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1 . The first group of Master Trustees was selected by the President of the Florida League of Cities , Inc . or his designee in order to create an interim group of Master Trustees to establish the Plans . This interim group of Master Trustees served until successor Master Trustees were elected . The first group of Master Trustees was composed of five ( 5 ) Master Trustees . The initial terms of the Master Trustees was as follows : two (2) individual Master Trustees selected for a one- ( 1 -)year term and three (3 ) individual Master Trustees selected for a two- (2 -)year term . The terms thereafter shall be for three (3 ) years . 2 . Beginning in January, 1986 the Master Trustees shall solicit nominations from the Participating Employers for Master Trustee and such nominees shall constitute the basis for the election of Master Trustees by the majority vote of the Master Trustees then in office . The Master Trustees may be re-elected but no Master Trustee shall serve more than two (2) consecutive three- (3 -) year terms . In the event a Master Trustee is elected to fill an unexpired tern, the unexpired term shall not be included in the two- (2 -) term limitation provided herein . Replacement Master Trustees shall be elected from nominations provided by Participating Employers and vacancies shall be filled by the majority vote of the Master Trustees then in office from the nominees offered by such Participating Employers . 3 . No individual Master Trustee may be elected or continue to serve as a Master Trustee after becoming an owner, officer or employee of the Administrator or a Custodian . 4 , Each Master Trustee and each successor Master Trustee shall acknowledge and consent to his election as a Master Trustee by giving written notice of acceptance of such election to the Chairman of the Master Trustees . C . Resignation of a Master Trustee . 1 . A Master Trustee may resign from all duties and responsibilities under this Agreement by giving not less than sixty (60) days prior written notice sent by registered mail to the Chairman of the Master Trustees . Such notice shall state the date such resignation shall take effect and such resignation shall take effect on such date unless a successor Master Trustee shall have been elected at an earlier date by the Master Trustees in which event such resignation shall take effect immediately upon the election of the successor Master Trustee . 2 . Any Master Trustee, upon leaving office, shall forthwith turn over and deliver to the Chairman of the Master Trustees at the principal office of the Master Trust Fund any and all records, books, documents or other property in his or her possession or under his or her control which belongs to the Master Trust Fund . D . Removal of a Master Trustee . Each Master Trustee, unless due to the resignation, death, incapacity, or refusal to act, shall serve and shall continue to serve subject to the provisions of this Agreement. 13 MAD 1_625405.4