Document:

EX-10.36

Exhibit 10.36

TRUST AGREEMENT

     This Trust Agreement (“Trust Agreement”) made this 3rd day of November, 1988 by and between
AMERITRUST CORPORATION, a Delaware corporation (“Ameritrust”) and WACHOVIA BANK AND TRUST COMPANY,
N.A, a national banking association (the “Trustee”);

WITNESSETH:

     WHEREAS, in addition to benefits payable under the Ameritrust Retirement Income Plan and the
Ameritrust Indiana Retirement Income Plan, as the same have been or may hereafter be supplemented,
amended or restated or any successor thereto (the “Retirement Plans”), and under the Ameritrust
Corporation Employees’ Savings and Investment Plan, and the Ameritrust Indiana Corporation
Employees’ Profit Sharing and Savings Plan, as the same has been or may hereafter be supplemented,
amended or restated or any successor thereto (the “Savings Plans”), to certain employees and former
employees listed on Exhibit A-1 hereto or to the beneficiaries of such employees, as the case may
be, the employees and their beneficiaries are entitled to certain other benefits under (1) the
Ameritrust Corporation Deferred Compensation Plan, which plan became effective on August 1, 1988, as the same has been or may hereafter be supplemented, amended or
restated or any successor thereto (the “Deferred Compensation Plan”), (2) the Ameritrust
Corporation Excess Benefits Plan, which plan became effective on June 17, 1988, as the same has
been or may hereafter be supplemented, amended or restated or any successor thereto (the “Excess
Plan”), (3) any unpaid second installment of an Award payment under the Ameritrust Corporation
Long-Term Cash Incentive Plan, which plan became effective on September 1, 1988, as the same may
hereafter be supplemented, amended or restated or any successor thereto (the “Long Term Plan”), and
(4) the post-retirement benefits payable under the Executive
Life Insurance Program (the “Life Program”) which Deferred Compensation Plan, Excess Plan, Long Term
Plan and Life Program are sometimes referred to herein as the “Plans;”

     WHEREAS, each of certain employees listed on Exhibit A-2 hereto has entered into an employment
agreement with Ameritrust or one of its Participating Subsidiaries (as hereinafter defined) (the
agreements are referred to herein singularly as an “Agreement” or collectively as the
“Agreements”);

     WHEREAS, the Plans and the Agreements provide for certain employment, severance, retirement
income, deferred income, death, disability and survivor and/or other benefits, and Ameritrust and
its Participating Subsidiaries wish specifically to assure the payment to the individuals listed on
Exhibits A-1 and A-2 (the “Executives”) and their beneficiaries (the Executives and their
respective beneficiaries are referred to collectively as the “Trust
Beneficiaries”) of amounts due thereunder (the amounts so payable being collectively referred to
herein as the “Benefits”);

     WHEREAS, subject to Section 9 hereof, the amounts and timing of Benefits to which each Trust
Beneficiary is presently or may become entitled are as provided in and determined under the
Agreements and the Plans, and, where appropriate, the retirement Plans or the Savings Plans;

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     WHEREAS, Ameritrust wishes to establish a trust (the “Trust”) under which Ameritrust and each
of its subsidiaries that executes a Participating Subsidiary Deposit Agreement (“Deposit
Agreement”) as provided in Section 13 hereof (a “Participating Subsidiary”; and “Participating
Employer” shall mean Ameritrust or any Participating Subsidiary) may transfer to the Trust assets
which shall be held therein subject to the claims of the creditors of each Participating Employer
to the extent set forth in Section 3 hereof until paid in full to all Trust Beneficiaries as
Benefits in such manner and at such times as specified herein unless the Participating Employer
with respect to a Trust Beneficiary is Insolvent (as defined herein) at the time that such Benefits
become payable;

     WHEREAS, each Participating Subsidiary that executes a Deposit Agreement has irrevocably
appointed Ameritrust its agent and attorney for purposes of acting on its behalf with respect to
this Trust; and

     WHEREAS, a Participating Employer shall be considered “Insolvent” for purposes

     of this Trust Agreement at such time as such Participating Employer (i) is subject to a pending
voluntary or involuntary proceeding as a debtor under the United States Bankruptcy Code, as
heretofore or hereafter amended, or (ii) is unable to pay its debts as they mature or (iii) if a
Participating Employer is a bank, whenever a receiver is appointed by the appropriate regulatory
authority.

     NOW, THEREFORE, the parties do hereby establish the Trust and agree that the Trust shall be
comprised, held and disposed of as follows:

     1. TRUST FUND: (a) Subject to the claims of creditors of Participating Employers to the extent
set forth in Section 3 hereof, Ameritrust hereby deposits with the Trustee in trust $100.00, which
shall become the principal of this Trust, to be held, administered and disposed of by the Trustee
as herein provided.

          (b) The Trust hereby established shall be revocable by Ameritrust at any time prior to the
date on which occurs a “Change of Control,” as that term is defined in this Section l(b); on or
after such date, this Trust shall be irrevocable. In the event that a Change of Control has
occurred, Ameritrust shall, and an Executive may, so notify the Trustee promptly. The Trustee may
rely on such notice or on any other actual notice, satisfactory to the Trustee, of such a Change of
Control which the Trustee may receive. The Trustee shall have no obligation to make an independent
determination as to the occurrence of a Change of Control.

               (i) As used herein, the term “Change of Control” shall
mean:

     (A) the acquisition or ownership of 20% or more of the voting stock of
Ameritrust by any person (as the term “person” is used in Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)),
other than Ameritrust or its subsidiaries of a tender offer or offer to purchase,
market or privately negotiated purchases or any other event or circumstance, as
disclosed or required to be disclosed in a report or an amendment

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to a report on Schedule 13D, Schedule 14D-1 or Form 8-X (or any successor
schedule, form or report under the Exchange Act);

     (B) the merger or consolidation of Ameritrust with another corporation, the
sale of all or substantially all of Ameritrust’s assets to another entity, or any
other fundamental change with respect to Ameritrust (which agreement, sale or change
is subject in any event to shareholder approval) to the extent that, as a result of
such merger or consolidation, sale, or change, either (A) less than 80% of the
outstanding voting securities of the surviving or resulting corporation will be
owned in the aggregate by the persons who were the shareholders of Ameritrust
immediately prior to such merger or consolidation, sale, or change, or (B)
Ameritrust will cease to be required, and any such surviving or resulting
corporation will not be required, to file information, documents and reports under
Section 13(e) of the Exchange Act; or

     (C) individuals who, as of the date hereof, constitute the Board of Directors
of Ameritrust (the “Board” generally and as of the date hereof the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board,
provided that any person becoming a director subsequent to the date hereof whose
election, or nomination for election by Ameritrust’s shareholders, was approved by a
vote of at least three-quarters of the directors comprising the Incumbent Board
(other than an election or nomination of an individual whose initial assumption of
office is in connection with an actual or threatened election contest relating to
the election of the Directors of Ameritrust, as such terms are used in Rule 14a-11
of Regulation 15A promulgated under the Exchange Act) shall be, for purposes of this
Plan, considered as though such person were a member of the Incumbent Board.

          (c) The principal of the Trust and any earnings thereon shall be held in trust separate and
apart from other funds of each Participating Employer exclusively for the uses and purposes herein
set forth. No Trust Beneficiary shall have any preferred claim on, or any beneficial ownership
interest in, any assets of the Trust prior to the time that such assets are paid to a Trust
Beneficiary as Benefits as provided herein. Each Trust Beneficiary shall have the status of a
general unsecured creditor with respect to the assets of the Trust. The obligation of the Trustee
to pay Benefits pursuant to the Trust Agreement constitutes merely an unfunded and unsecured
promise to pay such Benefits.

          (d) Ameritrust and any Participating Subsidiary may at any time or from time to time make
additional deposits of cash or other property in the Trust to augment the principal to be held,
administered and disposed of by the Trustee as herein provided, but no payment of all or any
portion of the principal of the Trust or earnings thereon shall be made to any Participating
Employer or any other person or entity on behalf of any Participating Employer except as herein
expressly provided.

          (e) Not later than the date on which the Trust has become irrevocable, Ameritrust shall (i)
specify the amounts and timing of the Benefits to which each Trust Beneficiary may

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become entitled, as provided in and subject to Section 9 hereof, in an exhibit (“Exhibit B”),
and (ii) provide any corresponding revisions to Exhibits A-1 and A-2 that may be required.

          (f) The Trust is intended, with respect to each Participating Employer, to be a grantor trust,
within the meaning of section 671 of the Internal Revenue Code of 1986, as amended (the “Code”), or
any successor provision thereto, and shall be construed accordingly. The Trust is not designed to
qualify under section 401(a) of the Code or to be subject to the provisions of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”).

     2. PAYMENTS TO TRUST BENEFICIARIES: (a) Provided that a Trust Beneficiary’s Participating
Employer is not Insolvent and commencing with the earlier to occur of (i) appropriate notice by
Ameritrust to the Trustee, or (ii) the date on which the Trust becomes irrevocable, the Trustee
shall make payments of Benefits to the Trust Beneficiaries from the assets of the Trust in
accordance with the terms of the Agreements and Plans and subject to Section 9 hereof. The Trustee
shall be permitted to withhold from any payment due to a Trust Beneficiary hereunder the amount
required by law to be so withheld under federal, state and local withholding requirements or
otherwise, and shall pay over to the appropriate government authority the amount so withheld. The
Trustee may rely on instructions from Ameritrust as to any required withholding and shall be fully
protected under Section 8(f) hereof in relying on such instructions.

          (b) If the balance of an Executive’s separate account maintained pursuant to Section 7(b)
hereof is not sufficient to provide for full payment of Benefits to which such Executive’s Trust
Beneficiaries are entitled as provided herein, the Executive’s Participating Employer shall make
the balance of each such payment as provided in the applicable provision of the Agreement or the
Plans. No payment from the Trust assets to a Trust Beneficiary shall exceed the balance of such
separate account.

     3. THE TRUSTEE’S RESPONSIBILITY REGARDING PAYMENTS TO A TRUST BENEFICIARY WHEN A PARTICIPATING
EMPLOYER IS INSOLVENT: (a) At all times during the continuance of this Trust, the principal and
income of the Trust with respect to accounts maintained hereunder on behalf of a Participating
Employer shall be subject to claims of creditors of such Participating Employer as set forth in
this Section 3(a). The Board of Directors (“Board”) of Ameritrust and of each Participating
Subsidiary and the Chief Executive Officer of Ameritrust and of each Participating Subsidiary
(“CEO”) shall have the duty to inform the Trustee if either the Board or the CEO believes that his
or their respective Participating Employer is Insolvent. If the Trustee receives a notice from the
Board, the CEO, or a creditor of a Participating Employer alleging that such Participating Employer
is Insolvent, the Trustee will independently determine within 30 days after receipt of such notice
whether the Participating Employer is Insolvent. Pending such determination or if the Trustee has
actual knowledge that a Participating Employer is Insolvent, the Trustee shall (i) discontinue
payments to any Trust Beneficiary from accounts maintained hereunder on behalf of such
Participating Employer (the “Identified Participating Employer”), (ii) determine and allocate all
Account Excesses in accordance with Sections 4 and 7(b) hereof for the accounts of Executives then
employed by the Identified Participating Employer, or for whom such Identified Participating
Employer has obligations and liabilities or has assumed obligations and liabilities pursuant to a
Deposit

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Agreement, treating such accounts solely for this purpose as if they comprised all of the
accounts of the Trust, and provided that for this purpose the Threshold Percentage shall be equal
to 100%, and (iii) hold the Trust assets attributable to accounts maintained hereunder on behalf of
Executives then employed by the Identified Participating Employer, or for whom such Identified
Participating Employer has obligations and liabilities or has assumed obligations and liabilities
pursuant to a Deposit Agreement, for the benefit of the general creditors of such Identified
Participating Employer. The Trustee shall deliver any undistributed principal and income in the
Trust to the extent of the balances of the accounts maintained hereunder on behalf of the
Identified Participating Employer to the extent necessary to satisfy the claims of the creditors of
such Identified Participating Employer as a court of competent jurisdiction may direct. Such
payments of principal and income shall be borne by the separate accounts of the Trust Beneficiaries
maintained hereunder on behalf of the Identified Participating Employer in proportion to the
balances on the date of such court order of their respective accounts maintained hereunder on
behalf of such Identified Participating Employer and maintained pursuant to Section 7(b) hereof. If
payments to any Trust Beneficiary have been discontinued pursuant to this Section 3(a), the Trustee
shall resume payments to such Trust Beneficiary in accordance with this Trust Agreement if the
Trustee has determined that the Executive’s Participating Employer is not Insolvent, or is no
longer Insolvent (if the Trustee initially determined such Participating Employer to be Insolvent),
or pursuant to the order of a court of competent jurisdiction. The Trustee shall have no duty to
inquire as to whether a Participating Employer is Insolvent and may rely on information concerning
the Insolvency of a Participating Employer which has been furnished to the Trustee by any creditor
of a Participating Employer or by any person (other than an employee or director of Ameritrust or a Subsidiary) acting with apparent
or actual authority with respect to Ameritrust or a Subsidiary. Nothing in this Trust Agreement
shall in any way diminish any rights of any Trust Beneficiary to pursue his rights as a general
creditor of the Executive’s Participating Employer or any other Participating Employer with respect
to Benefits or otherwise, and the rights of each Trust Beneficiary under the respective Agreement
or Plans shall in no way be affected or diminished by any provision of this Trust Agreement or
action taken pursuant to this Trust Agreement except that any payment actually received by any
Trust Beneficiary from the Trust shall reduce dollar-per-dollar amounts otherwise due to such Trust
Beneficiary pursuant to the respective Agreement or Plans.

          (b) If the Trustee discontinues payments of Benefits from the Trust pursuant to Section 3(a)
hereof, and subsequently resumes such payments, the first payment following such discontinuance
shall include the aggregate amount of all payments which would have been made to the Trust
Beneficiaries in accordance with this Trust Agreement during the period of such discontinuance,
less the aggregate amount of payments made to any Trust Beneficiary by the Participating Employer
pursuant to the Agreement or the Plans during any such period of discontinuance, together with
interest on the net amount delayed determined at a rate equal to the rate actually earned during
such period with respect to the assets of the Trust corresponding to such net amount delayed;
provided, however, that no such payment shall exceed the balance of the respective Trust
Beneficiary’s account as provided in Section 7(b) hereof.

     4. PAYMENTS TO PARTICIPATING EMPLOYERS: Except to the extent expressly contemplated by
Section 1(b) and this Section 4, no Participating Employer shall have any right or power to direct
the Trustee to return any of the Trust assets to such Participating

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Employer before all payments of Benefits have been made to all Trust Beneficiaries of such
Participating Employer as herein provided. Upon the written request of a Participating Employer
made prior to the date on which the Trust becomes irrevocable, the Trustee shall return to the
Participating Employer any Trust assets in accounts for Executives then employed by the
Participating Employer, or for whom such Participating Employer has obligations and liabilities or
has assumed obligations and liabilities pursuant to a Deposit Agreement, in excess of One Hundred
Dollars ($100) as may be specified in such request by such Participating Employer. From time to
time, but in no event before the third anniversary of the date on which the Trust has become
irrevocable, if and when requested by Ameritrust to do so, the Trustee shall engage the services of
The Wyatt Company, or such other independent actuary as may be mutually satisfactory to Ameritrust
and to the Trustee, to determine the maximum actuarial present values of the future Benefits that
could become payable by each Participating Employer under the Agreements and the Plans with respect
to the Trust Beneficiaries. The Trustee shall determine the fair market values of the Trust assets
allocated to the account of each Executive pursuant to Section 7(b) hereof. Ameritrust shall pay
the fees of such independent actuary and of any appraiser engaged by the Trustee to value any
property held in the Trust. The independent actuary shall make its calculations based upon the
assumptions set forth in Exhibit C hereto, or such other assumptions as are recommended by such
actuary and approved by Ameritrust and, if the Trust is irrevocable, by two-thirds of the Executive
Participants, as hereafter defined (subject to the provisions of Sections 10(b)(i) and (b)(ii)
hereof). For purposes of this Trust Agreement, (a) “Executive Participants” shall mean the
individuals listed on Exhibit A-2 hereto; (b) the “Fully Funded” amount with respect to the account
of an Executive maintained pursuant to Section 7(b) hereof shall be equal to the “Threshold
Percentage,” as defined below, multiplied by the maximum” actuarial present value of the future
Benefits that could become payable under the Agreement and the Plans with respect to the Trust
Beneficiaries of such Executive, (c) the “Account Excess” with respect to such account shall be
equal to the excess, if any, of the fair market value of the assets held in the Trust allocated to
an Executive’s account over the respective Fully Funded amount, and (d) the “Aggregate Account
Excess” with respect to a Participating Employer shall be equal to the excess, if any, of the
aggregate account balances of Executives then employed by the Participating Employer, or for whom
such Participating Employer has obligations and liabilities or has assumed obligations and
liabilities pursuant to a Deposit Agreement, over their aggregate Fully Funded amounts. Unless
otherwise provided, the Threshold Percentage shall be equal to 125%. The Trustee shall allocate any
Account Excess in accordance with Section 7(b) hereof. Thereafter, upon the request of Ameritrust,
the Trustee shall pay to the Participating Employer its Aggregate Account Excess; provided,
however, that if such payment would leave the Trustee with insufficient liquid assets to pay all
premiums due and to become due on any life insurance policies held in the Trust, the Trustee shall
retain sufficient liquid assets to pay such premiums.

     5. INVESTMENT OF TRUST FUND: Prior to the date on which the Trust becomes irrevocable, the
Trustee shall invest and reinvest the assets of the Trust as Ameritrust or its designee shall
prescribe from time to time. Thereafter, or in the absence of such instructions from Ameritrust,
the Trustee shall have sole power to invest the assets of the Trust; provided, however, that except
as provided in Section 8(j) hereof, the Trustee shall retain any insurance policies in the Trust.
The investment objective of the Trustee shall be to preserve the principal of the Trust while
obtaining a reasonable total rate of return, measurement of which shall include

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market appreciation or depreciation plus receipt of interest and dividends. The Trustee shall
be mindful, in the course of its management of the Trust, of the liquidity demands on the Trust and
any actuarial assumptions that may be communicated to it from time to time in accordance with the
provisions of this Trust Agreement. The Trustee shall not be liable for any failure to maximize
income on such portion of the Trust assets as may be from time to time invested or reinvested as
set forth above, nor for any loss of income due to the liquidation of any investment which the
Trustee, in its sole discretion, believes necessary to make payments or to reimburse expenses under
the terms of this Trust Agreement. The Trustee shall have the right to invest assets of the Trust
as the Trustee may deem proper and suitable in non-interest bearing deposit accounts (including any
such accounts offered or maintained by the Trustee or any successor or affiliated corporation).

     6. INCOME
OF THE TRUST: Except as provided in Section 3 hereof, during the continuance of this Trust all net income (or loss) of the Trust shall be allocated quarterly among
the Trust Beneficiaries’ separate accounts in accordance with Section 7(b) hereof. Net income (or
loss) of the Trust shall be determined by taking into account (i) receipt of interest and
dividends, (ii) any increase or decrease in the value of the Trust assets attributable to market
appreciation or depreciation and (iii) any increase in the cash surrender value of any life
insurance policy held in the Trust other than the portion of such increase attributable to the
payment of the premiums due thereon.

     7. ACCOUNTING BY TRUSTEE: (a) The Trustee shall maintain such books, records and accounts as
may be necessary for the proper administration of the Trust assets, including such specific records
as shall be agreed upon in writing by Ameritrust and the Trustee, and shall render to each
Participating Employer, within 60 days following the close of each calendar year following the date
of this Trust until the termination of this Trust or the removal or resignation of the Trustee (and within 60 days after the date of such termination, removal or
resignation), an accounting with respect to the Trust assets as of the end of the then most recent
calendar year (and as of the date of such termination, removal or resignation as the case may be).
The Trustee shall furnish to each Participating Employer on a monthly basis and in a timely manner
such information regarding the Trust as each Participating Employer shall require for purposes of
preparing its statements of financial condition. The Trustee shall at all times maintain a
separate bookkeeping account for each Participating Employer and for each Executive as prescribed
by Section 7(b) hereof. Upon the written request of an Executive or Ameritrust, the Trustee shall
deliver to such Executive or Ameritrust, as the case may be, a written report setting forth the
amount held in the Trust for such Executive (or each Executive if such request is made by
Ameritrust) and a record of the deposits made with respect thereto by each Participating Employer.
Unless Ameritrust or any Executive shall have filed with the Trustee written exceptions or
objections to any such statement and account within one hundred eighty (180) days after receipt
thereof, Ameritrust or the Executive shall be deemed to have approved such statement and account,
and in such case the Trustee shall be forever released and discharged with respect to all matters
and things reported in such statement and account as though it had been settled by a decree of a
court of competent jurisdiction in an action or proceeding to which
each Participating Employer and the Executive were parties.

          (b) The Trustee shall maintain a separate account (i) for each Participating

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Employer (a “Participating Employer Account”) and (ii) within such Participating Employer Account,
a separate account for each Executive who performs services for such Participating Employer and
from whom such Executive is entitled to Benefits (an “Executive’s account”). Each asset of the
Trust shall be allocated to the account of a Participating Employer. Executive accounts within a
Participating Employer Account shall reflect undivided portions of each asset in such Account. The
Trustee shall credit or debit each Executive’s account as appropriate to reflect such Executive’s
allocable portion of the Trust assets allocated to each Participating Employer Account, as such
Trust assets may be adjusted from time to time pursuant to the terms of this Trust Agreement.
Except as otherwise provided in this Section 7(b), the Trustee shall allocate the income (or loss)
of the Trust with respect to each Participating Employer Account, and within such Account, to the
separate Executive accounts maintained thereunder in proportion to the balances of the separate
accounts of the Executives. All deposits of principal pursuant to Sections 1(a) and 1(d) shall be
allocated and reallocated as directed by the Participating Employer making such deposit until such
time as the Trust has become irrevocable; thereafter, deposits of principal may be allocated, but
not reallocated, by a Participating Employer. The net proceeds of any life insurance policies held
in the Trust in excess of the cash surrender values
thereof shall be treated and allocated as income for purposes of this Section 7(b). Any increase
in the cash surrender value of any such policies attributable solely to the payment by a
Participating Employer of premiums due thereon pursuant to Section 8(j) hereof shall be treated as
a deposit of principal that may be allocated by such Participating Employer for purposes of
this Section 7(b).

     For purposes of this Trust Agreement

     (a) “Accumulated Benefit” for a Trust Beneficiary shall mean the Benefits to which
such Trust Beneficiary may become entitled as of each March 31 with respect to service
by an Executive to such date;

     (b) “Projected Benefit” for a Trust Beneficiary shall mean the Benefits to which
such Trust Beneficiary may become entitled projected as of the date three years after
the date for determination of the Accumulated Benefit with respect to projected service
by an Executive to such date, which Projected Benefit shall include the Accumulated
Benefit;

     (c) the “Projected Benefit Account Excess” with respect to an Executive account
maintained pursuant to this Section 7(b) shall be equal to the excess, if any, of the
fair market value of the assets held in the Trust allocated to such Executive’s account
over the respective Projected Benefit; and

     (d) the “Aggregate Projected Benefit Account Excess” with respect to a
Participating Employer shall be equal to the excess, if any, of the aggregate account
balances of Executives then employed by the Participating Employer, or for whom such
Participating Employer has obligations and liabilities or has assumed obligations and
liabilities pursuant to a Deposit Agreement, over their aggregate Projected Benefits.

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If any deposit of principal is not allocated by the Participating Employer such amount shall be
allocated by the Trustee as if it were a Projected Benefit Account Excess with respect to
Executives then employed by such Participating Employer, or for whom such Participating Employer
has obligations and liabilities or has assumed obligations and liabilities pursuant to a Deposit
Agreement, in accordance with this Section 7(b). The Trustee shall determine annually the amount
of all Projected Benefit Account Excesses. The Trustee shall allocate the Aggregate Projected
Benefit Account Excess of a Participating Employer to any accounts of Executives then employed by
such Participating Employer, or for whom such Participating Employer has obligations and
liabilities or has assumed obligations and liabilities pursuant to a Deposit Agreement, that do not
have a Projected Benefit Account Excess, in proportion to the differences between the respective
Projected Benefit amount and account balance, insofar as possible until all accounts are not less
than the Projected Benefit for such Executive. Any then remaining Aggregate Projected Benefit
Account Excess of a Participating Employer allocated to all the accounts of Executives then
employed by such Participating Employer, or for whom such Participating Employer has obligations
and liabilities or has assumed obligations and liabilities pursuant to a Deposit Agreement, in
proportion to the respective Projected Benefit amounts.

          (c) Nothing in this Section 7 shall preclude the commingling of Trust assets for investment.

     8. RESPONSIBILITY OF TRUSTEE: (a) The duties and responsibilities of the Trustee shall be
limited to those expressly set forth in this Trust, and no implied covenants or obligations shall
be read into this Trust against Trustee.

          (b) If all or any part of the Trust assets are at any time attached, garnished, or levied
upon by any court order, or in case the payment, assignment, transfer, conveyance or delivery of
any such property shall be stayed or enjoined by any court order, or in case any order, judgment or
decree shall be made or entered by a court affecting such property or any part thereof, then and in
any of such events the Trustee is authorized, in its sole discretion, to rely upon and comply with
any such order, judgment or decree, and it shall not be liable to any Participating Employer or any
Executive by reason of such compliance even though such order, judgment or decree subsequently may
be reversed, modified, annulled, set aside or vacated.

          (c) The Trustee shall act with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent man acting in a like capacity and familiar with such
matters would use in the conduct of an enterprise of a like character and with like aims; provided,
however, that the Trustee shall incur no liability to anyone for any action taken pursuant to a
direction, request, or approval given by any Participating Employer, or any Executive, contemplated
by and complying with the terms of this Trust Agreement. The Trustee shall discharge its
responsibility for the investment, management and control of the Trust assets solely in the
interests of the Executives and for the exclusive purpose of assuring that, to the extent of
available Trust assets and in accordance with the terms of this Trust Agreement, all payments of
Benefits are made when due to the Executives.

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          (d) The Trustee may consult with legal counsel (who may be counsel for any Participating
Employer) to be selected by it, and the Trustee shall not be liable for any action taken or
suffered by it in accordance with the advice of such counsel.

          (e) The Trustee shall be reimbursed jointly and severally by Ameritrust and each Participant
Subsidiary for its reasonable expenses incurred in connection with the performance of its duties
hereunder (including, but not limited to the fees and expenses of counsel incurred pursuant to
Section 8(d) or 8(f) hereof) and shall be paid reasonable fees for the performance of such duties
in the manner provided by Section 8(f) hereof.

          (f) Ameritrust and each Participating Subsidiary agrees jointly and severally to indemnify
and hold harmless the Trustee from and against any and all damages, losses, claims or expenses as
incurred (including expenses of investigation and fees and disbursements of counsel to the Trustee
and any taxes imposed on the Trust assets or income of the Trust) arising out of or in connection
with the performance by the Trustee of its duties hereunder, other than such damages, losses,
claims or expenses arising out of the Trustee’s gross negligence or willful misconduct. The
Trustee shall not be required to undertake or to defend any litigation arising in connection with
this Trust Agreement unless it be first indemnified by Ameritrust or a Participating Subsidiary
against its prospective costs, expenses and liabilities (including without limitation attorneys’
fees and expenses) relating thereto, and Ameritrust and each Participating Subsidiary hereby
jointly and severally to indemnify the Trustee and be primarily liable for such costs, expenses,
and liabilities. Any amount payable to the Trustee under Section 8(e) hereof or this Section 8(f)
shall be paid by Ameritrust or a Participating Subsidiary promptly upon demand therefor by the
Trustee or, in the event that Ameritrust or a Participating Subsidiary fails to make such payment,
from the Trust assets, pro rata with respect to account balances. In the event that payment is
made hereunder to the Trustee from the Trust assets, the Trustee shall promptly notify Ameritrust
in writing of the amount of such payment. Ameritrust agrees that, upon receipt of such notice, it
will, jointly and severally, deliver or cause to be delivered to the Trustee to be held in the
Trust an amount in cash equal to any payments made from the Trust assets to the Trustee pursuant to
Section 8(e) hereof or this Section 8(f). The failure of Ameritrust to transfer any such amount
shall not in any way impair the Trustee’s right to indemnification, reimbursement and payment
pursuant to Section 8(e) hereof or this Section 8(f).

          (g) The Trustee may vote any stock or other securities and exercise any right appurtenant to
any stock, other securities or other property held hereunder, either in person or by general or
limited proxy, power of attorney or other instrument.

          (h) The Trustee may hold securities in bearer form and may register securities and other
property held in the trust fund in its own name or in the name of a nominee, combine certificates
representing securities with certificates of the same issue held by the Trustee in other fiduciary
capacities, and deposit, or arrange for deposit of property with any depository; provided that the
books and records of the Trustee shall at all times show that all such securities are part of the
trust fund.

10

 

          (i) The Trustee may hire agents, accountants, actuaries, and financial consultants, who may
be agent, accountant, actuary, or financial consultant, as the case may be, for Ameritrust or with
respect to any Plan.

          (j) (i) The Trustee is empowered to take all actions necessary or advisable in order to
collect any life insurance, annuity, or other benefits or payments of which the Trustee is the
designated beneficiary. The Trustee shall maintain in force all life insurance policies held in
the Trust (A) by requesting that the Participating Employers pay directly all premiums and other
charges due thereon in a timely manner, and (B) by paying all such premiums and charges that are
not so paid by the Participating Employers. To the extent the Trustee has cash or its equivalent
readily available for such purpose or policy loans and/or dividends are available, the Trustee
shall pay premiums due with such cash or its equivalent or policy loans and/or dividends, as the
Trustee may deem best. If the Trustee does not have sufficient cash or its equivalent readily
available and policy loans and dividends are not available, then the Trustee (C) shall first
liquidate other assets held by it in the Trust to generate the necessary cash for the payment of
such premiums and charges and for the payment of Benefits, and then (D) shall surrender and
liquidate policies in an Executive’s account as necessary to pay Benefits to the Trust
Beneficiaries with respect to such account.

     (ii) The Trustee shall be named sole owner and beneficiary of each life
insurance policy held in the Trust and shall have full authority and power to
exercise all rights of ownership relating to the policy, (x) except that the Trustee
shall have no power, other than in accordance with Sections 1(b), 4, and 11 hereof,
to name a beneficiary of the policy other than the Trust, to assign the policy (as
distinct from conversion of the policy to a different form) other than to a
successor Trustee, or to loan to any person the proceeds of any borrowing against
such policy or, except as provided in the immediately preceding sentence, to
surrender any policy or allow any policy to lapse at any time when there are other
assets in the Trust that can be disposed of or otherwise used to generate any cash
necessary to maintain the policy or for the payment of Benefits, and (y) except to
the extent necessary to give effect to the provisions of any split-dollar life
insurance arrangement. The Trustee shall have the power, with the consent of
Ameritrust, to exchange that portion, if any, of the life insurance coverage on any
Executive that is in excess of the amount of such coverage necessary to provide
sufficient proceeds to pay the corresponding amount of Benefits, for additional life
insurance coverage on other Executives. The Trustee shall also have the power to
acquire additional life insurance coverage on Executives through application for new
life insurance.

          (k) The Trustee shall have, without exclusion, all powers conferred on trustees by applicable
law unless expressly provided otherwise herein.

          (l) Notwithstanding any other provision of this Trust Agreement, in the event of the
termination of the Trust, or the resignation or discharge of the Trustee, the Trustee shall have
the right to a settlement of its accounts, which accounting may be made, at the option of the

11

 

Trustee, either (i) by a judicial settlement in a court of competent jurisdiction, or (ii) by
agreement of settlement, release and indemnity from the Participating Employers to the Trustee.

     9. AMENDMENTS, ETC. TO EXHIBITS, AGREEMENT AND PLANS; COOPERATION OF PARTICIPATING EMPLOYERS:
(a) Prior to the date on which the Trust becomes irrevocable, the provisions of this Section 9(a)
shall apply.

     (i) Ameritrust shall furnish the Trustee with any amendments, restatements or
other changes in the Agreements and the Plans, and Ameritrust shall prescribe or
amend, as the case may be, Exhibit B hereto to reflect any such amendment,
restatement, or other change, or any changes in the compensation of the Executives,
or otherwise. Exhibit B shall prescribe, among other things, the amounts and timing
(i) of Benefits to which each Trust Beneficiary may become entitled as of each March
31 for service to such date (the “Accumulated Benefit”) and (ii) Benefits to which
each Trust Beneficiary may become entitled projected as of the date three years
after the date in (i) (the “Projected Benefit”). The Projected Benefit shall be
inclusive of the Accumulated Benefit.

     (ii) At such time as may in the judgment of Ameritrust be appropriate,
Ameritrust shall furnish to the Trustee any amendment to Exhibits A-1 or A-2 and any
corresponding amendment to Exhibit B required as a result of such amendment to
Exhibits A-1 or A-2.

          (b) On or after the date on which the Trust becomes irrevocable, the provisions of this
Section 9(b) shall apply.

     (i) Not later than forty-five (45) calendar days after the end of each
calendar year and at such other time as may in the judgment of Ameritrust be
appropriate in view of a change in circumstances, Ameritrust and each Executive (or
his personal representative (including his guardian, executor or administrator)
(hereafter, his “Successor”) shall agree upon and furnish any amendment to Exhibit B
hereto as shall be required to reflect:

          (A) any required change in the amounts of Benefits (including Accumulated
Benefits and Projected Benefits) as a result of any change in such Executive’s
compensation during the prior calendar year, or

          (B) any amendment, restatement or other change in or to the Plans which
agreements to amendments to such Exhibit B shall be furnished to the Trustee by
Ameritrust or the Executives (or their Successors) and thereafter be deemed to be a
part of, and to amend to the extent thereof, this Trust Agreement; provided,
however, that in the event of the failure of Ameritrust and the Executive (or
Successor) to reach such agreement, the provisions of Section 9(b)(ii) hereof shall
control.

12

 

     (ii) Ameritrust has previously furnished the Trustee complete and correct
copies of the Agreements and the Plans, and Ameritrust shall, and any Trust
Beneficiary may, promptly furnish the Trustee true and correct copies of any
amendment, restatement or successor to any of the Agreements or the Plans.
Ameritrust shall, and any Trust Beneficiary may, also furnish the Trustee, upon the
Trustee’s request, such evidence of changes in compensation of the Executives as the
Trustee shall deem necessary for its determination under this Section 9(b)(ii).
Upon written notification to the Trustee by Ameritrust or any Executive (or
Successor) of the failure of Ameritrust or any Executive (or Successor) to agree as
provided in Section 9(b)(i), the Trustee shall, to the extent necessary in the sole
judgment of the Trustee,

               (A) recompute the amount payable hereunder as set forth in Exhibit B hereto to
any Trust Beneficiary; and

               (B) notify Ameritrust and the Executive (or Successor) in writing of its
computations. Thereafter, this Trust Agreement and all Exhibits thereto shall be
amended to the extent of such Trustee determinations without further action;
provided, however, that the failure of Ameritrust to furnish any such amendment,
restatement, successor or compensation information shall in no way diminish the
rights of any Trust Beneficiary hereunder or thereunder.

     (iii) Any amendment to Exhibit A-1 must be

               (A) agreed to by two-thirds of the Executive Participants, subject to the
provisions of Sections 10(b)(i) and (b)(ii) hereof, and

               (B) in the case of an amendment that adds a new Executive as a Trust
Beneficiary, accompanied by the deposit into the Trust by a Participating Employer
on or before the effective date on which the new Executive would become a Trust
Beneficiary, an amount certified by The Wyatt Company, or such other actuary
acceptable to Ameritrust and two-thirds of the Executive Participants (as determined
prior to the effective date of the amendment and subject to Sections 10(b)(i) and
(b)(ii) hereof) as sufficient to pay such new Executive’s Benefits hereunder (with
such sufficiency determined on the same actuarial basis as that used to determine
sufficiency with respect to the Benefits as in effect hereunder immediately prior
to the addition of such new Executive).

               (C) Notwithstanding the foregoing provisions of this Section 9, any amendment,
restatement, successor or other change in an Agreement or a Plan that would
materially increase the responsibilities or liabilities of the Trustee or materially
change its duties shall also require the consent of the Trustee, which consent shall
not be unreasonably withheld.

     10. REPLACEMENT OF THE TRUSTEE: (a) The Trustee shall continue to serve until its successor
accepts the Trust and receives delivery of the Trust assets. The Trustee may

13

 

resign and be discharged from its duties hereunder after providing not less than ninety (90)
days’ notice in writing to Ameritrust and the Executive Participants. Prior to the date on which
the Trust becomes irrevocable, the Trustee may be removed at any time upon notice in writing by
Ameritrust. On or after such date, such removal shall also require the agreement of two thirds of
the Executive Participants. Prior to the date on which the Trust becomes irrevocable, a
replacement or successor trustee shall be appointed by Ameritrust. On or after such date, such
appointment shall also require the agreement of two thirds of the Executive Participants. No such
removal or resignation shall be effective until the acceptance of the Trust by a successor trustee
designated in accordance with this Section 10. If the Trustee should resign, and within

forty-five (45) days of the notice of such resignation Ameritrust and, if required, two thirds of
the Executive Participants, shall not have notified the Trustee of an agreement as to a replacement
trustee, the Trustee shall apply to a court of competent jurisdiction for the appointment of a
successor trustee, which shall be such bank or trust company (A) that the court in its discretion
considers an appropriate trustee for the Trust, having due regard for the objectives, magnitude and
expected duration of the Trust; (B) (x) whose trust assets under investment would place it among
the 100 largest trust companies in the United States, or (y) which is a national banking
association or established under the laws of one of the states of the United States, and which has
equity in excess of $100 million; and (C) that is independent and not subject to the control of
either Ameritrust or the Executives. The court in its discretion may transfer jurisdiction of the
Trust to the jurisdiction in which the successor trustee has its principal place of business. The
preceding determinations shall be made as of the time of appointment of the successor trustee.
Upon the acceptance of the trust by a successor trustee, the Trustee shall release all of the
moneys and other property in the Trust to its successor, who shall thereafter for all purposes of
this Agreement be considered to be the “Trustee.” In the event of its removal or resignation, the
Trustee shall duly file with Ameritrust and, after the Trust becomes irrevocable, the Executives, a
written statement or statements of accounts and proceedings as provided in Section 7(a) hereof for
the period since the last previous annual accounting of the Trust, and if written objection to such
account is not filed as provided in Section 7(a) hereof, the Trustee shall to the maximum 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 account.

          (b) For purposes of the removal or appointment of a Trustee under this Section 10, (i) if any
Executive Participant shall be deceased or adjudged incompetent, such Executive Participant’s
Successor (or if no Successor, his Trust Beneficiaries) shall participate in such Executive
Participant’s stead, and (ii) no Successor or Trust Beneficiary shall participate if all payments
of Benefits have been made with respect to such Executive Participant (including his Trust
Beneficiaries).

     11. AMENDMENT OR TERMINATION: (a) This Trust Agreement may be amended at any time and to any
extent by a written instrument executed by the Trustee, Ameritrust and, after the Trust has become
irrevocable, two thirds of the Executive Participants; provided, however, that no amendment shall
have the effect of (i) making the Trust revocable after it has become irrevocable in accordance
with Section 1(b) hereof; or (ii) altering Section 8(j) (ii) or 11(b) hereof. Notwithstanding the
previous sentence, (x) amendments contemplated by Section 9 hereof shall be made as therein
provided, and (y) the approval by Ameritrust or by two thirds of the Executive Participants shall
not be required for any amendment necessary in

14

 

order to obtain a favorable private letter ruling from the Internal Revenue Service regarding
the effect of the Trust on the taxation of the Participating Employers or the Trust Beneficiaries.

          (b) After the Trust has become irrevocable, the Trust shall not terminate until the date on
which the Trust no longer contains any assets, or, if earlier, the date on which each Trust
Beneficiary is entitled to no further payments hereunder.

     (i) Notwithstanding any other provision of this Trust Agreement, if the
payments under an Agreement or Plan with respect to an Executive subject of
litigation, or arbitration, and if the balance of such Executive’s separate account
maintained pursuant to Section 7(b) is greater than zero, the Trust shall not
terminate and the funds held in the Trust with respect to such Executive shall
continue to be held by the Trustee until the final resolution of such litigation or
arbitration. The Trustee may assume that no Agreement or Plan is the subject of
such litigation or arbitration unless the Trustee receives written notice from any
Executive or Ameritrust with respect to such litigation or arbitration. The Trustee
may rely upon written notice from an Executive as to the final resolution of such
litigation or arbitration. Following such final resolution, the Trust shall
terminate with respect to each Executive described in this Section 11(b)(i) upon the
earlier of either of the following events: (x) the exhaustion of the Trust assets
held by the Trustee with respect to such Executive; or (y) the final payment of all
amounts payable to the Executive pursuant to the Plans, as certified to the Trustee
by such Executive.

          (c) Upon termination of the Trust as provided in Section 11(b) hereof, any assets remaining
in the Trust, less all payments, expenses, taxes and other charges under this Trust Agreement as
of such date of termination, shall be returned to Ameritrust or as it directs.

     12. SPECIAL DISTRIBUTION: (a) It is intended that (i) the creation of, transfer of assets to,
and irrevocability of, the Trust will not cause any of the Agreements or the Plans to be other than
“unfunded” for purposes of Title I of ERISA; (ii) transfers of assets to the Trust or the Trust
becoming irrevocable will not be transfers of property for purposes of section 83 of the Code, or
any successor provision thereto, nor will such transfers or irrevocability cause a currently
taxable benefit to be realized by a Trust Beneficiary pursuant to the “economic benefit” doctrine;
and (iii) pursuant to section 451 of the Code, or any successor provision thereto, amounts will be
includable as compensation in the gross income of a Trust Beneficiary in the taxable year or years
in which such amounts are actually distributable or made available to such Trust Beneficiary by the
Trustee.

          (b) Notwithstanding anything to the contrary contained in this Agreement, if, based upon a
change in the federal tax or revenue laws, a published ruling or similar announcement issued by the
Internal Revenue Service, a regulation issued by the Secretary of the Treasury, a decision by a
court of competent jurisdiction involving a Trust Beneficiary, or a closing agreement made under
section 7121 of the Code that is approved by the Internal Revenue Service and involves a Trust
Beneficiary, the Trustee determines that amounts are includible as compensation in the gross income
of a Trust Beneficiary in a taxable year that is prior to the

15

 

taxable year or years in which such amounts would, but for this Section 12, otherwise actually
be distributed or made available to such Trust Beneficiary by the Trustee, then (i) the assets held
in trust shall be allocated in accordance with Section 7(b) hereof, and (ii) subject to the last
sentence of Section 2(b) hereof, the Trustee shall promptly make a distribution to each affected
Trust Beneficiary which, after taking into account the federal, state and local income tax
consequences of the special distribution itself, is equal to the sum of any federal, state and
local income taxes, interest due thereon, and penalties assessed with respect thereto which are
attributable to amounts that are so includible in the income of such Trust Beneficiary.

     13. PARTICIPATING SUBSIDIARY DEPOSIT AGREEMENT: (a) Upon execution of a Deposit Agreement in
the form of Exhibit D hereto, a Subsidiary may at any time or from time to time make deposits of
cash or other property in the Trust pursuant to Section 1(d) hereof. Such Deposit Agreement shall
provide, among other things, for the designation of Ameritrust as agent and attorney for the
Participating Subsidiary for all purposes under this Trust Agreement, including consenting to any
amendments hereto, consenting to any Trustee accounts and consenting to anything requiring the
approval or consent of a Participating Employer hereunder.

          (b) Ameritrust is the sponsoring grantor for the Trust Agreement. It reserves to itself, and
each Subsidiary by execution of a Deposit Agreement delegates to Ameritrust, the power to amend or
terminate the Trust Agreement in accordance with its terms.

     14. GENERAL PROVISIONS: (a) Ameritrust and each Participating Subsidiary shall, at any time
and from time to time, upon the reasonable request of the Trustee, execute and deliver such further
instruments and do such further act as may be necessary or proper to effectuate the purposes of
this Trust.

          (b) Each Exhibit referred to in this Trust Agreement shall become a part hereof and is
expressly incorporated herein by reference.

          (c) This Trust Agreement sets forth the entire understanding of the parties with respect to
the subject matter hereof and supersedes any and all prior agreements, arrangements and
understandings relating thereto. This Trust Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors and legal representatives.

          (d) This Trust Agreement shall be governed by and construed in accordance with the laws of
the State of Ohio, other than and without reference to any provisions of such laws regarding choice
of laws or conflict of laws.

          (e) In the event that any provision of this Trust Agreement or the application thereof to any
person or circumstances shall be determined by a court of competent jurisdiction to be invalid or
unenforceable to any extent, the remainder of this Trust Agreement, or the application of such
provision to persons or circumstances other than those as to which it is held invalid or
unenforceable, shall not be affected thereby, and each provision of this Trust Agreement shall be
valid and enforced to the maximum extent permitted by law.

16

 

          (f) The headings contained in this Trust Agreement are solely for the purpose of reference,
are not part of the agreement of the parties and shall not in any way affect the meaning or
interpretation of this Trust Agreement.

          (g) No right or interest under this Trust Agreement of a Trust Beneficiary (or any person
claiming through or under any of them) other than the surviving spouse of any Executive shall be
assignable or transferable in any manner or be subject to alienation, anticipation, sale, pledge,
encumbrance or other legal process or in any manner be liable for or subject to the debts or
liabilities of any such Trust Beneficiary. If any Trust Beneficiary (other than the surviving
spouse of any deceased Executive) shall attempt to or shall transfer, assign, alienate, anticipate,
sell, pledge or otherwise encumber his Benefits hereunder or any part thereof, or if by reason of
his bankruptcy or other event happening at any time such Benefits would devolve upon anyone else or
would not be enjoyed by him, then the Trustee, in its discretion, may terminate his interest in any
such Benefit to the extent the Trustee considers necessary or advisable to prevent or limit the
effects of such occurrence. Termination shall be effected by filing a written “termination
declaration” with the Trust’s records and making reasonable efforts to deliver a copy to the Trust
Beneficiary (the “Terminated Beneficiary”) whose interest is adversely affected.

          As long as the Terminated Beneficiary is alive, any benefits affected by the termination shall
be retained by the Trustee and, in the Trustee’s sole and absolute judgment, may be paid to or
expended for the benefit of the Terminated Beneficiary, his spouse, his children or any other
person or persons in fact dependent upon him in such a manner as the Trustee shall deem proper.
Upon the death of the Terminated Beneficiary, all benefits withheld from him and not paid to others
in accordance with the preceding sentence shall be disposed of according to the provisions of the
Plans that would apply if he died prior to the time that all Benefits to which he was entitled were
paid to him; provided, however, that if such provisions provide for distribution to the Terminated
Beneficiary’s estate or to his creditors and if the Terminated Beneficiary shall have descendants,
including adopted children, then living, distribution shall be made to the Terminated Beneficiary’s
then living descendants, including adopted children, PER STIRPES.

          (h) Any dispute between the Executives and Ameritrust or the Trustee as to the interpretation
or application of the provisions of this Trust and amounts payable hereunder may, at the election
of any party to such dispute (or, if more than one Executive is such a party, at the election of
two-thirds of such Executives), be determined by binding arbitration within the greater Cleveland
metropolitan area in accordance with the rules of the American Arbitration Association then in
effect. Judgment may be entered on the arbitrator’s award in any court of competent jurisdiction.
All fees and expenses of such arbitration shall be paid by the Trustee and considered an expense of
the Trust under Section 8(f) hereof.

          (i) Each Executive (and, where applicable, each Successor) is an intended beneficiary under
this Trust, and as an intended beneficiary shall be entitled to enforce all terms and provisions
hereof with the same force and effect as if such person had been a party hereto.

17

 

          (j) Each action taken by Ameritrust hereunder shall, unless otherwise designated in such
action by Ameritrust or unless the context or this Trust Agreement requires otherwise, be deemed to
be an action of Ameritrust on behalf of each Participating Subsidiary pursuant to the authority
granted to Ameritrust by such Participating Subsidiary in the Deposit Agreement.

     15. NOTICES; IDENTIFICATION OF CERTAIN TRUST BENEFICIARIES: (a) All notices, requests,
consents and other communications hereunder shall be in writing and shall be deemed to have been
duly given when received:

If to the Trustee, to:

Wachovia Bank and Trust Company, N.A.

301 North Main Street

Winston-Salem, N.C. 27150

Attention: Trust Department

If to Ameritrust, to:

Ameritrust Corporation

900 Euclid Avenue

Cleveland, Ohio 44115

Attention: Secretary

If
to the Trust Beneficiaries, to the addresses listed on Exhibits A-1 and A-2 hereto

provided, however, that if any party or any Trust Beneficiary or his, her or its successors shall
have designated a different address by written notice to the other parties, then to the last
address so designated.

          (b) Ameritrust shall provide the Trustee with the names of the beneficiary or beneficiaries
designated by deceased Executives under the Plans (and who are, therefore, Trust Beneficiaries
hereunder).

     IN WITNESS WHEREOF, each of Ameritrust and the Trustee has caused counterparts of this Trust
Agreement to be executed on its behalf on November 3, 1988.

	 	 	 	 	 	 	 
	 	 	AMERITRUST CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

 

Its:
	 	/s/ E. William Haffke, Jr.
 

Executive Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	WACHOVIA BANK AND TRUST COMPANY, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Thomas R. McAllister
	 	 
	 

	 	Its:
	 	Senior Vice President	 	 

/s/
Charles
Haskins                    

ASSISTANT SECRETARY

18EX-10.37

Exhibit 10.37

KEYCORP

UMBRELLA TRUSTTM FOR EXECUTIVES

JULY 1, 1990

	 	 	 
	KeyCorp
	 	 
	One KeyCorp Plaza
	 	 
	P.O. Box 88
	 	 
	Albany, New York 12201-0088

	 	Company
	 
	 	 
	NBD Bank, N.A.
	 	 
	611 Woodward Avenue
	 	 
	Detroit, Michigan 48226

	 	  Trustee

 

 

TABLE OF CONTENTS

PAGE

PAGE 2 — UMBRELLA TRUSTTM FOR EXECUTIVES

 

 

INDEX OF TERMS

	 	 	 	 	 
	TERMS
	 	SECTION
	 	PAGE

PAGE 3 — UMBRELLA TRUSTTM FOR EXECUTIVES

 

 

KEYCORP

UMBRELLA TRUSTTM FOR EXECUTIVES

     This Trust Agreement is made and entered into by and between KeyCorp, a New York corporation
(the “Company”), and NBD Bank, N.A., a Michigan banking corporation (the “Trustee”).

     The Company hereby establishes with the Trustee a trust to hold all monies and other assets,
together with the income thereon, as shall be paid or transferred to it hereunder in accordance
with the terms and conditions of this Trust Agreement. The Trustee hereby accepts the trust
established under this Trust Agreement and agrees to hold, IN TRUST, all monies and other assets
transferred to it hereunder for the uses and purposes and upon the terms and conditions set forth
herein, and the Trustee further agrees to discharge and perform fully and faithfully all of the
duties and obligations imposed upon it under this Trust Agreement.

PREAMBLE

     The Company has adopted the following plans (the “Plan”) which shall be subject to this trust:

Employment Contracts

Severance Plans

Supplemental Retirement Benefits Plan

Supplemental Survivor Benefit Plan

Executive Deferred Compensation Plan

If only one Plan is subject to this trust at any time, references in this Trust Agreement to the
Plans shall refer to such Plan.

     The Plans are administered by an administrative committee (the “Committee”) appointed by the
Company. If the Plans are administered by more than one Committee at any time, reference in this
Trust Agreement to the Committee which relate to a particular Plan shall refer to the Committee
which administers that Plan and, if the reference does not relate to a particular Plan, shall refer
to all of such Committees. All references in this Trust Agreement to the Committee shall refer to
the administrative committee(s) which administers the Plan(s), unless the Company appoints a
separate administrative committee to administer this Trust Agreement.

PAGE 1 — UMBRELLA TRUSTTM FOR EXECUTIVES

 

 

If the Company appoints a separate administrative committee to administer this Trust Agreement, references
in this Trust Agreement to the Committee shall refer to such administrative committee which is
appointed to administer this Trust Agreement, unless the context clearly indicates otherwise.

     The Plan participants who are covered by this Trust Agreement (“Participants”) shall be all
persons who are Plan participants prior to a Special Circumstance, unless the Company specifically
designates only specified individuals or groups of Plan participants as Participants covered by
this Trust Agreement. After a person becomes a Participant covered by this Trust Agreement, such
person will continue to be a Participant at all times thereafter (including after retirement or
other termination of service) until all Plan benefits payable to such Participant have been paid,
the Participant ceases to be entitled to any Plan benefits, or the Participant’s death, whichever
occurs first. The term “Participants” shall not include any beneficiaries of Participants.

     At any time prior to a Special Circumstances, the Company may, by written notice to the
Trustee, cause additional plans to become Plans subject to this Trust Agreement or cause additional
Plan participants to become Participants covered by this Trust Agreement. Upon and after a Special
Circumstance, the Company shall not add any additional plans or Plan participants to this Trust
Agreement.

     The Company shall provide the Trustee with certified copies of the following items: (i) the
Plan documents; (ii) all Plan amendments promptly upon their adoption; and (iii) lists and specimen
signatures of the members of the Committee(s) which administer the Plan(s) and this Trust Agreement
and any other Company representatives authorized to take action in regard to the administration of
the Plan(s) and this trust, including any changes in the members of such Committee(s) and of such
other representatives promptly following any such change. The Company shall also provide the
Trustee at least annually with a list of all Participants in each Plan who are covered by this
Trust Agreement.

     The purpose of this trust is to give Participants greater security by placing assets in trust
for use only to pay Plan benefits to Participants or, if the Company becomes insolvent, to pay
creditors. The Company shall continue to be liable to Participants to make all payments required
under the terms of the Plans to the extent such payments are not made from this trust.
Distributions made from this trust to Participants or their beneficiaries shall, to the extent of
such

PAGE 2 — UMBRELLA TRUSTTM FOR EXECUTIVES

 

 

distributions, satisfy the Company’s obligations to pay benefits to Participants and their
beneficiaries under the Plans.

     The Company and the Trustee agree that the trust hereby created has been established to pay
obligations of the Company pursuant to the Plans and is subject to the rights of general creditors
of the Company, and accordingly is a grantor trust under the provisions of Sections 671 through 677
of the Internal Revenue Code of 1986, as amended (the “Code”). The Company hereby agrees to report
all items of income, deductions and credits of the trust on its own income tax returns; and the
Company shall have no right to any distributions from the trust or any claim against the trust for
funds necessary to pay any income taxes which the Company is required to pay on account of
reporting the income of the trust on its income tax returns. No contribution to or income of the
trust is intended to be taxable to Participants until benefits are distributed to them.

     The Plans are intended to be “unfunded” and maintained “primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated employees” for
purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and as such
are intended not to be covered by Parts 2 through 4 of Subtitle B of Title I of ERISA (relating to
participation and vesting, funding and fiduciary responsibility). The existence of this trust is
not intended to alter this characterization of the Plans.

ARTICLE I

EFFECTIVE DATE; DURATION

     1.01 Effective Date and Trust Year

          This trust shall become effective when the Trust Agreement has been executed by the Company
and the Trustee and the Company has made a contribution to the trust. For tax purposes the trust
year shall be the calendar year. For financial reporting purposes the trust year shall coincide
with the Company’s fiscal year. The Company shall report any change in its fiscal year to the
Trustee.

     1.02 Duration

          1.02-1 This trust shall continue in effect until all assets of the trust fund are exhausted
through distribution of benefits to Participants, payment to creditors in the event of insolvency,
payment of fees and expenses of the Trustee, and return of remaining funds to the
Company pursuant to 1.02-2. Notwithstanding the foregoing, this trust shall terminate on the

PAGE 3 — UMBRELLA TRUSTTM FOR EXECUTIVES

 

 

day
before twenty-one years after the death of the last survivor of all present or future Participants
who are now living and those persons now living who are designated as beneficiaries of any such
Participants in accordance with the terms of any of the Plans.

          1.02-2 Except as otherwise provided in 1.02 and 1.03, the trust shall be irrevocable until all
benefits payable under the Plans to Participants who are covered by this Trust Agreement are paid.
The Trustee shall then return to the Company any assets remaining in the trust.

          1.02-3 If the existence of this trust or any Subtrust is held to be ERISA Funding or Tax
Funding by a federal court and appeals from that holding are no longer timely or have been
exhausted, this trust or such Subtrust shall terminate. The Board of Directors of the Company (the
“Board”) may also terminate this trust or any Subtrust if it determines, that either (i) judicial
authority or the opinion of the U.S. Department of Labor, Treasury Department or Internal Revenue
Services (as expressed in proposed or final regulations, advisory opinions or rulings, or similar
administrative announcements) creates a significant risk that the trust or any Subtrust will be
held to be ERISA Funding or Tax funding or (ii) ERISA or the Code requires the trust or any
Subtrust to be amended in a way that creates a significant risk that the trust or such Subtrust
will be held to be ERISA Funding or Tax Funding, and failure to so amend the trust or such Subtrust
could subject the Company to material penalties. Upon any such termination, the assets of each
terminated Subtrust remaining after payment of the Trustee’s fees and expenses shall be distributed
as follows:

     (a) Such assets shall be transferred to a new trust established by the Company
which is not deemed to be ERISA Funding or Tax Funding, but which is similar in all
other respects to this trust, if the Company determines that it is possible to
establish such a trust.

     (b) If the Company determines that it is not possible to establish the trust in
(a) above, then the assets shall be distributed to the Company if the Written
Consent of Participants, as defined in 1.02-5, is obtained for such distribution.

     (c) If the Company determines that it is not possible to establish the trust in
(a) above and the Written Consent of Participants is not obtained to
distribute the assets to the Company, then the assets of the terminated Subtrust

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shall be allocated in proportion to (i) the vested accrued benefits and (ii) then,
if any assets remain, the unvested (if any) accrued benefits of Participants under
the applicable Plan and shall be distributed to such Participants in lump sums. Any
assets remaining shall be distributed to other Subtrusts or the Company in
accordance with 2.04.

          Notwithstanding the foregoing, the Trustee shall distribute Plan benefits to a Participant to
the extent that a federal court or IRS has held that the interest of the Participant in this trust
causes such Plan benefits to be includible for federal income tax purposes in the gross income of
the Participant prior to actual payment of such Plan benefits to the Participant and appeals from
that holding are no longer timely or have been exhausted. The Trustee may also distribute Plan
benefits to a Participant, upon direction of the Committee, if the Trustee reasonably believes that
there is a significant risk that the Participant’s interest in the trust fund will be held to be
ERISA Funding or Tax Funding with respect to such Participant or that such Participant will be
determined not to be a “management or highly compensated employee” for purposes of ERISA. The
provisions of this paragraph shall also apply to any beneficiary of a Participant.

          1.02-4 This trust is “Tax Funding” if it causes the interest of a Participant in this trust to
be includible for federal income tax purposes in the gross income of the Participant prior to
actual payment of Plan benefits to the Participant.

          This trust is “ERISA Funding” if it prevents any of the Plans from meeting the “unfunded”
criterion of the exceptions to application of the provisions of Parts 2 through 4 of Subtitle B of
Title I of ERISA for plans that are unfunded and maintained primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated employees.

          1.02-5 “Written Consent of Participants” means, for the purposes of this Trust Agreement,
consent in writing by Participants who (i) are a majority in number and (ii) have more than fifty
percent (50%) in value of the accrued benefits, of the Participants in each Subtrust under this
Trust Agreement on the date of such consent.

     1.03 Irrevocability

          1.03-1 Subject to 1.02, this trust shall become irrevocable upon the issuance by the Internal
Revenue Service of a private letter ruling establishing that its existence and

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ownership of assets
do not cause the trust to be deemed to be Tax Funding. If such a ruling is denied or the Company
is informed that a ruling will not be forthcoming, the Company may revoke the trust and take
possession of all assets held by the Trustee for the trust. This trust shall also become
irrevocable if such a ruling is not requested by the Company within ninety (90) days after the date
of establishing this trust.

          1.03-2 Notwithstanding the provisions of 1.03-1, if a Special Circumstance occurs, the Company
may declare the trust to be irrevocable.

     1.04 Special Circumstance

          1.04-1 Upon the occurrence of a Special Circumstance described in 1.04-2, the trust assets
shall be held for Participants who had accrued benefits under the Plans before the Special
Circumstance occurred, including benefits accrued for such Participants after the Special
Circumstance.

          1.04-2 A “Special Circumstance” shall mean a Change in Control (as defined in 1.04-3) or a
Default (as defined in 1.04-6).

          1.04-3 A “Change in Control” shall mean a Change in Control of a nature that would be required
to be reported (assuming such event has not been “previously reported”) in response to Item 1(a) of
the current report on Form 8-X, as in effect on the date hereof, pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or any successor thereto;
provided that, without limitation, such a Change in Control shall be deemed to have occurred at
such time as:

     (a) Any person is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of twenty five percent (25%) or
more of the combined voting power of the Company’s Voting Securities;

     (b) Individuals who constitute the Board of the Company on the date hereof (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the
Board of the Company or the Board of any corporation with which the Company merges,
provided that any person becoming a director subsequent to the date hereof whose
election, or nomination for election by the Company’s
shareholders, was approved by a vote of at least three quarters (3/4) of the
directors comprising the Incumbent Board (either by a specific vote or by

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approval
of the proxy statement of the Company in which such person is named as a nominee for
director, without objection to such nomination) shall be, for purposes of this
clause (b), considered as though such person were a member of the Incumbent Board;

(c) If any person or entity acquires an interest which is determined by the
Federal Reserve Board to constitute a controlling interest in the Company;

(d) The sale by the Company of more than fifty percent (50%) of the book value
of its assets to a single purchaser or to a group of affiliated purchasers; or

(e) The merger or consolidation of the Company in a transaction in which the
shareholders of the Company receive less than fifty percent (50%) of the outstanding
voting shares of the continuing corporation. Notwithstanding anything in the
foregoing to the contrary, no Change in Control shall be deemed to have occurred by
virtue of any transaction which results in a Participant, or group of Participants,
acquiring, directly or indirectly, twenty five percent (25%) or more of the combined
voting power of the Company’s Voting Securities.

          1.04-4 For purposes of this Trust Agreement, a Change in Control shall be deemed to have
occurred when the Trustee makes a determination to that effect on its own initiative or upon
receipt by the Trustee of written notice to that effect from the Company. The Chief Executive
Officer of the Company or the Board shall furnish written notice to the Trustee when a Change in
Control occurs under 1.04-3.

          1.04-5 “Voting Securities” shall mean any securities of the Company which vote generally in
the election of directors.

          1.04-6 A “Default” shall mean a failure by the Company to contribute, within thirty (30) days
of receipt of written notice from the Trustee, any of the following amounts:

     (a) The full amount of any insufficiency in assets of any Subtrust that is
required to pay any premiums or loan interest payments on insurance contracts which
are held in the Subtrust;

     (b) The full amount of any insufficiency in assets of any Subtrust that is
required to pay any Plan benefit that is payable upon a direction from the

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Committee
pursuant to 3.02-3 or upon resolution of a disputed claim pursuant to 3.03-2; or

     (c) Any contribution which is then required under 2.01.

If, after the occurrence of a Default, the Company at any time cures such Default by contributing
to the trust all amounts which are then required under subparagraphs (a), (b) and (c) above, it
shall then cease to be deemed that a Default has occurred or that a Special Circumstance has
occurred by reason of such Default.

ARTICLE II

TRUST FUND AND FUNDING POLICY

     2.01 Contributions

          2.01-1 The Company shall contribute to the trust such amounts as are required to purchase or
hold insurance contracts in the trust and to pay premiums and loan interest payments thereon, all
as described in 2.02-1. The Company shall also contribute to the trust such amounts as are
necessary to enable the Trustee to make all Plan benefit payments to Participants when due, unless
the Company makes such payments directly, whenever the Trustee advises the Company that the assets
of the trust or Subtrust, other than insurance contracts or amounts needed to pay future premiums
or loan interest payments on insurance contracts, are insufficient to make such payments. In its
discretion, the Company may contribute to the trust such additional amounts or assets as the
Committee may reasonably decide are necessary to provide security for all Plan benefits payable to
Participants covered by this trust.

          2.01-2 Whenever the Company makes a contribution to the trust, the Company shall designate the
Plan(s) and Subtrust(s) to which such contribution (or designated portions thereof) shall be
allocated. The Company may also make contributions to a special reserve for payment of future fees
and expenses of the Trustee and future trust fees and expenses for legal and administrative
proceedings. The Company shall designate a separate Subtrust to receive such contributions, which
shall be distinct from the other Subtrust(s) established for the Plan(s).

          A trust funding deposit for payment of future insurance premiums (“Trust Funding Deposit”)
shall be established in each Subtrust which holds insurance contracts. The Company
shall designate the portion of each contribution which shall be allocated to the Trust Funding
Deposit for a particular Subtrust. The Trust Funding Deposit for a Subtrust shall normally be used
only to pay premiums on insurance contracts which are held in that Subtrust.

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However, if
necessary, the Trust Funding Deposit may be used to pay Plan benefits which are payable to
Participants from the Subtrust in the sole discretion of the Trustee.

          2.01-3 The Company shall, immediately upon the occurrence of a Special Circumstance (as
defined in 1.04-2) or a Potential Change in Control (as defined in 2.01-7), and at least annually
following a Special Circumstance, contribute to the trust the sum of the following:

     (a) The present value of the remaining premiums and the interest on any policy
loans on insurance contracts held in the trust to the extent the Trust Funding
Deposit is determined to be inadequate to pay such remaining premiums and policy
loan interest.

     (b) The amount by which the present value of all benefits (vested and unvested)
payable under the Plans on a pre-tax basis to Participants covered by this trust
exceeds the value of all trust assets. Each Participant’s benefit under any Plan
for purposes of calculating present value shall be the highest benefit the
Participant would have accrued under the Plan within the twenty four (24) months
following such event, assuming that the Participant’s service continues for twenty
four (24) months at the same rate of compensation, that the Participant continues to
make future deferrals under deferred compensation plans in accordance with his prior
elections, and that the Participant is terminated at a time when he is entitled to
receive any benefit enhancement provided by the Plan upon a Change in Control. Any
benefit enhancement or right with respect to the Plans which is provided under
employment or severance agreements of Participants shall be taken into account in
making the foregoing calculation.

     (c) The present value of a reasonable estimate provided by the Trustee of its
fees and expenses due over the remaining duration of the trust. Unless the Trustee
estimates a greater amount, such amount shall be presumed to be equal to
two percent (2%) of the present value of all accrued benefits (vested and unvested)
payable under the Plans on a pre-tax basis to Participants covered by this trust.

     (d) The present value of a reasonable estimate provided by the Trustee of the
anticipated fees and expenses for the purpose of commencing or defending

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lawsuits or
legal or administrative proceedings over the remaining duration of the trust.
Unless the Trustee estimates a greater amount, such amount shall be presumed to be
equal to two percent (2%) of the present value of all accrued benefits (vested and
unvested) payable under the Plans on a pre-tax basis to Participants covered by this
trust.

          2.01-4 The calculations required under 2.01-3 shall be based on the terms of the Plans and the
actuarial assumptions and methodology set forth in Appendix A attached hereto. Before a Special
Circumstance, Appendix A may be revised by the Committee from time to time. After a Special
Circumstance, Appendix A may be revised only with the Written Consent of Participants.

          2.01-5 Whenever the Company makes a contribution to the trust pursuant to 2.01-3, it shall
furnish the Trustee with a written statement setting forth the computation of all required amounts
contributed under subparagraphs (a), (b), (c) and (d) of 2.01-3.

          Whenever a Special Circumstance occurs or the Company makes a contribution pursuant to 2.01-3,
the Company shall deliver to the Trustee, contemporaneously with or immediately prior to such
event, a schedule (the “Payment Schedule”) indicating the amounts payable under each Plan in
respect of each Participant, or providing a formula or instructions acceptable to the Trustee for
determining the amounts so payable, the form in which such amounts are to be paid (as provided for
or available under the Plans) and the time of commencement for payment of such amounts. The
Payment Schedule shall include any other necessary instructions with respect to Plan benefits
(including legal expenses) payable under the Plans and any conditions with respect to any
Participant’s entitlement to, and the Company’s obligation to provide, such benefits, and such
instructions may be revised from time to time to the extent so provided under the Plans or this
Trust Agreement.

          A modified Payment Schedule shall be delivered by the Company to the Trustee at each time that
(i) additional amounts are required to be paid by the Company to the Trustee
pursuant to 2.01-3, (ii) Excess Assets are returned to the Company pursuant to 2.04, and (iii) upon
the occurrence of any event requiring a modification of the Payment Schedule. The Company shall
also furnish a Payment Schedule or modified Payment Schedule for any or all Plan(s) upon request by
the Trustee at any other time. Whenever the Company is required to deliver to the Trustee a
Payment Schedule or a modified Payment Schedule, the Company shall

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also deliver at the same time to
each Participant the respective portion of the Payment Schedule or modified Payment Schedule that
sets forth the amount payable to that Participant.

          2.01-6 Any contribution to the trust which is made by the Company under 2.01-3 on account of a
Potential Change in Control shall be returned to the Company following one year after delivery of
such contribution to the Trustee unless a Change in Control shall have occurred during such
one-year period, if the Company requests such return within sixty (60) days after such one-year
period. If no such request is made within this 60-day period, the contribution shall become a
permanent part of the trust fund. The one-year period shall recommence in the event of and upon
the date of any subsequent Potential Change in Control.

          2.01-7 A “Potential Change in Control” shall be deemed to occur if:

     (a) Any person, as defined in Section 13(d)(3) of the Act, other than a trustee
or other fiduciary holding securities under an employee benefit plan of the Company
delivers to the Company a statement containing the information required by Schedule
13-D under the Act, or any amendment to any such statement, that shows that such
person has acquired, directly or indirectly, the beneficial ownership of (i) more
than twenty four and nine tenths percent (24.9%) of any class of equity security of
the Company entitled to vote as single class in the election or removal from office
of directors, or (ii) more than twenty four and nine tenths percent (24.9%) of the
voting power of any group of classes of equity securities of the Company entitled to
vote as a single class in the election or removal from office of directors;

     (b) The Company becomes aware that preliminary or definitive copies of a proxy
statement and information statement or other information have been filed with the
Securities and Exchange Commission pursuant to Rule 14a-6, Rule
14a-11, Rule 14c-5, or 

Rule 14f-1 under the Act relating to a Potential Change in
Control of the Company;

     (c) Any person delivers to the Company pursuant to Rule 14d-3 under the Act a
Tender Offer Statement relating to Voting Securities of the Company;

     (d) Any person (other than the Company) publicly announces an intention to take
actions which if consummated would constitute a Change in Control;

PAGE 11 — UMBRELLA TRUSTTM FOR EXECUTIVES

 

 

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

     (f) The Board approves a proposal, or the Company enters into an agreement,
which if consummated would constitute a Change in Control; or

     (g) The Board adopts a resolution to the effect that, for purposes of this
Trust Agreement, a Potential Change in Control has occurred.

Notwithstanding the foregoing, a Potential Change in Control shall not be deemed to occur as a
result of any event described in (a) through (f) above, if directors who were a majority of the
members of the Board prior to such event determine that the event shall not constitute a Potential
Change in Control and furnish written notice to the Trustee of such determination.

          2.01-8 For purposes of this trust, a Potential Change in Control shall be deemed to have
occurred when the Trustee makes a determination to that effect on its own initiative or upon
receipt by the Trustee of written notice to that effect from the Company. The Chief Executive
Officer of the Company or the Board shall furnish written notice to the Trustee when a Potential
Change in Control occurs under 2.01-7.

          2.01-9 The Trustee shall accept the contributions made by the Company and hold them as a trust
fund for the payment of benefits under the Plans. The Trustee shall not be responsible for
determining the required amount of contributions or for collecting any contribution not voluntarily
paid, nor shall the Trustee be responsible for the adequacy of the trust fund to meet and discharge
all liabilities under the Plans. Contributions may be in cash or in other assets specified in
2.02.

     2.02 Investments and Valuation

          2.02-1 The trust fund shall be invested primarily in insurance contracts (“Contracts”). Such
Contracts may be purchased by the Company and transferred to the Trustee as in-kind contributions
or may be purchased by the Trustee with the proceeds of cash contributions (or may be purchased
upon direction by the Committee pursuant to 2.02-2 or an Investment Manager pursuant to 2.02-4).
The Company’s contributions to the trust shall include sufficient cash to make projected premium
payments on such Contracts and payments of interest due on loans secured by the cash value of such
Contracts, unless the Company makes these payments directly. The Trustee shall have the power to
exercise all rights, privileges, options and elections granted by or permitted under any Contract
or under the rules of the insurance

PAGE 12 — UMBRELLA TRUSTTM FOR EXECUTIVES

 

 

company issuing the Contract (“Insurer”), including the right
to obtain policy loans against the cash value of the Contract. Prior to a Special Circumstance,
the exercise by the Trustee of any incidents of ownership under any Contract shall be subject to
the direction of the Committee. The Committee may from time to time direct the Trustee in writing
as to the designation of the beneficiary of a Participant under a Contract for any part of the
death benefits payable to such beneficiary thereunder, and the Trustee shall file such designation
with the Insurer.

          Notwithstanding anything contained herein to the contrary, neither the Company nor the Trustee
shall be liable for the refusal of any Insurer to issue or change any Contract or Contracts or to
take any other action requested by the Trustee; nor for the form, genuineness, validity,
sufficiency or effect of any Contract or Contracts held in the trust; nor for the act of any person
or persons that may render any such Contract or Contracts null and void; nor for failure of any
Insurer to pay the proceeds of any such Contract or Contracts as and when the same shall become due
and payable; nor for any delay in payment resulting from any provision contained in any such
Contract or Contracts; nor for the fact that for any reason whatsoever (other than its own
negligence or willful misconduct) any Contracts shall lapse or otherwise become uncollectible.

          2.02-2 Prior to a Special Circumstance, the Trustee shall invest the trust fund in accordance
with written directions by the Committee, including directions for exercising rights, privileges,
options and elections pertaining to Contracts and for borrowing from Contracts or other borrowing
by the Trustee. The Trustee shall act only as an administrative agent in carrying out directed
investment transactions and shall not be responsible for the investment decision. If a
directed investment transaction violates any duty to diversify, to maintain liquidity or to meet
any other investment standard under this trust or applicable law, the entire responsibility shall
rest upon the Company. The Trustee shall be fully protected in acting upon or complying with any
investment objectives, guidelines, restrictions or directions provided in accordance with this
paragraph.

          After a Special Circumstance the Committee shall no longer be entitled to direct the Trustee
with respect to the investment of the trust fund, unless the Written Consent of Participants is
obtained for the Committee to continue to have this right pursuant to 2.02-2. If such Written
Consent of Participants is not obtained, the trust fund shall be invested by the Trustee pursuant
to 2.02-3 or by an Investment Manager pursuant to 2.02-4. The Trustee or

PAGE 13 — UMBRELLA TRUSTTM FOR EXECUTIVES

 

 

Investment Manager shall
have the right to invest the Trust Fund primarily in insurance contracts pursuant to 2.02-1.

          Notwithstanding the foregoing, no investments shall be made at any time in any securities,
instruments, accounts or real property of the Company, and the Trustee may not loan trust fund
assets to the Company, or permit the Company to pledge trust fund assets as collateral for loans to
the Company.

          The Committee may not direct the Trustee to make any investments, and the Company may not make
any contributions to the trust fund, which are not permissible investments under 2.02-2 and 2.02-3.

          2.02-3 If the Trustee does not receive instructions from the Committee for the investment of
part or all of the trust fund for a period of at least sixty (60) days, the Trustee shall invest
and reinvest the assets of the trust fund as the Trustee, in its sole discretion, may deem
appropriate, in accordance with applicable law. Permissible investments shall be limited to the
following:

     (a) Insurance or annuity contracts;

     (b) Preferred or common stocks, bonds, notes, debentures, commercial paper,
certificates of deposit, money market funds, obligations of governmental bodies, or
other securities;

     (c) Interest-bearing savings or deposit accounts with any federally-insured
bank or savings and loan association (including the Trustee or an affiliate of the
Trustee); or

     (d) Shares or certificates of participation issued by investment companies,
investment trusts, mutual funds, or common or pooled investment funds (including any
common or pooled investment fund now or hereafter maintained by the Trustee or an
affiliate of the Trustee).

          2.02-4 The Company may appoint one or more investment managers (“Investment Manager”) subject
to the following provisions:

     (a) The Company may appoint one or more Investment Managers to manage
(including the power to acquire and dispose of) a specified portion of the assets of
the trust (hereinafter referred to as that Investment Manager’s “Segregated Fund”).
Any Investment Manager so appointed must be either (A)

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an investment adviser
registered as such under the Investment Advisers Act of 1940, (B) a bank, as defined
in that Act, or (C) an insurance company qualified to perform services in the
management, acquisition or disposition of the assets of trusts under the laws of
more than one state; and any Investment Manager so appointed must acknowledge in
writing to the Company and to the Trustee that it is a fiduciary with respect to the
Plans. The Trustee, until notified in writing to the contrary, shall be fully
protected in relying upon any written notice of the appointment of an Investment
Manager furnished to it by the Company. In the event of any vacancy in the office
of Investment Manager, the Trustee shall be deemed to be the Investment Manager of
that Investment Manager’s Segregated Fund until an Investment Manager thereof shall
have been duly appointed; and in such event, until an Investment Manager shall have
been so appointed and qualified, references herein to the Trustee’s acting in
respect of that Segregated Fund pursuant to direction from the Investment Manager
shall be deemed to authorize the Trustee to act in its own discretion in managing
and controlling the assets of that Segregated Fund, and subparagraphs (b) and (c)
below shall have no effect with respect thereto and shall be disregarded.

     (b) Each Investment Manager appointed pursuant to subparagraph (a) above shall
have exclusive authority and discretion to manage and control the assets of its
Segregated Fund and may invest and reinvest the assets of the Segregated Fund in any
investments in which the Trustee is authorized to invest under 2.02-3, subject to
the terms and limitations of any written instruments pertaining to its appointment
as Investment Manager. Copies of any such written instruments shall be furnished to
the Trustee. In addition, each Investment Manager from time to time and at any time
may delegate to the Trustee (or in the event of any vacancy in the office of
Investment Manager, the Trustee may exercise in respect of that Investment Manager’s
Segregated Fund) discretionary authority to invest and reinvest otherwise uninvested
cash held in its Segregated Fund temporarily in bonds, notes or other evidences of
indebtedness issued or fully guaranteed by the United States of America or any
agency or instrumentality

PAGE 15 — UMBRELLA TRUSTTM FOR EXECUTIVES

 

 

thereof, or in other obligations of a short-term nature,
including prime commercial paper obligations or part interests therein.

               (c) Unless the Trustee knowingly participates in, or knowingly undertakes to
conceal, an act or omission of an Investment Manager, knowing such act or omission
to be a breach of the fiduciary responsibility of the Investment Manager with
respect to the Plans, the Trustee shall not be liable for any act or omission of any
Investment Manager and shall not be under any obligation to invest or otherwise
manage the assets of the Plans that are subject to the management of any Investment
Manager. Without limiting the generality of the foregoing, the Trustee shall not be
liable by reason of its taking or refraining from taking at the direction of an
Investment Manager any action in respect of that Investment Manager’s Segregated
Fund. The Trustee shall be under no duty to question or to make inquiries as to any
direction or order or failure to give direction or order by any Investment Manager;
and the Trustee shall be under no duty to make any review of investments acquired
for the trust at the direction or order of any Investment Manager and shall be under
no duty at any time to make
any recommendation with respect to disposing of or continuing to retain any such
investment.

          2.02-5 The values of all assets in the trust fund shall be reasonably determined by the
Trustee and may be based on the determination of qualified independent parties or Experts (as
described in 2.06-2). At any time before or after a Special Circumstance, the Trustee shall have
the right to secure confirmation of value by a qualified independent party or Expert for all
property of the trust fund, as well as any property to be substituted for other property of the
trust fund pursuant to 2.05. Before a Special Circumstance the Company may designate one or more
independent parties, who are acceptable to the Trustee, to determine the fair market value of any
notes, securities, real property or other assets.

          Any insurance or annuity contracts held in the trust fund shall be valued at their cash
surrender value, except for purposes of substituting other property for such Contracts pursuant to
2.05-2. All securities shall be valued net of costs to sell, or register for sale, such
securities. All real property shall be valued net of costs to sell such real property. All other
assets of the trust fund shall be valued at their fair market value.

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          The Company shall pay all costs incurred in valuing the assets of the trust fund, including
any assets to be substituted for other assets of the trust fund pursuant to 2.05. If not so paid,
these costs shall be paid from the trust fund. The Company shall reimburse the trust fund within
thirty (30) days after receipt of a bill from the Trustee for any such costs paid out of the trust
fund.

     2.03 Subtrusts

          2.03-1 The Trustee shall establish a separate subtrust (“Subtrust”) for each Plan to which it
shall credit contributions it receives which are earmarked for that Plan and Subtrust. The Trustee
shall also establish a separate Subtrust to which it shall credit contributions it receives which
are earmarked to the special reserve for payment of future fees and expenses of the Trustee and
future trust fees and expenses for legal and administrative proceeding. Each Subtrust shall
reflect an undivided interest in assets of the trust fund and shall not require any segregation of
particular assets. except that an insurance contract covering benefits of a particular Plan shall
be held in the Subtrust for the Plan. All contributions shall be designated by the Company for a
particular Subtrust. However, any contribution received by the Trustee which is not earmarked
for a particular Subtrust shall be allocated among the Subtrusts as the Trustee may determine in
its sole discretion.

          The Committee may direct the Trustee to maintain a separate sub-account within each Subtrust
for a Plan for each Participant who discovered by the Subtrust. Each sub-account in a Subtrust
shall reflect an individual interest in assets of the Subtrust and, as much as possible, shall
operate in the same manner as if it were a separate Subtrust.

          2.03-2 The Trustee shall allocate investment earnings and losses and expenses of the trust
fund among the Subtrusts in proportion to their balances, except that changes in the value of an
insurance contract (including premiums and interest on loans on an insurance contract) shall be
allocated to the Subtrust for which it is held. Payments to creditors during Insolvency
Administration under 5.02 shall be charged against the Subtrusts in proportion to their balances,
except that payment of Plan benefits to a Participant as a general creditor shall be charged
against the Subtrust for that Plan.

          2.03-3 Assets allocated to a Subtrust for one plan may not be utilized to provide benefits
under any other Plans until all benefits under such Plan have been paid in full, except that Excess
Assets of a Subtrust may be transferred to other Subtrusts pursuant to 2.04-5.

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     2.04 Recapture of Excess Assets

          2.04-1 In the event the trust shall hold Excess Assets, the Committee, at its option, may
direct the Trustee to return part or all of such Excess Assets to the Company.

          2.04-2 “Excess Assets” are assets of the trust exceeding one hundred twenty five percent
(125%) of the amounts described in subparagraphs (a), (b), (c) and (d) of 2.01-3.

          2.04-3 The calculation required by 2.04-2 shall be based on the terms of the plans and the
actuarial assumptions and methodology set forth in Appendix A. Before a Special Circumstance, the
calculation shall be made by the Company or a qualified actuary or consultant selected by the
Committee. After a Special Circumstances, the calculation shall be made by a qualified actuary or
consultant selected by the Trustee, provided the Committee may select a qualified actuary or
consultant with the Written Consent of Participants.

          2.04-4 Excess Assets shall be returned to the Company in the following order of priority,
unless the Trustee determines otherwise to protect the participants:

     (a) Cash and cash equivalents;

     (b) All taxable investments of the trust (other than cash and cash
equivalents and Contracts with Insurers), in such order as the Committee may
request;

     (c) All non-taxable investments of the trust (other than cash and cash
equivalents and Contracts with Insurers), in such order as the Committee may
request; and

     (d) Contracts with Insurers, proceeding in order of Contracts on
insureds from the youngest to the oldest ages based on the insured’s
attained age on the date of return of Excess Assets.

          Notwithstanding the foregoing, Excess Assets may be returned in any other order of priority
directed by the Committee with the Written Consent of Participants.

          2.04-5 If any Subtrust holds Excess Assets, the Committee may direct the Trustee to transfer
such Excess Assets to other Subtrusts, either ratably in proportion to the unfunded liabilities to
Participants for Plan benefits of all other Subtrusts or first to the other Subtrust(s) with the
largest percentage of such unfunded liabilities. After a Special Circumstance the Trustee may also
transfer Excess Assets of a Subtrust to other Subtrusts upon its own initiative in such amounts as
it may determine in its sole discretion.

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          Excess Assets of a Subtrust for a Plan shall be determined in the same manner as Excess Assets
of the trust are determined pursuant to 2.04-2 and 2.04-3. In making this determination each
Subtrust for a Plan shall bear its allocable share of the amounts described in subparagraphs (a)
and (b) of 2.01-3 which relate to that Plan. The Trustee, in its sole discretion, shall determine
whether there are Excess Assets in the separate Subtrust which constitutes the reserve for payment
of future fees and expenses of the Trustee and future trust fees and expenses for legal and
administrative proceedings. Excess Assets for this Subtrust shall be any amounts which the Trustee
reasonably determines will not be needed in the future for payment of such fees and expenses.

     2.05 Substitution of Other Property

          2.05-1 The Company shall have the power to reacquire part or all of the assets or collateral
held in the trust found at any time, by simultaneously substitution for it other readily marketable
property of equivalent value, net of any costs of disposition; provided that, if the trust
holds Excess Assets, the property which is substituted shall not be required to be of equivalent
value, but only of sufficient value so that the trust will retain Excess Assets of not less than
$10,000 after such substitution. The property which is substituted must be among the types of
investments authorized under 2.02 and may not be less liquid or marketable or less well secured
than the property for which it is substituted, as determined by the Trustee. such power is
exercisable in a nonfiduciary capacity and may be exercised without the approval or consent of
Participants or any other person.

          2.05-2 Except for insurance contracts, the value of any assets reacquired under 2.05-1 shall
be determined as provided in 2.02-5. The value of any insurance contract reacquired under 2.05-1
shall be the present value of future projected cash flow or benefits payable under the Contract,
but not less than the cash surrender value. The projection shall include death benefits based on
reasonable mortality assumptions, including know facts specifically relating to the health of the
insured and the terms of the Contract to be reacquired. Values shall be reasonably determined by
the Trustee and may be based on the determination of qualified independent parties and Experts, as
described in 2.02-5 and 2.06-2. The Trustee shall have the right to secure confirmation of value
by a qualified independent party or Expert for all property to be substituted for other property.

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          2.05-3 The Company shall pay all costs incurred in valuing the assets of the trust fund,
including any assets to be substituted for other assets of the trust fund pursuant to 2..05. If
not so paid, these costs shall be paid from the trust fund. The Company shall reimburse the trust
fund within thirty (30) days after receipt of a bill from the Trustee for any such costs paid out
of the trust fund.

     2.06 Administrative Powers of Trustee

          2.06-1 Subject in all respects to applicable provisions of this Trust Agreement and the Plans,
including limitations on investment of the trust fund, the Trustee shall have the rights, powers
and privileges of an absolute owner when dealing with property of the trust, including (without
limiting the generality of the foregoing) the powers listed below:

     (a) To sell, convey, transfer, exchange, partition, lease, and otherwise
dispose of any of the assets of the trust at any time held by the Trustee under this
Trust Agreement;

     (b) To exercise any option, conversion privilege or subscription right given
the Trustee as the owner of any security held in the trust; to vote any corporate
stock either in person or by proxy, with or without power of substitution; to
consent to or oppose any reorganization, consolidation, readjustment of financial
structure, sale, lease or other disposition of the assets of any corporation or
other organization, the securities of which may be an asset of the trust; and to
take any action in connection therewith and receive and retain any securities
resulting therefrom;

     (c) To deposit any security with any protective or reorganization committee,
and to delegate to such committee such power and authority with respect thereto as
the Trustee may deem proper, and to agree to pay out of the trust such portion of
the expenses and compensation of such committee as the Trustee, in its discretion,
shall deem appropriate;

     (d) To cause any property of the trust to be issued, held or registered in the
name of the Trustee as trustee, or in the name of one or more of its nominees, or
one or more nominees of any system for the central handling of securities, or in
such form that title will pass by delivery, provided that the

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records of the Trustee
shall in all events indicate the true ownership of such property, or to deposit any
securities held in the trust with a securities depository;

     (e) To renew or extend the time of payment of any obligation due or to become
due;

     (f) To commence or defend lawsuits or legal or administrative proceedings; to
compromise, arbitrate or settle claims, debts or damages in favor of or against the
trust; to deliver or accept, in either total or partial satisfaction of any
indebtedness or other obligation, any property; to continue to hold for such period
of time as the Trustee may deem appropriate any property so received; and to pay al
costs and reasonable attorneys’ fees in connection therewith out of the assets of
the trust;

     (g) To foreclose any obligation by judicial proceeding or otherwise;

     (h) Subject to 2.02, to borrower money from any person in such amounts, upon
such terms and for such purposes as the Trustee, in its discretion, may deem
appropriate; and in connection therewith, to execute promissory notes, mortgages or
other obligations and to pledge or mortgage any trust assets as security; and to
lend money on a secured or unsecured basis to any person other than a party in
interest;

     (i) To manage any real property in the trust in the same manner as if the
Trustee were the absolute owner thereof, including the power to lease the same for
such terms or terms within or beyond the existence of the trust and upon such
conditions as the Trustee may deem proper; and to grant options to purchase or
acquire options to purchase any real property;

     (j) To appoint one or more persons or entities as ancillary trustee or
sub-trustee for the purpose of investing in and holding title to real or personal
property or any interest therein located outside the State of Michigan; provided
than any such ancillary trustee or sub-trustee shall act with such power, authority,
discretion, duties, and functions of the Trustee as shall be specified in the
instrument establishing such ancillary trust or sub-trust, including (without
limitation) the power to receive, hold and manage property, real or personal, or

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undivided interest therein; and the Trustee may pay the reasonable expenses and
compensation of such ancillary trustees or sub-trustees out of the trust;

     (k) To hold such part of the assets of the trust uninvested for such limited
periods of time as may be necessary for purposes of orderly trust administration or
pending required directions, without liability for payment of interest;

     (l) To determine how all receipts and disbursements shall be credited, charged
or apportioned as between income and principal, and the decision of the Trustee
shall be final and not subject to question by any Participant or beneficiary of the
trust;

     (m) Generally to do all acts, whether or not expressly authorized, which the
Trustee may deem necessary or desirable for the orderly administration or protection
of the trust fund.

          2.06-2 The Trustee may engage one or more qualified independent attorneys, accountants,
actuaries, appraisers, consultants or other experts (an “Expert”) for any purpose, including the
determination of Excess Assets pursuant to 2.04 or disputed claims pursuant to 3.03. The
determination of an Expert shall be final and binding on the Company, the Trustee, and all of the
participants unless, within thirty (30) days after receiving a determination deemed by an
Participant to be adverse, any Participant initiates suit in a court of competent jurisdiction
seeking appropriate relief. The Trustee shall have no duty to oversee or independently evaluate
the determination of the Expert. The Trustee shall be authorized to pay the fees and expenses of
any Expert out of the assets of the trust fund.

          2.06-3 The Company shall from time to time pay taxes (references in this Trust Agreement to
the payment of taxes shall include interest and applicable penalties ) of any and all kinds
whatsoever which at any time are lawfully levied or assessed upon or become payable in respect of
the trust fund, the income or any property forming a part thereof, or any security transaction
pertaining thereto. To the extent that any taxes levied or assessed upon the trust fund are not
paid by the Company or contested by the Company pursuant to the last sentence of this paragraph,
the Trustee shall pay such taxes out of the trust fund, and the Company shall upon demand by the
Trustee deposit into the trust fund an amount equal to the amount paid from the trust fund to
satisfy such tax liability. If requested by the Company, the Trustee shall, at the

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Company’s
expense, contest the validity of such taxes in any manner deemed appropriate by the Company or its
counsel, but only if it has received an indemnity bond or other security satisfactory to it to pay
any expenses of such contest. Alternatively, the Company may itself contest the validity of such
taxes, but any such contest shall not affect the Company’s obligation to reimburse the trust fund
for taxes paid from the trust fund.

          2.06-4 Notwithstanding any provisions in the Plans or this Trust Agreement to the contrary,
the Company and Trustee may withhold any benefits payable to a beneficiary as a result of the death
of the Participant or any other beneficiary until such time as (a) the Company or Trustee is able
to determine whether a generation-skipping transfer tax, as defined in Chapter 13
of the Code, or any substitute provision therefor, is or may become payable by the Company or
Trustee as a result of benefit payments to the beneficiary; and (b) the Company or Trustee has
determined the amount of generation-skipping transfer tax that is or may become due, including
interest thereon. If any such tax is or may become payable, the Company or Trustee feels are
reasonably necessary to pay any generation-skipping transfer tax and interest thereon which is or
may become due.

          Any excess amounts so withheld from a beneficiary, which are not used to pay
generation-skipping transfer tax and interest thereon, shall be payable to the beneficiary as soon
as there is a final determination of the applicable generation-skipping transfer tax and interest
thereon. Whenever any amounts which were withheld are paid to any beneficiary, interest shall be
payable by the Company or Trustee to such beneficiary for the period of time between the date when
such amounts would otherwise have been paid to the beneficiary and the date when such amounts are
actually paid to the beneficiary after the aforementioned generation-skipping transfer tax
determinations are made and the amount of benefits payable to the beneficiary is finally
determined. Interest shall be payable at the same rate as provided under 5.03-2.

ARTICLE III

ADMINISTRATION

     3.01 Committee; Company Representatives

          3.01-1 The Committee is the plan administrator for the Plans and has general responsibility to
interpret the Plans and determine the rights of Participants and beneficiaries.

          3.01-2 The Trustee shall be given the names and specimen signatures of the members of the
Committee and any other Company representatives authorized to take action in

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regard to the
administration of the Plans and this trust. The Trustee shall accept and rely upon the names and
signatures until notified of any change. Instructions to the Trustee shall be signed for the
Committee by the Chairman or such other person as the Committee may designate and for the Company
by any officer or such other representative as the Company may designate.

     3.02 Payment of Benefits

          3.02-1 Benefit payments shall normally be made directly by the Company. If such payments are
not made when due, after sixty (60) days written notice to the Company to permit the Company to
cure any such Default, unless such notice is waived by the Company, the Trustee
shall pay benefits to Participants and beneficiaries on behalf of the Company in satisfaction of
its obligations under the Plans. Benefit payments from a Subtrust shall be made in full until the
assets of the Subtrust are exhausted. Payments due on the date the Subtrust is exhausted shall be
covered pro rata. The Company’s obligation shall not be limited to the trust fund, and a
Participant or beneficiary shall have a claim against the Company for any payment not made by the
Trustee.

          3.02-2 A Participant’s entitlement to benefits under the Plans shall be determined by the
Committee. Any benefit enhancement or right with respect to the Plans which is provided under
employment or severance agreements of Participants shall be taken into account in making the
foregoing determination. Any claim for such benefits shall be considered and reviewed under the
claims procedures established for the Plans.

          3.02-3 The Trustee shall make payments in accordance with written directions from the
Committee or consultant designated by the Committee, except as provided in 3.03. The Trustee may
request such directions from the Committee or consultant designated by the Committee. If the
Committee or consultant designated by the Committee fails to furnish written directions to the
Trustee, within sixty (60) days after receiving a written request for directions from the Trustee,
the Trustee may make payments in accordance with written directions from Participants or may
determine the amounts due under the terms of the Plans in reliance upon the most recent Payment
Schedule furnished to it by the Company.

          The Trustee shall make any required income tax withholding and shall pay amounts withhold to
taxing authorities on the Company’s behalf or determine that such amounts have been paid by the
Company.

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          3.02-4 The Trustee shall use the assets of the trust or any Subtrust to make benefit payments
or other payments in the following order of priority, unless the Trustee determines otherwise to
protect the Participants:

     (a) Cash contributions from the Company which are specifically designated to
enable the Trustee to make such benefit payments or other payments when due;

     (b) Cash and cash equivalents of the trust or Subtrust;

     (c) All taxable investments of the trust or Subtrust (other than cash and cash
equivalents and Contracts with Insurers), in such order as the Trustee may
determine;

     (d) All non-taxable investments of the trust or Subtrust (other than cash and
cash equivalents and Contracts with Insurers), in such order as the Trustee may
determine; and

     (e) Contracts with Insurers held in the trust or Subtrust, in such order and
manner (for example, making tax-free withdrawals prior to any taxable withdrawals
from Contracts) as the Trustee may determine. Unless the Trustee determines
otherwise to protect the Participants, the Trustee shall make tax-free withdrawals
prior to any taxable withdrawals from Contracts; shall make withdrawals from
Contracts to the premium vanish point before surrendering any Contracts; and shall
surrender Contracts, only if necessary, proceeding in order of Contracts o insureds
from the youngest to the oldest ages based on the insured’s age on the date of
surrender of the Contract.

          Notwithstanding the foregoing, the Trustee may use the assets of the trust or any Subtrust in
any other order of priority directed by the Committee with the Written Consent of Participants
affected thereby.

     3.03 Disputed Claims

          3.03-1 A Participant covered by this Trust whose claim has been denied by the Committee, or
who has received no response to the claim within sixty (60) days after submission, may submit the
claim to the Trustee. The Trustee shall give written notice of the claim to the Committee. If the
Trustee receives no written response from the Committee within thirty (30) days after the date the
Committee is given written notice of the claim, the Trustee shall pay the Participant the amount
claimed, unless it determines that a lessor amount is due under the terms of the Plans. If a
written response is received within such thirty (30) days, the Trustee

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shall consider the claim,
including the Committee’s response. If a written response is received within such thirty (30)
days, the Trustee shall consider the claim, including the Committee’s response. If the merits of
the claim depend on compensation, service or other data in the possession of the Company and it is
not provided, the Trustee may rely upon information provided by the Participant. Any benefit
enhancement or right with respect to the Plans which is provided under employment or severance
agreements of Participants shall be taken into account in making the foregoing determination.

          3.03-2 The Trustee shall give written notice to the Participant and the Committee of its
decision on the claim. If the decision is to grant the claim, the Trustee shall make payment to
the Participant. The Trustee may decline to decide a claim and may file suit to have the matter
resolved by a court of competent jurisdiction. All of the Trustee’s expenses in the court
proceeding, including attorneys fees, shall be allowed as administrative expenses of the trust.

          Either the Participant or the Company may challenge the Trustee’s decision by filing suit in a
court of competent jurisdiction. If no such suit is filed within sixty (60) days after delivery of
written notice of the Trustee’s decision, the decision shall become final and binding on all
parties.

          Notwithstanding the two preceding paragraphs, after the Trustee decides a claim or declines to
decide a claim, any dispute between a Participant and the Company or the Trustee as to the
interpretation or application of the provisions of this Trust Agreement and amounts payable
hereunder may, at the election of any party to such dispute (or, if more than one Participant is
such a party, at the election of two-thirds of such Participants) be determined by binding
arbitration in New York in accordance with the rules of the American Arbitration Association then
in effect. Judgment may be entered on the arbitrator’s award in any court of competent
jurisdiction. All fees and expenses of such arbitration shall be paid by the Trustee and
considered an expense of the trust under 3.06.

          If the Participant is not satisfied with the decision of the Arbitrator, the Participant may
appeal the Arbitrator’s decision by filing suit in a court of competent jurisdiction. If no such
suit is filed within sixty (60) days after delivery of written notice of the Arbitrator’s decision,
the decision shall become final and binding on all. If the Participant

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appeals the Arbitrator’s
decision and the decision is ultimately upheld, the Participant shall reimburse the Trustee for all
expenses incurred in defending the Arbitrator’s decision.

          3.03-3 If the Committee opposes a claim presented under 3.03-1 and the Trustee ultimately pays
the claim from trust assets, the Trustee shall reimburse the Participant’s expenses in pursuing the
claim, including attorneys fees at the trial and appellate level. The Company shall
reimburse the trust fund within thirty (30) days after receipt of a bill from the Trustee for any
such Participant’s expenses which are reimbursed by the Trustee.

     3.04 Records

          3.04-1 The Trustee shall keep complete records on the trust fund open to inspection by the
Company, Committee and Participants at all reasonable times. In addition to accountings required
below, the Trustee shall furnish to the Company, Committee and Participants any information
reasonably requested about the trust fund.

     3.05 Accountings

          3.05-1 The Trustee shall furnish the Company with a complete statement of accounts annually
within sixty (60) days after the end of the trust year showing assets and liabilities and income
and expense for the year of the trust and each Subtrust. The Trustee shall also furnish the
Company with accounting statements at such other times as the Company may reasonably request. The
form and content of the statement of accounts shall be sufficient for the Company to include in
computing its taxable income and credits the income, deductions and credits against tax that are
attributable to the trust fund. The Trustee shall also allow, upon the Company’s request, access
to the statements of accounts by the Company’s independent public accountant.

          3.05-2 The Company may object to an accounting within one hundred eighty (180) days after it
is furnished and require that it be settled by audit by a qualified, independent certified public
accountant. The auditor shall be chosen by the Trustee from a list of at least five such
accountants furnished by the Company at the time the audit is requested. Either the Company or the
Trustee may require that the account be settled by a court of competent jurisdiction, in lieu of or
in conjunction with the audit. All expenses of any audit or court proceedings, including
reasonable attorneys’ fees, shall be allowed as administrative expenses of the trust.

PAGE 27 — UMBRELLA TRUSTTM FOR EXECUTIVES

 

 

          3.05-3 If the Company does not object to an accounting within the time provided, the account
shall be settled for the period covered by it.

          3.05-4 When an account is settled, it shall be final and binding on all parties, including all
Participants and persons claiming through them.

     3.06 Expenses and Fees

          3.06-1 The Trustee shall be reimbursed for all reasonable expenses and shall be paid a
reasonable fee fixed by agreement with the Company from time to time. No increase in the fee shall
be effective before sixty (60) days after the Trustee gives Written notice to the Company of the
increase. The Trustee shall notify the Company periodically of expenses and fees.

          3.06-2 The Company shall pay trustee and other administrative and valuation fees and expenses.
If not so paid, these fees and expenses shall be paid from the trust fund. The Company shall
reimburse the trust fund within thirty (30) days after receipt of a bill from the Trustee for any
fees and expenses paid out of the trust fund.

ARTICLE IV

LIABILITY

     4.01 Indemnity

          4.01-1 Subject to such limitations as may be imposed by applicable law, the Company shall
indemnify and hold harmless the Trustee from any claim, loss, liability or expense arising from any
action or inaction in administration of this trust based on direction or information from either
the Company, Committee, any Investment Manager or any Expert, or any action taken with respect to
Written Consent of Participants as defined in 1.02-5, except in the case of willful misconduct or
bad faith.

     4.02 Bonding

          4.02-1 The Trustee need not give any bond or other security for performance of its duties
under this trust.

ARTICLE V

INSOLVENCY

     5.01 Determination of Insolvency

          5.01-1 The Company is Insolvent for purposes of this trust if:

     (a) The Company is unable to pay its debts as they come due; or

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     (b) The Company is the subject of a pending proceeding as a debtor under the
federal Bankruptcy Code (or any successor federal statute).

          5.01-2 The Company shall promptly give written notice to the Trustee upon becoming Insolvent.
The Chief Executive Officer of the Company and the Board shall be obligated to give such notice.
If the Trustee receives such notice or receives from any other
person claiming to be a creditor of the Company a written allegation that the Company is Insolvent,
the Trustee shall independently determine whether such insolvency exists. The expenses of such
determination shall be allowed as administrative expenses of the trust.

          5.01-3 Upon receipt of the notice or allegation described in 5.01-2, the Trustee shall
discontinue making payments from the trust fund to Participants and beneficiaries under the Plans
and shall commence Insolvency Administration under 5.02.

          5.01-4 The Trustee shall have no obligation to investigate the financial condition of the
Company prior to receiving a notice or allegation of insolvency under 5.01-2.

     5.02 Insolvency Administration

          5.02-1 During Insolvency Administration, the Trustee shall hold the trust fund for the benefit
of the creditors of the Company and make payments only in accordance with 5.02-2. The Participants
and beneficiaries shall have no greater rights than general creditors of the Company. The Trustee
shall continue the investment of the trust fund in accordance with 2.02.

          5.02-2 The Trustee shall make payments out of the trust fund in one or more of the following
ways:

     (a) To creditors in accordance with instructions from a court, or a person
appointed by a court, having jurisdiction over the Company’s condition of
insolvency;

     (b) To Participants and beneficiaries in accordance with such instructions; or

     (c) In payment of its own fees or expenses.

          5.02-3 The Trustee shall have a priority claim against the trust fund with respect to its own
fees and expenses.

     5.03 Termination of Insolvency Administration

          5.03-1 Insolvency Administration shall terminate when the Trustee determines that the Company:

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     (a) Is not Insolvent, in response to a notice or allegation of insolvency under
5.01-2;

     (b) Has ceased to be Insolvent; or

     (c) Has been determined by a court of competent jurisdiction not to be
Insolvent or to have ceased to be Insolvent.

          5.03-2 Upon termination of Insolvency Administration under 5.03-1, the trust fund shall
continue to be held for the benefit of the Participants and beneficiaries under the Plans. Benefit
payments due during the period of Insolvency Administration shall be made as soon as practicable,
together with interest from the due dates at the following rates:

     (a) For the Executive Deferred Compensation Plan, the rate credited on the
Participant’s account under the Plan.

     (b) For the Supplemental Executive Benefit Plan, a rate equal to the interest
rate fixed by the Pension Benefit Guaranty Corporation for valuing immediate
annuities in the preceding month.

     (c) For the Severance Plans, a rate equal to the interest rate fixed by the
Pension Benefit Guaranty Corporation for valuing immediate annuities in the
preceding month.

     5.04 Creditors’ Claims During Solvency

          5.04-1 During periods of Solvency the Trustee shall hold the trust fund exclusively to pay
Plan benefits and fees and expenses of the trust until all Plan benefits have been paid. Creditors
of the Company shall not be paid during Solvency from the trust fund, which may not be seized by or
subjected to the claims of such creditors in any way.

          5.04-2 A period of Solvency is any period not covered by 5.02.

ARTICLE VI

SUCCESSOR TRUSTEES

     6.01 Resignation and Removal

          6.01-1 The Trustee may resign at any time by notice to the Company, which shall be effective
in sixty (60) days unless the Company and the Trustee agree otherwise.

          6.01-2 The Trustee may be removed by the Company on sixty (60) days’ written notice or shorter
notice accepted by the Trustee. After a Special Circumstance the Trustee may be removed only with
the Written Consent of Participants.

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          6.01-3 When resignation or removal is effective, the Trustee shall begin transfer of assets to
the successor Trustee immediately. The transfer shall be completed within sixty (60) days, unless
the Company extends the time limit.

          6.01-4 If the Trustee resigns or is removed, the Company shall appoint a successor by the
effective date of resignation or removal under 6.01-1 or 6.01-2. After a Special Circumstance a
successor Trustee may be appointed only with the Written Consent of Participants. If no such
appointment has been made, the Trustee may apply to a court of competent jurisdiction for
appointment of a successor or for instructions. All expenses of the Trustee in connection with the
proceeding shall be allowed as administrative expenses of the trust.

     6.02 Appointment of Successor

          6.02-1 The Company may appoint any national or state bank or trust company that is unrelated
to the Company as a successor to replace the Trustee upon resignation or removal. The appointment
shall be effective when accepted in writing by the new Trustee, which shall have all of the rights
and powers of the former Trustee, including ownership rights in the trust assets. The former
Trustee shall execute any instruments necessary or reasonably requested by the Company or the
successor Trustee to evidence the transfer. After a Special Circumstance a successor Trustee may
be appointed only with the Written Consent of Participants.

          6.02-2 The successor Trustee need not examine the records and acts of any prior Trustee and
may retain or dispose of existing trust assets, subject to Article II. The successor Trustee shall
not be responsible for, and the Company shall indemnify and hold harmless the successor Trustee
from any claim or liability because of, any action or inaction of any prior Trustee or any other
past event, any existing condition or any existing assets.

     6.03 Accountings; Continuity

          6.03-1 A Trustee who resigns or is removed shall submit a final accounting to the Company as
soon as practicable. The accounting shall be received and settled as provided in 3.05 for regular
accountings.

          6.03-2 No resignation or removal of the Trustee or change in identity of the Trustee for any
reason shall cause a termination of the Plans or this trust.

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ARTICLE VII

GENERAL PROVISIONS

     7.01 Interests Not Assignable

          7.01-1 The interest of a Participant in the trust fund may not be assigned, pledged or
otherwise encumbered, seized by legal process, transferred or subjected to the claims of the
Participant’s creditors in any way.

          7.01-2 The Company may not create a security interest in the trust fund in favor of any of its
creditors. The Trustee shall not make payments from the trust fund of any amounts to creditors of
the Company other than Participants, except as provided in 5.02.

          7.01-3 The Participants shall have no interest in the assets of the trust fund beyond the
right to receive payment of Plan benefits and reimbursement of expenses from such assets subject to
the instructions during Insolvency referred to in 5.02. During Insolvency Administration the
Participants’ rights to trust assets shall not be superior to those of any other general creditors
of the Company.

     7.02 Amendment

          7.02-1 The Company and the Trustee may amend this Trust Agreement at any time by a written
instrument executed by both parties. Except as provided below, any such amendment after a Special
Circumstance or more than two years after the date hereof may be made only with the Written Consent
of Participants. Notwithstanding the foregoing, any such amendment may be made by written
agreement of the Company and the Trustee without the Written Consent of Participants if such
amendment will not have a material adverse effect on the rights of any Participant hereunder or,
prior to a Special Circumstance, is necessary to comply with any laws, regulations or other legal
requirements.

     7.03 Applicable Law

          7.03-1 This trust shall be governed, construed and administered according to the laws of
Michigan, except as preempted by ERISA.

     7.04 Agreement Binding on All Parties

          7.04-1 This Trust Agreement shall be binding upon the heirs, personal representatives,
successors and assigns of any and all present and future parties.

     7.05 Notices and Directions

          7.05-1 Any notice or direction under this Trust Agreement shall be in writing and shall be
effective when actually delivered or, if mailed, when deposited postpaid as first-class

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mail. Mail to a party shall be directed to the address stated below or to such other address as either
party may specify by notice to the other party. Notices to the Committee shall be sent to the
address of the Company. Notices to Participants who have submitted claims under 3.03 shall be
mailed to the address shown in the claim submission. Until notice is given to the contrary,
notices to the Company and the Trustee shall be addressed as follows:

	 	 	 	 	 	 	 
	 

	 	Company:
	 	 
	 	KeyCorp
	 

	 	 	 	 	 	One KeyCorp Plaza
	 

	 	 	 	 	 	P.O. Box 88
	 

	 	 	 	 	 	Albany, New York 12201-0088
	 

	 	 	 	 	 	Attention: Lee Irving
	 
	 	 	 	 	 	 
	 

	 	Trustee:
	 	 	 	NBD Bank, N.A.
	 

	 	 	 	 	 	611 Woodward Avenue
	 

	 	 	 	 	 	Detroit, Michigan 48226
	 

	 	 	 	 	 	Attention: Ken Oswald

     7.06 No Implied Duties

          7.06-1 The duties of the Trustee shall be those stated in this trust, and no other duties
shall be implied.

     7.07 Gender, Singular and Plural

          7.07-1 All pronouns and any variations thereof shall be deemed to refer to the masculine or
feminine, as the identity of the person or persons may require. As the context may require, the
singular may be read as the plural and the plural as the singular.

ARTICLE VIII

INSURER

     8.01 Insurer Not a Party

          8.01-1 The Insurer shall not be deemed to be a party to this Trust Agreement, and its
obligations shall be measured and determined solely by the terms of its Contracts and other
agreements executed by it.

     8.02 Authority of Trustee

          8.02-1 The Insurer shall accept the signature of the Trustee on any documents or papers
executed in connection with such Contracts. The signature of the Trustee shall be conclusive proof
to the Insurer that the person on whose life an application is being made is

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eligible to have such Contract issued on his life and is eligible for a Contract of the type and
amount requested.

     8.03 Contract Ownership

          8.03-1 The Insurer shall deal with the Trustee as the sole and absolute owner of the trust’s
interests in such Contracts and shall have no obligation to inquire whether any action or failure
to act on the part of the Trustee is in accordance with or authorized by the terms of the Plans or
this Trust Agreement.

     8.04 Limitation of Liability

          8.04-1 The Insurer shall be fully discharged from any and all liability for any action taken
or any amount paid in accordance with the direction of the Trustee and shall have no obligation to
see to the proper application of the amounts so paid. The Insurer shall have no liability for the
operation of this Trust Agreement or the Plans, whether or not in accordance with their terms and
provisions.

     8.05 Change of Trustee

          8.05-1 The Insurer shall be fully discharged from any and all liability for dealing with a
party or parties indicated on its records to be the Trustee until such time as it shall receive at
its home office written notice of the appointment and qualification of a successor Trustee.

          IN WITNESS WHEREOF, the Company and the Trustee have caused this Trust Agreement to be
executed by their respective duly authorized officers on the dates set forth below.

	 	 	 	 	 	 	 
	COMPANY:

	 	By	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Executed:
	 	 	, 199      	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	TRUSTEE:

	 	By	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Executed:
	 	 	, 199      	 
	 

	 	 	 	 	 	 

PAGE 34 — UMBRELLA TRUSTTM FOR EXECUTIVES

 

 

APPENDIX A

Assumptions and Methodology for

Calculations Required Under 2.01 and 2.04

	1.	 	The liability for benefits under each Plan will be calculated using two different assumptions
as to when Participants terminate service:

	 	(a)	 	As of the applicable date under 2.01-3 or 2.04.
	 
	 	(b)	 	Twenty four (24) months after the applicable date, assuming future compensation
continues at current levels, and future deferrals under deferred compensation plans
continue pursuant to prior elections.

	 	 	The liability for accrued benefits under each Plan will be the greater of the liabilities
calculated in accordance with (a) and (b) above.
	 
	2.	 	Calculations will be based upon the most valuable optional form of payment available to the
Participant.
	 
	3.	 	The liability for benefits under deferred compensation or other defined contribution Plans
shall be equal to the deferral or other account balances (vested and unvested) of Participants
as of the applicable date, plus projected deferrals expected to be made within twenty four
(24) months after the applicable date pursuant to prior elections. Account balances of
Participants under a Plan shall be calculated based on crediting the highest rate of interest
which may become payable to Participants under the Plan.
	 
	4.	 	The liability for benefits under other Plans shall be equal to the present value of accrued
benefits (vested and unvested) of Participants as of the relevant dates under 1(a) and (b)
above.
	 
	5.	 	No mortality is assumed prior to the commencement of benefits, except for purposes of
calculating any additional accrued liability under 5 above. Future mortality is assumed to
occur in accordance with the 1983 Group Annuity Table Male Rates after the commencement of
benefits.
	 
	6.	 	The present value of amounts shall be determined using a discount rate equal to the then
current Pension Benefit Guaranty Corporation immediate annuity rate for a nonmultiemployer
plan.
	 
	7.	 	Where left undefined above, calculations will be performed in accordance with generally
accepted actuarial principles.

PAGE 35 — UMBRELLA TRUSTTM FOR EXECUTIVES

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