Supercuts 2007 Annual Report Download - page 177

10 Successor Trustee
(a)
Appointment
If the office of Trustee becomes vacant for any reason, the Sponsor may in writing appoint a successor trustee under this Agreement. The
successor trustee shall have all of the rights, powers, privileges, obligations, duties, liabilities, and immunities granted to the Trustee under this
Agreement. The successor trustee and predecessor trustee shall not be liable for the acts or omissions of the other with respect to the Trust.
(b)
Acceptance
When the successor trustee accepts its appointment under this Agreement, title to and possession of the Trust assets shall immediately vest in
the successor trustee without any further action on the part of the predecessor trustee. The predecessor trustee shall execute all instruments and
do all acts that reasonably may be necessary or reasonably may be requested in writing by the Sponsor or the successor trustee to vest title to all
Trust assets in the successor trustee or to deliver all Trust assets to the successor trustee.
(c)
Corporate Action
Any successor of the Trustee or successor trustee, through sale or transfer of the business or trust department of the Trustee or successor
trustee, or through reorganization, consolidation, or merger, or any similar transaction, shall, upon consummation of the transaction, become
the successor trustee under this Agreement.
11 Resignation, Removal, and Termination Notices
All notices of resignation, removal, or termination under this Agreement must be in writing and mailed to the party to which the notice is being
given by certified or registered mail, return receipt requested, to the Sponsor at the address designated in the Service Agreement, and to the
Trustee c/o John M. Kimpel, Fidelity Investments, 82 Devonshire Street, F7A, Boston, Massachusetts 02109, or to such other addresses as the
parties have notified each other of in the foregoing manner.
12 Duration
This Trust shall continue in effect without limit as to time, subject, however, to the provisions of this Agreement relating to amendment,
modification, and termination thereof.
13 Insolvency of Sponsor
(a)
Trustee shall cease disbursement of funds for payment of benefits to Participants and their beneficiaries if the Sponsor is Insolvent.
Sponsor shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Sponsor is unable to pay its debts as they become due, or
(ii) Sponsor is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
(b)
All times during the continuance of this Trust, the principal and income of the Trust shall be subject to claims of general creditors of
the Sponsor under federal and state law as set forth below.
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