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H. RESIGNATION AS TRUSTEES
E.E. Stone, IV, C. Rivers Stone, and
John Brausch will resign as trustees to fa-
cilitate the implementation of this Article
I, effective with the selection of and accep-
tance by the Trustees of the Existing Trusts.
With respect to the issues relating to the children’s
concerns regarding Mr. Stone’s and Ms. Stone’s assets, the 1994
plan for settlement provided in part as follows:
VI. ESTATE ISSUES
The four children and John Brausch shall
cooperate in an attempt to have E.E. Stone, III,
and Allene W. Stone make the following changes in
their respective estate plans:
A. PREFERRED STOCK
E.E. Stone, III, would convey or assign
directly or indirectly equally to each of the
four children, the right to one-fourth (1/4)
of the dividends from * * * [his] preferred
stock for a period of fifteen (15) years
(which time period is set forth herein to
allow a proper valuation) and make an immedi-
ate donation of his preferred stock to the
Stone Foundation, such assignment(s) to be
effectuated in a tax efficient manner. There
would be no further charitable donation under
his will. The Company [defined in the 1994
plan for settlement as Umbro International,
Inc., the name of the company resulting from
a proposed merger of Stones, Inc., and Stone
Manufacturing] shall be entitled to call the
preferred stock any time.
B. TESTAMENTARY TRUSTS
There would be no trusts for descendants
under E.E. Stone, III or Allene W. Stone’s
wills. After E.E. Stone, III’s death, the
portion of his estate not going to Allene W.
Stone, after payment of estate taxes, will be
distributed equally and directly to each of
the four children or that Child’s designated
beneficiaries. After Allene W. Stone’s
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