Estate of Henry A. Lassiter, deceased, Paula Ann Masters Lassiter, administrator, C.T.A. - Page 11




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               and unqualifiedly disclaims, renounces and refuses any                   
               directive, power or authority that may be said to exist                  
               to withhold from the income beneficiary or accumulate                    
               income as Trustee under the Residuary Trust during the                   
               lifetime of the surviving spouse; (iv) irrevocably and                   
               unqualifiedly disclaims, renounces and refuses any                       
               directive, power or authority that may be said to exist                  
               to acquire or retain unproductive property during the                    
               lifetime of the surviving spouse without the surviving                   
               spouse’s consent; and (v) irrevocably and unqualifiedly                  
               disclaims, renounces and refuses any directive, power                    
               or authority that may be said to exist to treat any                      
               receipt or other item as principal which is properly                     
               treated under applicable law as income.                                  
               Additionally, attached to the trustee’s disclaimer is a                  
          statement declaring that “The Decedent’s Descendants hereby join              
          in and consent to the provisions set forth in this RENOUNCEMENT               
          OF SUCCESSION AND DISCLAIMER OF PROPERTY”.  The consent statement             
          is signed by Cathy, Cindy, Christy, Jack R. Hancock as guardian               
          ad litem for Cheryl, and Jack R. Hancock as guardian ad litem for             
          unborn and unascertained descendants.                                         
          The Trust Assets                                                              
               At the time the 1970 will was executed, the Lassiters were a             
          young couple with one child and no income-producing assets.  As               
          of Mr. Lassiter’s date of death, the assets passing to his estate             
          and utilized to fund the trusts created under his will consisted              
          primarily of the following:  (1) 98 percent of the class A common             
          stock (voting) and 100 percent of the class B common stock                    
          (nonvoting) in Micro Design International Holding, Inc., and                  
          Subsidiaries (MDI); (2) 100 percent of the common stock (voting)              
          in Lassiter Properties, Inc. (Lassiter Properties); (3) partner               





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Last modified: May 25, 2011