XXXXXXX XX
FAMILY TRUST AGREEMENT
This TRUST AGREEMENT, made and executed at Fort Worth, Tarrant County,
State of Texas, this 5th day of February, 1993, by and between XXXXXX X.
XXXXXXX, hereinafter referred to as "Settlor", and XXXXXXXX X. XXXXX, ESQ.,
hereinafter referred to as "Trustee", of this Trust known as tile "XXXXXXX XX
FAMILY TRUST":
WITNESSETH
Settlor has conveyed, transferred, and assigned and does by these
presents convey, transfer, and assign unto the Trustee the assets, and
properties described in Schedule A attached hereto and made a part hereof.
Settlor or a.ny other person or persons may by instrument in writing, by will,
or by training the Trustee as beneficiary of life insurance or employee benefit
plan proceeds, deliver to the Trustee at any time, and from time to time,
additional assets and properties acceptable to the Trustee, which additional
assets and properties shall be held, administered, and distributed pursuant to
this Agreement.
ARTICLE ONE
This Trust shall be irrevocable and may not be altered, amended,
revoked, terminated by the Settlor at any time.
ARTICLE TWO
Distributions to Settlor
So long as Settlor shall live there shall be distributed to or for the
benefit of Settlor, XXXXX X. XXXXXXX, XXXXXXX XXXXXXX, XXXX XXXXXXX, XXXXXX
XXXXXX XXXXXXX, and XXXXXXXX XXXXXXXX XXXXXXX, all of the Trust income and so
much of the principal as is needed for the health, maintenance, anid support of
the beneficiaries. The Trustee shall have sole and absolute discretion to
determine amounts, beneficiaries, and timing as to distributions, and may favor
one or more beneficiaries over the others without equalization or proration
among beneficiaries.
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The Trustee may suspend or withhold payments to any beneficiary for any
reason, without accountability to any person or entity, and no beneficiary shall
have any vested right through this Trust to any of the Trust assets or the
income therefrom.
ARTICLE THREE
Termination of Trust
This Trust shall terminate upon the death of Settlor and the Trust
property shall pass outright to XXXXX X. XXXXXXX, XXXXXXX XXXXXXX, XXXX XXXXXXX,
XXXXXX XXXXXX XXXXXXX, and XXXXXXXX XXXXXXXX XXXXXXX, in equal shares, per
stirpes. If any beneficiary is under the age of twenty-five (25) years, their
share of the Trust proceeds shall be held in trust for their benefit until such
beneficiary shall attain the age of twenty-five (25) years. Such trust may be
combined with any other trust or trusts in existence and for their benefit as of
the date of Settlor's death..
ARTICLE FOUR
Spendthrift
The beneficiaries, shall not have the right or power to
anticiptate[ate, encumber, or transfer his or her interest in any manner. No
part of the Trust Estate shall be liable for or charged with any debts,
contracts, liabilities, or torts of the beneficiaries or subject to seizure or
other process by any creditor of the beneficiaries.
The interest of beneficiaries in the principal and/or income of any
trust created hereunder shall not be subject to the claims of their creditors or
creditors of others, including the creditors of the spouse of a married
beneficiary, nor to any legal process, and may not be voluntarily or
involuntarily alienated or encumbered,
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ARTICLE FIVE
POWERS OF TRUSTEE
Description of Powers
In order to carry out the purposes of this Trust Agreement, the
Trustee, in addition to all other powers granted by Law, shall have the
following powers and discretion:
Retention of Assets
(a) To retain :any property received by the Trust Estate for as long as
the Trustee considers it advisable.
Investments
(b) To invest and reinvest in every kind of property and investment
wliich men of pnideiice, discretion, and intelligence acquire for their own
accounts.
Management
(c) To manage, control, repair, and improve all Trust property.
Sales
(d) To sell, for cash or on such terms and conditions as deemed
advisable or desirable by the Trustee, and to exchange any Trust property.
Adjustment of Claims
(e) To adjust or Compromise any claims for or against the Trust, and to
agree to any rescission or modification of any contract or agreement.
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Leases of Property
(f) To lease any property for terms within or beyond tile duration of
the Trust for any purpose which the Trustee in his discretion may deem
advisable, with or without an option to purchase, and to make such improvements
or effect such repairs or replacements to any real estate subject to this Trust
Agreement, find to insure such real estate against fire or any other risks, and
to charge the expense therefor to the principal or income or part thereof to
each as the Trustee may deem proper, and to develop such property, to subdivide
it, dedicate it to public use, or grant easements therein as the Trustee may
consider advisable and to execute leases or other instruments relating to the
exploration and removal of oil, gas, liquid or gaseous hydrocarbons, Sulfur,
metals, and any and all other metals, minerals, or natural resources, with or
without unitization clauses or pooling provisions, in such a manner and for such
terms as the Trustee may deem advisable, and any lease or agreement made with
respect thereto shall be binding for the full term thereof even though it may
extend beyond the duration of the Trust.
Borrowing
(g) To borrow money and to mortgage or pledge or otherwise encumber or
hypothecate Trust assets as the Trustee may in his discretion deem advisable,
either from himself individually, or from third parties.
Division and Distribution
(h) On any division or distribution of the Trust Estate in the
discretion of the Trustee, to divide and distribute property of the trust Estate
in money or in kind, including undivided interests, or partly in money or partly
in kind, including undivided interests, to exercise such powers herein conferred
after the termination of the Trust Estate until final distribution of the Trust
assets; and to evaluate trust property for purposes of determining the amount of
the Trust principal to be distributed to the beneficiaries named herein, which
evaluation, in the absence of a showing of bad faith, shall be conclusive and
binding.
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Professional Assistance
To retain and compensate such professional personnel, attorneys,
accountants, physicians, geologists, and the like as necessary to provide for
the beneficiaries and to protect and manage the Trust Estate.
Limitation on Powers
All powers granted to the Trustee by this Trust Agreement are
exercisable by the Trustee only in a fiduciary capacity. No power given to the
Trustee hereunder shall be construed to enable the Settlor, or any person to
purchase, exchange, or otherwise deal with or dispose of the principal or income
therefrom for less than an adequate consideration in money or money's worth; to
permit the Settlor or any other contributor to the Trust to borrow income or
principal; or to authorize loans to a person other than the Settlor or any other
contributor to the Trust, except on the basis of an adequate interest charge and
with adequate security. No person, other than the Trustee, shall have or
exercise the power to vote or direct the voting of any corporate shares or other
securities of this Trust, to control the investment of this Trust either by
directing investments or reinvestments or by vetoing proposed investments or
reinvestments, or to reacquire or exchange any property of this trust by
substituting other prperty of equivivalent value.
ARTICLE SIX
DUTIES AND COMPENSATION OF TRUSTEE
Allocation of Income and Principal
The Trustee shall determine what is income and what is principal of the
Trust created under this Trust Agreement, and what expenses, costs, taxes, and
charges of any kind whatsoever shall be charged against income and what shall be
charged against principal, in accordance with the applicable statutes as they
now exist and may from time to time be enacted, amended, or repealed.
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6
Relations with Trustee
No one dealing with the Trustee concerning the validity of anything he
purports to do, or need see to the application of money paid or any property
transferred to or upon the order of the Trustee.
Limitation of Trustee's Liability
No Trustee appointed under this Trust Agreement shall at any time be
held liable for any action or default of himself or his agent or of any person
in connection with the administration of the Trust Estate, unless caused by his
own gross negligence or by a willful commission by him of an act in breach of
trust.
Compensation
The original trustee hereunder and all Successor Trustees shall be
entitled to reasonable compensation for their services as Trustee.
Bond
No bond shall be required of the original Trustee hereunder or of any
Successor Trustees; or if a bond is required by Law, no surety shall be required
on such bond.
Successor Trustees
If XXXXXXXX X. XXXXX resigns or is unable to continue to act as
Trustee, then Settlor names and appoints XXXXX X. XXXXX, XX. to serve as
Successor Trustee. If XXXXX X. XXXXX, XX. is unable or unwilling to serve for
any reason, then Settlor names and appoints XXXXXX XXXXX as Successor Trustee.
If XXXXXX XXXXX is unable or unwilling to serve for any reason, then Settlor
names and appoints XXXXXXX XXXXX as Successor Trustee. Any Successor Trustee
shall succeed as Trustee with like effect as though originally named as such
herein; and all authority and powers conferred upon the original Trustee
hereunder shall pass to any Successor Trustee.
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ARTICLE SEVEN
Agreement Binding
The Trustee by executing this Agreement accepts this Trust and agrees
to hold any property acceptable to the Trustee added hereto in accordance with
the terms and conditions hereof. This Agreement shall extend to and be binding
upon the heirs, executors, administrators, legal representative, and successors,
respectively, of the parties hereto.
EXECUTED the day and year first above written.
/S/ Xxxxxx X. Xxxxxxxx
------------------------------
XXXXXX X. XXXXXXX, SETTLOR
/S/ Xxxxxxxx Xxxxx
---------------------------
XXXXXXXX X. XXXXX, TRUSTEE
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XXXXXXX XX
FAMILY TRUST AGREEMENT
SCHEDULE "A"
TRUST ASSETS AND PROPERTIES
1. Stock Certificate No. 1 of Global Universal, Inc. of Delaware, for
775 (seven hundred seventy-five) shares of Common Stock.
/S/ Xxxxxx X. Xxxxxxxx
---------------------------
XXXXXX X. XXXXXXX, SETTLOR
/S/ Xxxxxxxx Xxxxx
---------------------------
XXXXXXXX X. XXXXX, TRUSTEE
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THE STATE OF TEXAS
COUNTY OF TARRANT
BEFORE ME, the undersigned authority, on this day personally appeared
XXXXXX X. XXXXXXX, known to me to be the person whose name is subscribed to the
forgoing instrument, and acknowledged to me that he executed the same for the
purposes and consideration therein expressed.
GIVEN UNDER MY HAND AND SEAL OF OFFICE, this 5th day of February, 0000
/X/
XXXXXX XXXXXX, XXX XXXXX XX XXXXX
My Commission Expires: 7-16-93
Notary's Printed Name: Xxxxx Xxxxxxx
THE STATE OF TEXAS
COUNTY OF TARRANT
BEFORE ME, the undersigned authority, on this day personally appeared
XXXXXXXX X. XXXXX, known to me to be the person whose name is subscribed to the
foregoing instrument, and acknowledged to me that she executed the same for the
purposes and consideration therein expressed.
GIVEN UNDER MY HAND AND SEAL OF OFFICE, this 5th day of February, 0000
/X/
XXXXXX XXXXXX, XXX XXXXX XX XXXXX
My Commission Expires: 7-16-93
Notary's Printed Name: Xxxxx Xxxxxxx
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