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of 3.095 percent. Brian Hubert, Cynthia Hubert, and Gregory
Hubert have each always held interests in HFT of 1.012 percent.
During their lives, the controlling settlors were to receive
annually all income attributable to their respective percentage
interests in the trust estate. Each of the other settlors was to
receive annually the income attributable to his or her trust
interest commencing as follows: (1) one-third at age 25,
(2) two-thirds at age 30, and (3) 100 percent at age 35.
Stethem died in 2003. He had been legal counsel for the
Hubert family and their companies. He drafted the trust
agreement (trust agreement) underlying HFT, and the settlors and
trustees executed the trust agreement on June 6, 1988. Under the
trust agreement, the trustees had the absolute discretion to
distribute HFT’s money, securities, or other property, either pro
rata or otherwise. The trust agreement also allowed the
controlling settlors, generally upon majority consent, to alter,
amend, or revoke the trust agreement. By amendments dated
December 30, 1988, and January 1, 1991, the settlors and the
trustees modified the trust agreement. Through the earlier
amendment, the Howard Thomas Trust acquired the rights and
privileges of a controlling settlor. Through the later
amendment, the Katherine Hubert Trust acquired the rights and
privileges of a controlling settlor.
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Last modified: May 25, 2011