Document:

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                                                                   Exhibit 10(v)

                       RETIREMENT PLAN FOR DIRECTORS OF
                              H.B. FULLER COMPANY
                                 1994 REVISION

                        First Declaration of Amendment
                        ------------------------------

Pursuant to Section 9 of the Retirement Plan for Directors of H.B. Fuller
Company--1994 Revision, the Company hereby amends the Plan as follows:

     1.   Section 4 is amended by adding the following additional sentences at
the end thereof, to read as follows:

      "Notwithstanding the foregoing, but subject to the limitations of Section
      11, a Director may elect to receive 90% of the present value of the
      benefit payable to the Director under this Section 4 in a lump sum. The
      lump sum will be paid on the date the installment payments described in
      this section would otherwise begin, and it will be in lieu of any other
      benefit payments to the Director and his or her Beneficiary. Such an
      election shall be made in writing delivered to the Administrator at least
      30 days prior to the date the Director's installment payments would
      otherwise begin, and it will be irrevocable when received by the
      Administrator. The present value of a Director's installment payments will
      be determined by discounting the payments at a rate equal to the average
      interest rate on 30-year U.S. Treasury obligations as of the last day of
      the second month preceding the month in which the lump sum payment is
      made."

     2.   Section 5(e) of the Plan is amended in its entirety, to read as
follows:

     "(e) Present Value The present value of installment payments will be
          -------------
          determined by discounting the payments at a rate equal to the average
          interest rate on 30-year U.S. Treasury obligations as of the last day
          of the second month preceding the month in which the lump sum payment
          is made."

     3.   A new Section 13 is added to the Plan, to read as follows:

     "13. CHANGE IN CONTROL
          -----------------

          (a)     Special Provisions. Notwithstanding anything in this Plan to
                  ------------------
                  the contrary, the following provisions will apply upon and
                  after the occurrence of a Change in Control:

                  (i)      Each Director will be deemed to have completed 10
                           Years of Service or, if greater, the Years of Service
                           actually completed by the Director.

                  (ii)     Each Director will be deemed to have attained age 60
                           or, if greater, the age actually attained by the
                           Director.

                  (iii)    The Plan may not be amended in a manner that would
                           reduce, impair, or otherwise adversely affect a
                           Director's right to receive any benefit under the
                           Plan, and the Plan may not be terminated with respect
                           to any Director, without the Director's written
                           consent. In addition, any amendment to or termination
                           of the Plan that reduces, impairs, or otherwise
                           adversely affects a Director's right to receive any
                           benefit which is adopted or effected, without the
                           Director's written consent, during the 12 consecutive
                           month period immediately preceding the occurrence of
                           a Change in Control shall be null and void from the
                           date of its adoption.

          (b)     Limitation; Make Whole Payment.
                  ------------------------------

                  (i)      If any payments or other benefits due to a Director
                           under this Plan and/or under any other plan or
                           program of the Company would be subject to the tax
                           (the `Excise Tax') imposed by section 4999 of the
                           Code, and if the amount of the Director's `parachute

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                           payments' (as defined in section 280G(b)(2) of the
                           Code) with respect to such Change in Control does not
                           exceed 330% of the Director's `base amount' (as
                           defined in section 280G(b)(3) of the Code), then such
                           payments or other benefits shall be adjusted until
                           the amount of the parachute payments equals 299% of
                           such base amount. The adjustments shall be made in
                           such manner, and to such payments or other benefits,
                           as the Director and the Company shall mutually agree.

                  (ii)                            If any payments or other
                           benefits due to the Director under this Plan and/or
                           under any other plan or program of the Company would
                           be subject to the Excise Tax, and if the amount of
                           the Director's parachute payments (as defined in
                           subparagraph (i)) exceeds 330% of the Director's base
                           amount (as defined in subparagraph (i)), the Company
                           shall pay to the Director an additional amount (the
                           `Make Whole Payment') so that the net amounts
                           retained by the Director, after the deduction of the
                           Excise Tax and any federal, state, local, and foreign
                           income taxes and Excise Taxes imposed upon the Make
                           Whole Payment, shall be equal to the payments and
                           other benefits the Director would have received in
                           the absence of the Excise Tax. The Make Whole Payment
                           shall be paid to the Director at least 30 days prior
                           to the date on which the Excise Tax is payable by the
                           Director.

                  (iii)                           For purposes of determining
                           the amount of the Make Whole Payment, the Director
                           shall be deemed to pay federal income tax at the
                           highest marginal rate of federal income taxation in
                           the calendar year(s) in which the Make Whole Payment
                           is to be made and state, local and foreign income
                           taxes at the highest marginal rates of taxation in
                           the state and locality or foreign jurisdiction of the
                           Director's residence, net of the reduction in federal
                           income taxes which could be obtained from any
                           deduction or credit attributable to the state, local
                           or foreign taxes. If, after a Make Whole Payment has
                           been made, the Excise Tax is determined to be less
                           than the Make Whole Payment, the Director shall repay
                           to the Company at the time that the amount of such
                           reduction in Excise Tax is finally determined the
                           portion of the Make Whole Payment attributable to
                           such reduction, plus interest on the amount of such
                           repayment at the rate provided in section
                           1274(b)(2)(B) of the Code. If, after a Make Whole
                           Payment has been made, the Excise Tax is determined
                           to exceed the amount of the Make Whole Payment
                           (including by reason of any payment the existence or
                           amount of which cannot be determined at the time of
                           the Make Whole Payment), the Company shall make an
                           additional Make Whole Payment in respect of such
                           excess, plus interest on the amount of such payment
                           at the rate provided in section 1274(b)(2)(B) of the
                           Code, at the time that the amount of such excess is
                           finally determined.

          (c)     Definitions.  For the purposes of this section:
                  -----------

                  (i)      A `Change in Control' shall be deemed to have
                           occurred upon any of the following events:

                           (A)     a change in the control of the Company of a
                                   nature that would be required to be reported
                                   in accordance with Regulation 14A promulgated
                                   under the Securities Exchange Act of 1934
                                   (the `Exchange Act'), whether or not the
                                   Company is then subject to such reporting
                                   requirement;

                           (B)     a public announcement (which, for purposes
                                   hereof, shall include, without limitation, a
                                   report filed pursuant to Section 13(d) of the
                                   Exchange Act) that any individual,
                                   corporation, partnership, association, trust
                                   or other entity becomes the `beneficial
                                   owner' (as defined in Rule 13d-3 promulgated
                                   under the Exchange Act), directly or
                                   indirectly, of securities of the Company
                                   representing 15% or more of the Voting Power
                                   of the Company then outstanding;

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                           (C)     the individuals who, as of the effective date
                                   of this Section 13, are members of the Board
                                   of Directors of the Company (the `Incumbent
                                   Board') cease for any reason to constitute at
                                   least a majority of the Board (provided,
                                   however, that if the election or nomination
                                   for election by the Company's shareholders of
                                   any new director was approved by a vote of at
                                   least a majority of the Incumbent Board, such
                                   new director shall be considered to be a
                                   member of the Incumbent Board);

                           (D)     the approval of the shareholders of the
                                   Company of: (1) any consolidation, merger, or
                                   statutory share exchange of the Company with
                                   any person in which the surviving entity
                                   would not have as its directors at least 60%
                                   of the Incumbent Board and as a result of
                                   which those persons who were shareholders of
                                   the Company immediately prior to such
                                   transaction would not hold, immediately after
                                   such transaction, at least 60% of the Voting
                                   Power of the Company then outstanding or the
                                   combined voting power of the surviving
                                   entity's then outstanding voting securities;
                                   (2) any sale, lease, exchange or other
                                   transfer in one transaction or series of
                                   related transactions of substantially all of
                                   the assets of the Company; or (3) the
                                   adoption of any plan or proposal for the
                                   complete or partial liquidation or
                                   dissolution of the Company; or

                           (E)     a determination by a majority of the members
                                   of the Incumbent Board, in their sole and
                                   absolute discretion, that there has been a
                                   Change in Control of the Company.

                 (ii)      `Voting Power,' when used with reference to the
                           Company, shall mean the voting power of all classes
                           and series of capital stock of the Company now or
                           hereafter authorized other than the voting power of
                           any of the shares of Series A preferred stock
                           outstanding as of the effective date of this Section
                           13.

                 (iii)     `Code' means the Internal Revenue Code of 1986, as
                           amended."

This amendment shall be effective as of the date of this instrument, and it
shall apply to all eligible Directors whose benefit payments had not commenced
on that date.

IN WITNESS WHEREOF, the Company has caused this instrument to be executed this
10/th/ day of February          , 1999.
------        -----------------

                                               H.B. FULLER COMPANY

                                               /s/ Albert P.L. Stroucken
                                               --------------------------
                                               Chief  Executive Officer

                                               /s/ Norbert R. Berg
                                               -------------------------
                                               Chairman Compensation Committee

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                                                                   Exhibit 10(w)
                              H.B. FULLER COMPANY

                            DIRECTORS BENEFIT TRUST

     THIS AGREEMENT is made by and between H.B. Fuller Company (the "Company")
and U.S. Bank National Association, a national banking association (the
"Trustee").

                              W I T N E S S E T H:

     WHEREAS, the Company has established a plan for Directors and may establish
one or more other such plans, each of which is listed on Exhibit A to this
Agreement and is referred to in this Agreement as the "Plan" or collectively as
the "Plans;" and

     WHEREAS, the Company desires to establish a trust for the purpose of
implementing the provisions of the Plans;

     NOW, THEREFORE, in order to establish a trust under the Plans and in
consideration of the mutual undertakings of the parties, it is agreed as
follows.

                                   ARTICLE 1

                             RULES OF CONSTRUCTION

     .1   General Definitions.  Unless the context otherwise indicates, the
          -------------------
terms used in this Agreement are given the meanings ascribed to them by the Plan
with respect to which they are being applied.

     .2   Grantor Trust.  The Trust is intended to be a grantor trust described
          -------------
in section 671 of the Internal Revenue Code, and shall be construed accordingly.

     .3   "Change in Control."  A Change in Control shall be deemed to have
           -----------------
occurred upon any of the following events:

               (a)  a change in the control of the Company of a nature that
     would be required to be reported in accordance with Regulation 14A
     promulgated under the Securities Exchange Act of 1934 (the "Exchange Act"),
     whether or not the Company is then subject to such reporting requirement;

               (b)  a public announcement (which, for purposes hereof, shall
     include, without limitation, a report filed pursuant to Section 13(d) of
     the Exchange Act) that any individual, corporation, partnership,
     association, trust or other entity becomes the "beneficial owner" (as
     defined in Rule 13d-3 promulgated under the Exchange Act), directly or
     indirectly, of securities of the Company representing 15% or more of the
     Voting Power of the Company then outstanding;

               (c)  the individuals who, as of the date of this Agreement, are
     members of the Board of Directors of the Company (the "Incumbent Board")
     cease for any reason to constitute at least a majority of the Board
     (provided, however, that if the election or nomination for election by the
     Company's shareholders of any new director was approved by a vote of at
     least a majority of the Incumbent Board, such new director shall be
     considered to be a member of the Incumbent Board);

               (d)  the approval of the shareholders of the Company of: (i) any
     consolidation, merger, or statutory share exchange of the Company with any
     person in which the surviving entity would not have as its directors at
     least 60% of the Incumbent Board and as a result of which those persons who
     were shareholders of the Company immediately prior to such transaction
     would not hold, immediately after such transaction, at least 60% of the
     Voting Power of the Company then outstanding or the combined voting power
     of the surviving entity's then outstanding voting securities; (ii) any
     sale, lease, exchange or other transfer in one transaction or series of
     related transactions of substantially all of the assets of the Company; or
     (iii) the adoption of any plan or proposal for the complete or partial
     liquidation or dissolution of the Company; or
<PAGE>

               (e)  a determination by a majority of the members of the
     Incumbent Board, in their sole and absolute discretion, that there has been
     a Change in Control of the Company.

     .4   "Administrator" shall mean the Plan Administrator designated by the
           -------------
Plan or, if not designated by the Plan, the Compensation Committee of the
Company's Board of Directors or the person to whom the Compensation Committee
has delegated the Administrator's duties under the Plan.

     .5   "Trustee" shall mean the banking organization that has executed this
           -------
Agreement, or its successor in trust, who is at the relevant time acting as the
Trustee under this Agreement.

     .6   "Voting Power," when used with reference to the Company, shall mean
           ------------
the voting power of all classes and series of capital stock of the Company now
or hereafter authorized other than the voting power of any of the shares of
Series A preferred stock outstanding as of the date of this Agreement.

                                   ARTICLE 2

                              APPLICATION OF FUNDS

     .1   Segregation of Trust Funds.  The Trustee agrees to hold and manage all
          --------------------------
contributions received from the Company or any other source and the income and
increment of such contributions.  The Trust estate shall be held separate and
apart from other funds of the Company and shall be used exclusively for the
purposes set forth in this Agreement.

     .2   Payment of Benefits.  Subject to the provisions of Sections 2.3, 3.1,
          -------------------
and 4.1, the Trustee shall distribute Trust funds to the Plan participants and
their beneficiaries as directed by the Administrator.  If the assets of the
Trust are not sufficient to make payments of benefits pursuant to the Plan to
participants and their beneficiaries, the Company shall make the balance of each
such payment as it becomes due.

     .3   Reversion of Excess Assets.  If, prior to a Change in Control, the
          --------------------------
Company determines, on the basis of reasonable actuarial assumptions selected by
an independent actuary appointed by the Company, that a portion of the Trust's
assets or future earnings allocated to an account for a Plan will not be
required to pay benefits to participants and their beneficiaries under the terms
of the Plan in effect at the time of the determination, all or any part of such
portion of assets or future Trust earnings shall be returned to the Company upon
the direction of the Company; provided that no part of any assets or future
Trust earnings shall be paid to the Company after the occurrence of a Change in
Control except as provided in Section 5.2 or 10.3.

                                   ARTICLE 3

                                   INSOLVENCY

     .1   Creditors' Claims.  At all times during the term of this Trust, the
          -----------------
principal and income of the Trust shall be subject to the claims of general
creditors of the Company, and at any time the Trustee has actual knowledge, or
has determined, that the Company is insolvent, the Trustee shall deliver any
undistributed principal and income in the Trust to satisfy such claims as a
court of competent jurisdiction or a person appointed by the court may direct.
The Board of Directors and the Chief Executive Officer of the Company shall have
the duty to inform the Trustee of the Company's insolvency. If the Company or a
person claiming to be a creditor of the Company alleges in writing to the
Trustee that the Company has become insolvent, the Trustee shall independently
determine, within thirty days after receipt of such notice, whether the Company
is insolvent and, pending such determination, the Trustee shall discontinue
payments of benefits under the Plans, shall hold the Trust assets for the
benefit of the Company's general creditors, and shall resume payments of
benefits under the terms of the Plans only after the Trustee has determined that
the Company is not insolvent (or is no longer insolvent, if the Trustee
initially determined the Company to be insolvent). Unless the Trustee has actual
knowledge of the Company's insolvency, the Trustee shall have no duty to inquire
whether the Company is insolvent. The Trustee may in all cases

                                      -2-
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rely on such evidence concerning the Company's solvency as may be furnished to
the Trustee which will give the Trustee a reasonable basis for making a
determination concerning the Company's solvency. Nothing in this Trust Agreement
shall in any way diminish any rights of a participant to pursue his rights as a
general creditor of the Company with respect to the benefits to which he is
entitled under the Plan, but the Trustee shall not, except upon direction of a
court of competent jurisdiction or a person appointed by the court, pay to any
participant any amounts representing the participant's priority claim for wages
or employee benefits.

     .2   Restoration of Benefits.  If the Trustee discontinues payments of
          -----------------------
benefits from the Trust pursuant to the provisions of Section 3.1, and
subsequently resumes such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments that would
have been made to the participant during the period of such discontinuance, less
the aggregate amount of payments made to the participant by the Company in lieu
of the payments that would have been provided from this Trust during any such
period of discontinuance.

     .3   "Insolvency."  The Company shall be considered "insolvent" for
           ----------
purposes of this Trust Agreement if (a) the Company is unable to pay its debts
as they mature, or (b) the Company is subject to a pending proceeding as a
debtor under the Bankruptcy Code.

                                   ARTICLE 4

                               CHANGE IN CONTROL

     .1   Administration after Change in Control.  Upon and after the Trustee
          --------------------------------------
receives notice of the occurrence of a Change in Control, the Trustee shall
administer the Trust as follows:

               (a)  The Trustee shall segregate in a separate share of the Trust
     the assets of the Trust held to provide benefits for all participants who
     were participants in the Plans immediately prior to the Change in Control,
     including any contributions received for such participants following the
     Change in Control. A separate share of the Trust shall be created for
     assets held to provide benefits for persons who become participants in the
     Plans after the Change in Control. The assets of the separate shares shall
     not be commingled, and in no event shall assets of such a share be used to
     provide benefits under another share unless all benefits to participants
     under the first share have been paid.

               (b)  The provisions of Section 3.1, relating to payments to
     general creditors of the Company in the event of insolvency, shall not
     apply to the separate share of the Trust that includes assets held prior to
     the Change in Control until each other separate share has been exhausted by
     such payments.

               (c)  The provisions of Section 2.2 ("Payment of Benefits") shall
     cease to apply, and the Trustee shall distribute the Trust fund to Plan
     participants and their beneficiaries in accordance with the provisions of
     the Plan. If the Administrator fails to provide the Trustee with
     information sufficient for it to determine the amount or timing of any
     distribution within thirty days after the Trustee's receipt of notice of
     the occurrence of the event entitling the participant or beneficiary to
     receive such distribution, the Trustee shall be entitled to conclusively
     rely upon information provided by the participant or beneficiary. If the
     assets of the Trust are not sufficient to make payments of benefits
     pursuant to the Plan to participants and their beneficiaries, the Company
     shall make the balance of each such payment as it becomes due.

     .2   Notice.  The Trustee shall be deemed to have received notice of the
          ------
occurrence of a Change in Control only upon actual delivery to the Trustee of a
written notice of such occurrence signed by an officer of the Company, member of
the Board of Directors of the Company or a participant in any Plan.  If,
following its receipt of such a notice, the Trustee determines that no Change in
Control has in fact occurred, it shall continue to administer the Trust as if
such notice had not been received.

                                      -3-
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     .3   Investments.  Upon and after the occurrence of a Change in Control,
          -----------
the Trustee shall not be subject to the direction of the Company in the
acquisition, investment and disposition of the Trust's assets, and the Trustee
shall thereafter acquire, invest and dispose of Trust assets in such manner as
it deems prudent and in the best interests of the Plans' participants and their
beneficiaries.

     .4   Contributions.  Within ten business days following the occurrence of a
          -------------
Change in Control, the Company shall make an irrevocable cash contribution to
the Trust in an amount which, when added to the then fair market value of the
Trust's assets, is not less than the present value of the payments which are
then due or which may thereafter become due to participants or beneficiaries
pursuant to the terms of each Plan. The amount of such contribution shall be
determined by assuming that each Plan participant who is a Director of the
Company at the time of the Change in Control will become entitled to receive
benefit payments on the earliest date as of which the participant could receive
his benefits without reductions based on the participant's age or length of
service. Present value shall be determined using the following actuarial
assumptions:

     Interest:  The average interest rate on 30-year U.S. Treasury obligations
     --------
                as of the last day of the second month preceding the month in
                which the Change in Control occurs.

     Mortality: Postretirement:  1983 Group Annuity Mortality Table.
     ---------

                Preretirement: None.

As of each yearly anniversary of the occurrence of a Change in Control
("Valuation Date"), the Company shall determine the amount of the contribution
which would have been required pursuant to this Section 4.4 if the Change in
Control had occurred on such Valuation Date. If the amount so determined exceeds
the fair market value of the Trust assets on such Valuation Date, the Company
shall, within ten business days following such Valuation Date, make an
irrevocable cash contribution to the Trust in an amount which is not less than
such excess.

                                   ARTICLE 5

                               EARLY TERMINATION

     .1   Early Termination.  Notwithstanding anything herein to the contrary,
          -----------------
if there is a final determination that the existence of this Trust would cause
the Plan participants to be taxed on their benefits before they actually receive
them, the Trust shall terminate and the Trustee shall distribute to each
participant the present value of his benefits under each Plan. For the purposes
of this Section 5.1:

               (a)  a "final determination" means a determination by the
     Internal Revenue Service or a court of competent jurisdiction from which no
     further appeal may be taken, either because there is no further appeal
     available or because the time to take such appeal has expired; and

               (b)  "present value" shall be determined as provided in
     Section 4.4.

     .2   Allocations upon Termination.  Upon any distribution to participants
          ----------------------------
under Section 5.1, the Trustee shall make distributions with respect to benefits
under any Plan from the account for such Plan to the extent of the balance of
such account.  If such account is insufficient to pay such benefits in full, the
deficiency shall be allocated among the participants in proportion to the
present value of the accrued benefit of each participant under the Plan. If the
balance of the account exceeds the amount of benefits payable under the Plan,
the excess shall first be allocated to participants in proportion to the
aggregate amount of deficiencies allocated to each participant with respect to
other Plans, and second, if the assets of the Trust exceed the value of all
accrued benefits under the Plans, the excess shall be returned to the Company.

                                      -4-
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                                   ARTICLE 6

                                    ACCOUNTS

     .1   Separate Plan Accounts.  The Trustee shall establish a separate
          ----------------------
account within the Trust to evidence contributions made pursuant to each
separate Plan and the earnings and losses attributable to such contributions.
The Company shall instruct the Trustee as to the account or accounts to which
each contribution is to be allocated. Each account shall reflect an undivided
interest in the assets of the Trust, except that if an insurance policy is
acquired under a specific Plan, such policy shall be credited to the account for
such Plan. A single policy may be allocated in specified portions to accounts
for two or more Plans in accordance with the directions of the Company. Earnings
and losses of the Trust, except those attributable to an insurance policy (or a
portion of a policy) allocated to a specific account, shall be apportioned among
the accounts in proportion to their balances, exclusive of insurance policies,
as of the first day of an accounting period. All distributions in satisfaction
of benefits under a Plan, including those payable to a participant or
beneficiary as a general creditor of the Company, shall be charged against the
account of such Plan. Expenses of the Trust and any distributions other than
Plan benefits to the Company's general creditors shall be charged against the
accounts in proportion to their balances, including the value of any insurance
policies. Insurance policies shall be valued at their surrender value as of the
valuation date.

     .2   Participant Accounts.  The Administrator shall maintain accounts for
          --------------------
each participant (and for the beneficiary of each deceased participant) as
provided in the Plan. As of each valuation date under the Plan the Trustee shall
adjust such accounts for imputed gains and losses in the manner provided in the
Plan or, if the Plan does not otherwise provide, in a reasonable manner
determined by the Trustee.

     .3   Expense Account.  The Company, in its discretion, may direct the
          ---------------
Trustee to establish a separate account (the "Expense Account") for the payment
of expenses incurred by the Trustee in administering the Trust, and it may
contribute to the Expense Account such amounts as it shall determine from time
to time, in its sole and absolute discretion. Notwithstanding anything herein to
the contrary:

               (a)  Prior to the occurrence of a Change in Control, amounts
     credited to the Expense Account shall be used solely for the payment of
     expenses incurred by the Trustee in administering the Trust, to the extent
     the same have not been paid by the Company, including, without limitation,
     the Trustee's compensation and expenses incurred by the Trustee in
     connection with litigation undertaken pursuant to Section 7.3(f).

               (b)  After the occurrence of a Change in Control, amounts
     credited to the Expense Account shall be used primarily for the payment of
     expenses described in paragraph (a); provided, that if the Trustee
     determines that the amounts from time to time credited to the Expense
     Account exceed the amount of its reasonably anticipated expenses, it may
     use the excess amounts to pay any benefits due under the Plans.

               (c)  Prior to the occurrence of a Change in Control, all or any
     part of the amounts credited to the Expense Account shall be paid to the
     Company upon the direction of the Company.

               (d)  No part of the amounts credited to the Expense Account shall
     be paid to the Company after the occurrence of a Change in Control, except
     as provided in Section 5.2 or 10.3.

                                   ARTICLE 7

                          POWERS AND DUTIES OF TRUSTEE

     .1   Investments.  The Trustee shall invest the assets of the Trust in the
          ------------
manner directed by the Company. The Company may contribute to the Trust, or
direct the Trustee to obtain, one or more policies of insurance on the life of a
participant, former participant, or employee or against the disability of any
participant and to allocate such policy to a Plan, or to allocate specified
interests in such policy to two or

                                      -5-
<PAGE>

more Plans. The Trustee shall have no discretion with respect to the
acquisition, disposition or allocation of any such policy and shall act only at
the direction of the Company. To the extent a policy is acquired with funds
allocated to a separate account for a Plan, an interest in the policy
proportionate to the funds provided from such account for such acquisition shall
be allocated to such account. The Trustee shall be the owner and beneficiary of
each such policy. If the Company fails to direct the Trustee as to the
investment of any assets of the Trust, the Trustee shall invest such assets in
such manner as it deems prudent pending the receipt of investment directions
from the Company; provided, that the Trustee shall retain each insurance policy
contributed to the Trust or acquired pursuant to the Company's direction until
the Company directs the Trustee to surrender or otherwise dispose of such
policy. The Company may, at any time, direct the Trustee to borrow funds under
the loan provisions of any such policy and to apply the proceeds of such loan to
the premiums payable with respect to such policy or to invest such proceeds in
another manner directed by the Company.

     .2   General Powers.  Except as otherwise directed by the Company, the
          --------------
Trustee shall have the following powers with respect to the funds held pursuant
to this Agreement, in addition to those which it possesses as a matter of law
and those granted to it elsewhere in this Agreement:

               (a)  to sell properties held in the Trust fund at public or
     private sale for cash or on credit; to exchange such properties; and to
     grant options for the purchase or exchange of such properties;

               (b)  to exercise all conversion and subscription rights
     pertaining to properties held in the Trust fund;

               (c)  to exercise all voting rights with respect to properties
     held in the Trust and in connection with such rights to grant proxies,
     discretionary or otherwise;

               (d)  to cause securities and other properties to be registered
     and held in the name of a nominee for the Trustee or in such form that
     title will pass by delivery;

               (e)  to borrow money for the purposes of the Plan if, in its sole
     discretion, the Trustee deems borrowing to be advisable; for sums so
     borrowed to issue its promissory note as Trustee and to secure repayment by
     pledging securities held in the Trust for which the funds were borrowed;
     and to pay or charge interest at a reasonable rate upon sums so borrowed;
     but the Trustee shall never be required to exercise the power to borrow
     except as directed by the Company pursuant to Section 7.1 of this
     Agreement;

               (f)  to consent to and participate in any plan of reorganization,
     consolidation, merger, extension or other similar plan affecting property
     held in the Trust fund; to consent to any contract, lease, mortgage,
     purchase, sale or other action by any corporation pursuant to any such
     plan; to accept and retain property issued under any such plan; and

               (g)  to pay any premium due on any policy of insurance held in
     the Trust if such premium is not paid by the Company.

     .3   Other Provisions Relating to the Trustee.  The Trustee accepts the
          ----------------------------------------
Trust created under this instrument but only upon the express terms and
conditions of this Agreement, including the following:

          (a) Whenever in the administration of the Plan a certification is
     required to be given to the Trustee, or the Trustee shall deem it necessary
     that a matter be proved prior to taking, suffering or omitting any action
     hereunder, such certification shall be duly made and said matter may be
     deemed to be conclusively proved by an instrument, signed in the name of
     the Company, by its Chief Executive Officer, its President, a Vice
     President or by any other person specified in writing by the Company, but
     in its discretion the Trustee may, in lieu thereof, accept other evidence
     of the matter from a participant or may require such further evidence as it
     may deem reasonable.

                                      -6-
<PAGE>

     Generally, the Trustee shall be protected in acting upon any notice,
     resolution, order, certificate, opinion, telegram, letter or other document
     believed by the Trustee to be genuine and to have been signed by the proper
     party or parties.

               (b)  The Trustee may consult with legal counsel (who may be
     counsel for the Company) with respect to the construction of this Agreement
     or its duties as Trustee, or with respect to any legal proceeding or any
     question of law.

               (c)  The Trustee may make any payment required by this Agreement
     by mailing its check by first class mail in a sealed envelope addressed to
     the person to whom such payment is to be made. The Trustee shall not be
     required to make any investigation to determine or verify the identity or
     mailing address of any person entitled to benefits under this Agreement and
     shall be entitled to withhold making payments until the identity and
     mailing addresses of persons entitled to benefits are certified to it. If
     any dispute arises as to the identity or rights of persons entitled to
     benefits, the Trustee may withhold payment of benefits until such dispute
     shall have been determined by arbitration or by a court of competent
     jurisdiction or shall have been settled by written stipulation of the
     parties concerned.

               (d)  The Trustee shall receive for its services compensation in
     accordance with its separate agreement with the Company; provided, that
     upon and after the occurrence of a Change in Control, the Trustee shall be
     compensated in accordance with the fee schedule attached hereto as Exhibit
     B. Such compensation, together with all other expenses of the Trustee
     incurred in its administration of the Trust, shall be charged to and paid
     by the Company or, if not so paid, shall be paid from the Trust as an
     administrative expense.

               (e)  The Trustee shall keep full records of its administration of
     the Trust, which the Company shall have the right to examine at any time
     during the Trustee's regular business hours. Within sixty days following
     the close of each calendar year, the Trustee shall furnish to the Company a
     statement of account, and the Company shall promptly notify the Trustee in
     writing of its approval or disapproval of such statement. Each such
     statement shall include sufficient information for the Company to include
     in its income tax returns all items of income, deduction and credit
     attributable to the Trust fund. If the Company fails to disapprove any such
     statement within sixty days after its receipt, the Company shall be
     considered to have approved the statement. Except to the extent
     inconsistent with law, the approval by the Company of any statement of
     account shall be binding, as to all matters embraced in the statement, on
     the parties to this Agreement and on all participants, to the same extent
     as if the account of the Trustee had been settled by judgment or decree in
     an action for a judicial settlement of its accounts in a court of competent
     jurisdiction in which the Trustee, the Company, the Administrator, and all
     persons having or claiming any interest in the Trust were parties;
     provided, however, that no provision of this Agreement shall deprive the
     Trustee of its right to have its accounts judicially settled.

               (f)  Following prior written notice to the Company, the Trustee
     may accept, compromise, settle, enforce or contest any obligation or
     liability due to or from it as Trustee, including any claim that may be
     asserted for taxes under any present or future law and any claim that the
     Trust may have for contributions under Section 4.4; but it shall not be
     required to institute or continue litigation unless it is in possession of
     funds suitable for that purpose or unless it has been indemnified to its
     satisfaction against its counsel fees and all other expenses and
     liabilities to which it may in its judgment be subjected in such action.
     The Trustee shall be entitled, out of the recoveries of any litigation, to
     reimbursement for its expenses in connection with such litigation.

               (g)  A third party dealing with the Trustee shall not be required
     to inquire whether the Company, the Administrator or a participant has
     instructed the Trustee, or whether the Trustee is otherwise authorized to
     take or omit any action; or to follow the application by the Trustee of any
     money or property that may be paid or delivered to the Trustee.

                                      -7-
<PAGE>

               (h)  The Trustee shall discharge its duties solely in the
     interest of the participants and their beneficiaries, with the care, skill,
     prudence and diligence in the circumstances then prevailing that a prudent
     person acting in a like capacity and familiar with such matters would use
     in the conduct of a like character and with like aims.

               (i)  The liability of the Trustee to make the payments specified
     by the Plan shall be limited to the funds which have come into its hands as
     Trustee.

               (j)  The Trustee may segregate any part or portion of the assets
     of the Trust for the purpose of administration or distribution thereof and
     may hold such part or portion uninvested whenever and for so long as is
     required for the payment in cash of Plan benefits normally expected to
     become payable in the near future. The Trustee may hold uninvested
     reasonable amounts of cash whenever the Trustee deems it desirable to do so
     to facilitate disbursements, pending investments, or for other operational
     reasons and may deposit the same, without any liability for interest earned
     thereon, for reasonable periods in the banking department of the Trustee or
     of any other bank, trust company or other financial institution, including
     those affiliated in ownership with the Trustee, notwithstanding the banking
     department's or other entity's receipt of "float" from such uninvested
     cash.

     .4   Employment of Agents.  The Trustee may employ agents, experts, and
          --------------------
counsel to the extent necessary to the performance of its duties and
responsibilities hereunder, and it may reasonably compensate such agents,
experts, and counsel out of the assets of the Trust.

     .5   Indemnification.  Prior to a Change in Control, the Company shall
          ---------------
indemnify the Trustee and hold it harmless against any liabilities, losses, or
expenses (including reasonable attorneys' fees) incurred by it as a result of
any action taken by it pursuant to the instructions of the Company or the
Administrator, or by reason of its failure to act upon any matter as to which it
has no power to act when no such instructions have been received, except to the
extent any such action or failure to act was negligent or in bad faith.  Upon or
after the occurrence of a Change in Control, the Company shall indemnify the
Trustee and hold it harmless against any liabilities, losses, or expenses
(including reasonable attorneys' fees) incurred by it as a result of any action
taken or omitted by it pursuant to this Agreement, except to the extent any such
action or omission was grossly negligent or in bad faith.

                                   ARTICLE 8

                               CHANGE OF TRUSTEE

     .1   Resignation.  The Trustee may resign at any time upon delivering to
          -----------
the Chief Executive Officer or President of the Company a written notice of
resignation, to take effect not less than thirty days after its delivery, unless
such notice shall be waived.

     .2   Removal.  The Trustee may, with the written consent of a majority of
          -------
the participants in all Plans for which a separate account is then maintained
under this Agreement, be removed by the Chief Executive Officer or President of
the Company and by delivery of a written notice of such action to the Trustee,
together with written notice of removal, to take effect at a date specified in
such notice, which shall not be less than thirty days after its delivery, unless
the Trustee waives such notice.

     .3   Discharge.  A Trustee which has resigned or has been removed shall
          ---------
have the right to a settlement of accounts, which may be made at the option of
the Trustee either by judicial settlement in an action instituted by the Trustee
in a court of competent jurisdiction or by agreement of settlement between the
Trustee, the Company and the participants of any Plan for which an account is
maintained.

     .4   Appointment of Successor.  The Company covenants that it will, upon
          ------------------------
receipt or giving of notice of the resignation or removal of a Trustee,
forthwith appoint, by action of its Chief Executive Officer or President, a
successor Trustee, which shall be independent of the Company and not subject to
the control of the Company or the participants. Such successor shall not, except
with the written consent of a

                                      -8-
<PAGE>

majority of the participants in the Plans for which the Trustee maintains
separate accounts under this Agreement, be a person other than a bank or trust
company. Any successor Trustee so appointed may qualify as such by executing,
acknowledging and delivering to the Chief Executive Officer or President of the
Company and to the resigning or removed Trustee, an instrument accepting such
appointment, and such successor shall, without further act, become vested with
all the estate, rights, powers, discretion and duties of the predecessor Trustee
with like effect as if originally named as Trustee.

                                   ARTICLE 9

                         AMENDMENTS OF TRUST AND PLANS

     .1   Trust Amendment.  Except as limited below, the Chief Executive Officer
          ---------------
of the Company and the Chairman of the Compensation Committee of the Company's
Board of Directors shall have the right to amend this Trust Agreement at any
time. Such amendment shall be stated in an instrument in writing, executed by
such Chief Executive Officer and Chairman. Upon delivery of an executed
counterpart of such instrument to the Trustee, the Trust shall be deemed to have
been amended in the manner set forth in such instrument, and all participants
and the Company shall be bound by the amendment; provided, however, that:

               (a)  no amendment shall increase the duties or liabilities of the
     Trustee without its written consent;

               (b)  no amendment shall reduce, impair or otherwise adversely
     affect any Plan participant's rights or protections under a Plan or this
     Agreement unless the participant consents in writing to such amendment;

               (c)  no amendment shall cause the Trust to be terminated prior to
     the time set forth in Section 10.3; and

               (d)  no amendment shall cause or permit any assets of the Trust
     to revert to the Company, except as permitted in Sections 2.3, 5.2, and
     10.3.

     .2   Additional Plans.  The Company may, without the consent of any
          ----------------
participant, cause funds for one or more additional Plans to be held and
administered pursuant to this Agreement by delivering to the Trustee a revised
Exhibit A listing such additional Plans, executed in the manner of an amendment.

     .3   Plan Amendment.  The Company covenants that it will promptly furnish
          --------------
or cause to be furnished to the Trustee an executed counterpart of each document
amending a Plan.

                                   ARTICLE 10

                            MISCELLANEOUS PROVISIONS

     .1   Exclusive Benefit.  Except as otherwise provided in the Plans or in
          -----------------
this Agreement, prior to the payment of all benefits under the Plans, in no
circumstance shall any part of the Trust fund revert to the Company or otherwise
be used for or diverted to any purpose other than the payment of benefits under,
and administrative expenses associated with, the Plans and other than for the
exclusive benefit of the participants or their beneficiaries.

     .2   Nonassignment.  In no event shall any participant's or beneficiary's
          -------------
interest in the Trust, while undistributed in fact, be alienated, assigned,
encumbered or anticipated in any manner, or be subject to garnishment,
attachment, execution or bankruptcy proceedings or to claims for alimony or
support or to any other claims of any person against such participant or
beneficiary.

     .3   Termination of Trust.  The Trust shall terminate when the entire Trust
          --------------------
fund has been disbursed by the Trustee in accordance with the terms of the Plans
and this Agreement or, if earlier, when

                                      -9-
<PAGE>

all benefits that may become payable under the Plans have been paid. Any
property held by the Trustee upon termination of the Trust shall be distributed
to the Company or its successors or assigns.

     .4   Name.  The Trust evidenced by this Agreement may be referred to as the
          ----
"H.B. Fuller Company Directors Benefit Trust."

     .5   Governing Law.  Except to the extent that state law has been preempted
          -------------
by provisions of any laws of the United States, as they may be amended from time
to time, this Agreement shall be construed and enforced according to the laws of
the State of Minnesota.

     .6   Enforcement.  This Trust Agreement shall be binding upon and inure to
          -----------
the benefit of the parties and their respective successors in interest and may
be enforced by any participant or beneficiary to whom benefits are payable from
the Trust funds.

                                 *  *  *  *  *

     IN WITNESS WHEREOF, the Company and the Trustee have executed this
instrument as of the date written below.

                                         H.B. FULLER COMPANY

Dated: February 10, 1999                 By /s/ Albert P.L. Stroucken
                                            ------------------------------------
                                            Chief Executive Officer

Dated: February 10, 1999                 By /s/ Norbert R. Berg
                                            ------------------------------------
                                         Chairman of the Compensation Committee

                                         U.S. BANK NATIONAL ASSOCIATION

Dated: May 12, 1999                      By /s/ Robert H. Kaufer
                                            -----------------------------------
                                            Vice President

Dated: May 12, 1999                      By /s/ Michael J. Clark
                                           ------------------------------------
                                           Vice President

                                      -10-
<PAGE>

                              H.B. FULLER COMPANY

                            DIRECTORS BENEFIT TRUST

                                   SCHEDULE A
                                   ----------

1.   Retirement Plan for Directors of H.B. Fuller Company

                              H.B. FULLER COMPANY

                            DIRECTORS BENEFIT TRUST

                                   SCHEDULE B
                                   ----------

Upon and after the occurrence of a Change in Control, the Trustee shall be
compensated in accordance with the following fee schedule:

TRUSTEE FEES
------------

     Domestic Market Value
     ---------------------

     First $1,000,000                    .30%
     Next $4,000,000                     .20%
     Next $5,000,000                     .15%
     Next $15,000,000                    .10%
     Excess over $15,000,000             .05%

     The assets of this trust shall be aggregated with the assets of the H.B.
     Fuller Company Executive Benefit Trust for the purpose of determining the
     Trustee Fees during such periods as U.S. Bank National Association is
     serving as the Trustee of both of such trusts.

PARTICIPANT SERVICES
--------------------

     Recurring Distributions             $ 2.50 per transaction
     Lump Sum Distributions              $10.00 per transaction
       (Automated)
     Lump Sum Distributions              $15.00 per transaction
       (Non-automated)
     ACH Distributions                   $ 1.50 per transaction
     ACH Distributions w/advice          $ 2.00 per transaction

OUT OF POCKET EXPENSES
----------------------

     Pass Through of Cost

                                      -11-

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