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<br />200901122
<br />
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<br />
<br />RESTATEMENT OF TRUST AGREEMENT
<br />FOR THE
<br />WILLIS REED TRUST FUND
<br />
<br />Introductory Clause. This Restatement of Trust Agreement made this30 ~ of
<br />.:::)"'I\(.l.t..y'f ' 2009, executed in duplicate between Grace Engel hereinafter referred to as the
<br />Grantor and Eugene F. Reed and Grace N. Engel, hereinafter referred to as the Trustees.
<br />
<br />The Grantor is widowed and has eight living children:
<br />Eugene Reed Pearl Mead
<br />Louise Reed Sam Reed
<br />Betty Stephens Earl Reed
<br />Jerry Reed Alice Pratt
<br />
<br />WHEREAS, the Grantor and Trustee entered into a Trust Agreement dated November 2,
<br />1982, hereinafter called the Trust Agreement, and
<br />
<br />WHEREAS, Article 7 of the Trust Agreement provided that the Grantor reserved the
<br />right to amend in any manner or revoke in whole or in part the Trust Agreement; and
<br />
<br />WHEREAS, the Grantor is desirous of (further) modifying and amending the Trust
<br />Agreement and the Trustee is agreeable to the modifications and amendments contained herein,
<br />
<br />NOW, THEREFORE, IT IS AGREED that the entire Trust Agreement is modified and
<br />amended will read as follows:
<br />
<br />1. Trust Property. The Grantor by and thru the Trustee does hereby assign, transfer,
<br />and deliver to the Trustees the property listed in the schedule annexed hereto, to have and to hold
<br />the same and any case, securities, or other property which the Trustees may, pursuant to any of
<br />the provisions hereof, at any time hereafter hold or acquire (all of such property being hereinafter
<br />referred to as the "trust estate"), for the uses and purposes and upon the terms and conditions
<br />herein set forth.
<br />
<br />2. Dispostive provisions. The Trustees shall hold, manage, invest and reinvest the
<br />trust estate in the manner hereinafter provided, shall collect the income thereof, and shall dispose
<br />of the net income and principal thereof during the lifetime of Grace N. Engel, Grantor, and the
<br />lives of her Issue as follows:
<br />
<br />(a) At the end of each calendar year during the life of Grace N. Engel, and the lives of
<br />her Issue, commencing with the year ending December 31, 1982, the Trustees shall accumulate
<br />the net income by adding and incorporating it into the capital of the trust estate and thereafter
<br />administering such net income as an integral part of the capital, provided, however, that the
<br />Trustees shall have power, in their absolute discretion, at any time or times during any year in the
<br />lifetime of Grace N. Engel, and the lives of her Issue, prior to the incorporation of that year's net
<br />income into capital, to utilize any or all of that year's net income, by either paying or applying
<br />
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