Letter Agreement Appointing Boston Safe Deposit and Trust Company as Trustee and Custodian for Sunoco, Inc. Benefit Trusts
This agreement confirms that Boston Safe Deposit and Trust Company is appointed as the new Trustee and Custodian for Sunoco, Inc.'s Master Retirement Trust and two Deferred Compensation and Benefits Trusts. The appointment was approved by Sunoco's Benefit Plans Investment Committee. Boston Safe Deposit and Trust Company accepts the role by signing the letter, formalizing its responsibilities to manage and safeguard the assets of these benefit plans. The agreement marks the beginning of the trustee-custodian relationship between the parties.
Exhibit 10.16
October 21, 2002
Ms. Marsha Paolini
Vice President
Boston Safe Deposit and Trust Company
135 Santilli Highway, 026-0313
Everett, MA 02149
Dear Marsha:
It is with pleasure that I am writing you to inform you that our Benefit Plans Investment Committee (the “BPIC”) has approved your firm, Boston Safe Deposit and Trust Company, as the new Trustee and Custodian for its Sunoco, Inc. Master Retirement Trust, Directors’ Deferred Compensation and Benefits Trust (Rabbi) and Deferred Compensation and Benefits Trust (Rabbi).
This appointment comes with a great amount of respect for the people and the process that has created the successful business model that you have today.
On behalf of the BPIC, we are looking forward to a successful relationship with you and Boston Safe.
Please indicate Boston Safe Deposit and Trust Company’s acceptance of its appointment as Trustee/Custodian by signing and returning to me one of the two signed copies of this letter. The other signed copy is for your records.
Sincerely,
s/Alan J. Rothman
Alan J. Rothman
Benefit Plans Investment Committee
Director, Trust Investments
Accepted:
BOSTON SAFE DEPOSIT AND TRUST COMPANY
| By: | s/Marsha R. Paolini | |
| Title: | Vice President | |
| Date: | 10/22/02 |
