Common use of Appointment of a Successor Trustee Clause in Contracts

Appointment of a Successor Trustee. Upon the resignation or removal of the Trustee prior to a Change of Control, a successor trustee shall be appointed by the Company. Following a Change of Control, any successor trustee shall be appointed by the Executive Benefits Committee under the SERP. Such successor trustee shall be a bank or trust company established under the laws of the United States or a State within the United States and having assets in excess of $500,000,000. Such appointment shall take effect upon the delivery to the Trustee of (a) a written appointment of such successor trustee, duly executed by the Company or the Executive Benefits Committee, as the case may be, and (b) an acceptance by such successor trustee. Any successor trustee shall have all the rights, powers and duties granted the Trustee hereunder.

Appointment of a Successor Trustee. Upon the resignation or removal of the Trustee prior to a Change of in Control, a successor trustee shall be appointed by the Company. Following a Change of in Control, any successor trustee shall be appointed by the Executive Benefits Committee under subject to approval by a majority of the SERPthen Participants (excluding Beneficiaries). Such successor trustee shall be a bank or trust company established incorporated under the laws of the United States or a State within the United States and having assets in excess of $500,000,000. Such appointment shall take effect upon the delivery to the Trustee of (a) a written appointment of such successor trustee, duly executed by the Company or the Executive Benefits Committee, as the case may be, and (b) an acceptance by such successor trustee. Any successor trustee shall have all the rights, powers and duties granted the Trustee hereunder.