Document:

Exhibit 4.8 - Amendment No. 2 to Loan and Security Agreement

    
      

        Exhibit
          4.8

        

         

        AMENDMENT
          NO. 2 TO LOAN
          AND SECURITY AGREEMENT

         

        This
          AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT (this “Amendment”)
          dated
          as of March 23, 2007 is by and among Keystone Consolidated Industries,
          Inc., a Delaware corporation (“Keystone”), Keystone Wire Products Inc., a
          Delaware corporation (“KWP”), Engineered Wire Products, Inc., an Ohio
          corporation (“EWP”), Keystone-Calumet, Inc., a Delaware corporation (“KCI”),
          F V Steel and Wire Company, a Wisconsin corporation (“F V Steel” and,
          together with Keystone, KWP, EWP and KCI each individually a “Borrower” and
          collectively, “Borrowers”), Keystone Energy Resources, LLC, a Delaware limited
          liability company (“KER”), the parties hereto as lenders (each individually, a
“Lender” and collectively, “Lenders” as hereinafter further defined) and
          Wachovia Capital Finance Corporation (Central), an Illinois corporation,
          in its
          capacity as agent for Lenders (in such capacity, “Agent”). Capitalized terms
          used and not otherwise defined herein shall have the meanings assigned
          to them
          in the Loan Agreement (defined below).

         

        R
          E C I T
          A L S: 

        

        WHEREAS,
          Borrowers (other than KCI), the Agent and the Lenders have entered into
          that
          certain Loan and Security Agreement dated as of August 31, 2005 (as
          amended, the “Loan
          Agreement”);

         

        WHEREAS,
          Keystone has formed KCI, a wholly-owned subsidiary of Keystone, to (a)
          acquire
          substantially all of the operating assets of Calumetals, Inc. and MZG Associates
          II, LLC (collectively, the “Seller”) including real and personal property (the
“Acquisition”) and (b) become a Borrower under the Loan Agreement;

         

        WHEREAS,
          in connection with the Acquisition, Borrowers have requested that Agent
          and
          Lenders agree to certain amendments to the Loan Agreement as set forth
          herein;
          and

         

        WHEREAS,
          Agent and Lenders have agreed to such amendments upon the terms and conditions
          contained herein.

         

        NOW,
          THEREFORE, in consideration of the premises contained herein, and for other
          good
          and valuable consideration, the receipt and sufficiency of which are hereby
          acknowledged, the parties hereto hereby agree as follows:

         

        Section
          1     Amendments
          to the Loan Agreement.
          Immediately upon the satisfaction of each of the conditions precedent set
          forth
          in Section
          3
          below,
          the Loan Agreement is hereby amended as follows: 

         

        (a)  Section
          1
          of the
          Loan Agreement is hereby amended by amending and restating clause (e) of
          the
          definition of “Borrowers” and adding a new clause (f) thereto, to read as
          follows:

         

        “(e)  
           Keystone-Calumet,
          Inc., a Delaware corporation; and (f) any other Person that at any time
          after
          the date hereof becomes a Borrower with the prior written consent of Agent
          and
          the Required Lenders; each sometimes being referred to herein individually
          as a
“Borrower”.

         

        
          
            
            

          

          
            1

            
              

            

          

          
            
            

          

        

        (b)  Section
          1
          of the
          Loan Agreement is hereby amended by deleting the amount of “$35,000,000” set
          forth in the definition of “Inventory Loan Limit” and replacing it with the
          amount of “$45,000,000”.

         

        (c)  Section
          1
          of the
          Loan Agreement is hereby amended by deleting the amount of “$80,000,000” set
          forth in the definition of “Maximum Credit” and replacing it with the amount of
“$100,000,000”.

         

        (d)  Section
          1
          of the
          Loan Agreement is hereby amended by deleting the amount of “$80,000,000” set
          forth in the definition of “Revolving Loan Limit” and replacing it with the
          amount of “$100,000,000”.

         

        (e)  Section
          2.1(b)
          of the
          Loan Agreement is hereby amended by deleting reference to the amount of
          “$35,000,000” set forth in clause (v) of Section 2.1(b)
          and
          replacing it with the amount of “$45,000,000”.

         

        (f)  Section
          2.3(a)
          of the
          Loan Agreement is hereby amended by adding the following new sentence to
          the end
          thereof to read as follows:

         

        “As
          of
          March 23, 2007, certain Lenders severally (and not jointly) agree to make
          an
          additional Term A Loan to KCI in an amount equal to its Pro Rata Share
          of the
          aggregate original principal amount of $2,890,524.”

         

        (g)  Section
          2.3(b)
          of the
          Loan Agreement is hereby amended by adding the following new sentence to
          the end
          thereof to read as follows:

         

        “As
          of
          March 23, 2007, certain Lenders severally (and not jointly) agree to make
          an
          additional Term B Loan to KCI in an amount equal to its Pro Rata Share of
          the aggregate original principal amount of $1,152,000.”

         

        (h)  Section
          2.3(e)
          of the
          Loan Agreement is hereby amended and restated to read as follows:

         

        “(e)
          The
          principal amount of each Term A Loan (other than the Term A Loan made on
          March
          23, 2007) shall be repaid in sixty (60) consecutive equal monthly installments
          (or earlier as provided herein) payable on the first day of each month
          commencing on October 1, 2005, each in an amount sufficient (assuming a
          like
          repayment each month) to reduce each Term A Loan (other than the Term A
          Loan
          made on March 23, 2007) to zero ($0) by the first day of September, 2010.
          The
          principal amount of each Term B Loan (other than the Term B Loan made on
          March
          23, 2007) shall be repaid in eighty-four (84) consecutive equal monthly
          installments (or earlier as provided herein) payable on the first day of
          each
          month commencing on the first day of the month immediately following the
          date on
          which such Term B Loan was made, each in an amount sufficient (assuming a
          like repayment each month) to reduce each Term B Loan (other than the Term
          B
          Loan made on March 23, 2007) to zero ($0) on the eighty-fourth (84th)
          installment. The principal amount of each Term C Loan shall be repaid in
          sixty
          (60) consecutive equal monthly installments (or earlier as provided herein)
          payable on the first day of each month commencing on the first day of the
          month
          immediately following the date of which such Term C Loan was made, each
          in an
          amount sufficient (assuming a like repayment each month) to reduce such
          Term C
          Loan to zero ($0) on the sixtieth (60th)
          installment. The principal amount of the Term A Loan made on March 23,
          2007
          shall be repaid in sixty (60) consecutive equal monthly installments (or
          earlier
          as provided herein) payable on the first day of each month commencing on
          April
          1, 2007, in an amount equal to $48,175. The principal amount of the Term
          B Loan
          made on March 23, 2007 shall be repaid in eight-four (84) consecutive equal
          monthly installments (or earlier as provided herein) payable on the first
          day of
          each month commencing on April 1, 2007, in an amount equal to $13,714.
          Notwithstanding the foregoing or anything in this Agreement to the contrary,
          all
          Term Loans shall be due and payable on the earlier of (i) the Renewal Date,
          (ii)
          if declared due and payable pursuant to Section 10.2 hereof or (iii) the
          date
          the Commitment to make Revolving Loans is terminated.”

         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

            (i)  Section
          3.2(a)
          of the
          Loan Agreement is hereby amended by deleting reference to the amount of
          “$80,000,000” set forth therein and replacing it with the amount of
“$100,000,000”.

         

        (j)  Section
          9.9(e)
          of the
          Loan Agreement is hereby amended by deleting reference to the amount of
          “$1,000,000” set forth in clause (v) thereof and replacing it with the
          amount of “$1,100,000”.

         

        (k)  KCI
          hereby agrees that on and after the date hereof, KCI shall be a Borrower
          under
          the Loan Agreement and the Fee Letter. KCI hereby assumes, and agrees to
          perform, for the benefit of Lenders and Agents, all of the Obligations
          of a
          Borrower under the Loan Agreement and the Fee Letter, including, without
          limitation, its Obligations with respect to the Loans and Letter of Credit
          Obligations and its Obligations with respect to the cross-guaranty provisions
          of
          Section 14 of the Loan Agreement, and further agrees that KCI shall comply
          with
          and be fully bound by the terms of the Loan Agreement and the Fee Letter
          and the
          other Financing Agreements as if KCI had been a signatory thereto as of
          the date
          thereof. As a Borrower, KCI agrees to pay all Obligations owing by it to
          Agents
          and/or any of the Lenders, including, without limitation, all payments
          of
          principal, interest, fees, expenses and other charges due from time to
          time with
          respect to the Loans and other financial accommodations made, assumed or
          available to KCI. Without limiting the generality of the foregoing, KCI
          hereby
          grants, assigns, conveys, mortgages, pledges, hypothecates and transfers
          to the
          Agent, for itself and the benefit of Lenders, as security for the prompt
          and
          complete payment, performance and observance of all Obligations, a lien
          upon all
          of its right, title and interest in all of its personal and real property
          and
          fixtures, whether now owned or hereafter acquired or existing, and wherever
          located, including all of its respective Collateral (as defined in the
          Loan
          Agreement) in accordance with Section 5
          of the
          Loan Agreement.

         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

        (l)  Attached
          hereto as Schedule
          A
          is an
          information certificate on KCI that shall be deemed to supplement and amend
          the
          Information Certificate.

         

        (m)  With
          respect to the increase in the Maximum Credit from $80,000,000 to $100,000,000
          in connection with this Amendment, the Lenders’ Commitments shall be allocated
          as set forth on Schedule
          B
          attached
          hereto.

         

        Section
          2  Limited
          Waiver.
          Agent
          and Lenders hereby (a) waive the restrictions set forth in Section
          9.10
          of the
          Loan Agreement solely to permit (i) the formation by Keystone of KCI, as
          a
          wholly-owned Subsidiary of Keystone, and (ii) KCI to acquire substantially
          all
          the operating assets of Calumetals, Inc. and MZG Associates II, LLC so
          long as
          the total consideration to be paid in connection with the Acquisition does
          not
          exceed $6,259,000; and (b) waive the restrictions set forth in Section
          9.9(e)(iv)
          of the
          Loan Agreement solely to permit KCI to execute a promissory note in favor
          of MZG
          Associates II, LLC in an amount not to exceed $1,100,000, the proceeds
          of which
          shall constitute partial consideration for the Acquisition and shall not
          be
          applied against the Obligations (the “Seller Note”).

         

        Section
          3  Conditions
          to Effectiveness.
          The
          effectiveness of the amendments set forth in Section
          1
          above
          are subject to the satisfaction of each of the following conditions and
          in each
          case in form and substance, and with results, satisfactory to
          Agent:

         

        (a)  Agent
          shall have received a duly executed counterpart of this Amendment from
          Borrowers,
          KER,
          Required Lenders
          and each
          Lender that is increasing its Commitments as set forth in Schedule
          B
          hereto;

         

        (b)  Agent
          shall have received a pledge of the Capital Stock of KCI, together with
          certificates and endorsement representing such interests, in each case
          in form
          and substance satisfactory to Agent;

         

        (c)  Agent
          shall have received final drafts and executed copies of all purchase agreements
          and related agreements, documents, instruments, exhibits and schedules
          in
          connection with the Acquisition and the Acquisition shall have been consummated
          on the date hereof in accordance with the terms of such purchase agreements,
          documents and instruments;

         

        (d)  Agent
          shall have received satisfactory UCC, tax lien and judgment search results
          relating to the Seller;

         

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

        (e)  Agent
          shall have received an executed mortgage relating to KCI’s real property located
          in Illinois, together with a UCC fixture filing, ALTA Title insurance policies
          (or commitments for such policies), surveys and such other documents and
          instruments as Agent shall reasonably require, all in form and substance
          reasonably satisfactory to Agent;

         

        (f)  Agent
          shall have received amendments to existing mortgages of Borrowers which
          shall be
          recorded in the appropriate recording offices; 

         

        (g)  Agent
          shall have received evidence that it has a duly perfected first priority
          perfected lien on the assets of KCI pursuant to a filed UCC-1 financing
          statement;

         

        (h)  Agent
          shall have received a final draft and an executed copy of the Seller Note,
          together with a subordination agreement executed by the Sellers in favor
          of the
          Agent;

         

        (i)  Agent
          shall have received an officer’s certificate form KCI, certifying and attaching
          (i) certified certificate of incorporation for KCI, (ii) bylaws of KCI,
          (iii)
          resolutions of KCI’s board of directors authorizing the transactions described
          in this Amendment and (iv) good standing certificates from the State of
          Delaware
          and Illinois; 

         

        (j)  Agent
          shall have received the fees set forth in that certain Fee Letter dated
          as of
          the date hereof among Borrowers and Agent; and

         

        (k)  Agent
          shall have received a copy of a release or consent from MB Financial Bank,
          N.A.
          with respect to all assets sold to KCI, in form and substance satisfactory
          to
          the Agent. 

         

        Section
          4  Representations,
          Warranties and Covenants.
          In
          order to induce Agent and Lenders to enter into this Amendment, Borrowers
          and
          KER represent, warrant and covenant to Agent and Lenders, upon the effectiveness
          of this Amendment, which representations, warranties and covenants shall
          survive
          the execution and delivery of this Amendment that:

         

        (a)  No
          Default; etc.
          No
          Default or Event of Default has occurred and is continuing after giving
          effect
          to this Amendment or would result from the execution or delivery of this
          Amendment or the consummation of the transactions contemplated
          hereby.

         

        (b)  Corporate
          or Limited Liability Company Power and Authority; Authorization.
          Each
          Borrower and KER have the power and authority to execute and deliver this
          Amendment and to carry out the terms and provisions of the Financing Agreements,
          as amended by this Amendment, to which they are a party and the execution
          and
          delivery by such Borrower and KER of this Amendment, and the performance
          by such
          Borrower and KER of their obligations hereunder have been duly authorized
          by all
          requisite action by such Borrower and KER.

         

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

        (c)  Execution
          and Delivery.
          Each
          Borrower and KER have duly executed and delivered this Amendment.

         

        (d)  Enforceability.
          This
          Amendment constitutes the legal, valid and binding obligations of each
          Borrower
          and KER, enforceable against each Borrower and KER in accordance with its
          terms,
          except as enforcement may be limited by bankruptcy, insolvency, reorganization,
          moratorium or similar laws affecting the enforcement of creditors’ right
          generally, and by general principles of equity.

         

        (e)  Representations
          and Warranties.
          All of
          the representations and warranties contained in the Financing Agreements
          (other
          than those which speak expressly only as of a different date) are true
          and
          correct as of the date hereof after giving effect to this Amendment and
          the
          transactions contemplated hereby.

         

        Section
          5  Miscellaneous.

         

        (a)  Effect;
          Ratification.
          Borrowers acknowledge that all of the reasonable legal expenses incurred
          by
          Agent in connection herewith shall be reimbursable under Section
          9.23
          of the
          Loan Agreement. The amendments and waivers set forth herein are effective
          solely
          for the purposes set forth herein and shall be limited precisely as written,
          and
          shall not be deemed to (i) be a consent to any amendment, waiver or modification
          of any other term or condition of any Financing Agreement or (ii) prejudice
          any right or rights that any Lender may now have or may have in the future
          under
          or in connection with any Financing Agreement. Each reference in the Financing
          Agreements to “this Agreement”, “herein”, “hereof” and words of like import
          shall mean such Financing Agreement as amended hereby. This Amendment shall
          be
          construed in connection with and as part of the Financing Agreements and
          all
          terms, conditions, representations, warranties, covenants and agreements
          set
          forth in the Financing Agreements, except as herein amended are hereby
          ratified
          and confirmed and shall remain in full force and effect.

         

        (b)  Counterparts;
          etc.
          This
          Amendment may be executed in any number of counterparts, each such counterpart
          constituting an original but all together one and the same instrument.
          Delivery
          of an executed counterpart of this Amendment by fax shall have the same
          force
          and effect as the delivery of an original executed counterpart of this
          Amendment. Any party delivering an executed counterpart of this Amendment
          by fax
          shall also deliver an original executed counterpart, but the failure to
          do so
          shall not affect the validity, enforceability or binding effect of this
          Amendment.

         

        (c)  Governing
          Law.
          This
          Amendment shall be deemed a Financing Agreement and shall be governed by,
          and
          construed and interpreted in accordance with the internal laws of the State
          of
          Illinois but excluding any principles of conflicts of law or other rule
          of law
          that would cause the application of the law of any jurisdiction other than
          the
          laws of the State of Illinois.

         

        (d)  Reaffirmation.
          Each
          Borrower and KER reaffirms all of its obligations under Section
          14
          of the
          Loan Agreement as a guarantor of the Obligations.

         

        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

         

        Section
          6  Post
          Closing Requirement.
          As a
          condition subsequent to the effectiveness of this Amendment and as a further
          covenant of the Borrowers, on or prior to thirty (30) days after the date
          hereof, Borrowers shall deliver, or cause to be delivered, to Agent’s counsel an
          ALTA Land Survey for the property located at 317 East 11th
          Avenue,
          Chicago Heights, Illinois in form and substance acceptable to Agent’s counsel.
          Such ALTA Land Survey shall include (i)
          a
          certification (in the form previously provided by Agent’s counsel) executed by a
          land surveyor licensed in Illinois and (ii) all applicable zoning requirements
          and restrictions customarily included on ALTA surveys in Illinois (including,
          without limitation, setback and buffer requirements, maximum building height
          restrictions and minimum parking requirements and such other survey requirements
          as previously delivered by Agent’s counsel to Mortgagor’s counsel). Failure to
          comply with the foregoing shall constitute an Event of Default under the
          Loan
          Agreement. 

         

        [Signature
          Pages Follow]

         

        

         

        
          
            
            

            
            

          

          
            7

            
              

            

          

          
            
            

            
            

          

        

        IN
          WITNESS WHEREOF, Agent, Required Lenders, Borrowers and KER have caused
          this
          Amendment No. 2 to Loan and Security Agreement to be duly executed as of
          the day
          and year first above written.

         

        BORROWERS:

         

        KEYSTONE
          CONSOLIDATED INDUSTRIES, INC.

         

        By:       

        Title:       

        Name:       

        

        

        KEYSTONE
          WIRE PRODUCTS INC.

         

        By:       

        Title:       

        Name:       

        

        

        ENGINEERED
          WIRE PRODUCTS, INC.

        

        By:       

        Title:       

        Name:       

        

        

        F V
          STEEL AND WIRE COMPANY

        

        By:       

        Title:       

        Name:       

        

        

        KEYSTONE-CALUMET,
          INC.

        

        By:       

        Title:       

        Name:       

        

        

        

        Agreed
          and Acknowledged by:

         

        
 

        
          
            
              
                [Signature
                  Page to Amendment No. 2 to 

                Loan
                  and Security Agreement]

                S-1

              

            

          

          
            
            

            
              

            

          

          
            
            

          

        

        KEYSTONE
          ENERGY RESOURCES, LLC

        

        By:       

        Title:       

        Name:       

        

        

        AGENT
          AND LENDERS:

        

        WACHOVIA
          CAPITAL FINANCE CORPORATION (CENTRAL), as Agent and a Lender

        

        By:       

        Title:       

        Name:       

        

        

        WESTERN
          BANK PUERTO RICO (BUSINESS CREDIT DIVISION), as a Lender

        

        By:       

        Title:       

        Name:       

        

        

        NORTH
          FORK BUSINESS CAPITAL CORPORATION, as a Lender

        

        By:       

        Title:       

        Name:       

        

        

        PNC
          BANK
          NATIONAL ASSOCIATION, as a Lender

        

        By:       

        Title:       

        Name:       

        

        

        

        
          
            
              2Keystone Consolidated Industries, Inc. - Exhibit 10.2 The Combined Master Retirement
      Trust

    

      Exhibit
        10.2

      

      

      

      
        	
                 

                 

                 

                 

                 

                THE
                  COMBINED MASTER RETIREMENT TRUST

                 

                As
                  Amended and Restated Effective September 30, 2005

                 

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      THE
        COMBINED MASTER RETIREMENT TRUST

      

      As
        Amended and Restated Effective September 30, 2005

      

      Table
        of Contents

      

        

        
          	
                  ARTICLE

                	
                  PAGE

                
	
                  1 Introduction

                	
                  1

                
	
                  1.1 The
                    Trust and Plans, Terms

                	
                  1

                
	
                  1.2 Fiduciary
                    Responsibilities

                	
                  2

                
	 	 
	
                  2 Management
                    of the Trust Fund

                	
                  2

                
	
                  2.1 The
                    Trust Fund

                	
                  2

                
	
                  2.2 Plan
                    Administrator

                	
                  2

                
	
                  2.3 Trustee's
                    Powers and Duties

                	
                  2

                
	
                  2.4 Custodians

                	
                  6

                
	
                  2.5 Collective
                    Investment Trusts

                	
                  6

                
	
                  2.6 Plan
                    Accounts

                	
                  6

                
	
                  2.7 Single
                    Fund

                	
                  7

                
	 	 
	
                  3 The
                    Trust Investment Committee

                	
                  7

                
	
                  3.1 The
                    Trust Investment Committee

                	
                  7

                
	
                  3.2 Trust
                    Committee's Powers and Duties

                	
                  7

                
	
                  3.3 Manner
                    of Action of Trust Committee

                	
                  8

                
	
                  3.4 Resignation
                    or Removal of Trust Committee Member

                	
                  9

                
	 	 
	
                  4 Investment
                    Funds, Investment Managers and Custodians

                	
                  9

                
	
                  4.1 Investment
                    Funds

                	
                  9

                
	
                  4.2 Investment
                    Managers

                	
                  9

                
	
                  4.3 Investment
                    Manager Custodians

                	
                  10

                
	 	 
	
                  5 Participating
                    Plans and Trusts, Trust Accounting

                	
                  11

                
	
                  5.1 Eligible
                    Plans and Trusts

                	
                  11

                
	
                  5.2 Participating
                    Plans and Trusts

                	
                  11

                
	
                  5.3 Trust
                    Valuations

                	
                  12

                
	
                  5.4 Unit
                    or Other Accounting Basis

                	
                  12

                
	 	 
	
                  6 General
                    Provisions

                	
                  13

                
	
                  6.1 Qualification
                    of the Plans and Trust

                	
                  13

                
	
                  6.2 Restrictions
                    on Reversion

                	
                  13

                
	
                  6.3 Nonalienation
                    of Plan Benefits

                	
                  13

                
	
                  6.4 Litigation

                	
                  13

                
	
                  6.5 Trustee's
                    Action Conclusive

                	
                  14

                
	
                  6.6 Liabilities
                    Mutually Exclusive

                	
                  14

                
	
                  6.7 Indemnification

                	
                  14

                
	
                  6.8 Compensation
                    and Expenses

                	
                  15

                
	
                  6.9 Action
                    by the Employers

                	
                  15

                
	
                  6.10 Warranty

                	
                  15

                
	
                  6.11 Evidence

                	
                  16

                

        

        
          
            
            

          

          
            i

            
              

            

          

          
            
            

          

        

        

        
          	
                  6.12 Waiver
                    of Notice

                	
                  15

                
	
                  6.13 Counterparts

                	
                  15

                
	
                  6.14 Gender
                    and Number

                	
                  15

                
	
                  6.15 Successors

                	
                  16

                
	
                  6.16 Severability

                	
                  16

                
	
                  6.17 Statutory
                    References

                	
                  16

                
	
                  6.18 Applicable
                    Law

                	
                  16

                
	
                  6.19 Provisions
                    to Comply with Revenue Ruling 81-100

                	
                  16

                
	 	 
	
                  7 Resignation
                    or Removal of Trustee

                	
                  17

                
	
                  7.1 Resignation
                    or Removal of Trustee

                	
                  17

                
	
                  7.2 Successor
                    Trustee

                	
                  17

                
	
                  7.3 Duties
                    of Retiring and Successor Trustees

                	
                  17

                
	 	 
	
                  8 Amendment
                    and Termination

                	
                  17

                
	
                  8.1 Amendment

                	
                  17

                
	
                  8.2 Termination

                	
                  18

                

        

        

      

       

      

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

      

      THE
        COMBINED MASTER RETIREMENT TRUST

      

      

      THIS
        AGREEMENT, by and between Contran Corporation (the "company") and Harold C.
        Simmons and his successor or successors and assigns in the trust hereby
        evidenced, as trustee (the "trustee"), is an amendment and restatement,
        effective as of September 30, 2005, of such trust as originally established
        December 1, 1987 and as subsequently amended and restated as of July 1, 1995
        and
        November 23, 1999. 

      WITNESSETH
        THAT:

      

        WHEREAS,
          the company, the other members of the con-trolled group of corporations
          (as
          described in Section 414(b) of the Internal Revenue Code of 1986 (the "Code"))
          of which the company is a member and such other related companies as are
          designated by the company (all such corporations are referred to herein
          collectively as the "employers" and individually as an "employer") maintain,
          and
          hereafter may establish, adopt, or assume, various pension, profit sharing,
          savings and other retirement plans which meet the requirements of "qualified
          plans" under Section 401(a) of the Code, which qualified plans are or may
          be
          funded through various separate trust funds or may be funded directly through
          the trust fund established hereunder; and

        WHEREAS,
          it now is considered desirable and in the best interests of the employers,
          their
          employees who are or who in the future may be covered by such qualified
          plans
          and their beneficiaries that provision be made for the collective investment
          of
          part or all of the assets of the qualified plans and any separate trusts
          related
          to such qualified plans through this restated trust, and this agreement
          is
          designed for that purpose;

        NOW,
          THEREFORE, IT IS AGREED, in consideration of the mutual undertakings of
          the
          parties hereto, the trust be and hereby is amended and restated in the
          form of
          this agreement, as follows:
:

      

      ARTICLE
        1

      

      Introduction

      

      

      1.1 The
        Trust and Plans, Terms.
        This
        trust may be referred to as "The Combined Master Retirement Trust." Unless
        the
        context indicates otherwise, the terms "trust," "agreement," "herein,"
        "hereunder" and similar terms mean this agreement and the trust hereby
        evidenced. The qualified plans participating in this trust from time to time
        are
        referred to herein collectively as the "plans" and individually as a "plan".
        A
        plan which participates directly in this trust without the use of an
        intermediary trust is sometimes referred to herein as a "participating plan"
        and
        an intermediary trust which participates in this trust for the purpose of
        implementing a plan is sometimes referred to herein as a "participating trust".
        This trust has been created and organized in the United States and will be
        maintained at all times as a domestic trust in the United States pursuant
        to
        Revenue Ruling 81-100.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

        1.2 Fiduciary
          Responsibilities.
          All
          fiduciaries with respect to the trust (including the employers, the trustee,
          the
          trust investment committee, the plan administrator of each participating
          plan
          and any investment managers and custodians appointed hereunder) shall discharge
          their duties with respect to the trust solely in the interests of participants
          and beneficiaries of the plans and for the exclusive purpose of providing
          benefits under the plans and defraying reasonable expenses of administration
          of
          the plans and this trust, with the care, skill, prudence and diligence
          under the
          circumstances then prevailing that a prudent person acting in a like capacity
          and familiar with such matters would use in the conduct of an enterprise
          of like
          character and with like aims.

      

       

      ARTICLE
        2

      

      Management
        of the Trust Fund

      

      

      2.1 The
        Trust Fund.
        Unless
        the context indicates otherwise, the term "trust fund" as of any date means
        all
        property then held under this agreement by the trustee, any custodian or
        any
        insurance company.

      
        2.2 Plan
          Administrator.
          The
          "plan administrator" with respect to each plan is the person or committee
          appointed by the sponsor of that plan or, if no such person or committee
          has
          been appointed, the plan sponsor. In addition to the powers, rights, duties
          and
          responsibilities specifically granted to or imposed on a plan administrator
          under a plan or elsewhere in this trust, the plan administrator of a
          participating plan shall have the responsibility for directing the distribution
          of benefits of that plan. The distribution of benefits under a plan which
          participates herein through the use of a participating trust shall be made
          from
          such participating trust. The trust committee described in section 3.1
          shall
          certify to the trustee the person or persons appointed as the plan administrator
          with respect to each plan and the trustee may rely on the last such certificate
          received by the trustee.
2.3 Trustee's
        Powers and Duties.
        Except
        to the extent to which authority with respect to the management of the trust
        fund has been allocated to others in accordance with this agree-ment, the
        trustee shall have exclusive authority and discretion to manage and control
        the
        trust fund. (In this regard, the authority to direct distributions and transfers
        of plan benefits under a plan has been allocated to the plan administrator
        of
        that plan, the authority to direct investments may be allocated to one or
        more
        investment managers pursuant to section 4.2, the authority to hold assets
        of the
        trust fund may be allocated to one or more custodians or insurance companies
        pursuant to section 4.3 or this section 2.3 and certain authorities with
        respect
        to the establishment of investment funds, the transfer of assets between
        investment funds and the appointment of investment managers and custodians
        have
        been allocated to the trust committee pursuant to Article 3). Except as
        otherwise provided by law, the trustee shall not be responsible for the
        investment of any assets of the trust fund which are subject to management
        by an
        investment manager or for seeing that the requirement of proper diversification
        of such assets or the total trust fund has been met, and the trustee need
        not
        take into account the investment of any assets of the trust fund which are
        subject to management by an investment manager in meeting the trustee’s
        responsibilities with respect to the assets of the trust fund which are not
        subject to management by an investment manager. The trustee shall have the
        following powers, rights and duties in addition to those provided elsewhere
        in
        this agreement or by law:

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      (a) To
        invest
        and reinvest part or all of the trust fund in any real or personal property
        (including any stocks, mutual fund shares, partnership interests, venture
        capital investments, bonds, debentures, notes, commercial paper, treasury
        bills,
        options (including call options and put options, whether or not covered or
        listed on a recognized trading exchange), warrants, futures (including financial
        futures, stock index futures and commodity futures, whether or not covered
        or
        listed on a recognized trading exchange), short selling of any securities,
        commodities, metals, gems, collectibles, any common, commingled or collective
        trust funds or pooled investment funds described in section 2.5, any deposit
        accounts or funds maintained by a legal reserve life insurance company in
        accordance with an agreement between the trustee and such insurance company
        or a
        group annuity contract issued by such insurance company to the trustee as
        contractholder, any interest-bearing deposits held by any bank or similar
        financial institution, any qualifying employer real property or qualifying
        employer securities, as defined in Sections 407(d)(4) and (5), respectively,
        of
        the Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
        and
        any other real or personal property, and to use in the trustee's discretion
        margin accounts with respect to any of the foregoing investments).

      

      (b) To
        retain
        in cash such amounts as the trustee considers advisable and as are permitted
        by
        applicable law and to deposit any cash so retained in any depository (including
        any bank acting as trustee) which the trustee may select.

      

      (c) To
        manage, sell, insure and otherwise deal with all real and personal property
        held
        by the trustee on such terms and conditions as the trustee shall
        decide.

      

      (d) To
        vote
        stock and other voting securities personally or by proxy (and to delegate
        the
        trustee's powers and discretions with respect to such stock or other voting
        securities to such proxy), to exercise subscription, conversion and other
        rights
        and options (and make payments from the trust fund in connection therewith),
        to
        take any action and to abstain from taking any action with respect to any
        reorganization, consolidation, merger, dissolution, recapitalization,
        refinancing and any other plan or change affecting any property constituting
        a
        part of the trust fund (and in connection therewith to delegate the trustee's
        discretionary powers and pay assessments, sub-scriptions and other charges
        from
        the trust fund), to hold or register any property from time to time in the
        trustee's name or in the name of a nominee or to hold it unregistered or
        in such
        form that title shall pass by delivery (provided that except as authorized
        by
        regulations issued by the Secretary of Labor, the indicia of ownership of
        the
        assets of the trust fund shall not be maintained outside the jurisdiction
        of the
        district courts of the United States) and to borrow from anyone (to the extent
        permitted by law) such amounts from time to time as the trustee considers
        desirable to carry out this trust (and to mortgage or pledge all or part
        of the
        trust fund as security). 

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      (e) To
        tender
        and vote qualifying employer securities held as a part of the trust fund
        as the
        trust committee directs.

      

      (f) When
        directed by an investment manager the trustee shall acquire, retain or dispose
        of such investments as the investment manager directs, when directed by the
        trust committee the trustee shall (i) establish investment funds and transfer
        assets between investment funds (and to a custodian) as the trust committee
        directs, (ii) invest assets in a deposit account or fund or group annuity
        contract maintained or issued by a legal reserve life insurance company (and
        apply for or execute any necessary contract or agreement) as the trust committee
        directs, (iii) acquire, retain or dispose of qualifying employer real property
        or qualifying employer securities as the trust committee directs, and (iv)
        effect withdrawals from the investment funds and distribute the proceeds
        to
        participating trusts or other trusts funding participating plans as the trust
        committee directs, and when advised or directed by an independent fiduciary
        appointed with respect to part or all of the trust fund, the trustee may
        follow
        the advice or direction of such appointed independent fiduciary.

      

      (g) When
        directed by the plan administrator of a participating plan (i) to make payments
        from the trust fund without inquiring as to whether a recipient is entitled
        thereto (and the trustee shall not be liable for any such payment made in
        good
        faith), (ii) to transfer a participant's benefits in accordance with the
        provisions of the plan for his benefit to any other trust or other funding
        entity which forms a part of another pension, profit sharing, savings or
        other
        retirement plan which meets the requirements of a "qualified plan" under
        section
        401(a) of the Code, and (iii) to receive and hold for any participant or
        any
        employee of the employers any qualifying rollover contribution to the plan
        permitted under the plan and any funds or property transferred in accordance
        with the provisions of the plan to the trustee from any other trust or other
        funding entity which forms a part of another pension, profit sharing, savings
        or
        other retirement plan which meets the requirements of a "qualified plan"
        under
        section 401(a) of the Code.

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      (h) To
        waive,
        modify, reduce, compromise, release, contest, arbitrate, settle or extend
        the
        time of payment of any claim or demand of any nature in favor of or against
        the
        trustee or all or any part of the trust fund, to retain any disputed property
        until an appropriate final adjudication or release is obtained, and to maintain
        in the trustee's discretion any litigation the trustee considers necessary
        in
        connection with the plans or the trust fund.

      

      (i) To
        withhold, if the trustee considers it advisable, all or any part of any payment
        required to be made hereunder as may be necessary and proper to protect the
        trustee or the trust fund against any liability or claim on account of any
        estate, inheritance, income or other tax or assessment attributable to any
        benefit payable under a plan, and to discharge any such liability with any
        part
        or all of such payment so withheld provided that at least ten days prior
        to
        discharging any such liability with any amount so withheld the trustee shall
        notify the plan administrator and the trust committee in writing of the
        trustee's intent to do so.

      

      (j) To
        maintain records reflecting all receipts and payments under this agreement
        and
        such other records as the trust committee may specify, which records may
        be
        audited from time to time by the trust committee or anyone named by the trust
        committee.

       

      (k) To
        report
        to the trust committee as of each valuation date (as described in section
        5.3)
        and at such other times as the trust committee may request the then net worth
        of
        each investment fund (that is, the fair market value of all assets of each
        investment fund, less liabilities known to the trustee, other than liabilities
        to persons entitled to benefits under the plans) on the basis of such data
        and
        information as the trustee considers reliable.

      

      (l) To
        furnish periodic accounts to the trust committee for such periods as the
        trust
        committee may specify showing all investments, receipts, disbursements and
        other
        transactions involving the trust during the accounting period, and also showing
        the assets of each investment fund and the trust fund held at the end of
        that
        period (which account shall be conclusive on all persons to the extent permitted
        by law, except as to any act or transaction as to which the trust committee
        files with the trustee written exceptions or objections within 180 days after
        receipt of the account).

      

      (m) To
        furnish the trust committee with such information in the trustee's possession
        as
        the employers may need for tax or other purposes.

      

      (n) To
        employ
        accountants, advisors, agents, counsel, consultants, custodians, depositories,
        experts and other persons, to delegate discretionary powers to such persons
        and
        to reasonably rely upon the information and advice furnished by such persons;
        provided that each such delegation and the acceptance thereof by each such
        persons shall be in writing; and provided further that the trustee may not
        delegate the trustee’s responsibilities (other than custodial responsibilities)
        for the management or control of the assets of the trust fund. The trustee's
        power to appoint custodians pursuant to section 2.4 is in addition to the
        power
        of the trust committee under section 4.3 to designate certain custodians
        which
        serve also as investment managers. 

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      (o) To
        perform all other acts which in the trustee's judgment are appropriate for
        the
        proper management, investment and distribution of the trust fund.

      

      2.4 Custodians.
        In
        addition to the appointment powers of the trust committee in section 4.3
        with
        respect to investment managers also serving as custodians, the trustee may
        designate brokerage firms, banks or other appropriate financial or investment
        entities to serve solely as "custodian" of assets forming a part of the trust
        fund. In such event the trustee shall enter into such custodial agreements
        as it
        considers appropriate and shall transfer such assets of the trust fund for
        which
        the trustee has custodial responsibility as the trustee considers desirable
        to
        the custodian, and the custodian shall have custodial responsibility for
        the
        holding and administration of such assets, as agent of the trustee, until
        its
        employment as a custodian is terminated, at which time the custodian shall
        return the assets to the trustee. Upon the trustee's written consent, a
        custodian shall have the power to delegate its custodial responsibility with
        respect to all or a part of the assets it holds in custody by the appointment
        of
        a subcustodian.

       

      2.5 Collective
        Investment Trusts.
        Subsection 2.3(a) permits the trustee or any investment manager to invest
        any
        part or all of the trust assets for which the trustee or investment manager
        has
        investment responsibility in any common, collective or commingled trust fund
        or
        pooled investment fund which is qualified under section 401(a) and entitled
        to
        tax exemption under section 501(a) of the Code and which is maintained by
        a bank
        or trust company (including a bank or trust company acting as trustee).
        Accordingly, the trustee or any investment manager may invest in any such
        fund,
        provided that any investment of the assets of an investment fund shall comply
        with the investment requirements of that investment fund. To the extent that
        any
        trust assets are invested in any such fund, the provisions of the documents
        under which such common, collective or commingled trust fund or pooled
        investment fund are maintained shall govern any investment therein and such
        provisions, as amended from time to time, are hereby incorporated herein
        and
        made a part of this agreement.

      2.6 Plan
        Accounts.
        A
        separate account (a "plan account") shall be established and maintained in
        the
        name of each participating plan and participating trust to reflect the portion
        of the trust fund attributable to that participating plan or participating
        trust. As of each December 31, and at such other times as the trust committee
        shall direct, each plan account shall be appropriately adjusted, in accordance
        with such rules as may be established by the trust committee, to reflect
        any
        contributions and disbursements made under a plan during the accounting period
        ending on that date and the plan's share of income, losses, appreciation
        and
        depreciation of the trust fund during that accounting period and such other
        items as the trust committee may determine. To the extent investment funds
        are
        established as a part of the trust fund, each plan account shall reflect
        the
        portion of each investment fund attributable to a participating plan or
        participating trust as provided in section 5.4.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      2.7 Single
        Fund.
        Unless
        and only to the extent otherwise directed by the trust committee, all assets
        of
        the trust fund and of each investment fund, and the income thereon, shall
        be
        held and invested as a single fund for the purpose of providing benefits
        under
        the plans as they apply to the employers and their respective employees,
        and the
        trustee shall not be required to make any separate investment of the trust
        fund
        or an investment fund for the account of any single plan. If for any purpose
        it
        becomes necessary as of any date to determine the portion of the trust fund
        or
        any investment fund allocable to any single plan or to any particular group
        of
        employees or former employees of any employer covered by a plan, such portion
        of
        the trust fund or investment fund shall be determined by the trust committee.
        In
        making such determination, the trust committee shall take into consideration
        the
        separate plan accounts maintained to reflect the assets of each plan and
        such
        other factors as the trust committee considers appropriate, and may obtain
        the
        advice and assistance of an actuary selected by the trust committee for this
        purpose. Any such determination by the trust committee shall be conclusive
        upon
        the employers, employees and former employees of the employers and all other
        persons. The trustee shall have no duty or responsibility to question any
        determination or direction by the trust committee under this
        section.

       

       

      ARTICLE
        3

      

      The
        Trust Investment Committee

      

      

      3.1 The
        Trust Investment Committee.
        The
        responsibilities described in section 3.2 regarding the investment of the
        assets
        of this trust are the responsibilities of the trust investment committee
        (the
        "trust committee") consisting of one or more persons appointed by the company
        for this purpose. Harold C. Simmons, Paul Bass and J. Walter Tucker, Jr.
        are the
        current members of the trust committee. The company will certify to the trustee
        from time to time the persons appointed as members of the trust committee
        and
        the persons who are selected as chairman and secretary, respectively, of
        the
        trust committee, and the trustee may rely on the latest certificate received
        by
        the trustee. With respect to any direction of the trust committee, the trustee
        may rely on an instrument signed by a majority of the trust committee members
        or
        by the chairman or secretary of the trust committee.

       

       

      3.2 Trust
        Committee's Powers and Duties.
        In
        addition to the powers, rights and duties granted to or imposed on the trust
        committee elsewhere in this agreement or by law, the trust committee shall
        have
        the following powers, rights and duties with respect to the trust
        fund:

      (a) To
        appoint and remove investment managers and custodians pursuant to sections
        4.2
        and 4.3, respectively.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      (b) From
        time
        to time to direct the trustee to establish investment funds, including
        segregated investment funds not to be held as a single fund under section
        2.7
        for all plans hereunder but to be held as a segregated investment fund for
        one
        or more but less than all of the plans participating in this trust, to transfer
        assets between investment funds, to transfer assets of an investment fund
        held
        by the trustee to a custodian, or to invest assets in a deposit account or
        fund
        or group annuity contract maintained or issued by a legal reserve life insurance
        company (and to apply for or execute any necessary con-tract or agreement:
        provided that any such contract or agreement must meet the requirements of
        a
        guaranteed benefit policy as defined in Section 401(b)(2)(B) of
        ERISA).

      

      (c) From
        time
        to time to direct the trustee to acquire, retain or dispose of qualifying
        employer real property or qualifying employer securities (subject to the
        applicable limitation of Section 407 of ERISA) and to tender and vote qualifying
        employer securities as the trust committee directs.

      

      (d) To
        establish and review from time to time an appropriate investment policy and
        invest-ment guidelines regarding the investment of the trust fund and to
        report
        from time to time to the employers regarding such policy and guidelines (and
        any
        modifications thereto) and regarding the investment performance of the trust
        fund, any investment funds and any appointed investment managers.

      

      (e) To
        authorize the payment, from the trust fund, of amounts to reimburse the company
        or any employer for direct expenses incurred in connection with the management
        or administration of the plans or the trust.

       

      3.3 Manner
        of Action of Trust Committee.
        The
        members of the trust committee may act at a meeting (including a meeting
        at
        different locations by telephone conference) or in writing without a meeting
        and
        any trust committee member by writing may delegate any or all of his rights,
        powers, duties and discretions to any other member with the consent of such
        other member. The action or decision of a majority of the members of the
        trust
        committee as to a matter shall be considered the action or decision of the
        trust
        committee. If there shall be an even division of the members of the trust
        committee on any question, a disinterested party selected by the trust committee
        shall decide the matter and such party's decision shall be controlling. The
        certificate of the chairman or secretary of the trust committee that it has
        taken or authorized any action shall be conclusive in favor of any person
        relying on such certification. Subject to applicable law, no member of the
        trust
        committee shall be liable for an act or omission of the other trust committee
        members in which the former had not concurred.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      3.4 Resignation
        or Removal of Trust Committee Member.
        Any
        trust committee member may resign at any time by giving 10 days’ prior written
        notice to the company, and the company may remove any trust committee member
        by
        giving prior written notice to the trust committee member. The company shall
        notify the other trust committee members of any resignation or removal of
        a
        trust committee member and the appointment of a successor trust committee
        member.

       

       

      ARTICLE
        4

      

      Investment
        Funds, Investment Managers and Custodians

      

      

      4.1 Investment
        Funds.
        From
        time to time the trust committee may cause the trustee to establish one or
        more
        investment funds (the "investment funds") for the purpose of reflecting the
        separate investment and reinvestment of the trust fund. The trust committee
        shall be responsible for allocating the assets of the trust fund among the
        investment funds. The trustee shall have responsibility for the investment
        of an
        investment fund unless an investment manager has been appointed with respect
        to
        that fund or unless the investment fund is invested in a deposit account,
        deposit administration fund or group annuity contract established with a
        legal
        reserve life insurance company. All income, losses, appreciation and
        depreciation attributable to the assets of an investment fund shall be credited
        to that fund. Investments of each investment fund shall be made in accordance
        with investment guidelines established by the trust committee for that
        investment fund. The trust committee shall provide the trustee and each
        investment manager appointed with respect to an investment fund with the
        investment guidelines for that fund and with any modifications in such
        investment guidelines made from time to time by the trust committee.
        Notwithstanding the fact that an investment manager may be appointed with
        responsibility for the management of an investment fund, unless directed
        other-wise by the investment manager the trustee shall have the respon-sibility
        for the investment of cash balances held by the trustee from time to time
        as a
        part of such investment fund in short term cash equivalents (such as short
        term
        commercial paper, treasury bills and similar securities, and for this purpose
        the trustee may invest in any appropriate common, commingled or collective
        short
        term investment fund). In addition, the trustee shall have the power, right
        and
        duty to sell any such short term investments as may be necessary to carry
        out
        the instructions of the investment manager with respect to the investment
        of the
        investment fund.

      4.2 Investment
        Managers.
        The
        trust committee may from time to time appoint one or more professional
        investment advisers other than the trustee as an "investment manager" of
        the
        entire trust fund or any investment fund maintained as a part of the trust
        fund.
        Any such appointment shall be made by written notice to the investment manager
        and the trustee and shall specify the portion of the trust fund to be managed
        by
        the investment manager and the powers, rights and duties of the trustee
        hereunder that are allocated to the investment manager with respect to such
        portion of the trust fund. Upon such notice to the trustee of the appointment
        of
        an investment manager, the investment manager shall be authorized to direct
        the
        trustee regarding the invest-ment and reinvestment of the assets of the portion
        of the trust fund subject to management by the investment manager and the
        trustee shall receive, hold and transfer assets purchased or sold by the
        investment manager in accordance with its directions. The appointment of
        an
        investment manager shall continue in effect until the trustee receives written
        notice to the contrary from the trust committee or the investment manager.
        An
        investment manager may resign at any time upon 30 days’ prior written notice to
        the trust committee and the trustee and the trust committee may remove an
        investment manager at any time upon prior written notice to the investment
        manager and the trustee. An investment manager shall have complete investment
        responsibility for the assets of the trust fund with respect to which it
        has
        been appointed as investment manager and, except as otherwise provided by
        law,
        the trustee shall have no obligation as to the investment of such assets
        during
        the period they are subject to management by an investment manager. Each
        investment manager appointed pursuant to this section shall be a registered
        investment adviser under the Investment Advisers Act of 1940, a bank (as
        defined
        in said Act), or a legal reserve life insurance company qualified to manage
        the
        assets of the plan under the laws of more than one state. In addition, each
        investment manager shall be required to acknowledge to the trust committee
        in
        writing that it accepts such appointment and that it is a fiduciary with
        respect
        to the plan and trust.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      4.3 Investment
        Manager Custodians.
        If a
        national banking association or a state bank is appointed by the trust committee
        as the invest-ment manager of any investment fund, the trust committee may,
        with
        the trustee's consent, also designate such bank to be employed by the trustee
        as
        "custodian" of the assets from time to time forming part of that investment
        fund. In such event, the trustee shall enter into an appropriate custodial
        agreement with the bank appointed as investment manager naming the investment
        manager as custodian of the investment fund and delegating the trustee's
        powers
        with respect to the management of the investment fund to the custodian. Upon
        such an appointment the trustee shall transfer the assets of the investment
        fund
        to the custodian and the custodian shall have responsibility for the holding
        and
        administration of the assets of the investment fund, as agent of the trustee,
        until its employment as custodian is terminated, at which time the custodian
        shall return all assets of the invest-ment fund to the trustee. Notwithstanding
        the foregoing, if the trust committee designates a legal reserve life insurance
        company as the investment manager of any investment fund, the trust committee
        may also designate the insurance company as custodian of the investment fund.
        In
        such event, the trustee shall execute an appropriate agreement reflecting
        the
        investment of the assets of that investment fund by the insurance company
        and
        the insurance company shall for purposes of this agreement be deemed to be
        the
        custodian of the assets of the investment fund for which the insurance company
        is designated as investment manager. In addition to its duties as investment
        manager, each custodian shall maintain the records and accounts and shall
        submit
        to the appropriate persons the periodic reports otherwise required of the
        trustee with respect to the portion of the trust fund held by the
        custodian.

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      ARTICLE
        5

      

      Participating
        Plans and Trusts, Trust Accounting

      

      

      5.1 Eligible
        Plans and Trusts.
        Any
        pension, profit sharing, savings or other retirement plan maintained or
        hereafter established, adopted or assumed by an employer which meets the
        requirements of a qualified plan under Section 401(a) of the Code shall be
        considered an "eligible plan" and any trust maintained or hereafter established,
        adopted or assumed by an employer which is exempt from taxation under Section
        501(a) of the Code and which forms a part of a pension, profit sharing, savings
        or other retirement plan which meets the requirements of Section 401(a) of
        the
        Code shall be considered an "eligible trust"; provided that such plan or
        trust
        permits the deposit of part or all of its assets in this trust and allows
        the
        trust committee to have investment responsibility with respect to the assets
        of
        such plan or trust.

      5.2 Participating
        Plans and Trusts.
        At the
        direction of the trust committee the trustee shall accept a transfer of assets
        from an eligible plan or an eligible trust and, upon the acceptance of such
        assets, such eligible plan or eligible trust shall become a participating
        plan
        or participating trust, as the case may be, under this trust. Until all of
        its
        investments in this trust have been withdrawn and the proceeds distributed,
        a
        participating plan or participating trust shall continue as such. As provided
        in
        section 2.6, the trustee shall establish and maintain a separate plan account
        in
        the name of each participat-ing plan and participating trust to reflect the
        investments in the trust fund or investment funds under this trust of such
        participating plan or participating trust. By virtue of its investment herein,
        each plan participating herein as a partici-pating plan or through a
        participating trust shall be considered to have incorporated as a part of
        such
        plan the provisions of this trust, and such provisions shall govern all
        investments herein.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      5.3 Trust
        Valuations.
        A
        "valuation date" shall be the date of the initial deposit by a participating
        plan or partici-pating trust hereunder, the last day of each calendar month
        ending after that date and any other date designated as such by the trust
        committee. The adjusted net worth of each separate investment fund (or, if
        none,
        of the entire trust fund) shall be determined as of each valuation date before
        giving effect to any withdrawals from that fund as of that date or any new
        or
        addi-tional investments in that fund as of that date. For purposes hereof,
        a
        deposit by a participating plan or participating trust in an investment fund
        (whether a new deposit or a transfer from another investment fund) may be
        referred to as an "investment" in the investment fund.

      5.4 Unit
        or Other Accounting Basis.
        Unless
        the trust committee establishes another accounting method or modifies the
        method
        set forth below, investments of a participating plan or participating trust
        in
        an investment fund shall be reflected in the plan account for that plan on
        a
        "unit" basis. As of the date of the initial investment in an investment fund
        by
        any participating plan or participating trust, an initial unit value shall
        be
        determined for that investment fund such that the plan's investment in that
        fund
        shall be represented by a number of full units, each of which have a value
        between ten dollars and eleven dollars, carried to the sixth decimal. Such
        number of units shall be credited to the account of the participating plan
        or
        participating trust as of the initial valuation date for that investment
        fund.
        As of each subsequent valuation date:

      (a) The
        unit
        value of each investment fund shall be revalued by adjusting the value of
        all
        outstanding units upward or downward so that the total value of all such
        units
        equals the adjusted net worth of that investment fund.

      

      (b) Withdrawals
        to be made from that investment fund as of that date shall be made on the
        basis
        of the new unit value as of that date and the accounts of participating plans
        or
        participating trusts withdrawing part or all of their investments as of that
        date shall be charged accordingly.

      

      (c) The
        accounts of participating plans or participating trusts making new or additional
        investments in the investment fund as of that valuation date shall be credited
        with units based on the new unit value as of that valuation date.

      

      From
        time
        to time the trust committee may direct the trustee to divide or combine units
        so
        that units shall have a greater or lesser value under an investment fund.
        With
        the consent of the trust committee, deposits in an investment fund may be
        made
        in property other than cash, valued at its fair market value, as determined
        by
        the trustee. All deposits to an investment fund may be made only at the
        direction of the trust committee and only as of a valuation date, and all
        withdrawals, transfers and distributions from an investment fund may be made
        only at the direction of the trust committee and only as of a valuation date.
        The trust committee shall direct such withdrawals at the request of an employer
        that maintains or adopts a participating plan or a participating trust.
        Notwithstanding the foregoing, if it is determined that a participating plan
        or
        participating trust has ceased to be a qualified employer plan or qualified
        employer trust for any reason, all investments of that participating plan
        or
        participating trust shall be withdrawn and distributed to the participating
        plan
        or participating trust as soon as practicable thereafter. If the date of
        such
        distribution is not otherwise a valuation date, such date shall be a special
        valuation date hereunder.

      

      
        
          
          

        

        
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      ARTICLE
        6

      

      General
        Provisions

      

      

      6.1 Qualification
        of the Plans and Trust.
        The
        plans and the trust taken together are intended to qualify under Section
        401 of
        the Code and the trust is intended to qualify for tax exemption under Section
        501(a) of the Code (or under any comparable provisions of any future legislation
        which amend or supersede said provisions of the Code). Unless and until advised
        to the contrary the trustee, any investment managers and all other persons
        dealing with the trustee and any investment manager shall be entitled to
        assume
        that the plans and the trust are so qualified and tax exempt.

      6.2 Restrictions
        on Reversion.
        Except
        to the extent permitted by a plan, the employers shall have no right, title
        or
        interest in the assets of the trust fund, nor will any part of the assets
        of the
        trust fund revert or be repaid to any employer or be diverted to any purpose
        other than as permitted under the plan.

      6.3 Nonalienation
        of Plan Benefits.
        The
        rights or interests of any plan participant or any plan participant's
        beneficiaries to any benefits or future payments hereunder shall not be subject
        to attachment or garnishment or other legal process by any creditor of any
        such
        plan participant or beneficiary, nor shall any such plan participant or
        beneficiary have any right to alienate, anticipate, commute, pledge, encumber
        or
        assign any of the benefits or rights which he or she may expect to receive
        (contingently or otherwise) under a plan or this trust, except as may be
        required by the tax withholding provisions of the Code or of a state's income
        tax act.

      6.4 Litigation.
        In any
        action or proceeding regarding this trust, the trust committee, any plan
        benefits or the administration of a plan, employees or former employees of
        the
        employers, their beneficiaries and any other persons having or claiming to
        have
        an interest in this trust or the plan shall not be necessary parties and
        shall
        not be entitled to any notice of process. Any final judgment which is not
        appealed or appealable and which may be entered in any such action or proceeding
        shall be binding and conclusive on the parties hereto and all persons having
        or
        claiming to have any interest in this trust or the plans. To the extent
        permitted by law, if a legal action is begun against the plan administrator,
        the
        employers, the trust committee or the trustee by or on behalf of any person
        and
        such action results adversely to such person, or if a legal action arises
        because of conflicting claims to a plan participant's or other person's
        benefits, the costs to the employers, the plan administrator, the trust
        committee or the trustee of defending the action will be charged to the sums,
        if
        any, which were involved in the action or were payable to the plan participant
        or other person concerned. Acceptance of participation in a plan shall
        constitute a release of the employers, the plan administrator, the trust
        committee, the trustee and their agents from any and all liability and
        obligation not involving willful misconduct or gross neglect to the extent
        permitted by applicable law.

       

      
        
          
          

        

        
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      6.5 Trustee's
        Action Conclusive.
        Except
        as otherwise provided by law, the trustee's exercise or non-exercise of its
        powers and discretions in good faith shall be conclusive on all persons.
        No one
        shall be obliged to see to the application of any money paid or property
        delivered to the trustee, except to the extent such person is acting as an
        investment manager as respects such money or property. The certificate of
        the
        trustee that the trustee is acting according to this agreement will fully
        protect all persons dealing with the trustee. If there is a disagreement
        between
        the trustee and anyone as to any act or transaction reported in any accounting,
        the trustee shall have the right to a settlement of its account by any proper
        court.

      6.6 Liabilities
        Mutually Exclusive.
        To the
        extent permitted by law, the trustee, the employers, the trust committee,
        the
        plan administrators of the plans and the investment managers shall be
        responsible only for their own respective acts or omissions.

      6.7 Indemnification.
        To the
        extent permitted by law, no person (including the trustee, any former trustee,
        the trust committee, any present or former trust committee member, any present
        or former plan administrator, and any present or former director, officer
        or
        employee of an employer) shall be personally liable for any act done or omitted
        to be done in good faith in the administration of the plans or this trust
        or the
        investment of the trust fund. To the extent permitted by law, each present
        or
        former director, officer or employee of an employer and each present or former
        custodian to whom the plan administrator, the trust committee or an employer
        has
        delegated any portion of its responsibilities under the plans, each present
        and
        former trust committee member, each present or former trustee and each present
        or former plan administrator shall be indemnified and saved harmless by the
        employers (to the extent not indemnified or saved harmless under any liability
        insurance or other indemnification arrangement with respect to the plans
        or this
        trust) from and against any and all claims of liability to which they are
        subjected by reason of any act done or omitted to be done in good faith in
        connection with the administration of the plans or this trust or the investment
        of the trust fund, including all expenses reasonably incurred in their defense
        if the employers fail to provide such defense; provided, however, that each
        present or former corporate trustee shall be indemnified and saved harmless
        only
        with respect to claims of liability to which such corporate trustee is subjected
        by reason of its compliance with any directions given in accordance with
        the
        provisions of the plans or this trust by an investment manager, the plan
        administrator, the trust committee or any person duly authorized by the plan
        administrator, the trust committee or the employers, or, if the trustee is
        not
        required by law to act without the receipt of such directions, by its failure
        to
        act in the absence of such directions.

       

      
        
          
          

        

        
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      6.8 Compensation
        and Expenses.
        All
        reasonable compensation, costs, charges and expenses incurred in the
        administration of this trust, as agreed upon between the company and the
        trustee
        or trust committee, between the trust committee and an investment manager,
        custodian, or insurance company, or between the company, trustee or trust
        committee and any agent, expert, counsel or other person, will, to the extent
        not paid by the employers in such proportions as the company shall direct,
        be
        paid from the trust fund; provided that expenses incurred in connection with
        the
        sale, investment and reinvestment of the trust fund (such as brokerage, postage,
        express and insurance charges and transfer taxes) shall be paid from the
        trust
        fund. The
        company and any employer may initially pay any direct expense pertaining
        to the
        management or administration of the plans or the trust and later obtain
        reimbursement from the trust fund for such expenses incurred in any year
        of the
        trust for which this provision is effective. Such direct expenses include,
        but
        are not limited to, reasonable arrangements for office space; legal, accounting
        or other services necessary for the administration of the plans or the trust;
        or
        compensation paid to employees of the company or any employer for the provision
        by such employees of trustee or investment management services for the benefit
        of the plans or the trust. The trustee will be entitled to reasonable
        compensation for services rendered; provided, however, that the trustee will
        not
        be entitled to payment of direct compensation for services rendered with
        respect
        to a participating plan if the trustee already receives full-time pay from
        the
        employer whose employees are participants in that plan. The foregoing sentence
        shall not operate to prohibit the company or any employer from receiving
        reimbursement for the payment of reasonable compensation to the trustee,
        provided the trust committee determines that the reimbursement of such
        compensation from the trust fund satisfies the requirements for a statutory
        exemption from the prohibited transaction provisions of ERISA.

      6.9 Action
        by the Employers.
        Any
        action required or permitted of an employer under this trust shall be by
        resolution of its Board of Directors, by a duly authorized committee of its
        Board of Directors, or by a person or persons authorized by resolution of
        its
        Board of Directors or such committee. 

      6.10 Warranty.
        The
        employers warrant that all directions or authorizations by a plan administrator
        or the trust committee, whether for the payment of money or otherwise, will
        comply with the plans and this trust. 

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      6.11 Evidence.
        Evidence required of anyone under this agreement shall be signed, made or
        presented by the proper party or parties and may be by certificate, affidavit,
        document or other information which the person acting on it considers pertinent
        and reliable.

      6.12 Waiver
        of Notice.
        Any
        notice required under this agreement may be waived by the person entitled
        to
        such notice.

      6.13 Counterparts.
        This
        agreement may be executed in two or more counterparts, any one of which will
        be
        an original without reference to the others. 

      6.14 Gender
        and Number.
        Words
        denoting the masculine gender shall include the feminine and neuter genders
        and
        the singular shall include the plural and the plural shall include the singular
        wherever required by the context.

      6.15 Successors.
        This
        trust will be binding on all persons entitled to benefits hereunder and their
        respective heirs and legal representatives, and on the plan administrators,
        the
        trust committee, the trustee and their successors.

      6.16 Severability.
        If any
        provision of this agreement is held to be illegal or invalid, such illegality
        or
        invalidity shall not affect the remaining provisions of this agreement, and
        this
        agreement be construed and enforced as if such illegal or invalid provisions
        had
        never been inserted therein.

      6.17 Statutory
        References.
        Any
        references in this agreement to a Section of the Code or of ERISA shall include
        any comparable section or sections of any future legislation which amends,
        supplements or supersedes said Section.

      6.18 Applicable
        Law.
        The
        trust shall be construed in accordance with the provisions of ERISA and other
        applicable federal law and, to the extent not inconsistent with such laws,
        with
        the laws of the state of Texas.

      6.19 Provisions
        To Comply With Revenue Ruling 81-100.
        This
        trust is hereby adopted as a part of each plan. Each plan and each related
        trust
        which implements a plan shall be eligible to invest its assets through this
        trust, and each such plan shall by virtue of such investments be considered
        to
        have incorporated as a part thereof the provisions of this trust. Only those
        plans and trusts which remain qualified and tax exempt under Sections 401(a)
        and
        501(a) of the Code may continue to invest their assets in this trust. No
        assets
        of a plan may be used for or diverted to any purpose other than for the
        exclusive benefit of participants and beneficiaries under such plan, and
        no
        assets of a plan held under this trust may be assigned or alienated by
        participants in such plan or by such plan. This trust has been created as
        a
        trust under the laws of the State of Texas and at all times shall be maintained
        as such.

      

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      ARTICLE
        7

      Resignation
        or Removal of Trustee

      

      7.1 Resignation
        or Removal of Trustee.
        A
        trustee may resign at any time by giving 30 days’ prior written notice to the
        company and the trust committee, and the company may remove a trustee by
        giving
        prior written notice to the trustee and the trust committee. The trust committee
        shall notify the investment managers, plan administrators and employers of
        any
        changes in trustee.

      7.2 Successor
        Trustee.
        In the
        event of the resignation or removal of a trustee, a successor trustee shall
        be
        appointed by the company as soon as practicable. Notice of any such appointment
        shall be given by the company to the retiring trustee, the successor trustee
        and
        the trust committee.

      7.3 Duties
        of Retiring and Successor Trustees.
        In the
        event of the resignation or removal of a trustee, the retiring trustee shall
        promptly furnish to the successor trustee and the trust committee a final
        account of its administration of the trust. A successor trustee shall succeed
        to
        the right and title of the predecessor trustee in the assets of the trust
        fund
        and the retiring trustee shall deliver the property comprising the trust
        fund to
        the successor trustee together with any instruments of transfer, conveyance,
        assignment and further assurance as the successor trustee may reasonably
        require. Each successor trustee shall have all the powers conferred by this
        agreement as if originally named trustee. To the extent permitted by law,
        no
        successor trustee shall be personally liable for any act or failure to act
        of a
        predecessor trustee.

       

      ARTICLE
        8

      

      Amendment
        and Termination

      

      

      8.1 Amendment.
        This
        trust may be amended from time to time by the company; provided that the
        duties
        and liabilities of the trustee, the trust committee or the plan administrator
        of
        a participating plan cannot be changed substantially without its consent;
        and
        provided further that, except as is contemplated by and is consistent with
        the
        provisions of sections 6.2 and 6.8, under no condition shall an amendment
        result
        in the return or the repayment to the employers of any part of the trust
        fund or
        the income from it or result in the distribution of the trust fund for the
        benefit of anyone other than persons entitled to benefits under the
        plans.

       

      
        
          
          

        

        
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      8.2 Termination.
        If a
        plan is terminated, this trust and all the rights, titles, powers, duties,
        discretions and immunities imposed on or reserved to the trustee, the employers,
        any investment managers, the trust committee and the plan administrator shall
        continue in effect with respect to the plan until all assets of the plan
        have
        been distributed by the trustee either to the participating trust implementing
        the plan or, if no such participating trust implements the plan, as directed
        by
        the plan administrator under the plan.

      

      

        

          IN
            WITNESS WHEREOF, the
            company has caused this agreement to be signed and attested by its duly
            authorized officers, and the trustee has signed this agreement, as of
            the day
            and year first above written.

           

          

            

            CONTRAN
              CORPORATION

            

            By:
              /s/
              Steven L.
              Watson                   

            Steven
              L.
              Watson

            

            Its
                   President                          

            ATTEST:
              

            

            /s/
              A.
              Andrew R. Louis    

            

            Its:
                 Secretary               

            

            

            /s/
              Harold C.
              Simmons                   

            Harold
              C.
              Simmons, As Trustee

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