Automatic Removal. If any individual who is a member of the Committee is a director, officer or employee when appointed as a member of the Committee, then such individual shall be automatically removed as a member of the Committee at the earliest time such individual ceases to be a director, officer or employee. This removal shall occur automatically and without any requirement for action by the Principal Sponsor or any notice to the individual so removed.
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Samples: Employee Stock Ownership Plan Trust Agreement (People's Utah Bancorp), Employee Stock Ownership Plan Trust Agreement (Entegris Inc), 401(k) Profit Sharing Plan Trust Agreement (Northstar Computer Forms Inc/Mn)
Automatic Removal. If any individual who is a member of the Benefits Administration Committee is a director, officer or employee when appointed as a member of the Benefits Administration Committee, then such individual shall be automatically removed as a member of the Benefits Administration Committee at the earliest time such individual ceases to be a director, officer or employee. This removal shall occur automatically and without any requirement for action by the Principal Sponsor Company’s Chief Executive Officer or any notice to the individual so removed.
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