Common use of Establishment of Segregated Account Clause in Contracts

Establishment of Segregated Account. Employee agrees to establish a segregated account in the form of a grantor trust between Employee and the Northern Trust Company in the form attached to this Agreement, or a savings account or such other form of segregated account generally available to the public from a financial institution as the Committee considers acceptable (the name and location of which institution shall be indicated in an attachment hereto), for the purpose of receiving and holding the cash deposits made pursuant to paragraph 1 above and any interest which is earned on the outstanding balances in the segregated account. Employee may elect to transfer all of the assets of his segregated account to another acceptable form of segregated account provided he gives the Committee 60 days advance written notice of such transfer.