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Home My WebLink About12-20-07 ., -r --I 15056051058 REV-1500 EX (06-05) PA Department of Revenue *' Bureau of Individual Taxes PO BOX 280601 Harrisburg, PA 17128-0601 ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death OFFICIAL USE ONLY County Code Year File Number INHERITANCE TAX RETURN RESIDENT DECEDENT 21 07 0612 Date of Birth 468-30-3164 03/28/2007 07/07/1914 Decedent's Last Name Suffix Decedent's First Name Daniels Bernard (If Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW ~ 1. Original Return c:::; 2. Supplemental Return c::; 3. Remainder Return (date of death prior to 12-13-82) 5. Federal Estate Tax Return Required C::.::> 4. Limited Estate C> C> 6. Decedent Died Testate C., (Attach Copy of Will) c:J 9. Litigation Proceeds Received C> 4a. Future Interest Compromise (date of death after 12-12-82) 7. Decedent Maintained a Living Trust (Attach Copy of Trust) 10. Spousal Poverty Credit (date of death between 12-31-91 and 1-1-95) C) 8. Total Number of Safe Deposit Boxes C'J 11. Election to tax under Sec. 9113(A) (Attach Sch. 0) CORRESPONDENT - THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: Name Day1ime Telephone Number Tricia D. Naylor Firm Nsll1e( If J\pplicable) Law Office of John C. OS?-flo.shWiC"t- First line of address r---' ....-, (717) 243-7437(") CS ;- _....; .~..c;.; '~ c:J REGISTER OF~ti.~ USE ONLfi"l '.-'0 n , ,.....) c::> 104 S. Hanover Street :P' ~ Second line of address \.0 .. City or Post Office Carlisle DATE FILED State ZIP Code PA 17013 Correspondent's e-mail address: Under penalties of perjury, I declare that I have examined this retum, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete. Declaration of preparer other than the personal representative Is based on all Information of which preparer has any knowledge. ATUR~ O~ ~ERS~~ES~:;~F~;I~I~G R~~ 1:/f/;E/tJ 7 ESS 4 Hillsid et PA 17013 HAN REPRESENTATIVE :fATE I ~/L'{""'l , PA 17013 PLEASE USE ORIGINAL FORM ONLY Side 1 L 15056051058 --I 15056051058 MI T MI 0.) o :::n CI-\ C") ,'-j ~T1 ('J '" j ,~:-) - ->:'~~ In C) -'n ~~ .- REV-1500 EX Page 3 Decedent's Complete Address: DECEDENTS NAME Bernard T Daniels STREET ADDRESS 442 Walnut Bottom Road IIIDAllL, ..' DECEDENTS SOCIAL SECURITY NUMBER 468-30-3164 CITY Carlisle STATE PA ZIP 17013 Tax Payments and Credits: 1. Tax Due (Page 2 Line 19) 2. Credits/Payments A. Spousal Poverty Credit B. Prior Payments C. Discount (1) 24,497.42 24,000.00 1,200.00 Total Credits ( A + B + C ) (2) 25,200.00 3. InteresUPenalty if applicable D. Interest E. Penalty TotallnteresUPenalty ( D + E) (3) 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Fill in oval on Page 2, Line 20 to request a refund. (4) 702.58 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (5) (5A) (5B) A. Enter the interest on the tax due. Make Check Payable to: REGISTER OF WILLS, AGENT PLEASE ANSWER THE FOllOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes No a. retain the use or income of the property transferred;.......................................................................................... ~ 0 b. retain the right to designate who shall use the property transferred or its income; ............................................ ~ 0 c. retain a reversionary interest; or.......................................................................................................................... 0 [i] d. receive the promise for life of either payments, benefits or care? ...................................................................... 0 [i] 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration? .............................................................................................................. IKJ 0 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? ............., 0 ~ 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which contains a beneficiary designation? ........................................................................................................................ ~ 0 IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is three (3) percent [72 P.S. 99116 (a) (1.1) (i)]. For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero (0) percent [72 P.S. 99116 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1, 2000: The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent, an adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. 99116(a)(1.2)]. The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half (4.5) percent, except as noted in 72 P.S. 99116(1.2) [72 P.S. 99116(a)(1)]. The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve (12) percent [72 P.S. 99116(a)(1.3)]. A sibling is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. -.J 15056052059 REV-1500 EX Decedent's Name: Bernard T Daniels RECAPITULATION 1. Real estate (Schedule A). .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1. 2. Stocks and Bonds (Schedule B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) . . . .. 3. 4. Mortgages & Notes Receivable (Schedule D) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. 5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) . . . 5. 6. Jointly Owned Property (Schedule F) c:=J Separate Billing Requested . . . . . .. 6. 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (Schedule G) c:=J Separate Billing Requested. . . . . . .. 7. 8. Total Gross Assets (total Lines 1-7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 8. 9. Funeral Expenses & Administrative Costs (Schedule H). . . . . . . . . . . . . . . . . . . .. 9. 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I). . . . . . . . . . . . . . . . 10. 11. Total Deductions (total Lines 9 & 10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. 12. Net Value of Estate (Line 8 minus Line 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. 13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been made (Schedule J) ... . . . . . . . . . . . . . . . . . . . . . 13. 14. Net Value Subject to Tax (Line 12 minus Line 13) . . . . . . . . . . . . . . . . . . . . . . . . 14. TAX COMPUTATION - SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 (a)(1.2) X .0_ 16. Amount of Line 14 taxable at lineal rate X.O 45 544,387.06 17. Amount of Line 14 taxable at sibling rate X .12 18. Amount of Line 14 taxable at collateral rate X .15 15. 16. 17. 18. 19. TAX DUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19. 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT 15056052059 Side2 L 468-30-3164 Decedent's Social Security Number 553,178.24 553,178.24 8,405.21 385.97 8,791.18 544,387.06 544,387.06 24,497.42 24,497.42 :.' 15056052059 -.J REV-1510 EX+ (6-98* COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE G INTER-VIVOS TRANSFERS & MISC. NON.PROBATE PROPERTY ESTATE OF Bernard T. Daniels FILE NUMBER 21-07-0612 This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes. DESCRIPTION OF PROPERTY INCLUDE THE NAME OF THE TRANSFEREE, THEIR RELATIONSHIP TO DECEDENT AND THE DATE OF TRANSFER. ATTACH A copy OF THE OEEO FOR REAL ESTATE. 1. Gift on 1/16/07 to John Daniels, son 2. Gift on 1/16/07 to Phyllis Daniels, daughter-in-law TOTAL (Also enter on line 7 Recapitulation) (If more space is needed, insert additional sheets of the same size) EXCLUSION TAXABLE (IF APPLICABLE) VALUE 100 3,000.00 9,000.00 100 3,00000 9,000.00 100 3,00000 5,64155 100 2,000.00 100 2816 100 7.77 100 484.00 100 869.24 100 2,53800 100 523,60952 553,178,24 . REV-1511 EX+ (12-99) '* COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE H FUNERAL EXPENSES & ADMINISTRATIVE COSTS ESTATE OF Bernard T. Daniels FILE NUMBER 21-07 -0612 Debts of decedent must be reported on Schedule I. ITEM NUMBER A. DESCRIPTION AMOUNT 1. FUNERAL EXPENSES: Ewing Bros. Funeral - cremation St. John's Church (Carlisle) - memorial Luken Memorial Inc. - stone engraving Douglas Cleveland - organist 2.11147 500.00 116.60 150.00 13.63 71.64 1,559.93 2. 3. 4. B. ADMINISTRATIVE COSTS: 1. Personal Representative's Commissions Name of Personal Representative(s) Social Security Number(s)/EIN Number of Personal Representative(s) Street Address City . State Zip Year(s) Commission Paid: 2. Attomey Fees 3,75000 3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant Street Address City State Zip Relationship of Claimant to Decedent 4. Probate Fees 5. Accountant's Fees 6. Tax Return Preparer's Fees 7. ; Legal Advertising - Cumberland Law Journal 75.00 8. Legal Advertising - The Sentinel 52.22 9. Postage 4.72 TOTAL (Also enter on line 9, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 8,405.21 REV-1512 EX- (12-03) '* SCHEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Bernard 1. Daniels FILE NUMBER 21-07-0612 Report debts incurred by the decedent prior to death which remained unpaid as of the date of death, including unreimbursed medical expenses. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. Jean Rankin - 1 st qtr. laundry 45.00 2. Chase Card Services - credit card 11.28 3. Paul Dalbey, DPM - medical 35.00 4. AT&T - phone 33.45 5. Three Spring Family Practice - medical · Boyer & Ritter - 2006 tax preparation 61.24 6. 200.00 TOTAL (Also enter on line 10, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 385.97 # REV-1513 EX+ (9-00) SCHEDULE J BENEFICIARIES COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Bernard T. Daniels FILE NUMBER 21-07-0612 RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE I TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under Sec. 9116 (a) (1.2)] A. James Brown Daniels 1720 Spring Hill Road, Petaluma CA, 94952 son 173581.84 B. John Matthew Daniels 5207 South Hudson Street, Seattle WA 98118 son 182581.84 C. Jean Rankin (Jean Kathryn Daniels) 1114 Hillside Dr., Carlisle, PA 17013 daughter 179223.38 D. Phyllis Daniels 5207 South Hudson Street, Seattle WA 98118 daughter-in-law 9000.00 ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET II NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET $ (If more space is needed, insert additional sheets of the same size) . . ~ ~ =f !<1 S; 0' -g ~ 3 f ~ ~ ~ 3. en S ~ ~ Cif ~ ~ is g ai ~'~ III '" III 0 ~ ~ ~ if 0 5' g, ~. 2\. ~ ~. i it! -t:l ~ ~ rn t:: ~ 2. ~ !" ~ 8 -. i7: g. ~ ~ if 0- m ~ (JI ~ o CD ~ ii III fir .,.. r;;1' g ro ~[ lij ~ go a. ;r 0 11> i5 ~~ g. f,1 '" iil ~ ~ Q CD m ij if lU g, ~ III iil ~ Q <II 0 ~ 8 ~.g ~ ar . ro ::l ell !'J . -i o ~ , en m (") c: ::a ~ ~ c: rn ~ r:3 w en o to ~ -l o ~ ~ Ul ... ~ U'l N ""'-I ~ t'fl CO o ca ...... ~ W Yl6-~ zOO/ZOO'd lZO-l Ol J:>. -" o CO m c..... f3' .;.. C1I N CD CO I'\) o o ...... CG)1hyw'.,,-I-,~ +~h..uiQ.(LL- C] m . -" J:>. OJ CO ~ "0 en w ...... CO ~ ~ ::;lJ CJ.) ~ CO ...... CO J: o c..... CO ~ZS::3:S:::CI)~:!!(")t:l()~ 1'3~~-ua~~::;lJg~g)> C1l lJ:J ~ m s: c: ~ 00'0 <~ (J) O>CD;;lJCD.... -i'On10:r: ooz......i>o~s::o::l ::Sz ^~'-~~!aO~~~G) I NO"" ~s::" c;~ G')~>se(J)(j)s::~f.2s::0 >O"UO~.....ml>>OQ;lZ CO-..........O;oe' e: g ~ ~i\s()CilQ@~ t= .- UJ S!! 5> 0 ~ 0 -I -g ~ cn~r1e ~C ::J Z ~ o:lOSlVN)> U1 ,,)> ... " 0 , ~ 7' Z C ~J ~ r:o :::e I Z ~......~......)> .. n <: I =< z ~ ~ 9 ~ ~ ':' c= 0 -a (") () z <il {3 0 8 (i) < o ::I "Cl m ::J (J1 0 U1 ';ft. ::J ~ co c.n b o o c o 0). N (J1 <TI '0 b o 0 o 0 o 0 q 0 ~ t\j ~ N o o ...... ~ ~ N N ~ ~ o 0 o 0 ...... ...... (J:) ~ 0) (0 C> (J:) CO CO ~ J:,.. co 8l ~ CO CO ~ o ~ ~ :c:.. i:P <TI CO (J1 ...... co CC a, CC 01 <.0 <0 :r:.. (l'J c:.n ~ CO -'> ~ ..... oM CO ~ (,n' c;.l 0) '" U1 m o oM ...... ~ (0 b .... ~ ...... :...a ~ ~ Ch .l6YY 89Z llH co <0 i:P CO ...... oM N ~ 10 ~ i-.J U1 ~ w g: en 00 Q) U'I '0 o o b o ~ ~ C ...... co ~ ...... .:>- c <0 CO ~ .;.. CO co ~ .::. oM (Xl .:>- ::i CO b o -M ...... en ...... - o 0' N en '0 c o g ~ CO M' o o ...... .... C o i:.n U1 en ...... o o en c:.n 0) .... C ~ C1l ~ ~ N U'I :... ~ b o (19 <0 N ~ CO (0] CO CJ.) Cl) CO -< "T1 Ul ~ '0 c o 4::1 o w SJ N o o ...... co CO <0 ~ co CO Co ~ (0 c:o Co ~ (R,<f) ~ ~ "co '0 ~ ~ ~ ~ ~ -II ~ ~ .:>- ~ m ....0 ~ !i o ..cl. "\ V\~ u., ~ ~ (i) m ~ ~ ~ ~ ::;lJ m m " =i en ~ .~ "T1 0 ::0 - "T1 r- ~ ::! z G) g: o b o w M CO N o o ...... ...... Q:l 0, .... o ...... ...... (.J CO ..... 01 4::1 CO CJ'I C) (Xl c:,.J CO '.... " ~ C ..... j11 t.3 CJ.) N :c. 0) w - N ~ N o o ...... co ~ o CO en ~ ~ C1l I>- w Ul o 00 ...... .... i:n 0) -Eo9 .(R N ~ (Xl Jio, W <C o b CO <0 en '< 3 tI" 0' o c: ~ "tJ a1 ~ ^ o m "'0 o CI) =l "t] ~ G> ~ :g: t:l m n ::L '1:l .... 0' ::I .t>o .... ~ ~ ...... W D c '" ::I ~ - '< ~c i?!a. Ql CD !:!:o CI .... ~ C cCD aa ~ ?=r s:S: Ql ~ c:; 0 :r::r NN ooCJ ~~ gO -......... ~ N ~ N o ~ c"Q ~ ::I. eD S ~~ ;JI:"::s' - OJ' _. 0 c.t "tJ3: ::!olR l.') ::I 1)_ ~: -' Cf.I -*', .c::; (II . . \>DlO .::. -c C1l c.. ~ CI):; ...... '< W ~~ ~... -c ::I CD "a. liS! IJeJ ~luJee4l!WS-WOJ~ Z Dl = m CI) n !a. a ~~ 8~r.n E:: en 3 aco= .. 0 ::r C lJJ OJ ::3. Ql (II - ... ., CD' ::I i1 en CD a<'< e!. :-Ie eel. Dl 0- ::1. ~ CD ~ wely:60 lOOZ-YI-unr .' 4 Continuation of Schedule H Estate of Bernard T. Daniels ITEM NUMBER A. 1. 2. 3. 4. 5. DESCRIPTION California Cafe (Carlisle) - food Plymouth Congr. Church (Seattle) - memorial Ivars Salmon House (Seattle) - food Barnes and Noble (Seattle) - minister's gift Executor's travel expenses Total File Number 21-07-0612 AMOUNT 138.36 250.00 674.42 56.35 440.80 $ 1,559.93 , "\. I """"-.-.,, ~~_..,..,_..,..--, - '0' . .: TRUST AGREEMENT THIS TRUST AGREEMENT, executed in duplicate this r t:k day of . ,LL L~ , 1964, by and be'ewe~i"i,",fB-t..~.c~~~ .. . i. ,d"p.'#1ia<i>,C!d<~~,..~g County of ".. ",~",.,"~".f!i!",.",.'""~",,;,, Denver, State of Colorado, hereinafter called the "Settlor", and DENVER UNITED STATES NATIONAL BANK, a national banking association, having its place of business in the City and County of Denver, State of Colorado, hereinafter called the "Trustee", WIT N E SSE T H T HAT: In consideration of the agreements herein con- tained and for other good, valuable and sufficient consid- erations, receipt of which is hereby acknowledged, the Settlor has assigned, transferred, set over and delivered t'-- in Schedule A hereto attached, which, together with all additions and accretions thereto and substitutions therefor, is hereinafter collectively called the ~rTrust Estate", IN TRUST, NEVERTHELESS, to hold, manage, control, invest and reinvest in accordance with the authority herein- after conferred, and after payment of all expenses of this trust, including reasonable compensation to the Trustee, to administer, dispose of and distribute the principal and income therefrom, in the following manner: ARTICLE I A. During the lifetime of the Settlor, the Trustee shall pay to him such portions of the income or principal, or both, of the Trust Estate as the Settlor shall from time to time request in writing. In absence of other directions, the Trustee shall accumulate the income and add it to principal 1J ~l '1 ~l "~ ~; ...."',;&1;., -2'- in the Trustee's discretion. If in the sole opinion of the Trustee the Settlor is unable for any reason to make or change such requests, the Trustee may pay to him or use for his benefit so much of the income or principal, or both, of the Trust Estate as the Trustee, in its sole and absolute discretion, deems reasonably necessary for the care, support, maintenance, health, comfort and welfare of the Settlor. B. The Settlor reserves the right to revoke, modify or amend the terms of this Trust Agreement, in whole or in part, at any time and from time to time, by notice in writing delivered to the Trustee, provided, however, that the terms of this Trust Agreement may not be modified in such manner as to increase the obligations or duties of the Trustee without its written consent. k~'?9"~' "":"";'....-.~'''',...,"m~ ARTICLE II "'I"""""_<?~_*~~~~i!!~~~ilt~I7-~""~",'s,~,~",~I,q,~"lr,@m9.il}:l,ng Trust Estate, as augmented and increased by any distributions from the probate estate of the Settlor, together with the proceeds from the liquidation of the Settlor's interest in any partnership or other business or from any life insurance policies on the life of the Settlor as to which the Trustee has been designated as beneficiary, shall be administered and distributed as follows: A. During the lifetime of the Settlor's wife, Helen Brown Daniels, the Trustee shall pay to her such portion of the income of the Trust Estate as she may from time to time request in writing. In absence of such request, the Trustee shall accumulate the income and add it to principal in the Trustee's discretion. In addition, whenever the Trustee determines that the income of the Settlor'B wife from all sources known to the Trustee is insufficient for her support, maintenance and health, the Trustee may pay to her or use for her benefit so much of the principal of the Trust Estate ,nll"'i~ ., -3- as the Trustee determines to be necessary for any of said purposes. B. Upon the death of the Settlor's wife, Helen BrQwn"t %~t;t;;J.,?l\" s death if the Settlor's - ,:):, .~l~~f.;;':,"':::" said'ldi:re'.pre.4eq.eases,'l$n} t.he" ~I;l~~.e shall divide the Trust Estate into three equal funds: 1. Fund A shall be set aside for the Settlor's son, James Brown Daniels. Until such time as James Brown Daniels attains the age of twenty-seven years, the Trustee may use so much of the income or principal or both of Fund A for his support, maintenance, health and education as the Trustee determines to be necessary for said purposes. It is the intent of the Settlor to provide for his said son such education, including graduate and professional levels, as said son may desire. -When James ErownDaniels attains the age of twenty-seven years, this\.trust. shall terminate and the Trustee shall distribute Tert Thousand Dollars ($10,000) if the Settlor predeceased his wife or Twenty Thousand Dollars ($20,000) if the Settlor survived his wife, in cash or securities, to James Brown Daniels, and the Trustee shall distribute the balance of Fund A to Yankton College, Yankton, South Dakota, to be used for building funds or an endowment for establishment of scholarships or other educational ~~#). ~l\'i.~te govee . In the event that James Brown Daniels is dead when Fund A is set aside or dies after Fund A is set aside but before he reaches the age of twenty-seven years, the Trustee shall distribute the entire Fund A as then constituted to Yankton College, Yankton, South Dakota, for the pur- poses stated in the preceding sentence. 2. Fund B shall be set aside for the Settlor's son, John Matthew Daniels. Until such time as John Matthew Daniels attains the age of twenty-seven years, the Trustee may use so much of the income or principal or both of Fund B for his support, maintenance, health and education as the Trustee determines to be necessary for said purposes. It is the intent of the Settlor to provide for his said son such education, including graduate and professional levels, as said son may desire. When John Matthew Daniels attains the age of twenty-seven years, this trust shall terminate and the Trustee shall distribute Ten Thousand Dollars ($10,000) if the Settlor predeceased his wife or Twenty Thousand Dollars ($20,000) if the Settlor survived his wife, in cash or securities, to John Matthew Daniels, and the Trustee shall distribute the balance of Fund B to Yankton College, Yankton, South Dakota, to be used for building funds or an endowment for establishment of scholarships or other educational purpose within the sole discretion of the appropriate governing board or committee of said College. In the event that John Matthew Daniels is dead when Fund B is set aside or dies after Fund B is set aside but before he reaches the age of twenty-seven years, the Trustee ;.__,"_,,-,)~~~,,~i I 1 - -4- shall distribute the entire Fund B as then constituted to Yankton College, Yankton, South Dakota, for the pur- poses stated in the preceding sentence. 3. Fund C shall be set aside for the Settlor's daughter, Jean Kathryn Daniels. The Trustee shall retain Ten Thousand Dollars ($10,000) if the Settlor predeceased his wife or Twenty- 'l'houl;llUlcl P911ars ($20,000) if the Settlor survived his wife and administer this trust for Jean Kathryn Daniels. The balance of Fund C shall forthwith be distributed to Yankton College, Yank- ton, South Dakota, to be used for building funds or an endowment for establishment of sCholarships or other educational purpose within the sole discretion of the appropriate governing board or committee of said College. From the sum retained in Fund C the Trustee shall pay the income to or for the benefit of Jean Kathryn Daniels during her lifetime and in addition the Trustee may invade the principal thereo,f for the support, maintenance and health of the said daughter of the Settlor as the Trustee determines to be necessary for any of said pur- poses. If in the Trustee's sole, absolute and uncon- trolled discretion it would be in the best interests of Jean Kathryn Daniels and comply with the intent of the Settlor as known to the Trustee, the Trustee may term- inate the trust and distribute to Jean Kathryn Daniels the then existing principal and any accrued and undis- tributed income of the portion of Fund C retained in trust for her benefit. Upon the death of Jean Kathryn Daniels, the portion of Fund C retained in trust for her bel:J.~f,;\,t:.,sn..1l..~~q~1hlwcil...j;:Q;h_~W1 v;,j,.;ng descencfan't'~.'pY/"8tlrpe;S"'!~~e~''e'6,/lmr"'1ft1~''1'fving brothers in equal shares or all to the survivor or, if none, to Yankton College, Yankton, South Dakota, to be used for building funds or an endowment for establish- ment of scholarships or other educational purpose within the sole discretion of the appropriate governing board or committee of said College. ARTICLE III A. If at any time any person to whom the Trustee is directed or authorized in this instrument to pay income or principal is under legal disability or is, in the opinion of the Trustee (who may act upon such evidence as it may deem appropriate and reliable without liability by reason thereof), incapable of properly managing his own affairs, the Trustee may use so much of such income or principal for his benefit as authorized in this instrument and as the Trustee determines to be required for any of said purposes. B. The Trustee either may expend directly any income or principal which it is authorized in this instrument -~ _..........~ ~. " ,',,,"~ ,. "._-v.rr,.~,.,4~~llJ!J'.~"""'f".,,),",4~~~~~~.hl.~~~!t -5- to use for the benefit of any person, or may pay it over to him or for his use to his parents or guardian, or to any person with whom he is residing, without responsibility st Estate shall be subject to sale, assignment, pledge or transfer by any beneficiary in any form or manner whatso- ever, nor shall the principal of the Trust Estate or the income arising therefrom be liable for any debt of, or any judgment rendered against, any beneficiary or to the process of any court; provided that this paragraph is subject to any inconsistent prOvision contained in Article I of this Trust Agreement. D. No person dealing with the Trustee shall be obliged to inquire as to its powers or to see to the appli- cation of;a.~'~;~~',;.~~;t1!t;).~ ..... The Trustee shall not be required to obtain approval of any court in the exercise of any power conferred hereunder and shall not be required to make current reports or accountings to any court of its duties hereunder. E. The Trust Estate shall include such additional property Which hereafter, with the consent of the Trustee, may be transferred by deed or will to it by the Settlor or by any other person. F. In the event the Settlor's wife, Helen Brown Daniels, or any other person creates an inter vivos or testamentary trust for substantially the uses and purposes hereinabove specified, naming the same Trustee and for the benefit of the same beneficiaries and under substantially the same terms as hereinabove specified, the Settlor hereby authorizes the Trustee, if in its sole discretion it deems ',.;,.-\:'_"';k'.Y":ci:"..;-~..:':'..':" ~, ~~~~i~,,;t~; * -6- it fit, to combine, pool and commingle this Trust Estate or any portion thereof with the trust estate or any portion thereof under such other trust and to administer the trusts Upon the death of the Settlor, the Trustee may pay from the Trust Estate all funeral and burial expenses, expenses of last illness, debts, administration expenses, inheritance, estate and succession taxes, and all other expenses and taxes payable by reason of the death of the Settlor, whether or not such expenses or taxes are incurred due to property of the Trust Estate or otherwise, and with- out reimbursement or contribution from any person. ARTICLE V A. Any corporation into which Denver United be. "~,Wh:LQl),..:lt may '_.,'",.'1\,..::.",.. . ., :"".;.:,~":',':"~..,...:..... ,.,:,-.;1 ,. '".,,~'-. .'. ,"':.' ,,,-' "''',.',, ""')'<'.' . "--'--~~;"''''.t:t".,,-.:.,:.',,.. 'e "$W;"'bank@p trust company resulting from any merger, consolidation or reorganization to which Denver United States National Bank shall be a party or which shall succeed to the business of Denver United States National Bank shall be and become a successor of Denver United States National Bank as Trustee hereunder, with like powers, duties and obligations. B. The Trustee may resign by giving ten days written notice to the then beneficiaries of the Trust Estate, and the Settlor shall name a successor Trustee. In the event that the Settlor is unable or unwilling to name a successor, the Trustee shall name as its successor a corporation or national banking association doing business in the United States and authorized to conduct a trust business. No Trustee or successor Trustee shall be obliged 1-1." '. ," ""~;'-:'.~-' '~>",>c,~"",~J"7"."~.,L_,j,~L..,,.,- to examine the accounts, records and acts of the Executor of the Settlor's probate estate or of any previous Trustee of the Trust Estate. C. Periodic reports SAA+;]..'8e P5m<i~red by the Trustee to the beneficiaries eligi~~~;,~ji~&;ae~ye~he current income showing all the receipts, disbursements and distributions during the period, and assets then held as the principal of the Trust Estate. Said reports shall be rendered not less frequently than annually. The records of the Trustee with respect to the Trust Estate shall be open at all reasonable times to the inspection of the bene- ficiaries of the Trust Estate or their accredited representa- tives. ARTICLE VI A. In addition to and as an express affirmance of the authority and power given to it by J,~w, the Trustee shall have all of the authority and power in the admin1stra~ tion of the Trust Estate herein created which the Settlor could exercise as the owner thereof, including but not limited to the express authority: 1. To hold and retain all or any part of the Trust Estate created hereby, including, without limiting the generality hereof, any stock of the corporate Trustee which may be or become a part of the trust, in the form in which the same may be at the time of the receipt thereof by the Trustee, for as long as the Trustee may deem advisable and without liability for any loss resulting from such retention, and even though such retention may result in inadequate diversification. The foregoing power insofar as it relates to stock shall extend to addi- tional shares acquired by the Trustee by reason of stock dividends or stock splits. 2. To invest and reinvest any funds in the Trust Estate created hereby without being limited to investments authorized by law for ~rus~ funds. 3. To acquire and retain, for so long a period as the Trustee sees fit, the shares of investment companies or investment trusts, whether of the open- end or closed-end type, and, without notice to anyone, to participate in any common trust funds maintained by any Trustee at any time serving hereunder. 4. Without applying for or obtaining the aid of any court in the premises, to sell, assign, convey, transfer, exchange, partition, or otherwise dispose of any property, real or personal, which may atanyttp1~fqJ;:,IlLJ) .Estate created hereby, at publi'~'6~', .... purpo13es and uponflJJ.gl1.:t~In~""""~" .!'.t,,,,.vttf'th or without security, in su '". c.es as the Trustee may determine, without the part of the purchaser or other transferee of said property to see to the application of the proceeds thereof, and to execute and deliver any and all instru- ments necessary or convenient for the exercise of the said power and authority. 5. To lease, mortgage or pledge, without the consent of beneficiaries, and for any term even beyond the expected term of the Trust Estate, any real or personal property which may at any time form part of the Trust Estate created hereby, upon such terms and for such amount as the Trustee may deem advisable. 6. To borrow money and give security therefor in any manner; to renew or extend the time of payment of any obligation, secured or unsecured, payable to the Trust Estate created hereby for as long a period or periods of time and upon such terms as the Trustee may determine; and to adjust, settle, compromise and arbitrate claims Cl.r.demands i!}f of or against the Tru13Ji '~1})'0n such t~.:. i' 7. To make any loans, either secured or unsecured, in such amounts, upon such terms, at such rates of interest, if any, and to such individuals, firms, cor- porations or personal representatives, including the Executor of the Settlor's estate, as the Trustee may deem advisable; to purchase from the Executor of the Settlor's estate any part or all of the assets compris- ing the Settlor's probate estate, upon such terms and conditions as such Executor and the Trustee hereunder shall agree. 8. In respect of any securities forming part of the Trust Estate: to vote upon any proposition or election at any meeting, and to grant proXies, discre- tionary or otherwise, to vote at any such meeting; to join in or become a party to any reorganization, read- justment, merger, voting trust, consolidation or exchange, and to deposit any such securities with any committee, depositary, trustee or otherwise, and to payout of the Trust Estate any fees, expenses and assessments incurred in connection therewith; to exercise conversions, subscription or other rights, including, without limiting the generality hereof, those issued in connection with the stock of any Trustee acting hereunder, or to sell or abandon such rights, and to receive and hold any new securities issued as a result of any such reorganization, exchange, or exer- cise of conversion, subscription or other rights; and l 'i ;<) ,... -7: generally to take all action in respect of any such securities as the Trustee might or could do as absolute owner thereof. 9. To 10. To allocate all receipts an between income and principal in such manner as the Trustee sees fit. 11. To engage attorneys, accountants, and such other assistants as the Trustee may deem advisable in the administration of the Trust Estate, and to act on their advice. -* 12. To determine, in the case of deductions which may be taken either for income tax purposes or for death tax purposes, but not for both, which use of such deductions is in the best interests of the Trust Estate, and no adjustment of distributive shares or as between principal and income shall be required as a result of such determination. 13. Whenever any part of the Trust Estate is to pass or be distributed to more than one person, to make such partition, apportionment, division or distribution of property included in the Trust Estate in kind or in money, or part in kind and part in ~~~:~~~~d~~~~~~~:n~i~ and conclusive upon all beneficiaries and upon all others in respect to both the value and kind of the proportionate share and as to the pash value of any such property for any purpose hereunder. 14. To keep any or all of the trust property at any place or places in the State of Colorado or elsewhere within the United States or abroad or with a depositary or custodian at such place or places. B. The Trustee shall be entitled to reasonable ~- compensation for services in administering and distributing the trust property and to reimbursement for expenses. ARTICLE VII A. This is a Colorado trust, made and executed in that state, and is to be governed, construed and admin- istered according to its laws and shall continue to be so governed, construed and administered, though the trust property is kept elsewhere within the United States or abroad. B. If the order of death of the Settlor's wife and the Settlor cannot be established by evidence, the Settlor's wife shall be deemed to have survived the Settlor. c.. Whenever the used herein, \'corneuter if it is to be interp::t'E;tte,(i t9 necessary to erfectuate the provisions of this ment, and whenever a singular pronoun is used it is to be considered as including the plural, and vice versa, if necessary to carry out the expressed intention of the parties hereto. ARTICLE VIII The Trustee hereby accepts this trust and covenants and agrees to administer and distribute the same, subject to all of the terms, conditions and provisions hereinbefore set forth. IN WITNESS WHEREOF, the Settlor has hereunto set his h,Q,~,,",~~i~~~,. Agreement to be executed by its officer thereunto duly auth- orized, all the day and year first hereinabove written. l-it '~I '- a I'd. -r: J'- a JL d l~ Settlor By '~~. SCHEDULE A Eight Thousand Three Hundred Dollars ($8J300.00) from Denver United States National Bank savings account in name of Bernard T. Daniels. -~'fJ":""':r~~-"~\_'_--_7Y~7":~~ -_c~,"~"{"'~'~;:::1<"~}'l,*'~~" ", - '''-. FIRST AMENDMENT TO TRUST AGRiEMENT OF BERNARD T. DANIELS :t:-t...., ...S ,"'. "';~~~~~~i{-'" ;-,,- of the City and County of Denver, state of Colorado, herein- after called the USettlorU, and DENVER UNITED STATES NATIONAL BANK, a national banking association, having its place of business in the City and County of Denver, State of Colorado, hereinafter called the ItTrusteell, WIT N E SSE T H T HAT: WHEREAS, the Settlor and the Trustee entered into a certain Trust Agreement, dated July 9, 1964; and WHEREAS~ the Settlor now desires to amend the said ;f;i~~~Ji)~,,,~'J!'~fY,',~ ..,~~ ,J?im j.n paragraph B of A~tf~le I thereof; NOW, THEREFORE, pursuant to said power, it is hereby agreed by and between the parties hereto as follows: 1. That Article II of said Trust Agreement be and the same hereby is amended in its entirety to read as follows: II ARTICLE II "Upon the death of the Settlor, the then remaining Trust Estate, as augmented and increased by any distributions from the probate estate of the Settlor, together with the proceeds from the liquidation of the Settlor's interest in any partnership or other business or from any life insurance policies on the l1ife of the Set,tlor as to which the Trustee has been designated as beneficiary, shall be administered and distributed as follows: "A. During the lifetime of the Settlor's wife, Helen Brown Daniels, the Trustee shall pay to her such por- - ., ...... -,..,',.... -2- tion of the income of the Trust Estate as she may from time to time request in writing. In absence of such requestl the Trustee shall accumulate the income and add it to principal sources known to the Trustee is insufficient for her reasonable support I maintenance and healthl or that the income of any of the Settlor's children from all sources known to the Trus- tee is insufficient for the reasonable supportl maintenance) health and ecluca,tionofthem, or any of theml the Trustee may 'or to any of the Settlor1s childrenl distributionl so much of the principal of the Trust Estate as the Trusteel in its sole and uncontrolled discretionl determines to be necessary or desir- Brown Daniels {or upon the Settlor's death if the Settlor's said wife predeceases him)1 the Trustee shall divide the Trust Estate into four equal funds: "1. Fund A shall be set aside for the Settlor's sonl James Brown Daniels. Until such time as James Brown Daniels attains the age of twenty-seven years or has completed his educationl inCluding graduate and professional levels, whichever event later occurs I the Trustee may use so much of the income or principal or both of Fund.. A for his reasonable support, maintenb t said son may desire. when Jame~ Br the age of twenty-seven years, or has ed'Uc A but ated, principal ..-""""'" ,...",".',:;,":~"!' " ,.,..,~./ ..,> ,',' ," -3- "a. If any descendants of James Brown Daniels are then living, the trust under Fund A shall continue and the Trustee may use so much of the income or principal or both of Fund A for the reasonable support, maintenance, health and education of such descendants, or any of them, or. for thel'!:l;l:t'V' .... .'. :P~~e;lfi!~ ~~~'. ........ .... .., ~' :1:f~4~wd"PUlrlVcs:eB"'$.nd without the necessity for equality of distribution. The trust shall continue until the youngest descendant living at the death of the survivor of the Settlor and James Brown Daniels shall reach the age of twenty- one years or shall die prior to that time and all other such descendants of James Brown Daniels are then twenty-one years of age or dead, whereupon the trust shall terminate and the Trustee shall distribute all income and principal of Fund A as then constituted in equal shares among the then liVing descendants of James Brown Daniels and the surviving spouse of James Brown Daniels. Any benefits created under this trust for the surviving spouse of James Brown Daniels, whether discretionary payments of income or principal during continuation of the trust or distribution of the trust upon its termination, shall cease upon the death or remarriage of said surviving spouse. eSfi'rvIvlhg'spouse of .tames Daniels then living and unmarried, the trust under Fund A shall terminate and one-half of the income and principal thereof as then con- stituted shall be distributed, -outright and free of trust, to the surviving spouse of James Brown Daniels, and the other one-half of the income and principal of Fund A as then constituted shall be distributed, outright and free of trust, to Yankton College, Yankton, South Dakota, to be used for building funds or an endowment for establishment of scholarships or other educational purpose within the sole discretion of the appropriate governing board or committee of said College. lie. If no descendants of James Brown Daniels are then ;I;;1,~!1.ng, andn()surviv1ng spou.se of James Brown Dani.els is then 1.1V!1ng and unmarried, the trust under Fund A shalltet'minate and the entire income and principal thereof, as then constituted, shall be distributed, outright and free of trust, to Yankton College, Yankton, South Dakota, to be usedfJorbu,,"l<tlng flundaor an endowment for estab- 11$hme1'1:t of .schola.rBh~ps or othElr educational f)u3f'p~se with'1n the sole discretion of the apf)ro- priate governing board or committee of said College. "2. Fund B shall be set aside for the Settlor's son, John Matthew Daniels. Until such time as John Matthew Daniels attains the age of twenty-seven years or has completed his education, including graduate ,.-'" " . "'. .,....\,..W",..'i'.V..\i;'.'''~,;fi~'''',,;._ ,,,,,,,,...,,;,,,.,,. ..;;."".. .,,,.../;;';'';,;'''1l:;__W,,,l;\i:"~.,, ..\'.'"""..""'f...."._':..\:,'\i>~ I '.~.J ::. "_~'~'" J, .It.. .JII, 'Ji,:' . .,J:JL,~lU... ),.,,'j~1,I)JJ;: .,,~,., ."L """!>"',\!!l.""~""",,,.,. I, and professional levels, whichever event later occurs, the Trustee may use so much of the income or principal or both of Fund B for his reasonable support~ mainten- ance, health and education as the Trustee determines to be necessary for sald purposes. It is the intent of the Settlor to provide for his said son such educa- tion~ino:~:~~cU.~ duate 8.ald.~,l\:";I!la~,d;' i. the ag.$,;,o.tW':t._~t~""Aeven,ye8.~s'Jor has comp'J:.eted his education, including graduate and professional levels, whichever event later occurs, this trust shall ter- minate and the Trustee shall distribute to. John Matthew Daniels all of the income and principal of Fund B as then constituted~ outright and free of trust. In the event that John Matthew Daniels is dead when Fund B is set aside or dies after Fund B is set aside but before the trust created thereunder is terminated~ the Trustee shall distribute the income and prinCipal of Fund B as then constituted as follows: "a. If any descendants of John Matthew Daniels are then living, the trust under Fund B shall continue and the Trustee may use so much of the income or principal or both of Fund B for the reasonable support, maintenance, health and education of such descendants~ or any of them, or for the surviving spouse of John Matthew Daniels~ as the Trustee determines to be neces- saryfQr at the death of the survivor of the Settlor and John Matthew Daniels shall reach the age of twenty- one years or shall die prior to that time and all other such descendants of John Matthew Daniels are then twenty-one years of age or dead, whereupon the trust shall terminate and the Trustee shall distribute all income and principal of Fund B as then constituted in equal shares among the then living desoendants of John Matthew Daniels and the surviving spouse of John Matthew Daniels. Any benefits created under this trust for the surviving spouse of John Matthew Daniels, whether discretionary payments of inoome or prinoipal during continuation of the trust or distribution of the trust upon its termination, shall cease upon the death or remarriage of said surviving spouse. lib. If no descendants of John Matthew Daniels are then living, but the surviving spouse of John Matthew Daniels is then living and unmarried~ the trust under Fund B shall te~nate and one-half of the income and principal thereof as then oon- stituted Shall be distributed, outright and free of trust~ to the surviving spouse of John Matthew DanielS, and the other one-half of the income and principal of Fund B as then constituted shall be distributed, outright and free of trust, to Yankton College, Yankton~ South Dakota, to be used for building funds or an endowment for establishment >,,', "",,",,'!,.>w!','ii,~,,:.,;~ ~'li€.",.' .... ~J ..1 ~.. I,.. . , . -5- .n.~ ...... of scholarships or other educational purpose within the sole discretion of the appropriate governing board or committee of said College. lie. If no descendants of John Matthew Daniels are then living, and no surv~yin~spous~ of J<;?l),Q. ~~;i~. .............. ......... ....... ..... .......... ... .'. ""., ............ .......... ;::!~~~t~~X'i~~~a~ 6~tright an~ fr::~ true~~' to Yankton College, Yankton, South Dakota, to be used for building funds or an endowment for estab- lishment of scholarships or other educational purpose within the sole discretion of the appro- priate governing board or committee of said College. "3. Fund C shall be set aside for the Settlor's daughter, Jean Kathryn Daniels. Until suoh time as Jean Kathryn Daniels attains the age of twenty-seven years, the Trustee may use so much of the income or principal or both of Fund C for her reasonable support, maintenance and health as the Trustee determines to be necessary for said purposes. When Jean Kathryn Daniels attains the age of twenty-seven years, this trust shall terminate and the Trustee shall distribute to Jean Kathryn DanielS all of the income and principal of Fund C as then constituted, outright and free of trust. In the event that Jean Kathryn Daniels is dead when F1f~sl gJ. "a. If any descendants of Jean Kathryn Daniels are then living, the trust under Fund C shall con- tinue and the Trustee may use so much of the income or principal or both of Fund C for the reasonable support, maintenance. health and education of such descendants. or any of them, as the Trustee deter- mines to be necessary for said purposes and with- out the necessity for equality of distribution. The trust shall continue until the youngest descend- ant living at the death of the survivor of the Settlor and Jean Kathryn Daniels shall reach the age of twenty-pne years or shall die prior to that time and all other such descendants of Jean Kathryn Danie1sareth.en.twenty..one yearaof ase.or dead, whereup~:m tne. t~st slta:J,l te,~:1.n~t.e ~~Q.'tih.~. ,'Dr'\l~- tee sha!1.dj;t:ftrJ!'t)uteaaq~ncome' ana p~:Llt~~pttJ. 'or Fund C as then constituted in equal shares to the then living descendants of Jean Kathryn Daniels. lib. If no descendants of Jean Kathryn Daniels are then liVing. the trust under Fund C $hall ter- minate and the income and pr~no1pal thereof as then constituted shall be distributed, outright and free of trust. to her then living brothers in equal shares or all to the survivor or, if none, to Yankton College, Yankton, South Dakota, to be used for building funds or an endowment for estab- lishment of scholarships or other educational "mliL '" J ...m., U~ILlI],W>~l.jA~UJ&.,LJ4;1,,.L,;llJ.Jj!J!.~UJll!!,,.J.~~.~.J!,~,~11J,.4W.k,~.!J)iJJl!lJ.. purpose within the sole disoretion ot the appro- priate governing board or committee ot said College. "'4. Fund D shall be distributed, outright and tree ot trust, to yankton College, Yankton, South Dakota, to be used tor building tunds or an endowment for est~blish~ men; ot, so~()a:@~,s~J,~,s pr ()there~,e .wit.~in theeoZke d~~if~...Gttlte ap; " '" 'boa:t'a ~~ ~~~~tg~~h~g~~~~l~:~~~!~s:h::c~O;~i~n~~all A, Band C created hereinabove shall be funded with cash or assets of a value ot at least Twenty-tive Thousand Dollars ($25,000) if the trust contains assets only of the Settlor or Fifty Thousand Dollars ($50,000) it the trust contains assets of the Settlor's wife as well as assets of the Settlor. "5. The distributive share created under this Trust Agreement for Yankton COllege is predicated on the assumption that said institution continues to be a private school and is not primarily supported by tax revenues. In the event that Yankton College is merged into any tax~supported institution, or changes from a private institution to one primarily supported by tax revenues, then and in that event any distributions here~ inabove provided for said institution, whether under Funds A, B, C, or D, shall not be distributed to Yankton College but instead shall be distributed, at the appro- pri~t~ tj,g .,~ ,.~e~,i>>' >~" >'Q~. eme O"(fr8~rrbutlon and has no legal successor, the other named charitable institutions shall take its share in equal shares): "s. Our Christian World Mission (OCWM) of the United Church of Christ, c/o Treasurer, United Churoh of Christ, 297 Park Avenue South, New York, New York 10010; lib. Medical Care, Education and Research Foundation, now located at 701 East Colfax Avenue, Denver, Colorado; "c. Colorado Society for Crippled Children and Adults, Ino OJ now located in the Central Bank Building, Denver, Colorado 80202." IN WITNESS WHEREOF, the Settlor has hereunto set his hand and seal, and the Trustee has caused this First Amendment to Trust Agreement to be executed by its officer thereunto duly authorized, all as of the day and year first hereinabove written. !3.u-nJU-J.. -r: 4a~ Settlor D ///.~,':; j(t~it; '0/" L / ~' / //"7<;/ /' .) >/ / /{Jj 1/ :, / 7;'2.././ ! T ''''";:< f' I!:<C:-;-z. t;_. -- SECOND AMENDMENT TO TRUST AGREEMENT OF BERNARD T. DANIELS THIS AGREEMENT, executed in duplicate this i?O-a... day of December, 1972, by and between BERNARD T. DANIELS, now re'sid.'iin.:<g in the County of Weld, State of Colorado, herein- after called the "Settlor", and UNITED BANK OF DENVER NATIONAL ASSOCIATION (formerly known as Denver United States National Bank), a national banking association, having its principal place of business in the city and County of Denver, State of Colorado, hereinafter called the "Trustee", WIT N E SSE T H T HAT: WHEREAS, the Settlor and the Trustee entered into a certain Trust Agreement, dated July 9, 1964; and amended the same by a First Amendment thereto, dated April 5, 1966; and WHEREAS, the Settlor now desires to further amend the said Trust Agreement, pursuant to the powers reserved by him in Paragraph B of Article I thereof; NOW, THEREFORE, pursuant to said power, it is hereby agreed by and between the parties hereto that Article II of said Trust Agreement be and the same hereby is amended in its entirety to read as follows: "ARTICLE II "Upon the death of the Settlor, the then remaining Trust Estate, as augmented and increased by any distributions from the probate estate of the Settlor, together with the proceeds from the liquidation of the Settlor's interest in any partnership or other business or from any life insurance policies on the life of the Settlor as to which the Trustee has been designated as beneficiary, shall be administered and distributed as follows: "A. During the lifetime of the Settlor's wife, Helen Brown Daniels, the Trustee shall pay to her such portion .~ -,~,,~'!~I;,()i~;~.'-ff.\'~~,~::,;~ic..CO'i-;"::""~"~"~;\l~~~~~.',"f'f~~:iiii&_~~~~~~~\;;q~~~~~i~id~;':;~i{Fif-~ -2- . of the income of the Trust Estate as she may from time to time request in writing. In absence of such request, the Trustee shall accumulate the income and add it to principal in the Trustee's discretion. In addition, whenever the Trustee determines that the income of the Settlor's wife from all sources known to the Trustee is insufficient for her reasonable support, maintenance and health, or that the income of any of the Settlor's children from all sources known to the Trustee is insufficient for the reasonable support, maintenance, health and education of them, or any of them, the Trustee may pay to the Settlor's wife or to any of the Settlor's children, without regard to equality of distribution, so much of the principal of the Trust Estate as the Trustee, in its sole and uncontrolled discretion, determines to be necessary or desirable for any of said purposes. "B. Upon the death of the Settlor's wife, Helen Brown Daniels (or upon the Settlor's death if the Settlor's said wife predeceases him), the Trustee shall divide the. Trust Estate into three equal funds: "1. Fund A shall be distributed outright and free of trust to the Settlor's son, James Brown Daniels. In the event that James Brown Daniels is then deceased, Fund A shall be continued in trust and the Trustee shall distribute income and principal of Fund A as follows: "a. If any descendants of James Brown Daniels are then living, the trust under Fund A shall con- tinue and the Trustee may use so much of the income or pripcipal or both of Fund A for the reasonable support, maintenance, health and education of such descendants, or any of them, or for the surviving spouse of James-Brown Daniels, as the Trustee deter- mines to be necessary for said purposes and without the necessity for equality of distribution. The trust shall continue until the youngest qescendant living at the death of the survivor of the Settlor and James Brown Daniels shall reach the age of twenty-one years or shall die prior to that time and all other such descendants of James Brown Daniels are then twenty-one years of age or dead, whereupon the trust shall terminate and the Trustee shall distribute all income and principal of Fund A as then constituted one-half to the surviving spouse of James Brown Daniels and the other one-half in equal shares among the then living descendants ~ J, of James Brown Daniels. If nO such descendants are then living, their one-half share shall be distributed pursuant to the provisions of sub- paragraph 2 and subparagraph 3 of this Paragraph B of Article II. Any benefits created under this trust for the surviving spouse of James Brown Daniels, whether discretionary payments of income or principal during continuation of the trust or distribution of the trust upon its termination, shall cease upon the death or. remarriage of said surviving spouse. In. such event, the one-half share of such spouse shall be distributed in equal shares to the then living descendants of James Brown Daniels, or if none, pursuant to the provi- sions of subparagraph 2 and subparagraph 3 of this Paragraph B of Article II. lib. If no descendants of James Brown Daniels are then living, but the surviving spouse of James Brown Daniels is then living and unmarried, the trust under Fund A shall terminate and one-half of the income and principal thereof as then consti- tuted shall be distributed, outright and free of trust, to the surviving spouse of James Brown Daniels, and the other one-half of the income and principal of Fund A as then constituted shall be distributed in equal shares pursuant to the pro- visions of subparagraph 2 and subparagraph 3 of this Paragraph B of Article II. "c. If no descendants of James Brown Daniels are then living, and no surviving spouse of James ~;r?'tn. Daniel!3:i.st:l;len;;Liv:iIlg.,;u~d 1,lnmarried ,..the ..t.r'.Us.j;"U:~erFlina- A . shall ternrincrte-"alfd the ehtire income and principal thereof, as then constituted, shall .be distributed in equal shares pursuant to the provisions of subparagraph 2 and subparagraph 3 of this Paragraph B of Article_ II. "2. Fund B shall be distributed outright and free of trust to the Settlor's son, John Matthew Daniels. In the event that John Matthew Daniels is then deceased, Fund B shall be continued in trust and the Trustee shall distribute income and principal of Fund B as follows: "a. If any descendants of John Matthew Daniels are then living, the trust under Fund B shall con- tinue and the Trustee may use so much of the income or principal or both, of Fund B for the reasonable support, maintenance, health and education of such descendants, or any of them, or for the surviving spouse of,John Matthew Daniels, as the Trustee deter- mines to-be necessary for said purposes and without the necessity for equality of distribution. The trust shall continue until the youngest descendant living at the death of the survivor of the Settlor and John Matthew Daniels shall reach the age of twenty-one years or shall die prior to that time and all other such descendants of John Matthew Daniels are then twenty-one years of age or dead, whereupon the trust shall terminate and the .Trustee shall distribute all income and principal of Fund B as then constituted one-half to the surviving spouse , . ',',C" of John Matthew Daniels and the other one-half in equal shares among the then living descendants of John Matthew Daniels. If no such descendants are then living, their one-half share shall be distributed pursuant to the provisions of sub- paragraph I and subparagraph 3 of this Paragraph B of Article II. Any benefits created under this trust for the surviving spouse of John Matthew Daniels, whether discretionary payments of income or principal during continuation of the trust or distribution of the trust upon its termination, shall cease upon the death or remarriage of said surviving spouse. In such event, the one-half share of such spouse shall be distributed in equal shares to the then living descendants of John Matthew Daniels, or if none, pursuant to the provi- sions of subparagraph 1 and subparagraph 3 of this Paragraph B of Article II. lib. If no descendants of John Matthew Daniels are then living, but the surviving spouse of John Matthew Daniels is then living and unmarried, the trust under Fund B shall terminate and one-half of the income and principal thereof as then consti- tuted shall be distributed, outright and free of trust, to the surviving spouse of John Matthew Daniels, and the other one-half of the income and principal of Fund B as then constituted shall be distributed in equal shares pursuant to the pro- visions of subparagraph 1 and subparagraph 3 of this Paragraph B of Article II. lie. If no descendants of John Matthew Daniels are then living, and no survivin~g ~pous~ of .John Matthew Daniels is then living and unmarried, the trust under Fund B shall terminate and the entire income and principal thereof, as then constituted, shall be distributed in equal shares pursuant to the provisions of subparagraph r and subparagraph 3 of this Paragraph B of Article II. "3. Fund C shall be distributed outright and free of trust to the Settlor's daughter, Jean Kathryn Daniels. In the event that Jean Kathryn Daniels is then deceased, Fund C shall be continued in trust and the Trustee shall distribute income and principal of Fund C as follows: "a. If any descendants of Jean Kathryn Daniels are then living, the trust under Fund C shall continue and the Trustee may use so much of the income or principal or both of Fund C for the reasonable support, maintenance, health and educa- tion of such descendants, or any of them, or for the surviving spouse of Jean Kathryn Daniels, as the Trustee determines to be necessary for said purposes and without the necessity, for equality of distribution. The trust shall continue until the youngest descendant living at the death of the survivor of the Settlor and Jean Kathryn Daniels shall reach the age of twenty-one years or shall die prior to that time and all other such deSCen- dants of Jean Kathryn DanielS are then twenty-one ~ - years of age or dead, whereupon the trust shall terminate and the Trustee shall distribute all in- come and principal of Fund C as then constituted one-half to the surviving spouse of Jean Kathryn Daniels and the' other one-half in equal shares among the then living descendants of Jean Kathryn Daniels. If no such descendants are then living, their one-half share shall be distributed pursuant to the provisions of subparagraph I and subpara- graph 2 of this Paragraph B of Article II:" A.,T}Y ~~~e;~~~s~r~~t:5~~~~~f , ::;;.' 'I~_.~-'m,lW,~" cretionary payments of income or principal during"'"'-~ continuation of the trust or distribution of the trust upon its termination, shall cease upon the death or remarriage of said surviving spouse. In such event, the one-half share of such spouse shall be distributed in equal shares to the then living descendants of Jean Kathryn Daniels, or if none, pursuant to the provisions of subparagraph 1 and subparagraph 2 of this Paragraph B of Article II. If no descendants of Jean Kathryn Daniels ,,_,spouse of Jean !'ulimarried, the and one-half of reo as then constituted """i'~"': .,' :uted, outright and free of trust, e'surviving spouse of Jean Kathryn Daniels, and the other one-half of the income and principal of Fund C as then constituted shall be distributed in equal sha:t:'~SlP1.!:;t"9 ara1"" ~"~...:~'"'"-_.. ,- "c. If no descendants of Jean Kathryn Daniels are then living, and no surviving spouse of Jean Kathryn Daniels is then living and unmarried, the trust under Fund C shall terminate and the entire income and principal thereof, as then constituted, shall be distributed in equal shares pursuant to the provisions of subparagraph 1 and subparagraph 2 of this Paragraph B of Article II. "4. In the event that any income or principal or both is not distributed pursuant to the terms of subpara- graphs 1, 2 and 3 above, such amounts of income or prin- cipal or both shall be distributed to Yankton College, Yankton, South Dakota, to be used for building funds or an endowment for establishment of scholarships or other educational pu~pose within the sole discretion of the appropr~ate governing board or committee of said College. This distribution to Yankton College is pre- dicated on the assumption that said institution con- tinues to be a private school and is not primarily supported by tax revenues. In the event that Yankton college is merged into any tax-supported institution, or changes from a private institution to one primarily supported by tax revenues, then and in that event any distribution hereunder shall not be distributed to Yankton College but instead ~hall be distributed at the appropriate time as hereinabove set forth in eq~al shares to the following charitable institutions or _L _.. ,,,,_U .L.iL.J. 'In4,,~.j, _~~..,.J...."_","I_..J their legal successors (or in the event anyone of the following named charities is defunct at the time of distribution and has no legal successor, the other named charitable institutions shall take its share in equal shares): "a. Our Christian World Mission (OCWM) of the united Church of Christ, c/o Treasurer, United Church of Christ, 297 Park Avenue South, New York, New York 10010; lib. Medical Care, Education and Research Foundation, now located at 701 East Colfax Avenue, Denver, Colorado; "C. Colorado Society for Crippled Ch~ldren and Adults, Inc., now located in the Central Bank Building, Denver, Colorado 80202. "5. Adopted children, whether of the Settlor's children or any of the Settlor's descendants, shall be deemed to be natural children of the adopting parent and shall share hereunder as if natural children of the adopt- ing parent for all purposes." IN WITNESS WHEREOF, the Settlor has executed, and the Trustee has caused this Second Amendment to Trust Agreement to be executed by its officer thereunto duly authorized, all as of the day and year first hereinabove written. ;;3~T~ SettTor -- - 1- TRUST OFFlC -, UNITED BANK OF DENVER NATIONAL ASSOCIATION By ~ :/ te~kl:~ ,~ /"o.LLev; ,/ Trustee I ~. / Attest: '';' I /~ '0 ,..,,;-C:... t (.../}.Ji't.-- >".,. ... ,--_/ . "~;~""J:',--. .,_.,..:..... . .--...--.~'~-'--:...T'::'-~..---.-- . ~t ~ "- '~ i .----, / / THIRD AMENDMENT TO TRUST AGREEMENT OF BERNARD T. DANIELS THIS AGREEMENT, executed in duplicate this If -t;t'<J day of September, 1981, by and between BERNARD T. DANIELS, now residing in the County of Weld, State of Colorado, herein- after called the"""oSett1:or", and UNITED BANK OF DENVER NATIONAL ASSOCIATION (formerly kilown as Denver United States National Bank), a national banking association, having its principal place of business in the City and County of Denver, State of Colorado, hereinafter called the "Trusteei., WIT N E SSE T H T HAT: WHEREAS, the Settlor and the Trustee entered into a certain Trust Agreement, dated July 9, 1964; and amended the same by a First Amendment thereto, dated April 5, 1966; and amended the same by a Second Amendment thereto, dated Decem- ber 20, 1972; and WHEREAS, the Settlor now desires to further amend the said Trust Agreement, pursuant to the powers reserved by him in Paragraph B of Article I thereof;_ NOW, THEREFORE, pursuant to said power, it is hereby agreed by and between the parties hereto as follows: FIRST: Article II of said Trust Agreement, as amended in its entirety by the Second Amendment to the Trust Agreement, is further amended so that Paragraph A. in its entirety and the introductory paragraph of Paragraph B. read as follows: II A. I f the Settlor: s wife, Helen' ol:own Daniels, survives the Settlor by six months, the Trust Estate shall be distributed to United Bank of Denver National Association, or its successor, as Trustee under that certain Trust Agreement, dated July 9, 1964, between Helen Brown Daniels as Settlor and Denver united States National Bank as Trustee, including any amendments to said Trust Agreement, to be administer~d 'and distributed ,~ ,"'~Ci;;~2JM,~&".'*="""''''&"''''''''''''ll!'''''&'''~'''''''"'\f~1ifIIlil'f;''~'''''~''!;ii"'"""'llBrii\\f{iIii_jj't~lmi""""-~'''''''''"'''''''' " as if an original part thereof; provided that if the Settlor's said wife or her fiduciary disclaims, in whole or in part, by any method recognized by law, any part or all of her interest in or power over such property, then in that event any such disclaimed property shall be administered and distributed under this Trust Agreement under the following provisions during the lifetime of the settllor's' said' wife: 1. The Trustee may pay to or apply for the benefit of anyone or more of the living members of the group consisting of the Settlor's said wife and the Settlor's issue such amounts of the net income as the Trustee may from time to time in its sole and absolute discretion deem to be in the best interests of the beneficiaries, without the necessity of equalization among them at any time but after consideration of all income and assets available to the beneficiaries as known to the Trustee. Any undistributed income may be added to principal from time to time in the discretion of the Trustee. 2. The Trustee may pay to or apply for the benefit of anyone or more of the living members of the group consisting of the Settlor's said wife and the Settlor's issue such amounts of principal as the Trustee may from time to time in its sole' and absolute discretion deem necessary or advisable fur'the reasonable support, maintenance, health, education, comfort and welfare of any beneficiary, without the necessity of equalization among them at any time but after consideration of all income and assets available to the beneficiaries as known to the Trustee. 3. Upon the death of the Settlor's said wife, the then remaining principal and all accrued and undistributed income shall be administered and distributed under the provisions of Paragraph B. of this Article II. B. If the Settlor's wife, Helen Brown Daniels, does not survive the Settlor by six months, then upon the death of the survivor of the Settlor and the Settlor's said wife (or if the Settlor's said wife survives the Settlor by six months but disclaims some part or all of the Trust Estate pursuant to the provisions of Paragraph A. of this Article II, then upon the death of the Settlor's said wife) the Trustee shall divide the then existing Trust Estate into three equal funds and administer and distribute such funds as follows:" SECOND: Article IV of the Trust Agreement is amended in its entirety to read as follows: -2- ,....o,,~,t,,""""'~....<iii~...,,''''j'~~'''liWJ~_ilili\iilii:lii:~.__~i1I~~~'''';it'~''''_ - "ARTICLE IV On the Settlor's death, to the extent the Trust Estate holds United States treasury bonds eligible for redemption at par in the payment of the federal estate tax, the Trustee shall pay the federal estate tax due by reason of the Settlor's death, submitting such bonds for redemption, to the extent necessary, in payment of such tax. ;rn addition, the Trustee shall pay directly or to the Settlor's personal representative all expenses of administration, the expenses of the Settlor's last illness and funeral, the Settlor's valid debts, and the balance of any death taxes payable by reason of the Settlor's death, all as the Settlor's personal repre- sentative shall direct, and if there is no personal representative of the Settlor's estate, all as the Trustee determines, without contribution from any person and without apportionment. No such payments shaLl be made from assets not includable in the Sett- lor's gross estate for federal estate tax purposes. Such taxes shall not include any tax on any generation Skipping transfer as to which the Settlor is the deemed transferor." IN WITNESS WHEREOF, the Settlor has executed, and the Trustee has caused this Third Amendment to Trust Agreement to be executed by its officer thereunto duly authorized, all as of the day and year first hereinabove written. - 'J ,.,' J "-. 1: ' I ,. ~^' . //-':'''~~{./'7 (. rl.. /- (. / /:./Ci.-~.i-,~t:_/.._4.._) Bernard T. Daniels, Settlor Attest: ~$Ar 'F UNITED BANK OF DENVER NATIONAL ASSOCIATION I~~ E. Chamber11n, Trust Off1cer stee (SEAL) ;;:.:.,;,,(>.,!.;::.:j,',:,,:,'~'!i.:0.~""""'" . '.j.,,~""""" ..... ; ,'< ,~-'A~, t': ~ .... .;......,..", ,..,,,,}-~ . STATE OF COLORADO ) ) ss. ) COUNTY OF WELD '. ..,................. ..;.~J>;IJJli!I,~.J The foregoing instrument was acknowledged before me this ;/ lTc' day of September, 1981, by Bernard T. Daniels as settlor. My commission expires STATE OF COLORADO CITY AND COUNTY OF DENVER ) ) ss. ) .-.<.io','.,'-; r ,:C', 10,) . .=). ._r', ' ~..._:'-,'-' /:,.' //) (: !. i / /. /( [ .! I' ,n .1{ tf Jj j Notary PUbhc Whose present address is: '.r~:f';ley \~o',:J, me this X ri The foregoing instrument was acknowledged before day of September, 1981, by Joseph E. Chamberlin, Trust Officer, of United Bank of Denver National , Association ~s trustee. My commission expires My Commission Expires June 2.1983 /tJ/JAA) )J( CtJ!~P/7/ Notary FloC Whose present address ~s: 1-7 {) () c1/U~A~, j %~A.i'.~ Co, tY()~1 7. , -4- i:, ",. . FOURTH AMENDMENT TO TRUST AGREEMENT OF BERNARD T. DANIEL~ Made and executed in duplicate this ?#-... day of June, 2006, by JEAN D. RANKIN, Agent for BERNARD T. DANIELS under a validly existing and unrevoked Power of Attorney dated October 9, 2003, now residing in Cwnberland County, Commonwealth of Pennsylvania, hereinafter called the "Settlor", WHEREAS, the Settlor and Denver United States National Bank (now Wells Fargo), Trustee entered into a certain Trust Agreement, dated July 9, 1964; and amended the same by a First Amendment thereto, dated April 5, 1966; and amended the same by a Second Amendment thereto, dated December 20, 1972; and amended the same by a Third Amendment thereto, dated September 4, 1981; and WHEREAS, the Settlor, through his Agent, as set forth below now desires to further amend the said Trust Agreement, pursuant to the powers reserved by him in Paragraph B of Article I thereof; NOW, THEREFORE, pursuant to said power, it is hereby amended as follows: FIRST: WELLS FARGO (formerly known as Denver United States National Bank) is hereby removed as Trustee and JEAN D. RANKIN is appointed SUccessor Trustee of the Trust dated July 9, 1964, as amended. SECOND: Paragraph A. of Article V of said Trust Agreement, is amended in its entirety to read as follows: "A. If the Settlor's Trustee, JEAN D. RANKIN, is unable or unwilling to continue to serve as Trustee, TRICIA D. NA YLOR shall serve as Trustee. If neither JEAN D. RANKIN, nor TRICIA D. NAYLOR is able or willing to serve as Trustee, ORRSTOWN BANK shall serve as Trustee. Any corporation into which Orrstown Bank may be merged with or which it may be consolidated or any bank or trust company resulting from any merger, consolidation or reorganization to which Orrstown Bank shall be a party or which shall succeed to the business of Orrstown Bank: shall be and become successor of Orrstown Bank as Trustee hereunder, with like powers, duties and obligations." THIRD: Item 14, Paragraph A. of Article VI of said Trust Agreement, is amended in its entirety to read as follows: "14. To keep any or all of the trust property at any place or places in the Commonwealth of Pennsylvania or elsewhere within the United States or abroad or with a depository or custodian at such place or places." 1 .... .. . , ~ FOURTH: Paragraph A. of Article VII of said Trust Agreement, is amended in its entirety to read as follows: "A. This Trust is to be governed, construed and administered according to the laws of the Commonwealth of Pennsylvania and shall continue to be so governed, construed and administered, though the trust property is kept elsewhere within the United States or abroad." IN WITNESS WHEREOF, the Settlor and Trustee have hereunto set their hands and seals as of the date first written hereinabove. ~A ~ AP. ~. c:&;-e-n t:. ean D. Rankin, Agent for ' Bernard T. Daniels, Settlor ~ ".., ~. ~c!c.'n, ~<..77~ _ ean D. Rankin, Trustee COMMONWEALTH OF PENNSYLVANIA ) ) ) SS: COUNTY OF CUMBERLAND On this the ~ day of June, 2006, before me, a Notary Public, personally appeared JEAN D. RANKIN, in her capacity as Agent and Trustee, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that such person executed the same for the purposes therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. Y-VP.-llD Notary Public Com Ith nf Pennsvlvania NOTARiAl SEAL KIMBERLY R. LEO, Notary Public Carlisle Borough, County of Cumberland My Commission Expires Oct. 10, 2009 2