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ABOVE WRITTEN. CITY COUNCIL OF CHARLOTTESVILLE BY MITCHELL VAN YAHRES (SIGNED) MITCHELL VAN YAHRES~ MAYOR COLE HENORIX, (SIGNED) COLE HENDR I X TRUST AGREEMENT DATED AS OF JUNE 19~ _ ~ 19 72 BETWEEN CITY COUNCIL OF CHARLOTTESVILLE~ VIRGINIA EMPLOYER AND THE INTERNATIONAL CITY MANAGEMENT ASSOC,1ATION RETIREMENT CORP. TRUSTEE AGREEMENT MADE BY AND BETWEEN THE CITY COUNCIL OF CHARLOTTESVILLE~ VIRGINIA~ TY MANAGEMENT ASSOCIATION RETIREMENT ! LHEREiNAFTER THE "EMPLOYER") AN~)~HE INTERNATIONAL Ci CORP. (HEREINAFTER THE ~tTRUSTEE A NON-PROFIT CORPORATION ORGANIZED AND EXISTING UNDER THE LAWS OF THE DISTRICT OF COLUMBIA FOR THE PURPOSE OF INVESTING AND OTHERWISE ADMINISTER- ING FUNDS SET ASIDE BY EMPLOYERS IN CONNECTION WITH DEFERRED COMPENSATION AGREEMENTS WITH EMPLOYEES. THE EMPLOYER AND COLE HENDRIX (HEREINAFTER THE t~EMPLOYEE~I) HAVE ENTERED INTO AN AGREEMENT DATED JUNE 19, _, 19-72 (A COPY OF WHICH IS ATTACHED HERETO AND MADE A PART HEREOF BY-REFERENCE) WHEREIN THE EMPLOYER HAS AGREED TO DEFER pAYMENT OF A SPECIFIED PERCENTAGE OF THE EMPLOYEE~S REGULAR HONTHLY COMPENSATION UNTIL THE OCCURRENCE OF CERTAIN EVENTS. IN ORDER THAT THERE BE SUFFICIENT FUNDS AVAILABLE TO DISCHARGE THE FOREGOING CONTRACTUAL OBLIGATION~ THE EMPLOYER DESIRES TO SET ASIDE MONTHLY AMOUNTS EQUAL TO THE pERCENTAGE OF HONTHLY COMPENSATION DEFERRED. THE FUNDS SO SET ASIDE~ TOGETHER WITH ANY AND ALL INVESTMENTS THERETO~ ARE TO BE EXCLUSIVELY WITHIN THE DOMINION~ CONTROL~ AND OWNERSHIP OF THE EMPLOYER AND SUBJECT TO THE EMPLOYEPIS ABSOLUTE RIGHT OF WITHDRAWAL, THE EMPLOYEE HAVING NO INTEREST WHATSO- EVER THEREIN. Now, THEREFORE, THIS AGREEMENT WITNESSETH THAT (A) THE EMPLOYER HAS PAID TO THE TRUSTEE ~ TO BE PLACED IN A DEFERRED COMPENSATION ACCOUNT FOR THE EMPLOYER; lB) THE TRUSTEE COVENANTS THAT IT WILL HOLD SAID SUM~ AND ANY OTHER F~NDS WHICH IT MAY RECEIVE HEREUNDER~ IN TRUST FOR THE USES AND PURPOSES AND UPON THE TERMS AND CONDITIONS HEREINAFTER STATED; AND (C) THE PARTIES HERETO AGREE AS FOLLOWS: ARTICLE I. GENERAL DUTIES OF THE PARTIES SECTION t.1. GENERAL DUtY OF THE EMPLOYER. THE EMPLOYER SHALL MAKE REGULAR MONTHLY PAYMENTS EQUAL TO THE PERCENTAGE OF THE EMPLOYEE~S MONTHLY COMPENSATION WHICH IS DEFERRED IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE AGREEMENT BETWEEN THE EMPLOYER AND EMPLOYEE BATED JUNE t9~ _~ 19 ~,r~ OR WITH ANY SUBSEQUENT MODIFICATIONS ~HEREOF. SECTION 1.2. GENERAL DUTIES OF THE TRUSTEE. THE TRUSTEE SHALL HOLD ALL FUNDS RECEIVED BY IT HEREUNDER~ WHICH, TOGETHER WITH THE INCOME THEREFROM~ SHALL CONSTITUTE THE TRUST FUND. IT SHALL ADMINISTER THE TRUST FUND~ COLLECT THE INCOME THEREOF~ AND MAKE PAYMENTS THEREFROM~ ALL AS HEREINAFTER PROVIDED. ARTICLE I1. POWERS AND DUTIES OF TRUSTEE IN INVESTMENT, ADMINISTRATION AND DISBURSEMENT OF TRUST FUND. SECTION 1.1. INVESTMENT POWERS AND DUTIES OF TRUSTEE. THE TRUSTEE SHALL HAVE POWER IN ITS DISCRETION TO INVEST AND REINVEST THE PRINCIPAL AND INCOME OF THE TRUST FUND AND KEEP THE TRUST FUND INVESTED~ WITHOUT DISTINCTION BETWEEN PRINCIPAL AND INCOME~ IN SUCH sECURITIES OR 1N SUCH PROPERTY~ REAL OR PERSONAL, WHEREVER SITUATED~ AS THE TRUSTEE SHALL DEEM ADVISABLE, INCLUDING~ BUT NOT LIMITED TO~ STOCKS~ COMMON OR PREFERRED~ BONDS~ AND MORTGAGES~ AND OTHER EVIDENCES OF iNDEBTEDNESS OR OWNER- SHIP. IN MAKING SUCH INVESTMENTS~ THE TRUSTEE SHALL NOT BE RESTRICTED TO SECURITIES OR OTHER PROPERTY OF THE CHARACTER AUTHORIZED .OR REQUIRED BY APPLICABLE LAW FROM TIME TO TIME FOR TRUST INVESTMENTS. SECTION 2.2, ADMINISTRATIVE POWERS OF TRUSTEE. THE TRUSTEE SHALL HAVE POWER iN ITS DISCRETION: (A) TO PURCHASE, OR SUBSCRIBE FOR) ANY SECURITIES OR OTHER PROPERTY AND TO RETAIN THE SAME IN TRUST. (B) TO SELL~ £XCHANGE~ CONVEY~ TRANSFER OR OTHERWISE DISPOSE OF ANY SECURITIES OR OTHER PROPERTY HELD BY IT~ BY PRIVATE CONTRACT~ OR AT PUBLIC AUCTION. NO PERSON DEALING WITH THE TRUSTEE SHALL BE BOUND TO SEE THE APPLICATION OF THE PURCHASE MONEY OR TO INQUIRE INTO THE VALIDITY~ EXPEDIENCY) OR PROPRIETY OF ANY SUCH SALE OR OTHER DISPOSITION. (C) TO VOTE UPON ANY STOCKS~ BONDS, OR OTHER SECURITIES: TO GIVE GENERAL