Document:

Exhibit 10.23

Exhibit 10.23

Chromcraft Revington

Employee Stock Ownership And Savings Plan — 

Esop Component Trust

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Section	 	Page	 
	 
	 	 	 	 
	ARTICLE ONE TITLE, ANNUAL ACCOUNTING PERIOD AND DEFINED TERMS
	 	 	2	 
	 
	 	 	 	 
	Section 1.1 Title
	 	 	2	 
	Section 1.2 Accounting Period
	 	 	2	 
	Section 1.3 Defined Terms
	 	 	2	 
	 
	 	 	 	 
	ARTICLE TWO MANAGEMENT AND CONTROL OF TRUST ASSETS
	 	 	2	 
	 
	 	 	 	 
	Section 2.1 The Trust
	 	 	2	 
	Section 2.2 Limitation of Responsibilities of Trustee
	 	 	2	 
	Section 2.3 General Duties and Powers
	 	 	2	 
	Section 2.4 Compensation and Expenses
	 	 	6	 
	Section 2.5 Procedures for Payment of Fees and Expenses
	 	 	7	 
	Section 2.6 Exercise of Trustee’s Duties
	 	 	7	 
	Section 2.7 Plan Administration
	 	 	8	 
	Section 2.8 Continuation of Powers Upon Trust Termination
	 	 	8	 
	 
	 	 	 	 
	ARTICLE THREE CONTRIBUTIONS AND PROVISIONS RELATED TO INVESTMENT IN COMPANY STOCK
	 	 	8	 
	 
	 	 	 	 
	Section 3.1 Contributions and Dividends
	 	 	8	 
	Section 3.2 Investment of Cash
	 	 	8	 
	Section 3.3 Stock Dividends, Splits and Other Capital Reorganizations
	 	 	9	 
	Section 3.4 Voting of Shares
	 	 	9	 
	 
	 	 	 	 
	ARTICLE FOUR MISCELLANEOUS
	 	 	9	 
	 
	 	 	 	 
	Section 4.1 Disagreement as to Acts
	 	 	9	 
	Section 4.2 Persons Dealing with Trustee
	 	 	9	 
	Section 4.3 Nonalienation of Benefits
	 	 	9	 
	Section 4.4 Evidence
	 	 	9	 
	Section 4.5 Waiver of Notice
	 	 	9	 
	Section 4.6 Counterparts
	 	 	9	 
	Section 4.7 Governing Laws and Severability
	 	 	9	 
	Section 4.8 Successors, Etc.
	 	 	10	 
	Section 4.9 Action
	 	 	10	 
	Section 4.10 Conformance With Plan
	 	 	10	 
	Section 4.11 Indemnity of Trustee
	 	 	10	 
	Section 4.12 Headings
	 	 	11	 
	 
	 	 	 	 
	ARTICLE FIVE NO REVERSION TO COMPANY
	 	 	11	 
	 
	 	 	 	 

 

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	Section	 	Page	 
	 
	 	 	 	 
	ARTICLE SIX CHANGE OF TRUSTEE
	 	 	12	 
	 
	 	 	 	 
	Section 6.1 Resignation
	 	 	12	 
	Section 6.2 Removal
	 	 	12	 
	Section 6.3 Duties of Resigning or Removed Trustee and of Successor Trustee
	 	 	12	 
	Section 6.4 Filling Trustee Vacancy
	 	 	12	 
	 
	 	 	 	 
	ARTICLE SEVEN ADDITIONAL EMPLOYERS
	 	 	12	 
	 
	 	 	 	 
	Section 7.1 Additional Employers
	 	 	12	 
	 
	 	 	 	 
	ARTICLE EIGHT AMENDMENT, TERMINATION AND MERGER
	 	 	13	 
	 
	 	 	 	 
	Section 8.1 Amendment
	 	 	13	 
	Section 8.2 Termination
	 	 	13	 
	Section 8.3 Merger
	 	 	13	 
	 
	 	 	 	 
	SIGNATURES
	 	 	14	 
	 
	 	 	 	 

 

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Chromcraft Revington

Employee Stock Ownership and Savings Plan —

Esop Component Trust

THIS AGREEMENT is made and entered into this 13th day of May, 2010, but effective as of
February 1, 2010, by and between Chromcraft Revington (the “Company”), and Reliance Trust Company,
acting in its fiduciary capacity as Trustee (the “Trustee”).

W I T N E S S E T H:

WHEREAS, the Company is the sponsor of the Chromcraft Revington Employee Stock Ownership Plan
(the “ESOP”); and

WHEREAS, the Chromcraft Revington Savings Plan was merged with and into the ESOP, effective as
of December 31, 2009, which was renamed the Chromcraft Revington Employee Stock Ownership and
Savings Plan (the “Plan”); and

WHEREAS, the Plan consists of the following two components: (i) a stock bonus plan and money
purchase plan qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (the
“Code”) which is designed to invest primarily in qualifying employer securities, as defined in Code
Section 409(l) (“Company Stock”), and which meets the requirements of Code Section 4975(e)(7), and
Section 407(d)(6) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
applicable to employee stock ownership plans (the “ESOP Component”), and (ii) a qualified cash or
deferred arrangement described in Code Section 401(k), no part of which can be invested in Company
Stock and which is therefore not an employee stock ownership plan (the “401(k) Component”); and

WHEREAS, the Company has appointed Reliance Trust Company as the trustee of the ESOP Component
effective as of February 1, 2010; and

WHEREAS, the Company has also determined to restate the Chromcraft Revington Employee Stock
Ownership Trust and to rename it the Chromcraft Revington Employee Stock Ownership and Savings Plan
— ESOP Component Trust;

NOW, THEREFORE, pursuant to the authority delegated to the undersigned officers of the Company
by resolution of the Board, IT IS AGREED, by and between the parties hereto, that the trust
provisions contained herein will constitute the agreement between the Company and the Trustee in
connection with the ESOP Component of the Plan, effective as of February 1, 2010; and

 

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IT IS FURTHER AGREED, by and between the parties hereto as follows:

Article One

Title, Annual Accounting Period and Defined Terms

Section 1.1 Title. The Trust established pursuant hereto will be known as the
Chromcraft Revington Employee Stock Ownership and Savings Plan — ESOP Component Trust.

Section 1.2 Accounting Period. The annual accounting period for the Trust
established by this Trust Agreement will be the twelve-month period commencing January 1 and ended
December 31 (the Plan and limitation years under the Plan).

Section 1.3 Defined Terms. Unless otherwise indicated in this Trust
Agreement, capitalized terms will have the same meaning as stated in the Plan.

Article Two

Management and Control of Trust Assets

Section 2.1 The Trust. The Trust as of any date means all property of every
kind then held by the Trustee in accordance with this Trust Agreement. The Trustee or its agents
may hold, manage, invest and account for all contributions made by the Company to the ESOP
Component as one Trust, and any earnings on those contributions, in accordance with the terms and
conditions of this Trust Agreement. If, for any reason, it becomes necessary to determine the
portion of the ESOP Component allocable to each of the Participants and Inactive Participants as of
any date, the ESOP Committee (the “Committee”) will specify such date as an Accounting Date. After
all adjustments required under the ESOP Component as of that Accounting Date have been made, the
portion attributable to each Participant and Inactive Participant will be determined by the
Committee, and will consist of an amount equal to the aggregate of the ESOP Account balances of
each Participant and Inactive Participant plus an amount equal to any allocable contributions made
by the Company since the immediately preceding Accounting Date.

Section 2.2 Limitation of Responsibilities of Trustee. The Trustee will not
be responsible in any way for the adequacy of the Trust to meet and discharge any or all
liabilities under the Plan or for the proper application of distributions made or other action
taken upon the written direction of the Committee. The powers, duties and responsibilities of the
Trustee will be limited to those set forth in this Trust Agreement, and nothing contained in the
Plan, either expressly or by implication, will be deemed to impose any additional powers, duties or
responsibilities on the Trustee.

Section 2.3 General Duties and Powers. Subject to the provisions of Sections
2.6 and 2.7 and Article Three, with respect to the Trust, the Trustee will have the following
powers, rights and duties in addition to those provided elsewhere in this Trust Agreement or by
law:

	 	(a)	 	Receive and Hold Contributions. To receive and hold all contributions
paid to it under the ESOP Component; provided, however, that the Trustee will have no
right, duty or obligation to require or demand that any contributions or distributions
be made to it by the Company or to determine that the contributions
received by it comply with the provisions of the Plan or with any resolution of the
Board providing therefor.

 

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	 	(b)	 	Retain Cash. As directed by the Committee, to retain in cash (pending
investment, reinvestment or the distribution of dividends) such reasonable amount as
may be required for the proper administration of the Trust and to invest such cash as
provided in Section 3.2.

	 	(c)	 	Make Distributions. To make distributions from the Trust to such
persons, in such manner, at such times and in such forms (Company Stock, cash or
property, or a combination of each) as directed by the Committee without inquiring as
to whether a payee is entitled to the payment, or as to whether a payment is proper,
and without liability for a payment made in good faith without actual notice or
knowledge of the changed condition or status of the payee. If any payment of benefits
made from the Trust by the Trustee is not claimed, the Trustee will notify the
Committee of that fact promptly. The Trustee will dispose of such payments as the
Committee directs. The Trustee will have no obligation to search for or ascertain the
whereabouts of any payee or distributee of benefits from the Trust.

	 	(d)	 	Vote Stocks. To vote any stocks (including Company Stock, which will
be voted as directed by the Committee, as provided in the Plan, as it may be amended
from time to time), bonds or other securities held in the Trust, or otherwise consent
to or request any action on the part of the issuer in person, by proxy or power of
attorney.

	 	(e)	 	Buy and Sell Company Stock. As directed by the Committee, to contract
or otherwise enter into transactions between itself, as Trustee, and the Company, any
Company shareholder or any third-party, for the purpose of acquiring or selling Company
Stock and, subject to the provisions of Section 2.6, to retain such Company Stock.

	 	(f)	 	Handle Claims. To compromise, contest, arbitrate, settle or abandon
claims and demands by or against the Trust.

	 	(g)	 	Handle Litigation. To begin, maintain or defend any litigation
necessary in connection with the investment, reinvestment and administration of the
Trust, and, to the extent not paid from the Trust, pursuant and subject to Section
4.11, the Company will indemnify the Trustee against all expenses and liabilities
reasonably sustained or anticipated by it by reason thereof (including reasonable
attorneys’ fees).

	 	(h)	 	Retain Assets. To retain any funds or property subject to any dispute
without liability for the payment of interest, or to decline to make payment or
delivery thereof until final adjudication is made by a court of competent jurisdiction.

	 	(i)	 	Report Net Worth of Trust. To report to the Company as of the last day
of each Plan Year, as of any other Accounting Date (or as soon thereafter as
practicable) or at such other times as may be required under the Plan or by the
Committee, the
then “Net Worth” of the Trust, which is defined as the fair market value of all
property held in the Trust, reduced by any liabilities other than liabilities to
Participants and Inactive Participants and their Beneficiaries, as determined by the
Trustee.

 

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	 	(j)	 	File Annual Accountings. To furnish to the Company an annual written
account and accounts for such other periods as may be required under the Plan, showing
the Net Worth of the Trust at the end of the period, all investments, receipts,
disbursements and other transactions made by the Trustee during the period, and such
other information as the Trustee may possess which the Company requires in order to
comply with Section 103 of ERISA. The Trustee will keep accurate accounts of all
investments, earnings thereon, and all accounts, books and records related to such
investments will be open to inspection by any person designated by the Company or the
Committee. All accounts of the Trustee will be kept on an accrual basis. If, during
the term of this Trust Agreement, the Department of Labor issues regulations under
ERISA regarding the valuation of securities or other assets for purposes of the reports
required by ERISA, the Trustee will use such valuation methods for purposes of the
accounts described by this subsection. If shares of Company Stock are not traded with
sufficient volume or frequency, as determined by the Trustee, to be considered readily
tradable on a national securities market or exchange, all valuations of shares of
Company Stock will originally be made by an “Independent Appraiser” (as described in
Code Section 401(a)(28)(C)) retained by the Trustee, and reviewed and finalized by the
Trustee in accordance with ERISA Section 3(18)(B). The Company or the Committee may
approve such accounting by written notice of approval delivered to the Trustee or by
failure to express objection to such accounting in writing delivered to the Trustee
within 90 days from the date upon which the accounting was delivered to the Company.
Upon the receipt of a written approval of the accounting, or upon the passage of the
period of time within which objection may be filed without written objections having
been delivered to the Trustee, such accounting will be deemed to be approved, and the
Trustee will be released and discharged as to all items, matters and things set forth
in such account, as fully as if such accounting had been settled and allowed by decree
of a court of competent jurisdiction in an action or proceeding in which the Trustee,
the Company and all persons having or claiming to have any interest in the Trust or
under the Plan were parties.

	 	(k)	 	Pay Taxes. As directed by the Committee, to pay any estate,
inheritance, income or other tax, charge or assessment attributable to any benefit
which it will or may be required to pay out of such benefit; and to require before
making any payment such release or other document from any taxing authority and such
indemnity from the intended payee as the Trustee will deem necessary for its
protection.

	 	(l)	 	Employ Advisors. To employ and to reasonably rely upon information and
advice furnished by agents, attorneys, accountants or other persons of its choice for
such purposes as the Trustee considers desirable.

 

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	 	(m)	 	Assume Qualified Status of Plan and Trust. To assume, until advised in
writing to the contrary, that the Trust evidenced by this Trust Agreement is qualified
under Code Section 401(a) and is entitled to exemption from tax under Code Section
501(a).

	 	(n)	 	Invest Trust Assets. To invest and reinvest the assets of the Trust,
upon direction from the Committee, in personal property of any kind, including, but not
limited to, bonds, notes, debentures, mortgages, equipment trust certificates,
investment trust certificates, guaranteed investment contracts, preferred or common
stock, common or collective trust funds, and registered investment companies; provided,
however, that all investments in Company Stock will be undertaken pursuant to the
provisions of Article Three.

	 	(o)	 	Exercise Rights With Respect to Securities. As directed by the
Committee, to exercise any options, subscription rights, calls and other privileges
with respect to Trust assets (including Company Stock), or assign such rights, subject
to the provisions of Article Three.

	 	(p)	 	Register Ownership of Trust Assets. To register ownership of any
securities or other property held by it in its own name or in the name of a nominee,
with or without the addition of words indicating that such securities are held in a
fiduciary capacity, and may hold any securities in bearer form, but the books and
records of the Trustee will at all times reflect that all such investments are part of
the Trust.

	 	(q)	 	Incur Exempt Loans. As directed by the Committee, to incur a Loan and
to borrow such sum or sums from time to time as the Trustee considers necessary or
desirable and in the best interest of the Participants and their Beneficiaries, to
purchase Company Stock, and for that purpose to pledge the Company Stock so purchased
(subject to the provisions of Code Section 4975(c) and the regulations issued
thereunder).

	 	(r)	 	Use of Clearing Corporation. To deposit securities with a clearing
corporation as defined in Article 8 of the Delaware Uniform Commercial Code. The
certificates representing securities, including those in bearer form, may be held in
bulk form with, and may be merged into, certificates of the same class of the same
issuer which constitute assets of other accounts or owners, without certification as to
the ownership attached. Utilization of a book-entry system may be made for the
transfer or pledge of securities held by the Trustee or by a clearing corporation. The
Trustee will at all times, however, maintain a separate and distinct record of the
securities owned by the Trust.

	 	(s)	 	Use of Federal Book-Entry Account System. To participate in and use
the Federal Book-Entry Account System, a service provided by the Federal Reserve Bank
for its member banks for deposit of Treasury securities.

 

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	 	(t)	 	Receive and Hold Trust Earnings. To receive and hold in the Trust
earnings, dividends (including Cash Dividends on Company Stock), distributions and
other
payments or adjustments to the assets in the Trust. In the case of Cash Dividends
on Company Stock, the Committee will instruct the Trustee to use such dividends to:
(i) make payments on a Loan incurred by the Trustee the proceeds of which were used
to purchase the shares of Company Stock on which the dividends were paid; (ii)
allocate such dividends to Participants’ Other Investments Accounts; (iii) pay the
expenses of administering the Plan; or (iv) any combination thereof, as provided in
the Plan.

	 	(u)	 	Accept Assignments. To accept an assignment of the assignor’s option
or right to purchase shares of Company Stock.

	 	(v)	 	Perform Other Acts. To perform any and all other acts which are
necessary or appropriate for the proper management, investment and distribution of the
Trust.

Section 2.4 Compensation and Expenses. The Trustee will be entitled to
reasonable compensation for its services, as agreed to between the Company and the Trustee from
time to time in writing. The Trustee will also be entitled to reimbursement of all reasonable
expenses incurred by the Trustee in the administration of the Trust. The Trustee is authorized to
pay from the Trust all expenses of administering the ESOP Component and the Trust which are
properly payable by the Plan and Trust, including, if applicable, its compensation and any
accounting and legal expenses, to the extent they are not paid directly by the Company. The
payment of ESOP Component and Trust fees and expenses will include the reimbursement of the Company
for fees and expenses paid by the Company on behalf of the ESOP Component and the Trust which are
properly payable by the Plan and Trust. Such fees and expenses (or the portion thereof properly
allocable to the ESOP Component) will include, without limitation, the following:

	 	(a)	 	Trustee and custodial fees.

	 	(b)	 	Plan administration and record-keeping fees, including (i) allocating
contributions, forfeitures and earnings, and (ii) making distributions.

	 	(c)	 	Discrimination and other testing required by the Code.

	 
	 	(d)	 	Preparation and distribution of Participant account statements.

	 	(e)	 	Financial advisory and valuation services, including periodic valuation
updates.

	 	(f)	 	Employee communication services, including publications, materials and
meetings.

	 	(g)	 	Required forms and filings, including (i) Forms 5500 and all related schedules,
and (ii) Forms 1099R.

	 	(h)	 	Preparation of annual plan audit.

	 	(i)	 	ERISA bond premiums.

 

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	 	(j)	 	ERISA fiduciary liability insurance premiums (other than that portion of the
premiums attributable to the policies’ non-recourse provisions which will be paid by
the Company).

	 	(k)	 	Legal fees, including fees associated with (i) claims for benefits, (ii)
interpretation of Plan and Trust provisions, (iii) amendments to the Plan and Trust
necessary to retain the Plan’s qualification under Code Section 401(a) and as an
“employee stock ownership plan” as described in Code Section 4975(e)(7), (iv) the legal
status of the Plan and Trust, and (v) Internal Revenue Service determination letter
filings.

	 	(l)	 	Reimbursement of the Employers for the (i) direct costs they incur in
connection with the administration of the ESOP Component, and (ii) payment by the
Employers, in the first instance, of the fees and expenses described in subsections (a)
through (k) and (m).

	 	(m)	 	Such other fees and expenses associated with the administration of the Plan
which the Employers and the Trustee determine to be properly payable from the Trust.

Notwithstanding the foregoing provisions of this Section or of any provision of this Trust,
the Employers may determine, in their sole discretion, to pay directly any of the fees and expenses
described in subsections (a) through (k) and (m) above. The Trustee will be fully protected in
making payments of administrative expenses pursuant to the written directions of the Committee.

Section 2.5 Procedures for Payment of Fees and Expenses. The Committee and
the Trustee may adopt written procedures for payment from the Trust of the fees and expenses
associated with the administration of the ESOP Component and the Trust.

Section 2.6 Exercise of Trustee’s Duties. The Trustee will discharge its
duties hereunder:

	 	(a)	 	For the exclusive purpose of:

	 	(i)	 	providing benefits to Participants and other persons entitled
to benefits under the ESOP Component; and

	 	(ii)	 	defraying reasonable expenses of administering the ESOP
Component and the Trust;

	 	(b)	 	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 a like character and with like
aims; and

	 	(c)	 	In accordance with the documents and instruments governing the Plan unless, in
the good faith judgment of the Trustee, the documents and instruments are not
consistent with the provisions of ERISA.

 

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Section 2.7 Plan Administration. The Plan will be administered by the
Committee, as described in the Plan, and the Trustee will have no recordkeeping or administration
responsibilities with respect to the Plan. Except as provided in Section 2.3, the Trustee will
have no authority to act unless directed by the Committee. The Committee may authorize one or more
individuals to sign all communications between the Committee and Trustee and will at all times keep
the Trustee advised of the identity of the individuals authorized to sign on behalf of the
Committee, and provide specimen signatures thereof. The Trustee will be fully protected in relying
on any communication sent by any authorized person and will not be required to verify the accuracy
or validity of any signature unless the Trustee has reasonable grounds to doubt its authenticity.
If the Trustee requests any directions hereunder and does not receive them, the Trustee will act or
refrain from acting, as it may determine, and will be indemnified by the Company for such action or
inaction pursuant to Section 4.11.

Section 2.8 Continuation of Powers Upon Trust Termination. Notwithstanding
anything to the contrary in this Trust Agreement, upon termination of the Trust, the powers, rights
and duties of the Trustee hereunder will continue until all Trust assets have been liquidated and
distributed.

Article Three

Contributions and Provisions Related to Investment in Company Stock

Section 3.1 Contributions and Dividends. The Company’s contributions to the
ESOP Component will be paid to the Trustee from time to time in accordance with the terms of the
Plan. The Company will make contributions or the Company will declare and pay Cash Dividends with
respect to Company Stock that, in the aggregate, are adequate to enable the Trustee to satisfy its
obligations under any Loan and to fund diversification elections and distributions to Participants,
Inactive Participants and Beneficiaries.

Section 3.2 Investment of Cash. If the Company’s contribution made pursuant
to the provisions of the Plan for any Plan Year is in cash, such cash will be used by the Trustee,
as directed by the Committee, first to make any scheduled payment on a Loan to the extent
allowable. If any amounts remain thereafter, or if no Loan is outstanding, the Trustee, as
directed by the Committee, may utilize such cash to purchase Company Stock, to make a
later-scheduled payment on a Loan on or before the date such payment comes due, to pay the
compensation and expenses as provided for in Section 2.4 or to invest as provided below. Subject
to the provisions of Section 2.6, any Cash Dividends received by the Trustee on Company Stock held
in the Trust will be applied, after the receipt of such Cash Dividends, as determined by the
Committee pursuant to the Plan. If directed by the Committee, the Trustee may purchase Company
Stock from the Company or from any shareholder, and to the extent allowable such stock may be
outstanding, newly issued or reacquired stock. When such stock is not publicly traded, all such
purchases must be at a price not in excess of fair market value, as determined by the Trustee,
after reference to a written valuation of the Company Stock issued by an Independent Appraiser.
Pending investment of cash in Company Stock, such cash may be invested in savings accounts,
certificates of deposit, high-grade short-term securities, common or preferred stocks, bonds or
other investments, or may be held in cash. Such investments may
include any common or collective funds or mutual funds maintained as a short-term investment
fund or in other types of short-term investments.

 

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Section 3.3 Stock Dividends, Splits and Other Capital Reorganizations. Any
Company Stock received by the Trustee from a stock split or dividend or as a result of a
reorganization or other recapitalization of the Company will be allocated by the Committee as of
each Accounting Date in proportion to the Company Stock to which it is attributable.

Section 3.4 Voting of Shares. Company Stock held in the Trust will be voted
by the Trustee in the manner set forth in the Plan.

Article Four

Miscellaneous

Section 4.1 Disagreement as to Acts. If there is a disagreement between the
Trustee and anyone as to any act or transaction reported in any accounting, the Trustee will have
the right to have its account settled by a court of competent jurisdiction.

Section 4.2 Persons Dealing with Trustee. No person dealing with the Trustee
will be required to see to the application of any money paid or property delivered to the Trustee,
or to determine whether or not the Trustee is acting pursuant to any authority granted to it under
this Trust Agreement or the Plan.

Section 4.3 Nonalienation of Benefits. Except as may be required by the tax
withholding provisions of a federal, state or municipal tax act or pursuant to a qualified domestic
relations order (as that term is defined in Code Section 414(p)) or pursuant to a judgment or
settlement described in Code Section 401(a)(13)(C), benefits payable from the Trust are not subject
in any manner to sale, transfer, assignment, pledge, encumbrance, garnishment or levy of any kind,
either voluntary or involuntary, prior to actually being received by the person entitled to the
benefit under the terms of the Plan; and any attempt to sell, transfer, assign, pledge, encumber or
otherwise dispose of any right to benefits payable hereunder will be void. The Trust fund will not
be liable for, or subject to, the debts, contracts, liabilities, engagements or torts of any person
entitled to benefits under the Plan.

Section 4.4 Evidence. Evidence required of anyone under this Trust Agreement
may be by certificate, affidavit, document or other instrument which the person acting in reliance
thereon considers pertinent and reliable, and signed, made or presented by the proper party.

Section 4.5 Waiver of Notice. Any notice required under this Trust Agreement
may be waived in writing by the person entitled thereto.

Section 4.6 Counterparts. This Trust Agreement may be executed in any number
of counterparts, each of which will be deemed an original and no other counterparts need be
produced.

Section 4.7 Governing Laws and Severability. This Trust Agreement will be
construed and administered according to the laws of the State of Indiana, without regard to the
choice of law principles thereof, to the extent that such laws are not preempted by the laws
of the United States of America. If any provision of this Trust Agreement is held illegal or
invalid, the illegality or invalidity will not affect the remaining provisions of the Trust
Agreement, but will be severable, and the Trust Agreement will be construed and enforced as if the
illegal or invalid provision had never been inserted herein.

 

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Section 4.8 Successors, Etc. This Trust Agreement will be binding on the
Company, and any successor thereto by virtue of any merger, sale, dissolution, consolidation or
reorganization, on the Trustee and its successor and on all persons entitled to benefits under the
Plan and their respective heirs and legal representatives.

Section 4.9 Action. Any action required or permitted to be taken by the
Company or the Committee under this Trust Agreement will be by resolution of the Board or the
Committee. The Trustee will not recognize or take notice of any appointment of any representative
of the Company or Committee unless and until the Company or the Committee has notified the Trustee
in writing of such appointment and the extent of such representative’s authority. The Trustee may
assume that such appointment and authority continue in effect until it receives written notice to
the contrary from the Company or Committee. Any action taken or omitted to be taken by the Trustee
by authority of any representative of the Company or Committee within the scope of its authority
will be as effective for all purposes hereof as if such action or nonaction had been authorized by
the Company or Committee.

Section 4.10 Conformance With Plan. To the extent the provisions of the Plan
and this Trust Agreement conflict, the provisions of the Plan will govern; provided however, that
the Trustee’s rights, duties and obligations will be determined solely under this Trust Agreement.

Section 4.11 Indemnity of Trustee. Any other provision of the Plan or this
Trust Agreement notwithstanding, the Trustee will have no duty or authority to question or
challenge any fact represented or any direction or advice given to the Trustee by the Company, the
Committee, or their respective officers, employees, agents or representatives unless clearly
erroneous on its face. The Company will indemnify and hold the Trustee harmless from and against
any and all claims, demands, damages, cost and expenses incurred, but not limited to, the Trustee’s
reasonable attorneys’ fees, relating to or arising out of: (i) any act or omission by the Trustee
in reliance upon any such fact, direction, or advice; or (ii) the acquisition, retention or
disposition of Company Stock, including but not limited to, any liability arising under federal or
state securities laws, it being understood and agreed that the Company will have complete and
absolute responsibility to insure that the Company Stock and all transactions involving Company
Stock comply with applicable federal and state securities laws. The Company further agrees to
indemnify the Trustee and hold it harmless (and, at the Trustee’s election, defend the Trustee)
from and against all claims, liabilities, losses, costs and expenses (including legal fees and
expenses) that may be imposed on, incurred by or asserted against it by reason of the Trustee’s:

	 	(a)	 	Complying with directions of the Committee, or

	 	(b)	 	Taking or refraining from taking any action in connection with the Plan or this
Trust Agreement, whether the Trustee is a party to a legal proceeding or
otherwise; provided that the Trustee did not act dishonestly or in willful or
negligent violation of pertinent law or regulation or duty imposed by the Trust.

 

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Any and all taxes, expenses (including, but not limited to, the Trustee’s compensation) and
costs of litigation relating to or concerning the adoption, administration and termination of the
Trust shall, if not properly paid by the Trust, be borne and promptly paid by the Company.

The indemnification provisions of this Section do not relieve the Trustee from any liability
it has under ERISA for breach of fiduciary duty. The right to indemnification under this Section
is conditioned upon the Trustee’s notifying the Company of the claim of liability within 30 days of
the notice of that claim and offering the Company the right to participate in and control the
settlement and defense of the claim.

Section 4.12 Headings. The headings of sections of this Trust Agreement are
for convenience of reference only and will have no substantive effect on the provisions of this
Trust Agreement.

Article Five

No Reversion to Company

No part of the corpus or income of the Trust will revert to the Company or be used for, or
diverted to, purposes other than for the exclusive benefit of Participants and other persons
entitled to benefits under the Plan, provided, however, that:

	 	(a)	 	Termination of Plan. If, upon termination of the Plan, any amounts are
held in a “Code Section 415 limitation account” and such amounts may not be credited to
the Accounts, such amounts, upon the written direction of the Committee, will be
returned to the Company as soon as practicable after the termination of the Plan.

	 	(b)	 	Nondeductibility of Contributions. Company contributions under the
Plan are conditioned upon the deductibility thereof under Code Section 404; and, to the
extent any such deduction of the Company is disallowed, the Trustee will, upon the
written direction of the Committee, return the amount of the contribution (to the
extent disallowed), reduced by the amount of any losses thereon, to the Company within
one year after the date the deduction is disallowed.

	 	(c)	 	Contributions by Mistake of Fact. If a contribution or any portion
thereof is made by the Company by a mistake of fact, the Trustee will, upon written
direction of the Committee, return the amount of the contribution or such portion,
reduced by the amount of any losses thereon, to the Company within one year after the
date of payment to the Trustee. Notwithstanding the foregoing, the Trustee has no
responsibility as to the sufficiency of the Trust to provide any distribution to the
Company under this Article.

 

11

 

Article Six

Change of Trustee

Section 6.1 Resignation. The Trustee may resign at any time by giving not
less than 30 days’ prior written notice to the Company and the Committee.

Section 6.2 Removal. The Company, through action of the Board, may remove the
Trustee by giving not less than 30 days’ prior written notice to the Trustee, subject to providing
the removed Trustee with satisfactory written evidence of the appointment of a successor Trustee
and of the successor Trustee’s acceptance of the trusteeship.

Section 6.3 Duties of Resigning or Removed Trustee and of Successor Trustee.
If the Trustee resigns or is removed, it will promptly transfer and deliver the assets of the Trust
to the successor Trustee, and may reserve such amount to provide for the payment of all fees,
expenses and taxes then or thereafter chargeable against the Trust, to the extent not previously
paid by the Company. The Company will reimburse the Trust for any amount reserved by the Trustee.
Within 120 days, the resigned or removed Trustee will furnish to the Company and the successor
Trustee an account of its administration of the Trust and the date of its last account. Each
successor Trustee will succeed to the title to the Trust vested in its predecessor without the
signing or filing of any further instrument, but any resigning or removed Trustee will execute all
documents and do all acts necessary to vest such title or record in any successor Trustee. Each
successor will have all the powers, rights and duties conferred by this Trust Agreement as if
originally named Trustee. No successor Trustee will be personally liable for any act or failure to
act of a predecessor Trustee and no predecessor Trustee will be liable for any act of a successor
trustee. With the approval of the Committee, a successor Trustee may accept the account rendered
and the property delivered to it by its predecessor Trustee as a full and complete discharge to the
predecessor Trustee without incurring any liability or responsibility for so doing.

Section 6.4 Filling Trustee Vacancy. The Board may fill a vacancy in the
office of Trustee as soon as practicable by a writing filed with the individual or entity appointed
to fill the vacancy.

Article Seven

Additional Employers

Section 7.1 Additional Employers. Any Affiliate (as defined below) may become
a party to this Trust Agreement by:

	 	(a)	 	Filing with the Company and the Trustee a certified copy of a resolution of its
board of directors to that effect; and

	 	(b)	 	Filing with the Trustee a certified copy of a resolution of the Board
consenting to such action.

An “Affiliate” is any corporation, trade or business during any period in which it is, along with
the Company, a member of a controlled group of corporations, a group of trades or business
under common control or an affiliated service group, as described in Code Sections 414(b), 414(c)
and 414(m), respectively, or as described in regulations issued by the Secretary of the Treasury or
his delegate pursuant to Code Section 414(o).

 

12

 

Article Eight

Amendment, Termination and Merger

Section 8.1 Amendment. The Company reserves the right to amend this Trust
Agreement at any time by action of the Board, except that no amendment can change the rights,
duties or liabilities of the Trustee without its prior written agreement, or reduce the benefits of
a Participant to less than the amount such Participant would be entitled to receive if he had
resigned from the employ of the Company and all of the Affiliates on the date of the amendment.
Unless otherwise provided in an amendment, amendments to this Trust Agreement will be effective
upon execution by the Company and the Trustee.

Section 8.2 Termination. The Trust may be terminated on any date specified by
the Company. The Trust will terminate on the first to occur of the following:

	 	(a)	 	The date it is terminated by the Company;

	 	(b)	 	The date the Company’s contributions to the Trust are completely discontinued;
or

	 	(c)	 	The date the Company is judicially declared bankrupt under Chapter 7 of the U.
S. Bankruptcy Code.

The Trustee’s powers upon termination, as described above, will continue until liquidation and
complete distribution of the Trust. Upon termination of the Trust, the Trustee will first reserve
such reasonable amounts as it may deem necessary to provide for the payment of any expenses, fees
or taxes then or thereafter chargeable to the Trust including any Loans taken by the Trust pursuant
to Section 2.3(q), which will be fully paid with the proceeds of the sale of assets of the Trust.
Subject to such reserve, the balance of the Trust will be liquidated and distributed by the Trustee
to or for the benefit of Participants, Inactive Participants and their Beneficiaries, as directed
by the Committee, after compliance with the applicable requirements of the Code and ERISA,
accompanied by a certification to the effect that the disposition is in accordance with the terms
of the Plan and the Trustee need not question the propriety of such certification. The Company
will have full responsibility to see that such distribution is proper and within the terms of the
Plan and this Trust Agreement.

Section 8.3 Merger. The Company may merge (i) the Trust with and into the
trust of another plan which meets the requirements of Code Sections 401(a) and 501(a), or (ii) the
trust of another plan which meets the requirements of Code Sections 401(a) and 501(a) with and into
the Trust at any time with the prior written approval of the Trustee, which approval will not be
unreasonably withheld.

 

13

 

Signatures

IN WITNESS WHEREOF, the Company has caused this Trust Agreement to be executed by its officers
thereunder duly authorized as of the day and year first above written, and the Trustee has executed
this Trust Agreement to evidence its acceptance of the Trust this 13th day of May, 2010, but
effective as of February 1, 2010.

	 	 	 	 	 
	 	CHROMCRAFT REVINGTON, INC.

 	 
	 	By:  	/s/ Ronald H. Butler
 	 
	 	 	Ronald H. Butler, Chairman of the Board 	 
	 	 	And Chief Executive Officer 	 

	 	 	 	 	 
	ATTEST:	 	 
	 
	 	 	 	 
	By:

	 	/s/ Myron Hamas
 

	 	 
	 

	 	Myron Hamas, Corporate Secretary	 	 

	 	 	 	 	 
	 	RELIANCE TRUST COMPANY

 	 
	 	By:  	/s/ Stephen A. Martin
 	 
	 	 	Stephen A. Martin, Senior Vice President 	 

	 	 	 	 	 
	ATTEST:	 	 
	 
	 	 	 	 
	By:

	 	/s/ Howard L. Kaplan
 

	 	 
	Its:

	 	Senior Vice President
 

	 	 

 

14Exhibit 10.34

Exhibit 10.34

AMENDMENT NO. 3

TO

TERM LOAN AND SECURITY AGREEMENT

THIS AMENDMENT NO. 3 IS TO THE TERM LOAN AND SECURITY AGREEMENT dated as of March 15, 2002
(“Agreement”) by and between First Bankers Trust Services, Inc., as successor Trustee of the
Chromcraft Revington Employee Stock Ownership Trust (the “Borrower”), a trust established pursuant
to the ESOP component of the Chromcraft Revington Employee Stock Ownership and 401(k) Plan (the
“ESOP”), and Chromcraft Revington, Inc., a Delaware corporation (the “Lender”).

W I T N E S S E T H:

WHEREAS, the Lender is the sponsor of the ESOP and a party to the agreement establishing the
ESOP Trust; and

WHEREAS, First Bankers Trust Services, Inc. has resigned as ESOP Trustee, effective as of
January 31, 2010, and the Lender has replaced it with Reliance Trust Company (“Reliance”),
effective as of February 1, 2010; and

WHEREAS, Reliance has accepted the position of Trustee of the ESOP, and thereby accepted the
obligation of this agreement, not in its individual or corporate capacity, but solely in its
capacity as ESOP Trustee;

NOW, THEREFORE, Reliance and the Lender agree, effective as of February 1, 2010, as follows:

	 	1.	 	The name “First Bankers Trust Services, Inc.” is replaced with “Reliance
Trust Company” wherever the former name appears in the Agreement.

	 
	 	2.	 	Section 12.2(b) of the Agreement is replaced with the following:

“(b) If to the Borrower:

Stephen A. Martin, Senior Vice President

Reliance Trust Company

1100 Abernathy Road

500 Northpark, Suite 400

Atlanta GA 30328-5646

The Agreement will otherwise remain the same in all respects.

 

 

 

IN WITNESS WHEREOF, Reliance and the Lender have executed this Amendment No. 3 this 13th day
of May 2010, but effective as of February 1, 2010.

	 	 	 	 	 	 	 
	 	 	
RELIANCE TRUST COMPANY, Not in Its Individual or Corporate
Capacity, But Solely as Trustee of the Chromcraft Revington Employee
Stock Ownership Trust

	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Stephen A. Martin
 

Stephen A. Martin, Senior Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	CHROMCRAFT REVINGTON, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ronald H. Butler
 

Ronald H. Butler, Chairman of the Board and
	 	 
	 

	 	 	 	Chief Executive Officer	 	 

 

2

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