Automatic Removal. If any individual who is a Trustee is a director, officer or employee when appointed as a Trustee, then such individual shall be automatically removed as a Trustee 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.
Appears in 4 contracts
Samples: Employee Stock Ownership Plan Trust Agreement (People's Utah Bancorp), Pension Plan Trust Agreement (Entegris Inc), 401(k) Profit Sharing Plan Trust Agreement (Northstar Computer Forms Inc/Mn)
