
Company under separately established, bona fide Company compensation
or benefit plans and for contractual or other compensation or benefit
obligations of the Company (other than Plans), it being understood
that this Trust creates no rights derived from an underlying,
independent compensation or benefit plan or contractual or other
compensation or benefit obligation of the Company.
The following sentence shall be inserted immediately preceding the
last sentence of Section 6.1 of the Trust Agreement:
For purposes of the Committee's determination as to the application
of the Trust Corpus upon termination of the Trust, only compensation
or benefit obligations that arise legitimately in the ordinary course
of business of the Company shall be deemed "bona fide."
