THE XXXXXXXXX X. XXXXXXXX AND XXXXXXX X. XXXXXXXX
IRREVOCABLE INTANGIBLE TAX TRUST AGREEMENT
We, XXXXXXXXX X. XXXXXXXX AND XXXXXXX X. XXXXXXXX, as Settlors, hereby
transfer to XXXXXXX X. XXXXXXXXX of Wilmington, NC, as Trustee, the assets
listed on Schedule A to be held as part of the trust estate. The Trustee and we
agree the trust estate shall be administered as provided below.
ARTICLE I
DISPOSITION OF TRUST ESTATE
The Trustee shall administer the trust estate for our benefit. The trust shall
be designated the XXXXXXXXX X. XXXXXXXX AND XXXXXXX X. XXXXXXXX Irrevocable
Trust Under Agreement Dated December 13, 2002, and shall be held and
administered as follows:
A. Distribution of Income and Principal. The Trustee may distribute any part
or all of the income and principal of the trust to us or for our benefit at
any time or times in the Trustee's sole and absolute discretion; provided,
however, on February 1st of each calendar year (or, if February 1st is not
a business day, then on the first business day after February 1st), if both
or either of us are/is then living, the Trustee shall distribute to us,
XXXXXXXXX X. XXXXXXXX and XXXXXXX X. XXXXXXXX, or the survivor, the then
balance of the trust estate other than a nominal amount which shall be held
so as to maintain a custodial/brokerage account under this Agreement. Prior
to distribution on February 1st, any income not so paid shall be added to
principal. We shall not have the right to direct the form or type of
assets that must be distributed to us.
B. Termination as a Result of Settlor's Death. Notwithstanding the provisions
set forth in Paragraph A above, if upon the death of the surviving Settlor
there is any principal and income in the trust estate, then the Trustee
shall distribute forthwith such income and principal to the surviving
Settlor's estate.
ARTICLE II
FIDUCIARIES
A. Successor Trustee. If for any reason a Trustee should cease to serve as
Trustee, then such Trustee shall appoint an individual, or a bank or trust
company with trust powers to serve as successor Trustee in his or her place
under this instrument. Under no circumstances may we serve as the Trustee
or appoint a successor Trustee of this trust. If a successor trustee is not
appointed for any reason, XXXXX XXXXX shall appoint a successor trustee.
B. Resignation. Any Trustee may resign at any time by an instrument in
writing delivered to us, but such resignation shall not be effective until
the effective appointment of a successor Trustee.
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ARTICLE III
ADMINISTRATION PROVISIONS
The following provisions shall apply to the trust estate under this instrument:
A. Governing Law. The law of Florida shall govern the validity and
interpretation of the provisions of this instrument.
B. No Duty to Examine Prior Acts. A Trustee shall not be personally liable for
any act or omission of any predecessor Trustee. A successor Trustee may
accept the account rendered and the property received as a full and complete
discharge of the predecessor Trustee.
C. Trustee Compensation. The Trustee shall be entitled to reasonable
compensation for serving as Trustee hereunder in an amount agreed upon
between the Settlors and the Trustee. In addition, the Trustee shall be
entitled to reimbursement of costs reasonably incurred by it in the
administration of the Trust.
ARTICLE IV
TRUSTEE POWERS
The Trustee under this instrument shall hold, manage, care for and protect the
trust estate and the trust shall have all fiduciary powers granted to trustees
under the laws of the State of Florida, including, but not limited to those
powers set forth in Florida Statute 737.402, as amended from time to time,
except to the extent a power would conflict with a provision in this instrument,
in which case the provision of this instrument shall control. Notwithstanding
any provision of law to the contrary, the Trustee is authorized but not directed
to retain any and all property received by it described on Schedule A or
otherwise and shall have no duty to diversify trust assets and investments.
Provided, further, the Trustee shall have no authority to discharge any
obligation of support owed by the Trustee to us or by us to others.
ARTICLE V
DEFINITIONS
A. Control. The term "control" as it pertains to trust assets shall mean the
power, authority, or any right to exercise influence over any item of such
assets.
B. Manage. The term "manage" shall mean to organize, effect or implement
control.
C. Management. The term "management" shall mean organizing, effecting or
implementing control.
D. Trust Estate. The term "trust estate" shall refer to the property
originally transferred to the trust and all investments and reinvestments
thereof and additions thereto.
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Article VI
Agreement Irrevocable
We declare that this agreement and the trust created under this instrument are
irrevocable. In addition:
A. Waiver of Right to Appoint Property. We expressly waive all rights and
powers which we have to appoint any asset of the trust, including, but not
limited to, items of trust principal, to ourselves, our estate, the creditors
of either, or otherwise for our benefit.
B. Waiver of Right to Remove and Appoint Trustees. We expressly waive all
rights and powers which we might have (i) to remove or appoint Trustees, or
(ii) to remove or appoint another person or entity with such rights or
powers.
C. Waiver of Right to Revoke Trust. We expressly waive all rights and powers
which we might have to revoke the trust in whole or in part.
D. Waiver of Right to Appoint Trust Assets. We expressly waive all rights and
powers which we might have to appoint assets out of the trust corpus.
E. Waiver of Right to Veto or Rescind Trustee Decisions. We expressly waive all
rights and powers which we might have to veto or rescind the actions of a
Trustee with respect to any item of the trust estate, and no action by a
Trustee shall require our approval.
F. Waiver of Right to Appoint and/or Remove Beneficiaries. We expressly waive
all rights and powers which we might have to appoint and/or remove
beneficiaries.
G. Waiver or Right to Ownership, Management or Control. We expressly waive all
rights and powers which we might have with respect to any rights of
ownership, management or control of the trust or any asset of the trust.
IN WITNESS WHEREOF, the Settlors and the Trustee have signed their respective
names to multiple original counterparts hereof on the date hereinbefore set
forth.
TRUSTEE: SETTLORS:
/s/ Xxxxxxx X. Xxxxxxxxx 12-13-02 /s/ Xxxxxxxxx X. Xxxxxxxx 12/13/02
------------------------ -------- ------------------------- --------
XXXXXXX X. XXXXXXXXX Dated XXXXXXXXX X. XXXXXXXX Dated
/s/ Xxxxxxx X. Xxxxxxxx 12/13/02
------------------------- --------
XXXXXXX X. XXXXXXXX Dated
The foregoing instrument, typewritten on five pages including this
attestation clause, the self-proving clause, and all exhibits, on this 13 day
of December, 2002, at Palm Beach County, Florida, in our joint presence, sight
and hearing by XXXXXXXXX X. XXXXXXXX and XXXXXXX X. XXXXXXXX signed as and for
their Trust Agreement, and they signed their
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names in our presence at the end thereof and we did then and there, in their
presence and in the presence of each other, subscribe our names as attesting
witnesses.
/s/ Xxxxxxx XxXxxxx residing at W.P. Beach, FL
___________________________ ___________ ______________________
/s/ Xxxxxx X. Xxxxxxxx residing at Jupiter
___________________________ ___________ ______________________
STATE OF FLORIDA
COUNTY OF PALM BEACH
We, XXXXXXXXX X. XXXXXXXX and XXXXXXX X. XXXXXXXX,
XXXXXXX XXXXXXX and XXXXXX X. XXXXXXXX, the Settlors and witnesses respectively,
whose names are signed to the attached or foregoing instrument, having been
sworn, declared to the undersigned officer that the Settlors executed the
instrument as their Trust Agreement, the witnesses signed the instrument as
witnesses and that all of the parties executed the instrument in the presence
of each other.
WITNESSES: SETTLORS:
/s/ Xxxxxxx XxXxxxx /s/ Xxxxxxxxx X. Xxxxxxxx
____________________________ ____________________________
XXXXXXXXX X. XXXXXXXX
/s/ Xxxxxx X. Xxxxxxxx /s/ Xxxxxxx X. Xxxxxxxx
____________________________ ____________________________
XXXXXXX X. XXXXXXXX
Subscribed and sworn to before me by XXXXXXXXX X. XXXXXXXX and XXXXXXX X.
XXXXXXXX, the Settlors, who are personally known to me and who did ( ) or
did not (X) take an oath, and by Xxxxxxx XxXxxxx and Xxxxxx X. Xxxxxxxx the
Witnesses, on the 13 day of December, 2002.
/s/ Xxx X. Xxxxxx
_________________________
Notary Public
Printed Name:
My commission Expires:
My commission Number:
[Notary Public Seal]
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The XXXXXXXXX X. XXXXXXXX and XXXXXXX X. XXXXXXXX
Irrevocable Intangible Tax Trust Agreement
Schedule A
Cash of $10.00
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