Amendment to General Statement of Beneficial Ownership — Schedule 13D
Filing Table of Contents
Document/Exhibit Description Pages Size
1: SC 13D/A Valhi, Inc. Schedule 13D, Amendment #63 16 75K
2: EX-1 Loan Agreement 23± 85K
3: EX-2 Promissory Note 3± 13K
4: EX-3 Payment Guaranty 4± 17K
5: EX-4 Securities Pledge Agreement 4± 16K
6: EX-5 Extension Agreement 2± 11K
7: EX-8 Contran Deferrend Compensation Trust No. 2 12± 44K
EX-8 — Contran Deferrend Compensation Trust No. 2
AMENDED AND RESTATED
CONTRAN DEFERRED COMPENSATION TRUST NO. 2
This Amended and Restated Agreement is made this 11th day of February,
1999 by and between Contran Corporation, a Delaware corporation ("Company") and
Boston Safe Deposit and Trust Company, a Massachusetts business trust
("Trustee");
WHEREAS, Company and NationsBank of Texas, N.A. ("Former Trustee")
have previously entered into the Contran Deferred Compensation Trust No. 2
dated October 1, 1995 (hereinafter called "Trust");
WHEREAS, NationsBank of Texas, N.A. requested to be removed as Trustee
of the Trust effective January 2, 1998;
WHEREAS, Boston Safe Deposit and Trust Company accepted the appointment
as trustee of the Trust effective January 2, 1998;
WHEREAS, the Company and Trustee amended and restated the Trust
effective January 2, 1998 as the Contran Deferred Compensation Trust No. 2,
Amended and Restated;
WHEREAS, the restated Trust was amended first on July 16, 1998;
WHEREAS, the Company and Trustee desire to further amend and restate
the Trust as of January 1, 1999 as the Amended and Restated Contran Deferred
Compensation Trust No. 2;
WHEREAS, Company has adopted the nonqualified deferred compensation
Plan(s) as listed in Appendix A (the "Plans");
WHEREAS, Company has incurred or expects to incur liability under the
terms of such Plan(s) with respect to the individuals participating in such
Plan(s);
WHEREAS, Company has established a Trust and wishes to contribute to
the Trust assets that shall be held therein, subject to the claims of Company's
creditors in the event of Company's Insolvency, as herein defined, until paid to
Plan participants and their beneficiaries in such manner and at such times as
specified in the Plan(s);
WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement and shall not affect the status of the
Plan(s) as an unfunded plan maintained for the purpose of providing deferred
compensation for a select group of management or highly compensated employees
for purposes of Title I of the Employee Retirement Income Security Act of 1974;
WHEREAS, it is the intention of Company to make contributions to the
Trust to provide itself with a source of funds to assist it in the meeting of
its liabilities under the Plan(s); and
WHEREAS, for purposes of this Trust Agreement, the term "subsidiary" of
Company shall mean an entity that is controlled by Company directly or
indirectly through one or more intermediaries;
NOW, THEREFORE, the parties do hereby establish the Trust and agree
that the Trust shall be comprised, held and disposed of as follows:
Section 1. Establishment of Trust.
(a) Company deposited with Former Trustee in trust:
(i) 260,458 shares of the common stock, par value $0.01
per share, of Valhi, Inc., a Delaware corporation and subsidiary of
Company;
(ii) 97,065 shares of the common stock, par value
$1.00 per share, of Tremont Corporation, a Delaware
corporation and subsidiary of Company; and
(iii) 134, 720 shares of the common stock, par value $1.00
per share, of Keystone Consolidated Industries, Inc.,
a Delaware corporation and subsidiary of Company;
all of which shares became the principal of the Trust to be
held, administered and disposed of by Trustee as provided in this Trust
Agreement.
(b) The Trust hereby established shall be irrevocable.
(c) The Trust is intended to be grantor trust, of which Company is the
grantor, within the meaning of subpart E, part I, subchapter J, chapter 1,
subtitle A of the Internal Revenue Code of 1986, as amended, and shall be
construed accordingly.
(d) The principal of the Trust, and any earnings thereon shall be held
separate and apart from other funds of Company and shall be used exclusively for
the uses and purposes of Plan participants and general creditors as herein set
forth. Plan participants and their beneficiaries shall have no preferred claim
on, or any beneficial ownership interest in any assets of the Trust. Any rights
created under the Plan(s) and this Trust Agreement shall be mere unsecured
contractual rights of Plan participants and their beneficiaries against Company.
Any assets held by the Trust will be subject to the claims of Company's general
creditors under federal and state law in the event of Insolvency, as defined in
Section 3(a) herein.
(e) Company, in its sole discretion, may at any time, or from time to
time, make additional deposits of cash or other property in trust with Trustee
to augment the principal to be held, administered and disposed of by Trustee as
provided in this Trust Agreement. Neither Trustee nor any Plan participant or
beneficiary shall have any right to compel such additional deposits. The
foregoing shall not modify any obligation of Company under the Plan(s).
Section 2. Payments to Plan Participants and Their Beneficiaries.
(a) Company shall deliver to Trustee a schedule (the "Payment
Schedule") that indicates the amounts payable in respect of each Plan
participant (and his or her beneficiaries), that provides a formula or other
instructions acceptable to Trustee for determining the amounts so payable, the
form in which such amount is to be paid (as provided for or available under the
Plan(s)), and the time of commencement for payment of such amounts. Except as
otherwise provided herein, Trustee shall make payments to the Plan participants
and their beneficiaries in accordance with such Payment Schedule. The Trustee
shall make provision for the reporting and withholding of any federal, state or
local taxes as Company shall direct in writing to be withheld with respect to
the payment of benefits pursuant to the terms of the Plan(s) and shall promptly
pay to the Company in cash such amounts withheld. The Company shall pay such
amounts withheld to the appropriate taxing authorities.
(b) The entitlement of a Plan participant or his or her beneficiaries
to benefits under the Plan(s) shall be determined by Company or such party as it
shall designate under the Plan(s), and any claim for such benefits shall be
considered and reviewed under the procedures set out in the Plans(s).
(c) Company may make payment of benefits directly to Plan participants
or their beneficiaries as they become due under the terms of the Plan(s).
Company shall notify Trustee of its decision to make payment of benefits
directly prior to the time amounts are payable to participants or their
beneficiaries. In addition, if the principal of the Trust, and any earnings
thereon, are not sufficient to make payments of benefits in accordance with the
terms of the Plan(s), Company shall make the balance of each such payment as it
falls due. Trustee shall notify Company where principal and earnings are not
sufficient but shall not have a duty to require that supplemental payments be
made to Plan participants or supplemental contributions be made to the Trust.
(d) Company determination of Payment Schedules and a participant's
entitlement to benefits shall be made annually by Company with respect to the
deferred compensation accrued each year and may not thereafter be modified by
Company without the participant's consent. For purposes of this Section 2(d) all
Company actions with respect to a participant prior to the time of his death,
disability, retirement or termination shall be by the members of its Board of
Directors at such time, and all Company actions with respect to a participant
following his death, disability, retirement or termination shall be by the
members of its Board of Directors immediately prior to the participant's death,
disability, retirement or termination.
(e) As soon as possible after the occurrence of a Change of Control,
any real estate held in a real estate subtrust of this Trust shall be
distributed to the Plan participants or beneficiaries for whom such assets are
held under such subtrust, and within one hundred and eighty (180) days following
such a Change of Control, the Trustee shall distribute any remaining benefits to
which a Plan participant or beneficiary is entitled by a lump sum payment in
cash.
Section 3. Trustee Responsibility Regarding Payments to Trust
Beneficiary When Company Is Insolvent.
(a) Trustee shall cease payment of benefits to Plan participants and
their beneficiaries if the Company is insolvent. Company shall be considered
"Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay
its debts as they become due, or (ii) Company is subject to a pending proceeding
as a debtor under the United States Bankruptcy Code.
(b) At all times during the continuance of this Trust, as provided in
Section 1(d) hereof, the principal and income of the Trust shall be subject to
claims of general creditors of Company under federal and state law as set forth
below.
(1) The Board of Directors and the Chief Executive Officer of
Company shall have the duty to inform the Trustee in writing of Company's
Insolvency. If a person claiming to be a creditor of Company alleges in writing
to Trustee that Company has become Insolvent, Trustee shall determine whether
Company is Insolvent and, pending such determination, Trustee shall discontinue
payment of benefits to Plan participants or their beneficiaries. In all cases,
Trustee shall be entitled to conclusively rely upon the written certification of
the continuing Directors of the Company when determining whether Company is
insolvent.
(2) Unless Trustee has actual knowledge of Company's
Insolvency, or has received notice from Company or a person claiming to be a
creditor alleging that Company is Insolvent, Trustee shall have no duty to
inquire whether Company is Insolvent. Trustee may in all events rely on such
evidence concerning Company's solvency as may be furnished to Trustee and that
provides Trustee with a reasonable basis for making a determination concerning
Company's solvency.
(3) If at any time Trustee has determined that Company is
Insolvent, Trustee shall discontinue payments to Plan participants or their
beneficiaries and shall hold the assets of the Trust for the benefit of
Company's general creditors. Nothing in this Trust Agreement shall in any way
diminish any rights of Plan participants or their beneficiaries to pursue their
rights as general creditors of Company with respect to benefits due under the
Plan(s) or otherwise.
(4) Trustee shall resume the payment of benefits to Plan
participants or their beneficiaries in accordance with Section 2 of this Trust
Agreement only after Trustee has determined that Company is not Insolvent (or is
no longer Insolvent).
(c) Provided that there are sufficient assets, if Trustee discontinues
the payment of benefits from the Trust pursuant to Section 3(b) hereof and
subsequently resumes such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments due to Plan
participants or their beneficiaries under the terms of the Plan(s) (as certified
by Company) for the period of such discontinuance, less the aggregate amount of
any payments made to Plan participants or their beneficiaries by Company in lieu
of the payments provided for hereunder during any such period of discontinuance.
Section 4. Payments to Company.
Except as provided in Sections 2(a), 3 or 5(c) hereof, or as provided
in Section 7 of the Plan, after the Trust has become irrevocable, Company shall
have no right or power to direct Trustee to return to Company or to divert to
others any of the Trust assets before all payment of benefits have been made to
Plan participants and their beneficiaries pursuant to the terms of the Plan(s).
Section 5. Investment Authority.
(a) Except as limited by Section 5(b), the Trustee shall have the
powers, rights and duties in addition to those provided elsewhere in this
agreement or by law to be exercised only pursuant to the direction of the
Company or an investment manager appointed by the Company: to invest and
reinvest part or all of the trust fund in any real property, securities
(including stock or rights to acquire stock) or obligations issued by Company or
subsidiaries of the Company, stocks, mutual fund shares (including proprietary
funds of the Trustee or its affiliates), partnership interests, venture capital
investments, bonds, debentures, notes, commercial paper, treasury bills, any
common, commingled or collective trust funds (including proprietary funds of the
Trustee or its affiliates), or pooled investment funds, any deposit accounts or
funds maintained by a legal reserve life insurance company in accordance with an
agreement between the Trustee and such insurance company or a group annuity
contract issued by such insurance company to the Trustee as contractholder, any
interest-bearing deposits held by any bank or similar financial institution
(including Trustee or its affiliates ), and to diversify such investments so as
to minimize the risk of large losses unless under the circumstances it is
clearly prudent no to do so. In no event shall the Trust invest directly in real
estate. Trust assets shall be limited to domestic United States assets or
securities which may be held through the Depository Trust Company.
(b) Trustee shall not have any investment discretion with respect to
the assets of the Trust and shall not sell or otherwise dispose of any assets
that are deposited by the Company with the Trust unless it is directed to do so
by Company in writing. All rights associated with assets of the Trust shall be
exercised by Company or the person designated by Company, and shall in no event
be exercisable by or rest with Plan participants. Voting rights with respect to
Trust assets will be exercised by the Company.
(c) Company shall have the right at anytime, and from time to time in
its sole discretion, to substitute assets of equal fair market value for any
asset held by the Trust. This right is exercisable by Company in a nonfiduciary
capacity without the approval or consent of any person in a fiduciary capacity.
(d) To settle, compromise or submit to arbitration any claims, debt or
damages due or owing to or from the Trust; to commence or defend suits or legal
proceedings to protect any interest of the Trust; and to represent the Trust in
all suits or legal proceedings in any court or before any other body or
tribunal;
(e) To take all action necessary to pay for authorized transactions,
including borrowing or raising monies from any lender, including Trustee, in its
corporate capacity in conjunction with its duties under this Agreement and upon
such terms and conditions as Trustee may deem advisable to settle security
purchases and/or foreign exchange or contracts for foreign exchange, and
securing the repayments thereof by pledging all or any part of the Trust.
Trustee shall be entitled to collect from the Trust sufficient cash for
reimbursement, and if such cash is insufficient, dispose of the assets of the
Trust to the extent necessary to obtain reimbursement.
(f) To appoint with prior written approval of Company custodians,
subcustodians or subtrustees, domestic or foreign (including affiliates of
Trustee), as to part or all of the Trust; provided, however, that Trustee shall
not be liable for the acts or omissions of any subcustodian appointed under this
Section 5.
(g) To hold property in nominee name, in bearer form, or in book entry
form, in a clearinghouse corporation or in a depository (including an affiliate
of Trustee), so long as Trustee's records clearly indicate that the assets held
are a part of the Trust; provided, however, that Trustee shall not be
responsible for any losses resulting from the deposit or maintenance of
securities or other property (in accordance with market practice, custom, or
regulation) with any recognized foreign or domestic clearing facility,
book-entry system, centralized custodial depository, or similar organization;
and
(h) To settle indirect investments in Real Estate (the "Real Estate")
and exercise such other powers as may be required in connection with the Fund's
investments in Real Estate. The Trustee shall have no responsibility or
discretion with respect to the ownership, management, administration, operation
or control of any Real Estate. To the extent permitted by law, the Trustee shall
be indemnified by the Company, to the extent not paid by the Fund, from all
claims, liabilities, losses, damages and expenses, including reasonable
attorneys' fees and expenses, arising from or in connection with any matter
relating to any Real Estate held in the Trust and which give rise to: (i) any
violation of any applicable environmental or health or safety law, ordinance,
regualtion or ruling; or (ii) the presence, use, generation, storage, release,
threatened release, or containment, treatment or disposal of any petroleum,
including crude oil or any fraction thereof, hazardous substances, pollutants or
contaminants as defined in the Comprehensive Environmental Response Compensation
and Liability Act, as amended (CERCLA) or hazardous, toxic or dangerous
substances or materials as many of these terms may be defined under any federal
or state law in the broadest sense from time to time. This indemnification shall
survive the sale or other disposition of any Real Estate investment of the Fund
or the termination of this Agreement.
(i) Generally to do all acts, whether or not expressly authorized,
which the Trustee may deem necessary or desirable for the protection of the
Trust.
Notwithstanding anything to the contrary contained in this Trust
Agreement, in the event of a Change in Control as defined in Section 14(d), the
Trustee shall have and exercise investment discretion with respect to all assets
of the Trust.
Section 6. Disposition of Income.
During the term of this Trust, all income received by the Trust, net of
expenses and taxes, shall be accumulated and reinvested.
Section 7. Accounting by Trustee.
Trustee shall keep accurate and detailed records of all investments,
receipts, disbursements, and all other transactions required to be made,
including such specific records as shall be agreed upon in writing between
Company and Trustee. Within 30 days following the close of each calendar year
and within 30 days after the removal or resignation of Trustee, Trustee shall
deliver to Company a written account of its administration of the Trust during
such year or during the period from the close of the last preceding year to the
date of such removal or resignation, setting forth all investments, receipts,
disbursements and other transactions effected by it, including a description of
all securities and investments purchased and sold with the cost or net proceeds
of such purchases or sales (accrued interest paid or receivable being shown
separately), and showing all cash, securities and other property held in the
Trust at the end of such year or as of the date of such removal or resignation,
as the case may be.
Section 8. Responsibility of Trustee.
(a) Trustee shall act with the care, skill, prudence and diligence
under the circumstances then prevailing that a prudent person acting in like
capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims, provided, however, that
Trustee shall incur no liability to any person for any action taken pursuant to
a direction, request or approval given by Company which is contemplated by, and
in conformity with, the terms of the Plan(s) (as certified to the Trustee by the
Company) or this Trust and is given in writing by Company. In the event of a
dispute between Company and a party, Trustee may apply to a court of competent
jurisdiction to resolve the dispute. Company agrees to indemnify Trustee against
Trustee's costs, expenses and liabilities (including without limitation,
reasonable attorney's fees and expenses) arising out of or relating to any
action or inaction taken by Trustee in reliance upon direction, request or
approval given by the Company.
(b) If Trustee undertakes or defends any litigation arising in
connection with this Trust, Company agrees to indemnify Trustee against
Trustee's costs, expenses and liabilities (including, without limitation,
attorneys' fees and expenses) relating thereto and to be primarily liable for
such payments. If Company does not pay such costs, expenses and liabilities in a
reasonably timely manner, Trustee may obtain payment from the Trust.
(c) Trustee may consult with legal counsel (who may also be counsel for
Company generally) with respect to any of its duties or obligations hereunder.
(d) Trustee may hire agents, accountants, actuaries, investment
advisors, financial consultants or other professionals to assist it in
performing any of its duties or obligations hereunder.
(e) Trustee shall have, without exclusion, all powers conferred on
Trustees by applicable law, unless expressly provided otherwise herein,
provided, however, that if an insurance policy is held as an asset of the Trust,
Trustee shall have no power to name a beneficiary of the policy other than the
Trust, to assign the policy (as distinct from conversion of the policy to a
different form) other than to a successor Trustee, or to loan to any person the
proceeds of any borrowing against such policy.
(f) Notwithstanding any powers granted to Trustee pursuant to this
Trust Agreement or to applicable law, Trustee shall not have any power that
could give this Trust the objective of carrying on a business and dividing the
gains therefrom, within the meaning of section 301.7701-2 of the Procedure and
Administrative Regulations promulgated pursuant to the Internal Revenue Code.
(g) Notwithstanding anything in this Agreement to the contrary, the
Trustee shall not be responsible or liable for any losses to the Trust resulting
from any event beyond the reasonable control of the Trustee, its agents, or
subcustodians, including but not limited to nationalization, strikes,
expropriation, devaluation, seizure, or similar action by any governmental
authority, de facto, or de jure; or enactment, promulgation, imposition or
enforcement by any such governmental authority of currency restrictions,
exchange controls, levies or other charges affecting the Trust's property; or
the breakdown, failure or malfunction of any utilities or telecommunications
systems; or any order or regulation of any banking or securities industry
including changes in market rules and market conditions affecting the execution
or settlement of transactions; or acts or war, terrorism, insurrection or
revolution; or acts of God; or any other similar or third-party event. This
Section shall survive the termination of this Trust Agreement.
Section 9. Contractual Income and Settlement.
(a) Trustee shall credit the Trust Fund with income and maturity
proceeds on securities on contractual payment date net of any taxes or upon
actual receipt as agreed between Trustee and Company. To the extent Company and
Trustee have agreed to credit income on contractual payment date, Trustee may
reverse such accounting entries with back value to the contractual payment date
if Trustee reasonable believes that such amount will not be received by it
within a reasonable time but in no event later than two weeks following
contractual payment date.
(b) Trustee will attend to the settlement of securities transactions on
the basis of either contractual settlement day accounting or actual settlement
day accounting as agreed between Company and Trustee. To the extent Company and
Trustee have agreed to settle certain securities transactions on the basis of
contractual settlement date accounting, Trustee may reverse with back value to
the contractual settlement day an entry relating to such contractual settlement
where the related transactions remain unsettled but in no event later than two
weeks following contractual settlement date.
(c) Settlements of transactions may be effected in trading and
processing practices customary in the jurisdiction or market where the
transaction occurs. The Company acknowledges that this may, in certain
circumstances, require the delivery of cash or securities (or other property)
without the concurrent receipt of securities (or other property) or cash and in
such circumstances, the Company shall have sole responsibility for nonreceipt of
payment (or late payment) by the counterparty.
Section 10. Compensation and Expense of Trustee.
(a) Company shall pay all administrative and Trustee's fees and
expenses. If not so paid, the fees and expenses shall be paid from the Trust.
(b) If Trustee advances cash or securities for any purpose, including
the purchase or sale of foreign exchange or of contracts for foreign exchange,
or in the event that Trustee shall incur or be assessed taxes, interest,
charges, expenses, assessments, or other liabilities in connection with the
performance of this Agreement, except such as may arise from its own negligent
action, negligent failure to act or willful misconduct, any property at any time
held for the Trust Fund under this agreement shall be security therefor and
Trustee shall be entitled to collect from the Trust Fund sufficient cash for
reimbursement, and if such cash is insufficient, dispose of the assets of the
Trust Fund held under this Agreement to the extent necessary to obtain
reimbursement. To the extent Trustee advances funds to the Trust for
disbursement or to effect the settlement of purchase transactions, Trustee shall
be entitled to collect from the Trust Fund any amount equal to what would have
been earned on the sums advanced (an amount approximating the "federal funds"
interest rate) and with respect to foreign assets, the rate applicable to the
appropriate foreign market.
Section 11. Resignation and Removal of Trustee.
(a) Trustee may resign at any time by written notice to Company, which
shall be effective thirty (30) days after receipt of such notice unless Company
and Trustee agree otherwise.
(b) Prior to a Change of Control, Trustee may be removed by Company on
thirty (30) days notice or upon shorter notice accepted by Trustee.
(c) Upon Change of Control, as defined herein, Trustee may not be
removed by Company for one year.
(d) If Trustee resigns within one year of a Change of Control, as
defined herein, Trustee shall select a successor trustee in accordance with the
provisions of Section 12(b) hereof prior to the effective date of Trustee's
resignation or removal.
Section 12. Appointment of Successor.
(a) If Trustee resigns or is removed in accordance with Section 11(a)
or (b) hereof, Company may appoint any third party, such as a bank trust
department or other party that may be granted corporate trustee powers under
state law, as a successor to replace Trustee upon resignation or removal. The
appointment shall be effective when accepted in writing by the new Trustee, who
shall have all of the rights and powers of the former Trustee, including
ownership rights in the Trust assets. The former Trustee shall execute any
instrument necessary or reasonably requested by Company or the successor Trustee
to evidence the transfer.
(b) If Trustee resigns or is removed pursuant to the provisions of
Section 11(d) hereof and selects a successor trustee, Trustee may appoint any
third party such as a bank trust department or other party that may be granted
corporate trustee powers under state law. The appointment of a successor trustee
shall be effective when accepted in writing by the new trustee. The new trustee
shall have all the rights and powers of the former Trustee, including ownership
rights in Trust assets. The former Trustee shall execute any instrument
necessary or reasonably requested by the successor trustee to evidence the
transfer.
(c) The successor Trustee need not examine the records and acts of any
prior Trustee and may retain or dispose of existing Trust assets, subject to
Sections 6 and 7 hereof. The successor Trustee shall not be responsible for and
Company shall indemnify and defend the successor Trustee from any claim or
liability resulting from any action or inaction of any prior Trustee or from any
other past event, or any condition existing at the time it becomes successor
Trustee.
Section 13. Amendment or Termination.
(a) This Trust Agreement may be amended by a written instrument
executed by Trustee and Company. Notwithstanding the foregoing, no such
amendment shall conflict with the terms of the Plan(s) or shall make the Trust
revocable after it has become irrevocable in accordance with Section 1(b)
hereof.
(b) The Trust shall not terminate until the date on which Plan
participants and their beneficiaries are no longer entitled to benefits pursuant
to the terms of the Plan(s). Upon termination of the Trust any assets remaining
in the Trust shall be returned to Company.
(c) Upon written approval of participants or beneficiaries entitled to
payment of benefits pursuant to the terms of the Plan(s), Company may terminate
this Trust prior to the time all benefit payments under the Plan(s) have been
made. All assets in the Trust at termination shall be returned to Company.
(d) Notwithstanding any other provision in this Trust Agreement, this
Trust Agreement may not be amended within one year of the occurrence of a Change
of Control.
Section 14. Miscellaneous.
(a) Any provision of this Trust Agreement prohibited by law shall be
ineffective to the extent of any such prohibition, without invalidating the
remaining provisions hereof.
(b) Benefits payable to Plan participants and their beneficiaries under
this Trust Agreement may not be anticipated, assigned (either at law or in
equity), alienated, pledged, encumbered or subjected to attachment, garnishment,
levy, execution or other legal or equitable process.
(c) This Trust Agreement shall be governed by and construed in
accordance with the laws of Texas.
(d) For purposes of this Trust, Change of Control shall mean either
(1) the purchase or other acquisition by any person, entity or group of persons,
within the meaning of section 13(d) or 14(d) of the Securities Exchange Act of
1934 ("Act"), or any comparable successor provisions, of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Act) of 30 percent or
more of either the outstanding shares of common stock or the combined voting
power of Company's then outstanding voting securities entitled to vote
generally, or the approval by the stockholders of Company of a reorganization,
merger, or consolidation, in each case, with respect to which persons who were
stockholders of Company immediately prior to such reorganization, merger or
consolidation do not, immediately thereafter, own more than 50 percent of the
combined voting power entitled to vote generally in the election of directors of
the reorganized, merged or consolidated Company's then outstanding securities,
or a liquidation or dissolution of Company or of the sale of all or
substantially all of Company's assets; or (2) the cessation to serve for any
reason of Harold C. Simmons as Trustee of the Harold C. Simmons Family Trust No.
1, u/a January 1, 1964 and/or the Harold C. Simmons Family Trust No. 2 u/a
January 1, 1964.
The Trustee shall have no independent duty of inquiry with
respect to the occurrence of a Change in Control. Company shall furnish the
Trustee with written notice of the occurrence of a Change in Control. Absent
such notice, if any Plan participant shall provide the Trustee with written
notice of a possible Change of Control, the Trustee may request that the Company
furnish evidence to determine whether a Change of Control has occurred. In
performing any of its obligations or taking any discretionary action under this
Trust Agreement which is dependent upon a Change of Control having occurred, the
Trustee may rely on its determination, including any determination based upon an
opinion of counsel (who may be counsel to the Company or the Trustee) or upon
information provided by the continuing Directors of the Company or otherwise
available to the Trustee, that a Change of Control has occurred. For this
purpose, the continuing Directors of the Company as of the time of a possible
change of control or insolvency are the persons who were directors immediately
prior to such possible change of control or insolvency.
(e) Under no circumstances shall Trustee be liable for any indirect,
consequential, or special damages with respect to its role as Trustee.
(f) Notwithstanding anything to the contrary contained elsewhere in
this Trust Agreement, any reference to the Plan or Plan provisions which require
knowledge or interpretation of the Plan shall impose a duty upon the Company to
communicate such knowledge or interpretation to the Trustee. The Trustee shall
have no obligation to know or interpret any portion of the Plan and shall in no
way be liable for any proper action taken contrary to the Plan.
(g) Company and Trustee hereby each represent and warrant to the other
that it has full authority to enter into this Agreement upon the terms and
conditions hereof and that the individual executing this Agreement on their
behalf has the requisite authority to bind Company or Trustee to this Agreement.
Section 15. Effective Date.
The effective date of this Amended and Restated Contran Deferred
Compensation Trust No. 2 Agreement shall be January 1, 1999.
[Balance of page intentionally left blank.]
CONTRAN CORPORATION BOSTON SAFE DEPOSIT AND TRUST COMPANY
By: /s/ Steven L. Watson By: /s/ John F. McCarrick
----------------------------- -------------------------------
Steven L. Watson Printed Name: John F. McCarrick
President Title: Vice President
APPENDIX A
List of Nonqualified Deferred Compensation Plan(s)
1. Amended and Restated Deferred Compensation Agreement, As Of January 1, 1999
(Originally Established October 31, 1984) between Contran Corporation, a
Delaware corporation, and Harold C. Simmons, a resident of Dallas, Texas.
Dates Referenced Herein
| This ‘SC 13D/A’ Filing | | Date | | Other Filings |
|---|
| |  |
| Filed on: | | 7/18/00 | | None on these Dates |
| | 1/1/99 |
| | 7/16/98 |
| | 1/2/98 |
| | 10/1/95 |
| List all Filings |
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