Supercuts 2007 Annual Report Download - page 174

(viii) To do all other acts although not specifically mentioned herein, as the Trustee may deem necessary to carry out any of the foregoing
powers and the purposes of the Trust.
Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement or to applicable law, Trustee shall not have any power that
could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of Section 301.7701-2 of the
Procedure and Administrative Regulations promulgated pursuant to the Internal Revenue Code.
6 Recordkeeping and Administrative Services to Be Performed
(a)
General
The Trustee shall perform those recordkeeping and administrative functions described in the Service Agreement attached hereto. These
recordkeeping and administrative functions shall be performed within the framework of the Administrator’s written directions regarding the
Plan’s provisions, guidelines and interpretations.
(b)
Accounts
The Trustee shall keep accurate accounts of all investments, receipts, disbursements, and other transactions hereunder, and shall report the
value of the assets held in the Trust as of the last day of each fiscal quarter of the Plan and, if not on the last day of a fiscal quarter, the date on
which the Trustee resigns or is removed as provided in this Agreement or is terminated as provided in this Agreement. Within thirty (30) days
following each Reporting Date or within sixty (60) days in the case of a Reporting Date caused by the resignation or removal of the Trustee, or
the termination of this Agreement, the Trustee shall file with the Administrator a written account setting forth all investments, receipts,
disbursements, and other transactions effected by the Trustee between the Reporting Date and the prior Reporting Date, and setting forth the
value of the Trust as of the Reporting Date. Except as otherwise required under applicable law, upon the expiration of six (6) months from the
date of filing such account with the Administrator, the Trustee shall have no liability or further accountability to anyone with respect to the
propriety of its acts or transactions shown in such account, except with respect to such acts or transactions as to which the Sponsor shall within
such six (6) month period file with the Trustee written objections.
(c)
Inspection and Audit
All records generated by the Trustee in accordance with paragraphs (a) and (b) shall be open to inspection and audit, during the Trustee’s
regular business hours prior to the termination of this Agreement, by the Administrator or any person designated by the Administrator. Upon
the resignation or removal of the Trustee or the termination of this Agreement, the Trustee shall provide to the Administrator, at no expense to
the Sponsor, in the format regularly provided to the Administrator, a statement of each Participant’s accounts as of the resignation, removal, or
termination, and the Trustee shall provide to the Administrator or the Plan’s new recordkeeper such further records as are reasonable, at the
Sponsor’s expense.
(d)
Effect of Plan Amendment
The Trustee’s provision of the recordkeeping and administrative services set forth in this Section shall be conditioned on the Sponsor
delivering to the Trustee a copy of any amendment to the Plan as soon as administratively feasible following the amendment’
s adoption, and on
the Administrator providing the Trustee on a timely basis with all the information the Administrator deems necessary for the Trustee to perform
the recordkeeping and administrative services and such other information as the Trustee may reasonably request.
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