- 11 -
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
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011