HomeMy WebLinkAbout01-30-13IN THE MATTER.OF
THE ESTATE OF THOMAS J.
SCHAEDLER, JR., DECEASED
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY, PENNSYLVANIA
ORPHANS' COURT DIVISION
No. 2005-1067 c7
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RECEIPT, RELEASE, REFUNDING AND INDEMNITY '' ~
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AGREEMENT FOR TERMINATION OF THE ~, , .
TRUST ESTABLISHED UNDER THE LAST WILL AND . ~ . , '~
TESTAMENT OF THOMAS J. SCHAEDLER, JR., DECEASED'
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THIS AGREEMENT (the "Agreement") is made this 15th day of January, 2013, by and`' `
between Rosemary A. Schaedler, Elizabeth A. Schaedler and Antoinette Schaedler-Mandich,
adult individuals, all of Cumberland County, Pennsylvania, as beneficiaries (collectively, the
"Beneficiaries") of that certain testamentary trust established under the Last Will and Testament
of Thomas J. Schaedler, Jr., deceased (the ``Trust"), of which Robert R. Church and Rosemary A.
Schaedler are Co-Trustees (collectively, the "Trustees"). The Beneficiaries and the Trustees are
hereinafter referred to collectively as the "Parties".
THE CIRCUMSTANCES leading up to the execution of this Agreement are as follows:
1. Thomas J. Schaedler, Jr. (the "Decedent"), died testate on November 27, 2005,
and his Last Will and Testament, dated November 27, 2005 (the "Will"), was duly admitted to
probate by the Register of Wills of Cumberland County, Pennsylvania, on December 9, 2005.
2. The Decedent was survived by the Beneficiaries, who are the Decedent's widow
and children.
3. Under the Will, two testamentary trusts were to be created for the exclusive
lifetime benefit of the Decedent's widow, Rosemary A. Schaedler: a "Bypass Trust" (referred to
in this Agreement as the ``Trust"); and a "Marital Trust." The Marital Trust was not required for
estate tax purposes and for that reason was not funded. Per Item VI(c) of the Will, the surviving
spouse received the residue of the Decedent's probate estate (the "Estate") outright and free of
trust. The Trust received 2,707.366 shares of common stock of Schaedler/Yesco Distribution,
Inc. (the "Shares") from the Estate.
4. The Trustees' administration of the Trust began on or about September 13, 2007.
when the Estate was distributed and closed. The Trustees' administration of the Trust has
continued since then. During that time, the Trustees have made periodic distributions of the
hrust's income and principal to or for the benefit of Rosemary A. Schaedler, as the sole life
beneficiary of the Trust, in accordance with the terms of the Will.
5. Item VII of the Will provides that the Decedent's widow, Rosemary A. Schaedler,
receives the Trust's income, as well as discretionary principal distributions during her lifetime.
Additionally, upon her death, she is given a testamentary limited power of appointment to
appoint the Trust's remaining assets among the Decedent's then-living issue, by her Last Will. In
the absence of the exercise of this testamentary power of appointment by Rosemary A.
Schaedler, upon her death the then-remaining assets of the Trust, including any undistributed
income, is to be divided and distributed equally between the Decedent's then-living children, or
to their then-living issue.
6. The Beneficiaries now desire the Trustees to make an early termination of the
Trust and to distribute the Trust's assets as explained below. The Beneficiaries, as the Decedent's
children and closest living descendants, are therefore now entitled to receive final and complete
distribution of the Trust's remaining assets, after payment of the Trust's final expenses.
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7. Item XI(r) of the Will provides as follows concerning final distribution and
termination of the Trust:
"The Executor and the Trustee shall each possess the [power] .. [t]o
terminate any trust, if in the opinion of the Trust Protector, the expense of
administration of the trust is not justified. Upon termination, the Trustee shall
distribute the trust property to the person(s) then entitled to receive or have the
benefit of the income therefrom. If there is more than one current income
beneficiary, the Trustee shall distribute trust assets to the income beneficiaries in
the proportion in which they receive income, or if no proportion is designated, in
equal shares to the income beneficiaries. This power may only be exercised by
the Trust Protector or by a Trustee who is an independent Trustee, and this power
shall be ineffective to the extent that the effect of the power is to vest any Trustee
or beneficiary a general power of appointment."
8. Under Item V(b) of the Will, the Decedent provided as follows concerning final
disposition of the Shares:
"[T]o the greatest extent possible, my daughter ELIZABETH ANN
SCHAEDLER shall obtain the maximum number of the SYD Shares so long as my
daughter ANTOINETTE M. SCHAEDLER receives an equivalent distribution upon the
death of my wife."
9. As of December 31, 2012, and in accordance with the specific authorization and
approval of Rosemary A. Schaedler, individually and as Co-Trustee, the Trustees transferred all
of the Trust's SYD Shares to the Decedent's daughter, Elizabeth A. Schaedler, who is an
employee and permissible stockholder of the company under the corporation's Stockholder
Restrictive Agreement.
10. On or about May 1, 2011, and to effect the aforementioned "equivalent
distribution," for the Decedent's daughters, Rosemary A. Schaedler, individually, designated her
daughter Antoinette M. Schaedler-Mandich as sole beneficiary of Rosemary A. Schaedler's
Guardian life insurance policy, Policy # 538-50-75, which policy has an estimated value of
-,
- J -
approximately Three Hundred Thousand Dollars ($300,000.00) as of the date of this Agreement,
and which the Beneficiaries believe and agree represents an "equivalent distribution" to
Antoinette M. Schaedler-Mandich, to which she is entitled upon termination of the Trust.
11. The Trustees have prepared an informal First and Final Account of their
administration of the Trust (the "Final Account"), accounting for the period from September 12,
2007 through January 15, 2013, which is attached hereto as Exhibit "A" and fully incorporated
herein by this reference.
12. The Trustees have also prepared a Schedule of Distribution (the "Schedule"),
which is attached hereto as Exhibit "B" and is fully incorporated herein by this reference. The
Schedule sets forth the Trust's remaining cash, which the Trustees now propose to expend for the
final expenses of Keefer Wood Allen & Rahal, LLP, in partial payment of the Trust's final legal
expenses, including the services of Robert R. Church, Esq. as a Co-Trustee.
13. In order to avoid the expense and delay that would otherwise be involved with the
formal filing and adjudication of the Final Account before the Orphans' Court Division of the
Court of Common Pleas of Cumberland County, Pennsylvania (the "Court"), the Parties are
executing this Agreement, in order to release and discharge the Trustees concerning their
administration of the Trust and to approve the final distribution of the assets of the Trust as set
forth in the Final Account and on the Schedule, including approval of the reserved expenses for
Keefer Wood Allen & Rahal, LLP, set forth therein.
14. The Trustees are willing to terminate the administration of the Trust informally, in
exchange for the release and indemnification protections hereinafter provided to them by the
Beneficiaries.
-4-
NOW THEREFORE, in consideration of the foregoing, and intending to be legally bound
hereby, the Parties, for themselves, their heirs, personal representatives, successors and assigns,
hereby agree as follows, to wit:
A. Recitals. The Parties represent and warrant that they have read and understand
this Agreement and confirm that the facts set forth above are true and correct, to
the best of their knowledge, information and belief.
B. Receipt of Documents. The Beneficiaries acknowledge their receipt of copies of
the Final Account and of the Schedule, which are each attached hereto as Exhibits
"A" and "B", and are fully incorporated herein by this reference.
C. Waiver of Formal Accounting. The Beneficiaries declare that they have had the
opportunity to review the Final Account and the Schedule, and based upon such
examination (or upon their decision not to make such an examination), they are
satisfied that they have sufficient information to make an informed waiver of their
right to a formal fiduciary accounting with the Court, and do hereby waive the
filing and auditing of the same.
D. Approval of Final Account and Schedule of Distribution. The Beneficiaries
hereby accept and approve the Final Account and the Schedule, including, but not
limited to, the final distributions and reserved expenses set forth therein, whether
actually examined or not, as if the same had been duly filed with and audited,
adjudicated and confirmed absolutely by the Court.
E. Approval and Receipt of Final Distributions. The Beneficiaries acknowledge and
approve the final distributions made, as set forth in the Final Account and on the
Schedule, in full satisfaction of their respective right, title and interest in and to
the assets of the Trust, whether under the Will or otherwise.
F. Approval of Final Attorneys' Fees, etc. The Beneficiaries approve payment of the
Trust's remaining cash to Keefer Wood Allen & Rahal, LLP, in partial payment of
the Trust's final and reserved expenses, as more particularly set forth on the
Schedule.
G. General Release. The Beneficiaries each hereby release, remise and forever
discharge the Trustees, including all their successors, affiliates, assigns, agents,
attorneys, and insurers, of and from any and all allocations and causes of action,
claims, demands, damages, attorneys' fees, costs, loss of services, expenses,
compensation, suits, debts, documents, bonds, covenants, contracts, agreements,
and judgments of whatsoever kind, at law or in equity, whether due to negligence
-5-
or otherwise, which they may have by reason of the Trustees' prior administration
of the Trust, including the final distribution of the Trust's assets. The
Beneficiaries each further agree and covenant that, except as otherwise set forth in
this Agreement, neither they nor any person, organization or other entity on their
behalf will file, charge, claim, sue or cause or permit to be filed, charged, or
claimed any action for damages, injunctive, declaratory, monetary relief or
otherwise against the Trustees concerning the Trustees' prior administration of the
Trust, including the final distribution of the Trust's assets.
H. Covenant Not to Sue. The Beneficiaries each agree not to bring any action, suit
or administrative proceeding contesting the validity of this Agreement or
attempting to negate, modify, or reform it. Any breach of this Covenant Not to
Sue shall be a material breach of this Agreement. The Beneficiaries each further
agree that this Agreement may be pled as a complete defense and bar to any claim
or entitlement whatsoever which they may assert in any suit or claim against the
Trustees, the Trust and/or its attorneys and involving the Trustees' administration
of the Trust, including the final distribution of the Trust's assets as provided in
this Agreement.
I. Refunding Agreement. The Beneficiaries agree to refund, on demand, all or any
part of the aforesaid distributions to them, which have been determined by- the
Trustees, or by the Court, or by any court of competent jurisdiction, to have been
improperly made.
J. Indemnification. The Beneficiaries, jointly and severally, agree to indemnify and
hold harmless the Trustees, together with their attorneys, agents, employees,
predecessors, successors and assigns, from and against all claims, losses, liability
or damage that may in future be asserted against the Trustees in any way
concerning the Trust.
K. Governing Law. The Parties acknowledge that this Agreement shall be governed
by and construed in accordance with the laws of the Commonwealth of
Pennsylvania, without regard to its conflict of law provisions.
L. Venue. The Parties consent to the Court exercising personal jurisdiction over
them in any suit or action arising out of the enforcement of this Agreement. The
Parties further agree and covenant that the Court shall be the sole venue for the
litigation of any disputes arising under this Agreement.
M. ~reement Binding_ on Heirs. This Agreement shall be binding and shall inure to
the benefit of the Parties and their respective heirs, successors, next of kin,
devisees, legatees, beneficiaries, appointees, executors, administrators, personal
representatives and assigns.
-6-
N. Entire Agreement. This Agreement constitutes the entire understanding between
the Parties concerning the subject matter hereof, and supersedes any and all prior
written agreements and any and all prior or contemporaneous oral agreements or
understanding relating to the subject matter hereof.
O. Waivers, Amendments. This Agreement may not be amended, modified,
superseded, canceled, renewed or extended, nor may any term or condition hereof
be waived, except by a written instrument or document signed by all the Parties
or, in the case of a waiver, signed by the party sought to be charged therewith. No
waiver by any party of the breach of any provision hereof shall be deemed to
constitute a waiver of any continuing or subsequent breach of such provision or
any other provision hereof. Except as otherwise provided herein, the rights and
remedies expressly granted hereunder shall be cumulative with respect to, and
shall not be deemed to exclude, any other rights and remedies to which any party
shall be entitled at law or in equity.
P. Construction. References to persons or things shall be deemed to refer to such
persons or things in the singular or plural and in the masculine, feminine or neuter
gender as the context shall require.
Q. Agreement Severable. This Agreement shall be deemed to be severable, so that if
any provision hereof shall be determined by the Court, or by any other court of
competent jurisdiction, to be invalid or unenforceable, the remaining provisions
hereof shall continue to remain valid and enforceable in accordance with their
terms.
R. Counterparts. This Agreement may be executed in multiple counterparts, each of
which may contain the signatures of one or more of the parties, all of which, taken
together, shall constitute one and the same instrument.
IN WITNESS WHEREOF, the Parties have executed the attached Consents to this
Agreement, with the same to be effective for all purposes from the date first above written.
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IN THE MATTER OF IN THE COURT OF COMMON PLEAS
THE ESTATE OF THOMAS J. CUMBERLAND COUNTY, PENNSYLVANIA
SCHAEDLER, JR., DECEASED ORPHANS' COURT DIVISION
No. 2005-1067
CONSENT TO
RECEIPT, RELEASE, REFUNDING AND INDEMNITY
AGREEMENT FOR TERMINATION OF THE
TRUST ESTABLISHED UNDER THE LAST WILL AND
TESTAMENT OF THOMAS J. SCHAEDLER, JR., DECEASED
THE UNDERSIGNED, Robert R. Church, as a Co-Trustee of the Trust established under
the Last Will and Testament of Thomas J. Schaedler, Jr., deceased, hereby consents to and joins
in the Receipt, Release, Refunding and Indemnity Agreement For Termination of the Trust
Established Under The Last Will And Testament of Thomas J. Schaedler, Jr., Deceased, dated
January 15, 2013, for the purposes expressed therein, a copy of which, including Exhibits A and
B thereto, has been provided to him.
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Robert R. Church, Co-Trustee
COMMONWEALTH OF PENNSYLVANIA
SS.
COUNTY OF DAUPHIN
On this, the 15`" day of January, 2013, before me, the undersigned officer, personally
appeared Robert R. Church, as a Co-Trustee, known to me (or satisfactorily proven) to be the
person whose name is subscribed to the within instrument, and acknowledged that he executed
the same for the purposes and in the capacities indicated therein as his free and voluntary act.
IN WITNESS WHEREOF, I have hereunto set my hand and official ~~i~I.
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Notarial Seal
Kris P. Foster, Notary Public
Ctty of Harrisburg, Dauphin County
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MEMBER, PENNSYLVANIA ASSOCIATION OF NOTARIES
IN THE MATTER OF IN THE COURT OF COMMON PLEAS
THE ESTATE OF THOMAS J. CUMBERLAND COUNTY, PENNSYLVANIA
SCHAEDLER, JR., DECEASED ORPHANS' COURT DIVISION
No. 2005-1067
CONSENT TO
RECEIPT, RELEASE, REFUNDING AND INDEMNITY
AGREEMENT FOR TERMINATION OF THE
TRUST ESTABLISHED UNDER THE LAST WILL AND
TESTAMENT OF THOMAS J. SCHAEDLER, JR., DECEASED
THE UNDERSIGNED, Rosemary A. Schaedler, as a Beneficiary and a Co-Trustee of the
Trust established under the Last Will and Testament of Thomas J. Schaedler, Jr., deceased,
hereby consents to and joins in the Receipt, Release, Refunding and Indemnity Agreement For
Termination of the Trust Established Under The Last Will And Testament of Thomas J.
Schaedler, Jr., Deceased, dated January 15, 2013, for the purposes expressed therein, a copy of
which, including Exhibits A and B thereto, has been provided to her.
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Rosemary A. Schaedler, Individually and
As Co-Trustee
COMMONWEALTH OF PENNSYLVANIA
SS.
COUNTY OF CUMBERLAND
On this, the ~ ~. day of January, 2013, before me, the undersigned officer, personally
appeared Rosemary A. Schaedler, individually and as a Co-Trustee, known to me (or
satisfactorily proven) to be the person whose name is subscribed to the within instrument, and
acknowledged that she executed the same for the purposes and in the capacities indicated therein
as her free and voluntary act.
IN WITNESS WHEREOF, I have hereunto set my hand and official seal.
Notary Public
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IN THE MATTER OF IN THE COURT OF COMMON PLEAS
THE ESTATE OF THOMAS J. CUMBERLAND COUNTY, PENNSYLVANIA
SCHAEDLER, JR., DECEASED ORPHANS' COURT DIVISION
No. 2005-1067
CONSENT TO
RECEIPT, RELEASE, REFUNDING AND INDEMNITY
AGREEMENT FOR TERMINATION OF THE
TRUST ESTABLISHED UNDER THE LAST WILL AND
TESTAMENT OF THOMAS J. SCHAEDLER, JR., DECEASED
THE UNDERSIGNED, Elizabeth A. Schaedler, hereby consents to and joins in the
Receipt, Release, Refunding and Indemnity Agreement For Termination of the Trust Established
Under The Last Will And Testament of Thomas J. Schaedler, Jr., Deceased, dated January 15,
2013, for the purposes expressed therein, a copy of which, including Exhibits A and B thereto,
has been provided to her. ~
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Elizabe A: chaedler
COMMONWEALTH OF PENNSYLVANIA
SS.
COUNTY OF DAUPHIN
On this, the ~- ~- day of January, 2013, before me, the undersigned officer, personally
appeared Elizabeth A. Schaedler, known to me (or satisfactorily proven) to be the person whose
name is subscribed to the within instrument, and acknowledged that she executed the same for
the purposes indicated therein as her free and voluntary act.
IN WITNESS WHEREOF, I have hereunto set my hand and off cial seal.
Notary Public
COMt~ONWEAL~"N OF ~NNSYLVANxA
Notarial Seal
Kim A. Flory, Notary Public
S~ratara Tvdp., pauphin County
;~y Coinr~i~.~ion lr~cpir~'~ l~aY 13, 2014
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-10-
IN THE MATTER OF IN THE COURT OF COMMON PLEAS
THE ESTATE OF THOMAS J. CUMBERLAND COUNTY, PENNSYLVANIA
SCHAEDLER, JR., DECEASED ORPHANS' COURT DIVISION
No. 2005-1067
CONSENT TO
RECEIPT, RELEASE, REFUNDING AND INDEMNITY
AGREEMENT FOR TERMINATION OF THE
TRUST ESTABLISHED UNDER THE LAST WILL AND
TESTAMENT OF THOMAS J. SCHAEDLER, JR., DECEASED
THE UNDERSIGNED, Antoinette Schaedler-Mandich, hereby consents to and joins in
the Receipt, Release, Refunding and Indemnity Agreement For Termination of the Trust
Established Under The Last Will And Testament of Thomas J. Schaedler, Jr., Deceased, dated
January 15, 2013, for the purposes expressed therein, a copy of which, including Exhibits A and
B thereto, has been provided to her.
' 1 ' ? ~,
Antoinette Schaedler-Mandich
COMMONWEALTH OF PENNSYLVANIA
SS.
COUNTY OF DAUPHIN
On this, the ~ z- day of January, 2013, before me, the undersigned officer, personally
appeared Antoinette Schaedler-Mandich, known to me (or satisfactorily proven) to be the person
whose name is subscribed to the within instrument, and acknowledged that she executed the
same for the purposes indicated therein as her free and voluntary act.
IN WITNESS WHEREOF, I have hereunto set my hand and official seal.
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Notary Public
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SUMMARY OF ACCOUNT
Thomas J. Schaedler, Jr., Bypass Trust
-For Period 9/12/2007 Through 1/15/2013
' Page
Principal
Receipts 1
Net Gain (or Loss) on Sales or Other Dispositions
Other Receipts
Income transferred to Principal
Less Disbursements
Administration Expenses (Prin) 2
Fees and Commissions (Prin) 2
Other Expenses (Prin) 2
$ 5,462.26
25,314.34
n ~~
Fiduciary
Acquisition
Value
$ 467,130.12
0.00
0.00
~ ~ ~~a Q ~
$ 482,906.93
~n ~~~ Q~
Balance before Distributions
Distributions to Beneficiaries 3
Principal Balance on Hand
For Information:
Changes in Investment Holdings 4
Income
Receipts 5
Less Disbursements
Income transferred to Principal
Balance before Distributions
Distributions to Beneficiaries 6
Income Balance on Hand
Combined Balance on Hand
n~~ ~~n ~7
$ 0.00
$ 155,163.98
0.00
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EXHIBIT A
RECEIPTS OF PRINCIPAL
Thomas J. Schaedler, Jr., Bypass Trust
As of 9/12/2007
Assets Listed in Inventory
(Valued as of date received)
Cash on Hand
Estate Reserves for legal fees and expenses
Closely Held Corporations
Schaedler Yesco Distribution Co.
2,707.366 Units
TOTAL INVENTORY
Page 1
Fiduciary
Acquisition
Value
$ 15, 000.00
452,130.12
$ 467,130.12
DISBURSEMENTS OF PRINCIPAL Page 2
Thomas J. Schaedler, Jr., Bypass Trust
For Period 9/12/2007 Through 1/15/2013
Administration Expenses (Prin)
10/31 /2007 Keefer Wood Allen & Rahal, LLP
Interim legal fees for estate paid from reserves $ 5,097.36
6/2/2011 SkarlatosZonarich LLC
atty fees and disbs. re FL Deed 364.90
$ 5,462.26
Fees and Commissions (Prin)
7/3/2008 Keefer Wood Allen & Rahal, LLP
legal expenses $ 4,193.43
11 /10/2008 Keefer Wood Allen & Rahal
attorney fees and disbursements 1,192.50
5/4/2009 Keefer Wood Allen & Rahal, LLP
attorney fees and disbursements 1,309.50
10/11 /2010 Keefer Wood Allen & Rahal, LLP
attorneys' fees and disbursements 4,608.83
5/3/2011 Keefer Wood Allen & Rahal, LLP
attorney fees and disbursements 6,079.90
5/2/2012 Keefer Wood Allen & Rahal, LLP
atty fees and disbursements
Check number 1001 3,180.18
1/14/2013 Reserves for attorney fees and disbursements for Keefer
Wood Allen & Rahal, LLP, to close Trust 4,750.00
25,314.34
Other Expenses (Prin)
6/11/2008 Clarke American Check Order 0.21
TOTAL DISBURSEMENTS OF PRINCIPAL $ 30,776.81
DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES Page 3
Thomas J. Schaedler, Jr., Bypass Trust
For Period 9/12/2007 Through 1/15/2013
To: Elizabeth A. Schaedler
Gift of Schaedler/Yesco Distribution, Inc. Shares
12/31 /2012 Schaedler Yesco Distribution Co.
2,707.366 Units
$ 452,130.12
TOTAL DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES $ 452,130.12
INFORMATION SCHEDULES
Thomas J. Schaedler, Jr., Bypass Trust
For Period 9/12/2007 Through 1/15/2013
Changes in Investment Holdings
Loan from Rosemary A. Schaedler
9/28/2010 transfer of funds from loan
$ 0.00
5,000.00
4/14/2011 Repayment of loan from Rosemary A. Schaedler (5,000.00)
Page 4
$ 0.00
RECEIPTS OF INCOME
Thomas J. Schaedler, Jr., Bypass Trust
For Period 9/12/2007 Through 1/15/2013
Other Income
Miscellaneous
1 /14/2013 Cash Receivable -Rosemary A. Schaedler in payment for
attorney fees and disbursements for Keefer Wood Allen &
Rahal, LLP, to close Trust
Total Other Income
Gains Allocable to Income
Miscellaneous
4/11/2008 Distribution from Schaedler/Yesco Distribution
6/5/2008 Distribution from Schaedler/Yesco
9/12/2008 Distribution from Schaedler/Yesco
1/15/2009 Distribution from Schaedler/Yesco Distribution
4/11/2011 Distribution from Schaedler/Yesco
6/14/2011 Distribution from Schaedler/Yesco
9/21/2011 Distribution from Schaedler/Yesco
1/10/2012 Distribution from Schaedler/Yesco
4/12/2012 Distribution from Schaedler/Yesco
6/5/2012 Distribution from Schaedler/Yesco
9/7/2012 Distribution from Schaedler/Yesco
Total Gains Allocable to Income
TOTAL RECEIPTS OF INCOME
~ 1.314.98
1,314.98
17, 309.00
12,613.00
12,603.00
12,613.00
23, 377.00
8,137.00
8,137.00
8,137.00
25,803.00
12,560.00
12.560.00
153,849.00
Page 5
$ 1,314.98
153.849.00
$ 155,163.98
DISTRIBUTIONS OF INCOME TO BENEFICIARIES
Thomas J. Schaedler, Jr., Bypass Trust
For Period 9/12/2007 Through 1 /15/2013
To: Rosemary A. Schaedler
Income Distribution to Rosemary A. Schaedler
4/18/2008 Citizen's Checking Acount
Check number 1002
6/26/2008 Citizen's Checking Acount
Check number 1003
9/15/2008 Citizen's Checking Acount
Check number 1005
11/10/2008 Citizen's Checking Acount
Check number 1007
1 /15/2009 Citizen's Checking Acount
Check number 1008
4/14/2011 Citizen's Checking Acount
Check number 1012
6/22/2011 Citizen's Checking Acount
Check number 1015
9/28/2011 Citizen's Checking Acount
Check number 1016
1/30/2012 Citizen's Checking Acount
Check number 1017
4/16/2012 Metro Bank Acct. #2840286922
Check number 1004
6/14/2012 Metro Bank Acct. #2840286922
Check number 1002
9/11/2012 Metro Bank Acct. #2840286922
Check number 1003
Total for Rosemary A. Schaedler
TOTAL DISTRIBUTIONS OF INCOME TO BENEFICIARIES
$ 17, 000.00
12, 000.00
12,000.00
5,000.00
12,000.00
8,113.17
8,137.00
8,000.00
8,137.00
25,000.00
12,000.00
12,000.00
Page 6
$139,387.17
s
IN THE MATTER OF IN THE COURT OF COMMON PLEAS
THE ESTATE OF THOMAS J. CUMBERLAND COUNTY, PENNSYLVANIA
SCHAEDLER, JR., DECEASED ORPHANS' COURT DIVISION
No. 2005-1067
RECEIPT, RELEASE, REFUNDING AND INDEMNITY
AGREEMENT FOR TERMINATION OF THE
TRUST ESTABLISHED UNDER THE LAST WILL AND
TESTAMENT OF THOMAS J. SCHAEDLER, JR., DECEASED
SCHEDULE OF DISTRIBUTION
Transfer of 2707.366 shares of common stock of X452,130.12
Schaedler/Yesco Distribution Co., Inc., to Elizabeth A.
Schaedler on December 31, 2012
Reserved Final Co-Trustee Commissions of Robert R. (4,750.00)
Church, Esq. and of Keefer Wood Allen & Rahal, LLP
Less Payment of Trust's Remaining Cash to Keefer Wood 3,435.02
Allen & Rahal, LLP, in partial payment of reserved final
expenses, including final Trustee commissions of Robert
R. Church, Esq.
Less Cash Receivable From Rosemary A. Schaedler to 1,314.98 0.00
Pay Balance of Trust's Remaining Reserved and Final
Expenses
FINAL RECEIPTS AND DISTRIBUTIONS
$452,130.012
EXHIBIT B