Peterson

This action involves the construction of the terms of an employees’ profit sharing trust created by respondent California Shipbuilding Corporation, known as Calship Employees’ Benefit Fund. Appellant seeks to enforce his claim to benefits which he asserted under the declaration of trust and which were denied by respondents, the corporation and the trustees of the fund. Their demurrer to the amended complaint was sustained with leave to amend. Appellant refused to amend further. A judgment of dismissal followed, from which this appeal was taken.

Bespondent corporation established a trust under date of November 30, 1942, for the benefit of its executive, administrative or professional employees who were paid on a fixed salary basis and not an hourly rate with overtime and who were exempt from the coverage of the Federal Fair Labor Standards Act of 1938. ( 29 U.S.C.A. §§ 201-219 .) The general provisions of the trust agreement material to this action are as follows:

1. Every employee not entitled to compensation for overtime would become a qualified participant in the fund upon completion of six months’ service.

2. An annual contribution to the fund would be made by the trustor on…