Document:

GRANTOR TRUST AGREEMENT

	

	 	 	Exhibit 10.15	 

	

THE MIDDLEBY CORPORATION
GRANTOR TRUST
AGREEMENT

This Grantor Trust Agreement (the “Trust Agreement”)
is made this 1st day of April 1999, by and between THE MIDDLEBY CORPORATION
(“the Company”) and WACHOVIA BANK, N.A. (“the
Trustee”).

Recitals

	(a)
		WHEREAS,
the Company has adopted the nonqualified deferred compensation Plans and
Agreements (the "Arrangements") as listed in Attachment 1;

	(b)
		WHEREAS,
the Company has incurred or expects to incur liability under the terms of such
Arrangements with respect to the individuals participating in such Arrangements
(the "Participants and Beneficiaries");

	(c)
		WHEREAS,
the Company hereby establishes a Trust (the "Trust") and shall contribute to
the Trust assets that shall be held therein, subject to the claims of the
Company's creditors in the event of the Company's Insolvency, as herein
defined, until paid to Participants and their Beneficiaries in such manner and
at such times as specified in the Arrangements and in this Trust Agreement;

	(d)
		WHEREAS,
it is the intention of the parties that this Trust shall constitute an unfunded
arrangement and shall not affect the status of the Arrangements 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; and

	(e)
		WHEREAS,
it is the intention of the Company to make contributions to the Trust to
provide itself with a source of funds (the "Fund") to assist it in satisfying
its Liabilities under the Arrangements.

	

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 the Trust

	(a)
		The
Trust is intended to be a Grantor Trust, of which the Company is the Grantor,
within the meaning of subpart E, part 1, subchapter J, chapter 1, subtitle A of
the Internal Revenue Code of 1986, as amended, and shall be construed
accordingly.

	(b)
		The
Company shall be considered a Grantor for the purposes of the Trust.

	

	(c)
		The
Trust hereby established shall become irrevocable ninety days after its
execution.

	(d)
		The
Company hereby deposits with the Trustee in the Trust One Thousand Dollars and
Zero Cents ($1,000.00) which shall become the principal of the Trust to be
held, administered and disposed of by the Trustee as provided in this Trust
Agreement.

	(e)
		The
principal of the Trust, and any earnings thereon, shall be held separate and
apart from other funds of the Company and shall be used exclusively for the
uses and purposes of Participants and general creditors as herein set forth.
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 Arrangements and this Trust Agreement shall be unsecured contractual
rights of Participants and their Beneficiaries against the Company. Any assets
held by the Trust will be subject to the claims of the general creditors of the
Company under federal and state law in the event the Company is Insolvent, as
defined in Section 3(a) herein.

	(f)
		The
Company, in its sole discretion, may at any time, or from time to time, make
additional deposits of cash or other property acceptable to the Trustee in the
Trust to augment the principal to be held, administered and disposed of by the
Trustee as provided in this Trust Agreement. Prior to a Change of Control,
neither the Trustee nor any Participant or Beneficiary shall have any right to
compel additional deposits.

	(g)
		Immediately
prior to a Change of Control, the Company shall make an irrevocable
contribution to the Trust in an amount that is sufficient to fund the Trust in
an amount equal to no less than 100% but no more than 120% of the amount
necessary to pay each Participant or Beneficiary the benefits to which
Participants or their Beneficiaries would be entitled pursuant to the terms of
the Arrangements as of the date on which the Change of Control occurred. The
Company shall also fund an expense reserve for the Trustee and any contractor
or counsel in an amount equal to the greater of (a) two percent of the trust
balance, or (b) $100,000.00.

	

Section 2.   Payments Participants and Their
Beneficiaries

	(a)
		Prior
to a Change of Control, distributions from the Trust shall be made by the
Trustee to Participants and Beneficiaries at the direction of the Company. The
entitlement of a Participant or his or her Beneficiaries to benefits under the
Arrangements shall be determined by the Company or such party or professional
administrator as it shall designate under the Arrangements as the Company's
agent, and any claim for such benefits shall be considered and reviewed under
the procedures set out in the Arrangements.

	(b)
		The
Company may make payment of benefits directly to Participants or their
Beneficiaries as they become due under the terms of the Arrangements. The
Company shall notify the 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 Arrangements, the Company shall make the balance of each such
payment as it falls due in accordance with the Arrangements. The Trustee shall
notify the Company where principal and earnings are not sufficient. Nothing in
this Agreement shall relieve the Company of its liabilities to pay benefits due
under the Arrangements except to the extent such liabilities are met by
application of assets of the Trust. 

	

	(c)
		Prior
to a Change of Control, the Company shall deliver to the Trustee a schedule of
benefits due under the Arrangements. Subsequent to a Change of Control, the
Trustee shall pay benefits due in accordance with such schedule. After a Change
of Control, the Company shall continue to make the determination of benefits
due to Participants or their Beneficiaries and shall provide the Trustee with
an updated schedule of benefits due. .

	(d)
		The
Trustee agrees that it will not itself institute any action at law or at
equity, whether in the nature of an accounting, interpleading action, request
for a declaratory judgment or otherwise, requesting a court or administrative
or quasi-judicial body to make the determination required to be made by the
Trustee under this Section 2 in the place and stead of the Trustee. The Trustee
may institute an action to collect a contribution due the Trust following a
Change of Control or in the event that the Trust should ever experience a
short-fall in the amount of assets necessary to make payments pursuant to the
terms of the Arrangements.

	(e)
		In
the event any Participant or his or her Beneficiary is determined to be subject
to federal income tax on any amount to the credit of his or her account under
any Arrangement prior to the time of payment hereunder, whether or not due to
the establishment of or contributions to this Trust, a portion of such taxable
amount equal to the federal, state and local taxes (excluding any interest or
penalties) owed on such taxable amount shall be distributed by the Trustee as
soon thereafter as practicable to such Participant or Beneficiary. The Company
shall promptly reimburse the Trust for any such distribution in an amount
certified by the Trustee to be needed for the Participant's benefits. For these
purposes, a Participant or Beneficiary shall be deemed to pay state and local
taxes at the highest marginal rate of taxation in the state in which the
Participant resides or is employed (or both) where a tax is imposed and federal
income taxes at the highest marginal rate of taxation, net of the maximum
reduction in federal income taxes which could be obtained from deduction of
such state and local taxes. Such distributions shall be at the direction of the
Company or the Trustee, or upon proper application of the Participant or
Beneficiary; provided that the actual amount of the distribution shall be
determined by the Company prior to a Change of Control and the Trustee
following a Change of Control. An amount to the credit of a Participant's
Account shall be determined to be subject to federal income tax upon the
earliest of: (a) a final determination by the United States Internal Revenue
Service addressed to the Participant or his Beneficiary which is not appealed
to the courts; (b) a final determination by the United States Tax Court or any
other federal court affirming any such determination by the Internal Revenue
Service; or (c) an opinion by the Company's tax counsel, addressed to the
Company and the Trustee, to the effect that by reason of Treasury Regulations,
amendments to the Internal Revenue Code, published Internal Revenue Service
rulings, court decisions or other substantial precedent, amounts to the credit
of Participants hereunder are subject to federal income tax prior to payment.
The
Company
may undertake at its sole expense to defend any tax claims described herein
which are asserted by the Internal Revenue Service against any Participant or
Beneficiary, including attorney fees and cost of appeal, and shall have the
sole authority to determine whether or not to appeal any determination made by
the Service or by a lower court. The Company also agrees to reimburse any
Participant or Beneficiary for any interest or penalties in respect of tax
claims hereunder upon receipt of documentation of same. Any distributions from
the Fund to a Participant or Beneficiary under this Section 2(e) shall be
applied in accordance with the provisions of the Arrangement to reduce the
Company liabilities to such Participant and/or Beneficiary under the
Arrangement with such reductions to be made on a pro-rata basis over the term
of benefit payments under the Arrangement; provided, however, that in no event
shall any Participant, Beneficiary or estate of any Participant or Beneficiary
have any obligation to return all or any part of such distribution to the
Company if such distribution exceeds benefits payable under an Arrangement. Any
reduction in accordance with the foregoing sentence and the Arrangements shall
be determined by the Company prior to a Change of Control. Following a Change
of Control, the Company shall continue to make such determination subject to
the right of a Participant to petition the Trustee under Section 2(c).

	

	

Section 3.   Trustee Responsibility Regarding
Payments To The Trust Beneficiary When The Company Is Insolvent

	(a)
		The
Trustee shall cease payment of benefits to Participants and their Beneficiaries
if the Company is Insolvent. The Company shall be considered "Insolvent" for
purposes of this Trust Agreement if (i) the Company is unable to pay its debts
as they become due, or (ii) the 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, the principal and income of the
Trust shall be subject to claims of general creditors of the Company under
federal and state law as set forth below.

		(1)
		The
Board of Directors and the Chief Executive Officer of the Company shall have
the duty to inform the Trustee in writing that the Company is Insolvent. If a
person claiming to be a creditor of the Company alleges in writing to the
Trustee that the Company has become Insolvent, the Trustee shall determine
whether the Company is Insolvent and, pending such determination, the Trustee
shall discontinue payment of benefits to Participants or their Beneficiaries.

		(2)
		Unless
the Trustee has actual knowledge that the Company is Insolvent, or has received
notice from the Company or a person claiming to be a creditor alleging that the
Company is Insolvent, the Trustee shall have no duty to inquire whether the
Company is Insolvent. The Trustee may in all events rely on such evidence
concerning the Company's solvency as may be furnished to the Trustee and that
provides the Trustee with a reasonable basis for making a determination
concerning the Company's solvency.

	

		(3)
		If
at any time the Trustee has determined that the Company is Insolvent, the
Trustee shall discontinue payments to Participants or their Beneficiaries and
shall hold the assets of the Trust for the benefit of the Company's general
creditors. Nothing in this Trust Agreement shall in any way diminish any rights
of Participants or their Beneficiaries to pursue their rights as general
creditors of the Company with respect to benefits due under the Arrangements or
otherwise.

		(4)
		The
Trustee shall resume the payment of benefits to Participants or their
Beneficiaries in accordance with Section 2 of this Trust Agreement only after
the Trustee has determined that the Company is not Insolvent (or is no longer
Insolvent).

	(c)
		Provided
that there are sufficient assets, if the 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 Participants or their
Beneficiaries under the terms of the Arrangements for the period of such
discontinuance, less the aggregate amount of any payments made to Participants
or their Beneficiaries by the Company in lieu of the payments provided for
hereunder curing any such period of discontinuance.

	

Section 4.   Payments if a Short-Fall of The Trust
Assets Occurs

	(a)
		If
there are not sufficient assets for the payment of benefits pursuant to Section
2 or Section 3(c) hereof and the Company does not otherwise make such payments
within a reasonable time after demand from the Trustee, the Trustee shall make
payment of benefits from the Trust to the Participants or their Beneficiaries
in the following order of priority:

		(1)
		retired
Participants and their Beneficiaries;

		(2)
		vested
Participants over the age of 55 who were terminated within two years following
a Change of Control and their Beneficiaries-,

		(3)
		vested
active Participants over the age of 55 and their Beneficiaries;

		(4)
		any
other vested active Participants and their Beneficiaries;

		(5)
		vested
former Participants and their Beneficiaries; and

		(6)
		non-vested
Participants and their Beneficiaries

			

	(b)
		Within
each category set forth under Section 4(a), payments shall be paid in a pro
rata manner.

	(c)
		Upon
receipt of a contribution from the Company necessary to make up for a shortfall
in the payments due, the Trustee shall resume payments to all the Participants
and Beneficiaries under the Arrangements. Following a Change of Control, the
Trustee shall
have
the right to compel a contribution to the Trust from the Company to make-up for
any shortfall.

	

	

Section 5.   Payments to the Company

	

Except as provided in Sections 3, 8, and 14 hereof, the Company
shall have no right or power to direct the Trustee to return to the Company or
to divert to others any of the Trust assets before all payment of benefits have
been made to Participants and their Beneficiaries pursuant to the terms of the
Arrangements. 

Section 6.   Investment Authority

	(a)
		The
Trustee shall not be liable in discharging its duties hereunder, including
without limitation its duty to invest and reinvest the Fund, if it acts for the
exclusive benefit of the Participants and their Beneficiaries, in good faith
and as a prudent person would act in accomplishing a similar task and in
accordance with the terms of this Trust Agreement and any applicable federal or
state laws, rules or regulations.

	(b)
		Subject
to investment guidelines agreed to in writing from time to time by the Company
and the Trustee prior to a Change of Control, the Trustee shall have the power
in investing and reinvesting the Fund in its sole discretion:

		(1)
		To
invest and reinvest in any readily marketable common and preferred stocks,
bonds, notes, debentures (including convertible stocks and securities but not
including any stock or security of other than a de minimus amount held in a
collective or mutual fund), certificates of deposit or demand or time deposits
(including any such deposits with the Trustee) and shares of investment
companies and mutual funds, without being limited to the classes or property in
which the Trustees are authorized to invest by any law or any rule of court of
any state and without regard to the proportion any such property may bear to
the entire amount of the Fund;

		(2)
		To
commingle for investment purposes all or any portion of the Fund with assets of
any other similar trust or trusts established by the Company with the Trustee
for the purpose of safeguarding deferred compensation or retirement income
benefits of its employees and/or directors;

		(3)
		To
retain any property at any time received by the Trustee;

		(4)
		To
sell or exchange any property held by it at public or private sale, for cash or
on credit, to grant and exercise options for the purchase or exchange thereof,
to exercise all conversion or subscription rights pertaining to any such
property and to enter into any covenant or agreement to purchase any property
in the future;

		(5)
		To
participate in any plan of reorganization, consolidation, merger, combination,
liquidation or other similar plan relating to property held by it and to
consent to or oppose any such plan or any action thereunder or any contract, lease, mortgage,
purchase, sale or other action by any person;
 

	

		(6)
		To
deposit any property held by it with any protective, reorganization or similar
committee, to delegate discretionary power thereto, and to pay part of the
expenses and compensation thereof any assessments levied with respect to any
such property to deposited;

		(7)
		To
extend the time of payment of any obligation held by it;

		(8)
		To
hold uninvested any moneys received by it, without liability for interest
thereon, but only in anticipation of payments due for investments,
reinvestments, expenses or disbursements;

		(9)
		To
exercise all voting or other rights with respect to any property held by it and
to grant proxies, discretionary or otherwise;

		(I0)
		For
the purposes of the Trust, to borrow money from others, to issue its promissory
note or notes therefor, and to secure the repayment thereof by pledging any
property held by it;

		(11)
		To
employ suitable contractors and counsel, who may be counsel to the Company or
to the Trustee, and to pay their reasonable expenses and compensation from the
Fund to the extent not paid by the Company;

		(12)
		To
register investments in its own name or in the name of a nominee; to hold any
investment in bearer form; and to combine certificates representing securities
with certificates of the same issue held by it in other fiduciary capacities or
to deposit or to arrange for the deposit of such securities with any
depository, even though, when so deposited, such securities may be held in the
name of the nominee of such depository with other securities deposited
therewith by other persons, or to deposit or to arrange for the deposit of any
securities issued or guaranteed by the United States government, or any agency
or instrumentality thereof, including securities evidenced by book entries
rather than by certificates, with the United States Department of the Treasury
or a Federal Reserve Bank, even though, when so deposited, such securities may
not be held separate from securities deposited therein by other persons;
provided, however, that no securities held in the Fund shall be deposited with
the United States Department of the Treasury or a Federal Reserve Bank or other
depository in the same account as any individual property of the Trustee, and
provided, further, that the books and records of the Trustee shall at all times
show that all such securities are part of the Trust Fund;

		(13)
		To
settle, compromise or submit to arbitration any claims, debts or damages due or
owing to or from the Trust, respectively, 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; provided, however, that the Trustee shall not be required to take any such action unless it shall
have been indemnified by the Company to its reasonable satisfaction against
liability or expenses it might incur therefrom;

	

		(14)
		To
hold and retain policies of life insurance, annuity contracts, and other
property of any kind which policies are contributed to the Trust by the Company
or any subsidiary of the Company or are purchased by the Trustee;

		(15)
		To
hold any other class of assets which may be contributed by the Company and that
is deemed reasonable by the Trustee, unless expressly prohibited herein;

		(16)
		To
loan any securities at any time held by it to brokers or dealers upon such
security as may be deemed advisable, and during the terms of any such loan to
permit the loaned securities to be transferred into the name of and voted by
the borrower or others; and

		(17)
		Generally,
to do all acts, whether or not expressly authorized, that the Trustee may deem
necessary or desirable for the protection of the Fund.

	(c)
		Prior
to a Change of Control, the Company shall have the right, subject to this
Section to direct the Trustee with respect to investments.

		(1)
		The
Company may at any time direct the Trustee to segregate all or a portion of the
Fund in a separate investment account or accounts and may appoint one or more
investment managers and/or an Investment Committee established by the Company
as described in Section 6(d) hereof to direct the investment and reinvestment
of each such investment account or accounts. In such event, the Company shall
notify the Trustee of the appointment of each such investment manager and/or
Investment Committee. No such investment manager shall be related, directly or
indirectly, to the Company, but members of the Investment Committee may be
employees of the Company.

		(2)
		Thereafter,
the Trustee shall make every sale or investment with respect to such investment
account as directed in writing by the investment manager or Investment
Committee. It shall be the duty of the Trustee to act strictly in accordance
with each direction. The Trustee shall be under no duty to question any such
direction of the investment manager or Investment Committee, to review any
securities or other property held in such investment account or accounts
acquired by it pursuant to such directions or to make any recommendations to
the investment managers or Investment Committee with respect to such securities
or other property.

		(3)
		Notwithstanding
the foregoing, the Trustee, without obtaining prior approval or direction from
an investment manager or Investment Committee, shall invest cash balances held
by it from time to time in short term cash equivalents including, but not
limited to, through the medium of any short term common, collective or
commingled trust fund established and maintained by the Trustee subject to the

	

	 	instrument
establishing such trust fund, U.S. Treasury Bills, commercial paper (including
such forms of commercial paper as may be available through the Trustee's Trust
Department), certificates of deposit (including certificates issued by the
Trustee in its separate corporate capacity), and similar type securities, with
a maturity not to exceed one year; and, furthermore, sell such short term
investments as may be necessary to carry out the instructions of an investment
manager or Investment Committee regarding more permanent type investment and
directed distributions. 

		(4)
		The
Trustee shall neither be liable nor responsible for any loss resulting to the
Fund by reason of any sale or purchase of an investment directed by an
investment manager or Investment Committee nor by reason of the failure to take
any action with respect to any investment which was acquired pursuant to any
such direction in the absence of further directions of such investment manager
or Investment Committee.

		(5)
		Notwithstanding
anything in this Agreement to the contrary, the Trustee shall be indemnified
and saved harmless by the Company from and against any and all personal
liability to which the Trustee may be subjected by carrying out any directions
of an investment manager or Investment Committee issued pursuant hereto or for
failure to act in the absence of directions of the investment manager or
Investment Committee including all expenses reasonably incurred in its defense
in the event the Company fails to provide such defense; provided, however, the
Trustee shall not be so indemnified if it participates knowingly in, or
knowingly undertakes to conceal, an act or omission of an investment manager or
Investment Committee, having actual knowledge that such act or omission is a
breach of a fiduciary duty; provided further, however, that the Trustee shall
not be deemed to have knowingly participated in or knowingly undertaken to
conceal an act or omission of an investment manager or Investment Committee
with knowledge that such act or omission was a breach of fiduciary duty by
merely complying with directions of an investment manager or Investment
Committee or for failure to act in the absence of directions of an investment
manager or Investment Committee. The Trustee may rely upon any order,
certificate, notice, direction or other documentary confirmation purporting to
have been issued by the investment manager or Investment Committee which the
Trustee believes to be genuine and to have been issued by the investment
manager or Investment Committee. The Trustee shall not be charged with
knowledge of the termination of the appointment of any investment manager or
Investment Committee until it receives written notice thereof from the Company.

	(d)
		Prior
to a Change of Control, the Board of Directors of the Company may appoint an
Investment Committee to direct the investment of the Fund. The Investment
Committee may exercise any powers relating to the investment of Trust assets as
described in Sections 6 and 7 hereof. The Investment Committee shall exercise
its authority by an affirmative action of a majority of members constituting
the Investment Committee, expressed from time to time by a vote at a meeting of
the Investment Committee, or in an action in writing signed by all members
without a meeting. Prior to a Change of Control, 

	

	 	
the
Board of Directors of the Company shall have the right to remove and to replace
any member of the Investment Committee at any time by notice in writing to that
member. Following a Change of Control, the Company shall have no authority to
remove or replace members of the Investment Committee, and any vacancy in the
membership of the Investment Committee, created by resignation, disability,
death or otherwise, shall be filled by the vote of a majority of the members of
the Investment Committee then in office. Following a Change of Control, the
Investment Committee may, on its own initiative, acquire fiduciary insurance
for the benefit of its members at the Company's expense. If for any reason, the
Company does not pay the premiums for such insurance, the Trustee shall pay
such premiums out of the Trust assets and seek reimbursement from the Company. 

	(e)
		Following
a Change of Control, unless there is then in existence an Investment Committee
as described in Section 6(d) above, the Trustee shall have the sole and
absolute discretion in the management of the Trust assets and shall have all
the powers set forth under Section 6(b). In investing the Trust assets, the
Trustee shall consider:

		(1)
		the
needs of the Arrangements;

		(2)
		the
need for matching of the Trust assets with the liabilities of the Arrangements;
and

		 (3)
		the
duty of the Trustee to act solely in the best interests of the Participants and
their Beneficiaries.

	(f)
		The
Trustee shall have the right, in its sole discretion, to delegate its
investment responsibility to an investment manager who may be an affiliate the
Trustee. In the event the Trustee shall exercise this right, the Trustee shall
remain, at all times responsible for the acts of an investment manager. The
Trustee shall have the right to purchase an insurance policy or an annuity to
fund the benefits of the Arrangements.

	(g)
		The
Company 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 held
by the Trust. This right is exercisable by the Company in a nonfiduciary
capacity without the approval or consent of any person in a fiduciary capacity.

	

Section 7.   Insurance Contracts

	(a)
		To
the extent that the Trustee is directed by the Company prior to a Change of
Control or by the Investment Committee after a Change of Control to invest part
or all of the Trust Fund in insurance contracts, the type and amount thereof
shall be specified by the Company. The Trustee shall be under no duty to make
inquiry as to the propriety of the type or amount so specified.

	(b)
		Each
insurance contract issued shall provide that the Trustee shall be the owner
thereof with the power to exercise all rights, privileges, options and
elections granted by or permitted under such contract or under the rules of the
insurer. The exercise by the Trustee
of any incidents of ownership under any contract shall, prior to a Change of
Control, be subject to the direction of the Company. After a Change of Control,
the Trustee shall have all such rights to the extent an Investment Committee
had not been established. 

	

	 	

	(c)
		The
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 an insurance policy held in the Trust Fund.

	(d)
		No
insurer shall be deemed to be a party to the Trust and an insurer's obligations
shall be measured and determined solely by the terms of contracts and other
agreements executed by the insurer.

	

Section 8.   Disposition of Income

	(a)		Prior
to a Change of Control, all income received by the Trust, net of expenses and
taxes, may be returned to the Company or accumulated and reinvested within the
Trust at the direction of the Company. In addition, if, at any time prior to a
Change of Control, the value of assets held in the Trust exceeds 125 percent of
the amount necessary to pay each Participant or Beneficiary the benefits to
which Participants or their Beneficiaries would be entitled pursuant to the
terms of the Arrangements as of the date on which the determination is made,
the Trustee shall return the excess to the Company at the Company's written
request.

	(b)		Following
a Change of Control, all income received by the Trust, net of expenses and
taxes, shall be accumulated and reinvested within the Trust.

	(c)		In
the event the Trustee in its sole and absolute discretion after a Change in
Control, determines that the Trust Fund exceeds 125% of the anticipated benefit
obligations and administrative expenses (collectively the "Excess Amount") that
are to be paid under the Plans, The Trustee in its sole discretion following a
Change in Control shall distribute to the Company the Excess Amount to the
Company.

	

Section 9.   Accounting by the Trustee

The 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
the Company and the Trustee. Within forty-five (45) days following the close of
each calendar year and within forty-five (45) days after the removal or
resignation of the Trustee, the Trustee shall deliver to the 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. The Company may approve such account by an instrument in
writing delivered to the Trustee. In the absence of the Company’s filing
with the Trustee objections to any such account within ninety (90) days after
the end of the calendar year in which such account is received, the Company
shall be deemed to have so approved such account. In such case, or upon the
written approval by the Company of any such account, the Trustee shall, to the
extent permitted by law, be discharged from all liability to the Company for
its acts or failures to act described by such account. The foregoing, however,
shall not preclude the Trustee from having its accounting settled by a court of
competent jurisdiction. The Trustee shall be entitled to hold and to commingle
the assets of the Trust in one Fund for investment purposes but at the
direction of the Company prior to a Change of Control, the Trustee shall create
one or more sub-accounts.
 

	

Section 10.   Responsibility of the Trustee

	(a)
		The
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 the Trustee shall incur
no liability to any person for any action taken pursuant to a direction,
request or approval given by the Company which is contemplated by, and in
conformity with, the terms of the Arrangements or this Trust and is given in
writing by the Company. In the event of a dispute between the Company and a
party, the Trustee may apply to a court of competent jurisdiction to resolve
the dispute, subject, however to Section 2(d) hereof.

	(b)
		The
Company hereby indemnifies the Trustee against losses, liabilities, claims,
costs and expenses in connection with the administration of the Trust, unless
resulting from the negligence or misconduct of Trustee. To the extent the
Company fails to make any payment on account of an indemnity provided in this
paragraph 10(b), in a reasonably timely manner, the Trustee may obtain payment
from the Trust. If the Trustee undertakes or defends any litigation arising in
connection with this Trust or to protect a Participant's or Beneficiary's
rights under the Arrangements, the Company agrees to indemnify the Trustee
against the Trustee's costs, reasonable expenses and liabilities (including,
without limitation, attorneys' fees and expenses) relating thereto and to be
primarily liable for such payments. If the Company does not pay such costs,
expenses and liabilities in a reasonably timely manner, the Trustee may obtain
payment from the Trust.

	(c)
		Prior
to a Change of Control, the Trustee may consult with legal counsel (who may
also be counsel for the Company generally) with respect to any of its duties or
obligations hereunder. Following a Change of Control the Trustee shall select
independent legal counsel and may consult with counsel or other persons with
respect to its duties and with respect to the rights of Participants or their
Beneficiaries under the Arrangements.

	(d)
		The
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 and may rely on any determinations made by such agents
and information provided to it by the Company.

	

	(e)
		The
Trustee shall have, without exclusion, all powers conferred on the Trustee by
applicable law, unless expressly provided otherwise herein.

	(f)
		Notwithstanding
any powers granted to the Trustee pursuant to this Trust Agreement or to
applicable law, the 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.

	

Section 11.   Compensation and Expenses of
the Trustee

The Trustee’s compensation shall be as agreed in writing
from time to time by the Company and the Trustee. The Company shall pay all
administrative expenses and the Trustee’s fees and shall promptly reimburse
the Trustee for any fees and expenses of its agents. If not so paid, the fees
and expenses shall be paid from the Trust. 

Section 12.   Resignation and Removal of
the Trustee

	(a)
		Prior
to a Change of Control, the Trustee may resign at any time by written notice to
the Company, which shall be effective sixth (60) days after receipt of such
notice unless the Company and the Trustee agree otherwise. Following a Change
of Control, the Trustee may resign only after the appointment of a successor
Trustee.

	(b)
		The
Trustee may be removed by the Company on sixty days (60) days notice or upon
shorter notice accepted by the Trustee prior to a Change of Control. Subsequent
to a Change of Control, the Trustee may only be removed by the Company with the
consent of a majority of the Participants.

	(c)
		If
the Trustee resigns within two years after a Change of Control, as defined
herein, the Company, or if the Company fails to act within a reasonable period
of time following such resignation, the Trustee shall apply to a court of
competent jurisdiction for the appointment of a successor trustee or for
instructions.

	(d)
		Upon
resignation or removal of the Trustee and appointment of a successor Trustee,
all assets shall subsequently be transferred to the successor Trustee. The
transfer shall be completed within sixty (60) days after receipt of notice of
resignation, removal or transfer, unless the Company extends the time limit.

	(e)
		If
the Trustee resigns or is removed, a successor shall be appointed by the
Company, in accordance with Section 13 hereof, by the effective date of
resignation or removal under paragraph(s) (a) or (b) of this section. If no
such appointment has been made, the Trustee may apply to a court of competent
jurisdiction for appointment of a successor or for instructions. All expenses
of the Trustee in connection with the proceeding shall be allowed as
administrative expenses of the Trust.

	

Section 13.   Appointment of Successor

	(a)
		If
the Trustee resigns or is removed in accordance with Section 12 hereof, the
Company may appoint, subject to Section 12, any third party national banking
association with a market capitalization exceeding $100,000,000 to replace the
Trustee upon resignation or removal. The successor Trustee shall have all of
the rights and powers of the former Trustee, including ownership rights in the
Trust. The former Trustee shall execute any instrument necessary or reasonably
requested by the Company or the successor Trustee to evidence the transfer.

	(b)
		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 Section 8 and 9
hereof. The successor Trustee shall not be responsible for and the 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 14.   Amendment or Termination

	(a)
		This
Trust Agreement may be amended by a written instrument executed by the Trustee
and the Company. Notwithstanding the foregoing, no such amendment shall
conflict with the terms of the Arrangements or shall make the Trust revocable
after it has become irrevocable in accordance with Section I hereof.

	(b)
		The
Trust shall not terminate until the date on which Participants and their
Beneficiaries have received all of the benefits due to them under the terms and
conditions of the Arrangements. Upon termination of the Trust, the Trust assets
shall be returned to the Company.

	(c)
		Upon
written approval of all Participants or Beneficiaries entitled to payment of
benefits pursuant to the terms of the Arrangements, the Company may terminate
this Trust prior to the time all benefit payments under the Arrangements have
been made. All assets in the Trust at termination shall be returned to the
Company.

	(d)
		This
Trust Agreement may not be amended or terminated by the Company for two (2)
years following a Change of Control without the written consent of a majority
of the Participants.

	

Section 15.   Change of Control

	(a)
		A
"Change of Control" shall be deemed to have occurred if:

		(1)
		any
"person (as such term is used in Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934, but excluding (i) any participant of this Trust, (ii) the
spouse or descendant of such participant, (iii) any trust for the benefit of
such participant, spouse or descendant, or (iv) any benefit plan for employees
or any trustee, agent or other fiduciary for any such plan acting in such
person's capacity as such fiduciary,
directly
or indirectly, becomes the beneficial owner of securities of the Company
representing twenty-five percent (25%) or more of the combined voting power of
the Company's then outstanding securities;
 

	

	 	

		(2)
		during
any two consecutive years, individuals who at the beginning of such a period
constitute the Board of Directors of the Company cease for any reason to
constitute at least a majority of the Board of Directors of the Company, unless
the election, or the nomination for election by the shareholders of the
Company, of each new Director was approved by a vote of at least two-thirds
(2/3) of the Directors then still in office who were Directors at the beginning
of the period; or

		(3)
		the
Company has executed and delivered a definitive agreement which would require
the consummation of (i) any consolidation or merger of the Company in which the
Company is not the continuing or surviving corporation or pursuant to which
shares of common stock are converted into cash, securities or other property,
other than a merger of the Company in which the holders of the common stock
immediately prior to the merger have the same proportionate ownership of common
stock of the surviving corporation immediately after the merger, (ii) any sale,
lease, exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all of the assets of the Company, or
(iii) any plan or proposal for the liquidation or dissolution of the Company.

		(4)
		the
shareholders of the Company shall have approved (i) any consolidation or merger
of the Company in which the Company is not the continuing or surviving
corporation or pursuant to which shares of common stock are converted into
cash, securities or other property, other than a merger of the Company in which
the holders of the common stock immediately prior to the merger have the same
proportionate ownership of common stock of the surviving corporation
immediately after the merger, (ii) any sale, lease, exchange or other transfer
(in one transaction or a series of related transactions) of all or
substantially all of the assets of the Company, or (iii) any plan or proposal
for the liquidation or dissolution of the Company.

	 	
Notwithstanding
the foregoing, the phrase "Change of Control" shall not apply to any
reorganization or merger initiated voluntarily by the Company in which the
Company is the continuing surviving entity.

	

For purposes of this Section 15(a), the Board of Directors of
the Company, by a majority vote, shall have the power to determine on the basis
of information known to them (a) the number of shares beneficially owned by any
person, entity or group; (b) whether there exists an agreement, arrangement or
understanding with another as to matters referred to in this Section 15(a); and
(c) such other matters with respect to which a determination is necessary under
this Section 15(a). 

	(b)
		The
General Counsel of the Company shall have the specific authority to determine
whether a Change of Control has transpired under the guidance of this Section
15(a) and shall be required to give the Trustee notice of a Change of Control.
The Trustee shall be entitled to rely upon such notice, but if the Trustee
receives notice of a Change of Control from another source, the Trustee shall
make its own independent determination.

	

Section 16.   Claims Procedure

	(a)
		The
Trustee will pay amounts due under this Agreement when and as they become due.
If a Participant or his/her Beneficiary believes that all or any part of a
payment is due and unpaid, he/she may make claim for the same, but only
according to the procedures set out in this Section. In the event of a
Participant's death, his/her successor-in-interest may make a claim under this
Section with respect to any unpaid amounts believed to be owed to the
Participant under this Agreement during the Participant's life.

	(b)
		The
person entitled to make a claim or that person's designated representative
("Claimant") will make a claim by stating the same, in writing, and filing it
with the chief financial officer of Company. The claim will be accompanied by
such documentation, information and explanation as is necessary to establish
the Claimant's position.

	(c)
		The
chief financial officer will make a decision with respect to any claim that is
sufficiently stated and cause notice of that decision to be transmitted to the
Claimant and the Trustee within 90 days after having received the claim. If the
claim does not contain sufficient information upon which to base a decision,
the Claimant will be notified of the required information within 45 days after
the claim is received and the Claimant will have 180 days after receipt of the
notice of insufficiency to cure the same. In the case of an originally
insufficient claim, the chief financial officer will make a decision that will
be transmitted to the Claimant and Trustee not later than 45 days after the
earlier of: (i) the chief financial officer's receipt of the required
information; or (ii) the end of the 180-day period for supplying the required
information.

	(d)
		In
the case of an adverse claim determination, notice of the same will: (i) be
given in writing; (ii) give the specific reasons for denial; (iii) reference
the specific portion(s) of this Agreement upon which denial is based; (iv) if
applicable, describe why additional material is necessary to complete the claim
and explain why that material is necessary; and (v) describe the appeal or
review procedure set out below and the time limits relating thereto.

	(e)
		If
the Claimant or the Claimant's principal is the chief financial officer, the
president of the Company will act in lieu of the chief financial officer in
executing the preceding paragraphs of this section.

	(f)
		An
adverse claim determination made prior to a Change in Control may be appealed
to the Compensation Committee of the Board of Directors of Company. An adverse
claim determination made subsequent to a Change in Control may be appealed to
the Trustee. The Compensation Committee of the Board of Directors of the
Company, or the Trustee, as the case may be, is referred to in this Section 16
as the "Appeals Reviewer". An appeal must be initiated by a written request
filed by the Claimant with the Appeals Reviewer within 60 days of the
Claimant's receipt of the adverse determination notice described above.

	

	(g)
		The
appeal will be decided by the Appeals Reviewer. The review on appeal will not
afford any deference to the initial adverse determination and will take into
account all information submitted by the Claimant, regardless of whether or not
such information was introduced in connection with the initial adverse
determination.

	(h)
		As
a part of the appeal procedure, the Claimant will have the opportunity to: (i)
submit written comments, documents and other records that the Claimant may deem
relevant; (ii) examine and copy (at the Claimant's expense) such records of
Company as are deemed relevant to the claim by the Claimant, provided, however,
that any such records that reveal personal data concerning other Participants
will be appropriately edited; and (iii) appear, at the discretion of the
Appeals Reviewer, before the Appeals Reviewer to argue the appeal.

	(i)
		The
Appeals Reviewer will render a decision on appeal not later than 60 days after
receipt of the Claimant's request for review. The Claimant will be provided
with notice of the decision on appeal which, if adverse, will be in writing
that contains: (i) the specific reasons for the determination; (ii) references
to the provisions of this Agreement upon which the decision was based; (iii) a
statement that the Claimant can receive access to and copies of all documents
or records relevant to the decision; and (iv) a statement of the Claimant's
rights (if any) to file suit under Section 502(a) of ERISA. The decision on
appeal will be final and binding upon the Claimant and the Company and will
exhaust the Claimant's administrative remedies under this Agreement.

	(j)
		In
making any determination required to be made by the Appeals Reviewer under this
section, the Appeals Reviewer may consult with and make inquiries of such
persons, including the Participant or other Claimant, the Company, legal
counsel, actuaries or other persons, as the Appeals Reviewer in arriving at its
determination shall be reimbursed by the Company and, to the extent not paid by
the Company within a reasonable time, shall be charged to the Trust. The
Company waives any right to contest any amount paid over by the Trustee
hereunder pursuant to a good faith determination made by the Appeals Reviewer
notwithstanding any claim by or on behalf of the Company (absent a manifest
abuse of discretion by the Appeals Reviewer), that such payments should be made.

	(k)
		It
is the intent of the Company that this claims procedure comply with the rules
and regulations interpreting Section 503 of ERISA (whether or not applicable)
and this Section 16 of this Agreement will be deemed amended, without formal
action, to comply with any changes in such rules or regulations.

	(l)
		In
keeping with their respective roles in the claims and appeal procedures set out
herein, the chief financial officer of Company (or the president of the Company
in the appropriate circumstances) and the Appeals Reviewer have full discretion
in interpreting this Agreement with respect to eligibility for an amount of
benefits hereunder.

	

Section 17.   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)
		The
Company hereby represents and warrants that all of the Arrangements have been
established, maintained and administered in all material respects with all
applicable laws, including without limitation, ERISA. The Company hereby
indemnifies and agrees to hold the Trustee harmless from all liabilities,
including attorney's fees, relating to or arising out of the establishment,
maintenance and administration of the Arrangements. To the extent the Company
does not pay any of such liabilities in a reasonably timely manner, the Trustee
may obtain payment from the Trust.

	(c)
		Benefits
payable to 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.

	(d)
		Neither
the Company nor the Trustee shall be responsible for the validity of any
contract of insurance issued in connection with the Arrangements or this Trust
or for the failure on the part of the insurer to make payments provided by such
contract, or for the action of any person which may delay payment or render a
contract null and void or unenforceable in whole or in part.

	(e)
		This
Trust Agreement shall be binding upon and inure to the benefit of Company and
the Trustee and their respective successors and assigns.

	(f)
		This
Trust Agreement may be executed in any number of counterparts, each of which
shall be deemed to be the original although the others shall not be produced.

	(g)
		Communications
to the Company shall be addressed to Executive Vice President, Chief Financial
Officer; The Middleby Corporation; 2860 West Golf Road, Ste 405; Rolling
Meadows, IL 60008; provided, however, that upon the Company's written request,
such communications shall be sent to such other address as the Company may
specify.

	(h)
		Communications
to the Trustee shall be addressed to Wachovia Bank, N.A., 100 N. Main Street
NC-31013, Winston-Salem, NC 27150-3099, Attention: Executive Services;
provided, however, that upon the Trustee's written request, such communications
shall be sent to such other address as the Trustee may specify.

	(i)
		This
Trust Agreement shall be governed by and construed in accordance with the laws
of Illinois.

	(j)
		Wherever
any words are used herein in the masculine, feminine or neuter, they shall be
construed as though they were also used in another gender in all cases where
they would so apply, and whenever any words are used herein in the singular or
plural form, they shall be construed as though they were also used in the other form in all cases where they would
so apply.

	

	(k)
		The
headings of this Trust have been inserted for convenience of reference and
shall not affect the construction of the provisions hereof.

	(l)
		The
books and records of the Trust shall be maintained on a plan year basis with
respect to the Arrangements and the taxable year of the trust shall be the
Company's fiscal year.

	(m)
		The
Trustee shall file any annual return or reports of distributions to
participants or other persons which are required by it under any relevant state
or federal income tax law. The Trustee shall prepare and file any tax return
with respect to taxes owed by or reported by the Trust Fund.

	

IN WITNESS WHEREOF, this Grantor Trust Agreement has been
executed on behalf of the parties hereto on the day and year first above
written. 

		
	THE MIDDLEBY CORPORATION	 	WACHOVIA BANK, N.A.	 
	 
	         By:	 	By.	 
	         Name:	 	Name.	 
	         Its:	 	Its:	 
	 
	ATTEST:	 	ATTEST:	 
	 
	         By:	 	By:	 
	         Its:	 	Its:875 Elm Street
                                                            Manchester, NH 03101
                                                            (603) 634-6000

March 22, 2000

Mr. Neil Rossen, CFO
Presstek, Inc.
9 Commercial Street
Hudson, NH 03051-3907

Dear Neil:

I am writing to communicate that Citizens Bank has approved the following
changes to the existing Loan Agreement.

Effective December 31, 1999, the definition of `Tangible Capital Base" will be
modified. The new definition shall read: "Tangible Capital Base" means total
shareholders' equity less intangible assets less subordinated debt plus any
non-cash liability recorded as a result of the Shareholder Class Action Lawsuit,
all as determined in accordance with generally accepted accounting principles
from Borrower's financial statements delivered to the bank in accordance with
the covenants of the Borrower in the Loan Agreement.

I will coordinate the preparation of legal documents and call you next week for
an appropriate time to close this modification. Please don't hesitate to call
should you have any questions.

Regards,

/s/ John Mercier
John Mercier
Vice-President

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