Opinion ID: 1970636
Heading Depth: 1
Heading Rank: 4

Heading: The Terms of the Trust Agreements:

Text: Each of the trust agreements is identical in the following respects regarding removal of the original trustee, appointment of a successor trustee, and compensation to the original trustee on principal: The trustee may be removed at any time, and The Cleveland Trust Company (or one of two other specified trust companies) may be appointed successor trustee, by the beneficiary of the trust (acting through his guardian if under 21 years of age); or, after the death of the beneficiary, by his eldest surviving lawful issue who has attained majority; or in default of such issue so qualified, by the guardian of the estate of such issue; or in default of such issue, by Gund's eldest then surviving lawful issue who has attained majority; or in default of such issue of Gund so qualified, by the guardian of the estate of Gund's eldest then surviving lawful issue. Each trust agreement contains the provisions for trustee's compensation which were set forth in the suggested compensation clause sent by Wilmington Trust to Gund with its letter of December 27: First, there is the provision for commission on gross income, ranging from 1¾% to 2½% based upon the fair market value of the principal of the fund on the anniversary date of the trust when the commission is charged. Immediately thereafter in each trust agreement, the following provision appears: (b) A fee upon principal of 1% of the fair market value at the time distributed or transferred.