Document:

Keystone Consolidated Industries, Inc. - Exhibit 10.3 KCI Master Retirement
      Trust I

    

      Exhibit
        10.3

      

      

      

      

      

      KEYSTONE
        CONSOLIDATED INDUSTRIES, INC.

      

      MASTER
        RETIREMENT TRUST I

      

      (As
        Amended and Restated Effective as of January 1, 2006)

      

      

      

      

      

       

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      

        KEYSTONE
          CONSOLIDATED INDUSTRIES, INC.

        MASTER
          RETIREMENT TRUST I

        

        TABLE
          OF CONTENTS

        
          	 	
                  PAGE

                
	
                  SECTION
                    1  GENERAL
                     

                	
                  2

                
	
                  1.1 Definitions
                    

                	
                  2

                
	
                  1.2 Compliance
                    With Law 

                	
                  2

                
	 	 
	
                  SECTION
                    2 ESTABLISHMENT
                    OF MASTER TRUST  

                	
                  3

                
	
                  2.1 Appointment
                    and Acceptance of Master Trustee 

                	
                  3

                
	
                  2.2 Master
                    Trustee Responsibilities 

                	
                  3

                
	
                  2.3 Contributions
                    

                	
                  3

                
	
                  2.4 Exclusive
                    Benefit 

                	
                  3

                
	
                  2.5 Return
                    of Contributions 

                	
                  3

                
	
                  2.6 Distributions
                    

                	
                  4

                
	
                  2.7 Commingling
                    

                	
                  4

                
	
                  2.8 Ancillary
                    Trusts

                	
                  5

                
	 	 
	
                  SECTION
                    3 AUTHORITIES
                     

                	
                  6

                
	
                  3.1 Authorized
                    Parties 

                	
                  6

                
	
                  3.2 Authorized
                    Instructions 

                	
                  6

                
	 	 
	
                  SECTION
                    4 POWERS
                    AND DUTIES

                	
                  6

                
	
                  4.1
                     General
                    Powers and Duties of Master Trustee 

                	
                  6

                
	
                  4.2
                     Power
                    of Attorney

                	
                  8

                
	
                  4.3 Contractual
                    Income and Settlement

                	
                  8

                
	 	 
	
                  SECTION
                    5 INVESTMENT
                    OF THE FUND  

                	
                  9

                
	
                  5.1 Appointment
                    of Investment Managers 

                	
                  9

                
	
                  5.2 Directed
                    Powers of Master Trustee 

                	
                  9

                
	
                  5.3 Standard
                    of Care 

                	
                  12

                
	
                  5.4 Force
                    Majeure 

                	
                  12

                
	
                  5.5 Accounting

                	
                  12

                
	 	 
	
                  SECTION
                    6 REPORTING
                    AND RECORDKEEPING  

                	
                  13

                
	
                  6.1 Review
                    of Reports 

                	
                  13

                
	
                  6.2 Non-Fund
                    Assets 

                	
                  13

                
	 	 
	
                  SECTION
                    7 COMPENSATION,
                    EXPENSES, TAXES, INDEMNIFICATION

                	
                  13

                
	
                  7.1 Compensation
                    and Expenses 

                	
                  13

                
	
                  7.2 Tax
                    Obligations 

                	
                  14

                
	
                  7.3 Indemnification
                    

                	
                  14

                
	
                  7.4 Damages

                	
                  15

                
	
                  7.5 Compensation
                    and Expenses

                	
                  15

                

        

        
          
            
            

          

          
            i

            
              

            

          

          
            
            

          

        

        

        
          	 	 
	
                  SECTION
                    8 AMENDMENT,
                    TERMINATION, RESIGNATION, REMOVAL

                	
                  15

                
	
                  8.1 Amendment
                    

                	
                  15

                
	
                  8.2 Removal
                    or Resignation of Master Trustee 

                	
                  15

                
	
                  8.3 Plan
                    Termination 

                	
                  15

                
	
                  8.4 Property
                    Not Transferred 

                	
                  16

                
	 	 
	
                  SECTION
                    9 PARTICIPATION
                    AND SEGREGATION

                	
                  16

                
	
                  9.1 Adoption
                    of Master Trust by Subsidiaries and Affiliates

                	
                  16

                
	
                  9.2 Segregation
                    from Further Participation

                	
                  16

                
	
                  9.3 Loss
                    of Qualification

                	
                  17

                
	 	 
	
                  SECTION
                    10 ADDITIONAL
                    PROVISIONS  

                	
                  17

                
	
                  10.1 Assignment
                    or Alienation 

                	
                  17

                
	
                  10.2 Successors
                    and Assigns 

                	
                  17

                
	
                  10.3 Governing
                    Law 

                	
                  17

                
	
                  10.4 Necessary
                    Parties 

                	
                  17

                
	
                  10.5 No
                    Third Party Beneficiaries 

                	
                  18

                
	
                  10.6 Representations

                	
                  18

                
	
                  10.7 Execution
                    in Counterparts 

                	
                  18

                
	
                  10.8 Action
                    by the Company

                	
                  18

                
	
                  10.9 Provisions
                    to Comply With Revenue Ruling 81-100

                	
                  18

                

        

      

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

      KEYSTONE
        CONSOLIDATED INDUSTRIES, INC.

      MASTER
        RETIREMENT TRUST I

      

      THIS
        MASTER TRUST AGREEMENT,
        effective as of the 1st day of January, 2006 between
        Keystone Consolidated Industries, Inc. (the "company"), and U.S.
        BANK NATIONAL ASSOCIATION
        (the
        "Master Trustee").

      

      WITNESSETH:

      WHEREAS,
        the
        company and its subsidiaries or affiliates have adopted one or more employee
        benefit plans, and may in the future adopt additional employee benefit plans,
        intended to meet the requirements of Section 401(a) of the Code for the benefit
        of the employees therein described (a “plan”, individually or the “plans”,
        collectively); and

      

      WHEREAS,
        the
        company has previously established a master trust constituting a part of
        the
        plans pursuant to which assets are held to provide for the funding of the
        plans
        and the payment of benefits under the plans, the company has determined that
        the
        splitting of such master trust into two separate master trusts each funding
        one
        or more but less than all of the plans is considered desirable, and this
        Agreement constitutes an amendment and partial continuation of the prior
        master
        trust in the form of the Keystone Consolidated Industries, Inc. Master
        Retirement Trust I as set forth herein (the “Master Trust”); and

      

      WHEREAS,
        the
        plans of which this Master Trust forms a part and Section 10.8 hereof provide
        for one or more fiduciaries named in the plans, or identified as a fiduciary
        pursuant to a procedure specified in the plans, which have been allocated
        the
        power to manage and control the assets of the plans (the “Named
        Fiduciary”);

      

      WHEREAS,
        it is
        contemplated that all or part of the Fund (as hereinafter defined) may be
        transferred for investment purposes to The Combined Master Retirement Trust,
        as
        amended and restated effective September 30, 2005 (as it may be further amended
        from time to time), between Contran Corporation and Harold C. Simmons and
        his
        successor or successors and assigns (the “CMRT”); 

      

      NOW,
        THEREFORE,
        the
        company and the Master Trustee, each intending to be legally bound, agree
        as
        follows:

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      SECTION
        1- GENERAL

      

      1.1 Definitions.
        The
        terms used herein shall have the following meanings:

      

      (a) "Agreement"
        means
        this instrument, including all amendments thereto.

      

      (b) "Authorized
        Instructions"
        means
        all directions and instructions to the Master Trustee from an Authorized
        Party
        provided in accordance with Section 3.2 of this Agreement.

      

      (c) "Authorized
        Party"
        means
        any person or entity properly identified by the company, the Named Fiduciary
        or
        the Investment Manager to the Master Trustee in accordance with Section 3.1
        of
        this Agreement.

      

      (d) "Code"
        means
        the Internal Revenue Code of 1986, as amended.

      

      (e) "ERISA"
        means
        the Employee Retirement Income Security Act of 1974, as amended.

      

      (f) "Fund"
        means
        the assets held pursuant to this Agreement as such assets shall exist from
        time
        to time.

      

      (g) "Investment
        Manager"
        means
        an investment manager, within the meaning of Section 3(38) of ERISA, with
        respect to the Fund which has been appointed by the Named Fiduciary pursuant
        to
        Section 5.1.

      

      (h) "Real
        Estate"
        means
        direct or indirect investments of the Fund in real property, leaseholds,
        mineral
        interests or participations in real estate investment trusts or corporations
        organized under Sections 501(c)(2) or 501(c)(25) of the Code.

      

      (i) "Tax
        Obligations"
        means
        the responsibility for payment of taxes, withholding, certification and
        reporting requirements, claims for exemptions or refund, interest, penalties
        and
        other related expenses of the Fund.

      

      1.2 Compliance
        With Law.
        The
        Master Trust is intended to comply with ERISA and to be tax-exempt under
        Section
        501(a) of the Code. The company represents that the plans are qualified under
        Section 401(a) of the Code and shall immediately notify the Master Trustee
        if a
        plan ceases to be so qualified.

      

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      SECTION
        2 - ESTABLISHMENT OF MASTER TRUST

      

      2.1 Appointment
        and Acceptance of Master Trustee.
        The
        Named Fiduciary hereby appoints U.S.
        BANK NATIONAL ASSOCIATION
        as
        Master Trustee of the Master Trust with respect to the Fund. The Fund shall
        be
        held by the Master Trustee in trust and dealt with in accordance with the
        provisions of this Agreement.
        The
        Master Trustee hereby accepts its appointment as master trustee, acknowledges
        that it assumes the duties established by this Agreement and agrees to be
        bound
        by the terms contained herein.

      

      2.2 Master
        Trustee Responsibilities.
        The
        Master Trustee is not a party to, and has no duties or responsibilities under,
        any of the plans other than those that may be expressly contained in this
        Agreement. In any case in which a provision of this Agreement conflicts with
        any
        provision in a plan, this Agreement shall control. The Master Trustee shall
        have
        no duties, responsibilities or liability with respect to the acts or omissions
        of any prior trustee.

      

      2.3 Contributions.
        The
        Master Trustee agrees to accept contributions that are paid to it by the
        company
        (as well as rollover contributions and direct transfers from other qualified
        retirement plans) in accordance with the terms of this Agreement. Such
        contributions shall be in cash or in such other form that may be acceptable
        to
        the Master Trustee. The Master Trustee shall have no duty to determine or
        collect contributions under the plans and shall have no responsibility for
        any
        property until it is received and accepted by the Master Trustee. The company
        shall have the sole duty and responsibility for the determination of the
        accuracy or sufficiency of the contributions to be made under the plans,
        the
        transmittal of the same to the Master Trustee and compliance with any statute,
        regulation or rule applicable to contributions. 

      

      2.4 Exclusive
        Benefit.
        Except
        as may be permitted by law or by the terms of the plans or this Agreement,
        at no
        time prior to the satisfaction of all liabilities with respect to participants
        and their beneficiaries under the plans shall any part of the Master Trust
        be
        used for or diverted to any purpose other than for the exclusive benefit
        of the
        participants and their beneficiaries. The assets of the Master Trust shall
        be
        held for the exclusive purposes of providing benefits to participants of
        the
        plans and their beneficiaries and defraying the reasonable expenses of
        administering the plans and the Master Trust.

      

      2.5 Return
        of Contributions.
        Notwithstanding
        any other provision of this Agreement: (i) as contributions made prior to
        the
        receipt of an initial determination letter are conditional upon a favorable
        determination as to the qualified status of each of the plans under Code
        Section
        401, if a plan receives an adverse determination with respect to its initial
        qualification, then any such contribution may be returned to the company
        within
        one year after such determination, provided the application for determination
        is
        made by the time prescribed by law; (ii) contributions made by the company
        based
        upon mistake of fact may be returned to the company within one year of such
        contribution; (iii) as all contributions to the plans are conditioned upon
        their
        deductibility under the Code, if a deduction for such a contribution is
        disallowed, such contribution may be returned to the company within one year
        of
        the disallowance of such deduction; and (iv) after all liabilities under
        a plan
        have been satisfied, the remaining assets of the Master Trust belonging to
        that
        plan shall be distributed to the company if such distribution is provided
        for in
        that plan and does not contravene any provision of applicable law.

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      In
        the
        case of the return of a contribution due to mistake of fact or the disallowance
        of a deduction, the amount which may be returned is the excess of the amount
        contributed over the amount that would have been contributed had there not
        been
        a mistake or disallowance. Earnings attributable to the excess contributions
        may
        not be returned to the company but losses attributable thereto must reduce
        the
        amount to be so returned. Any return of contribution or distribution of assets
        made by the Master Trustee pursuant to this Section shall be made only upon
        the
        direction of the company, which shall have exclusive responsibility for
        determining whether the conditions of such return or distribution have been
        satisfied and for the amount to be returned.

      

      2.6 Distributions.
        The
        Master Trustee shall make distributions or transfers out of the Fund pursuant
        to
        Authorized Instructions. To the extent assets are held in checking accounts
        outside the Fund pursuant to Authorized Instructions, the Named Fiduciary
        shall
        cause such assets to be held in trust and in accordance with the bonding
        requirements of Section 412 of ERISA, secure from the claims of all creditors
        of
        the company, the Named Fiduciary or any participant or beneficiary covered
        by
        the plans. The company hereby agrees that the Authorized Party shall have
        the
        exclusive responsibility, and the Master Trustee shall not have any
        responsibility or duty under this Agreement, for determining that the Authorized
        Instructions are in accordance with the terms of the plans and applicable
        law,
        including without limitation, the amount, timing or method of payment and
        the
        identity of each person to whom such payments shall be made. The Master Trustee
        shall have no responsibility or duty to determine the tax effect of any payment
        or to see to the application of any payment. In making payments to service
        providers pursuant to Authorized Instructions, the company acknowledges that
        the
        Master Trustee is acting as a paying agent, and not as the payor, for tax
        information reporting and withholding purposes.

      

      2.7 Commingling.
        

      

      (a) General.
        The
        Master Trustee may commingle the assets attributable to the plans for which
        contributions are made under this Agreement if this Agreement is applicable
        to
        more than one plan, and may commingle the Fund with funds of other trusts
        of
        similar nature created by the company for the exclusive benefit of its
        employees. Where commingling is effected with other trusts maintained by
        the
        company, the combined trust, to the extent that assets are attributable to
        contributions made under this Agreement, shall be the Fund referred to herein.
        The Master Trustee shall maintain such records as are necessary in order
        to
        maintain a separation of the Fund from the funds of the other trusts maintained
        by the company and to separate the assets attributable to each of the plans
        for
        which contributions are made under this Agreement. The company shall be
        responsible for causing sufficient records to be maintained to insure that
        benefits and liabilities payable with respect to each plan shall be paid
        from
        the assets allocable to each such plan.

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (b) Incorporation
        of The Combined Master Retirement Trust.
        Contran
        Corporation (“Contran”) has established the CMRT for the purpose of permitting
        the collective investment therein of part or all of the assets of the trusts
        which implement the various qualified pension and profit sharing plans
        maintained by Contran, the other members of the controlled group of corporations
        of which Contran is a member and such other related companies as are designated
        by Contran. The provisions of the CMRT, as amended from time to time, are
        hereby
        incorporated herein and made a part of this Agreement. The company may direct
        the Master Trustee of this Master Trust to invest any part or all of its
        assets
        in the CMRT, and the Master Trustee shall have the power to make each such
        investment directed by the company. In addition the company may direct that
        part
        or all of this Master Trust’s investment in the CMRT be withdrawn. Subject to
        applicable law, the Master Trustee shall have no investment responsibility
        with
        respect to any investment in the CMRT and shall incur no liability as a result
        of its compliance with any direction of the company in accordance with the
        foregoing. Notwithstanding the foregoing, the company may not direct any
        investment in, or permit any continued investment in, the CMRT if the company
        determines or is advised by the Internal Revenue Service that the CMRT does
        not
        meet the requirements for qualification under Section 401(a) of the code,
        and is
        not entitled to exemption from taxes under Section 501(a) of the Code. To
        the
        extent that the company does not direct the investment of any assets of this
        Master Trust, the investment of such assets shall be the responsibility of
        any
        Investment Managers appointed under this Agreement and, if none, the company.
        It
        is intended that to the extent there may be any conflict between the provisions
        of this Section and any other provisions of this Agreement, the provisions
        of
        this Section shall be controlling. 

      

      2.8 Ancillary
        Trusts.
        Notwithstanding any other provisions hereof, in addition to its power to
        direct
        investments in the CMRT in accordance with Section 2.7 hereof, the company
        shall
        have the authority to direct the Master Trustee to enter into and execute
        one or
        more ancillary trust agreements with one or more ancillary trustees designated
        by the company and to transfer such assets of the trust fund as the company
        directs to an ancillary trust investment fund to be held and managed by an
        ancillary trustee under an ancillary trust agreement. The Master Trustee
        shall
        not make any investment review of, consider the propriety of holding or selling,
        or vote any assets of an ancillary trust investment fund; provided that the
        Master Trustee shall invest for short term purposes any cash which is a part
        of
        the ancillary trust investment fund which is in the Master Trustee’s custody as
        directed by the company in appropriate short term investments. The company
        shall
        be responsible for allocating any assets of the Fund to the ancillary trust
        investment funds. The Master Trustee shall not have any responsibility for
        the
        investment of any asset of an ancillary trust investment fund and shall incur
        no
        liability as a result of its compliance with any direction of the company
        in
        accordance with the foregoing.

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      SECTION
        3 - AUTHORITIES

      

      3.1 Authorized
        Parties.
        The
        company shall furnish the Master Trustee with a written list of the names,
        signatures and extent of authority of all persons authorized to direct the
        Master Trustee and otherwise act on behalf of the company and the plans under
        the terms of this Agreement. The Named Fiduciary will provide the Master
        Trustee
        with a written list of the names, signatures and extent of authority of all
        persons authorized to act on behalf of the Named Fiduciary. The Named Fiduciary
        shall cause each Investment Manager appointed in accordance with Section
        5.1 to
        furnish the Master Trustee with a written list of the names and signatures
        of
        the person or persons who are authorized to represent the Investment Manager.
        The Master Trustee shall be entitled to rely on and shall be fully protected
        in
        acting upon direction from an Authorized Party until notified in writing
        by the
        company, Investment Manager or Named Fiduciary, as appropriate, of a change
        of
        the identity of an Authorized Party and the Master Trustee shall not be
        responsible or liable for any diminution of value of any securities or other
        property held by the Master Trustee (or its subcustodians) at the direction
        of
        an Authorized Party.

      

      3.2 Authorized
        Instructions.
        All
        directions and instructions to the Master Trustee from an Authorized Party
        shall
        be in writing, transmitted by mail or by facsimile or shall be an electronic
        transmission, provided the Master Trustee may, in its discretion, accept
        oral
        directions and instructions and may require confirmation in writing. The
        Master
        Trustee shall be entitled to rely on and shall be fully protected in acting
        in
        accordance with all such directions and instructions which it reasonably
        believes to have been given by an Authorized Party and in failing to act
        in the
        absence thereof.

      

      SECTION 4
        - POWERS AND DUTIES

      

      4.1 General
        Powers and Duties of Master Trustee.
        In
        administering the Master Trust, the Master Trustee shall be specifically
        authorized to:

      

      (a) Appoint
        custodians, subcustodians or sub-trustees, domestic or foreign (including
        affiliates of the Master Trustee), as to part or all of the Fund, except
        that
        the indicia of ownership of any asset of the Fund shall not be held outside
        the
        jurisdiction of the District Courts of the United States unless in compliance
        with Section 404(b) of ERISA and regulations thereunder; provided that the
        Master Trustee shall not be liable for the acts or omissions of any subcustodian
        appointed under this Section 4.1 pursuant to Authorized
        Instructions;

      

      (b) Hold
        property in nominee name, in bearer form, or in book entry form, in a
        clearinghouse corporation or in a depository (including an affiliate of the
        Master Trustee), so long as the Master Trustee's records clearly indicate
        that
        the assets held are a part of the Fund; provided that, subject to Section
        5.3,
        the Master Trustee shall not be responsible for any losses resulting from
        the
        deposit or maintenance of securities or other property (in accordance with
        market practice, custom or regulation) with any recognized foreign or domestic
        clearing facility, book-entry system, centralized custodial depository, or
        similar organization; 

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      (c) Collect
        income payable to and distributions due to the Fund and sign on behalf of
        the
        Master Trust any declarations, affidavits, certificates of ownership and
        other
        documents required to collect income and principal payments, including but
        not
        limited to, tax reclamations, rebates and other withheld amounts; provided
        that,
        subject to Section 5.3, the Master Trustee shall not be responsible for the
        failure to receive payment of (or late payment of) distributions with respect
        to
        securities or other property of the Fund; 

      

      (d) Subject
        to the timely receipt of notice from an issuer or an Authorized Party, collect
        proceeds from securities, certificates of deposit or other investments which
        may
        mature or be called;

      

      (e) Submit
        or
        cause to be submitted to the Named Fiduciary or the Investment Manager, as
        designated by the Named Fiduciary, on a best efforts basis all information
        actually received by the Master Trustee regarding ownership rights pertaining
        to
        property held in the Fund;

      

      (f) Attend
        to
        involuntary corporate actions;

      

      (g) Determine
        the fair market value of the Fund monthly, or for such other period as may
        be
        mutually agreed upon, in accordance with methods consistently followed and
        uniformly applied. In determining fair market value of the Fund, the Master
        Trustee shall be entitled to rely on and shall be protected in relying on
        values
        provided by an Authorized Party;

      

      (h) Render
        periodic statements for property held hereunder;

      

      (i) Commence
        or defend suits or legal proceedings and represent the Fund in all suits
        or
        legal proceedings in any court or before any other body or tribunal as the
        Master Trustee shall deem necessary to protect the Fund;

      

      (j) Employ
        upon prior notice to the company suitable agents and legal counsel, who may
        be
        counsel for the company, and, as a part of its reimbursable expenses under
        this
        Agreement, pay their reasonable compensation and expenses. The Master Trustee
        shall be entitled to rely on and may act upon advice of counsel on all matters,
        and shall be without liability for any action reasonably taken or omitted
        in
        good faith pursuant to such advice;

      

      (k) Deposit
        cash in interest bearing accounts in the banking department of the Master
        Trustee or an affiliated banking organization;

      

      (l) Take
        all
        action necessary to pay for authorized transactions or make authorized payments,
        distributions, transfers or rollovers, including exercising the power to
        borrow
        or raise moneys from any lender, which may be the Master Trustee in its
        corporate capacity or any affiliate or agent of the Master Trustee, upon
        such
        terms and conditions as are necessary to settle such transactions, payments,
        distributions, transfers or rollovers;

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      (m) Take
        any
        and all actions, including the appointment of agents, necessary to settle
        transactions in futures and/or options contracts, short-selling programs,
        foreign exchange or foreign exchange contracts, swaps, synthetic GICs, BICs
        and
        similar instruments and other derivative investments;

      

      (n) Make,
        execute and deliver any and all documents, agreements or other instruments
        in
        writing as is necessary or desirable for the accomplishment of any of the
        powers
        and duties in this Agreement; and

      

      (o) Generally
        take all action, whether or not expressly authorized, which the Master Trustee
        may deem necessary or desirable for the fulfillment of its duties
        hereunder.

      

      The
        powers described in this Section 4.1 may be exercised by the Master Trustee
        with
        or without Authorized Instructions, but where the Master Trustee acts on
        Authorized Instructions, the Master Trustee shall be fully protected as
        described in Section 3.2.

       

      4.2 Power
        of Attorney.
        The
        Named Fiduciary appoints the Master Trustee as the Master Trust’s true and
        lawful attorney-in-fact and authorizes the Master Trustee to delegate the
        power
        of attorney to its global custodians with full powers of substitution
        to:

      

      (a) sign,
        file and deliver all requests or claims for refund or reduction of , or
        exemption from, any withholding or similar taxes, collect the refund of the
        tax
        and transfer the amounts collected as directed; 

      

      (b) vote
        securities or execute proxies held in the Master Trust as directed and exercise
        rights as directed, related to the securities as a result of corporate
        actions;

      

      (c) safekeep
        securities in the name of the Master Trust, receive dividends, interest,
        other
        payments and sale of proceeds on behalf of the Master Trust, sign on behalf
        of
        the Master Trust any and all forms pertaining to instructions for sale or
        purchase of securities, and give specific instructions regarding securities,
        cash and related transactions that are registered in the name of the Master
        Trust.

      

      The
        global custodian is authorized to perform any other actions necessary to
        carry
        out the intent of this Section. .

      

      Any
        charges or expenses incurred in connection with acts permitted under this
        Section shall be paid by the Master Trust.

      

      4.3 Contractual
        Income and Settlement.
        

      

      (a) Contractual
        Income.
        In
        accordance with the Master Trustee’s standard operating procedure, the Master
        Trustee shall credit the Fund with income and maturity proceeds on securities
        on
        contractual payment date net of any taxes or upon actual receipt.  In most
        instances, income and maturity proceeds are received on the contractual payment
        date.

      

      (b) Contractual
        Settlement.
        In
        accordance with the Master Trustee’s standard operating procedure, the Master
        Trustee will attend to the settlement of securities transactions on the basis
        of
        either contractual settlement date accounting or actual settlement date
        accounting. To the extent the Master Trustee settles certain securities
        transactions on the basis of contractual settlement date accounting, the
        Master
        Trustee may reverse to the contractual settlement date any entry relating
        to
        such contractual settlement if the Master Trustee reasonably believes that
        such
        amount will not be received. 

      

      

      
        
          
          

        

        
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      SECTION
        5 - INVESTMENT OF THE FUND

      

      5.1 Appointment
        of Investment Managers.
        The
        company shall have the power to appoint and remove one or more Investment
        Managers, which may be the Master Trustee or an affiliate of the Master Trustee,
        with respect to part or all of the Fund. Except as may be provided in a separate
        investment management agreement, the Master Trustee shall not be responsible,
        directly or indirectly, for the investment or reinvestment of the assets
        of the
        Fund, which investment and reinvestment shall be the sole responsibility
        of the
        company unless otherwise delegated by the company. The Master Trustee shall
        be
        entitled to rely entirely on an Investment Manager’s directions, shall be under
        no duty to determine or make inquiry whether an Investment Manager’s directions
        received by it are in accordance with the provisions of the plan or applicable
        law, and shall have no duty to review or recommend the sale, retention, or
        other
        disposition of any assets purchased or retained in accordance with an Investment
        Manager’s directions. The Master Trustee shall have no liability for any loss to
        the Fund resulting from the purchase, sale, or retention of any assets in
        accordance with an Investment Manager’s directions, or resulting from not having
        sold such assets so purchased or retained in the absence of an Investment
        Manager’s directions, to make such sale or take any other action. The Master
        Trustee shall be fully indemnified by the company for any action taken in
        accordance with, or any failure to act in the absence of, an Investment
        Manager’s directions.

      

      5.2 Directed
        Powers of Master Trustee.
        In
        addition to the powers enumerated in Section 4.1, the Master Trustee shall
        have
        and exercise the following powers and authority in the administration of
        the
        Fund upon the direction of the Named Fiduciary or an Investment
        Manager:

      

      (a) Settle
        purchases and sales and engage in other transactions, including free receipts
        and deliveries, exchanges and other voluntary corporate actions, with respect
        to
        securities or other property received by the Master Trustee;

      

      (b) Execute
        proxies for any securities held in the Fund;

      

      
        
          
          

        

        
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      (c) Lend
        the
        specified assets of the Fund or portion of the Fund in accordance with the
        terms
        and conditions of a separate lending agreement or agreements;

      

      (d) Purchase
        or sell, write or issue, puts, calls, or other options, covered or uncovered,
        enter into financial futures contracts, forward placement contracts and standby
        contracts, and in connection therewith, deposit, hold (or direct the Master
        Trustee or an affiliate of the Master Trustee, in its individual capacity
        to
        deposit or hold) or pledge assets of the Fund; 

      

      (e) Settle
        investments in any collective investment fund, including a collective investment
        fund maintained by the Master Trustee or an affiliate and appoint agents
        and
        sub-trustees. To the extent that any investment is made in any such collective
        investment fund, the terms of the collective trust indenture shall solely
        govern
        the investment duties, responsibilities and powers of the trustee of such
        collective investment fund and, to the extent required by law, such terms,
        responsibilities and powers shall be incorporated herein by reference and
        shall
        be a part of this Agreement. For purposes of valuation, the value of the
        interest maintained by the Fund in such collective investment fund shall
        be the
        fair market value of the collective investment fund units held, determined
        in
        accordance with generally recognized valuation procedures. The Named Fiduciary
        or Investment Manager directing an investment in a collective investment
        fund
        expressly understands and agrees that any such collective investment fund
        may
        provide for the lending of its securities by the collective investment fund
        trustee and that such collective investment fund trustee will receive
        compensation for the lending of securities that is separate from any
        compensation of the Master Trustee hereunder, or any compensation of the
        collective investment fund trustee for the management of such fund. Incorporated
        by reference into this Agreement is the Plan and Declaration of Trust - U.S.
        Bank National Association Collective Investment Funds for Employee Benefits
        Trusts, as amended from time to time. Other collective investment funds or
        group
        trust funds under any other declaration of trust may be utilized by the Fund
        pursuant to directions of the Named Fiduciary or an Investment Manager upon
        the
        company‘s adoption of an Addendum to this Agreement, with the Master Trustee’s
        consent, for the sole purpose of incorporating by reference into this Agreement
        said declaration of trust.

      

      (f) Enter
        into any Insurance Contract with any insurance company or companies, either
        for
        the purposes of investment or otherwise. The Master Trustee shall not be
        responsible in any way for the form, terms, payment provisions or issuer
        of any
        Insurance Contract which it is directed to purchase and hold to provide for
        the
        payment of benefits, or for performing any functions under any such Insurance
        Contract which it may be directed to purchase and hold as contract holder
        thereunder (other than the execution of any documents incidental thereto
        and
        transfer or receipt of funds thereunder in accordance with the Named Fiduciary’s
        directions);

      

      (g) Settle
        investments in Real Estate and exercise such other powers as may be required
        in
        connection with the Fund’s investments in Real Estate. The Master Trustee shall
        have no responsibility or discretion with respect to the ownership, management,
        administration, operation or control of any Real Estate. To the extent permitted
        by law, the Master Trustee shall be indemnified by the company, to the extent
        not paid by the Fund, from all claims, liabilities, losses, damages and
        expenses, including reasonable attorneys' fees and expenses, arising from
        or in
        connection with any matter relating to the Real Estate and which gives rise
        to
        the Real Estate and which gives rise to: (i) any violation of any
        applicable environmental or health or safety law, ordinance, regulation or
        ruling; or (ii) the presence, use, generation, storage, release, threatened
        release, or containment, treatment or disposal of any petroleum, including
        crude
        oil or any fraction thereof, hazardous substances, pollutants or contaminants
        as
        defined in the Comprehensive Environmental Response Compensation and Liability
        Act, as amended (CERCLA) or hazardous, toxic or dangerous substances or
        materials as any of these terms may be defined under any federal or state
        law in
        the broadest sense from time to time. This indemnification shall survive
        the
        sale or other disposition of any Real Estate investment of the Fund or the
        termination of this Agreement.

      

      
        
          
          

        

        
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      Settlements
        of transactions may be effected in trading and processing practices customary
        in
        the jurisdiction or market where the transaction occurs. The Named Fiduciary
        acknowledges that this may, in certain circumstances, require the delivery
        of
        cash or securities (or other property) without the concurrent receipt of
        securities (or other property) or cash. In such circumstances, subject to
        Section 5.3, the Master Trustee shall have no responsibility for nonreceipt
        of
        payment (or late payment) or nondelivery of securities or other property
        (or
        late delivery) by the counterparty. 

      

      The
        Named
        Fiduciary and/or any Investment Manager are authorized, and hereby retain
        the
        right, to direct the Master Trustee to (i) retain the services of U.S. Bancorp
        Piper Jaffray Inc. and/or any other registered broker-dealer organization
        hereafter affiliated with U.S. Bank National Association, and any future
        successors in interest thereto (collectively, including U.S. Bank National
        Association, for the purposes of this paragraph referred to as the “Affiliated
        Entities”), to provide services to assist in or facilitate the purchase or sale
        of investment securities in the Fund, (ii) acquire as assets of the Fund
        shares
        of mutual funds to which Affiliated Entities provides, for a fee, services
        in
        any capacity and (iii) acquire in the Fund any other services or products
        of any
        kind or nature from the Affiliated Entities regardless of whether the same
        or
        similar services or products are available from other institutions. The Master
        Trustee may be so directed to retain one or more of the Affiliate Entities
        regardless of whether the same or similar services or products are available
        from other institutions. Pursuant to such directions, the Fund may directly
        or
        indirectly (through mutual funds fees and charges for example) pay management
        fees, transaction fees and other commissions to the Affiliate Entities for
        the
        services or products provided to the Fund and/or such mutual funds at such
        Affiliated Entities’ standard or published rates without offset (unless required
        by law) from any fees charged by the Master Trustee for its services as Master
        Trustee. The Master Trustee may also be so directed to deal directly with
        the
        Affiliated Entities regardless of the capacity in which it is then acting,
        to
        purchase, sell, exchange or transfer assets of the Fund even though the
        Affiliate Entities are receiving compensation or otherwise profiting from
        such
        transactions or are acting as a principal in such transactions. Included
        specifically, but not by way of limitation in the transactions authorized
        by its
        provision are transactions in which any of the Affiliate Entities are servicing
        as an underwriter or member of an underwriting syndicate for a security being
        purchased or are purchasing or selling a security for its own
        account.

      

      
        
          
          

        

        
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      5.3 Standard
        of Care.
        The
        Master Trustee shall discharge its duties under this Agreement with the care
        and
        skill required under ERISA with respect to such duties. The Master Trustee
        shall
        not be responsible for the title, validity or genuineness of any property
        or
        evidence of title thereto received by it or delivered by it pursuant to this
        Agreement and shall be held harmless in acting upon any notice, request,
        direction, instruction, consent, certification or other instrument believed
        by
        it to be genuine and delivered by the proper party or parties. The Master
        Trustee shall not be responsible or liable for any losses or damages suffered
        by
        the Fund arising as a result of the insolvency of any custodian, subtrustee
        or
        subcustodian, except to the extent the Master Trustee was negligent in its
        selection or continued retention of such entity.

      

      5.4 Force
        Majeure.
        Notwithstanding anything in this Agreement to the contrary, the Master Trustee
        shall not be responsible or liable for its failure to perform under this
        Agreement or for any losses to the Fund resulting from any event beyond the
        reasonable control of the Master Trustee, its agents or subcustodians, including
        but not limited to nationalization, strikes, expropriation, devaluation,
        seizure, or similar action by any governmental authority, de facto or de
        jure;
        or enactment, promulgation, imposition or enforcement by any such governmental
        authority of currency restrictions, exchange controls, levies or other charges
        affecting the Fund’s property; or the breakdown, failure or malfunction of any
        utilities or telecommunications systems; or any order or regulation of any
        banking or securities industry including changes in market rules and market
        conditions affecting the execution or settlement of transactions; or acts
        of
        war, terrorism, insurrection or revolution; or acts of God; or any other
        similar
        or third-party event. This Section shall survive the termination of this
        Agreement.

      

      5.5 Accounting.
        Unless
        the company establishes another accounting method or modifies the method
        set
        forth below, investment of a plan in each investment fund within the Fund
        shall
        be reflected in the plan account for that plan on a “unit” basis. As of the date
        of the initial investment by a plan under this Master Trust, the initial
        unit
        value of each plan’s investment was represented by a number of full units, each
        of which had a value between one hundred dollars and one hundred and one
        dollars, carried to the fourth decimal. The company shall inform the Master
        Trustee of the unit value and number of units held by each plan as of the
        effective date of this Agreement. As of each subsequent valuation
        date:

      

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

      

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

      

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

      

      From
        time
        to time the company may direct the Master Trustee to divide or combine units
        so
        that units shall have a greater or lesser value under an investment fund.
        With
        the consent of the company, deposits in an investment fund may be made in
        property other than cash, valued at its fair market value, as determined
        by the
        Master Trustee. All deposits to an investment fund may be made only at the
        direction of the company and only as of a valuation date, and all withdrawals,
        transfers and distributions from an investment fund may be made only at the
        direction of the company and only as of a valuation date. 

      

      
        
          
          

        

        
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      SECTION
        6 - REPORTING AND RECORDKEEPING

      

      6.1 Review
        of Reports.
        If,
        within 180 days after the Master Trustee mails to the Named Fiduciary a
        statement with respect to the Fund, the Named Fiduciary has not given the
        Master
        Trustee written notice of any exception or objection thereto, the statement
        shall be deemed to have been approved, and in such case, the Master Trustee
        shall not be liable for any matters in such statements. The company or its
        agent
        shall have the right at its own expense and with prior written notice to
        the
        Master Trustee, to inspect the Master Trustee's books and records directly
        relating to the Fund during normal business hours.

      

      6.2 Non-Fund
        Assets.
        The
        duties of the Master Trustee shall be limited to the assets held in the Fund,
        and the Master Trustee shall have no duties with respect to assets held by
        any
        other person including, without limitation, any other trustee for the plans.
        The
        company hereby agrees that the Master Trustee shall not serve as, and shall
        not
        be deemed to be, a co-trustee or an authorized representative of the trustee
        of
        the CMRT under any circumstances. The Named Fiduciary may request the Master
        Trustee to perform a recordkeeping service with respect to property held
        by
        others and not otherwise subject to the terms of this Agreement. To the extent
        the Master Trustee shall agree to perform this service, its sole responsibility
        shall be to accurately reflect information on its books which it has received
        from an Authorized Party.

       

      

      SECTION
        7 - COMPENSATION, EXPENSES, TAXES, INDEMNIFICATION

      

      7.1 Compensation and Expenses.
        The
        Master Trustee shall be entitled to compensation for services under this
        Agreement as mutually agreed. The Named Fiduciary acknowledges that, as part
        of
        the Master Trustee’s compensation, the Master Trustee may earn interest on
        balances, including without limitation, disbursement balances and balances
        arising from purchase and sale transactions. The Master Trustee shall also
        be
        entitled to reimbursement for reasonable expenses incurred (including, without
        limitation, legal or other professional fees and expenses incurred by the
        Master
        Trustee) by it in the discharge of its duties under this Agreement. All such
        fees and expenses shall be charged to and collected from the Fund unless
        paid by
        the company.

      

      
        
          
          

        

        
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      If
        the
        Master Trustee advances cash or securities for any purpose, including the
        purchase or sale of foreign exchange or of contracts for foreign exchange,
        or in
        the event that the Master Trustee shall incur or be assessed taxes, interest,
        charges, expenses, assessments, or other liabilities in connection with the
        performance of this Agreement, except such as may arise from its own negligent
        action, negligent failure to act or willful misconduct, any property at any
        time
        held for the Fund shall be security therefor and the Master Trustee shall
        be
        entitled to collect from the Fund sufficient cash for reimbursement, and
        if such
        cash is insufficient, dispose of the assets of the Fund to the extent necessary
        to obtain reimbursement. To the extent the Master Trustee advances funds
        to the
        Master Trust for disbursements or to effect the settlement of purchase
        transactions, the Master Trustee shall be entitled to collect from the Fund
        either (i) with respect to domestic assets, an amount equal to what would
        have
        been earned on the sums advanced (an amount approximating the “federal funds”
interest rate) or (ii) with respect to non-domestic assets, the rate applicable
        to the appropriate foreign market.

      

      7.2 Tax
        Obligations.
        To
        the
        extent an Authorized Party has provided necessary information to the Master
        Trustee, the Master Trustee shall use reasonable efforts to assist such
        Authorized Party with respect to any Tax Obligations. The Named Fiduciary
        shall
        cause each Authorized Party to notify the Master Trustee in writing of any
        Tax
        Obligations. Notwithstanding the foregoing, the Master Trustee shall have
        no
        responsibility or liability for any Tax Obligations now or hereafter imposed
        on
        the company or the Fund by any taxing authorities, domestic or foreign, except
        as provided by applicable law.

      

      To
        the
        extent the Master Trustee is responsible under any applicable law for any
        Tax
        Obligation, the Named Fiduciary shall
        cause the appropriate Authorized Party to inform the Master Trustee of all
        Tax
        Obligations, shall direct the Master Trustee with respect to the performance
        of
        such Tax Obligations, and shall provide the Master Trustee with the necessary
        funds and all information required by the Master Trustee to meet such Tax
        Obligations. All such Tax Obligations shall be paid from the Fund unless
        paid by
        the company. 

      

      7.3 Indemnification.
        The
        company shall indemnify and hold harmless the Master Trustee from all claims,
        liabilities, losses, damages and expenses, including reasonable attorneys’ fees
        and expenses, incurred by the Master Trustee in connection with this Agreement,
        except as a result of the Master Trustee's own negligence or willful misconduct.
        With respect to persons other than the Master Trustee, to the extent permitted
        by law, no person (including any present or former plan administrator of
        a plan,
        and any present or former director, officer or employee of the company or
        any
        subsidiary, affiliate or related company) shall be personally liable for
        any act
        done or omitted to be done in good faith in the administration of the plans
        or
        the investment of the Fund. To the extent permitted by law, each such present
        or
        former plan administrator or director, officer or employee shall be indemnified
        and saved harmless by the company (to the extent not indemnified or saved
        harmless under any liability insurance or other indemnification arrangement
        with
        respect to the plans or this Master Trust) from and against any and all claims
        of liability to which they are subjected by reason of any act done or omitted
        to
        be done in good faith in connection with the administration of the plans
        or this
        Master Trust or the investment of the Fund, including all expenses reasonably
        incurred in their defense if the company fails to provide such defense. Such
        costs and expenses so indemnified shall be paid from the Fund, to the maximum
        extent permitted by law, if not paid by the company. The indemnifications
        provided above shall survive the termination of this Agreement.

      

      
        
          
          

        

        
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      7.4 Damages.
        The
        Master Trustee shall not be liable for any act or omission of any other person
        in carrying out any responsibility imposed upon such person and under no
        circumstances shall the Master Trustee be liable for any indirect,
        consequential, or special damages with respect to its role as Master
        Trustee.

      

      7.5 Compensations
        and Expenses.
        All
        reasonable compensation, costs, charges and expenses incurred in the
        administration of this Master Trust will, to the extent not paid by the
        employers in such proportions as the company shall direct, be paid from the
        Fund, provided that expenses incurred in connection with the sale, investment
        and reinvestment of the Fund (such as brokerage, postage, express and insurance
        charges and transfer taxes) shall be paid from the Fund.

      

      
         

      

      

      SECTION
        8 - AMENDMENT, TERMINATION, RESIGNATION, REMOVAL

      

      8.1 Amendment.
        This
        Agreement may be amended by written agreement signed by the parties
        hereto.

      

      8.2 Removal
        or Resignation of Master Trustee.
        The
        Master Trustee may be removed with respect to all or part of the Fund upon
        receipt of sixty days' written notice (unless a shorter or longer period
        is
        agreed upon) from the Named Fiduciary. The Master Trustee may resign as Master
        Trustee hereunder upon sixty days' written notice (unless a shorter or longer
        period is agreed upon) delivered to the Named Fiduciary. In the event of
        such
        removal or resignation, a successor trustee will be appointed and the retiring
        Master Trustee shall transfer the Fund, less such amounts as may be reasonable
        and necessary to cover its compensation and expenses. In the event the Named
        Fiduciary fails to appoint a successor trustee within sixty days of receipt
        of
        written notice of resignation, the Master Trustee reserves the right to seek
        the
        appointment of a successor trustee from a court of competent jurisdiction.
        The
        Master Trustee shall have no duties, responsibilities or liability with respect
        to the acts or omissions of any successor trustee.

      

      8.3 Plan
        Termination.
        Should
        any of the plans be subject to the jurisdiction of the Pension Benefit Guaranty
        Corporation ("PBGC") as provided under ERISA, and should the Master Trustee
        receive written notice of the termination of a plan, the Master Trustee is
        not
        required to take any action until it has received notice from the company
        that
        the PBGC has been notified of the termination and has not notified the company
        of its disapproval, in accordance with its regulations. Thereafter, the Master
        Trustee shall distribute all assets then constituting the plan’s allocable
        portion of the Fund, less any fees and expenses payable from the Fund with
        respect to the plan, pursuant to Authorized Instructions. The Master Trustee
        shall be entitled to assume that such distributions are in full compliance
        with
        and not in violation of the terms of the plan or any applicable
        law.

      

      
        
          
          

        

        
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      8.4 Property
        Not Transferred.
        The
        Master Trustee reserves the right to retain such property as is not suitable
        for
        distribution or transfer at the time of the termination of a plan or this
        Agreement and shall hold such property for the benefit of those persons or
        other
        entities entitled to such property until such time as the Master Trustee
        is able
        to make distribution. Upon the appointment and acceptance of a successor
        trustee, the Master Trustee's sole duties shall be those of a custodian with
        respect to the property not transferred.

      

       

      SECTION
        9 - PARTICIPATION AND SEGREGATION

      

      9.1 Adoption
        of Master Trust by Subsidiaries and Affiliates.
        Any
        entity which is or becomes part of a controlled group with the company as
        defined in Code Sections 414(b), (c) and (m) and which is now or may hereafter
        be organized under the laws of the United States of America, or of any State
        or
        Territory thereof, with the approval of the company and by appropriate action
        of
        its own governing body, may adopt this Agreement, if such controlled group
        member shall have adopted one or more plans qualified under Section 401(a)
        of
        the Code. Each entity adopting this Agreement represents to the Master Trustee
        that it is a part of such controlled group. If any such controlled group
        member
        so adopts this Agreement, this Agreement shall establish the trust for such
        plans as are specified by such controlled group member and shall constitute
        a
        continuation, amendment and restatement of any prior trust for any such
        plans.

      

      9.2 Segregation
        from Further Participation.
        The
        company may, if it so determines, at any time designate any group or groups
        of
        the eligible employees or other beneficiaries covered by a plan as a separate
        class and may direct the Master Trustee to segregate in a separate fund,
        to be
        held for the benefit of such class, the part of the Fund allocable to such
        class
        as determined by the company or by an actuary appointed by the company, or
        some
        lesser amount than such allocable part if the company or such actuary shall
        determine that other equitable provision is made for the difference. The
        company
        shall cause the Master Trustee to effect such segregation by notifying the
        Master Trustee of the company’s or such actuary’s determination, together with
        evidence of appropriate action by the governing body directing such segregation.
        The Master Trustee may rely conclusively and without investigation upon any
        such
        notification of the determination and evidence of appropriate action by the
        governing body and shall segregate such assets as the company may direct.
        The
        Master Trustee’s valuation of such assets for that purpose shall be conclusive.
        The Master Trustee shall hold all of the assets so segregated under this
        provision, together with such payments as shall thereafter be made to the
        Fund
        on behalf of such class, and the income therefrom, as a subpart of the Fund
        and
        subject to the terms of this Agreement, or shall dispose of the same as directed
        by the company. In the event that the Fund or any subpart thereof created
        by
        this Agreement shall be terminated as to such class, the company shall direct
        the disposition of the assets held by the Master Trustee for such class through
        transfer to a successor trustee, the purchase of annuities, or other means,
        as
        the company shall determine, and thereafter such employees and other
        beneficiaries shall not have any rights in the Fund, or against the Master
        Trustee.

      

      
        
          
          

        

        
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      9.3 Loss
        of Qualification.
        The
        company shall promptly notify the Master Trustee of any determination by
        the
        Internal Revenue Service that any plan has ceased to be so qualified under
        Section 401(a) of the Code. Upon such event or in the event that any plan
        shall
        otherwise cease to become qualified, the equitable share of such plan
        participating in the Fund shall be promptly segregated and withdrawn from
        the
        Fund.

      

      
        
 

      

      SECTION
        10 - ADDITIONAL PROVISIONS

      

      10.1 Assignment
        or Alienation.
        Except
        as may be provided by law, the Fund shall not be subject to any form of
        attachment, garnishment, sequestration or other actions of collection afforded
        creditors of the company, participants or beneficiaries under any of the
        plans.
        The Master Trustee shall not recognize any permitted assignment or alienation
        of
        benefits unless an Authorized Instruction is received from the Named Fiduciary.
        

      

      10.2 Successors
        and Assigns.
        Neither
        the company nor the Master Trustee may assign this Agreement without the
        prior
        written consent of the other, except that the Master Trustee may assign its
        rights and delegate its duties hereunder to any corporation or entity which
        directly or indirectly is controlled by, or is under common control with,
        the
        Master Trustee. This Agreement shall be binding upon, and inure to the benefit
        of, the company and the Master Trustee and their respective successors and
        permitted assigns. Any entity which shall by merger, consolidation, purchase,
        or
        otherwise, succeed to substantially all the trust business of the Master
        Trustee
        shall, upon such succession and without any appointment or other action by
        the
        company, be and become successor trustee hereunder, upon notification to
        the
        company.

      

      10.3 Governing
        Law.
        This
        Agreement and the plans shall be construed in accordance with the provisions
        of
        ERISA and other applicable federal law and, to the extent not inconsistent
        with
        such laws, with the laws of the state of Minnesota, without regard to its
        conflicts of law provisions. 

      

      10.4 Necessary
        Parties.
        The
        Master Trustee reserves the right to seek a judicial or administrative
        determination as to its proper course of action under this Agreement. Nothing
        contained herein will be construed or interpreted to deny the Master Trustee,
        the Named Fiduciary or the company the right to have the Master Trustee's
        account judicially determined. To the extent permitted by law, only the Master
        Trustee, the Named Fiduciary and the company shall
        be
        necessary parties in any application to the courts for an interpretation
        of this
        Agreement or for an accounting by the Master Trustee, and no participant
        under
        any of the plans or other person having an interest in the Fund shall be
        entitled to any notice or service of process. Any final judgment entered
        in such
        an action or proceeding shall, to the extent permitted by law, be conclusive
        upon all persons.

      

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      10.5 No
        Third Party Beneficiaries.
        The
        provisions of this Agreement are intended to benefit only the parties hereto,
        their respective successors and assigns, and participants and their
        beneficiaries under the plans. There are no other third party
        beneficiaries.

      

      10.6 Representations.
        The
        company, the Named Fiduciary, if applicable, and the Master Trustee hereby
        each
        represent and warrant to the other that it has full authority to enter into
        this
        Agreement upon the terms and conditions hereof and that the individual executing
        this Agreement on its behalf has the requisite authority to bind the company
        or
        the Master Trustee to this Agreement.

      

      10.7 Execution
        in Counterparts.
        This
        Agreement may be executed in any number of counterparts, each of which shall
        be
        deemed an original, and said counterparts shall constitute but one and the
        same
        instrument and may be sufficiently evidenced by one counterpart.

      

      10.8 Action
        by the Company.
        Any
        action required or permitted of the company under this Agreement, including
        investment directions under Section 2.7, shall be by resolution of a duly
        authorized committee appointed by its Board of Directors, or by a person
        or
        persons authorized by resolution of such committee. As of January 1, 2006
        the
        members of such committee are Glenn R. Simmons, Steven L. Watson and Paul
        M.
        Bass, Jr.

      

      10.9 Provisions
        to Comply With Revenue Ruling 81-100.
        This
        Master Trust is hereby adopted as a part of each plan now maintained or
        hereafter established, adopted or assumed which meets the requirements of
        a
        qualified plan under Section 401(a) of the Code and which invests herein.
        Each
        such plan shall be eligible to invest its assets through this Master Trust,
        and
        shall by virtue of such investments be considered to have incorporated as
        a part
        thereof the provisions of this Master Trust. Only those plans which remain
        qualified under Section 401(a) of the Code may continue to invest their assets
        in this Master Trust. No assets of such a plan may be used for or diverted
        to
        any purpose other than for the exclusive benefit of participants and
        beneficiaries under such plan, and no assets of such plan held under this
        Master
        Trust may be assigned or alienated by participants in such plan or by such
        plan.
        This Master Trust has been created as a trust under the laws of the state
        of
        Texas and at all times shall be maintained as such.

      

      

      [Balance
        of page intentionally left blank.]

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF,
        the
        parties hereto have executed this Agreement as of the effective date set
        forth
        above.

      

      

      
        	
                Authorized
                  Officer of:

              	
                Authorized
                  Officer of:

              
	
                KEYSTONE
                  CONSOLIDATED INDUSTRIES, INC.

              	
                U.S.
                  BANK NATIONAL ASSOCIATION

              
	
                By:
                  /s/ David L.
                  Cheek                                                     
                  

              	
                By:
                  /s/
                  Ann
                  Roemer                                       
                   

              
	
                Name: David
                  L. Cheek

              	
                Name: Ann
                  Roemer

              
	
                Title: President
                  and Chief Executive Officer

              	
                Title: Vice
                  President

              
	
                Date: September
                  14, 2006

              	
                Date: 10/18/06

              

      

      

      

      

      December
        31   

      Fiscal
        Year of Master Trust

      

    

    
      
        
        

      

      
        19Keystone Consolidated Industries, Inc. - Exhibit 10.4 KCI Master Retirement
      Trust II

    Exhibit
      10.4

    

    

    

    

    

    

    

    KEYSTONE
      CONSOLIDATED INDUSTRIES, INC.

    

    MASTER
      RETIREMENT TRUST II

    

    (As
      Amended and Restated Effective as of January 1, 2006)

    

    

    

    

    

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    KEYSTONE
      CONSOLIDATED INDUSTRIES, INC.

    MASTER
      RETIREMENT TRUST II

    

    TABLE
      OF CONTENTS

    

    
      	 	
              PAGE

            
	
              SECTION
                1  GENERAL
                 

            	
              2

            
	
              1.1 Definitions
                

            	
              2

            
	
              1.2 Compliance
                With Law 

            	
              2

            
	 	 
	
              SECTION
                2 ESTABLISHMENT
                OF MASTER TRUST  

            	
              3

            
	
              2.1 Appointment
                and Acceptance of Master Trustee 

            	
              3

            
	
              2.2 Master
                Trustee Responsibilities 

            	
              3

            
	
              2.3 Contributions
                

            	
              3

            
	
              2.4 Exclusive
                Benefit 

            	
              3

            
	
              2.5 Return
                of Contributions 

            	
              3

            
	
              2.6 Distributions
                

            	
              4

            
	
              2.7 Commingling
                

            	
              4

            
	
              2.8 Ancillary
                Trusts

            	
              5

            
	 	 
	
              SECTION
                3 AUTHORITIES
                 

            	
              6

            
	
              3.1 Authorized
                Parties 

            	
              6

            
	
              3.2 Authorized
                Instructions 

            	
              6

            
	 	 
	
              SECTION
                4 POWERS
                AND DUTIES  

            	
              6

            
	
              4.1
                 General
                Powers and Duties of Master Trustee 

            	
              6

            
	
              4.2
                 Power
                of Attorney

            	
              8

            
	
              4.3 Contractual
                Income and Settlement

            	
              8

            
	 	 
	
              SECTION
                5 INVESTMENT
                OF THE FUND  

            	
              9

            
	
              5.1 Appointment
                of Investment Managers 

            	
              9

            
	
              5.2 Directed
                Powers of Master Trustee 

            	
              9

            
	
              5.3 Standard
                of Care 

            	
              12

            
	
              5.4 Force
                Majeure 

            	
              12

            
	
              5.5 Accounting

            	
              12

            
	 	 
	
              SECTION
                6 REPORTING
                AND RECORDKEEPING  

            	
              13

            
	
              6.1 Review
                of Reports 

            	
              13

            
	
              6.2 Non-Fund
                Assets 

            	
              13

            
	 	 
	
              SECTION
                7 COMPENSATION,
                EXPENSES, TAXES, INDEMNIFICATION

            	
              13

            
	
              7.1 Compensation
                and Expenses 

            	
              13

            
	
              7.2 Tax
                Obligations 

            	
              14

            
	
              7.3 Indemnification
                

            	
              14

            
	
              7.4 Damages
                

            	
              15

            
	
              7.5 Compensation
                and Expenses 

            	
              15

            

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    

    
      	 	 
	
              SECTION
                8 AMENDMENT,
                TERMINATION, RESIGNATION, REMOVAL

            	
              15

            
	
              8.1 Amendment
                

            	
              15

            
	
              8.2 Removal
                or Resignation of Master Trustee 

            	
              15

            
	
              8.3 Plan
                Termination 

            	
              15

            
	
              8.4 Property
                Not Transferred 

            	
              16

            
	 	 
	
              SECTION
                9 PARTICIPATION
                AND SEGREGATION

            	
              16

            
	
              9.1 Adoption
                of Master Trust by Subsidiaries and Affiliates

            	
              16

            
	
              9.2 Segregation
                from Further Participation

            	
              16

            
	
              9.3 Loss
                of Qualification

            	
              17

            
	 	 
	
              SECTION
                10 ADDITIONAL
                PROVISIONS  

            	
              17

            
	
              10.1 Assignment
                or Alienation 

            	
              17

            
	
              10.2 Successors
                and Assigns 

            	
              17

            
	
              10.3 Governing
                Law 

            	
              17

            
	
              10.4 Necessary
                Parties 

            	
              17

            
	
              10.5 No
                Third Party Beneficiaries 

            	
              18

            
	
              10.6 Representations
                

            	
              18

            
	
              10.7 Execution
                in Counterparts 

            	
              18

            
	
              10.8 Action
                by the Company 

            	
              18

            
	
              10.9 Provisions
                to Comply With Revenue Ruling 81-100

            	
              18

            

    

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    KEYSTONE
      CONSOLIDATED INDUSTRIES, INC.

    MASTER
      RETIREMENT TRUST II

    

    THIS
      MASTER TRUST AGREEMENT,
      effective as of the 1st day of January, 2006 between
      Keystone Consolidated Industries, Inc. (the "Company"), and U.S.
      BANK NATIONAL ASSOCIATION
      (the
      "Master Trustee").

    

    WITNESSETH:

    WHEREAS,
      the
      company and its subsidiaries or affiliates have adopted one or more employee
      benefit plans, and may in the future adopt additional employee benefit plans,
      intended to meet the requirements of Section 401(a) of the Code for the benefit
      of the employees therein described (a “plan”, individually or the “plans”,
      collectively); and

    

    WHEREAS,
      the
      company has previously established a master trust constituting a part of the
      plans pursuant to which assets are held to provide for the funding of the plans
      and the payment of benefits under the plans, and

     

    WHEREAS,
      the company has determined that the splitting of such master trust
      into
      two separate master trusts each funding one or more but less than all of the
      plans is considered desirable, and this Agreement constitutes an amendment
      and
      partial continuation of the prior master trust in the form of the Keystone
      Consolidated Industries, Inc. Master Retirement Trust II as set forth herein
      (the “Master Trust”); and

    

    WHEREAS,
      the
      plans of which this Master Trust forms a part and Section 10.8 hereof provide
      for one or more fiduciaries named in the plans, or identified as a fiduciary
      pursuant to a procedure specified in the plans, which have been allocated the
      power to manage and control the assets of the plans (the “Named
      Fiduciary”);

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
      it is
      contemplated that all or part of the Fund (as hereinafter defined) may be
      transferred for investment purposes to The Combined Master Retirement Trust,
      as
      amended and restated effective September 30, 2005 (as it may be further amended
      from time to time), between Contran Corporation and Harold C. Simmons and his
      successor or successors and assigns (the “CMRT”); 

    

    NOW,
      THEREFORE,
      the
      Company and the Master Trustee, each intending to be legally bound, agree as
      follows:

    

    SECTION
      1- GENERAL

    

    1.1 Definitions.
      The
      terms used herein shall have the following meanings:

    

    (a) "Agreement"
      means
      this instrument, including all amendments thereto.

    

    (b) "Authorized
      Instructions"
      means
      all directions and instructions to the Master Trustee from an Authorized Party
      provided in accordance with Section 3.2 of this Agreement.

    

    (c) "Authorized
      Party"
      means
      any person or entity properly identified by the Company, the Named Fiduciary
      or
      the Investment Manager to the Master Trustee in accordance with Section 3.1
      of
      this Agreement.

    

    (d) "Code"
      means
      the Internal Revenue Code of 1986, as amended.

    

    (e) "ERISA"
      means
      the Employee Retirement Income Security Act of 1974, as amended.

    

    (f) "Fund"
      means
      the assets held pursuant to this Agreement as such assets shall exist from
      time
      to time.

    

    (g) "Investment
      Manager"
      means
      an investment manager, within the meaning of Section 3(38) of ERISA, with
      respect to the Fund which has been appointed by the Named Fiduciary pursuant
      to
      Section 5.1.

    

    (h) "Real
      Estate"
      means
      direct or indirect investments of the Fund in real property, leaseholds, mineral
      interests or participations in real estate investment trusts or corporations
      organized under Sections 501(c)(2) or 501(c)(25) of the Code.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (i) "Tax
      Obligations"
      means
      the responsibility for payment of taxes, withholding, certification and
      reporting requirements, claims for exemptions or refund, interest, penalties
      and
      other related expenses of the Fund.

    

    1.2 Compliance
      With Law.
      The
      Master Trust is intended to comply with ERISA and to be tax-exempt under Section
      501(a) of the Code. The Company represents that the plans are qualified under
      Section 401(a) of the Code and shall immediately notify the Master Trustee
      if a
      plan ceases to be so qualified.

    

    

    SECTION
      2 - ESTABLISHMENT OF MASTER TRUST

    

    2.1 Appointment
      and Acceptance of Master Trustee.
      The
      Named Fiduciary hereby appoints U.S.
      BANK NATIONAL ASSOCIATION
      as
      Master Trustee of the Master Trust with respect to the Fund. The Fund shall
      be
      held by the Master Trustee in trust and dealt with in accordance with the
      provisions of this Agreement.
      The
      Master Trustee hereby accepts its appointment as master trustee, acknowledges
      that it assumes the duties established by this Agreement and agrees to be bound
      by the terms contained herein.

    

    2.2 Master
      Trustee Responsibilities.
      The
      Master Trustee is not a party to, and has no duties or responsibilities under,
      any of the plans other than those that may be expressly contained in this
      Agreement. In any case in which a provision of this Agreement conflicts with
      any
      provision in a plan, this Agreement shall control. The Master Trustee shall
      have
      no duties, responsibilities or liability with respect to the acts or omissions
      of any prior trustee.

    

    2.3 Contributions.
      The
      Master Trustee agrees to accept contributions that are paid to it by the Company
      (as well as rollover contributions and direct transfers from other qualified
      retirement plans) in accordance with the terms of this Agreement. Such
      contributions shall be in cash or in such other form that may be acceptable
      to
      the Master Trustee. The Master Trustee shall have no duty to determine or
      collect contributions under the plans and shall have no responsibility for
      any
      property until it is received and accepted by the Master Trustee. The Company
      shall have the sole duty and responsibility for the determination of the
      accuracy or sufficiency of the contributions to be made under the plans, the
      transmittal of the same to the Master Trustee and compliance with any statute,
      regulation or rule applicable to contributions. 

    

    2.4 Exclusive
      Benefit.
      Except
      as may be permitted by law or by the terms of the plans or this Agreement,
      at no
      time prior to the satisfaction of all liabilities with respect to participants
      and their beneficiaries under the plans shall any part of the Master Trust
      be
      used for or diverted to any purpose other than for the exclusive benefit of
      the
      participants and their beneficiaries. The assets of the Master Trust shall
      be
      held for the exclusive purposes of providing benefits to participants of the
      plans and their beneficiaries and defraying the reasonable expenses of
      administering the plans and the Master Trust.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    2.5 Return
      of Contributions.
      Notwithstanding
      any other provision of this Agreement: (i) as contributions made prior to the
      receipt of an initial determination letter are conditional upon a favorable
      determination as to the qualified status of each of the plans under Code Section
      401, if a plan receives an adverse determination with respect to its initial
      qualification, then any such contribution may be returned to the Company within
      one year after such determination, provided the application for determination
      is
      made by the time prescribed by law; (ii) contributions made by the Company
      based
      upon mistake of fact may be returned to the Company within one year of such
      contribution; (iii) as all contributions to the plans are conditioned upon
      their
      deductibility under the Code, if a deduction for such a contribution is
      disallowed, such contribution may be returned to the Company within one year
      of
      the disallowance of such deduction; and (iv) after all liabilities under a
      plan
      have been satisfied, the remaining assets of the Master Trust belonging to
      that
      plan shall be distributed to the Company if such distribution is provided for
      in
      that plan and does not contravene any provision of applicable law.

    

    In
      the
      case of the return of a contribution due to mistake of fact or the disallowance
      of a deduction, the amount which may be returned is the excess of the amount
      contributed over the amount that would have been contributed had there not
      been
      a mistake or disallowance. Earnings attributable to the excess contributions
      may
      not be returned to the Company but losses attributable thereto must reduce
      the
      amount to be so returned. Any return of contribution or distribution of assets
      made by the Master Trustee pursuant to this Section shall be made only upon
      the
      direction of the Company, which shall have exclusive responsibility for
      determining whether the conditions of such return or distribution have been
      satisfied and for the amount to be returned.

    

    2.6 Distributions.
      The
      Master Trustee shall make distributions or transfers out of the Fund pursuant
      to
      Authorized Instructions. To the extent assets are held in checking accounts
      outside the Fund pursuant to Authorized Instructions, the Named Fiduciary shall
      cause such assets to be held in trust and in accordance with the bonding
      requirements of Section 412 of ERISA, secure from the claims of all creditors
      of
      the Company, the Named Fiduciary or any participant or beneficiary covered
      by
      the plans. The Company hereby agrees that the Authorized Party shall have the
      exclusive responsibility, and the Master Trustee shall not have any
      responsibility or duty under this Agreement, for determining that the Authorized
      Instructions are in accordance with the terms of the plans and applicable law,
      including without limitation, the amount, timing or method of payment and the
      identity of each person to whom such payments shall be made. The Master Trustee
      shall have no responsibility or duty to determine the tax effect of any payment
      or to see to the application of any payment. In making payments to service
      providers pursuant to Authorized Instructions, the Company acknowledges that
      the
      Master Trustee is acting as a paying agent, and not as the payor, for tax
      information reporting and withholding purposes.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    2.7 Commingling.
      

    

    (a) General.
      The
      Master Trustee may commingle the assets attributable to the plans for which
      contributions are made under this Agreement if this Agreement is applicable
      to
      more than one plan, and may commingle the Fund with funds of other trusts of
      similar nature created by the Company for the exclusive benefit of its
      employees. Where commingling is effected with other trusts maintained by the
      Company, the combined trust, to the extent that assets are attributable to
      contributions made under this Agreement, shall be the Fund referred to herein.
      The Master Trustee shall maintain such records as are necessary in order to
      maintain a separation of the Fund from the funds of the other trusts maintained
      by the Company and to separate the assets attributable to each of the plans
      for
      which contributions are made under this Agreement. The Company shall be
      responsible for causing sufficient records to be maintained to insure that
      benefits and liabilities payable with respect to each plan shall be paid from
      the assets allocable to each such plan.

    

    (b) Incorporation
      of The Combined Master Retirement Trust.
      Contran
      Corporation (“Contran”) has established the CMRT for the purpose of permitting
      the collective investment therein of part or all of the assets of the trusts
      which implement the various qualified pension and profit sharing plans
      maintained by Contran, the other members of the controlled group of corporations
      of which Contran is a member and such other related companies as are designated
      by Contran. The provisions of the CMRT, as amended from time to time, are hereby
      incorporated herein and made a part of this Agreement. The Company may direct
      the Master Trustee of this Master Trust to invest any part or all of its assets
      in the CMRT, and the Master Trustee shall have the power to make each such
      investment directed by the Company. In addition the Company may direct that
      part
      or all of this Master Trust’s investment in the CMRT be withdrawn. Subject to
      applicable law, the Master Trustee shall have no investment responsibility
      with
      respect to any investment in the CMRT and shall incur no liability as a result
      of its compliance with any direction of the Company in accordance with the
      foregoing. Notwithstanding the foregoing, the Company may not direct any
      investment in, or permit any continued investment in, the CMRT if the Company
      determines or is advised by the Internal Revenue Service that the CMRT does
      not
      meet the requirements for qualification under Section 401(a) of the code, and
      is
      not entitled to exemption from taxes under Section 501(a) of the Code. To the
      extent that the Company does not direct the investment of any assets of this
      Master Trust, the investment of such assets shall be the responsibility of
      any
      Investment Managers appointed under this Agreement and, if none, the Company.
      It
      is intended that to the extent there may be any conflict between the provisions
      of this Section and any other provisions of this Agreement, the provisions
      of
      this Section shall be controlling. 

    

    2.8 Ancillary
      Trusts.
      Notwithstanding any other provisions hereof, in addition to its power to direct
      investments in the CMRT in accordance with Section 2.7 hereof, the Company
      shall
      have the authority to direct the Master Trustee to enter into and execute one
      or
      more ancillary trust agreements with one or more ancillary trustees designated
      by the Company and to transfer such assets of the trust fund as the Company
      directs to an ancillary trust investment fund to be held and managed by an
      ancillary trustee under an ancillary trust agreement. The Master Trustee shall
      not make any investment review of, consider the propriety of holding or selling,
      or vote any assets of an ancillary trust investment fund; provided that the
      Master Trustee shall invest for short term purposes any cash which is a part
      of
      the ancillary trust investment fund which is in the Master Trustee’s custody as
      directed by the Company in appropriate short term investments. The Company
      shall
      be responsible for allocating any assets of the Fund to the ancillary trust
      investment funds. The Master Trustee shall not have any responsibility for
      the
      investment of any asset of an ancillary trust investment fund and shall incur
      no
      liability as a result of its compliance with any direction of the Company in
      accordance with the foregoing.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    SECTION
      3 - AUTHORITIES

    

    3.1 Authorized
      Parties.
      The
      Company shall furnish the Master Trustee with a written list of the names,
      signatures and extent of authority of all persons authorized to direct the
      Master Trustee and otherwise act on behalf of the Company and the plans under
      the terms of this Agreement. The Named Fiduciary will provide the Master Trustee
      with a written list of the names, signatures and extent of authority of all
      persons authorized to act on behalf of the Named Fiduciary. The Named Fiduciary
      shall cause each Investment Manager appointed in accordance with Section 5.1
      to
      furnish the Master Trustee with a written list of the names and signatures
      of
      the person or persons who are authorized to represent the Investment Manager.
      The Master Trustee shall be entitled to rely on and shall be fully protected
      in
      acting upon direction from an Authorized Party until notified in writing by
      the
      Company, Investment Manager or Named Fiduciary, as appropriate, of a change
      of
      the identity of an Authorized Party and the Master Trustee shall not be
      responsible or liable for any diminution of value of any securities or other
      property held by the Master Trustee (or its subcustodians) at the direction
      of
      an Authorized Party.

    

    3.2 Authorized
      Instructions.
      All
      directions and instructions to the Master Trustee from an Authorized Party
      shall
      be in writing, transmitted by mail or by facsimile or shall be an electronic
      transmission, provided the Master Trustee may, in its discretion, accept oral
      directions and instructions and may require confirmation in writing. The Master
      Trustee shall be entitled to rely on and shall be fully protected in acting
      in
      accordance with all such directions and instructions which it reasonably
      believes to have been given by an Authorized Party and in failing to act in
      the
      absence thereof.

    

    

    SECTION
      4 - POWERS AND DUTIES

    

    4.1 General
      Powers and Duties of Master Trustee.
      In
      administering the Master Trust, the Master Trustee shall be specifically
      authorized to:

    

    (a) Appoint
      custodians, subcustodians or sub-trustees, domestic or foreign (including
      affiliates of the Master Trustee), as to part or all of the Fund, except that
      the indicia of ownership of any asset of the Fund shall not be held outside
      the
      jurisdiction of the District Courts of the United States unless in compliance
      with Section 404(b) of ERISA and regulations thereunder; provided that the
      Master Trustee shall not be liable for the acts or omissions of any subcustodian
      appointed under this Section 4.1 pursuant to Authorized
      Instructions;

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (b) Hold
      property in nominee name, in bearer form, or in book entry form, in a
      clearinghouse corporation or in a depository (including an affiliate of the
      Master Trustee), so long as the Master Trustee's records clearly indicate that
      the assets held are a part of the Fund; provided that, subject to Section 5.3,
      the Master Trustee shall not be responsible for any losses resulting from the
      deposit or maintenance of securities or other property (in accordance with
      market practice, custom or regulation) with any recognized foreign or domestic
      clearing facility, book-entry system, centralized custodial depository, or
      similar organization; 

    

    (c) Collect
      income payable to and distributions due to the Fund and sign on behalf of the
      Master Trust any declarations, affidavits, certificates of ownership and other
      documents required to collect income and principal payments, including but
      not
      limited to, tax reclamations, rebates and other withheld amounts; provided
      that,
      subject to Section 5.3, the Master Trustee shall not be responsible for the
      failure to receive payment of (or late payment of) distributions with respect
      to
      securities or other property of the Fund; 

    

    (d) Subject
      to the timely receipt of notice from an issuer or an Authorized Party, collect
      proceeds from securities, certificates of deposit or other investments which
      may
      mature or be called;

    

    (e) Submit
      or
      cause to be submitted to the Named Fiduciary or the Investment Manager, as
      designated by the Named Fiduciary, on a best efforts basis all information
      actually received by the Master Trustee regarding ownership rights pertaining
      to
      property held in the Fund;

    

    (f) Attend
      to
      involuntary corporate actions;

    

    (g) Determine
      the fair market value of the Fund monthly, or for such other period as may
      be
      mutually agreed upon, in accordance with methods consistently followed and
      uniformly applied. In determining fair market value of the Fund, the Master
      Trustee shall be entitled to rely on and shall be protected in relying on values
      provided by an Authorized Party;

    

    (h) Render
      periodic statements for property held hereunder;

    

    (i) Commence
      or defend suits or legal proceedings and represent the Fund in all suits or
      legal proceedings in any court or before any other body or tribunal as the
      Master Trustee shall deem necessary to protect the Fund;

    

    (j) Employ
      upon prior notice to the Company suitable agents and legal counsel, who may
      be
      counsel for the Company, and, as a part of its reimbursable expenses under
      this
      Agreement, pay their reasonable compensation and expenses. The Master Trustee
      shall be entitled to rely on and may act upon advice of counsel on all matters,
      and shall be without liability for any action reasonably taken or omitted in
      good faith pursuant to such advice;

    

    
      
        
        

      

      
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    (k) Deposit
      cash in interest bearing accounts in the banking department of the Master
      Trustee or an affiliated banking organization;

    

    (l) Take
      all
      action necessary to pay for authorized transactions or make authorized payments,
      distributions, transfers or rollovers, including exercising the power to borrow
      or raise moneys from any lender, which may be the Master Trustee in its
      corporate capacity or any affiliate or agent of the Master Trustee, upon such
      terms and conditions as are necessary to settle such transactions, payments,
      distributions, transfers or rollovers;

    

    (m) Take
      any
      and all actions, including the appointment of agents, necessary to settle
      transactions in futures and/or options contracts, short-selling programs,
      foreign exchange or foreign exchange contracts, swaps, synthetic GICs, BICs
      and
      similar instruments and other derivative investments;

    

    (n) Make,
      execute and deliver any and all documents, agreements or other instruments
      in
      writing as is necessary or desirable for the accomplishment of any of the powers
      and duties in this Agreement; and

    

    (o) Generally
      take all action, whether or not expressly authorized, which the Master Trustee
      may deem necessary or desirable for the fulfillment of its duties
      hereunder.

    

    The
      powers described in this Section 4.1 may be exercised by the Master Trustee
      with
      or without Authorized Instructions, but where the Master Trustee acts on
      Authorized Instructions, the Master Trustee shall be fully protected as
      described in Section 3.2.

    

    4.2 Power
      of Attorney.
      The
      Named Fiduciary appoints the Master Trustee as the Master Trust’s true and
      lawful attorney-in-fact and authorizes the Master Trustee to delegate the power
      of attorney to its global custodians with full powers of substitution
      to:

    

    (a) sign,
      file and deliver all requests or claims for refund or reduction of , or
      exemption from, any withholding or similar taxes, collect the refund of the
      tax
      and transfer the amounts collected as directed; 

    

    (b) vote
      securities or execute proxies held in the Master Trust as directed and exercise
      rights as directed, related to the securities as a result of corporate
      actions;

    

    (c) safekeep
      securities in the name of the Master Trust, receive dividends, interest, other
      payments and sale of proceeds on behalf of the Master Trust, sign on behalf
      of
      the Master Trust any and all forms pertaining to instructions for sale or
      purchase of securities, and give specific instructions regarding securities,
      cash and related transactions that are registered in the name of the Master
      Trust.

    

    
      
        
        

      

      
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    The
      global custodian is authorized to perform any other actions necessary to carry
      out the intent of this Section. .

    

    Any
      charges or expenses incurred in connection with acts permitted under this
      Section shall be paid by the Master Trust.

    

    4.3 Contractual
      Income and Settlement.
      

    

    (a) Contractual
      Income.
      In
      accordance with the Master Trustee’s standard operating procedure, the Master
      Trustee shall credit the Fund with income and maturity proceeds on securities
      on
      contractual payment date net of any taxes or upon actual receipt.  In most
      instances, income and maturity proceeds are received on the contractual payment
      date.

     

    (b) Contractual
      Settlement.
      In
      accordance with the Master Trustee’s standard operating procedure, the Master
      Trustee will attend to the settlement of securities transactions on the basis
      of
      either contractual settlement date accounting or actual settlement date
      accounting. To the extent the Master Trustee settles certain securities
      transactions on the basis of contractual settlement date accounting, the Master
      Trustee may reverse to the contractual settlement date any entry relating to
      such contractual settlement if the Master Trustee reasonably believes that
      such
      amount will not be received. 

    

    

    SECTION
      5 - INVESTMENT OF THE FUND

    

    5.1 Appointment
      of Investment Managers.
      The
      Company shall have the power to appoint and remove one or more Investment
      Managers, which may be the Master Trustee or an affiliate of the Master Trustee,
      with respect to part or all of the Fund. Except as may be provided in a separate
      investment management agreement, the Master Trustee shall not be responsible,
      directly or indirectly, for the investment or reinvestment of the assets of
      the
      Fund, which investment and reinvestment shall be the sole responsibility of
      the
      Company unless otherwise delegated by the Company. The Master Trustee shall
      be
      entitled to rely entirely on an Investment Manager’s directions, shall be under
      no duty to determine or make inquiry whether an Investment Manager’s directions
      received by it are in accordance with the provisions of the plan or applicable
      law, and shall have no duty to review or recommend the sale, retention, or
      other
      disposition of any assets purchased or retained in accordance with an Investment
      Manager’s directions. The Master Trustee shall have no liability for any loss to
      the Fund resulting from the purchase, sale, or retention of any assets in
      accordance with an Investment Manager’s directions, or resulting from not having
      sold such assets so purchased or retained in the absence of an Investment
      Manager’s directions, to make such sale or take any other action. The Master
      Trustee shall be fully indemnified by the Company for any action taken in
      accordance with, or any failure to act in the absence of, an Investment
      Manager’s directions.

    

    
      
        
        

      

      
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    5.2 Directed
      Powers of Master Trustee.
      In
      addition to the powers enumerated in Section 4.1, the Master Trustee shall
      have
      and exercise the following powers and authority in the administration of the
      Fund upon the direction of the Named Fiduciary or an Investment
      Manager:

    

    (a) Settle
      purchases and sales and engage in other transactions, including free receipts
      and deliveries, exchanges and other voluntary corporate actions, with respect
      to
      securities or other property received by the Master Trustee;

    

    (b) Execute
      proxies for any securities held in the Fund;

    

    (c) Lend
      the
      specified assets of the Fund or portion of the Fund in accordance with the
      terms
      and conditions of a separate lending agreement or agreements;

    

    (d) Purchase
      or sell, write or issue, puts, calls, or other options, covered or uncovered,
      enter into financial futures contracts, forward placement contracts and standby
      contracts, and in connection therewith, deposit, hold (or direct the Master
      Trustee or an affiliate of the Master Trustee, in its individual capacity to
      deposit or hold) or pledge assets of the Fund; 

    

    (e) Settle
      investments in any collective investment fund, including a collective investment
      fund maintained by the Master Trustee or an affiliate and appoint agents and
      sub-trustees. To the extent that any investment is made in any such collective
      investment fund, the terms of the collective trust indenture shall solely govern
      the investment duties, responsibilities and powers of the trustee of such
      collective investment fund and, to the extent required by law, such terms,
      responsibilities and powers shall be incorporated herein by reference and shall
      be a part of this Agreement. For purposes of valuation, the value of the
      interest maintained by the Fund in such collective investment fund shall be
      the
      fair market value of the collective investment fund units held, determined
      in
      accordance with generally recognized valuation procedures. The Named Fiduciary
      or Investment Manager directing an investment in a collective investment fund
      expressly understands and agrees that any such collective investment fund may
      provide for the lending of its securities by the collective investment fund
      trustee and that such collective investment fund trustee will receive
      compensation for the lending of securities that is separate from any
      compensation of the Master Trustee hereunder, or any compensation of the
      collective investment fund trustee for the management of such fund. Incorporated
      by reference into this Agreement is the Plan and Declaration of Trust - U.S.
      Bank National Association Collective Investment Funds for Employee Benefits
      Trusts, as amended from time to time. Other collective investment funds or
      group
      trust funds under any other declaration of trust may be utilized by the Fund
      pursuant to directions of the Named Fiduciary or an Investment Manager upon
      the
      Company‘s adoption of an Addendum to this Agreement, with the Master Trustee’s
      consent, for the sole purpose of incorporating by reference into this Agreement
      said declaration of trust.

    

    (f) Enter
      into any Insurance Contract with any insurance Company or companies, either
      for
      the purposes of investment or otherwise. The Master Trustee shall not be
      responsible in any way for the form, terms, payment provisions or issuer of
      any
      Insurance Contract which it is directed to purchase and hold to provide for
      the
      payment of benefits, or for performing any functions under any such Insurance
      Contract which it may be directed to purchase and hold as contract holder
      thereunder (other than the execution of any documents incidental thereto and
      transfer or receipt of funds thereunder in accordance with the Named Fiduciary’s
      directions);

    

    
      
        
        

      

      
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    (g) Settle
      investments in Real Estate and exercise such other powers as may be required
      in
      connection with the Fund’s investments in Real Estate. The Master Trustee shall
      have no responsibility or discretion with respect to the ownership, management,
      administration, operation or control of any Real Estate. To the extent permitted
      by law, the Master Trustee shall be indemnified by the Company, to the extent
      not paid by the Fund, from all claims, liabilities, losses, damages and
      expenses, including reasonable attorneys' fees and expenses, arising from or
      in
      connection with any matter relating to the Real Estate and which gives rise
      to
      the Real Estate and which gives rise to: (i) any violation of any
      applicable environmental or health or safety law, ordinance, regulation or
      ruling; or (ii) the presence, use, generation, storage, release, threatened
      release, or containment, treatment or disposal of any petroleum, including
      crude
      oil or any fraction thereof, hazardous substances, pollutants or contaminants
      as
      defined in the Comprehensive Environmental Response Compensation and Liability
      Act, as amended (CERCLA) or hazardous, toxic or dangerous substances or
      materials as any of these terms may be defined under any federal or state law
      in
      the broadest sense from time to time. This indemnification shall survive the
      sale or other disposition of any Real Estate investment of the Fund or the
      termination of this Agreement.

    

    Settlements
      of transactions may be effected in trading and processing practices customary
      in
      the jurisdiction or market where the transaction occurs. The Named Fiduciary
      acknowledges that this may, in certain circumstances, require the delivery
      of
      cash or securities (or other property) without the concurrent receipt of
      securities (or other property) or cash. In such circumstances, subject to
      Section 5.3, the Master Trustee shall have no responsibility for nonreceipt
      of
      payment (or late payment) or nondelivery of securities or other property (or
      late delivery) by the counterparty. 

    

    The
      Named
      Fiduciary and/or any Investment Manager are authorized, and hereby retain the
      right, to direct the Master Trustee to (i) retain the services of U.S. Bancorp
      Piper Jaffray Inc. and/or any other registered broker-dealer organization
      hereafter affiliated with U.S. Bank National Association, and any future
      successors in interest thereto (collectively, including U.S. Bank National
      Association, for the purposes of this paragraph referred to as the “Affiliated
      Entities”), to provide services to assist in or facilitate the purchase or sale
      of investment securities in the Fund, (ii) acquire as assets of the Fund shares
      of mutual funds to which Affiliated Entities provides, for a fee, services
      in
      any capacity and (iii) acquire in the Fund any other services or products of
      any
      kind or nature from the Affiliated Entities regardless of whether the same
      or
      similar services or products are available from other institutions. The Master
      Trustee may be so directed to retain one or more of the Affiliate Entities
      regardless of whether the same or similar services or products are available
      from other institutions. Pursuant to such directions, the Fund may directly
      or
      indirectly (through mutual funds fees and charges for example) pay management
      fees, transaction fees and other commissions to the Affiliate Entities for
      the
      services or products provided to the Fund and/or such mutual funds at such
      Affiliated Entities’ standard or published rates without offset (unless required
      by law) from any fees charged by the Master Trustee for its services as Master
      Trustee. The Master Trustee may also be so directed to deal directly with the
      Affiliated Entities regardless of the capacity in which it is then acting,
      to
      purchase, sell, exchange or transfer assets of the Fund even though the
      Affiliate Entities are receiving compensation or otherwise profiting from such
      transactions or are acting as a principal in such transactions. Included
      specifically, but not by way of limitation in the transactions authorized by
      its
      provision are transactions in which any of the Affiliate Entities are servicing
      as an underwriter or member of an underwriting syndicate for a security being
      purchased or are purchasing or selling a security for its own
      account.

    

    
      
        
        

      

      
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    5.3 Standard
      of Care.
      The
      Master Trustee shall discharge its duties under this Agreement with the care
      and
      skill required under ERISA with respect to such duties. The Master Trustee
      shall
      not be responsible for the title, validity or genuineness of any property or
      evidence of title thereto received by it or delivered by it pursuant to this
      Agreement and shall be held harmless in acting upon any notice, request,
      direction, instruction, consent, certification or other instrument believed
      by
      it to be genuine and delivered by the proper party or parties. The Master
      Trustee shall not be responsible or liable for any losses or damages suffered
      by
      the Fund arising as a result of the insolvency of any custodian, subtrustee
      or
      subcustodian, except to the extent the Master Trustee was negligent in its
      selection or continued retention of such entity.

    

    5.4 Force
      Majeure.
      Notwithstanding anything in this Agreement to the contrary, the Master Trustee
      shall not be responsible or liable for its failure to perform under this
      Agreement or for any losses to the Fund resulting from any event beyond the
      reasonable control of the Master Trustee, its agents or subcustodians, including
      but not limited to nationalization, strikes, expropriation, devaluation,
      seizure, or similar action by any governmental authority, de facto or de jure;
      or enactment, promulgation, imposition or enforcement by any such governmental
      authority of currency restrictions, exchange controls, levies or other charges
      affecting the Fund’s property; or the breakdown, failure or malfunction of any
      utilities or telecommunications systems; or any order or regulation of any
      banking or securities industry including changes in market rules and market
      conditions affecting the execution or settlement of transactions; or acts of
      war, terrorism, insurrection or revolution; or acts of God; or any other similar
      or third-party event. This Section shall survive the termination of this
      Agreement.

    

    5.5 Accounting.
      Unless
      the Company establishes another accounting method or modifies the method set
      forth below, investment of a plan in each investment fund within the Fund shall
      be reflected in the plan account for that plan on a “unit” basis. As of the date
      of the initial investment by a plan under this Master Trust, the initial unit
      value of each plan’s investment was represented by a number of full units, each
      of which had a value between one hundred dollars and one hundred and one
      dollars, carried to the fourth decimal. The Company shall inform the Master
      Trustee of the unit value and number of units held by each plan as of the
      effective date of this Agreement. As of each subsequent valuation
      date:

    

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

    

    
      
        
        

      

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

    

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

    

    From
      time
      to time the Company may direct the Master Trustee to divide or combine units
      so
      that units shall have a greater or lesser value under an investment fund. With
      the consent of the Company, deposits in an investment fund may be made in
      property other than cash, valued at its fair market value, as determined by
      the
      Master Trustee. All deposits to an investment fund may be made only at the
      direction of the Company and only as of a valuation date, and all withdrawals,
      transfers and distributions from an investment fund may be made only at the
      direction of the Company and only as of a valuation date. 

    

    

    SECTION
      6 - REPORTING AND RECORDKEEPING

    

    6.1 Review
      of Reports.
      If,
      within 180 days after the Master Trustee mails to the Named Fiduciary a
      statement with respect to the Fund, the Named Fiduciary has not given the Master
      Trustee written notice of any exception or objection thereto, the statement
      shall be deemed to have been approved, and in such case, the Master Trustee
      shall not be liable for any matters in such statements. The Company or its
      agent
      shall have the right at its own expense and with prior written notice to the
      Master Trustee, to inspect the Master Trustee's books and records directly
      relating to the Fund during normal business hours.

    

    6.2 Non-Fund
      Assets.
      The
      duties of the Master Trustee shall be limited to the assets held in the Fund,
      and the Master Trustee shall have no duties with respect to assets held by
      any
      other person including, without limitation, any other trustee for the plans.
      The
      Company hereby agrees that the Master Trustee shall not serve as, and shall
      not
      be deemed to be, a co-trustee or an authorized representative of the trustee
      of
      the CMRT under any circumstances. The Named Fiduciary may request the Master
      Trustee to perform a recordkeeping service with respect to property held by
      others and not otherwise subject to the terms of this Agreement. To the extent
      the Master Trustee shall agree to perform this service, its sole responsibility
      shall be to accurately reflect information on its books which it has received
      from an Authorized Party.

    

    
      
        
        

      

      
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    SECTION
      7 - COMPENSATION, EXPENSES, TAXES, INDEMNIFICATION

    

    7.1 Compensation
      and Expenses.
      The
      Master Trustee shall be entitled to compensation for services under this
      Agreement as mutually agreed. The Named Fiduciary acknowledges that, as part
      of
      the Master Trustee’s compensation, the Master Trustee may earn interest on
      balances, including without limitation, disbursement balances and balances
      arising from purchase and sale transactions. The Master Trustee shall also
      be
      entitled to reimbursement for reasonable expenses incurred (including, without
      limitation, legal or other professional fees and expenses incurred by the Master
      Trustee) by it in the discharge of its duties under this Agreement. All such
      fees and expenses shall be charged to and collected from the Fund unless paid
      by
      the Company.

    

    If
      the
      Master Trustee advances cash or securities for any purpose, including the
      purchase or sale of foreign exchange or of contracts for foreign exchange,
      or in
      the event that the Master Trustee shall incur or be assessed taxes, interest,
      charges, expenses, assessments, or other liabilities in connection with the
      performance of this Agreement, except such as may arise from its own negligent
      action, negligent failure to act or willful misconduct, any property at any
      time
      held for the Fund shall be security therefor and the Master Trustee shall be
      entitled to collect from the Fund sufficient cash for reimbursement, and if
      such
      cash is insufficient, dispose of the assets of the Fund to the extent necessary
      to obtain reimbursement. To the extent the Master Trustee advances funds to
      the
      Master Trust for disbursements or to effect the settlement of purchase
      transactions, the Master Trustee shall be entitled to collect from the Fund
      either (i) with respect to domestic assets, an amount equal to what would have
      been earned on the sums advanced (an amount approximating the “federal funds”
interest rate) or (ii) with respect to non-domestic assets, the rate applicable
      to the appropriate foreign market.

    

    7.2 Tax
      Obligations.
      To
      the
      extent an Authorized Party has provided necessary information to the Master
      Trustee, the Master Trustee shall use reasonable efforts to assist such
      Authorized Party with respect to any Tax Obligations. The Named Fiduciary shall
      cause each Authorized Party to notify the Master Trustee in writing of any
      Tax
      Obligations. Notwithstanding the foregoing, the Master Trustee shall have no
      responsibility or liability for any Tax Obligations now or hereafter imposed
      on
      the Company or the Fund by any taxing authorities, domestic or foreign, except
      as provided by applicable law.

    

    To
      the
      extent the Master Trustee is responsible under any applicable law for any Tax
      Obligation, the Named Fiduciary shall
      cause the appropriate Authorized Party to inform the Master Trustee of all
      Tax
      Obligations, shall direct the Master Trustee with respect to the performance
      of
      such Tax Obligations, and shall provide the Master Trustee with the necessary
      funds and all information required by the Master Trustee to meet such Tax
      Obligations. All such Tax Obligations shall be paid from the Fund unless paid
      by
      the Company. 

    

    7.3 Indemnification.
      The
      Company shall indemnify and hold harmless the Master Trustee from all claims,
      liabilities, losses, damages and expenses, including reasonable attorneys’ fees
      and expenses, incurred by the Master Trustee in connection with this Agreement,
      except as a result of the Master Trustee's own negligence or willful misconduct.
      With respect to persons other than the Master Trustee, to the extent permitted
      by law, no person (including any present or former plan administrator of a
      plan,
      and any present or former director, officer or employee of the Company or any
      subsidiary, affiliate or related Company) shall be personally liable for any
      act
      done or omitted to be done in good faith in the administration of the plans
      or
      the investment of the Fund. To the extent permitted by law, each such present
      or
      former plan administrator or director, officer or employee shall be indemnified
      and saved harmless by the Company (to the extent not indemnified or saved
      harmless under any liability insurance or other indemnification arrangement
      with
      respect to the plans or this Master Trust) from and against any and all claims
      of liability to which they are subjected by reason of any act done or omitted
      to
      be done in good faith in connection with the administration of the plans or
      this
      Master Trust or the investment of the Fund, including all expenses reasonably
      incurred in their defense if the Company fails to provide such defense. Such
      costs and expenses so indemnified shall be paid from the Fund, to the maximum
      extent permitted by law, if not paid by the Company. The indemnifications
      provided above shall survive the termination of this Agreement.

    

    
      
        
        

      

      
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    7.4 Damages.
      The
      Master Trustee shall not be liable for any act or omission of any other person
      in carrying out any responsibility imposed upon such person and under no
      circumstances shall the Master Trustee be liable for any indirect,
      consequential, or special damages with respect to its role as Master
      Trustee.

    

    7.5 Compensations
      and Expenses.
      All
      reasonable compensation, costs, charges and expenses incurred in the
      administration of this Master Trust will, to the extent not paid by the
      employers in such proportions as the Company shall direct, be paid from the
      Fund, provided that expenses incurred in connection with the sale, investment
      and reinvestment of the Fund (such as brokerage, postage, express and insurance
      charges and transfer taxes) shall be paid from the Fund.

    

    

    SECTION
      8 - AMENDMENT, TERMINATION, RESIGNATION, REMOVAL

    

    8.1 Amendment.
      This
      Agreement may be amended by written agreement signed by the parties
      hereto.

    

    8.2 Removal
      or Resignation of Master Trustee.
      The
      Master Trustee may be removed with respect to all or part of the Fund upon
      receipt of sixty days' written notice (unless a shorter or longer period is
      agreed upon) from the Named Fiduciary. The Master Trustee may resign as Master
      Trustee hereunder upon sixty days' written notice (unless a shorter or longer
      period is agreed upon) delivered to the Named Fiduciary. In the event of such
      removal or resignation, a successor trustee will be appointed and the retiring
      Master Trustee shall transfer the Fund, less such amounts as may be reasonable
      and necessary to cover its compensation and expenses. In the event the Named
      Fiduciary fails to appoint a successor trustee within sixty days of receipt
      of
      written notice of resignation, the Master Trustee reserves the right to seek
      the
      appointment of a successor trustee from a court of competent jurisdiction.
      The
      Master Trustee shall have no duties, responsibilities or liability with respect
      to the acts or omissions of any successor trustee.

    

    
      
        
        

      

      
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    8.3 Plan
      Termination.
      Should
      any of the plans be subject to the jurisdiction of the Pension Benefit Guaranty
      Corporation ("PBGC") as provided under ERISA, and should the Master Trustee
      receive written notice of the termination of a plan, the Master Trustee is
      not
      required to take any action until it has received notice from the Company that
      the PBGC has been notified of the termination and has not notified the Company
      of its disapproval, in accordance with its regulations. Thereafter, the Master
      Trustee shall distribute all assets then constituting the plan’s allocable
      portion of the Fund, less any fees and expenses payable from the Fund with
      respect to the plan, pursuant to Authorized Instructions. The Master Trustee
      shall be entitled to assume that such distributions are in full compliance
      with
      and not in violation of the terms of the plan or any applicable
      law.

    

    8.4 Property
      Not Transferred.
      The
      Master Trustee reserves the right to retain such property as is not suitable
      for
      distribution or transfer at the time of the termination of a plan or this
      Agreement and shall hold such property for the benefit of those persons or
      other
      entities entitled to such property until such time as the Master Trustee is
      able
      to make distribution. Upon the appointment and acceptance of a successor
      trustee, the Master Trustee's sole duties shall be those of a custodian with
      respect to the property not transferred.

    

    

    SECTION
      9 - PARTICIPATION AND SEGREGATION

    

    9.1 Adoption
      of Master Trust by Subsidiaries and Affiliates.
      Any
      entity which is or becomes part of a "controlled group" with the Company as
      defined in Code Sections 414(b), (c) and (m) and which is now or may hereafter
      be organized under the laws of the United States of America, or of any State
      or
      Territory thereof, with the approval of the Company and by appropriate action
      of
      its own governing body, may adopt this Agreement, if such controlled group
      member shall have adopted one or more plans qualified under Section 401(a)
      of
      the Code. Each entity adopting this Agreement represents to the Master Trustee
      that it is a part of such controlled group. If any such controlled group member
      so adopts this Agreement, this Agreement shall establish the trust for such
      plans as are specified by such controlled group member and shall constitute
      a
      continuation, amendment and restatement of any prior trust for any such
      plans.

    

    9.2 Segregation
      from Further Participation.
      The
      Company may, if it so determines, at any time designate any group or groups
      of
      the eligible employees or other beneficiaries covered by a plan as a separate
      class and may direct the Master Trustee to segregate in a separate fund, to
      be
      held for the benefit of such class, the part of the Fund allocable to such
      class
      as determined by the Company or by an actuary appointed by the Company, or
      some
      lesser amount than such allocable part if the Company or such actuary shall
      determine that other equitable provision is made for the difference. The Company
      shall cause the Master Trustee to effect such segregation by notifying the
      Master Trustee of the Company’s or such actuary’s determination, together with
      evidence of appropriate action by the governing body directing such segregation.
      The Master Trustee may rely conclusively and without investigation upon any
      such
      notification of the determination and evidence of appropriate action by the
      governing body and shall segregate such assets as the Company may direct. The
      Master Trustee’s valuation of such assets for that purpose shall be conclusive.
      The Master Trustee shall hold all of the assets so segregated under this
      provision, together with such payments as shall thereafter be made to the Fund
      on behalf of such class, and the income therefrom, as a subpart of the Fund
      and
      subject to the terms of this Agreement, or shall dispose of the same as directed
      by the Company. In the event that the Fund or any subpart thereof created by
      this Agreement shall be terminated as to such class, the Company shall direct
      the disposition of the assets held by the Master Trustee for such class through
      transfer to a successor trustee, the purchase of annuities, or other means,
      as
      the Company shall determine, and thereafter such employees and other
      beneficiaries shall not have any rights in the Fund, or against the Master
      Trustee.

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    9.3 Loss
      of Qualification.
      The
      Company shall promptly notify the Master Trustee of any determination by the
      Internal Revenue Service that any plan has ceased to be so qualified under
      Section 401(a) of the Code. Upon such event or in the event that any plan shall
      otherwise cease to become qualified, the equitable share of such plan
      participating in the Fund shall be promptly segregated and withdrawn from the
      Fund.

    

    

    SECTION
      10 - ADDITIONAL PROVISIONS

    

    10.1 Assignment
      or Alienation.
      Except
      as may be provided by law, the Fund shall not be subject to any form of
      attachment, garnishment, sequestration or other actions of collection afforded
      creditors of the Company, participants or beneficiaries under any of the plans.
      The Master Trustee shall not recognize any permitted assignment or alienation
      of
      benefits unless an Authorized Instruction is received from the Named Fiduciary.
      

    

    10.2 Successors
      and Assigns.
      Neither
      the Company nor the Master Trustee may assign this Agreement without the prior
      written consent of the other, except that the Master Trustee may assign its
      rights and delegate its duties hereunder to any corporation or entity which
      directly or indirectly is controlled by, or is under common control with, the
      Master Trustee. This Agreement shall be binding upon, and inure to the benefit
      of, the Company and the Master Trustee and their respective successors and
      permitted assigns. Any entity which shall by merger, consolidation, purchase,
      or
      otherwise, succeed to substantially all the trust business of the Master Trustee
      shall, upon such succession and without any appointment or other action by
      the
      Company, be and become successor trustee hereunder, upon notification to the
      Company.

    

    10.3 Governing
      Law.
      This
      Agreement and the plans shall be construed in accordance with the provisions
      of
      ERISA and other applicable federal law and, to the extent not inconsistent
      with
      such laws, with the laws of the state of Minnesota, without regard to its
      conflicts of law provisions. 

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    10.4 Necessary
      Parties.
      The
      Master Trustee reserves the right to seek a judicial or administrative
      determination as to its proper course of action under this Agreement. Nothing
      contained herein will be construed or interpreted to deny the Master Trustee,
      the Named Fiduciary or the Company the right to have the Master Trustee's
      account judicially determined. To the extent permitted by law, only the Master
      Trustee, the Named Fiduciary and the Company shall
      be
      necessary parties in any application to the courts for an interpretation of
      this
      Agreement or for an accounting by the Master Trustee, and no participant under
      any of the plans or other person having an interest in the Fund shall be
      entitled to any notice or service of process. Any final judgment entered in
      such
      an action or proceeding shall, to the extent permitted by law, be conclusive
      upon all persons.

    

    10.5 No
      Third Party Beneficiaries.
      The
      provisions of this Agreement are intended to benefit only the parties hereto,
      their respective successors and assigns, and participants and their
      beneficiaries under the plans. There are no other third party
      beneficiaries.

    

    10.6 Representations.
      The
      Company, the Named Fiduciary, if applicable, and the Master Trustee hereby
      each
      represent and warrant to the other that it has full authority to enter into
      this
      Agreement upon the terms and conditions hereof and that the individual executing
      this Agreement on its behalf has the requisite authority to bind the Company
      or
      the Master Trustee to this Agreement.

    

    10.7 Execution
      in Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed an original, and said counterparts shall constitute but one and the
      same
      instrument and may be sufficiently evidenced by one counterpart.

    

    10.8 Action
      by the Company.
      Any
      action required or permitted of the Company under this Agreement, including
      investment directions under Section 2.7, shall be by resolution of a duly
      authorized committee appointed by its Board of Directors, or by a person or
      persons authorized by resolution of such committee. As of January 1, 2006 the
      members of such committee are Glenn R. Simmons, Steven L. Watson and Paul M.
      Bass, Jr.

    

    10.9 Provisions
      to Comply With Revenue Ruling 81-100.
      This
      Master Trust is hereby adopted as a part of each plan now maintained or
      hereafter established, adopted or assumed which meets the requirements of a
      qualified plan under Section 401(a) of the Code and which invests herein. Each
      such plan shall be eligible to invest its assets through this Master Trust,
      and
      shall by virtue of such investments be considered to have incorporated as a
      part
      thereof the provisions of this Master Trust. Only those plans which remain
      qualified under Section 401(a) of the Code may continue to invest their assets
      in this Master Trust. No assets of such a plan may be used for or diverted
      to
      any purpose other than for the exclusive benefit of participants and
      beneficiaries under such plan, and no assets of such plan held under this Master
      Trust may be assigned or alienated by participants in such plan or by such
      plan.
      This Master Trust has been created as a trust under the laws of the state of
      Texas and at all times shall be maintained as such.

    

    

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        18

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Agreement as of the effective date set forth
      above.

    

    

    
      	
              Authorized
                Officer of:

            	
              Authorized
                Officer of:

            
	
              KEYSTONE
                CONSOLIDATED INDUSTRIES, INC.

            	
              U.S.
                BANK NATIONAL ASSOCIATION

            
	
              By:
                /s/ David L.
                Cheek                                                    
                                                       

            	
              By:
                /s/ Ann
                Roemer                                        
                                                       

            
	
              Name: David
                L.
                Cheek                                   

            	
              Name: Ann
                Roemer                                   

            
	
              Title: President
                &
                CEO                                

            	
              Title: Vice
                President                                

            
	
              Date: September
                14,
                2006                            

            	
              Date: October
                18,
                2006                            

            

    

    

    

    

    December
      31                                                   

    Fiscal
      Year of Master Trust

    

    
      
        
        

      

      
        19

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