EFTA00588882.pdf

1. New Will pouring over to New 2011 TRUST ONE 2. New 2011 TRUST ONE: A. 20MM to New 2011 TRUST TWO (Friends Trust); B. 5MM and interest in KCAC to DARREN; C. Forgive debts of the following: a) JEAN LUC BRUNEL b) GADDO CARDINI Is this debt to be forgiven? c) GEORGE DELSON d) MARK EPSTEIN e) LUCIANO FONTANILLO f) ROSALYN FONTANILLO g) ROBERT GOLD Is this debt to be forgiven? h) ROBERT GOODMAN i) EMAD HANNA Is this debt to be forgiven? j) DARREN INDYKE k) DAVID LAMPERT Is this debt to be forgiven? 2632662.1 EFTA00588882  n) o) ALBERTO PINTO Is this debt to be forgiven? p) STEVEN VICTOR D. Preresiduary Disposition of Residences, Tangible Personal Property (TPP) located therein and designated liquid assets amounts: (1) To in Trust: (i) PARIS APARTMENTS, TPP located therein and designated liquid assets amount in Separate Trust to be disposed of as provided in Article X; (ii) NEW YORK TOWNHOUSE, TPP located therein and designated liquid assets amount in Separate Trust to be disposed of as provided in Article X; (iii) ST. JAMES ISLAND, TPP located therein and designated liquid assets amount in Separate Trust to be disposed of as provided in Article X; 2 2632662.1 EFTA00588883  (2) To in Trust: (i) ZORRO RANCH, TPP located therein and designated liquid assets amount in Separate Trust to be disposed of as provided in Article X; (3) To in Trust: (i) PALM BEACH HOUSE, TPP located therein and designated liquid assets amount in Separate Trust to be disposed of as provided in Article X. E. Disposition of Residuary Trust Estate: (1) Pay Estate Taxes out Residuary Trust Estate; (2) Pay Generation Skipping Taxes owed at death out of Residuary Trust Estate; (3) Pay Debts and Estate Administration Expenses out of Residuary Trust Estate; (4) Remaining balance of Residuary Trust Estate is disposed of as follows: (i) 50% in Separate Trust for to be disposed of as provided in Article Y; 3 2632662.1 EFTA00588884  (ii) Other 50% is to be divided into equal Separate Trusts for , and to be disposed of as provided in Article Y. 4 2632662.1 EFTA00588885  F. Article X Residence Trusts: (1) Trust Property: Each residence trust is a Separate Trust with the residence, TPP located in the residence and a designated sum in cash (5 times the annual operating expenses of the residence). (2) Trust Terms: (i) Life use by beneficiary of residence and TPP located therein; (ii) Trustees have discretion to use the income, by majority vote or and if the income is insufficient, to use the principal to unanimous vote? pay the operating expenses of the residence in the trust; (iii) Trustees have discretion to pay the by majority vote or unanimous vote? remaining income to the beneficiary or to accumulate the remaining income and add it to principal; (iv) Trustees have discretion to invade principal by majority vote or unanimous vote? for the beneficiary for any purpose they consider advisable; (v) At death of beneficiary: (A) Trustees are to sell the residence within two (2) years of beneficiary's death and 5 2632662.1 EFTA00588886  (B) The Trustees are to distribute the remaining principal to anyone except themselves, members of by majority vote or their respective families, their estates, their creditors or unanimous vote? creditors of their estate. It is the Grantor's intention that the Trustees are to consider, but are not required to follow, the wishes of the beneficiary in making a determination as to the distribution of the trust assets. 6 2632662.1 EFTA00588887  G. Article Y Residuary Trusts: (1) Terms: (i) Minimum annual distribution of $3 Million to the beneficiary out of income, or if the income is insufficient, out of principal unless the Trustees vote For clarification, is my understanding unanimously in favor of decreasing the $3 Million correct that a majority of the minimum annual distribution for that year or determining Trustees will determine the amount not to make any annual distribution for that year, and between $3Million and $5 Million that is (ii) Maximum annual distribution of $5 Million distributed for each year? to the beneficiary out of income, or if the income is insufficient, out of principal unless the Trustees vote unanimously in favor of increasing the $5 Million maximum annual distribution for that year; (iii) Trustees have discretion to use the income and the principal of the Trust to pay operating expenses by majority vote or unanimous vote? of any of the beneficiary's residences if the assets of the beneficiary's residence trust are insufficient. (iv) At death of beneficiary, the Trustees have the same dispositive power as they have under the Residence Trusts. 7 2632662.1 EFTA00588888  H. Executors: DARREN, JOSEPH PAGANO and LN; Successors are JES STALEY and ANDREW FARKAS, singly and in the order named. I. Trustees: DARREN, JESS STALEY and ANDREW FARKAS; Each Trustee can select his own successor. 3. New 2011 TRUST TWO (Friends Trust) A. Friends Trust distributes: Who should be the Trustees of the (a) 5MM to JEAN LUC BRUNEL; Friends Trust? (b) 2MM to ,• (c) 1MM to LAWRENCE VISOSKI; (d) 1MM to , (e) 1MM to ,• (0 1MM to LUCIANO FONTANILLO and ROSALYN FONTANILLO; (g) Balance to Estate of Grantor. 8 2632662.1 EFTA00588889  4. Insurance Trusts: Delete all current beneficiaries of insurance trusts 1, 2 and 3 dated November 1, 2007, and name as beneficiaries A. 50% to in Trust; and B. other 50% to be divided equally into Trusts for and C. The shares are to be disposed of as provided in the Residuary Trusts for each beneficiary. 9 2632662.1 EFTA00588890