University of Virginia Library

WITNESSETH:

The parties desire to amend the trust agreement, dated May 28, 1976, between the Institution and the Former Trustee, to substitute the Trustee for the Former Trustee in such agreement and to make other minor changes therein. The parties desire to amend said agreement as hereinafter set forth.

• NOW, THEREFORE, in consideration of the premises, the parties hereto agree as follows:
• 1. The title to the agreement on page 1, is amended to read as follows:
  
• TRUST AGREEMENT FOR POOLED LIFE INCOME

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• 2. The first unnumbered paragraph on page 1 is hereby amended to delete "United Virginia Bank, a Virginia banking corporation, of Richmond, Virginia (the Trustee)" and insert in lieu thereof "The Connecticut Bank and Trust Company, N.A., a Connecticut banking corporation, of Hartford, Connecticut (the Trustee)."
• 3. Paragraph No. 1 on page 2 of the agreement is hereby amended to change the name of the fund in line 3 to "University of Virginia Pooled Life Income Fund."
• 4. Paragraph No. 3 on page 2 is hereby amended to insert "and/" before the word "or" in line 3 so that the first sentence of said paragraph reads as follows:
• Each donor transferring property to the Pool shall retain for himself for life an income interest in the property transferred, and/or create an income interest in such property for the life of one or more named beneficiaries, each of whom must be living at the time of the transfer of the property to the Pool by the donor.
• 5. Paragraph No. 8 on page 4 is hereby revoked and the following is inserted in lieu thereof:

• 8. Taxable Year - Income of Beneficiary to be Based on Rate of Return of Pool.

• The taxable year of the Pool shall be the fiscal year ending October 31. To each beneficiary entitled to income of any taxable year of the Pool, the Trustee of the Pool shall pay such income in the amount determined by the rate of return earned by the Pool for such year with respect to the beneficiary's income interest, payment to be made at least once in the taxable year in which the income is earned. Until the Trustee determines that payments shall be made more or less frequently or at other times it shall make estimated income payments to the beneficiary or beneficiaries entitled thereto in four quarterly payments on or about October 31, January 31, April 30 and July 31 of each year. An adjusting

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  payment will be made during the taxable year or within the first 45 days following its close to bring the total payment to the actual income to which the beneficiary or beneficiaries were entitled for that year.
• WITNESS the following signatures and seals as of the day and year first above written.

THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA

By Vice-President for Business and Finance

ATTEST:

Secretary

UNITED VIRGINIA BANK

By Vice President and Trust Officer

ATTEST:

Assistant Secretary

THE CONNECTICUT BANK AND TRUST COMPANY, N.A.

By

ATTEST: