EPSTEIN
page 4 / 645 . OCR, unverified
provided that neither the Grantor, nor any Trustee then acting, nor any
member of the family, the estate, the creditors or the creditors of the estate
of the Grantor or any such Trustee may be added as a beneficiary under this
Trust.
C.
The Trustees shall not be accountable to any Court or any
person regarding the exercise or nonexercise of this completely discretionary
authority. Any income not distributed may be added to principal.
D.
Unless terminated by the Trustees at an earlier date, this
Trust shall terminate twenty-one years after the death of the last survivor of
the Grantor,
and
GHISLAINE N. MAXWELL, and thereafter the then remaining principal
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
CONFIDENTIAL
DB-SDNY-0093052
SDNY_GM_00239236
EFTA01388979
--- SOURCE: IMAGES__0057__EFTA01388980.txt ---
METADATA_SOURCE: IMAGES0057
METADATA_FILENAME: EFTA01388980.pdf
----------------------------------------
shall be paid to EPSTEIN INTERESTS, a Trust, organized under the laws of
the State of New York.
E.
The Trust created pursuant to this Trust Agreement may
be referred to as "BUTTERFLY TRUST."
FOURTH
Governing Law; Claims or Charges Against Grantor or his Estate
A.
This Trust Agreement and the Trust hereby created shall
be construed under, and governed by, the laws of the United States Virgin
Islands.
B.
No portion of the income or principal of the Trust shall
be liable for the payment of any taxes, liabilities, debts or any other claims
or charges against the Grantor or the estate of the Grantor.
FIFTH
Irrevocability: Severability
A.
This Trust Agreement and the Trust created hereunder
are irrevocable. Neither the Grantor nor any other person shall have the
right to alter, amend, revoke or terminate this Trust Agreement or the Trust
created hereunder.
B.
Should any part, clause, provision or condition of this
Trust Agreement be held to be void or invalid, then such voidance or
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0093053
SDNY GM_00239237
CONFIDENTIAL
EFTA01388980
--- SOURCE: IMAGES__0057__EFTA01388981.txt ---
METADATA_SOURCE: IMAGES0057
METADATA_FILENAME: EFTA01388981.pdf
----------------------------------------
incompetent, which agreement shall bind all persons, whether or not then in
being, then or thereafter interested in either the income or the principal of
the Trust. Any such settlement shall have the force and effect of a final
decree, judgment or order of a court of competent jurisdiction rendered in an
appropriate action or proceeding for the judicial settlement of such account,
in which action or proceeding jurisdiction was obtained over all necessary
and proper parties. The expenses of any such account shall be a proper
administration expense of the Trust payable from principal or income of the
Trust, or partly from each, as the Trustees, in their discretion, shall
determine.
D.
No Trustee shall be accountable, liable or responsible for
any act, default, negligence or omission of any other Trustee.
E.
No Trustee acting hereunder shall be liable for any loss
or damage which may occur hereunder, unless due to willful default,
deliberate wrongdoing or willful violation of an express provision hereof.
EIGHTH
Administrative Powers
A.
In addition to and in amplification of the powers given by
law to trustees, the Trustees, but solely in their fiduciary capacities are
hereby authorized and empowered, in their discretion:
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0093058
CONFIDENTIAL
SDNY GM_00239242
EFTA01388981
--- SOURCE: IMAGES__0057__EFTA01388982.txt ---
METADATA_SOURCE: IMAGES0057
METADATA_FILENAME: EFTA01388982.pdf
----------------------------------------
1.
To hold any part or all of the assets of the Trust
invested in the same form of property in which the same shall be invested
when received by the Trustees, and invest and reinvest the assets of the
Trust, or any portion thereof, in any form of investment which the Trustees
may determine.
2.
To acquire, buy, sell, contract to buy, contract to
sell, sell short, buy on margin, exchange, engage in risk arbitrage
transactions with respect to, and trade in stocks (common or preferred),
bonds, notes., obligations (secured or unsecured), securities of open-end and
closed-end investment companies and common trust funds, other securities
(issued or to be issued), commodities, futures, options, executory contracts
for the purchase or sale of securities and commodities, mortgages, and other
property, real or personal, of any kind, whether similar or dissimilar to that
specifically enumerated above, and interests in any of the foregoing, without
being bound by any provision of law restricting investments by trustees, and
without regard to any principles of diversification.
3.
To purchase, sell or exercise conversion,
subscription and other rights, and warrants, puts, calls, straddles, and other
options, to make payments in connection therewith and to sell naked options,