Document:

EXHIBIT 10.3

  
 EXHIBIT 10.3

  
 MODEL TRUST AGREEMENT 
  
 THIS TRUST AGREEMENT is made by and between
                                        ,
a                      corporation (the “Employer”), and T. ROWE PRICE TRUST COMPANY, a Maryland limited purpose trust
company (the “Trustee”). 
  
 W I T N E S S E T
H   T H A T: 
  
 WHEREAS, the Employer has
established the
                                        
(the “Plan”) to provide deferred compensation benefits for a select group of its management or highly compensated employees; 
  
 WHEREAS, the Employer has incurred or expects to incur liability under the terms of the Plan with respect to the participants of the Plan and their
beneficiaries (collectively referred to as “Trust Beneficiaries”); 
  
 WHEREAS, it is the intention of the Employer to make contributions to a trust to provide it with a source of funds to assist it in meeting some or all of its liabilities under the Plan; 
  
 NOW THEREFORE, in consideration of the mutual covenants herein contained, the
Employer and the Trustee declare and agree as follows: 
  
 SECTION 1. Establishment of the Trust. 
  
 1.1 The Employer hereby establishes with the Trustee a trust to accept such sums of money and other property acceptable to the Trustee as from time to time shall be paid or delivered to the Trustee (the “Trust”). All such
money and other property, all investments and reinvestments made therewith or proceeds thereof and all earnings and profits thereon, less all payments and charges as authorized herein, are hereinafter referred to as the (“Trust
Fund”). The Trust Fund shall be held, administered and disposed of by the Trustee in accordance with the provisions of this Trust Agreement. 
  
 1.2 It is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status of the Plan as an unfunded
plan for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). This Trust is not intended to be subject to Part 4 of Title I of ERISA. The Employer represents that this Trust is not
intended to be and is not subject to Part 4 of Title I of ERISA. 
  
 1.3 This Trust is intended to be a grantor trust, of which the Employer 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 (the
“Code”), and shall be construed accordingly. 
  

 1.4 The Trust Fund shall be held separate and apart from other funds of the Employer and shall be used
exclusively for the uses and purposes of Trust Beneficiaries and general creditors as herein set forth. Trust Beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust Fund. Any rights credited
under the Plan and this Trust Agreement shall be mere unsecured contractual rights of Trust Beneficiaries against the Employer. Any assets held in the Trust Fund will be subject to the claims of the Employer’s general creditors under federal
and state law in the event that the Employer is Insolvent, as defined in Section 8.1 hereof. 
  
 SECTION 2. Acceptance by the Trustee. 
  
 The Trustee accepts the Trust established under this Trust Agreement on the terms and subject to the provisions set forth herein, and it agrees to discharge and perform fully and faithfully all of the duties and
obligations imposed upon it under this Trust Agreement. 
  
 SECTION 3. Limitation on Use of Funds. 
  
 [The Trust established hereby shall be revocable by the Employer.] 
  
 OR 
  
 [The Trust established
hereby shall be irrevocable and the Employer shall have no right or power to direct Trustee to return to the Employer or to divert to others any assets of the Trust Fund before all payment of benefits have been made to Trust Beneficiaries pursuant
to the terms of the Plan[s]; provided, however, that (i) nothing in this Section 3 shall be deemed to limit or otherwise prevent the payment from the Trust Fund of expenses and other charges as provided in Sections 5.1(h), 10.1 and 10.2 of this
Trust Agreement or the application of the Trust Fund as provided in Section 14 of this Trust Agreement and (ii) the Trust Fund shall at all times be subject to the claims of the general creditors of the Employer as set forth in Section 8 of this
Trust Agreement. The Trustee shall have no duty to determine whether all benefit payments have been made to Trust Beneficiaries and may rely on the Employer’s notification regarding such payment.] 
  
 SECTION 4. Duties and Powers of the Trustee with Respect to
Investments. 
  
 4.1 The Trustee shall invest and reinvest
the principal and income of the Trust Fund and keep the Trust Fund invested, without distinction between principal and income, solely as directed by the Employer, in publicly traded common and preferred stocks, publicly traded bonds and other
evidences of indebtedness, governmental obligations, savings and time deposits, certificates of deposit, cash, guaranteed investment contracts, bank investment contracts, synthetic investment contracts, individual or group annuity contracts,
regulated investment companies registered under the Investment Company Act of 1940 (including any investment company which has an investment management or other agreement with an affiliate of the Trustee). The Employer’s investment direction to
the Trustee may represent the aggregate of deemed investment elections of Trust Beneficiaries with respect to amounts allocated to each Trust Beneficiary’s account under the Plan. The Trustee shall have no duty to question 

  

 
any action or direction of the Employer or any failure to give directions, or to make any suggestion to the Employer as to the investment or reinvestment of,
or the disposition of, such assets. 
  
 4.2 Notwithstanding any
provisions of this Trust Agreement to the contrary, the Employer shall not direct the Trustee to invest any portion of the Trust Fund in any security or other obligation issued by Employer, other than a de minimis amount held in a common investment
vehicle in which the Trustee invests. 
  
 [If Employer stock will be held in
the Trust, delete the first sentence above and insert the following:] 
  
 The Trustee may invest in any security or other obligation issued by the Employer, as directed by the Employer. The Trustee shall exercise any right, including the right to vote or tender, appurtenant to such securities or obligations,
solely upon the direction of the Employer, which rights may in no event be exercisable by or rest with Trust Beneficiaries. The Employer shall have the right, at any time and from time to time in its sole discretion, to substitute assets of equal
fair market value for any asset in the Trust Fund. This right is exercisable by the Employer in a nonfiduciary capacity without the approval or consent of any person in a fiduciary capacity. The Employer shall be solely responsible for complying
with any securities laws that may apply to any securities of the Employer held in the Trust Fund.] 
  
 4.3 During the term of this Trust, all income received in the Trust Fund, net of expenses and taxes, shall be accumulated and reinvested. 
  
 SECTION 5. Additional Powers and Duties of the Trustee.

  
 5.1 Subject to the provisions of Section 4, the Trustee
shall have the following powers and authority with respect to property constituting a part of the Trust Fund: 
  
 (a) To receive and hold all contributions paid to it by the Employer; provided, however, that the Trustee shall have no duty to require
any contributions to be made, or to determine that any of the contributions received comply with the conditions and limitations of the Plan. 
  
 (b) At the direction of the Employer, to sell, exchange or transfer any property at public or private sale for cash or on credit and grant
options for the purchase or exchange thereof, including call options for property held in the Trust Fund and put options for the purchase of property. 
  
 (c) To participate in any plan of reorganization, consolidation, merger, combination, liquidation or other similar plan relating to any
such property, and at the direction of the Employer, to consent to or oppose any such plan or any action thereunder, or any contract, lease, mortgage, purchase, sale or other action by any corporation or other entity. 
  

 (d) To deposit any such property with any protective, reorganization or similar committee
and to pay part of the expenses and compensation of any such committee and any assessments levied with respect to any property so deposited. 
  
 (e) At the direction of the Employer, to exercise any conversion privilege or subscription right available in connection with any such
property; to oppose or to consent to the reorganization, consolidation, merger or readjustment of the finances of any corporation, company or association, or to the sale, mortgage, pledge or lease of the property of any corporation, company or
association any of the securities of which may at any time be held in the Trust Fund and to do any act with reference thereto, including the exercise of options, the making of agreements or subscriptions and the payment of expenses, assessments or
subscriptions, which may be deemed necessary or advisable in connection therewith, and to hold and retain any securities or other property which it may so acquire. 
  
 (f) Subject to its proper indemnification as provided in Section 18, to commence or defend suits or legal
proceedings and to represent the Trust in all suits or legal proceedings; to settle, compromise or submit to arbitration, any claims, debts or damages, due or owing to or from the Trust. 
  
 (g) At the direction of the Employer, to exercise any right, including the right to vote or tender,
appurtenant to any securities or other such property. 
  
 (h) To engage any legal counsel, including counsel to the Employer or counsel to the Trustee, or any other suitable agents, to consult with such counsel or agents with respect to the construction of this Trust Agreement, the duties of the
Trustee hereunder, the transactions contemplated by this Trust Agreement or any act which the Trustee proposes to take or omit, to rely upon the advice of such counsel or agents and to pay its reasonable fees, expenses and compensation out of the
Trust Fund, if not paid by the Employer. 
  
 (i)
To register any securities held by it in its own name or in the name of any custodian of such property or of its nominee, including the nominee of any system for the central handling of securities, with or without the addition of words indicating
that such securities are held in a fiduciary capacity, to deposit or arrange for the deposit of any such securities with such a system and to hold any securities in bearer form. 
  
 (j) To make, execute and deliver, as Trustee, any and all deeds, leases, notes, bonds, guarantees,
mortgages, conveyances, contracts, waivers, releases or other instruments in writing necessary or proper for the accomplishment of any of the foregoing powers. 
 (k) At the direction of the Employer, to transfer assets of the Trust Fund to a successor trustee as provided in Section 12.4. 

 
 Each and all of the foregoing powers may be exercised without a court
order or approval. 
  

 SECTION 6. Payments to Trust Beneficiary. 
  
 6.1 The Employer shall provide the Trustee with payment instructions that
indicate the amounts payable to each Trust Beneficiary, the form in which such amounts are to be paid (as provided for under the Plan) and the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall
make payments out of the Trust Fund to Trust Beneficiaries in accordance with such payment instructions. Pursuant to instructions by the Employer, the Trustee shall withhold federal and state income taxes from each payment made under this Trust
Agreement at the rate(s) designated by the Employer and shall report and pay such amounts to the appropriate federal and state taxing authorities. The Trustee shall rely on Employer instructions and shall have no duty to inquire into the accuracy of
such instructions. 
  
 6.2 If any check for a benefit directed to
be made from the Trust has been mailed by the Trustee, by regular United States mail, to the last known address of the Trust Beneficiary and is returned unclaimed, or if a benefit payment check is not cashed by the Trust Beneficiary, the Trustee
shall notify the Employer and the Employer shall be responsible for locating such Trust Beneficiary and for instructing the Trustee on the action to take with respect to the payment of such Trust Beneficiary’s benefits. 
  
 6.3 The entitlement of a Trust Beneficiary to benefits under the Plan shall
be determined by the Employer or its designee (which may not be the Trustee) and any claim for benefits shall be considered and reviewed under the claims procedures set forth in the Plan. The Trustee shall follow the instructions of the Employer and
shall have no duty or right to inquire into the Employer’s decision with respect to the payment of benefits and shall be fully indemnified therefor by the Employer. 
  
 6.4 The Employer may make payment of benefits directly to Trust Beneficiaries as they become due under the terms of the
Plan. The Employer shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to Trust Beneficiaries. In addition, if the Trust Fund is not sufficient to make payments of benefits in
accordance with the terms of the Plan, the Employer shall make the balance of each such payment as it falls due. The Trustee shall notify the Employer where the Trust Fund is not sufficient to make the requested benefit payments. 
  
 6.5 The Employer shall remain primarily liable to pay benefits under the
Plan. However, the Employer’s liability under the Plan shall be reduced or offset to the extent benefit payments are made from the Trust Fund. 
  
 SECTION 7. Funding of the Trust. 
  
 7.1 Funding of the Trust Fund by the Employer is not mandatory. 
  

7.2 The Employer may at any time or from time to time make additional deposits of money or other property acceptable to the Trustee to the Trust Fund
to augment the principal to be held, administered and disposed of by the Trustee as provided in this Trust Agreement. Neither the Trustee nor any Trust Beneficiary shall have any right to compel such additional deposits. 
  

 SECTION 8. Trustee Responsibility Regarding Payments  
 to Trust Beneficiaries When the Employer is Insolvent. 
  
 8.1 Upon receipt of notification issued in accordance with Section 8.2(a) hereof, the Trustee shall cease payment of
benefits to Trust Beneficiaries if the Employer is Insolvent. The Employer shall be considered “Insolvent” for purposes of this Trust Agreement if: (i) the Board of Directors or the Chief Executive Officer of the Employer provides
written certification to the Trustee that the Employer is unable to pay its debts as they become due, or (ii) the Employer is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 
  
 8.2 At all times during the continuance of this Trust, as provided in Section
1.4 hereof, the principal and income of the Trust Fund shall be subject to the claims of general creditors of the Employer in the event of the Employer’s Insolvency as set forth below: 
  
 (a) The Board of Directors and the Chief Executive Officer
of the Employer shall have the duty to inform the Trustee in writing if the Employer becomes Insolvent. If a person claiming to be a creditor of the Employer alleges in writing to the Trustee that the Employer has become Insolvent, the Trustee shall
determine solely through written certification of the Employer whether the Employer is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Trust Beneficiaries. 
  
 (b) Unless the Trustee has received written notice from the
Employer or a person claiming to be creditor of the Employer alleging that the Employer is Insolvent, the Trustee shall have no duty to inquire whether the Employer is Insolvent. The Trustee may in all events rely on such certification concerning
the Employer’s solvency as may be furnished to the Trustee by the Employer in accordance with Section 8.2(a) hereof. 
  
 (c) If at any time the Trustee has received written notice of Insolvency from the Board of Directors or the Chief Executive Officer of the
Employer, the Trustee shall discontinue payments of benefits under the Plan to Trust Beneficiaries and shall hold the assets of the Trust Fund for the benefit of the Employer’s general creditors. The Trustee shall deliver the assets of the
Trust Fund to satisfy the claims of the Employer’s general creditors as directed by final order of a court of competent jurisdiction. Nothing in this Trust Agreement shall in any way diminish any rights of Trust Beneficiaries to pursue their
rights as general creditors of the Employer with respect to benefits due under the Plan or otherwise. 
  
 (d) The Trustee shall resume the payment of benefits to Trust Beneficiaries in accordance with this Trust Agreement only after the Board
of Directors or Chief Executive Officer of the Employer has notified the Trustee in writing that the Employer is not Insolvent (or is no longer Insolvent). 
  

 8.3 If the Trustee discontinues the payment of benefits from the Trust Fund pursuant to Section 8.2
hereof and subsequently resumes such payments, the first payment to each Trust Beneficiary following such discontinuance shall, provided that there are sufficient assets in the Trust Fund, include the aggregate amount of all payments which would
have been made to such Trust Beneficiary in accordance with the relevant provisions of the Plan during the period of such discontinuance, less the aggregate amount of any payments made to such Trust Beneficiary by the Employer during any such period
of discontinuance. 
  
 SECTION 9. Third Parties.

  
 A third party dealing with the Trustee shall not be
required to make inquiry as to the authority of the Trustee to take any action nor be under any obligation to see to the proper application by the Trustee of the proceeds of sale of any property sold by the Trustee or to inquire into the validity or
propriety of any act of the Trustee. 
  
 SECTION 10. Taxes,
Expenses and Trustee Fees. 
  
 10.1 The Employer shall
from time to time pay taxes of any and all kinds whatsoever which at any time are lawfully levied or assessed upon or become payable in respect of the Trust Fund, the income or any property forming a part thereof, or any security transaction
pertaining thereto. To the extent that any taxes levied or assessed upon the Trust Fund are not paid by the Employer, the Trustee shall pay such taxes out of the Trust Fund. The Trustee shall if requested by the Employer, or may, in its discretion,
contest the validity of taxes in any manner deemed appropriate by the Employer or its counsel, but at the Employer’s expense, and only if it has received an indemnity bond or other security satisfactory to it to pay any such expenses. In the
alternative, the Employer may itself contest the validity of any such taxes. The Trustee will withhold federal and state income taxes from any payments made to a Trust Beneficiary in accordance with Section 6.1 of this Agreement. 
  
 10.2 The Employer shall pay the Trustee a fee of
$                     annually as compensation for its services hereunder. The Trustee fee may be changed by the Trustee upon 90 days prior
written notice to the Employer. The Employer also shall pay the administrative expenses and other expenses incurred by the Trustee in the performance of its duties under this Trust Agreement, including but not limited to brokerage commissions, fees
of counsel engaged by the Trustee pursuant to Section 5.1(h) hereof and fees for preparation of annual trust tax returns. Such fees and expenses shall be charged against and paid from the Trust Fund, to the extent the Employer does not pay such fees
and expenses. 
  
 SECTION 11. Administration and Records.

  
 11.1 The Trustee shall keep or cause to be kept accurate
and detailed accounts of any investments, receipts, disbursements and other transactions under the Trust and all accounts, books and records relating thereto shall be open to inspection and audit at all reasonable times by any person designated by
the Employer. All such accounts, books 

  

 
and records shall be preserved (in original form, or on microfilm, magnetic tape or any other similar process) for such period as the Trustee may determine,
but the Trustee may only destroy such accounts, books and records after first notifying the Employer in writing of its intention to do so and transferring to Employer any of such accounts, books and records requested. 
  
 11.2 Within ninety (90) days after the close of each Plan Year (as such term
is defined in the Plan), and within ninety (90) days after the removal or resignation of the Trustee or the termination of the Trust, the Trustee shall file with the Employer a written account setting forth all investments, receipts, disbursements
and other transactions effected by it during the preceding Plan Year, or during the period from the close of the preceding Plan Year to the date of such removal, resignation or termination, including a description of all investments and securities
purchased and sold with the cost or net proceeds of such purchases or sales and showing all cash, securities and other property held at the end of such Plan Year or other period. Upon the expiration of ninety (90) days from the date of filing such
annual or other account, the Trustee shall to the maximum extent permitted by applicable law be forever released and discharged from all liability and accountability with respect to the propriety of its acts and transactions shown in such account
except with respect to any such acts or transactions as to which the Employer shall within such ninety (90) day period file with the Trustee written objections. 
  

11.3 The Trustee shall upon the Employer’s reasonable request permit an independent public accountant selected by the Employer to have access
during ordinary business hours to such records as may be necessary to audit the Trustee’s accounts for the Trust. 
  
 11.4 As of each valuation date set forth in the Plan and at such other times as is necessary or as the Trustee and Employer agree, the fair market value
of the assets held in the Trust Fund shall be determined. The valuation shall be based, without independent investigation, upon valuations provided by investment managers, trustees of common trust funds, sponsors of mutual funds and records of
securities exchanges. Notwithstanding the foregoing, the Trustee shall not be responsible for providing the value of any bank investment contracts, structured or synthetic investment contracts or insurance contracts, or for any asset which is not
liquid or not publicly traded, the value of which shall be provided by the Employer. The Trustee may obtain the opinions of qualified appraisers, as necessary in the discretion of the Trustee, to determine the fair market value of any security or
other obligation issued by the Employer, the fees of which appraiser shall, unless paid by the Employer, be paid from the Trust Fund. 
  
 11.5 Nothing contained in this Trust Agreement shall be construed as depriving the Trustee or Employer of the right to have a judicial settlement of the
Trustee’s accounts. 
  
 11.6 In the event of the removal or
resignation of the Trustee, the Trustee shall deliver to the successor trustee all records which shall be required by the successor trustee to enable it to carry out the provisions of this Trust Agreement. 
  

 11.7 The Trustee shall prepare and file such tax reports and other returns as the Employer and the
Trustee may from time to time agree to in writing. 
  
 SECTION
12. Removal or Resignation of the Trustee and 
 Designation of Successor Trustee. 
  
 12.1 At any time the Employer may remove the Trustee with or without cause,
upon at least sixty (60) days advance written notice to the Trustee. 
  
 12.2 The Trustee may resign at any time upon at least sixty (60) days advance written notice to the Employer. 
  
 12.3 In the event of such removal or resignation, the Trustee shall duly file with the Employer a written account as provided in Section 11.2 of this
Trust Agreement for the period since the last previous annual accounting, listing the investments of the Trust and any uninvested cash balance thereof, and setting forth all receipts, disbursements, distributions and other transactions respecting
the Trust not included in any previous account, and if written objections to such account are not filed as provided in Section 11.2, the Trustee shall to the maximum extent permitted by applicable law be forever released and discharged from all
liability and accountability with respect to the propriety of its acts and transactions shown in such account. 
  
 12.4 Prior to the effective date of the removal or resignation of the Trustee, the Employer shall designate a successor trustee qualified to act
hereunder. In the event that the Employer fails to designate a successor trustee as of the effective date of the Trustee’s resignation or removal, the Trustee shall have the right to apply to a court of competent jurisdiction for the
appointment of a successor. All of the Trustee’s expenses in such court proceeding, including attorneys’ fees, shall, if not paid by the Employer, be allowed as administrative expenses of the Trust. Each such successor trustee, during such
period as it shall act as such, shall have the powers and duties herein conferred upon the Trustee, and the word “Trustee” wherever used herein, except where the context otherwise requires, shall be deemed to include any successor trustee.
Upon designation of a successor trustee and delivery to the resigned or removed Trustee of written acceptance by the successor trustee of such designation, such resigned or removed Trustee shall promptly assign, transfer, deliver and pay over to
such Trustee, in conformity with the requirements of applicable law, the funds and properties in its control or possession then constituting the Trust Fund. 
  
 SECTION 13. Enforcement of Trust Agreement and Legal Proceedings. 
  
 The Employer shall have the right to enforce any provision of this Trust Agreement, and any Trust Beneficiary shall have the
right as a beneficiary of the Trust to enforce any provision of this Trust Agreement that affects the right, title and interest of such Trust Beneficiary in the Trust. In any action or proceedings affecting the Trust, the only necessary parties
shall be the Employer, the Trustee and the Trust Beneficiaries and, except as otherwise required by applicable law, no other person shall be entitled to any 

  

 
notice or service of process. Any judgment entered in such an action or proceedings shall, to the maximum extent permitted by applicable law, be binding and
conclusive on all persons having or claiming to have any interest in the Trust. 
  
 SECTION 14. Termination and Suspension. 
  
 The Trust shall terminate when all payments, which have or may become payable pursuant to the terms of the Trust, have been made or the Trust Fund has been exhausted, and all remaining assets shall then be paid by the
Trustee to Employer. 
  
 SECTION 15. Amendments.

  
 15.1 The Employer and the Trustee may from time to time by
written instrument, amend any or all of the provisions of this Trust Agreement. [If the trust is irrevocable – add the following: 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 3 hereof.] 
  
 15.2 The Employer shall furnish the Trustee with a copy of all amendments to the Plan prior to their adoption. 
  
 SECTION 16. Nonalienation. 
  
 Except insofar as applicable law may otherwise require and subject to Sections 1, 3 and 8 of this Trust Agreement: (i) no amount payable to or in respect
of any Trust Beneficiary at any time under the Trust shall be subject to any manner of alienation by anticipation, sale, transfer, assignment, bankruptcy, pledge, attachment, charge or encumbrance of any kind, and any attempt to so alienate, sell,
transfer, assign, pledge, attach, charge or otherwise encumber any such amount, whether presently or thereafter payable, shall be void; and (ii) the Trust Fund shall in no manner be liable for or subject to the debts or liabilities of any Trust
Beneficiary. 
  
 SECTION 17. Communications.

  
 17.1 Communications to the Employer shall be addressed to
the Employer at                                 ; provided, however, that upon the
Employer’s written request, such communications shall be sent to such other address as the Employer may specify. 
  
 17.2 Communications to the Trustee shall be addressed to T. Rowe Price Trust Company at 100 East Pratt Street, Baltimore, Maryland 21202; Attention Legal
Department; provided, however, that upon the Trustee’s written request, such communications shall be sent to such other address as the Trustee may specify. 
  

17.3 No communication shall be binding on the Trustee until it is received by the Trustee, and no communication shall be binding on the Employer until
it is received by the Employer. 
  

 17.4 Any action of the Employer pursuant to this Trust Agreement, including all orders, requests,
directions, instructions, approvals and objections of the Employer to the Trustee, shall be in writing or by such electronic transmission as agreed upon by the Employer and the Trustee, signed on behalf of the Employer by any duly authorized officer
of the Employer. Any communication by a Trust Beneficiary with the Trustee must be in writing in order to have effect. The Trustee may rely on, and will be fully protected with respect to, any such action taken or omitted in reliance on any
information, order, request, direction, instruction, approval, objection, or list delivered to the Trustee by the Employer. 
  
 SECTION 18. Indemnification. 
  
 The Employer shall indemnify and hold harmless the Trustee (including its affiliates, representatives, agents and employees) from and against any
liability, cost or other expense, including, but not limited to, the payment of attorneys’ fees that the Trustee incurs in prosecuting or defending against any claim or litigation in connection with the Trust or that the Trustee otherwise
incurs in connection with this Trust Agreement or the Plan, unless such liability, cost or other expense arises from the Trustee’s own willful misconduct or gross negligence. 
  
 SECTION 19. Miscellaneous Provisions. 
  
 19.1 Successors and Assigns. This Trust Agreement shall be binding upon and inure to the benefit of the Employer and
the Trustee and their respective successors and assigns. 
  
 19.2
No Assumption/Limitation of Duties. The Trustee assumes no obligation or responsibility with respect to any action required by this Trust Agreement on the part of the Employer. The duties of the Trustee with respect to the Plan and this Trust
are limited to those as set forth under the terms of this Trust Agreement. 
  
 19.3 Headings. Titles to the Sections as well as all headings and subheadings of this Trust Agreement are included for convenience only and shall not control the meaning or interpretation of any provision of
this Trust Agreement. 
  
 19.4 Conflict with Plan. In the
event of any conflict between the provisions of the Plan document and this Trust Agreement, the provisions of this Trust Agreement shall prevail. 
  
 19.5 Construction. Whenever used in this Trust Agreement, unless the context indicates otherwise, the singular shall include the plural, the plural
shall include the singular, and the male gender shall include the female gender. 
  
 19.6 Severability. If any provision of this Trust Agreement is held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision, and this Agreement shall be construed and
enforced as if such provision had not been included. 
  

 19.7 Law to Govern. This Trust Agreement and the Trust established hereunder shall be governed by
and construed, enforced and administered in accordance with the laws of the State of Maryland and the Trustee shall be liable to account only in the courts of the State of Maryland. 
  
 19.8 Counterparts. This Trust Agreement may be executed in any number of counterparts, each of which shall be deemed
to be the original and all of which together shall constitute one and the same instrument. 
  
 19.9 Trustee as Successor Trustee. If the Trustee is acting as a successor trustee with respect to the Trust, the Employer shall indemnify the Trustee against all liabilities with respect to the Trust arising
prior to the appointment of the Trustee and its acceptance thereof. 
  
 19.10 Effective Date. This Agreement shall be effective as of the date of transfer to T. Rowe Trust Company of the assets which are to be held in trust pursuant to this Agreement but in any event no earlier than
                            . 
  

 19.11 Signature Authority and Conformity with the Plan. The person executing this Trust Agreement
on behalf of the Employer certifies that he or she is duly authorized by the Employer consistent with the terms of the Plan to do so. The Employer represents that copies of all Plan documents as in effect on the date of this Trust Agreement have
been delivered to the Trustee. 
  
 IN WITNESS WHEREOF, this Trust
Agreement has been duly executed by the parties hereto. 
  

									
	 Attest/Witness:
	 	 	 	[LEGAL NAME OF EMPLOYER]
				
	 	 	 	 	 By:
	 	 
					
	 	 	 	 	 	 	 Title:
	 	 
					
	 	 	 	 	 	 	 Date:
	 	 
			
	 Attest/Witness:
	 	 	 	T. ROWE PRICE TRUST COMPANY
				
	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 Vice President

					
	 	 	 	 	 	 	 Date:Form of Offer to Convert Shares

    EXHIBIT 4.19 
   
 OFFER TO CONVERT SHARES OF SERIES G-1 CONVERTIBLE PREFERRED STOCK 
 FOR SHARES OF COMMON STOCK OF HARKEN ENERGY CORPORATION 
  
 SUBSCRIPTION AGREEMENT 
  

	1.	Delivery of Documents. 

  

	 	a.	Delivery of Documents by Harken. Harken Energy Corporation (the “Company” or “Harken”) is offering to issue shares of common stock with a par value of
$0.01 (“Common Shares”) in a conversion for shares of Series G-1 Convertible Preferred Stock (“G-1 Shares”) (“Conversion Offer”). The Conversion Offer is being made to a limited number of accredited investors pursuant
to Regulation D of the United States Securities Act of 1933, as amended (the “Securities Act”). The following instruments have been delivered, or made available, to the undersigned investor (“Investor”) in connection with the
Conversion Offer: 

  

	 	n	Copies of all filings of Harken with the United States Securities and Exchange Commission and other information requested by the Investor relating to the Company. The filings have
been made available to the Investor on the Company’s website www.harkenenergy.com. 

   

	 	n	A Rule 144K Certification, a copy of which is attached. 

   

	 	b.	Delivery of Documents by the Investor. The following instruments must be delivered to the Company c/o Elmer A. Johnston, 180 State Street, Suite 200, Southlake, TX 76092 by
the Investor by 15 October 2004 (the “Closing Date”): 

  

	 	(1)	This Subscription Agreement duly executed by the Investor. 

  

	 	(2)	The attached Rule 144K Certification duly executed by the Investor. 

  

	 	(3)	The original certificates for the G-1 Shares being converted hereunder. 

  
 The Investor is encouraged to read the documents referred to in Paragraph 1a. above very carefully in regard to the Conversion Offer, and by signing
below, will agree with Harken that it has done so. 
  

	2.	Subscription Terms 

  

	 	a.	Subscription. The Investor hereby subscribes for the number of Common Shares indicated below in full conversion for the number of G-1 Shares indicated below, inclusive of all
accrued but unpaid dividends on such G-1 Shares. The Investor hereby transfers the G-1 Shares indicated below to the Company in consideration of such subscription. 

  

					
	 Number of Common Shares
	 	 	 	 
	 to be subscribed:
	 	 	 	 
	 	 	
	 	 
			
	 Number of G-1 Shares
	 	 	 	 
	 to be converted:
	 	 	 	 
	 	 	
	 	 

 The Company will deliver a certificate representing the Common Shares subscribed herein to the Investor
after receiving the signed Subscription Agreement, the signed Rule 144K Certification and the certificate(s) for the G-1 Shares being converted. 
  

	 	b.	Ownership of Shares. The Investor represents that neither the Investor nor its affiliates are owners, beneficially or otherwise, of any Common Stock or other equity
securities of the Company, or rights to acquire Common Shares or other equity securities of the Company, other than as set forth below: 

  

	 	(i)	Common Shares:                         ;

  

	 	(ii)	Shares of preferred stock previously acquired and owned by the Investor as of the Closing Date
                            ; and 

  

	 	(iii)	Other securities:                         .

  

	 	c.	Notices to the Investor. The Investor requests that notices to the Investor should be provided to the following address: 

  

			
	 Name:
	 	 
		
	 Address:
	 	 
		
	 	 	 
		
	 Attn:
	 	 
		
	 Telephone no:
	 	 
		
	 Facsimile no:
	 	 

  

	 	d.	Registration. The certificate for the Common Shares should be registered in the following name and address. 

  

			
	 Registered name:
	 	 
		
	 Registered address:
	 	 
		
	 	 	 
		
	 	 	 
		
	 Attention:
	 	 
		
	 Telephone:
	 	 

   
 The certificate
for the Common Shares will be delivered by courier to the Investor at the above address unless the Investor otherwise requests the Company in writing. 

	 	e.	Registration and Delivery of G-1 Shares. 

  

	 	(i)	Registered name under which the G-1 Shares to be converted are currently held: 

  

	
	 
	
	 
	
	 
	
	 

  

	 	(ii)	The Investor agrees that the consideration for the issuance by the Company of the Common Shares is the G-1 Shares referred to in paragraph 2a. and the Investor agrees to timely
cause the G-1 Share certificates to be delivered to the Company, as prescribed above. The Investor further agrees that if it should hereafter receive in error any dividend payments or other distributions related to the G-1 Shares, then it will
promptly deliver the same back to the Company. 

  

	3.	Investor Representations. When this Subscription Agreement is signed by the Investor, (i) Harken and the Investor agree that this Subscription Agreement will be a valid and
binding agreement between them, and (ii) the Investor will make the following representations, covenants and acknowledgments to Harken: 

  
 a. The Investor is converting its G-1 Shares to Common Shares, for its own account and not with a view towards the public sale or distribution of the
Common Shares in violation of the Securities Act; 
  
 b. The
Investor is an “Accredited Investor” as that term is defined in Rule 501 of the General Rules and Regulations under the Securities Act; 
  
 c. The Investor has experience in investments of this nature or has engaged its own advisors for advice and counsel concerning the Investor’s
conversion of its G-1 Shares for Common Shares; 
  
 d. All
subsequent offers and sales of the Common Shares by the Investor shall be made pursuant to registration of the Common Shares under the Securities Act or pursuant to a valid exemption from registration, and the Investor agrees that the Company may
impose appropriate legends upon certificates representing the Common Shares and stop orders on its transfer books to protect and enforce the exemption from registration; 
  
 e. The Investor understands that the Common Shares are being offered to it in reliance on specific exemptions from the
registration requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Investor’s compliance with, the representation, warranties, agreements, acknowledgments and
understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the Investor to accept the Common Shares; 

 f. The Investor and/or its advisors have been furnished with all materials relating to the business,
finances and operations of the Company and materials relating to the offer of the Common Shares which have been requested by the Investor. The Investor and its advisors have been afforded the opportunity to ask questions of the Company and have
received complete and satisfactory answers to any such inquiries. Without limiting the generality of the foregoing, the Investor has had the opportunity to obtain and to review the documents referred to in the Subscription Agreement. The Investor
understands that its investment in the Common Shares involves a high degree of risk, and the Investor is relying upon its own knowledge and experience in making its decision to subscribe Common Shares; 
  
 g. This Subscription Agreement has been duly and validly authorized, executed
and delivered on behalf of the Investor and is a valid and binding agreement of the Investor enforceable in accordance with its terms, subject as to enforceability to general principles of equity and to bankruptcy or other laws affecting the
enforcement of creditors’ rights generally; 
  
 h. The
Investor is the sole owner and holder of the G-1 Shares which are set forth in this Subscription Agreement and has full and absolute right and authority to transfer and deliver the G-1 Shares and all rights and benefits associated therewith to the
Company; 
  
 i. There are no liens, encumbrances, claims or
restrictions that apply or attach to the G-1 Shares or to the Investor’s transfer of the G-1 Shares to the Company; 
  
 j. Neither the Investor nor its affiliates are owners, beneficially or otherwise, of any Common Stock or other equity securities of the Company, or rights
to acquire Common Stock or other equity securities of the Company, other than as set forth in this Subscription Agreement; 
  
 k. The Investor agrees that, subject only to the conditions, qualifications and exceptions (if any) specifically set forth in this Subscription Agreement,
its obligations under this Subscription Agreement are unconditional and absolute. Except to the extent (if any) specifically set forth in this Subscription Agreement, the Investor’s obligations hereunder are not subject to any right of set off,
counterclaim, delay or reduction; 
  
 l. The Investor understands
that the Company and its agents have not undertaken to advise it in respect to any U.S. federal income tax consequences of the ownership and disposition of the Common Shares receivable upon conversion of the G-1 Shares and that the Investor should
consult its own advisers in regard to such matters. 
  

	4.	Limitation of Dispositions. The Common Shares received under the Conversion Offer in respect of the bonus Common Shares received representing the 20% premium to the Common
Shares which would have been issued on conversion of the G-1 Shares (“Bonus Shares”) initially will not be registered with the Securities and Exchange Commission (“SEC”). However, the Company will undertake to file a registration
statement covering the Bonus Shares no later than December 31, 2004 and shall use its best efforts to have such registration statement declared effective as soon as possible thereafter. Such securities may not be disposed of, unless they are
registered under the Securities Act and any applicable state securities laws or exemptions from the registration requirements of the foregoing securities laws are available. The Common Shares, other than the Bonus Shares, issued pursuant to this
Conversion Offer will be freely tradeable and the Investor is required to sign and return the attached Rule 144k Certification in order to receive certificates for such Common Shares without a restrictive legend thereon. 

  

	5.	 Issue of Common Shares: The Company represents that the Common Shares, when issued and delivered in accordance with this Subscription Agreement, will be duly
and validly 

	 	 
authorized and issued, fully paid and non-assessable and will not subject the holder thereof to personal liability by reason of being such holder. The Common
Shares, upon issuance, shall be free and clear of any and all liens, claims and encumbrances. When the Common Shares have been issued as aforesaid, the holders of the Common Shares shall be entitled to all rights and preferences accorded to a holder
of Common Shares. As of the date of this Subscription Agreement, the Common Shares are currently listed on the American Stock Exchange. There are no pre-emptive rights of any stockholder of the Company, as such, to acquire the Common Shares.

  

	6.	Certain Covenants and Acknowledgements: 

  
 a. Bonus Shares Transfer Restrictions. The Investor acknowledges that the Bonus Shares to be issued to it hereunder may not be transferred unless
(A) such shares are subsequently registered under the Securities Act as provided in paragraph 4 of this Subscription Agreement or (B) the Investor shall have delivered to the Company an opinion of counsel, reasonably satisfactory in form, scope and
substance to the Company, to the effect that such shares may be sold or transferred pursuant to a valid exemption from such registration. Any sale of the Common Shares made in reliance on Rule 144 promulgated under the Securities Act
(“Rule”) may be made only in accordance with the terms of said Rule and further, if said Rule is not applicable, any resale of such Common Shares under circumstances in which the seller, or the person through whom the sale is made, may be
deemed to be an underwriter, as that term is used in the Securities Act, may require compliance with some other exemption under the Securities Act or the rules and regulations of the SEC thereunder. 
  
 b. Restrictive Legend. The Investor acknowledges and agrees that the
certificates for the Bonus Shares being registered under the Securities Act for resale may bear a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of such shares), which may be modified
as the Company deems necessary to comply with the Securities Act: 
  
 “THESE SHARES OF COMMON STOCK (THE “COMMON SHARES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE. THE
HOLDER HEREOF, BY ACCEPTING THESE COMMON SHARES, AGREES FOR THE BENEFIT OF THE COMPANY THAT THESE SHARES MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED OR DISPOSED OF UNLESS THE SHARES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES OR BLUE SKY LAWS OR EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SUCH LAWS ARE AVAILABLE. 
  
 IF THE HOLDER OF THESE SHARES WAS AN AFFILIATE OF THE COMPANY AT ANY TIME DURING THE THREE MONTHS PRECEDING THE DATE OF ANY SUCH TRANSFER,
THE FOREGOING CONDITIONS MUST BE COMPLIED WITH REGARDLESS OF WHEN SUCH TRANSFER IS MADE. 
  
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE U.S. INCOME TAX LAWS, INCLUDING THE
LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED. 
  
 THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY ANY AGENCY OF THE UNITED STATES GOVERNMENT.” 

 Such legend shall be removed from the Bonus Shares and the Company shall issue new certificates without
such legend if (i) the holder thereof is permitted to dispose of such shares pursuant to Rule 144 (k) under the Securities Act, (ii) such shares are registered for resale under the Securities Act, or (iii) such shares are sold to a purchaser or
purchasers who (in the opinion of counsel to the Investor or such purchaser(s), in form and substance reasonably satisfactory to the Company and its counsel) are able to dispose of such shares publicly without registration under the Securities Act.
Upon a registration statement becoming effective with respect to the Bonus Shares, the Company agrees to promptly issue new replacement certificates representing such shares without such legend. Any shares issued after the registration statement has
become effective shall be free and clear of any legends, transfer restrictions and stop orders. Notwithstanding the removal of such legend, the Investor agrees to sell the shares represented by the new certificates in accordance with the applicable
prospectus delivery requirements (if copies of a current prospectus are provided to the Investor by the Company) or in accordance with an exemption from the registration requirements of the Securities Act. 
  
 Nothing herein shall limit the right of any holder to pledge securities
pursuant to a bona fide margin account or lending arrangement entered into in compliance with law, including applicable securities laws. 
  
 The Company will (i) cause the Common Shares to continue at all times to be registered under Sections 12(b) or (g) of the Exchange Act, will comply in all
material respects with its reporting and filing obligations under the Securities and Exchange Act of 1934, as amended (“the Exchange Act”), and will not take any action or file any document (whether or not permitted by the Exchange Act or
the rules thereunder) to terminate or suspend such reporting and filing obligations and (ii) continue the listing or trading of the Common Shares on a stock exchange and comply in all material respects with the Company’s reporting, filing and
other obligations under the by-laws or rules of the principal market on which the Common Shares are listed. 
  
 c. Securities Compliance. The Company shall notify the SEC and the American Stock Exchange in accordance with their respective requirements, of the
transactions contemplated by this Subscription Agreement and shall take all other necessary action and proceedings as may be required and permitted by applicable law, rule and regulation, for the legal and valid issuance of the Common Shares.

  

	7.	Governing Law; Miscellaneous. 

  
 a. This agreement shall be governed by and interpreted in accordance with the laws of the state of New York without regard to the principles of conflict
of laws. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the city of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. 
  
 b. A facsimile transmission of this signed Subscription Agreement shall be legal and binding on all parties hereto. 
  
 c. The headings of this Subscription Agreement are for convenience of
reference and shall not form part of, or affect the interpretation. 

 d. If any provision of this Subscription Agreement shall be invalid or unenforceable in any jurisdiction,
such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Subscription Agreement or the validity or enforceability of this Subscription Agreement in any other jurisdiction. 
  
 e. This Subscription Agreement may be amended only by an instrument in
writing signed by the Investor and the Company. 
  
 f. This
Subscription Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party.

  

	8.	Notices 

  
 Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Subscription Agreement must be in
writing, must be delivered by (i) courier, mail or hand delivery or (ii) facsimile, and will be deemed to have been delivered upon receipt. The addresses and facsimile numbers for such communications shall be: 
  
 If to the Company: 
  
 Harken Energy Corporation 
 180 South Street 
 Suite 200 
 Southlake, Texas 
 76092, USA 
 Attention: Elmer Johnston, Vice President, Secretary and General Counsel 
 Telephone: (817) 424 2424 
 Facsimile: (817) 488-0971 
  
 If to Investor: 
  
 To the address set out in paragraph 2c. 
  
 Each of the Company and the Investor shall provide five (5) days prior written notice to the other of any change in address, telephone number or facsimile
number. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing the time, date, recipient
facsimile number and an image of the first page of such transmission or (C) provided by a nationally recognized overnight delivery service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized
overnight delivery service in accordance with this paragraph. 
  

	9.	Entire understanding. This Subscription Agreement (including the attachments hereto) constitutes the entire understanding of the parties hereto with respect to the subject
matter hereof and supersedes any and all prior agreements, whether written or oral. 

	

	

									
	 Date:
	 	 	 	 	 	 INVESTOR

				
	 	 	 	 	 	 	 
					
	 	 	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 

									
	 	 	 	 	 	 	 If applicable, Buyer’s Tax ID No.:
	 	 

     

									
	 	 	 	 	 HARKEN ENERGY CORPORATION

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:

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