Text of the Jimmy Carter Personal Assets Trust Agreement

THIS TRUST AGREEMENT is made as of the 20th day of January, 1977, by and between JIMMY CARTER of Plains, Georgia as "Grantor" and CHARLES H. KIRBO of Fulton County, Georgia, as "Trustee."

1. Purpose.

This trust is created so that the Grantor, while he is serving as President of the United States, will be isolated from those of his assets which are most likely to be affected by actions of the federal government and its agencies. The Trustee will control, manage, invest and reinvest all assets of this trust in his sole discretion and without consulting the Grantor or informing him about any specific trust properties in any respect. The Trustee is directed, however, to proceed with judicious deliberation to arrange the assets of the trust so that the trust's income will not be substantially affected by federal legislation such as price supports for peanuts or other agricultural products. A net lease of any property at set rental amounts unrelated to future profits or an investment in government securities or commercial savings accounts will always be considered to be consonant with the purpose of this trust.

2. Trust Property.

The Grantor has simultaneously with the execution of this Trust Agreement, transferred and delivered to the Trustee the property described in Schedule "A" attached hereto, which the Trustee agrees to hold in trust in accordance with the terms, conditions, and purposes of this Trust Agreement. Such assets are transferred to the Trustee subject to any loans for which they may be pledged. The Trustee acknowledges receipt of the property shown on Schedule "A" and accepts the trust upon the terms set forth in this Agreement. Additional property may be added to this trust by the Grantor or other persons at any time provided that the Trustee agrees to accept such additional property and provided that all such additional property shall be held and distributed under the terms of this Agreement as though it had been an original part of the trust.

3. Distributions of Income.

The Trustee shall manage the trust property, receive the income therefrom, pay all necessary expenses incident to the administration of the trust, and distribute the income remaining thereafter (but only to the extent that cash is available therefor) to the Grantor (or, in the event he becomes incapacitated, for Grantor's benefit) at least annually except to the extent that the Grantor directs the Trustee in writing to accumulate all or a portion of such income or to distribute all or a portion of such income to other persons or corporations. The Trustee shall give the Grantor reasonable notice before making a distribution of such income to him so that the Grantor can determine whether he wishes to give the Trustee any directions concerning such distribution. The Trustee is authorized to borrow funds so that cash will be available to make distributions of income as provided above.

4. Distributions of Principal.

The Trustee in his sole discretion may distribute principal which consists of cash to the Grantor, or as the Grantor may request in writing. The Trustee is authorized to use any or all of the principal of the trust to provide for the support in reasonable comfort of the Grantor, his wife, and any of his minor children, taking into consideration any other sources of support available to any .of them. The Grantor may direct the Trustee at any time to distribute principal of the trust (in cash or in kind) to one or more organizations described in § 170 of the Internal Revenue Code. The Grantor may also direct the Trustee to distribute to or for his benefit principal (to the extent cash is available therefor, including 'borrowed funds) so that capital gains taxes generated in the trust and owed by the Grantor may be paid as required by law, or so that any indebtedness of the Grantor (whether principal or interest) may be paid. The Grantor shall also have the right from time to time to direct the Trustee to distribute to him all principal of the trust held in cash or cash equivalents which is not required (as the Trustee in his sole discretion shall determine) for the proper administration of the trust, taking into consideration its reasonably foreseeable cash requirements.

5. Termination of Trust.

Unless the trust has been fully distributed under the foregoing provisions at an earlier date, this trust shall terminate upon the earlier of (i) Grantor's death (in which event the trust property then remaining shall be delivered to the personal representatives of Grantor's estate) or (ii) Grantor's ceasing to be President of the United States (in which event the trust property then remaining shall 'be distributed to the Grantor or as he may .otherwise direct the Trustee in writing). Notwithstanding the foregoing, the Grantor and the Trustee may agree in writing that the trust shall be continued in respect of some or all trust assets for a set period after the Grantor ceases to be President of the United States and upon such terms as they may determine in writing at that time. The personal representatives of Grantor's estate shall not be required to inquire into or audit the acts or doings of any Trustee or to make any claim against such Trustee or his estate, but the personal representatives may demand such accounting by the Trustee as they deem appropriate.

6. Reports and Accountings to the Grantor.

The Trustee shall not make any reports or accountings whatsoever to the Grantor or any other beneficiary of the trust except that he shall give to the Grantor an annual report containing (i) the information required by the Grantor in making any mandatory reports or returns to any government authority and (ii) the aggregate net asset value of the trust (including the amount of principal held in cash or cash equivalents). All such reports to the Grantor shall avoid the identification of any specific assets of the trust unless the withholding of such information would necessitate a violation of any applicable laws. The Trustee may make reports or accountings to persons other than the Grantor or any beneficiary of the trust as the Trustee shall deem desirable, provided that the Trustee is assured that such information will be kept confidential. Notwithstanding the foregoing, on termination of this trust the Grantor may demand a full accounting by the Trustee.

7. Reports to Court.

The Trustee shall not be required to file any inventories, appraisements, accounts, reports or returns of any kind to any court or to give bond.

8. Successor Trustees; Resignations; Compensation.

(a) If the original Trustee shall cease or be unable to serve as Trustee, the Grantor shall have the power to designate the person or those persons (including corporate persons) who shall serve as Trustee(s) of this trust. If all such designees (including successors thereto) should fail to qualify or should cease or be unable to serve in this capacity or if the Grantor shall fail to make a designation, then B. HARVEY HILL, JR. (currently with Alston, Miller & Gaines, of Atlanta, Georgia) shall serve as the Trustee. If B. HARVEY HILL, JR. should fail to qualify or should cease or be unable to serve as Trustee, then FRANK MYERS (currently of Myers & Parks, of Americus, Georgia) shall serve as Trustee of this trust.

(b) A Trustee may resign by delivering written notice of such resignation to the Grantor at least sixty (60) days prior to the effective date of such resignation.

(c) No successor Trustee shall be required to inquire into or audit the acts or doings of any predecessor Trustee or to make any claim against any such predecessor Trustee or his estate.

(d) Any successor Trustee shall have and may exercise any or all of the powers herein conferred on the original Trustee as fully and to the same extent as if such successor had originally been named as Trustee herein.

(e) The Trustee shall be entitled to reasonable compensation for his services. The Trustee may suggest to the Grantor from time to time the amount of reasonable compensation to which he feels entitled and unless the Grantor objects, the Trustee shall pay himself the amount suggested. Any disputes concerning the compensation of the Trustee may be resolved by the Probate Judge of Sumter County, Georgia, in his sole discretion.

(f) The Trustee shall be entitled to reimbursement for any expenses reasonably incurred by him (including compensation and reimbursement of agents employed by him) which are appropriate for the proper administration of this trust.

9. Amendments and Revocations.

This trust may not be revoked or terminated except as provided above. This Trust Agreement may not be modified except by instrument in writing signed by the Trustee and the Grantor. However, the Trustee shall not agree to any amendment which is in derogation of the purposes of the trust described in Section 1 above.

10. Powers of the Trustee and the Grantor.

(a) In the management, care and disposition of any and all trusts created hereunder, the Trustee shall have the power to do all things and to execute such instruments as he may deem necessary or proper, including the powers set forth in Ga. Code Annotated 108-1204 (1973 Ga. Laws 846-856) as amended to the date of the creation of this trust, all of which may be exercised without order of or report to any court. Furthermore, no sales shall require advertisement.

(b) The Grantor acknowledges that during the term of this trust he shall have no right, title or interest in, and no power or privilege to control or affect, the trust property or the income therefrom except as specifically provided in this Agreement.

11. Concerns of the Grantor.

Without diminishing the powers granted above to the Trustee, the Grantor wishes to make known certain of his concerns which he hopes (but does not direct) that the Trustee will recognize as he administers the trust.

(a) Above all, the Grantor wants the Trustee to arrange the assets of the trust so that no one should reasonably assert that the Grantor's actions as President were motivated by a desire to foster his own personal monetary gain or profit. The trustee may be able to accomplish this result by leasing certain assets or he may determine that it is necessary to sell all assets originally transferred to the Trustee.

(b) Grantor hopes that the Trustee will be sensitive to the fact that his brother, BILLY CARTER'S livelihood is directly affected by many decisions which the Trustee will make. The effect of such decisions on BILLY CARTER, who has been the Grantor's business partner for many years should be weighed carefully by the Trustee.

(c) It is possible that one of Grantor's sons, especially JAMES EARL CARTER, III, may want to become a part of those businesses in which the Carter family has been involved for many years. Grantor hopes that the Trustee will be able to preserve such possibility for his son (s) in a manner which nonetheless protects the main purposes for which this trust was created.

(d) The Grantor has an affinity for those farm lands which are owned by Carter's Farms, Inc. and he hopes that the purposes of this trust can be accomplished without the Trustee's having to sell the farm lands.

12. Miscellaneous.

(a) This trust shall be interpreted in all respects under the laws of the State of Georgia.

(b) Transfers to and from this trust may be made as follows: "(Name of Trustee), Trustee U/A Jimmy Carter dated 1-20-77".

(c) This trust may be referred to as "The Jimmy Carter Personal Assets Trust."

IN WITNESS WHEREOF, the undersigned have signed this Agreement as of the date first shown above.

JIMMY CARTER, Grantor
CHARLES H. KIRBO, Trustee