Amendment to the Kansas City Southern Employee Stock Ownership Plan (Effective January 1, 2001)
Kansas City Southern has amended its Employee Stock Ownership Plan, originally restated effective April 1, 2002. The amendment, effective January 1, 2001, clarifies that compensation under the plan now includes qualified transportation fringe benefits that are excluded from taxable income under IRS Code Section 132(f)(4). This change ensures that such benefits are counted as compensation for plan purposes. The amendment was executed by Kansas City Southern on June 30, 2003.
Exhibit 10.38.2
AMENDMENT
TO THE
KANSAS CITY SOUTHERN
EMPLOYEE STOCK OWNERSHIP PLAN
(As Amended and Restated Effective April 1, 2002)
The Kansas City Southern Employee Stock Ownership Plan, as amended and restated effective April 1, 2002, (the “Plan”), is hereby further amended as follows effective January 1, 2001:
I.
The following sentence is added to the end of the first paragraph of Section 1.10 of the Plan:
Compensation (including Compensation under Section 3.04 of the Plan) also includes any “qualified transportation fringe” within the meaning of Code § 132(f) if such amount is excludable from the Participant’s taxable income by reason of Code § 132(f)(4).
IN WITNESS WHEREOF, Kansas City Southern has executed this Amendment.
Dated: June 30, 2003
| KANSAS CITY SOUTHERN | ||
| By: | /s/ Eric B. Freestone | |
