EXHIBIT 10.15
AMENDMENT NO. 1 TO
EXECUTIVE EMPLOYMENT AGREEMENT
XXXX X. XXXXXX
This Amendment, dated as of November 21, 2002, amends certain provisions of the
Executive Employment Agreement, dated as of January 29, 2002 ("Agreement"),
between Ceridian Corporation and Xxxx X. Xxxxxx ("Executive"). Unless otherwise
defined herein, capitalized terms used in this Amendment have the meanings given
to them in the Agreement. In consideration of you continuing in your employment
with Ceridian for the remaining term of the Agreement, and the mutual promises
and obligations contained in the Agreement as modified by this Amendment,
Executive and Ceridian agree to amend the Agreement as follows:
1. Section 4.06 of the Agreement shall be renamed Section 4.07 of the
Agreement.
2. A new Section 4.06 shall be added to the Agreement to read as follows:
"4.06 Long Term Care Insurance. Ceridian provides Executive and, if
applicable, Executive's spouse with insurance coverage related
to the payment of certain nursing home and home health care
expenses (the "Long Term Care Policy"). Ceridian shall
continue to pay any remaining premiums under the Long Term
Care Policy for Executive and, if applicable, Executive's
spouse in the event of (a) Executive's retirement after the
age of 55 with 10 years of "continuous service" to Ceridian,
(b) Executive's termination without cause by Ceridian or (c) a
Change of Control Termination. If Executive's termination of
employment is as a result of Executive's death and Executive
has a spouse with a Long Term Care Policy, then Ceridian shall
continue to pay any remaining premiums under the Long Term
Care Policy for Executive's spouse. For purposes of this
Section 4.06, "continuous service" shall have the meaning set
forth in the Ceridian Corporation Retirement Plan, regardless
of whether or not Executive is eligible to participate in this
pension plan."
3. Section 7.03(a) of the Agreement shall be amended in its entirety to
read as follows:
"(a) In the event of a Change of Control Termination, Ceridian
shall, within five days of such termination, make a lump sum
payment to Executive in an amount equal to three times the sum
of (i) 12 months of Base Salary at the rate in effect at the
time of Executive's termination (without giving effect to any
reduction in Base Salary constituting Good Reason), (ii) the
bonus, if any, that Executive would have earned under all
applicable Ceridian bonus plans for the year in which the
termination occurs had "superior" goals been achieved (without
giving effect to any reduction in bonus opportunity
constituting Good Reason), (iii) the annual perquisite cash
adder Executive would have received in the year in which the
termination occurs (without giving effect to any reduction in
the annual perquisite cash adder constituting Good Reason),
(iv) the highest annual aggregate amount of basic and
performance matching contributions made by Ceridian on behalf
of Executive into the Ceridian Corporation Savings and
Investment Plan ("401(k) Plan") over the last three fiscal
years prior to termination of Executive, and (v) the highest
annual aggregate amount of 401(k) Restoration Match (as
defined in the Ceridian Corporation Deferred Compensation Plan
("DCP")) and Supplemental Matching Credit (as defined in the
DCP) made by Ceridian on behalf of Executive into the DCP over
the last three fiscal years prior to termination of Executive.
Ceridian shall also pay to Executive, within five days of such
termination, a prorated portion of Executive's bonus
compensation for the fiscal year in which the Change of
Control Termination occurs (assuming that any applicable
performance objectives were achieved at the "target" level of
performance and without giving effect to any reduction in
bonus opportunity constituting Good Reason) calculated by
multiplying (A) the maximum achievable amount of such bonus
compensation by (B) a fraction, the numerator of which is the
number of days in the applicable fiscal year through the date
of termination and the denominator of which is 365."
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4. This Amendment is governed by, and shall be construed in accordance
with, the laws of the State of Minnesota.
5. Except as herein expressly amended, the Agreement is ratified and
confirmed in all respects and shall remain in full force and effect in
accordance with its terms.
6. This Amendment may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall
constitute one and the same instrument.
Ceridian and Executive have caused this Amendment to be duly executed and
delivered, and this Amendment shall be effective, as of the date first written
above. Following the effectiveness of this Amendment, each reference in the
Agreement to "this Agreement," "hereunder," "herein," "hereof," or words of like
import shall mean and be a reference to the Agreement as amended by this
Amendment.
EXECUTIVE CERIDIAN CORPORATION
/s/ Xxxx X. Xxxxxx By:/s/ Xxxxxxx X. Xxxxxx
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Xxxx X. Xxxxxx Xxxxxxx X. Xxxxxx
Senior Vice President, Human Resources
Address:
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