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TRUST AGREEMENT WITH
<br />THE ICMA RETIREMENT CORPORATION
<br />
<br />AGREEMEt~'I' made by' lind belween the Ernploye[ named m the
<br />atleched resoluhon arid Ih[' InternahonRI C~ly Mor~apemenl A~oc,~hon
<br />Rehremenl ~orpo~eho~ (he~e~nefle, t~ 'Tru~le~- or "Rel~remenl
<br />Corporahon").~ nonp~oht co~potahon orgen~Z~ and existmg under 1~
<br />
<br />adm[ni~ler~ng t~ lur,ds lei aside by Employers in connechon wilh
<br />delerred compensation plans eslablmshed under sechon 457 of lhe
<br />Internal Revenue Codeoi1954 (Ihe"Code") Th,~Agreemenlshalltake
<br />ellecl upon Jcceplence by the lfuslee Ol ils appoinlmenl by t~
<br />Employer Io ~e es ~rusl~ m accordance herewilh as ~llorlhln lhe
<br />atlached resolution
<br />
<br />WHEREAS, t~ Employer has established e defe~ ~ compensahon plan
<br />under sechon 457 of l~ Code (the "Plan").
<br />WHEREAS. m o~der Ihat Ihere will ~ sufhcient funds available to
<br />~mScharge l~ Employer's conlrectua/ obhgations under Ihe Plan. the
<br />Employer ~es~t~ to sol aside per)od~celly amounts ~ual tothe amount
<br />o( compensal~on deterred.
<br /> WHEREAS. lhe funds set aside, logethe~ wilh any and all assets derived
<br /> Irom the investmenl ther~l, ere to ~ exclusively within lhe dominion.
<br /> conlrol, and ownership of I~ Employer, end subject lo t~ Employer's
<br /> absolute r~ght of ~llhdrawal, no employees having any interest
<br /> whatsoever Iherem~
<br />
<br /> NOW. THEREFORE, Ih~s Agreemenl wilnesseth tha~ fa) the Employer
<br /> will pay mon~es lo t~ lrust~ 1o be p~aced in delerJed compensahon
<br /> accounts Ice 1~ Employe~ (b) the ~rust~ covenants t~t it ~ill hold
<br /> sa~d sums. and any othe~ funds which il may receive hereunder, in Irusl
<br /> for the uses end purposes end upon the farms and condihons
<br /> he~einafler slated, and (c) Ihe part,es hereto egr~ as follows~
<br /> ARTICLE I. General Duties of l~ Perlles.
<br />
<br /> ~chonl 1 Genera~ Duty of the Employer The Employer shall make
<br /> ~ular ~riod~c paymenls equal Io Ihe amounts of ils employees'
<br /> compenSahon which are delerred in accordance with Ihe terms and
<br /> ~ndJtiOnS of lhe Plan to l~ exlenl Ihatsuchamountsareto~invested
<br /> under the ~rusl
<br />
<br /> ~chon 1.2 Genera' Duhes ol lh~ Trust~ 1he Trustee shall hold all
<br /> lungs received by il hereunder, whmh, togel~r with the income
<br /> lherefrom, sha~i conshlute the ~usl Funds It shall administer the Trust
<br /> F dads. cotlecl the accrue thereof, and mak~ payments t~retrom, ali as
<br /> heremalter p~ovided The Trust~ s~ll also hold alI TJust Funds which
<br /> are transferred to ~l as successor Truslee by Ihe Employer from ex,shag
<br /> dele,red compensahor, arrangements with ~ts Employes under ptans
<br /> ~esc~bed m sechon 457 of the Code Such ~fust Funds shall be subject
<br /> to all of Ihe lerms and prowsJons of Ih~s Age.meal.
<br />
<br /> ARTICLE II. Pow~s and Duties of t~ Tmtl~ In Inves~en~
<br /> Adminljtrallon, and Dish.emil ol I~ Tall Funds.
<br />
<br /> ~clion 2.1. Investment Powers and gulies of t~ Trust~. The
<br /> Trust~ shall have the power to inv~t and reinvest the principal and
<br /> income of the ~rusl Funds and keep t~ Trust Fu~s invested, without
<br /> ~istmction ~tw~n principal and income, in s~urilies or in ol~r
<br /> properly. ~eal or ~rsonal, wherever situaled, includmg, but nol limited
<br /> I0, slocks, common or prelerred, bonds, ~etiremenl annuity and
<br /> insurance ~licies, mortgages, and ol~r eviden~s of in~bledness or
<br /> Ownership, investment companies, common or group trust funds, or
<br /> separate and ddterent lyes of funds (including ~ufly, fixed income)
<br /> which fullill r~ufrements of stat~ end local governmental laws,
<br />
<br />prowded however. Ihal the Employer may O~ecl Inveslmen! b'r lhe
<br />'J'rusler' among avaHat~le mveslmer~t alternehves m ~uch p~Op~rl,~s
<br />lhe Employe~ etJlhor~le5 in connechon wllh ils Oeferred compen~'~on
<br />jgreemenlswilh~lsemploy~s For Ihesepu~poses Ihese
<br />may ~ commingled w~th ~ruSt Funds let I~f0e by olhe~
<br />
<br />vested in Ihe l~usl~ by the ~Chon may be delegaled by the 1~'~
<br />any bank, Insuran~ or I~usl company. Or any inveslmenl
<br />manager Or agent ~elecled by it
<br />
<br /> Secl~on 2.2 Admm~strahve Powers of lhe Truslee The Trustee$-,all
<br />have Ihe power in ItS discrehon
<br />
<br /> aa) 'I'o purchase, or subscribe for. any securihes or ~.'~er
<br /> property and Io retam the same in Irust
<br />
<br /> (b) TO sell. exchange, convey. Iransler Or olherw~se d[sp.'J.~__ o!
<br /> any securihe5 or other property held by it. by private conl~a:' or
<br /> at public auchon I~1o person deahng wilh the Trustee she' be
<br /> bound Io see the apphcalion of I1'~ purchase money or Io Inc;.~re
<br /> into the vahd~ly, expediency, or propriety Of e. ny Such r~a~ Or
<br /> other disposition
<br />
<br /> {c) 1'o vote upon any stocks, bonds, Or other secu~ihes, tc; ye
<br /> general or special proxies or pOwers of attorney with or
<br /> pOwer of SubShlution: Io exercise any conversion
<br /> subscription rights, or other ophons, and lo make any payrr, e.-'~ts
<br /> incidental lhereto; to oppose, or to consenl lo. or ofhe'~, se
<br /> participate in. corporale reorganizalions or other cha*-_.Tes
<br /> affecting corporate securities, and to delegate discrehgcary
<br /> powers, and to pay say assessments or charges in conn~..,on
<br /> therewith; and generally to exercise any of the powers c? an
<br /> Owner with respect to stocks, bonds, securities or other pro~'ty
<br /> held as peri ol the TruSt Funds.
<br />
<br /> (d) '1'o cause any securities or other property held as part c~tne
<br /> Trust Funds to be registered in its own name, and to ho~c a'~y
<br /> inveslments in bearer form. but Ihe books and records o'
<br /> Trustee shall Bt all times show that all such investments are a
<br /> of the Trust Fu,~ds.
<br /> (e) To borrow or raise money toe the purposeolthe Trust ~ps__-h
<br /> amount, and upon such terms and condihons, as the Truslee
<br /> deem advisable; and, for any sum so borrowed, to issg~-
<br /> promissory note as Trustee. and Io secure the repayment
<br /> by pledging eH. or any part, of Ihe Trust Funds No person ler~: *-,g
<br /> money !o Ihe Truslee shall be bound Io see the applicahon o' '-'~e
<br /> money leal or to inquire into ils vahd~ty, expediency or
<br /> of any such borrowing
<br /> (f) To keep such portion of the Trust Funds in cash or Cash
<br /> balances as the Trustee. from time to time, may deem lo be in t_ne
<br /> best interest of the Trust created hereby, without liabiht) Ior
<br /> interest thereon.
<br />
<br /> (g) To accept and retain for such time as it may deem advisab*'e
<br /> any securities or Other properly ~eceived or acquired by it as
<br /> Truslee hereunder, whether or not such securities or
<br /> properly would normally be purchased as inveslmenl hereun~-.
<br />
<br /> (h) TO make. execute, acknowledge, and deliver any eno
<br /> documenls of transfer and conveyance and any and all
<br /> instrumenls lhat may be necessary or appropriate tO carry out
<br /> powers herein granled.
<br />
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