- 41 - obtains an Independent Trustee who is willing to serve as the Independent Trustee of that beneficiary’s New Trust on the terms and conditions set forth in the Amended Plan and Trust-related Plan Documents. * * * * * * * (b) For purposes of this Amended Plan, a Trustee of a New Trust is “qualified” if he or she is a capable and responsible individual; a Trustee of a New Trust is “Independent” if that individual is not related by blood or marriage to any Child or Grandchild (herein- after “Independent Trustee”). * * * * * * * * * * H. UNDERSTANDING OF DISTRIBUTION PROVISIONS The distributions from the New Trusts shall be in accordance with the provision of the Exist- ing Trusts. In this respect, there has been a legitimate dispute as to the interpretation of the Existing Trust provisions. The parties acknowl- edge that the language, intent and circumstances relating to the Existing Trusts are such that any income received or generated by the New Trusts shall be distributed in accordance with the dis- tribution standards and provisions of the 1976 Trust Agreement, as restated in the New Trusts. * * * With respect to the issues relating to the children’s concerns regarding Mr. Stone’s and Ms. Stone’s assets, the 1997 amended and restated plan for settlement--trusts and estate provided in part as follows: III. ESTATE ISSUES A. GENERAL It is contemplated that prior to the release of the Amended Plan and Plan Docu-Page: Previous 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Next
Last modified: May 25, 2011