Estate of Cyril I. Magnin, Deceased, Donald Isaac Magnin, Executor - Page 11

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          stock, securities, cash, or other property received by Cyril upon           
          the sale or exchange of his stock in either corporation, or in              
          the event of a merger, consolidation, spinoff, splitoff, or                 
          splitup, would be subject to the terms and conditions of the                
          Agreement.                                                                  
               The Agreement further provided that in the event of the sale           
          of all or any part of the stock of the corporations, or in the              
          event of a dissolution of either corporation, Cyril would create            
          a trust of the proceeds received, under the terms of which the              
          income of said trust would belong to Cyril for his life, and the            
          principal would be distributed upon his death to his three                  
          children.  The terms of the Agreement were subject to                       
          modification by the unanimous consent of Cyril on the one hand              
          and of Donald, Ellen, and Jerry (after he has reached his                   
          majority) on the other hand.                                                
               By letter dated October 31, 1951, and signed by Joseph,                
          Cyril, Donald, and Ellen, the Bank was instructed to hold certain           
          stock certificates "solely for safekeeping" in accordance with              
          the Agreement between Joseph and Cyril.  By the terms of the                
          letter, the Bank was given no responsibility with respect to the            
          performance of the Agreement, but the stock certificates were               
          subject to redelivery to Cyril upon authorization executed by               
          Cyril and Joseph, or by Cyril, Donald, and Ellen (after Joseph's            
          death and if Donald were available).  A schedule attached to the            
          letter identified the certificates and the number of JM shares              




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Last modified: May 25, 2011