- 17 -
1976 Trust Agreement, as clarified by this
Plan for Settlement. The term “independent”
for purposes of the two existing trusts
(Children’s and Grandchildren’s trust) shall
mean a person who:
(1) is not related by blood or marriage to
any child, grandchild or spouse;
(2) is not and has not been employed by such
child, grandchild or spouse, or any
company which has employed such child,
grandchild or spouse;
(3) is not now and has not been engaged in
any common business effort with such
child, grandchild or spouse;
(4) has not acted as attorney or accountant
for such child, grandchild or spouse or
any company which has employed such
child, grandchild or spouse; and,
(5) agrees never to do business with or
purchase stock in the Company.
(6) has sole allegiance to the management of
the Trust in accordance with the written
provision of the Trust Agreement, as
clarified by this Plan for Settlement,
and to the impartial protection of the
interest of the beneficiaries.
The term “qualified” shall mean a person who
has been active in a senior management role
in a for-profit business within the last
three (3) years.
Any action taken by the Trustees of the Ex-
isting Trusts shall require majority vote and
contemporaneous minutes of such action shall
be circulated to the adult beneficiaries.
* * * * * * *
B. SELECTION OF TRUSTEES
Each child shall anonymously nominate
one independent, qualified trustee candidate.
The Probate Court shall select the three
Trustees from the four nominated. * * *
* * * * * * *
Page: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 NextLast modified: May 25, 2011