DRESS BARN INC
SC 13D, EX-99.3VOTINGTRUST, 2000-12-07
WOMEN'S CLOTHING STORES
Previous: DRESS BARN INC, SC 13D, 2000-12-07
Next: COSMO COMMUNICATIONS CORP, 10-K/A, 2000-12-07



                                   SCHEDULE A
                          TRUST AGREEMENT dated the 6th day
                             of July, 2000, between
                the JAFFE FAMILY LIMITED PARTNERSHIP, as Settlor,
                                       and
                                ELLIOT S. JAFFE,
                                   as Trustee.
         3,655,330 shares of Common Stock of The Dress Barn, Inc.



     TRUST  AGREEMENT dated the 6th day of July, 2000, between the JAFFE  FAMILY
LIMITED PARTNERSHIP,  a Connecticut Limited Partnership,  as Settlor, and ELLIOT
S. JAFFE, as Trustee.

     1.  The  Settlor  hereby  transfers  and  assigns  to the  Trustee  and his
successors  (hereinafter  the  "Trustees")  the property set forth in Schedule A
annexed hereto to hold in separate trust upon the terms and conditions set forth
herein.  This  trust  shall be known as the  "JAFFE  FLP  VOTING  TRUST."

     2. The Trustees  shall  invest and reinvest the  principal of the trust and
shall pay so much of the  income  therefrom  and such sums out of the  principal
thereof  (even to the extent of the whole  thereof) to the JAFFE FAMILY  LIMITED
PARTNERSHIP,  or,  if  said  partnership  is no  longer  in  existence,  to  its
successors in interest,  as the Trustees,  in their  absolute  discretion,  deem
advisable,  accumulating  any balance of the income annually and adding the same
to principal.

     The  trust  shall  terminate  upon the  first  to  occur  of (i) the  tenth
anniversary of the date of this  Agreement,  (ii) such time as DAVID JAFFE is no
longer active in the  management of THE DRESS BARN,  INC. or its  successor,  or
(iii) the  disposition  by the trust of all of  shares of The Dress  Barn,  Inc.
(other than the  disposition  of the shares  pursuant  to a corporate  merger or
similar  transaction  resulting  in the  exchange  by the trust of the shares of
stock of The Dress  Barn,  Inc.  for  securities  of  another  issuer  where the
securities  held by the trust  constitute  working  control of such issuer),  at
which time the then  principal of the trust shall be  distributed  absolutely to
the JAFFE FAMILY LIMITED  PARTNERSHIP,  or, if said  partnership is no longer in
existence,  to its  successors  in interest.

     3. If ELLIOT S. JAFFE ceases to be qualified  as a Trustee  hereunder,  the
following  individuals  shall be  entitled  to  qualify as  successor  Trustees,
successively and in the order named:  ROSLYN S. JAFFE;  DAVID JAFFE.

     Subject  to the  foregoing,  the  Trustees  from  time  to  time  qualified
hereunder are authorized and empowered to designate one or more  co-Trustees and
a sole  surviving  Trustee at any time  qualified  hereunder is  authorized  and
empowered to designate one or more successor Trustees to act with or succeed him
or her.

     No bond or other  security  shall be required for any reason  whatsoever of
any Trustee named herein or designated as herein provided.

<PAGE>

     4.  The  Trustees  and  any  successor  Trustee  of  this  Trust  Agreement
(hereinafter   "Trust  Agreement"  or  "Agreement")  shall  have  the  following
discretionary powers in addition to those conferred by law and all of the powers
set forth in Section  45a-234  of the  Fiduciary  Powers Act of the  Connecticut
General Statutes,  as amended,  as well as the powers set forth in Sections (1),
(2), (3), (4), (5), (6), (7), (8), (9), (10),  (11),  (12),  (13),  (14),  (15),
(16),  (17),  (18),  (19),  (20), (21), (22), (23), (24), (25), (26) and (27) of
Section 45a-235 thereof:

          (a)  To make any payment or distribution (required or authorized under
               this  Agreement)  either wholly or partly in kind at market value
               at date of  distribution;  to cause any share to be  composed  of
               cash,  property or  undivided  fractional  interests  in property
               different in kind from any other share and without regard,  among
               such  shares,   to  whether  the  property   distributed  has  an
               equivalent basis for income tax purposes.

          (b)  To continue to hold any  property,  real,  personal or otherwise,
               including, but not limited to, stocks, bonds or other securities,
               domestic  or  foreign,  in the  form in  which  it  shall be when
               received  by them  hereunder  (without  regard to any rule of law
               that may  require  them to decide  whether or not to retain  such
               property) or as the form  thereof may be changed  pursuant to the
               provisions of the other subdivisions of this Article,  so long as
               they, in their absolute discretion, deem it advisable.

          (c)  To  invest  and  reinvest  in any  property,  including,  but not
               limited  to,  stocks,  bonds or  other  securities  or  so-called
               derivative investments,  domestic or foreign,  options to sell or
               to purchase such securities or so-called  derivative  investments
               (whether  or not then held  hereunder),  shares or  interests  in
               mutual funds,  investment companies,  investment trusts or common
               trust  funds of a bank or  trust  company,  currencies,  precious
               metals,  oil and gas  properties or other  natural  resources and
               commodities,  or interests in, rights to or options to sell or to
               purchase  any  of  the  foregoing   (whether  or  not  then  held
               hereunder),  improved  or  unimproved  real  property or tangible
               personal  property  or  life  insurance,  endowment,  annuity  or
               similar  contracts  (including  such contracts  insuring the then
               income  beneficiary  of any trust  hereunder)  that they may,  in
               their absolute discretion, deem advisable,  without regard to any
               duty to diversify or to make such property  productive of income,
               and in any manner,  including  by direct  purchase,  entry into a
               joint venture, creation of or purchase of an interest in any form
               of  partnership  or  corporation  or  through  any other  form of
               participation or ownership.


<PAGE>

          (d)  To employ any person,  firm,  corporation,  bank or trust company
               for advice with respect to  investment  policy,  but the Trustees
               may,  in  their  absolute  discretion,  follow  or  refrain  from
               following   any    recommendations   so   obtained,    and   said
               recommendations  shall  not in any way  limit  the  discretionary
               power and  authority  herein  conferred  upon,  and not otherwise
               delegated  by, them with respect to  investments;  to designate a
               corporation,  partnership or other firm, authorized so to act, as
               custodian, and to employ attorneys,  accountants and bookkeepers;
               and to charge the fees and expenses of the foregoing to the trust
               hereunder.

          (e)  To exercise or perform every power,  authority or duty, including
               discretionary  powers,  by the  concurrence and in the names of a
               majority of the Trustees qualified to participate,  with the same
               effect as if all had joined therein; but by unanimous vote of the
               Trustees they may determine the number (one or more) who may give
               instructions  to  custodians,  sign checks or have access to safe
               deposit boxes.

          (f)  Severally to resign, by delivering to any successor or co-Trustee
               written notice of such  resignation,  to take effect at such date
               as said  resigning  Trustee may specify in said  notice,  without
               necessity for prior accounting or judicial approval.

          (g)  Severally to authorize,  by instrument in writing,  any person or
               corporation,  including any co-Trustee, bank or trust company, to
               act in the  place  of said  Trustee  with  respect  to  specified
               transactions, to sign a particular check or checks, or to execute
               any other  specifically  stated  instruments  in the name of said
               Trustee.

          (h)  To credit to principal or income or to apportion  between them in
               such  manner  as  they  deem  advisable  any  distributions  from
               partnerships,   any   extraordinary,   wasting   or   liquidating
               dividends,  any dividends payable in the stock of the corporation
               paying  the   dividend   or  payable  in  the  stock  of  another
               corporation and any so-called "capital gains dividends"  declared
               by investment companies or investment trusts.

          (i)  To charge to principal or income or to apportion between them any
               ordinary  or  extraordinary  expenses in such manner as they deem
               advisable.

          (j)  To  determine  if and to what  extent  they  shall  amortize  any
               premium  paid by them  on  bonds  or  other  obligations  for the
               payment of money.

          (k)  To alter, repair, improve, demolish, manage, partition, mortgage,
               lease for any period  (including  a period in excess of any fixed
               by  statute  and  extending  beyond  the  duration  of the  trust
               herein),  exchange,  grant options to lease or to buy and sell or
               dispose  of, at public or private  sale and upon such  conditions
               and such terms as to cash and credit as they deem advisable,  any
               property held hereunder.

          (l)  To  borrow  such  sums  as they  deem  advisable  for the  proper
               administration of the trust and to give security therefor.

<PAGE>

          (m)  To lend such sums out of the  income  or  principal  of the trust
               hereunder,  and upon  such  terms  and  conditions  as they  deem
               advisable,  provided that adequate security be obtained from, and
               reasonable  interest  be charged  to, any  borrower  other than a
               beneficiary.

          (n)  To guarantee loans made to any beneficiary hereunder.

          (o)  With  respect  to any  property  distributable  absolutely  to an
               infant  remainderman:  in their  absolute  discretion,  to retain
               possession  of and  manage the same  during his or her  minority,
               with  all  the  rights,   powers  and  compensation  of  Trustees
               hereunder,  and from time to time to apply so much of the  income
               and  principal  thereof  to the use of said  infant  as they deem
               advisable,  accumulating any balance of the income and adding the
               same to principal at  convenient  intervals;  upon said  infant's
               attaining  majority (or sooner death), the then principal and any
               accumulated income shall be distributed to said infant (or his or
               her  estate);  this power  shall not  affect the  vesting of said
               property in said infant.

          (p)  In  determining  the amount of income or principal  applicable to
               the use of an infant,  to disregard  the ability of the parent or
               parents  of said  infant  to  support  said  infant;  and to make
               payment of any income or  principal,  applicable to the use of or
               payable  to an  infant,  (1) to the  Guardian  (qualified  in any
               jurisdiction) of the person or property of such infant, or (2) to
               the parent or  parents of such  infant  (whether  or not  legally
               appointed his or her Guardian(s)), or (3) to the extent permitted
               by law, to a Custodian  for such infant under a Uniform  Gifts to
               Minors Act or a Uniform  Transfers to Minors Act, or (4) to apply
               the same for his or her  benefit;  the receipt of such  Guardian,
               parent or Custodian or the  evidence of the  application  of such
               income or principal shall be a full discharge to the Trustees for
               such payment.

          (q)  To  remove  any of the  property  held  hereunder  to or from any
               jurisdiction;  to change the situs of administration of the trust
               hereunder from one jurisdiction to another.

          (r)  To organize or participate in the  organization of  corporations,
               and to  transfer  to them  any part or all of the  property  held
               hereunder in exchange for securities thereof.

<PAGE>

          (s)  To  participate  in and consent to any corporate  reorganization,
               dissolution,  liquidation, merger, consolidation,  sale or lease,
               or in and to  any  other  change  in  any  corporation  or in its
               financial   structure,   and  to  become  a  depositor  with  any
               protective,  reorganization or similar committee, and to make all
               necessary  payments incident to the foregoing;  to exercise or to
               sell any  conversion,  subscription  or  similar  rights;  and in
               general to exercise in respect to any securities the unrestricted
               rights  of a  personal  owner,  including  voting in person or by
               proxy.

          (t)  To the extent  permitted  by law, to register any of the property
               held  hereunder  in their  names as  Trustees  or in the names of
               nominees,  or to take and keep the same  unregistered,  in bearer
               form or otherwise in such condition as to pass by delivery.


     5. (a) All the powers granted in this Agreement may be exercised  after the
termination  of the  trust in  connection  with the  proper  administration  and
distribution thereof.

     (b)  This  Agreement  shall  be  governed,  and its  validity,  effect  and
interpretation  shall be  determined,  by the laws of the State of  Connecticut,
except that the Trustees  may,  from time to time,  declare in writing that this
Agreement shall be governed,  and its validity,  effect and interpretation shall
be  determined,  thereafter  by the laws of any other  jurisdiction  within  the
United  States of  America  or that the forum  for  administration  of the trust
hereunder shall  thereafter be the courts of any other  jurisdiction  within the
United States of America,  but only until any further declaration of a change in
the  governing  law or of the  forum  for  administration  may  be  made  by the
Trustees.  As often as any such declaration is made, the Trustees may thereafter
make such  consequential  modifications  to the  provisions of this Agreement as
they, in their absolute discretion, consider necessary to assure that, so far as
may be possible,  such provisions shall be as valid and effective under the laws
of  such  other  jurisdiction  as they  are  under  the  laws  of the  State  of
Connecticut,  except  that the  Trustees  shall not,  in so doing,  render  this
Agreement void, voidable, illegal or revocable.

     (c) This Agreement shall be irrevocable.

     (d) In any judicial  proceeding  involving  the trust  hereunder and in any
non-judicial settlement of the account of a Trustee hereunder, the interest of a
person under  disability  may be  represented  by a party to such  proceeding or
settlement who is not under disability and who has the same interest.

     (e) If any person beneficially interested hereunder shall die in the course
of or as a direct  result of the same  disaster,  accident  or calamity as shall
cause the death of the life beneficiary upon whose death said person's  interest
is to take  effect  or  under  such  circumstances  that it  cannot  be  readily
determined  whether said life  beneficiary or said person died first,  then, for
the purposes of this Agreement,  said person shall be deemed to have died before
said life beneficiary.

<PAGE>

     (f) Any income or principal payable to a beneficiary  hereunder may, in the
discretion  of the  Trustees,  be  applied  by  them  for  the  benefit  of said
beneficiary.

     (g) Upon the  commencement  of the  trust  herein  and upon the death of an
income  beneficiary,  or any other termination of the trust herein,  any accrued
income (including  dividends  theretofore declared but not yet payable) shall be
paid to the persons entitled to receive the income when it becomes payable,  but
any  undistributed  income which the Trustees are authorized in their discretion
to accumulate shall be added to principal.

     (h) Any Trustee who is an income  beneficiary of the trust  hereunder shall
not be qualified to participate in the exercise of any  discretionary  powers to
distribute principal or income to himself or herself or to make allocations,  in
his or her own favor, of receipts or expenses as between principal and income of
such trust; nor shall any Trustee participate in the exercise of a discretionary
power to pay or apply income or principal to or for the benefit of a beneficiary
whom said Trustee (in his or her individual  capacity) is then legally obligated
to support; all said powers shall be exercisable by the other Trustee(s).

     (i) The  Settlor  or any  person  may from  time to time add  assets to the
principal of the trust hereunder,  provided only that said assets are acceptable
to the Trustees.

     (j) Wherever the context  permits,  the word "Trustees"  shall be deemed to
include "their survivor or survivors, successor or successors".

     (k) In determining  whether or not to exercise any  discretionary  power to
pay income or principal of the trust hereunder,  the Trustees may, but shall not
be required to, (i) take into  account any effect the exercise  thereof may have
on the respective tax  liabilities  of any trust  hereunder and the  beneficiary
under  consideration  and (ii)  consider  and  accept as correct  any  statement
concerning these matters made by the beneficiary  under  consideration or on his
or her behalf.

     (k) To the extent  permitted by law,  none of the  beneficiaries  hereunder
shall  have the power to  convey,  anticipate,  assign,  encumber  or in any way
dispose of any part of the income or principal of their  respective trust funds,
nor shall said principal or income be in any way or in any amount  answerable or
chargeable with their duties, obligations, judgements or claims however arising,
nor shall said principal or income be taken or reached by any legal or equitable
process in satisfaction  thereof,  it being the Settlor's intent with respect to
said  beneficiaries,  so far as the law  allows,  to make  said  trust  what are
commonly known as "spendthrift trusts".

     (l) The  Trustees  hereunder  shall not be  required  to file any annual or
other periodic accountings with respect to the trust hereunder.

     (m) The Trustee hereby accepts the trust herein and agrees to carry out the
provisions  hereof and  faithfully to perform and discharge all of her duties as
Trustee.


<PAGE>

                  IN WITNESS  WHEREOF,  the undersigned  have hereunto set their
hands and seals the day and year first above written.




                    JAFFE FAMILY LIMITED PARTNERSHIP, Settlor
                            By:/s/ Elliot Jaffe (L.S.)
                          Elliot Jaffe, General Partner


                           /s/ Elliot Jaffe (L.S.)
                            Elliot Jaffe, Trustee




STATE OF CONNECTICUT)
                                            )  ss.:
COUNTY OF FAIRFIELD)


                  On this 6th day of July, 2000, before  me personally  appeared
ELLIOT  S.  JAFFE,   residing  at  Westover  Park,   Bayberrie  Road,  Stamford,
Connecticut,  to me known and known to me to be the individual  described in and
who executed the foregoing  instrument as the Managing  General Partner of Jaffe
Family Limited Partnership and he thereupon  acknowledged to me that he executed
the same.



                                                   -----------------------------
                                                            /S/Notary Public




STATE OF CONNECTICUT)
                                            )  ss.:
COUNTY OF FAIRFIELD)


                  On this 6th day of July, 2000, before  me personally  appeared
ELLIOT  S.  JAFFE,   residing  at  Westover  Park,   Bayberrie  Road,  Stamford,
Connecticut,  to me known and known to me to be the individual  described in and
who executed the  foregoing  instrument as Trustee of the trust dated this date,
and he thereupon acknowledged to me that he executed the same.



                                                   -----------------------------
                                                             /S/Notary Public






© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission