(k) To divide any trust into two or more separate trusts. Immediately after any such division, each separate trust shall have identical provisions to the original trust. The Trustee may, at any time prior to a combination of such trusts, expend principal and exercise any other discretionary powers with respect to such separate trusts differently, invest such separate trusts differently, and take all other actions consistent with such trusts being separate entities. Further, the donee of any power of appointment with respect to a divided trust may exercise such powers differently for each separate trust created by the division unless specifically provided for herein otherwise.

(k) 將任一信託分割成兩個或數個獨立信託。在信託分割的下一刻，每個獨立的信託都具有與原始信託相同的規定。受託人得在這些信託合併之前的任何時間，以不同的方式支出本金或行使自由裁量權，用不同的方式投資，並採取與該等信託為獨立實體相符之所有其他行動。此外，除非本合約另有明確規定，否則任何關於分割信託的受託人，得對各個分割的獨立信託行使不同的權力。

(l) To open checking and other banking and investment accounts in the name of the Trust and to designate the officer or officers of any corporate Trustee who shall have the authority to sign checks or withdraw funds from such accounts.

(l) 以本信託名義開立支票及其他銀行投資帳戶，並指定任何受託公司一名或多名的高級職員，授權其簽署支票或從該帳戶提款。

(m) To employ or otherwise deal with such agents, advisers and other counsel, including but not limited to entities affiliated with any Trustee or Investment Direction Adviser, and to pay out of income or principal or both the reasonable charges and fees of such agents, advisers and other counsel, as it shall in its sole discretion determine, including the power to select brokers and dealers affiliated with any Trustee or Investment Direction Adviser for the sale or purchase of any securities or any other investment property in the Trust.

(m) 聘用或以其他方式與代理人、顧問、或其他諮詢人員，包含但不限於與受託人或投資指示顧問相關聯的主體進行交易，用本金或收益支付其合理的費用，受託人的絕對裁量權得選擇與受託人或投資指示顧問相關聯的股票經紀人及券商買賣任何信託持有的證券或財產。

The Trustee shall be entitled to reimbursement for the charges and fees of such agents, advisers and other counsel out of principal or income or both as it shall in its sole discretion determine. This authorization may include, but shall not be limited to, an affiliated broker acting in a principal or agency capacity for equity and fixed income securities, routing orders for over-the-counter (OTC) stocks to a market maker affiliated with any Trustee or Investment Direction Adviser, routing listed stocks to specialists affiliated with any Trustee or Investment Direction Adviser, routing listed options through a proprietary trading operation affiliated with any Trustee or Investment Direction Adviser, or routing after-hours orders to a proprietary trading operation in which any Trustee or Investment Direction Adviser or an affiliate of any Trustee or Investment Direction Adviser owns an equity interest.

受託人依其單獨裁量權，用本金或收益支付代理人、顧問、及其他諮詢人員的費用。此授權包含但不限於關係經紀人以主要或代理身分處理股權及固定收益證券的本金，將櫃台買賣之股票、已發行股票、已發行之選擇權及盤後交易向與受託人或投資指示顧問有關之市場發出訂單。

In such case the Trustee, Investment Direction Adviser or its respective affiliate may receive both monetary and non-monetary “payment for order flow,” including, without limitation, an inter-company transfer of funds in connection with orders routed to an affiliated market maker;

在這些情況下，受託人或投資指示顧問或其各自關聯方可能收受貨幣及非貨幣形式的「訂單流支付」，包含但不限於與發送給其關聯交易商訂單有關的公司內部資金移轉；

monetary compensation (including fee sharing) from, and participation in the profits of, certain affiliated and independent exchange specialists who execute orders; other compensation as part of reciprocal order routing arrangements with various exchange specialists and dealer firms; and rebates and credits against fees paid by various exchanges to member firms.  Except as required by law, the Trustee's compensation shall not be reduced by any additional compensation received by the Trustee, its parent, or any affiliate thereof, or any agent, principal, adviser, counsel, broker, dealer, market maker or specialist (including exchange specialist) affiliated with the Trustee, its parent or any affiliate thereof, for providing any of the services authorized herein.  Except as required by law, the Investment Direction Adviser's compensation shall not be reduced by any additional compensation received by the Investment Direction Adviser or any affiliate thereof, or any agent, principal, adviser, counsel, broker, dealer, market maker or specialist (including exchange specialist) affiliated with the Investment Direction Adviser or any affiliate thereof, for providing any of the services authorized herein.

從某些執行訂單的關聯及獨立交易專家獲取的貨幣報酬（包含費用分成），並分享利潤；與其他交易專家及交易商公司就互惠訂單安排的報酬；及各交易所向會員公司提供的回扣及費用抵免。除非法律要求，否則不得因為受託人、其母公司或其關聯方、或與前三者有關聯的代理人、委託人、顧問、律師、經紀人、交易商、做市商或專家（包括交易所專家）提供本合約授權的服務收受額外報酬而使受託人的報酬減少。除非法律要求，否則不得因為投資指示顧問或其關聯方、或與前兩者有關聯的代理人、委託人、顧問、律師、經紀人、交易商、做市商或專家（包括交易所專家）提供本合約授權的服務收受額外報酬而使投資指示顧問的報酬減少。

(n) To invest in, retain or otherwise deal in any securities managed, issued, underwritten or distributed by the Trustee or by any of its affiliates, any participation in any investment company registered under the Investment Company Act of 1940, or any investment fund exempt from registration under the Investment Company Act of 1940, for which the Trustee or its affiliates is an adviser or agent, and any other “affiliated investment” within the meaning of N.R.S Section 669.225 and to otherwise deal with or transact business with any of its affiliates, notwithstanding the fact that such Trustee or affiliate may receive separate fees, commissions or other costs directly from such security, fund, “affiliated investment,” dealing or transaction.

(n) 投資、保留或以其他方式處理由受託人或其關聯方所管理、發行、承銷、或分銷的證券，參與根據1940年投資公司法註冊的任何投資公司，或根據1940年投資公司法免註冊的任何投資基金（受託人或其關聯方是該基金的顧問或代理），及內華達州修訂法規第669.225條所指的任何其他「關聯投資」，並以其他方式與其關聯方往來或進行交易，儘管事實上該受託人或關聯方可能直接從該證券、基金、或關聯投資上收取獨立的費用或傭金。儘管該受託人或關聯方可能直接從該證券、基金、「關聯投資」、往來或交易中收取單獨的費用、佣金或其他費用。

(o) Subject to the provisions of Article ELEVENTH of this Agreement relating to the Distribution Adviser, with regard to any trust created by or pursuant to this Agreement of which the Trustee has the power to invade the principal of the trust to make distributions to or for the benefit of one or more persons (the “First Trust”), the Trustee may instead exercise that power by appointing all or part of the principal of the First Trust subject to the power in favor of the Trustee of another trust (the “Second Trust”), provided, the beneficiaries of the Second Trust are beneficiaries of the First Trust at the time of the appointment in favor of the Trustee of the Second Trust.  Except to the extent limited by the immediately preceding sentence, the Second Trust may have dispositive provisions that differ from the First Trust.  The Second Trust may have administrative provisions that differ from the First Trust.  The Trustee must obtain the written consent of the Trust Protector prior to exercising the power conferred pursuant to this section (o).

(o)在符合本合約第十一條關於分配顧問規定的前提下，對由本合約或根據本合約所設立、且受託人有權力動用信託本金以分配給一位或多為受益人的信託（「第一信託」），受託人也可執行此權力，將第一信託全部或部分的本金指定給其他信託（「第二信託」）的受託人，但在指定時第一信託及第二信託的受益人要相同。除了上述的限制外，第二信託得具有與第一信託不同的分配條款。第二信託得有不同於第一信託的管理規定。受託人在行使根據本條(o)所賦予的權力之前，必須取得信託保護人的書面同意。

 

EIGHTH  Exclusive Duties of Trustee

Notwithstanding any other provision of this Agreement, but subject to section (b)(1) of Article TENTH, the Trustee shall have the following exclusive administrative duties, which shall be performed by the Trustee in the Trustee’s sole discretion and not at the direction of any Adviser or Trust Protector, except for paragraphs (a) and (f) that follow to the extent such duties involve investment decisions:

第八條  受託人的專有職責

儘管有本合約的其他規定，在符合第十(b)(1)條的前提下，受託人應承擔以下專有的行政責任(除了以下涉及投資決定的第(a)與(f)項外)，並在受託人的單獨裁量權下行使，而非在任何顧問或信託保護人的指示下行使。

(a) To maintain an account or accounts for the purpose of the custody and safekeeping of the Trust assets, receiving trust income and contributions and from which trust expenditures and distributions are disbursed.

(b) To maintain storage of tangible personalty and evidence of intangible Trust property.

(c) Subject to section (c) of Article TWENTY-THIRD, to maintain Trust records and to originate, facilitate and review Trust accountings, reports and other communications with the Notice Recipients, the Trust Protector and others (including unrelated third parties).

(d) To maintain an office for Trustee meetings and other Trust business.

(e) Subject to section (c) of Article TWENTY-THIRD, to respond to inquiries concerning any Trust from the Notice Recipients, the Trust Protector and others (including unrelated third parties).

(f) To execute documents in connection with the performance of its duties under this Article.

(g) To retain accountants, attorneys, agents and other advisers in connection with the performance of the Trustee's administrative duties, at the expense of the Trust.

(h) To prepare and file (or arrange for the preparation and filing of) income tax returns for the Trust, and to file any disclosure forms required by the IRS.

(i) To allocate receipts and expenses to income or principal or partly to each.

(a) 為保管及妥善保存信託財產、接收信託收益與信託出資，並辦理信託支出與分配之支付之目的，而開立並維持一個或多個帳戶。

(b) 維持對有形動產之存放以及無形信託財產相關權利憑證之保存。

(c) 在符合第二十三(c)條的前提下，保存信託紀錄及發起、促進、審查信託會計，報告及其他與應受通知人、信託保護人、及其他人（包含無關的第三方）的通聯記錄。

(d) 為受託人的會議及信託業務維持辦公場所。

(e) 在符合第二十三(c)條的前提下，回應任何關於來自信託應受通知人、信託保護人或其他非關係人的詢問。

(f) 出具為履行本條規定職責的文件。

(g) 為履行受託人管理職責聘用會計師、律師、代理人及其他顧問，費用由本信託承擔。

(h) 準備及申報（或安排申報）美國國稅局需要之信託收益稅表與披露文件。

(i) 將收支及費用計入（部分）收益或（部分）本金。

 

NINTH  Investment Direction Adviser

Notwithstanding any other provision of this Agreement, there shall at all times be one or more Investment Direction Advisers (the “Investment Direction Adviser” or “Investment Direction Advisers”) to serve in accordance with this Article.  The role and function of the Investment Direction Adviser is set forth in this Article.  The Investment Direction Adviser shall serve in a fiduciary capacity and conform to the purposes of this Agreement. The Investment Direction Adviser shall be considered an “investment trust adviser” within the meaning of N.R.S Section 163.5543 or any successor statute.  Subject to the provisions of this Agreement, the Investment Direction Adviser shall have all of the powers and discretions of an investment trust adviser under N.R.S Section 163.5557(2) or any successor statute.

第九條  投資指示顧問

儘管本合約其他條文所述，根據本條，無論何時應有一位或一位以上的投資指示顧問（以下簡稱「投資指示顧問」）在任，投資指示顧問有受託責任，並應遵守本合約之意旨。投資指示顧問應為內華達州修訂法規第163.5543條或任何後續法規中的「投資信託顧問」。 在符合本合約規定的前提下，投資指示顧問應具有內華達州修訂法規第163.5557(2)條或任何後續法規所規定的投資信託顧問的所有權力及裁量權。

(a) Initial Appointment of Investment Direction Adviser

The initial Investment Direction Adviser shall be [Name of Investment Direction Adviser]. All additional and subsequent Investment Direction Advisers shall be appointed in the manner provided in this Article. If more than two persons are serving as Investment Direction Advisers, an affirmative vote of a majority of such Investment Direction Advisers must be reached with respect to any decisions, actions taken or direction given.  Otherwise, the Investment Direction Advisers must act unanimously.  Notwithstanding the foregoing, if more than one Investment Direction Adviser is serving, the Investment Direction Advisers may designate one such Investment Direction Adviser to communicate all directions to the Trustee.

(a)起始投資指示顧問之指派

起始投資指示顧問為[Name of Investment Direction Adviser]。所有新增及繼任之投資指示顧問應按照本條規定指派。若投資指示顧問超過兩位，任何決定、行動、發出指示，皆須取得投資指示顧問過半數之贊成投票，否則全體投資指示顧問須一致行動。即便有前述規定，若有超過一位投資指示顧問在任，得指定一位投資指示顧問與受託人溝通。

(b) Role and Function

The Investment Direction Adviser shall hold and may exercise the full power to direct the Trustee with regard to the management of the investments of the Trust, including, but not limited to, the purchase, sale and retention of all of the Trust assets, and the exercise of voting, subscription, conversion, option and similar rights with respect to such property and the participation in and consent to any voting trust, reorganization, merger, dissolution or other action affecting any such property. The Trustee shall follow the written direction of the Investment Direction Adviser with respect to all matters relating to the management and investment of Trust assets. The Investment Direction Adviser shall have the sole authority and responsibility for all investment decisions with respect to the assets of the Trust.

(b)角色與功能

投資指示顧問得保留或執行其指示受託人關於管理信託投資之事宜，包括但不限於全部信託財產的購買、出售、保留，與關於該財產的投票、認購、轉換、選擇權與相似權利，及參與及同意任何股權信託、重組、合併、解散或其他影響該財產的行為。所有關於信託財產的管理與投資，受託人應遵循投資指示顧問的書面指示。投資指示顧問對信託財產的所有投資決定，有絕對權力且負完全責任。

(c) Loans, Guarantees and Creation of Entities

Without in any way limiting the broad powers conferred upon the Investment Direction Adviser pursuant to this Article, the Investment Direction Adviser shall have the specific authority to direct the Trustee (i) to borrow and lend money and to guarantee the repayment of any indebtedness, for such periods of time and upon such terms and conditions as to rates, maturities, renewals and securities as the Investment Direction Adviser deems advisable, including the power to borrow from the Trustee itself and any of its affiliates and (ii) to mortgage, pledge or encumber such portion of the Trust property as the Investment Direction Adviser deems appropriate to secure any loans or indebtedness and as makers, endorsers or guarantors to renew or modify existing loans or guarantees.  The power to direct the Trustee to guarantee loans shall include the power to direct the Trustee to guarantee the loans of any partnership, limited liability company, corporation, business trust or other business entity owned in whole or in part by the Trust.  The Investment Direction Adviser shall also have the specific authority to direct the Trustee to create partnerships, limited liability companies, corporations, business trusts or other business entities and to transfer any portion of the Trust estate to such entity.  Further, the Investment Direction Adviser shall have the authority to direct the Trustee with regard to amending, securing, paying, and otherwise dealing with any debts, promissory notes, and other financial obligations of the Trust.

(c) 貸款、擔保及創設實體

不限於本條所授予投資指示顧問之權力，投資指示顧問應有下列特別權力指示受託人：

(i)在一定期間內，借出或借入款項及保證償還債務，其利率、到期、展期及保證均依投資指示顧問認為適當之條件，包括向受託人或其關係企業借款；

(ii)以信託財產抵押、質押、設定負擔，擔保借款或負債，並作為立借據人、背書人或保證人以展期或修正現有貸款或保證；包括指示受託人為信託持有其全部或一部之合夥、LLC、公司、商業信託或其他企業實體保證貸款之權力。投資指示顧問應有特別權力指示受託人設立合夥、LLC、公司、商業信託或其他企業實體，並移轉任何信託財產給該實體。此外，投資指示顧問應有權指示受託人對信託債務、保證票據及其他金融義務，予以賠償、擔保、償還或處理。

(d) Directions to Trustee 

Any direction from the Investment Direction Adviser to the Trustee shall be in writing, delivered by mail, courier, facsimile transmission, electronic mail, or otherwise in such form as the Trustee may specify from time to time by written notice to the Investment Direction Adviser. The Trustee shall have no obligation to investigate or confirm the authenticity of directions it receives or the authority of the person or persons conveying them, and the Trustee shall be exonerated from any and all liability in relying on any such direction from a person purporting to be the Investment Direction Adviser without further inquiry by the Trustee.

(d)指示受託人

投資指示顧問給予受託人之指示應為書面文件，透過信件、快遞、傳真、電子郵件或其他方式傳遞給受託人。受託人沒有義務調查或確認指示文件的真實性，或傳遞文件之人是否經過授權。受託人信賴聲稱為投資指示顧問所給予的指示，不須負法律責任，亦無須進一步詢問投資指示顧問。

(e) Liability of Trustee

Notwithstanding any other provision herein, except Article EIGHTH, with respect to any part of the trust property subject to the direction of an Investment Direction Adviser, the Trustee shall be a “directed fiduciary” within the meaning of N.R.S Section 163.5548 and, as such, shall be entitled to the full protection of N.R.S Section 163.5549 without limitation. The Trustee shall exercise all powers with respect to investment decisions and all related management powers relating to the acquisition, disposition, retention, exchange, change in character, lending, borrowing, pledging, mortgaging, managing, voting, leasing, granting of options with respect to, insuring, abandoning, or in any other way relating to the investment or management of the assets of the Trust, only upon the written direction of the Investment Direction Adviser.  The Trustee shall be under no duty to inquire into or monitor or question the prudence of, and shall have no liability of any kind with respect to, the investment of the Trust assets or the directions of the Investment Direction Adviser (or the failure of the Investment Direction Adviser to act) pursuant to this Article, notwithstanding any appearance of, or actual, conflict of interest of the Investment Direction Adviser or any other party.  Any and all review of the investments by the Trustee shall be conclusively presumed to be solely for statement, tax reporting and/or other administrative purposes.  The Trustee shall have no duty to conduct an independent review of documents presented to it by the Investment Direction Adviser. The Trustee shall act solely at the direction of the Investment Direction Adviser in executing and delivering any and all documents, such as purchase and sale agreements, necessary or convenient to, or otherwise prepared in connection with, the purchase, sale, exchange, transfer, pledge or other disposition or encumbrance of Trust investments and in making any and all representations and warranties appearing in any such documents.  The Trustee shall not be obligated to forward to the Investment Direction Adviser any investment information about the assets/liabilities held in the Trust, including but not limited to any proxy, prospectus, company report or notice, without the specific written request of the Investment Direction Adviser. If directed to vote proxies, the Trustee shall not thereafter be liable for the manner in which those securities are voted or for any direct or indirect result of the voting.

(e)受託人之責任

儘管本合約其他條文所述，除第八條外，受限於投資指示顧問指示之信託財產，受託人為內華達州修訂法規第163.5548條定義之「受指示受託責任人」，且受到內華達州修訂法規第163.5549條之保障（即受限於投資指示顧問指示之信託財產部分，受託公司無須負擔相關責任）。受託公司僅在投資指示顧問之書面指示下，應執行所有投資決定之相關權力，及關於獲取、處置、保留、交換、變更、借貸、抵押、貸款、表決決議、出租、授予選擇權、購買保險、棄置、及其他任何投資或管理處置信託財產之權力。

對於信託財產的投資或投資指示顧問根據本條規定做出的指示（或投資指示顧問未採取行動），受託人沒有義務調查、監督或質疑其審慎性，也不承擔任何責任，即使投資指示顧問或任何其他方存在任何表面或實際的利益衝突。受託人對投資的任何及所有審查應被最終推定為僅出於報表、報稅及／或其他管理目的。受託人沒有任何責任對於投資指示顧問提供之檔案進行獨立之審核。受託人僅按照投資指示顧問的指示，簽署及交付與本信託投資的購買、出售、交換、轉讓、質押或其他處分或抵押有關的任何及所有必要或便利的文件，例如買賣合約，或另外準備與之相關的文件，並提出該些文件中所載的聲明與擔保。在沒有投資指示顧問的書面特定要求時，受託人沒有責任轉交任何關於本信託下之財產、負債等任何投資訊予投資指示顧問，包含但不限於公司股東代理書、募股說明、公司報告及通知。如果在投資指示顧問的指示下代理投票，受託人在之後對於投票之結果不負任何責任。

(f) Liability of Investment Direction Adviser

The Investment Direction Adviser need not inquire into the Trustee's performance of its duties, and shall not be held liable for any loss whatsoever to any Trust, unless it results from actions taken through willful misconduct or gross negligence (pursuant to the limitations set forth in N.R.S Section 163.004(3)(a)) proven by clear and convincing evidence in the Court then having primary jurisdiction over the Trust, which such Court shall be the Nevada District Court for so long as Nevada remains the situs of the Trust.  Notwithstanding the foregoing, the instrument appointing any Investment Direction Adviser may provide that such Investment Direction Adviser shall be required to abide by a more rigorous standard, including but not limited to the prudent person standard imposed by N.R.S Section 164.705 et seq., or in any corresponding provision of law which may be later enacted.

(f)投資指示顧問之責任

投資指示顧問不須調查受託人就其義務之履行情況，且不應對信託的任何損失負責，除非有明確證據經受託公司所在之法院認為基於內華達州修訂法規第163.004(3)(a)條之故意不當或重大過失行為。儘管如上所述，指派投資指示顧問的文件可要求該被指派之投資指示顧問承受更嚴格的標準，包括但不限於內華達州修訂法規第164.705條的謹慎投資人標準。

(g) Indemnification

The Trustee shall, to the extent of the Trust assets and solely payable from the Trust assets, indemnify the Investment Direction Adviser for all losses, costs, damages, expenses and charges, public and private, including reasonable attorneys' fees, including those arising from all litigation, groundless or otherwise, that result from the performance or non-performance of the powers given to the Investment Direction Adviser under this Agreement (unless the Investment Direction Adviser has acted in a manner that does not comply with the standard of liability applicable to the Investment Direction Adviser).

(g)賠償

受託人應於信託資產之範圍內，且僅以信託資產為限，就投資指示顧問依本合約所授予權限之行使或不行使所生之一切損失、費用、損害、支出及各項公私費用（包括合理之律師費），提供賠償；該等費用並包括因一切訴訟（無論是否無根據）所生者。惟若投資指示顧問之行為不符合對其適用之責任標準者，則不在此限。

(h) Resignation of Investment Direction Adviser 

Any Investment Direction Adviser serving hereunder may resign at any time by providing a written instrument delivered to the Trustee, the Trust Protector and the Notice Recipients. Such resignation shall become effective at such time as the resigning Investment Direction Adviser shall provide in the resignation instrument.

(h)投資指示顧問之辭任

任何投資指示顧問得隨時以書面通知受託人、信託保護人及應受通知人其辭任，並應於辭任書中載明之時點生效。

(i) Removal of Investment Direction Adviser

The Trust Protector shall have the power to remove any Investment Direction Adviser (other than [Name of Investment Direction Adviser], unless [Name of Investment Direction Adviser] is [incapacitated/dissolved or does not validly exist]) by providing a written instrument delivered to such Investment Direction Adviser, the Trustee and the Notice Recipients. The removal shall become effective at such time as the Trust Protector indicates in the removal instrument.

(i)投資指示顧問之移除

信託保護人有權力移除投資指示顧問（但不包括[Name of Investment Direction Adviser]以外，除非[Name of Investment Direction Adviser]已[無行為能力／解散或非有效存續]），且應以書面通知該投資指示顧問、受託人及應受通知人，並於解任通知書中所載明之時點生效。

(j) Appointment of Additional or Successor Investment Direction Advisers 

[Name of Investment Direction Adviser] shall have the power to appoint a successor Investment Direction Adviser to serve in [her/his/its] place, by providing a written instrument delivered to such successor Investment Direction Adviser, the Trustee and the Notice Recipients. No other Investment Direction Adviser shall have the authority to appoint [her/his/its] own successor.  In the event [Name of Investment Direction Adviser] does not exercise this power or the designated successor Investment Direction Adviser does not accept such designation, the Trust Protector shall have the power to appoint a successor Investment Direction Adviser upon the then current Investment Direction Adviser's resignation or inability to serve, and to appoint additional Investment Direction Advisers if at such time there are fewer than three Investment Direction Advisers serving and shall appoint a successor Investment Direction Adviser within thirty (30) days after the death, resignation, removal, incapacity, dissolution or invalid existence of the last serving Investment Direction Adviser, by providing a written instrument delivered to such additional or successor Investment Direction Adviser, the Trustee and the Notice Recipients. The appointment of additional or successor Investment Direction Advisers shall become effective at such time as indicated in the appointment instrument and upon written acceptance by the designee. For such period as there otherwise would be no then serving Investment Direction Adviser, the Trust Protector shall serve as both Trust Protector and Investment Direction Adviser.  The fact that there is no Investment Direction Adviser serving at a given time does not obviate the requirement that an Investment Direction Adviser direct the Trustee to act with respect to investment decisions, and the Trustee shall have no responsibility with respect to investment decisions and shall not be liable for failing to act with respect to investment matters, in the absence of a direction from an Investment Direction Adviser.

(j)新增或繼任投資指示顧問之指派 

[Name of Investment Direction Adviser]有權以書面通知繼任投資指示顧問、受託人及應受通知人，指派繼任投資指示顧問替代其職位。沒有其他投資指示顧問有權力指派其繼任投資指示顧問。當[Name of Investment Direction Adviser]未行使此權力或繼任投資指示顧問不接受指派，信託保護人應在時任投資指示顧問辭任或無法擔任時，指派繼任投資指示顧問，並且於投資指示顧問少於三位時，得新增投資指示顧問；信託保護人應於最後一位在任的投資指示顧問去世、辭任、解任、無行為能力、解散或無效存在後30天內，以書面通知新增或繼任投資指示顧問、受託人、應受通知人，指派繼任投資指示顧問。指派經受指派人書面同意後於指派書中載明之時點生效。在沒有人作為投資指示顧問時，信託保護人同時擔任信託保護人與投資指示顧問。在沒有任何投資指示顧問的時期，不代表不須要由投資指示顧問指示受託人執行投資決定，在沒有投資指示顧問指示的情況下，受託人對投資決策不承擔任何責任，也不應對未能就投資事項採取行動負責。

(k) Power to Hire Agents 

The Investment Direction Adviser shall have the power to employ agents and direct the Trustee to pay such agents out of the Trust estate, such compensation as the Investment Direction Adviser deems reasonable.  The Investment Direction Adviser may at any time and in its sole discretion provide investment and management services through a sub-adviser of the Investment Direction Adviser's selection.  The Investment Direction Adviser shall be solely responsible for the supervision and oversight of any sub-adviser.  The Investment Direction Adviser shall notify the Trustee in writing of its selection of any sub-adviser, and the Trustee shall be entitled to rely upon information and direction received from any sub-adviser until it receives written notification from the Investment Direction Adviser of its termination of such sub-adviser.

(k)僱用代理人之權力 

投資指示顧問有權雇用代理人，並有權指示受託人由信託財產中支付代理人合理報酬。投資指示顧問隨時以其獨立裁量權透過其選擇的副手顧問提供投資與管理服務。投資指示顧問對副手顧問之監督負完全責任。投資指示顧問應書面通知受託人其選擇之副手顧問，且受託人有權信賴副手顧問提供之資訊與指示，直到收到投資指示顧問之書面通知終止該副手顧問。

(l) Compensation

The Investment Direction Adviser shall be entitled to reasonable compensation for its services as agreed upon in writing by the Investment Direction Adviser and Trust Protector.

(l)報酬

投資指示顧問有權根據與信託保護人之書面協議，為其服務收取合理酬勞。

 

TENTH  Trust Protector

Notwithstanding any other provision of this Agreement, there shall at all times be one or more Trust Protectors (the “Trust Protector” or “Trust Protectors”) to serve in accordance with the provisions of this Article. The role and function of the Trust Protector is set forth in this Article.  Except as expressly provided for in this Agreement, the Trust Protector shall serve in a fiduciary capacity and conform to the provisions of this Agreement.

第十條  信託保護人

儘管本合約另有其他規定，但應始終有一位或多位信託保護人(以下簡稱「信託保護人」)根據本條的規定提供服務。本條規範信託保護人的角色及職能。除非本合約另有明示規定外，信託保護人應以受託責任人的身分行事，並遵守本合約的規定。

(a) Initial Appointment of Trust Protector

The initial Trust Protector shall be [Name of Trust Protector]. All additional and subsequent Trust Protectors shall be appointed in the manner provided in this Article.  If more than two persons are serving as Trust Protectors, an affirmative vote of a majority of such Trust Protectors must be reached with respect to any decisions, actions taken or direction given.  Otherwise, the Trust Protectors must act unanimously.  Notwithstanding the foregoing, if more than one Trust Protector is serving, the Trust Protectors may designate one such Trust Protector to communicate all directions to the Trustee.

(a)起始信託保護人之指派起始信託保護人為[Name of Trust Protector]。任何新增及繼任之信託保護人，應按本合約之規定指派。若信託保護人超過兩位，任何決定、行動、發出指示，皆須取得信託保護人過半數之贊成投票，否則全體信託保護人須一致行動。若有超過一位信託保護人在任，得指定一位信託保護人與受託人溝通。

(b) Powers

The Trust Protector shall be considered a “trust protector” within the meaning of N.R.S Section 163.5547, or any successor statute.  Pursuant to N.R.S Section 163.5553, or any successor statute, the Trust Protector shall have the powers granted to the Trust Protector in the other provisions of this Agreement, including the following powers:

(b)權力

信託保護人應被視為內華達州修訂法規第163.5547條或任何後續法規所定義的「信託保護人」。根據內華達州修訂法規第163.5553條或任何後續法規，信託保護人應擁有本合約其他條款賦予信託保護人的權力，包含：

(1) To delegate any powers conferred upon the Trustee pursuant to this Agreement to an Adviser or such other person or entity as the Trust Protector so determines.

(1)根據本合約授予受託人的任何權力，信託保護人得委由顧問或信託保護人決定的其他人或實體行使。

(2) To modify or amend the administrative and technical provisions with respect to any trust created by or pursuant to this Agreement at such times as the Trust Protector may deem appropriate for the proper or efficient administration of the Trust, to take advantage of changes in law or custom, and/or for tax purposes, provided no modification or amendment made hereunder shall (i) increase or extend the obligations, liabilities and/or responsibilities of the Trustee without its prior written consent; (ii) alter the beneficial interests of the Trust beneficiaries; (iii) extend the duration of the Trust or the time for vesting of any beneficial interest in the Trust beyond the period provided for in Article Third of this Agreement; or (iv) modify this Article.

(2)為了適當或有效管理信託、利用法律或習慣的改變及／或稅務目的，在信託保護人認為適當時得修改合約中行政性及技術性的條款，惟此修訂不得(i)在未經受託人事前書面同意下，增加、擴大其義務、責任及／或職責；(ii)改變信託受益人的受益權益；(iii)延展本信託之期限或既得受益利益期間超過本合約第三條規定之期限；(iv)變更此條文。

(3) To designate the law of any jurisdiction (under which the terms of any trust created by or pursuant to this Agreement shall be capable of taking effect) to be the governing law of any trust created by or pursuant to this Agreement, as provided in Article NINETEENTH of this Agreement.

(3)根據本合約第十九條的規定，指定任何司法管轄區的法律作為依據本合約所設立之信託的準據法。

(4) To add and remove individuals and Charitable Organizations to and from the class of permissible beneficiaries of the trust created pursuant to the provision (f) of Article FIRST subject to the limitations therein and elsewhere in this Trust Agreement.  The Trust Protector's power to add and remove individuals and Charitable Organizations to and from the class of permissible beneficiaries and to release such power shall be exercisable in a fiduciary capacity for the exclusive interest of the beneficiaries. Notwithstanding the foregoing, only [Name of Trust Protector] shall have the power under this section (b)(4) of Article TENTH, and no other Trust Protector shall have such power unless [Name of Trust Protector] provides that the successor Trust Protector shall have such authority in the instrument appointing the successor Trust Protector.

(4)受本信託合約及其他條款的限制下，可新增及移除任何第一(f)條下之個人及慈善組織為許可受益人。此新增及移除許可受益人之權力，應為受益人的專屬利益以受託責任行使之。儘管如上所述，僅有[Name of Trust Protector]得執行第十(b)(4)條所述之權力。除非[Name of Trust Protector]將此權力經指派文件賦予給繼任信託保護人，否則除[Name of Trust Protector]之外之信託保護人無此權力。

(5) To direct the Trustee to divide the Trust estate as set forth in section (d) of Article FIRST of this Agreement.

(5)指示受託人進行第一(d)條之分割信託財產。

(6) To remove and replace the Trustee as provided in Article FIFTEENTH of this Agreement.

(6) 根據本信託合約第十五條移除及替換受託人。

(7) To remove any Investment Direction Adviser and appoint additional and successor Investment Direction Advisers as provided in Article NINTH of this Agreement.

(7)移除本信託合約第九條投資指示顧問及指派新增的及繼任的投資指示顧問。

(8) To remove any Distribution Adviser and appoint additional and successor Distribution Advisers as provided in Article ELEVENTH of this Agreement.

(8)根據本信託合約第十一條移除分配顧問及指派新增的及繼任的分配顧問。

(9) To appoint additional and successor Trust Protectors as provided in this Article.

(9)根據本條指派新增的及繼任的信託保護人。

(10) To appoint a Special Fiduciary in accordance with Article SEVENTEENTH of this Agreement; and to remove any Special Fiduciary and appoint successor Special Fiduciaries.

(10)依本合約第十七條，指派、移除特別受託責任人及指定繼任者。

(11) To enter into fee agreements with the Trustee, the Investment Direction Adviser and the Distribution Adviser.

(11)與受託人、投資指示顧問、分配顧問訂定費用合約。

(12) To direct the Trustee to merge a trust in accordance with section (b) of Article SIXTH of this Agreement and to direct the Trustee as to which trust governs administration of the merged trusts.

(12)指示受託人依第六(b)條合併信託，並指示受託人以哪一個信託管理合併後的信託。

(13) After the death of the Grantor or the Grantor's relinquishment of the power to revoke, to terminate this Trust following the complete distribution of all Trust assets, including both principal and income, to the beneficiaries as set forth within this Agreement.

(13)委託人過世或放棄撤銷權後，在所有信託資產（包括本金及收益）完全分配給本合約規定的受益人後，終止本信託。

(14) Notwithstanding the preceding provisions of this section, during any period in which a trust beneficiary, or any person appointed by a trust beneficiary who is related or subordinate to such trust beneficiary within the meaning of Section 672(c) of the Code, is serving as the Trust Protector, such Trust Protector shall be unable to exercise the powers set forth in sections  (b)(4), (b)(5) and (b)(12) of this Article TENTH with respect to such trust.

(14)儘管如本合約前條所述，當信託受益人或任何信託受益人所指派之人，且該受指派人符合國稅法規第672(c)條規範下，與受益人間具有關聯或從屬身分之人，作為本信託之信託保護人時，則該信託保護人不得行使第十 (b)(4)、(b)(5)及(b)(12)條之權力。

(c) Directions to Trustee

Any direction to the Trustee from the Trust Protector shall be in writing, delivered by mail, courier, facsimile transmission, electronic mail, or otherwise in such form as the Trustee may specify from time to time by a written instrument delivered to the Trust Protector.  The Trustee shall have no obligation to investigate or confirm the authenticity of directions it receives or the authority of the person or persons conveying them, and the Trustee shall be exonerated from any and all liability in relying on any such direction from a person purporting to be the Trust Protector without further inquiry by the Trustee.

(c) 給受託人之指示

信託保護人給予受託人之指示應為書面文件，透過信件、快遞、傳真、電子郵件或其他方式傳遞給受託人。受託人沒有義務調查或確認指示文件的真實性，或傳遞文件之人是否經過授權。受託人信賴聲稱為信託保護人所給予的指示，不須負法律責任，亦無須進一步詢問信託保護人。

(d) Liability of Trustee

The Trustee need not review whether the Trust Protector is satisfying its responsibilities hereunder.  The Trustee shall incur no liability for any act or failure to act by the Trust Protector, or for acting on a direction of the Trust Protector and it shall not be liable for any loss to the Trust resulting from any action taken at the direction of the Trust Protector, or taken by the Trustee in accordance with the direction of the Trust Protector. The Trustee shall have no duty to monitor the conduct of the Trust Protector, provide advice to the Trust Protector or consult with the Trust Protector or communicate with or warn or apprise any beneficiary or third party concerning instances in which the Trustee would or might have exercised the Trustee's own discretion in a manner different from the manner in which the Trust Protector exercised the Trust Protector's discretion.  Furthermore, the Trustee shall have no liability to any Trust beneficiary or any other person whose interest arises under the Trust for the Trustee's good faith reliance on the provisions of this Article or any other provision of this Agreement concerning actions of the Trust Protector (unless the Trustee has acted through willful misconduct or gross negligence proven by clear and convincing evidence in the Court then having primary jurisdiction over the Trust, which such Court shall be the District Court in the State of Nevada so long as Nevada remains the situs of the Trust).  The Trustee shall not be liable for the acts or defaults of the Trust Protector.

(d)受託人之責任

受託人不須檢視信託保護人是否盡責。受託人對於信託保護人執行或無法執行之行為，或執行信託保護人之指示而受有損失，不須負責。受託人不須監督信託保護人之行為，不須提供信託保護人建議，也不須因信託保護人之指示行使方式與受託人不同警告或提醒受益人或第三人。受託人對受益人或其他人因受託人善意信賴本合約條款所生之利益不負責，除非基於受託人之故意不當或重大過失行為，且在法院有明確之證據。受託人不對信託保護人之作為或不作為負責。

(e) Limitations of Responsibilities

The Trust Protector shall have no duty to monitor the conduct of the Trustee, the Investment Direction Adviser or the Distribution Adviser, and shall not be liable for any exercise or failure to exercise the powers granted herein, provided that the Trust Protector shall consider in good faith the advisability of their exercise if and when requested to do so by a beneficiary, his or her guardian or a member of his or her family. The Trust Protector shall not be liable for the acts or defaults of the Trustee or any Adviser.

(e)責任之限制

信託保護人不須監控受託人、投資指示顧問或分配顧問之行為，且對其被授予權力之行使及不行使不負法律責任；但基於受益人要求，信託保護人應善意考量受託人、投資指示顧問及分配顧問行使權力之適當性。信託保護人不應對受託人或任何顧問之行為負責。

(f) Indemnification

The Trustee shall, to the extent of the Trust assets and solely payable from the Trust assets, indemnify the Trust Protector for all losses, costs, damages, expenses and charges, public and private, including reasonable attorneys' fees, including those arising from all litigation, groundless or otherwise, that result from the performance or non-performance of the powers given to the Trust Protector under this Agreement (unless the Trust Protector has acted through willful misconduct or gross negligence proven by clear and convincing evidence in the Court then having primary jurisdiction over the Trust which such Court shall be the District Court in the State of Nevada for so long as Nevada remains the situs of the Trust).

(f)賠償

受託人應於信託資產之範圍內，並僅以信託資產為限，對信託保護人就因其依本合約所授予權力之行使或不行使所致之一切損失、費用、損害、開支及各項公私費用（包括合理之律師費），提供賠償，該等費用並包括源自一切訴訟（無論是否無根據）所生者；惟如信託保護人之行為屬經法院以明確且具說服力之證據證明之故意不當行為或重大過失者，則不在此限。對本信託擁有主要管轄權之法院，應為內華達州仍為本信託所在地期間之內華達州地方法院。

(g) Resignation of Trust Protector

Any Trust Protector serving hereunder may resign at any time by providing a written instrument delivered to the Trustee and the Notice Recipients.  Such resignation shall become effective at such time as the resigning Trust Protector shall provide in the resignation instrument.

(g)信託保護人之辭任

任何信託保護人得隨時以書面通知受託人及應受通知人其辭任，並應於辭任書中載明之時點生效。

(h) Appointment of Additional or Successor Trust Protectors

The Trust Protector shall have the power to appoint additional Trust Protectors if at such time there are fewer than three Trust Protectors serving, and shall have the power to designate a successor Trust Protector to serve upon the death, resignation, incapacity, dissolution or invalid existence of the last serving Trust Protector by providing a written instrument delivered to such additional or successor Trust Protector, the Trustee and the Notice Recipients; provided that all such designated or appointed additional or successor Trust Protectors are subject to the removal power set forth in section (i) of this Article TENTH. The appointment of additional or successor Trust Protector shall become effective at such time as the Trust Protector provides in the appointment instrument and upon written acceptance by the designee.

(h)新增或繼任信託保護人之指派

信託保護人少於三位時，信託保護人得新增信託保護人。最後一位在任的信託保護人去世、辭任、無行為能力、解散或無效存在時，信託保護人有權以書面通知繼任信託保護人、受託人及應受通知人，指定繼任信託保護人；以上所述之繼任或新增之信託保護人皆應受第十(i)條所述之移除權力之規範。新增或繼任信託保護人之指派經受指派人書面同意後於信託保護人指派書中載明之時點生效。

Upon the resignation, death, incapacity, dissolution or invalid existence of the last serving Trust Protector, and provided a successor Trust Protector has not been designated in accordance with the foregoing provisions (or if so designated, the designated successor has declined the appointment or failed to accept the appointment within twenty (20) days), then the following individuals in the order named shall appoint a successor Trust Protector by providing a written instrument delivered to the successor Trust Protector, the Trustee and the Notice Recipients:

最後一位在任的信託保護人辭任、去世、無行為能力、解散或無效存在，而未能依前項指定繼任者時（或被指定之繼任者拒絕就任，或未能於指派書送達20日內同意就任時），則由下列人士依序指定繼任者。

1. Prior to the division of the Trust estate in accordance with section (d) of Article FIRST, the Trust Protector, while living and competent or validly existing, followed by a majority of the beneficiaries of the highest generational level who are competent and at least twenty-two (22) years of age and to or for whom the income of the Trust may then be distributed or applied, or if there is not a majority decision by such beneficiaries to appoint a successor Trust Protector, or if there is no such beneficiary, a majority of the beneficiaries who are competent and at least twenty-two (22) years of age and to or for whom the income of the Trust may then be distributed or applied, or if there is not a majority decision by such beneficiaries to appoint a successor Trust Protector, the Investment Direction Adviser; and

1.在依據第一(d) 條分割信託財產前，為信託保護人（若為在世且具行為能力或有效存續），次為輩份最長的世代，具行為能力、年滿22歲、且有資格收到分配之受益人，依其多數決決定指派。若無法做出多數決，或若無該等受益人，則為全部具行為能力、年滿22歲、且有資格收到分配之受益人，並依其多數決決定指派。若仍無法做出多數決，則由投資指示顧問決定繼任信託保護人。

2. After the division of the Trust estate in accordance with section (d) of Article FIRST, the Trust Protector with respect to its separate Trust, while living and competent or validly existing, followed by the Primary Beneficiary, if the Primary Beneficiary is competent and at least twenty-two (22) years of age (or his or her parents if the Primary Beneficiary is under age twenty-two (22), or the Primary Beneficiary's legal guardian if the Primary Beneficiary is incapacitated), or if none, the Investment Direction Adviser.

2.在依據第一(d) 條分割信託財產後，為該獨立信託的信託保護人（若為在世且具行為能力或有效存續），次為主要受益人（若具行為能力且年滿22歲；若主要受益人未滿22歲，則由其父母代表；若主要受益人無行為能力，則由其監護人代表），若無，則由投資指示顧問決定繼任信託保護人。

At no time after the Grantor relinquishes [her/his] powers to revoke and direct net income, may the Grantor serve as Trust Protector of any Trust created by or pursuant to this Agreement.  In the event of a vacancy in the office of Trust Protector for a period of thirty (30) days, the Trustee may petition the Court then having jurisdiction over the Trust for the appointment of a successor Trust Protector.  All costs of such petition, including reasonable attorneys' fees, shall be a proper charge to the Trust estate.

委託人在放棄其撤銷及指示淨收入的權力後，不得擔任由或根據本合約所設立之任何信託的信託保護人。當信託保護人職缺空缺超過30天，受託人得請求該司法管轄區之法院指派繼任信託保護人。所有請求之成本，包含合理之律師費用，將從信託財產中支付。

(i) Removal of Trust Protector

Any Trust Protector (other than [Name of Trust Protector], unless [Name of Trust Protector] is [incapacitated/dissolved or does not validly exist]) may be removed in the same manner, and by the same individuals, as a successor Trust Protector may be appointed pursuant to section (h), paragraphs 1. and 2. of this Article, except that the removal shall be by a written instrument delivered to the removed Trust Protector, the Trustee and the Notice Recipients and the removal shall become effective at such time as shall be indicated in the removal instrument. Further, if a Trust Protector is removed, any successor designated by such Trust Protector shall be withdrawn at such time.

(i) 信託保護人之解任

任何信託保護人（但不包括[Name of Trust Protector]，除非[Name of Trust Protector]已[無行為能力／解散或非有效存續]）得依本(h)條第1.及2.段以多數決方式被解任，惟應以書面通知被移除之信託保護人、受託人及應受通知人。解任於通知書送達被移除之信託保護人、受託人及應受通知人時，依解任通知書中載明之移除時點生效。此外，如果信託保護人被移除，該信託保護人指定的任何繼任者應在此時被撤回。

(j) Agents and Advisers

The Trust Protector is authorized to hire agents and advisers to assist the Trust Protector in carrying out its duties, and to direct the Trustee to pay such agents and advisers, out of the Trust estate, such compensation as the Trust Protector deems reasonable.

(j)代理人與顧問

信託保護人有權僱用代理人或顧問協助信託保護人行使職權，並有權指示受託人由信託財產支付代理人或顧問報酬。

(k) Compensation

The Trust Protector shall be entitled to reasonable compensation for its services as agreed upon in writing by the Trust Protector and a majority of the Notice Recipients who are competent, or if there is no competent Notice Recipient, by a majority of the adult beneficiaries of the highest generational level who are competent, or if there is no adult beneficiary of the highest generational level who is competent, by a majority of the adult beneficiaries who are competent.

(k)報酬

信託保護人有權為其服務收取合理報酬，報酬由信託保護人與具行為能力之應受通知人以多數決訂定書面協議，或若沒有具行為能力之應受通知人，則為輩份最長之世代其具行為能力的成年受益人之多數決訂定。若無，則為具行為能力的成年受益人之多數決。