<PAGE>   1
                                                                  EXHIBIT 99-7




                               DTE ENERGY COMPANY

                           IRREVOCABLE GRANTOR TRUST

                                    FOR THE

                               DTE ENERGY COMPANY

                       PLAN FOR DEFERRING THE PAYMENT OF

                                DIRECTORS' FEES





                           EFFECTIVE JANUARY 1, 1996
<PAGE>   2

                               DTE ENERGY COMPANY

                           IRREVOCABLE GRANTOR TRUST

                                    FOR THE

                               DTE ENERGY COMPANY

                       PLAN FOR DEFERRING THE PAYMENT OF

                                DIRECTORS' FEES

                               TABLE OF CONTENTS

<TABLE>
 <S>    <C>                                                           <C>
I.       DEFINITIONS...................................................2
 1.1     Beneficiary...................................................2
 1.2     Board of Directors............................................2
 1.3     Change of Control.............................................2
 1.4     Company.......................................................4
 1.5     Effective Date................................................4
 1.6     Reserved......................................................4
 1.7     Excess Assets.................................................4
 1.8     Funding Amount................................................4
 1.9     General Creditors.............................................5
 1.10    Reserved......................................................5
 1.11    Insolvent.....................................................5
 1.12    Investment Manager............................................5
 1.13    IRC...........................................................5
 1.14    Participant...................................................5
 1.15    Reserved......................................................5
 1.16    Plan Administrator............................................5
 1.17    Potential Change of Control...................................6
 1.18    Potential Change OF Control Period............................7
 1.19    Reserved......................................................7
 1.20    Trust.........................................................7
 1.21    Trust Fund....................................................7
 1.22    Trustee.......................................................7
 1.23    Valuation Date................................................7
</TABLE>





<PAGE>   3


<TABLE>
<S>       <C>                                                         <C>
II.       ESTABLISHMENT OF THE TRUST...................................8
    2.1   Trust........................................................8
    2.2   Description of Trust.........................................8
    2.3   Irrevocability...............................................9
    2.4   Acceptance by the Trustee....................................10
 
III.      CONTRIBUTIONS................................................10
    3.1   Calculations of Funding Amount...............................10
    3.2   Contributions as of Each Valuation Date......................10
    3.3   Reserved.....................................................10
    3.4   No Dilution of Trust.........................................10
    3.5   Collection...................................................11

IV.       ACCOUNTING AND ADMINISTRATION................................12
    4.1   Trustee Recordkeeping........................................12
    4.2   Company Recordkeeping........................................12
    4.3   Periodic Accounting..........................................12
    4.4   Administrative Powers of Trustee.............................13

 V.       INVESTMENTS..................................................16
    5.1   Generally....................................................16
    5.2   Investment Powers of Trustee.................................16
    5.3   Investment Managers..........................................20
    5.4   Reserved.....................................................21
    5.5   Single Fund..................................................21

VI.       PAYMENTS FROM THE TRUST......................................21
    6.1   Obligation of Trustee to Make Payments
          to Participants..............................................21
    6.2   Obligation of the Company to
          Make Payments to Participants................................22
    6.3   Distributions to Participants................................22
    6.4   Reserved.....................................................22
    6.5   Insufficient Trust Fund Assets...............................22
    6.6   Payment of Excess Assets to Company..........................23
    6.7   Company to Pay Withholding and Employment Taxes..............23
    6.8   PaymenT in Reversion To Company..............................24
    6.9   Reserved.....................................................24
</TABLE>

                                     ii



<PAGE>   4



<TABLE>
<S>      <C>                                                          <C>       
VII.      PAYMENTS ON INSOLVENCY OF THE COMPANY........................24
    7.1   No Security Interest.........................................24
    7.2   Determination of Insolvency..................................25
    7.3   Payments When Company Is Insolvent...........................25
    7.4   Resumption of Duties after Insolvency........................26
    7.5   Reserved.....................................................27

VIII.     RESIGNATION OR REMOVAL OF TRUSTEE............................27
    8.1   Resignation or Removal of Trustee............................27
    8.2   Successor Trustee............................................27
    8.3   Duties of Retiring and Successor Trustees....................28
    8.4   Reserved.....................................................28

 IX.      AMENDMENT AND TERMINATION OF TRUST...........................28
    9.1   Amendment....................................................28
    9.2   Termination..................................................30
    9.3   Reserved.....................................................30

  X.      GENERAL PROVISIONS...........................................30
    10.1  Coordination with Plan.......................................30
    10.2  Litigation...................................................30
    10.3  Trustee's Action Conclusive..................................30
    10.4  No Guarantee or Responsibility...............................30
    10.5  Liabilities Mutually Exclusive...............................31
    10.6  Indemnification..............................................31
    10.7  Expenses and Compensation....................................31
    10.8  Reserved.....................................................32
    10.9  Notice.......................................................32
    10.10 Antiassignment Clause........................................32
    10.11 True and Correct Document....................................32
    10.12 Waiver of Notice.............................................32
    10.13 Counterparts.................................................33
    10.14 Gender and Number............................................33
    10.15 Successors...................................................33
    10.16 Severability.................................................33
    10.17 Applicable Law...............................................33
</TABLE>



                                     iv

<PAGE>   5

     
     EXHIBIT A  DTE ENERGY COMPANY
                IRREVOCABLE GRANTOR TRUST
                FOR THE DTE ENERGY COMPANY PLAN
                FOR DEFERRING THE PAYMENT OF
                DIRECTORS' FEES


     EXHIBIT B  DTE ENERGY COMPANY
                IRREVOCABLE GRANTOR TRUST
                FOR THE DTE ENERGY COMPANY
                PLAN FOR DEFERRING THE PAYMENT OF
                DIRECTORS' FEES
                PARTICIPANTS (AS DEFINED IN THE TRUST)






                                     iv


<PAGE>   6



                               DTE ENERGY COMPANY

                           IRREVOCABLE GRANTOR TRUST

                                    FOR THE

                               DTE ENERGY COMPANY

                       PLAN FOR DEFERRING THE PAYMENT OF

                                DIRECTORS' FEES


         THIS TRUST AGREEMENT is made this 1st day of January, 1996 by and
between DTE Energy Company, a Michigan corporation, and The Northern Trust
Company, an Illinois corporation, of Chicago Illinois ("Trustee"), and any
successor provided for in the Trust hereby evidenced, as Trustee.

WITNESSETH THAT:

         WHEREAS, the Company has established and maintains the DTE Energy
Company Plan for Deferring the Payment of Directors' Fees ("Plan"), an unfunded
benefit plan, a copy of which is attached hereto as Exhibit A, for the benefit
of certain non-employee Directors of the Company listed on Exhibit B hereto,
which Exhibits may be amended from time to time by the Company prior to a
potential Change of Control and/or Change of Control, and without the Trustee's
consent; and

         WHEREAS, the Company has incurred and expects to continue to incur
liabilities pursuant to the terms of the Plan, and wishes to establish an
irrevocable trust by placing assets in trust, subject to the claims of the
Company's creditors in the event the Company becomes Insolvent, to pay benefits
under the Plan or to be applied as otherwise provided for herein; and

         WHEREAS, it is the intention of the Company that amounts transferred
to the Trust and the earnings thereon shall be used by the Trustee, subject to
the claims of the Company's creditors in the event the Company becomes
Insolvent, to satisfy the liabilities of the Company in accordance with the
provisions hereof; and, upon satisfaction of all liabilities of the with
respect to all Participants (and their
<PAGE>   7

Beneficiaries, if applicable), the assets, if any, remaining in the Trust shall
revert to the Company; and

         WHEREAS, the Company intends that the existence of the Trust shall not
alter the characteristics of the Plan as an unfunded plan maintained primarily
for the purpose of providing deferred compensation for a select group of
Directors, and shall not be construed to provide income for federal income tax
purposes to a Participant (or his or her Beneficiary) prior to the actual
payment of benefits under the Plans; and

         WHEREAS, the Trustee has agreed to serve as trustee of such trust;

NOW, THEREFORE, in consideration of the mutual undertakings of the Company and
the Trustee, the parties do hereby establish the Trust, and agree that the
Trust shall be comprised, held, and disposed of as follows:

I.       DEFINITIONS.  Unless the context requires otherwise, definitions as
used herein shall have the same meaning as in the Plan when applied to said
Plan.

         1.1     "Beneficiary" means the beneficiary designated as provided in
the Plan as set forth in Exhibit A.

         1.2     "Board of Directors" means the Company's Board of Directors,
as constituted from time to time.

         1.3     "Change of Control" means the occurrence of any of the
 following events:

         (a)     a change of control of a nature that would be required to be
         reported in response to Item 6(e) of Schedule 14A of Regulation 14A
         under the Securities Act of 1934, as amended (the "Exchange Act"), or
         any successor provisions, whether or not the Company is then subject
         to such reporting requirement; or

         (b)     any "person" (as such term is used in Sections 13(d) and 14(d)
         of the Exchange Act), other than the Company or an employee benefit
         plan maintained by the Company, is or becomes the "beneficial owner"
         (as defined in Rule 13d-3 under the Exchange Act), directly or
         indirectly, of securities of

                                      2
<PAGE>   8

         the Company representing 30% or more of the combined voting power of
         the Company's then outstanding securities ordinarily (and apart from
         rights accruing under special circumstances) having the right to vote
         at elections of the Board of Directors (the "Base Capital Stock");
         provided, however, that any change in the relative beneficial
         ownership of securities of any person resulting solely from a
         reduction in the aggregate number of outstanding shares of Base
         Capital Stock, and any decrease thereafter in such person's ownership
         of securities, shall be disregarded until such person increases in any
         manner, directly or indirectly, such person's beneficial ownership of
         any securities of the Company; or

         (c)     a change in the composition of the Company's Board of
         Directors, as a result of which fewer than two-thirds of the incumbent
         directors are directors who either

                (1)       had been directors of the Company 24 months prior to
                          such change, or

                (2)       were elected, or nominated for election, to the
                          Company's Board of Directors with the affirmative
                          votes of at least a majority of the directors who had
                          been directors of the Company 24 months prior to such
                          change and who were still in office at the time of
                          the election or nomination; or

         (d)    there shall be consummated

                (1)       any consolidation or merger of the Company in which
                          the Company is not the continuing or surviving
                          corporation or pursuant to which shares of the
                          Company's common stock would be converted into cash,
                          securities, or other property, other than a merger of
                          the Company in which the holders of the Company's
                          common stock immediately prior to the merger have the
                          same proportionate ownership of common stock of the
                          surviving corporation immediately after the merger,
                          or

                 (2)      any sale, lease, exchange, or other transfer (in one
                          transaction or a series of related transactions) of
                          all, or substantially all, of the assets of the
                          Company, or


                                      3
<PAGE>   9

                 (3)      the stockholders of the Company approve a plan or
                          proposal for the liquidation or dissolution of the
                          Company.

Notwithstanding the foregoing provisions of this Section 1.3 a "Change of
Control" shall not be deemed to have occurred by reason of the corporate
reorganization (the "Reorganization") of the Company implemented pursuant to
the resolution adopted by the Board of Directors of the Company on December 5,
1994 (as such resolution may be amended or supplemented from time to time),
whereby it is proposed that a corporation will become the parent holding
company of the Company.

The Company shall promptly notify the Trustee of a Change of Control and the
Trustee may conclusively rely upon such notice and shall have no duty to
independently determine whether a Change of Control has occurred.

         1.4     "Company" means DTE Energy Company, a Michigan corporation, its
successors and assigns.

         1.5     "Effective Date" means January 1, 1996.

         1.6     Reserved.

         1.7     "Excess Assets" means assets of the Trust in excess of one
hundred and twenty-five per cent (125%) of the Funding Amount.

         1.8     "Funding Amount" means the actual benefit obligation on the
books of the Company as of the most recent Valuation Date, certified by the
Company to the Trustee, which shall be the amount necessary to ensure that the
assets of the Trust Fund would, as of the most recent Valuation Date, have been
sufficient to satisfy the Company's obligations due to each respective
Participant under the Plan. Upon any Potential Change of Control and during any
Potential Change of Control Period, however, the Funding Amount means one
hundred and twenty per cent (120%) of the actual benefit obligation on the
books of the Company as of the most recent Valuation Date, certified by the
Company to the Trustee, which shall be the amount necessary to ensure that the
assets of the Trust Fund would, as of the most recent Valuation Date, have been
sufficient to satisfy the Company's obligations due to each respective
Participant under the Plan. The Company's obligations to each

                                      4
<PAGE>   10

respective Participant under the Plan shall be limited to benefits attributable
to service rendered by the Participant to the Company.

         1.9     "General Creditors" means the unsecured general creditors of
the Company, including the Participants.

         1.10     Reserved.

         1.11    "Insolvent" and "Insolvency" mean that the Company

                 (a)      is unable to pay its debts as they become due; or

                 (b)      is subject to a pending proceeding as a debtor under
         the Bankruptcy Code.
         1.12    "Investment Manager" means the investment manager(s) appointed
by the Company in the manner provided in Section 5.3 to direct the investment
of any part or all of the assets of the Trust Fund in accordance with Article
V.

         1.13    "IRC" means the Internal Revenue Code of 1986, as amended.

         1.14    "Participant" means an individual listed on Exhibit B attached 
hereto who

                 (a)      is a Participant in the Plan because of service
         rendered to the Company; or

                 (b)      would be a Participant in the Plan because of
         services rendered to the Company but is not due to age, years of
         service or active employment.

The Company agrees to list all Participants on Exhibit B attached hereto.
Except after a Change of Control as provided in Section 3.4, the Company may
add or delete Participants by delivering a new Exhibit B to the Trustee.

         1.15     Reserved.

         1.16    "Plan Administrator" means the party designated under the Plan
as responsible for the management, operation, and administration of the Plan.


                                      5

<PAGE>   11


         1.17    "Potential Change of Control" means the date of the earliest
occurrence of any of the following events:

                 (a)      the Company enters into an agreement, the
         consummation of which would result in the occurrence of a Change of
         Control of the Company; or

                 (b)      any "person" (as such term is used in Sections 13(d)
         and 14(d) of the Exchange Act), other than the Company or an employeee
         benefit plan maintained by the Company, is or becomes the "beneficial
         owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
         indirectly, of securities of the Company representing 9.5% or more of
         the combined voting power of the Company's then outstanding securities
         ordinarily (and apart from rights accruing under special
         circumstances) having the right to vote at elections of the Board of
         Directors (the "Base Capital Stock"); provided, however, that any
         change in the relative beneficial ownership of securities of any
         person resulting solely from a reduction in the aggregate number of
         outstanding shares of Base Capital Stock, and any decrease thereafter
         in such person's ownership of securities, shall be disregarded until
         such person increases in any manner, directly or indirectly, such
         person's beneficial ownership of any securities of the Company; or

                 (c)      the public announcement by any individual or entity,
         other than the Company, that such individual or entity intends to take
         or to consider taking actions which, if consummated, would constitute
         a Change of Control of the Company; or

                 (d)      the public announcement of any merger, acquisition,
         consolidation, or reorganization of the Company in which the Company
         is not the continuing or surviving corporation, or pursuant to which
         shares of the Company's common stock would be converted into cash,
         securities, or other property, other than a transaction in which the
         holders of the Company's common stock immediately prior to the merger,
         acquisition, consolidation, or reorganization have the same
         proportionate ownership of common stock of the surviving corporation
         immediately after the merger, acquisition, consolidation, or
         reorganization, including, but not limited to, the creation of a
         parent entity to oversee the Company; or

                                      6

<PAGE>   12


                 (e)      the public announcement of the sale or other transfer
          of substantially all of the assets of the Company to any third party;
          or

                 (f)      the Board of Directors of the Company adopts a
          resolution to the effect that a Potential Change of Control of the
          Company has occurred for purposes of this Trust.

Notwithstanding the foregoing provisions of this Section 1.17, a "Potential
Change of Control" shall not be deemed to have occurred by reason of the
Reorganization (as defined in Section 1.3).

         1.18    "Potential Change of Control Period" means the one (1) year
period immediately following the date of a Potential Change of Control. If a
subsequent Potential Change of Control occurs during any Potential Change of
Control Period, the Potential Change of Control Period shall end one (1) year
following the date of the most recent Potential Change of Control.

                  The Company shall promptly notify the Trustee of a Potential
Change of Control and the Trustee may conclusively rely upon such notice and
shall have no duty to independently determine whether a Potential Change of
Control has occurred.

         1.19     Reserved.

         1.20    "Trust" means the irrevocable trust established pursuant to
this Trust Agreement and all of the terms and conditions of this Trust
Agreement, which is intended to constitute a grantor trust under IRC Section
Section  671 et seq.

         1.21    "Trust Fund" means all moneys, securities, and other property
held by the Trustee, any custodian, or any insurance company under this Trust.

         1.22    "Trustee" shall mean the trustee named herein, and any
successor trustee appointed pursuant to Article VIII.

         1.23    "Valuation Date" means the day in each calendar year which is
the last day of the Company's fiscal year in each year, and such other times as
the Company may determine. Each of (a) any date of a Potential Change of
Control, (b) the date of a Change of Control, (c) the effective date of a
Trustee's resignation or removal,


                                      7

<PAGE>   13

and (d) the date of termination of the Trust shall also be a Valuation Date if
any such date occurs other than on the last business day of the Company's
fiscal Year. The first Valuation Date shall be December 31, 1996.

II.      ESTABLISHMENT OF THE TRUST

         2.1     Trust. The Company hereby establishes the Trust with the
Trustee, which Trust shall consist of such sums of money and other property
acceptable to the Trustee as from time to time have been and shall be paid or
delivered by the Company to the Trustee as provided herein. All such money and
other property, all investments and reinvestments made therewith, or the
proceeds thereof, and all investment earnings and profits thereon, less all
payments and charges as authorized herein, shall constitute the Trust Fund. The
Trust Fund shall be held in trust by the Trustee, and shall be dealt with in
accordance with the provisions of this Trust.

         2.2     Description of Trust. The Company represents and agrees that:

                 (a)      the Trust is intended to be a grantor trust under IRC
         Section  Section  671-678, and shall be construed accordingly.  The
         Company intends and agrees that it is the "owner" or grantor of the
         Trust in its entirety, as that term is defined in subpart E, part I,
         subchapter J, chapter 1, subtitle A of the IRC and that, for income
         tax purposes, all income, deductions, and credits of the Trust Fund
         belong to it as owner, and will be included on its income tax or other
         required tax returns, and any income tax determined to be payable as a
         result thereof will be the sole obligation of, and will be paid by,
         the Company;

                 (b)      a true and correct copy of the Plan, as in effect on
         the Effective Date hereof, is attached hereto as Exhibit A. The
         Company shall file with the Trustee, promptly upon its adoption, a
         true and correct copy of each amendment to the Plan;

                 (c)      the Trust Fund is to be used to satisfy the legal
         obligations of the Company to Participants under the Plan as provided
         herein, subject to the claims of General Creditors in the event of
         Insolvency, and the balance of the Trust Fund, if any, remaining after
         payment of the Company's obligation to Participants under the Plan
         will revert to the Company in accordance with the Trust;


                                      8


<PAGE>   14


                 (d)      contributions by the Company to the Trust which are
         made coincident with and subsequent to the Effective Date shall be in
         amounts determined under Article III hereof. The Company agrees to
         fund the Trust as provided therein;

                 (e)      the principal of the Trust, and any earnings thereon
         shall be held by the Trustee separate and apart from other funds of
         Company, and shall be used exclusively for the uses and purposes as
         herein set forth;

                 (f)      the Trust established under this agreement does not
         fund and is not intended to fund the Plan, or any other employee
         benefit plan or program of the Company. Neither the establishment of
         the Trust, nor the payment or delivery of assets to the Trustee shall
         vest any Participant in any right, title, or interest in or to any
         assets of the Trust Fund;

                 (g)      participants shall have no preferred claim on, or any
         beneficial ownership interest in, assets of the Trust. To the extent
         that any Participant acquires the right to receive payment(s) under
         the Plan, any such right shall be mere unsecured contractual rights of
         Participants against the Company, and such Participants (or their
         Beneficiary(ies)) shall have only the unsecured promise of the Company
         that such payment(s) will be made. Any assets held by the Trust will
         be subject to the claims of General Creditors under federal and state
         law in the event of Insolvency, as defined herein, with no preference
         whatsoever given to claims of employees or Participants over claims of
         other unsecured creditors of the Company; and

                 (h)      to the extent the Plan is covered by ERISA, the Plan
         is a plan for a select group of management or highly compensated
         employees, and as such is exempt from the application of ERISA except
         for the disclosure requirements applicable to such plan, for which the
         Company bears full responsibility as to compliance. The Company
         further represents that the Plan is not qualified under IRC Section
         401 and therefore, is not subject to any IRC requirements applicable
         to tax-qualified plans.

         2.3     Irrevocability. Except as provided in Article 9 and this
Section 2.3, the Trust shall be irrevocable from the effective date, and the
assets of the Trust Fund shall be held in accordance with the provisions hereof
for the exclusive purpose of providing for the payment of the Company's
obligations to pay benefits to


                                      9
<PAGE>   15

Participants under the Plan and to satisfy the claims of General Creditors in
the event of Insolvency, and defraying the expenses of the Trust.  Except as
provided in Section 6.6 and Section 6.8 and in the event of Insolvency, no part
of the income or corpus of the Trust Fund shall be recoverable by or for the
benefit of the Company.

         2.4     Acceptance by the Trustee. The Trustee accepts the Trust
established under this Trust Agreement on the terms and subject to the
provisions set forth herein, and agrees to discharge and perform fully and
faithfully all of the duties and obligations imposed upon it under this Trust.

III.     CONTRIBUTIONS

         3.1     Calculations of Funding Amount. By September 30, 1996, the
Company shall contribute to the Trust the Funding Amount as determined on the
first Valuation Date. As of each Valuation Date, and until the entire Trust
Fund has been distributed, the Company (or, after a Change of Control, the
Company's independent public accountants) shall recalculate the Funding
Amounts.

         3.2     Contributions as of Each Valuation Date. During the life of
the Trust but no later than March 31 of each year, commencing no later than
September 30, 1997, the Company shall contribute to the Trust such amount as is
necessary to make trust assets equal the Funding Amount as of the previous
Valuation Date. The Plan Administrator or its delegate (or, after a Change of
Control, the Company's independent public accountants) shall provide the
Trustee with written notice of the amount of the necessary contribution on or
before the date such contribution is due to the Trust. Any such payments to the
Trustee do not discharge or release the Company of its obligation under the
Plan or Section 6.2 to pay benefits to Participants under the Plan, and shall
at all times be subject to the provisions of Article VII.

         3.3     Reserved.

         3.4     No Dilution of Trust. After a Change of Control, the Exhibit B
in effect on the date of a Change of Control shall not be amended to include a
Participant not named in the Exhibit B in effect on the date of a Change of
Control, unless pursuant to the requirements of this Section 3.4, at the time
of delivery to the Trustee of a proposed amended Exhibit B (the "Delivery
Date"), the Company shall deliver to the Trustee a determination by the
Company's independent public accountants as of


                                     10


<PAGE>   16


the Delivery Date of the proposed amended Exhibit B of the Funding Amount
calculated based on the Participants named in the Exhibit B in effect on the
Date of the Change of Control and any new or additional Participants named in
the proposed amended Exhibit B (the "New Funding Amount") and (b), assets in an
amount necessary to make the trust assets equal the New Funding Amount. If the
Trustee determines that assets of the Trust Fund, including such assets as are
delivered by the Company on the Delivery Date, equal or exceed the New Funding
Amount, the Trustee shall accept the amended Exhibit B. Any amended Exhibit B
so accepted shall be deemed incorporated with the same effect as if otherwise
included herein. Unless an Exhibit B amended after a Change of Control is
accepted by the Trustee as provided in this Section, the Trustee shall have no
liability, responsibility, or obligation with respect to a Participant named in
any amended Exhibit B unless such Participant is named in the Exhibit B then in
effect on the date of a Change of Control.

         3.5     Collection. In the event the Company fails to pay over to the
Trustee within one hundred and twenty (120) days of notice and demand from the
Trustee (or, upon the occurrence of a Potential Change of Control or a Change
of Control, within seven (7) days of notice and demand from the Trustee), any
amount determined to be payable by the Company to the Trustee under Sections
3.2, 6.5 or 7.4(a) of the Trust, the Trustee may commence legal action, (which
is expressly deemed to include without limitation an alternate dispute
resolution proceeding), to compel the Company to pay to the Trustee any amount
determined to be payable to it under the Trust. The Trustee may bring such
action against the Company in any court of competent jurisdiction, and shall be
entitled to recover for the benefit of the Trust from the Company such amount,
plus interest for each day at the rate of interest per annum of five (5)
percentage points in excess of the prime lending rate as announced by NBD Bank,
from the due date specified in the Trustee's notice and demand (or the date(s)
from which pro rata payments were made, if such action is brought by the
Trustee pursuant to Section 6.5 hereof) to the date of payment, plus all costs
of collection, including reasonable attorneys, fees and costs of litigation.
The Trustee is authorized to bring action to compel payment by the Company,
and, in connection with reasonable claims for delinquent contributions by the
Company, to retain, at the expense of the Company, counsel and other
appropriate experts, including actuaries and accountants, to aid it in pursuing
litigation for collection against the Company. The Trustee's anticipated
reasonable costs and expenses incurred pursuant to this Section 3.5 are payable
by the Company in advance; and should the Company not make timely payment, the
Trustee may charge the Trust


                                     11

<PAGE>   17

Fund for such reasonably anticipated costs and expenses. The Trustee shall in
no event be required to advance or expend its own funds in order to comply with
the provisions of this Section 3.5.

IV.      ACCOUNTING AND ADMINISTRATION

         4.1     Trustee Recordkeeping. The Trustee shall keep or cause to be
kept accurate and detailed records of any investments, receipts, disbursements,
and all other transactions required to be made by the Trustee hereunder, in
accordance with such rules as may be established by the Company, including such
specific records as shall be agreed upon in writing between the Company and the
Trustee. All accounts, books, and records relating thereto shall be open to
inspection and audit at all reasonable times by any person designated by the
Company. All such accounts, books, and records shall be preserved (in original
form, or on microfilm, magnetic tape, or any other similar process) for such
period as the Company may determine, and the Trustee may only destroy such
accounts, books, and records after first notifying the Company in writing of
its intention to so, and transferring to the Company any of such accounts,
books, and records requested by the Company.

         4.2     Company Recordkeeping. The Company shall keep full, accurate,
and detailed books and records with respect to the Participants and benefits
paid and payable under the Plan, which records shall be made available to the
Trustee at its request.

         4.3     Periodic Accounting. Within sixty (60) days following a
Valuation Date, the Trustee shall deliver to Company a written accounting,
dated as of the Valuation Date, of its administration of the Trust Fund during
such year or during the period from the most recent Valuation Date to the date
of such current Valuation Date, which accounting shall be in accordance with
the following provisions:

                 (a)      Such accounting shall set forth all investments,
         receipts, disbursements, and other transactions effected by the Trust
         Fund during the preceding year, or during the period from the most
         recent Valuation Date to the date of such current Valuation Date,
         including a description of all securities and investments purchased
         and sold, with the cost or net proceeds of such purchases or sales
         (accrued interest paid or receivable being shown separately), and
         showing all cash, securities or other property held in the Trust Fund,
         less liabilities known to the Trustee (other than liabilities to

                                     12
<PAGE>   18

         Participants entitled to benefits under the Plans) at the end of such
         year or other period, as the case may be. In making a valuation, all
         cash, securities or other property held in the Trust Fund shall be
         valued at their then fair market value, and shall be in a format as
         may be established by the Company. A copy of each accounting so
         delivered to the Company shall be open to inspection at the office of
         the Trustee during normal business hours.

                 (b)      If within ninety (90) days after the filing of such
         written accounting, the Company has not delivered to the Trustee
         notice of any objection to any act or transaction of the Trustee, the
         initial accounting shall become an account stated as between the
         Trustee and the Company. If any objection has been delivered to the
         Trustee by the Company, and if the Company is satisfied that it should
         be withdrawn, the Company shall signify its approval of the accounting
         in writing filed with the Trustee, and the accounting shall become an
         account stated as between the Trustee and the Company. If the
         accounting is adjusted following an objection thereto, the Trustee
         shall file and deliver the adjusted accounting to the Company. If
         within fifteen (15) days after such filing of an adjusted accounting,
         the Company has not delivered to the Trustee notice of any objection
         to the transactions as so adjusted, the adjusted accounting shall
         become an account stated as between the Trustee and the Company.

                 (c)      Unless an accounting is fraudulent, when it becomes
         an account stated, it shall be finally settled, and the Trustee shall,
         to the extent permitted by applicable law, be forever released and
         discharged from all liability and accountability with respect to the
         propriety of its acts and transactions shown in such accounting.

         4.4     Administrative Powers of Trustee. Except to the extent that
authority with respect to the administration of the Trust has been allocated to
others in accordance with this Trust, and subject to Article V, the Trustee
shall have exclusive authority and discretion to manage and administer the
Trust. The Trustee shall act with the care, skill, prudence and diligence under
the circumstances then prevailing that a prudent person acting in like capacity
and familiar with such matters would use in the conduct of an enterprise of
like character and with like aims, provided, however, that Trustee shall incur
no liability to any person for any action taken pursuant to a direction,
request or approval given by Company which is contemplated by, and in
conformity with, the terms of the Trustee's responsibilities


                                     13
<PAGE>   19

under this Trust, and is given in writing by Company. The responsibility for
maintenance of individual benefit records shall be retained by the Company, and
may be delegated to such person or entity as the Company may employ from time
to time. Except as otherwise provided herein, the Trustee shall have, without
exclusion, all powers conferred on trustees by law and, without limiting the
foregoing, shall have the following administrative powers, rights, and duties
in addition to those provided elsewhere in this Trust:

                 (a)      to manage, sell, insure, and otherwise deal with all
         assets held by the Trustee on such terms and conditions as the Trustee
         shall decide; provided however, that if the Company delivers written
         instructions to the Trustee, the Trustee shall follow such
         instructions;

                 (b)      when directed by the Company or requested by a
         Participant pursuant to Article VI, to make payments from the Trust
         Fund to Participants and, when required by Article VII, to make
         payments from the Trust Fund to General Creditors entitled to payments
         thereunder;

                 (c)      except as provided in Article VI and Article VII, to
         waive, modify, reduce, compromise, release, contest, submit to
         arbitration, or settle or extend the time of payment of any claims,
         debts, damages, or demands of any nature in favor of or against the
         Trustee or all or any part of the Trust Fund;

                 (d)      to retain any disputed property until an appropriate
         final adjudication or release is obtained, and to represent the Trust
         in, or commence or defend, any litigation the Trustee considers in its
         discretion necessary in connection with the Trust Fund;

                 (e)      to withhold, if the Company so directs, all or any
         part of any payment required to be made hereunder as may be necessary
         and proper to protect the Trustee or the Trust Fund against any
         liability or claim on account of any estate, inheritance, income or
         other tax or assessment attributable to any amount payable hereunder,
         and to discharge any such liability with any part or all of such
         payment so withheld in accordance with Section 6.7;

                 (f)      to maintain records reflecting all receipts and
         payments under this Trust and such other records as the Company may
         specify and to which

                                     14

<PAGE>   20

         the Trustee agrees, which records may be audited from time to time by
         the Company or anyone named by the Company; and to furnish a written
         accounting to the Company as of each Valuation Date, as provided in
         Section 4.3;

                 (g)      if an insurance policy is held as an asset of the
         Trust, Trustee shall have no power to name a beneficiary of the policy
         other than the Trust, to assign the policy (as distinct from
         conversion of the policy from a different form) other than to a
         successor Trustee, or to loan to any person the proceeds of any
         borrowing against such policy. Notwithstanding the preceding sentence,
         the Trustee may loan to the Company the proceeds of any borrowing
         against an insurance policy held as an asset of the Trust;

                 (h)      to furnish the Company with such information for tax
         or other purposes which the Company may reasonably request and which
         the Trustee may not unreasonably withhold;

                 (i)      to employ accountants, advisors, agents, legal
         counsel (who, except following a Change of Control, may be legal
         counsel to the Company and who are not in the Company's reasonable
         judgment deemed to have a conflict of interest), consultants,
         custodians, depositories, experts and other providers of services, to
         consult with them with respect to the implementation and construction
         of this Trust, the duties of the Trustee hereunder, the transactions
         contemplated by this Trust, or any act which the Trustee proposes to
         take or omit, and to rely upon the advice of and services performed by
         such persons; to delegate discretionary powers to such persons and to
         reasonably rely upon information and advice furnished by such persons;
         provided that each such delegation and the acceptance thereof by each
         such person shall be in writing; and provided further that the Trustee
         may not delegate its responsibilities as to the management or control
         of the assets of the Trust Fund;

                 (j)      to determine whether the Company is Insolvent, and to
         hold assets of the Trust Fund for the benefit of General Creditors in
         the event of Insolvency, as provided in Article VII hereof;

                 (k)      to make payments to Participants, including after a
         Change of Control, as provided in Article VI hereof;



                                     15

<PAGE>   21


                 (l)      to perform all other acts which in the Trustee's
         judgment are appropriate for the proper protection, management,
         investment, and distribution of the Trust Fund, and to carry out the
         purposes of the Trust.

V.       INVESTMENTS

         5.1     Generally. With respect to assets for which the Trustee has
investment responsibility, the Trustee shall invest and reinvest the principal
and income of the Trust Fund and keep the Trust Fund invested, without
distinction between principal and income, in accordance with the written
investment guidelines established by the Company and provided to the Trustee by
the Company. If no such written investment guidelines are received by the
Trustee, the assets of the Trust Fund shall be invested in such investments as
determined by the Trustee in accordance with the powers contained herein.

         5.2     Investment Powers of Trustee. Except to the extent that
authority with respect to the management of all or a portion of the Trust Fund
has been allocated to others in accordance with this Trust, the Trustee shall
have exclusive authority and discretion to manage and control the Trust Fund,
subject only to broad investment guidelines the Company may establish from time
to time. The authority to assume responsibility for investment of assets of the
Trust Fund has been retained by the Company, and the authority to hold assets
of the Trust Fund may be allocated to one or more custodians or insurance
companies. Except as otherwise provided herein, the Trustee shall have, without
exclusion, all powers conferred on trustees by applicable law and, without
limiting the foregoing, shall have the following powers, rights, and duties in
addition to those provided elsewhere in this Trust:

                 (a)      to invest and reinvest in any property wherever
         situated, whether real, personal, mixed, foreign or domestic,
         including common and preferred stocks, bonds, notes, and debentures
         (including convertible stocks and securities, but not including any
         stock, securities, or debt instruments of the Company [unless held in
         a collective or commingled fund and such Company securities comprise
         5% or less of the assets of such fund]), leaseholds, mortgages
         (including, without limitation, any collective or part interest in any
         bond and mortgage or note and mortgage), certificates of deposit, life
         insurance contracts, guaranteed investment contracts, and guaranteed
         annuity


                                     16


<PAGE>   22

         contract, all regardless of diversification and without being limited
         to investments authorized by law for the investment of trust funds;

                 (b)      to invest and reinvest, without distinction between
         principal and income, in contracts for future delivery of United
         States Treasury Bills, other financial instruments, or indices based
         on any group of securities, and in options to buy or sell indices
         based on any group of securities or any kind of evidences of ownership
         or indebtedness, including financial instruments or futures contracts
         relating thereto;

                 (c)      to invest and reinvest part or all of the Trust Fund
         in any deposit accounts, deposit administration fund maintained by a
         legal reserve life insurance company in accordance with an agreement
         between the Trustee and such insurance company, a group annuity
         contract or life insurance policies issued by such insurance company
         to the Trustee as contract holder, any interest bearing deposits held
         by any financial institution having total capital and surplus of at
         least Fifty Million Dollars ($50,000,000), investments in any stocks,
         bonds, debentures, mutual fund shares, notes, commercial paper,
         treasury bills, and any mutual, common, commingled or collective trust
         funds or pooled investment funds, and to diversify such investments so
         as to minimize the risk of losses;

                 (d)      to commingle assets of the Trust Fund, for investment
         purposes only, with assets of any common, collective, or commingled
         trust fund which has been or may hereafter be established and
         maintained by the Trustee, or by any other financial institution;
         provided that to the extent that any part or all of the assets of the
         Trust Fund for which the Trustee has investment responsibility are
         invested in any such common, collective or commingled trust fund or
         pooled investment fund which is maintained by a bank or trust company
         (including a bank or trust company acting as Trustee), the provisions
         of the documents under which such common, collective or commingled
         trust fund or pooled investment fund are maintained shall govern any
         investment therein and provided further that prior to investing any
         portion of the Trust Fund for the first time in any such common,
         collective, or commingled trust fund, the Trustee shall advise the
         Company of its intent to make such an investment, and furnish to the
         Company any information it may reasonably request with respect to such
         common, collective, or commingled trust fund (other than a trust fund
         established by the Company), and provided


                                     17


<PAGE>   23

         further that the Trustee shall maintain separate records with respect
         to each other trust of the Trust Fund;

                 (e)      to vote stock and other voting securities personally
         or by proxy (and to delegate the Trustee's powers and discretion with
         respect to such stock or other voting securities to such proxy), to
         exercise subscription, conversion and other rights and options (and
         make payments from the Trust Fund in connection therewith), to take
         any action and to abstain from taking any action with respect to any
         reorganization, consolidation, merger, dissolution, recapitalization,
         refinancing and any other plan or change affecting any property
         constituting a part of the Trust Fund (and in connection therewith to
         delegate the Trustee's discretionary powers and pay assessments,
         subscriptions and other charges from the Trust Fund), to hold or
         register any property from time to time in the Trustee's name or in
         the name of a nominee or to hold it unregistered or in such form that
         title shall pass by delivery; and to borrow from anyone, including
         itself (to the extent permitted by law), such amounts from time to
         time as the Trustee considers desirable to carry out this Trust (and
         to mortgage or pledge all or part of the Trust Fund as security); to
         participate in any plan or reorganization, consolidation, merger,
         combination, liquidation, or other similar plan relating to any such
         property, and to consent to or oppose any such plan or any action
         thereunder, or any contract, lease, mortgage, purchase, sale, or other
         action by any corporation or other entity any of the securities of
         which may at any time be held in the Trust Fund, and to do any act
         with reference thereto;

                 (f)      to retain in cash such amounts as the Trustee
         considers advisable and as are permitted by applicable law, and to
         deposit any cash so retained in any depository (including any bank
         acting as Trustee) which the Trustee may select, provided such
         depository must have total capital and surplus of at least Fifty
         Million Dollars ($50,000,000);

                 (g)      when directed by the Company, and subject to Section
         4.4(g), to apply for, pay premiums on, and maintain in force
         individual, ordinary or universal life insurance policies on the lives
         of Participants, which policies may contain provisions which the
         Company may approve or direct; to receive or acquire such policy or
         policies from the Company, but the Trustee may purchase a life
         insurance policy from a person other than the insurer which issues a
         policy only if the Trustee pays, transfers, or otherwise exchanges an

                                     18
<PAGE>   24

         amount no more than the cash surrender value of the policy or
         policies, and the policy or policies is (are) not subject to a
         mortgage or similar lien which the Trustee would be required to
         assume; to have with respect to such policy or policies any rights,
         powers, options, privileges, and benefits usually comprised in the
         term "incidents of ownership", and normally vested in an owner of such
         policy or policies to be exercised only pursuant to Company direction;

                 (h)      to retain any property at any time received by it;

                 (i)      to sell, to exchange, to convey, to transfer, or to
         dispose of, and to grant options for the purchase or exchange with
         respect to it, any property at any time held by it, by public or
         private sale, for cash or on credit, or partly for cash and partly for
         credit;

                 (j)      to deposit any such property with any protective,
         reorganization, or similar committee; to delegate discretionary power
         to any such committee; and to pay part of the expenses and
         compensation of any such committee and any assessments levied with
         respect to any property so deposited;

                 (k)      to exercise any conversion privilege or subscription
         right available in connection with any such property, and to do any
         act with reference thereto, including the exercise of options, the
         making of agreements or subscription, and the payment of expenses,
         assessment or subscription, which may be deemed necessary or advisable
         in connection therewith, and to hold and retain any securities or
         other property which it may so acquire;

                 (l)      to extend the time of payment of any obligation held
         in the Trust Fund;

                 (m)      to enter into standby agreements for future
         investment, either with or without a standby fee;

                 (n)      to acquire, renew, or extend, or participate in the
         renewal or extension of any mortgage, and to agree to a reduction in
         the rate of interest on any indebtedness or mortgage or to any other
         modification or change in the terms of any indebtedness or mortgage,
         or of any guarantee pertaining thereto, in any manner and to any
         extent that may be deemed advisable for the


                                     19

<PAGE>   25

         protection of the Trust Fund or the preservation of any covenant or
         condition of any indebtedness or mortgage or in the performance of any
         guarantee, or to enforce any default in such manner and to such extent
         as may be deemed advisable; and to exercise and enforce any and all
         rights of foreclosure, to bid on any property in foreclosure, to take
         a deed in lieu of foreclosure with or without paying a consideration
         therefor, and in connection therewith to release the obligation on the
         bond secured by such mortgage; and to exercise and enforce in any
         action, suit or proceeding at law or in equity any rights or remedies
         in respect of any such indebtedness or mortgage or guarantee;

                 (o)      to make, execute, and deliver, as Trustee, any and
         all deeds, leases, notes, bonds, guarantees, mortgage, conveyance,
         contracts, waivers, releases, or other instruments in writing
         necessary or proper for the accomplishment of any of the foregoing
         powers;

                 (p)      to organize under the laws of any state one or more
         corporations, partnerships, or trusts for the purpose of acquiring and
         holding title to any property that it is authorized to acquire under
         this Trust, and to exercise with respect thereto any or all of the
         powers set forth in this Trust;

                 (q)      notwithstanding any powers granted to the Trustee
         pursuant to this Trust Agreement or to applicable law, the Trustee
         shall not have any power that could give this Trust the objective of
         carrying on a business and dividing the gains therefrom, within the
         meaning of Section 301.7701-2 of the Procedure and Administrative
         Regulations promulgated under the IRC; and

                 (r)      generally to do all acts, whether or not expressly
         authorized, that the Trustee deems necessary or desirable for the
         protection of the Trust Fund, and to carry out the purposes of the
         Trust.

         5.3     Investment Managers. The Company may appoint one or more
Investment Managers to direct the investment of any part or all of the assets
of the Trust Fund by the Trustee. Appointment of an Investment Manager shall be
made by written notice to the Investment Manager(s) and to the Trustee, which
notice shall specify those powers, rights, and duties of the Trustee under this
Trust that are allocated to the Investment Manager(s) and the portion of the
assets of the Trust Fund subject to the Investment Manager(s). After it
receives written notice of such appointment, the Trustee shall have no
obligation or responsibility for those

                                     20

<PAGE>   26

investment duties which are allocated to an Investment Manager. An Investment
Manager so appointed pursuant to this paragraph shall be either a registered
investment adviser under the Investment Advisers Act of 1940, a bank, as
defined in said Act, or an insurance company qualified to manage, acquire and
dispose of the assets of the Plans under the laws of more than one state of the
United States. Any such Investment Manager shall acknowledge to the Company in
writing that is accepts such appointment. The Trustee shall not be liable for
any loss or diminution of any assets managed by an Investment Manager,
including without limitation, any loss or diminution caused by any action or
inaction taken or omitted by it at the direction of an Investment Manager. In
addition, the Trustee shall not be liable for the diversification of any assets
managed by Investment Managers of the Company, each of which shall be solely
the responsibility of the Company. An Investment Manager may resign at any time
upon written notice to the Trustee and the Company. The Company may remove an
Investment Manager at any time by written notice to the Investment Manager and
the Trustee.

         The Company may by written notice to the Trustee assume investment
responsibility for any portion or all of the Trust assets. The Trustee shall
have no responsibility for any investments or review of such investments and
shall act with respect to such assets only as directed by the Company.

         5.4     Reserved.

         5.5     Single Fund. All assets of the Trust Fund and of each
investment fund, and the income thereon, shall be held and invested as a single
fund, and the Trustee shall not make any separate investment of the Trust Fund,
or make any separate investment fund, for the account of any Participant or
other General Creditors prior to receipt of directions to make payments to such
Participant or other General Creditors in accordance with Article VI or Article
VII. All rights associated with assets of the Trust shall be exercised by
Trustee or the person designated by Trustee, and shall in no event be
exercisable by or rest with Participants.

VI.      PAYMENTS FROM THE TRUST

         6.1     Obligation of Trustee to Make Payments to Participants. The
Trustee's obligation to distribute to any Participant out of the assets of the
Trust Fund shall be limited to payment at such times and in such amounts as are
properly in conformance with the provisions of Section 6.3. Payments to
Participants pursuant


                                     21
<PAGE>   27

to this Article VI shall be made by the Trustee to the extent that funds in the
Trust Fund are sufficient for such purpose, and shall at all times be subject 
to the provisions of Article VII. In the event the Company determines that it
will pay benefits directly to Participants as they become due under the terms
of the Plan, the Company shall notify Trustee of its decision prior to the
time amounts are payable to Participants.

         6.2     Obligation of the Company to Make Payments to Participants.
Notwithstanding anything in the Trust to the contrary, the Company shall remain
primarily liable to pay benefits under the Plan. Distributions to Participants
from the Trust Fund shall discharge, reduce, and offset the Company's
obligation to pay benefits to or on behalf of the Participant, to the extent of
the distributions, with respect to the Plan. If the Company's obligation to pay
a benefit under the Plan is not fully discharged, reduced, and offset by a
distribution from the Trust, then the Company shall make the balance of each
such benefit payment as it becomes due.

         6.3     Distributions to Participants. Distributions which shall be
made from the Trust Fund to pay benefits in accordance with the Plan shall be
initiated by:

                 (a)      written direction to the Trustee from the Plan
         Administrator, which direction shall certify that such distribution(s)
         is(are) in accordance with the Plan, and specify the timing, form,
         payee, and amount of such benefit payments, including any federal,
         state, or local income taxes to be withheld, and the Trustee shall
         make or commence the directed distributions after receipt of such
         written direction; or

                 (b)      by the submission to the Trustee by a Participant of
         a certified copy of the non-appealable order of an appropriate forum
         with jurisdiction to settle a claim for payment(s) under the Plan.

         6.4     Reserved.

         6.5     Insufficient Trust Fund Assets. If at any time the Trustee
determines or is advised that the Trust Fund does not have sufficient assets to
permit the Trustee to make a payment properly directed pursuant to this Trust,
including a payment provided for under Section 10.7 of this Trust, the Trustee
shall pay any benefits due (if otherwise payable hereunder) to Participants on
a pro rata basis as directed by the Plan Administrator, and the Company shall
make the balance of such payments


                                     22

<PAGE>   28

as they become due. If the Plan Administrator determines that the Trust Fund
does not have sufficient funds to provide for the payment of all amounts
otherwise payable to Participants (or their Beneficiary(ies)) from the Trust
under the Plans, it shall notify the Company and the Trustee of the amount of
the deficiency, and, within forty-five (45) days of such notice, the Company
deposit in trust with the Trustee the additional amounts needed to make such
payments. Upon receipt of such amount by the Trustee from the Company, proceeds
shall first be used by the Trustee to pay any benefits previously due remaining
unpaid, in the order in which they were due, pursuant to Plan Administrator
instructions.

         6.6     Payment of Excess Assets to Company. Subject to Article VII,
and except as otherwise provided in this Section and Section 6.8 hereof, the
Company shall have no right or power to direct the Trustee to return to the
Company or to divert to others any of the Trust Fund before payment of all
benefits due or to become due have been made to Participants (or their
Beneficiary(ies)) pursuant to the terms of the Plan. If, as of a Valuation
Date, and based on the fair market value of the Trust Fund as determined by the
Trustee in accordance with Section 4.3 hereof, the Trust Fund holds Excess
Assets, then in the event the Trustee has received within ninety (90) days
after the most recent Valuation Date a written request executed by the Company,
the Trustee shall transfer to the Company, within thirty (30) days after the
receipt of the request, and provided that a Potential Change of Control Period
does not exist on the date of the transfer, such assets of the Trust Fund
selected by the Company which have a fair market value equal to the amount of
such Excess Assets, after converting such assets to cash if requested by the
Company. Any payment of Excess Assets to the Company under this Section shall
not discharge or release the Company of its obligation to make any contribution
required under Article III (including the requirement of a Company contribution
to the Trust upon the occurrence of a Potential Change of Control or a Change
of Control), and its obligation to pay benefits to Participants under the Plan.
Any payment of Excess Assets in accordance with this Section shall be subject
to the provisions of Article VII.

         6.7     Company to Pay Withholding and Employment Taxes. Any amount
paid to a Participant by the Trustee in accordance with this Article VI shall
be reduced by the amount of taxes required to be withheld pursuant to Plan
Administrator instructions, and the Trustee shall inform the Company of all
amounts so withheld. The Company shall direct that the Trustee shall either

                                     23

<PAGE>   29


                 (a)      pay to the Company a sum equal to the amount of such
         taxes as are required to be withheld, whereupon the Company shall have
         full responsibility for the payment of all withholding taxes to the
         appropriate taxing authorities, or

                 (b)      pay such taxes directly to the appropriate taxing
         authorities for the benefit of the Company.

The Company shall be solely responsible for the payment of any employment taxes
for which it is directly liable as a result of payments by the Trustee. The
Company shall furnish each Participant with the appropriate tax information
form evidencing payments under the Trust and the amount(s) thereof.

         6.8     Payment in Reversion to Company. Subject to Article VII, upon
receipt of written certification from the Company that all obligations of the
Company to Participants with respect to the Plan have been satisfied, and if
the Trust Fund shall have any assets remaining, the Trustee shall distribute
such remaining assets of the Trust Fund to the Company, after converting such
assets to cash if requested by the Company, subject to the Trustee's right to
retain such reasonable amount for compensation and expenses as provided in
Section 10.7. The Trust shall thereafter terminate as provided in Section 9.2.

         6.9     Reserved.

VII.     PAYMENTS ON INSOLVENCY OF THE COMPANY

         7.1     No Security Interest. No Participant shall have any claim on
or beneficial ownership interest in the Trust Fund before such assets are paid
to the Participant, except as an unsecured creditor of the Company. The Company
shall not create a security interest in the Trust Fund in favor of any
Participant or any General Creditor. At all times during the continuance of
this Trust, as provided in this Article VII hereof, the principal and income of
the Trust Fund shall be subject to the claims of General Creditors under
federal and state law. If at any time the Trustee has received notice as
provided below that Company is Insolvent, Trustee shall discontinue payments to
Participants, and shall hold assets of the Trust Fund for the benefit of the
Company's General Creditors, pursuant to the provisions of Section 7.3, with no
preference whatsoever given claims of employees or Participants over claims of
other unsecured creditors of the Company.

                                     24

<PAGE>   30


         7.2     Determination of Insolvency. Notwithstanding any other
provisions of this Trust, the following provisions shall apply:

                 (a)      The Board of Directors and the Chief Executive
         Officer of the Company shall have the fiduciary duty and
         responsibility on behalf of General Creditors to notify the Trustee
         promptly in writing in the event the Company is Insolvent, and the
         Trustee shall have the right to rely thereon to the exclusion of all
         directions or claims for payment made thereafter by Participants.

                 (b)      If the Trustee has actual knowledge that the Company
         is Insolvent, the Trustee shall act in accordance with Section 7.3
         hereof.

                 (c)      Unless the Trustee receives written notice from the
         Board of Directors or the Chief Executive Officer of the Company that
         the Company is Insolvent, or from a person claiming to be a General
         Creditor and claiming that the Company is Insolvent, the Trustee shall
         have no duty to inquire whether the Company is Insolvent. If the
         Trustee receives a written allegation from a person claiming to be a
         General Creditor that the Company is Insolvent, the Trustee's only
         duty of inquiry shall be to request that the Company's independent
         public accountants determine whether the Company is Insolvent, and
         shall suspend benefit payments pending such determination. If the
         Company's independent public accountants advise the Trustee that the
         Company is not Insolvent, it shall resume payments in accordance with
         this Trust. If the Trustee receives notice of the Company's Insolvency
         pursuant to this Section 7.2(c), it shall act in accordance with this
         Section and Section 7.3 hereof.

         7.3     Payments When Company Is Insolvent. Notwithstanding any other
provision of this Trust to the contrary, if the Trustee has actual knowledge as
described in 7.2(b), has been advised pursuant to 7.2(c) or receives actual
notice described in Section 7.2(a) that the Company is Insolvent

                 (a)      by reason of Section 1.11(b), the Trustee shall
         suspend payments to Participants and shall notify Participants of the
         suspension, and shall hold the Trust Fund for the benefit of the
         General Creditors, and shall pay and deliver the entire amount of the
         Trust Fund only as a court competent


                                     25
<PAGE>   31

         jurisdiction, or duly appointed receiver or other person authorized to
         act by such court, may order or direct to make the Trust Fund
         available to satisfy the claims of the General Creditors (payments to
         Participants in accordance with the terms of the Plan may be resumed
         only pursuant to Section 7.4 hereof); or

                 (b)      by reason of Section 1.11(a), the Trustee shall
         suspend payments to Participants and shall notify Participants of the
         suspension, and shall (i) hold the Trust Fund for the benefit of
         General Creditors or (ii)_pay over all or a portion of the Trust Fund
         to General Creditors if directed by the Company or an appropriate
         judicial forum.

Nothing in this Trust Agreement shall in any way diminish any rights of
Participants to pursue their rights as unsecured creditors of Company with
respect to benefits under the Plan, or otherwise.

         7.4     Resumption of Duties after Insolvency. In the absence of
notice of a Court order to the contrary, the Trustee shall resume all of its
duties and responsibilities under the Trust, including payments to Participants
if otherwise provided for herein, within thirty (30) days of the Trustee's
receipt of a determination from the Company's independent public accounting
firm notice pursuant to Section 7.2(c) that the Company is no longer Insolvent.

                 (a)      Trust Recovery of Payments to Creditors. In the event
         that amounts are paid from the Trust Fund to General Creditors of the
         Company, then as soon as practicable after the Company is no longer
         Insolvent, the Company shall deposit into the Trust Fund a sum to
         equal to the Funding Amount, determined as of the date the Company is
         no longer Insolvent, which date shall be a Valuation Date.  The
         Company (or, after a Change of Control, the Company's independent
         public accountants) shall provide the Trustee with written
         certification of such Funding Amount. If the Funding Amount is not
         paid by the Company within ninety (90) days of the Trustee's receipt
         of such notice, the Trustee shall demand payment and the provisions of
         Section 3.5 shall apply.

                 (b)      Determination of Payment Amount; Resumption of
         Payments. Provided that there are sufficient assets of the Trust Fund,
         if Trustee discontinues the payment of benefits from the Trust
         pursuant to Section 7.3 and subsequently resumes such payments, the
         first payment following such

                                     26



<PAGE>   32

         discontinuance shall include the aggregate amount of all payments due
         to Participants under the terms of the Plan for the period of such
         discontinuance, as determined by the Plan Administrator, less the
         aggregate amount of any payments made to Participants by the Company
         in lieu of the payments provided for hereunder during any such period
         of discontinuance. If the Trustee suspends a payment to a Participant
         under this Section, and subsequently makes such payment, the payment
         shall include interest at the rate of interest per annum equal to the
         prime rate as published by NBD Bank for each day from the date of
         suspension to the date of payment, as calculated by the Plan
         Administrator.

         7.5     Reserved.

VIII.    RESIGNATION OR REMOVAL OF TRUSTEE

         8.1     Resignation or Removal of Trustee. The Trustee may resign for
any reason or for no reason and at any time by giving thirty (30) days prior
written notice to the Company (or such shorter notice as may be agreed to by
the Company and the Trustee). Subject to Section 8.2(b) hereof, the Company may
remove the Trustee, for any reason and with or without cause, by giving thirty
(30) days prior written notice to the Trustee (or such shorter notice as may be
agreed to by the Company and the Trustee).

         8.2     Successor Trustee. In the event of the resignation or removal
of a Trustee, a successor Trustee shall be appointed. Any successor Trustee
appointed pursuant to this Section must be a corporation which is not an
affiliate of the Company and which is authorized under the laws of the United
States or of any state to administer trusts and has at the time of its
appointment total capital and surplus of at least Fifty Million Dollars
($50,000,000). The Company shall give notice of any such appointment to the
retiring Trustee and the successor Trustee. A successor Trustee shall be
appointed in accordance with the following provisions:

                 (a)      At any time prior to a Change of Control, a successor
         Trustee shall be appointed by the Company. If a Trustee should resign
         or be removed, and the Company does not notify the Trustee of the
         appointment of a successor Trustee within forty-five (45) days of its
         notice of its resignation or removal, then the Company shall be deemed
         to have failed to have appointed

                                     27

<PAGE>   33

         a successor Trustee, and the Trustee shall apply to a court of
         competent jurisdiction for appointment of a successor Trustee.

                 (b)      After the occurrence of a Change of Control, the
         Trustee who is the Trustee on the date of the Change of Control may be
         removed by the Company for three (3) years from the date of the Change
         of Control. If a Trustee resigns or is removed at any time after the
         date of a Change of Control, the Trustee shall apply to a court of
         competent jurisdiction for appointment of a successor Trustee.

Notwithstanding Section 8.1, no resignation by or removal of the Trustee shall
be effective prior to the effective date of the appointment of a successor
Trustee by the Company or a court of competent jurisdiction.

         8.3     Duties of Retiring and Successor Trustees. In the event of the
resignation or removal of a Trustee, the retiring Trustee shall within thirty
(30) days after the effective date of resignation or removal furnish to the
successor Trustee and the Company a final accounting of its administration of
the Trust. A successor Trustee shall succeed to the right and title of the
predecessor Trustee in the assets of the Trust Fund and the retiring Trustee
shall deliver the property comprising the assets of the Trust Fund (less any
unpaid fees and expenses of the retiring trustee) to the successor Trustee,
together with any instruments of transfer, conveyance, assignment, and further
assurance as the successor Trustee may reasonably require. All of the
provisions of the Trust set forth herein with respect to the Trustee shall
relate to each successor Trustee with the same force and effect as if such
successor Trustee had been originally named as the Trustee hereunder. To the
extent permitted by law, neither the Trustee nor the successor Trustee shall be
liable for any act or failure to act, and shall not be required to examine the
accounts, records, or acts of the other.

         8.4     Reserved.

IX.      AMENDMENT AND TERMINATION OF TRUST

         9.1     Amendment. Except as otherwise provided in Section 2.3 of this
Trust, the Trust may be amended (but may not be not revoked unless all of the
Company's obligations with respect to the Plan have been satisfied) in writing
from time to time by delivery to the Trustee of such amendment executed by the
Company, which


                                     28

<PAGE>   34

amendment shall include the effective date of such amendment. Any amendment of
the Trust may be made:

                 (a)      prior to a Change of Control, without limitation and
         in any manner and effective as of any date, including a retroactive
         effective date, if accompanied by the written certification that no
         Change of Control has occurred;

                 (b)      after a Change of Control, only if a period of three
         (3) years has elapsed since the Change of Control, and either:

                          (1)     such amendment is accompanied by the specific
                 written consent to the amendment by Participants whose
                 actuarial interests under the Plan, computed by the Company's
                 independent public accountants as of the effective date of
                 such amendment, represent at least 51% of the total of all
                 actuarial interests under the Plan; or

                          (2)     such amendment is accompanied by the opinion
                 of legal counsel satisfactory to the Trustee that the
                 amendment is necessary for the purpose of conforming the Trust
                 to any present or future federal or state law (including
                 revenue laws) relating to trusts of this or similar nature, as
                 such laws may be amended from time to time, and a
                 certification that a copy of such notice and opinion of
                 counsel has been delivered to each Participant.

No amendment shall conflict with the terms of the Plan subject to amendment,
and no amendment may reduce the "Funding Amount" or the contribution
requirements of Article III to less than 50% of the actual benefit obligation
on the books of the Company; provided such amendment shall be effective prior
to a Potential Change of Control or a Change of Control. No amendment shall
operate to change the duties and liabilities of the Trustee without its
consent, or make the Trust revocable after it has become irrevocable in
accordance with Section 2.3 hereof unless the Company has satisfied all
obligations it may have with respect to the Plan as of the date of such
amendment. The Company and the Trustee shall execute such amendments of the
Trust as shall be necessary to give effect to any amendment made in accordance
with this Section.


                                     29
<PAGE>   35


         9.2     Termination. After all assets of the Trust Fund have been
distributed by the Trustee to the Participants or their Beneficiaries in
accordance with Article VI, the Trustee shall render an accounting, which shall
be the final accounting, in the manner provided for in Section 4.3. Upon
acceptance of the accounting by the Company, any assets remaining in the Trust
Fund, after deduction of such reasonable amount for compensation and expenses
as provided for in Section 10.7, shall be returned to the Company in the manner
provided in Section 6.8, and the Trust shall terminate thereupon. The Trust and
all the rights, titles, powers, duties, discretions and immunities imposed on
or reserved to the Trustee and the Company, shall continue in effect until all
assets of the Trust Fund have been distributed as provided herein.

         9.3     Reserved.

X.       GENERAL PROVISIONS

         10.1    Coordination with Plan. The responsibilities of the Trustee
shall be governed solely by the terms of this Trust Agreement.

         10.2    Litigation. In any action or proceeding regarding the Trust,
the Company, any assets of the Trust Fund, or the administration of the Trust,
any creditors who are not parties to such action or proceedings and any other
persons having or claiming to have a beneficial interest in the Trust shall not
be necessary parties and shall not be entitled to any notice of process. Any
final judgment which is not appealed or appealable and which may be entered in
any such action or proceeding shall be binding and conclusive on the parties
hereto and all persons having or claiming to have a beneficial interest in the
Trust. Acceptance by a creditor of assets of the Trust Fund shall constitute a
release of an equal amount of any obligations of the Company to such creditor.

         10.3    Trustee's Action Conclusive. The Trustee's exercise or
non-exercise of its powers and discretion in good faith shall be conclusive on
all persons. No one other than the Company shall be obliged to see to the
application of any money paid or property delivered to the Trustee. The
certificate of the Trustee that it is acting according to this Trust will fully
protect all persons dealing with the Trustee.

         10.4    No Guarantee or Responsibility. Notwithstanding any other
provision of this Trust to the contrary, the Trustee does not guarantee payment
of any amount


                                     30
<PAGE>   36

which may become due and payable to a Participant. The Trustee shall have no
responsibility for the disclosure to Participants regarding the terms of the
Plan or of this Trust, or for the validity thereof. The Trustee shall not be
responsible for administrative functions under the Plan and shall have only
such responsibilities under this Trust Agreement as specifically set forth
herein. The Trustee will be under no liability or obligation to anyone with
respect to any failure on the part of the Company, the Plan Administrator, the
Company's independent public accounting firm, an Investment Manager, or a
Participant to perform any of their respective obligations under the Plan or
this Trust.  The Trustee shall be fully protected in relying upon any notice or
direction provided to it from any party in connection with the Trustee's duties
hereunder which the Trustee in good faith believes to be genuine, and executed
and delivered in accordance with this Trust. Nothing in this Trust shall be
construed as requiring the Trustee to make any payment in excess of the amounts
held in the Trust Fund at the time of such payment or otherwise to risk or
expend its own funds.

         10.5    Liabilities Mutually Exclusive. Each of the Trustee and the
Company shall be responsible only for its own acts or omissions.

         10.6    Indemnification. The Company agrees to indemnify to the extent
permitted by law the Trustee and hold it harmless against Trustee's costs,
expenses and liabilities (including, without limitation, attorneys' fees and
expenses) arising out of or in connection with the performance of the Trustee's
duties arising hereunder (but excluding costs arising as a result of the
Trustee's bad faith or gross negligence in the performance of its
responsibilities hereunder), and to be primarily liable for such payments. If
the Company does not pay such costs, expenses and liabilities in a reasonably
timely manner, Trustee may obtain payment from the Trust. This Section shall
survive the termination of the Trust.

         10.7    Expenses and Compensation. The Trustee shall be paid
compensation by the Company in an amount agreed to by the Company and the
Trustee. The Trustee shall be reimbursed by the Company for reasonable expenses
incurred by it in the management and administration of this Trust Agreement,
including the reasonable compensation of the Trustee's counsel and other
agents; and if the Trustee is not timely reimbursed with respect to amounts due
pursuant to this Section 10.7 (or in the case of expenses to be incurred
pursuant to Section 3.5 hereof), the Trustee may charge such amounts against
the Trust Fund. Any compensation or expenses so agreed upon or otherwise
payable not paid by the


                                     31


<PAGE>   37




Company on a timely basis may be charged to the Trust Fund no more frequently
than quarter-annually upon notice to the Company.

         10.8    Reserved.

         10.9    Notice. Any notice to the Trustee or to the Company required
or permitted under this Trust shall be duly and properly given and delivered if
sent by certified United States mail, return receipt requested, to the Trustee
at:

                                             The Northern Trust Company
                                             Attn: Trust Department
                                             Fifty South LaSalle Street
                                             Chicago, Illinois 60675

and to the Company at:

                                             DTE Energy Company
                                             Attn: Vice President and Treasurer
                                             2000 Second Street
                                             Detroit, Michigan 48226

or to such other address as the Trustee or the Company may specify by written
notice to the other.

         10.10       Antiassignment Clause. Benefits payable to Participants
and their Beneficiaries under this Trust Agreement may not be anticipated,
assigned (either at law or in equity), alienated, pledged, encumbered or
subjected to attachment, garnishment, levy, execution or other legal or
equitable process.

         10.11       True and Correct Document. Any persons dealing with the
Trustee may rely upon a copy of this Trust and any amendments thereto certified
to be true and correct by the Trustee.

         10.12       Waiver of Notice. Any notice required under this Trust may
be waived by the person entitled to such notice.

                                     32

<PAGE>   38


         10.13       Counterparts. This Trust may be executed in two or more
counterparts, any one of which will be an original without reference to the
others.

         10.14       Gender and Number. Words denoting the masculine gender
shall include the feminine and neuter genders and the singular shall include
the plural and the plural shall include the singular wherever required by the
context.

         10.15       Successors. This Trust shall be binding on all persons
entitled to payments hereunder and their respective heirs and legal
representatives, and on the Company, the Trustee, and their respective
successors.

         10.16       Severability. If any provision of this Trust is held to be
illegal or invalid, such illegality or invalidity shall not affect the
remaining provisions of this Trust, which shall be construed and enforced as if
such illegal or invalid provisions had never been inserted herein.

         10.17       Applicable Law. The Trust shall be governed by and
construed in accordance with the laws of the State of Michigan with respect to
the Company's obligations and in accordance with the laws of the State of
Illinois with respect to the Trustee's obligations and Trust Administration.

         IN WITNESS WHEREOF, the Company and the Trustee have caused this trust
agreement to be signed by their duly authorized representatives, and have
caused their respective seals to be hereunto affixed, as of the Effective Date.

                                                   DTE ENERGY COMPANY

                                                   By L.L. Loomans
                                                     ------------------------   
                                                   Its
                                                      -----------------------   


                                                   THE NORTHERN TRUST COMPANY
                                                   as Trustee

                                                   By
                                                     ------------------------   
                                                   Its
                                                      -----------------------   


                                     33
<PAGE>   39



                                   EXHIBIT A

                               DTE ENERGY COMPANY
                           IRREVOCABLE GRANTOR TRUST
  FOR THE DTE ENERGY COMPANY PLAN FOR DEFERRING THE PAYMENT OF DIRECTORS' FEES


The Company has established an Irrevocable Grantor Trust to pay benefits under
the DTE Energy Company Plan for Deferring the Payment of Directors' Fees. A
copy of such Plan, including any amendment(s), is attached hereto.





<PAGE>   40


                                   EXHIBIT B

                               DTE ENERGY COMPANY
                           IRREVOCABLE GRANTOR TRUST
                                    FOR THE    
                               DTE ENERGY COMPAny
                       PLAN FOR DEFERRING THE Payment of
                                DIRECTORS' FEES
                     PARTICIPANTS (as defined in the Trust)

                             as of January 1, 1996



      Name           [Date of Birth]
---------------       -------------