Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 1 of 13 AND

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1 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 1 of , REVOCABLE TRUST AGREEMENT BETWEEN AARON BLECKER, grantor and co-trustee AND SUSAN COHEN, co-trustee AND ROBERT BLECKER_. co-trustee PREPARED BY: Ira S. Schneider Attorney at Law 863 Jerusalem Avenue North Merrick, NY (516) AMF

2 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 2 of 13 REVOCABLE TRUST AGREEMENT THIS REVOCABLE TRUST AGREEMENT is made the /' ~y of, 2007, by AARON BLECKER residing at Redacted r Redacted - -,, (as granter and co-trustee), and SUSAN COHEN residing at Redacted. co-trustee), and ROBERT BLECKER residing at Redacted., (as '/,- :, (~s co-trustee). WITNESSETH: The grantor hereby assigns, transfers, and sets over to the trustees all of the rights, powers, options, title, claims, and benefits which grantor now has or hereinafter may have in and to the assets described in Schedule "A". NOW, THEREFORE, in consideration of the premises and of covenants herein contained, the trustees agree to hold all assets IN TRUST NEVERTHELBSS, for the following uses and purposes and subject to the terms and conditions hereinafter set forth: FIRST: This trust is designated and shall be known by the name of "The AARON BLECKER REVOCABLE TRUST." SECOND: (a) The trustees shall be AARON BLECKER, SUSAN COHEN and ROBERT BLECKER. (b) In the event any one of the co-trustees is unwilling or unable to serve as co-trustee for any reason, then the 1 AMF

3 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 3 of 13 remaining two shall serve as co-trustees. If only one of the co-trustees is able and willing to serve, he/ she shall serve as sole trustee. (c) The trustees are authorized to act separately in all matters concerning The AARON BLECKER REVOCABLE TRUST. (d) For the purpose of this Agreement, the phrase "unable to serve as trustee for any reason," shall apply to any trustee nominated in the foregoing subparagraphs (a) and (b) who either, his/her financial affairs; or (1) has had a guardian appointed to manage (2) is certified in writing by an examining physician, licensed to practice medicine in the state where the trustee resides, to be incapable of prudently managing the financial affairs of the trust by reason of accident, physical or mental _illness, progressive or intermittent physical or mental deterioration, or other similar cause. (3) If the medical condition which caused the trustee to be unable to serve is corrected and is certified in writing by an examining physician licensed to practice medicine in the state where the trustee resides, the trustee may resume his/her duties as trustee. THIRD: During the lifetime of the grantor, the trustees shall hold, invest and reinvest the trust estate, collect the income therefrom, and pay or apply so mu~ or all of the net income therefrom to or for the use of the granter and/ or the granter's wife, SOPHIE BLECKER, in such 2 AMF

4 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 4 of , amounts and proportions as the trustees in their discretion shall determine. Any net income not distributed shall be added to the principal. FOURTH: During the lifetime of the grantor, the trustees may invade the principal for the benefit of the grantor and/ or his wife, SOPHIE BLECKER, in such amounts, and at such times, as the trustees deem appropriate. FIFTH: If the grantor's wife, SOPHIE BLECKER, survives the grantor, then, upon the death of the grantor: (a) The trustees shall pay all of the grantor's estate taxes and other expenses of death including funeral expenses and perpetual care for the grantor's grave. (b) Thereupon, the trustees shall distribute to the grantor's wife, SOPHIE BLECKER, from the principal.of the trust the minimum necessary to be deducted from the gr an tor's estate as a marital deduction in order to eliminate or minimize federal estate taxes payable by the grantor's estate after taking into account all deductions ( other than marital deductions) exclusions, credits and elections that are claimed and allowed. (c) The remaining trust principal and any accumulated income shall continue to be held IN TRUST subject to the following directions: I I 3 AMF

5 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 5 of 13 (1) The trustees shall accumulate all of the income from the trust and add it to the trust principal. (2) Subject to the following sub-paragraph (5), the trustees shall pay to the granter's wife, SOPHIE BLECKER, at her written request, out of the principal of the trust, in each successive calendar year commencing with the calendar year in which the grantor's death shall occur, such sum not exceeding the greater of Five Thousand Dollars ($5,000.00) or Five Percent (5%) of the assets of the principal of the trust valued as of the date of the receipt of such request, provided, however, that only one such request may be made in any such calendar year, and such right to withdraw sums of principal shall not be cumulative from year to year. (3) The trustees may pay to or apply for the benefit of the grantor's wife, SOPHIE BLECKER, from time to time, such amount or amounts of the principal of the trust as the trustees in their joint discretion, deem necessary or desirable for her support, maintenance, education or general welfare in her accustomed manner of living. (4) Upon the request of the grantor's wife, SOPHIE BLECKER, and only with the written consent of at least one of the co-trustees who has a substantial interest in the principal to be distributed, which interest is adverse to the exercise of this power, in 4 AMF

6 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 6 of 13 favor of the granter's wife, SOPHIE BLECKER, there shall be paid to the granter's wife, SOPHIE BLECKER, from the principal of the trust such further amounts as such latter consenting co-trustee deems appropriate, but not more than the amount requested. (5) Any right of the granter's wife, SOPHIE BLECKER, to receive any of the principal of the trust under the provisions of this FIFTH paragraph shall have no force or effect if such right is considered to be a General Power under Section 2041 (b) or any other section of the Internal Revenue Code and would cause all or part of ' I ' 1.. the trust principal to be included in the estate of the grantor's wife, SOPHIE BLECKER. SIXTH: Upon the death of the grantor's wife, SOPHIE BLECKER, if she shall survive the grantor, or upon the death of the granter if SOPHIE BLECKER shall not survive the granter, or, in the event the granter and the grantor's wife, SOPHIE BLECKER, should die in a common accident, or under such circumstances that it cannot readily be determined who survived the other, then in any of such event the trust principal and accumulated income shall be distributed as follows: (a) The trustees shalj pay all of the grantor's estate taxes and other expenses of death, including funeral expenses and perpetual care for the granter's grave. 5 AMF

7 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 7 of 13 (b) The trustees shall thereupon distribute the sum of Ten Thousand Dollars ($10,000.00) to each of the following surviving individuals: AMY SCHECHTER; COHEN; COHEN; COHEN; ISABELLA SCHEGITER; CHLOE MADELINE SCHECHTER; and and prior to the death of the granter. (1) the grantor's granddaughter, ELIZABETH (2) the grantor's grandson, JOSHUA COHEN; (3) the grantor's grandson. ANDREW (4) the grantor's grandson, GREGORY (5) the grantor's granddaughter, {6) the grantor's great-granddaughter, (7) the grantor's great-granddaughter, (8) any great grandchildren born hereafter (c) The trust~s shall thereupon distribute the sum of One Thousand Dollars ($1,000.00) to the grantor's friend, HELENA CANO, presently residing at Redacted, Redac:ted 6 AMF

8 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 8 of 13 (d) The trustees shall thereupon distribute the remaining trust principal and accumulated income, if any, as follows: (1) One-half (1/2) to the grantor's daughter, SUSAN COHEN, or in the event 6 her prior demise, to her sw-viving children in equal shares per capita. (2) One-half (1/2) to the grantor's son, ROBERT BLECKER, or in the event of his prior demise, to his daughter, ELIZABETH SCHECHTER, or her surviving issue in equal shares per stirpes. SEVENTH: If pursuant to _any provision of this Trust Agreement all or any part of the trust estate shall vest in absolute ownership in a person or persons under the age of twenty-one (21) years, the trustees are authorized in their absolute discretion and without authorization by any Court: (a) To defer, in whole or in part, payment or distribution of any or all property to which such person may be entitled, holding the whole or the undistributed portion thereof as a separate share for such pers<;m with all the powers and authority conferred by the provisions of this Trust AgI"eement; including, without limitation, the power to retain, invest and reinvest principal. (b) To pay, distribute or apply the whole or any part of any net income or principal at any time held for any such person to or 7 AMF

9 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 9 of 13 for the support, education and general welfare of such person, either directly or by making payment or distribution thereof to the guardian or other legal representative, wherever appointed for such person, or to the person with whom such person shall reside, or to such person personally, and to pay or distribute any balance thereof to such person when such person reaches the age of twenty-one (21) years of age or, in case such person shall die before distribution of all the property held under this paragraph, to the executor or administrator of the estate of such person. EIGHTH: Upon distribution of all of the trust principal and accumulated income, The AARON BLECKER REVOCABLE TRUST shall be terminated. NINTH: (a) The granter shall have the power and authority to revoke or modify this Trust Agreement at any time prior ~o his death by a written and acknowledged instrument executed during his lifetime. Agreement shall be irrevocable. (b) After the death of the granter, this Trust TENTH: (a) Any decision of the trustees with respect to the exercise of any discretionary powers granted hereunder shall fully protect the trustees and shall be binding and conclusive upon all persons interested in the trust. 8 AMF

10 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 10 of 13 (b) The trustees shall not at any time be required to give bond and/ or security for the faithful performance of duties hereunder either in the State of New York or elsewhere. (c) The trustees shall be entitled to reimbursement from the trust fund for all expenses. No trustee shall be liable for any act or omission, unless the same be due to such trustee's own willful fault. commission. ( d) The trustees shall serve without (e) Any trustee acting hereunder may resign and be discharged from any trust created hereunder by giving, personally or by mail, written notice or resignation, duly acknowledged, to the granter, or if he shall not then be living, to the grantor's wife, SOPHIE BLECKER, or if she shall not then be living, to the next alternate co-trustee(s). Such notice shall specify the date when such resignation shall take effect, which date (except as the person entitled to such notice shall otherwise consent) shall be at least thirty days after service or mailing thereof. ELEVENTH: (a) No beneficiary may assign or mortgage or otherwise encumber any entitlement he/ she may have to a distribution of income or principal from this trust prior to actual receipt thereof. 9 AMF

11 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 11 of 13 (b) No creditor of any beneficiary may attach or assert a lien against this trust until actual distribution therefrom. (c) No gift or entitlement of any beneficiary named herein with the exception of the granter and the granter's spouse shall be considered a marital asset of the beneficiary in a divorce, separation or annulment of marriage proceeding. TWELFTH: The trustees shall not be responsible or liable in any way for any loss or depreciation by reason of the sale, lease, purchase and/ or retention of any property so sold, leased, purchased and/ or held hereunder. TIIlRTEEN1H: In addition to the powers conferred upon the trustees under the laws of the state of New York, in effect during the life of this trust, the grantor hereby confers upon the trustees all of the following discretionary powers without limitation by reason of specification: (a) To retain any property transferred to any trust hereunder, as long as the trustees in their absolute discretion shall deem it advisable to do so; (b) To invest any funds in any stocks, bonds, limited partnerships and/ or any other investments allowed to trustees by statute or general rules of law, and without any duty to diversify I 10 AM FOO I I I I

12 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 12 of 13 investments, the intention hereof being to give the broadest investment powers and discretion to the trustees; (c) To sell (at public or private sale, without application to any court) or otherwise dispose of any property, whether real or personal, for cash or on credit, in such manner and on such terms and conditions as they may deem best, and no person dealing with the trustees shall be bound to see to the application of any moneys paid; (d) To manage, operate, repair, improve, mortgage and lease for any period (whether expiring before or after the termination of any trust created hereunder) any real estate; (e) Except to the extent prohibited by law, to cause any securities to be registered in the names of their nominees, or to hold any securities in such condition that they will pass by delivery; (f) To employ such attorneys, accountants, custodians, investment counsel, real estate consultants and other persons as they may deem advisable in the administration of any trust hereunder, and to pay them such compensation as they may deem proper, without any diminution of or offset against the commissions to which the trustees shall be entitled by law; ' (g) To maintain margin accounts with one or more individuals, partnerships, associations, banks or other corporations on such terms and conditions as they in their discretion shall determine, 11 L AMF

13 Case 1:18-cv PAE Document 20-7 Filed 12/14/18 Page 13 of 13 and to conduct such transactions in such accounts as they shall so determine, and to pledge all or any portion of any trust hereunder as security for the payment of the respective debit balances in such accounts; (h) To engage in any arbitrage transactions and transactions involving short sales, and to buy or sell or write options for the purchase or sale 0 securities or other property (commonly known as puts and calls), whether covered or uncovered; (i) To use any securities or brokerage firm in the purchase or sale of stocks, bonds or other securities or brokerage firm inn the purchase or sale of stocks, bonds or other securities or property for the account of any trust hereunder and to pay such firm such brokerage commissions or other compensation in connection therewith as the trustees may deem proper, notwithstanding that one or more of the trustees may be members of, or otherwise connected with, such firm, and with out diminution of or offset against the commissions to which the trustees may be entitled by law; G) To determine in their discretion whether any premium on ~ny investment acquired at a premium shall be amortized from income; any trust hereunder in cash or in kind; (k) To distribute any income or principal of 12!., _ AM FOO