Exhibit 10(iii)A48(b)
AMENDMENT AND ADOPTION OF
NATIONAL SERVICE INDUSTRIES, INC.
BENEFITS PROTECTION TRUST
This Agreement made and entered into as of this ____ day of __________,
1996, by and among National Service Industries, Inc. (the "Corporation),
Wachovia Bank and Trust Company (the "Trustee") and the following affiliates of
the Corporation - North Bros., Inc., National Service Industries, Inc. of
Georgia, NSI Enterprises, Inc., ZEP Manufacturing Company, and NSI Services,
L.P.:
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, the Corporation previously established a trust arrangement
known as the National Service Industries, Inc. Benefits Protection Trust (the
"Trust") in order to ensure that participants and their beneficiaries receive
the benefits which the Corporation is obligated to provide pursuant to various
executive compensation arrangements (collectively, the "Plans"); and
WHEREAS, effective as of August 31, 1996, the Corporation will
reorganize its operations into several newly-formed subsidiary corporations and
limited partnerships including North Bros., Inc., National Service Industries,
Inc. of Georgia, NSI Enterprises, Inc., ZEP Manufacturing Company, and NSI
Services, L.P. (collectively, referred to as the "Affiliates"); and
WHEREAS, each Affiliate has assumed the obligation, with respect to
certain eligible employees employed by such Affiliate, to provide benefits under
one or more of the Plans; and
WHEREAS, each Affiliate now desires to adopt and become a party to the
Trust on the terms contained herein; and
WHEREAS, the Corporation desires to amend the Trust in certain respects
to clarify each Affiliate's financial obligation to provide benefits to the
Affiliate's eligible employees under any Plan adopted by such Affiliate;
NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants contained herein, the parties hereto agree as follows:
1.
The Corporation authorizes each of the Affiliates to adopt and become a
party to the Trust in accordance with the terms and provisions thereof.
2.
Effective as of August 31, 1996, each of the Affiliates hereby adopts
and becomes a party to the Trust and agrees to be bound by all the terms and
provisions thereof.
3.
Section 4.2 of the Trust is hereby amended by adding "and any
Affiliate" after "Company" wherever it appears therein and by adding the
following to the end of the section:
"provided, however, any Affiliate shall be required to make
contributions hereunder only to the extent of such Affiliate's
obligation under any Plan it has adopted."
4.
Section 4.3 of the Trust is hereby amended by adding "or Affiliate, as
applicable" after "Company" wherever it appears therein and by adding the
following to the end of the section:
"In the event that any Affiliate fails to transfer funds following
written demand as provided herein, the Company shall assume the
Affiliate's obligation to transfer such funds."
5.
Section 9.5 of the Trust is hereby amended by adding the following to
the end of the section:
"To the extent any Affiliate has failed to transfer funds required
under Section 4.3, the Trustee may join such Affiliate in any legal
action against the Company to compel payment."
6.
This Agreement shall be effective as of August 31, 1996. Except as
provided herein, the provisions of the Trust shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment and
Adoption Agreement as of the day and year first written above.
ATTEST: NATIONAL SERVICE INDUSTRIES, INC.
By:
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ATTEST: NORTH BROS., INC.
By:
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ATTEST: NATIONAL SERVICE INDUSTRIES, INC. OF
GEORGIA
By:
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ATTEST: NSI ENTERPRISES, INC.
By:
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ATTEST: ZEP MANUFACTURING COMPANY
By:
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ATTEST: NSI SERVICES, L.P.
By:
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ATTEST: WACHOVIA BANK AND TRUST COMPANY,
AS TRUSTEE
By:
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