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Exhibit
99.5
VOTING TRUST
AGREEMENT
THIS VOTING TRUST AGREEMENT
(as it may be amended or supplemented from time to time, the
“Agreement”) is entered into as of March 7, 2005, by
and among Star Gas LLC, a Delaware limited liability company (the
“Company”), and Irik P. Sevin, in his capacity as a
member of the Company (the “Member”), and Irik P.
Sevin, Stephen Russell and Joseph P. Cavanaugh in their capacities
as trustees under this Agreement (the “Voting
Trustees”, which term shall be deemed to include a reference
to their respective successors as Voting Trustees
hereunder).
RECITALS
A. The Member is the owner of
15.6363 percent of the aggregate outstanding membership interests
in the Company (the “Membership Interests”).
B. The Member desires to
assign and transfer all of his Membership Interests in the Company
into a trust for his benefit pursuant to this Agreement.
C. The voting trust created
by this Agreement is for the benefit of the Member.
D. The parties hereto deem it
to be in the interest of the Member that this Agreement should be
made.
AGREEMENTS
In consideration of the
mutual covenants and obligations set forth in this Agreement, the
parties hereto agree as follows:
1. Representations of the
Member; Creation of Voting Trust .
1.1. Representations of
the Member . The Member hereby represents, warrants and
covenants to the Company and the Voting Trustees as
follows:
(a) the Member is an
individual domiciled in the State New York;
(b) the Member has the power,
authority and legal right to enter into and perform his obligations
under this Agreement;
(c) this Agreement has been
duly executed and delivered by the Member and is a legal, valid and
binding agreement of the Member enforceable against the Member in
accordance with its terms;
(d) the Member is the
beneficial and record owner of 15.6363 percent of the aggregate
outstanding Membership Interests in the Company, and all of such
Membership Interests are owned free and clear of all claims, liens,
pledges, options, charges, security interests and other
encumbrances, except as may exist under the Company’s Limited
Liability Company Agreement or under any federal or state
securities laws; and
(e) none of the
Member’s Membership Interests in the Company are subject to
any voting agreement, voting trust, proxy or other agreement
concerning the voting of such Membership Interests, except for this
Agreement.
1.2 Assignment of
Membership Interests . The Member hereby assigns and transfers,
and agrees to assign and transfer, to the Voting Trustees all of
his Membership Interests in the Company, which represents 15.6363
percent of the aggregate outstanding Membership Interests in the
Company, and all additional Membership Interests at any time
hereafter owned by him during the term of this Agreement, however
acquired. Notwithstanding the assignment and transfer of the
Membership Interests in the Company to the Voting Trustees, none of
the parties will state, assert or otherwise take a position that
the Member is not the beneficial owner of the Membership
Interests.
1.3. Delivery of Voting
Trust Certificates . The Voting Trustees shall hold such
Membership Interests subject to the terms and conditions of this
Agreement and shall deliver or cause to be delivered to the Member
one or more voting trust certificates (“Voting Trust
Certificates”) representing the Membership Interests so
assigned and transferred by the Member in the form provided for in
Section 2.1 hereof.
1.4. Limited Liability
Company Agreement . Schedule A of the limited liability company
agreement of the Company shall be amended to reflect that the
Member has assigned and transferred all of his Membership Interests
in the Company to the Voting Trustees, and shall be further amended
to reflect any additional Membership Interests assigned and
transferred to the Voting Trustees as provided in Section
1.2.
1.5. Acceptance of
Trust . The Voting Trustees accept the voting trust created
hereby in accordance with all of the terms and conditions contained
in this Agreement.
2. Voting Trust
Certificates .
2.1. Form; Legend .
The Voting Trust Certificates to be issued and delivered by the
Voting Trustees under this Agreement in respect of the Membership
Interests in the Company shall be substantially in the form of
Exhibit A attached hereto, with such changes therein
consistent with the provisions of this Agreement as the Voting
Trustees may from time to time deem appropriate. Each Voting Trust
Certificate shall have the following legend stamped, typed or
otherwise legibly placed on the face or reverse side
thereof:
Sale, pledge or other
disposition or transfer of this Voting Trust Certificate and the
Membership Interests in Star Gas LLC, a Delaware limited liability
company (the “Company”), represented hereby, is
restricted by the terms of a Voting Trust Agreement, dated as of
March 7, 2005, which may be examined in the principal office of the
Company.
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2.2. Transfer, Registered
Holders; Transfer Books .
(a) The Voting Trust
Certificates shall be transferable only on the books of the Voting
Trustees upon surrender of such Voting Trust Certificates (duly
endorsed in blank or accompanied by a proper instrument of
assignment duly executed in blank, together with requisite transfer
tax stamps attached thereto and an amount sufficient to pay all
federal, state and local taxes or other government charges, if any,
then payable in connection with such transfer) by the registered
holder in person or by such holder’s duly authorized
attorney. Upon the surrender of any Voting Trust Certificates for
transfer, the Voting Trustees shall cancel such Voting Trust
Certificates and new certificates shall be delivered in accordance
with the instructions of the registered holder in person or such
holder’s duly authorized attorney in the same form and
representing the same percentage interest in the Membership
Interests in the Company as the Voting Trust Certificates presented
for cancellation.
(b) The Member represents and
warrants that he is acquiring the Voting Trust Certificates for
investment purposes and not with a view to their resale or
distribution.
(c) The Voting Trustees may
treat the registered holder of each of such Voting Trust
Certificate as the absolute owner thereof for all purposes
whatsoever, and accordingly shall not be required to recognize any
legal, equitable or other claim or interest in each such Voting
Trust Certificate on the part of any other person, whether or not
it or they shall have express or other notice thereof.
(d) The Voting Trustees shall
keep or cause to be kept, a record of the registered holders of the
Voting Trust Certificates and such other books and records as the
Voting Trustees are required to maintain by law.
3. Distributions . The
Voting Trustees shall receive and hold, subject to the terms of
this Agreement, any distributions declared and paid on the
Membership Interests assigned and transferred to the Voting
Trustees hereunder and shall promptly after receipt distribute
directly any such distributions to holders of Voting Trust
Certificates in proportion to their respective interests therein as
shown on the books of the Voting Trustees, such distribution to be
equivalent to the distribution that each respective holder would
have been entitled to receive had such holder not assigned and
transferred to the Voting Trustees such holder’s Membership
Interests in the Company hereunder.
4. The Voting Trustees
.
4.1. Status . Each
Voting Trustee hereby severally and not jointly represents,
warrants and covenants as follows:
(a) the Voting Trustee is an
individual domiciled in the State set forth below opposite such
Voting Trustees name:
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| Irik P. Sevin |
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New
York |
| Stephen
Russell |
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Indiana |
| Joseph P. Cavanaugh |
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New
York |
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(b) the Voting Trustee is
duly qualified for the performance of his obligations under this
Agreement, and has the power, authority and legal right to enter
into and perform his obligations under this Agreement;
and
(c) this Agreement has been
duly executed and delivered by the Voting Trustee and is a legal,
valid and binding agreement of the Voting Trustee enforceable
against the Voting Trustee in accordance with its terms.
4.2. Voting of Membership
Interests; Meetings .
(a) Until the assignment and
retransfer of the Membership Interests in exchange for Voting Trust
Certificates pursuant to Section 7.2 hereof, the Voting Trustees
shall possess and be entitled in their discretion to exercise all
rights and powers to vote such Membership Interests and to give
consents with respect to any lawful limited liability company
action of the Company. Each Voting Trustee shall cause the
Membership Interests to be voted or consents to be given in respect
of the Membership Interests in accordance with the decision of a
majority of the Voting Trustees.
(b) For this purposes of this
Agreement, a “majority of the Voting Trustees” shall
mean an affirmative vote of a majority of the votes cast by the
Voting Trustees on a particular matter at a meeting of the Voting
Trustees at which a majority of the Voting Trustees are present in
person or by proxy, with each Voting Trustee entitled to one vote.
The Voting Trustees may also act by unanimous written
consent.
(c) Meetings of the Voting
Trustees may be called by any Voting Trustee. Written notice of the
time and place of any meeting of the Voting Trustees must be given
to the Voting Trustees at least three days prior to the meeting.
The notice of meeting must specify the purpose of the meeting. Any
requirements of furnishing notice shall be waived by any Voting
Trustee who signs a written waiver of such notice. Attendance by a
Voting Trustee at a meeting shall constitute a waiver of the notice
of such meeting, except when the Voting Trustee attends a meeting
for the express purpose of objecting, at the beginning of the
meeting to the transaction of any business because the meeting is
not lawfully called or convened. Meetings of the Voting Trustees
shall be held at such place within or without the State of Delaware
as shall be fixed by the person calling the meeting. Voting
Trustees may participate in a meeting of the Voting Trustees by
means of telephone conference or similar communications equipment
by means of which all persons participating in the meeting can hear
each other, and participation in a meeting pursuant to this Section
4(c) shall constitute presence in person at the meeting.
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(d) No holder of Voting Trust
Certificates shall in such capacity have any rights or powers to
vote such Membership Interests or to give consents with respect to
or otherwise take part in any limited liability company action of
the Company.
4.3. Duty to Company .
The Voting Trustees shall exercise their voting power and other
powers in respect of the control of management of the Company in a
manner that is in the best interests of the Company.
4.5. Resignation . Any
Voting Trustee may resign at any time upon giving 30 days prior
written notice of such resignation to the Company and to the
holders of the Voting Trust Certificates. Such resignation shall
take effect upon expiration of such 30-day period, whereupon all
powers, rights and obligations of the resigning Voting Trustee
under this Agreement shall cease and terminate.
4.6. Successor Trustee
. Promptly upon (a) receipt of a notice of resignation from a
Voting Trustee in accordance with Section 4.5 hereof or (b) any
vacancy in the position of a Voting Trustee by reason of the death
of the Voting Trustee, the inability or refusal to act of a Voting
Trustee or any other reason, a successor trustee shall be appointed
in accordance with this Section 4.6. Such successor trustee shall
assume all powers, rights and obligations of such Voting Trustee
hereunder immediately upon the appointment of such successor Voting
Trustee. If Irik P. Sevin or his successor resigns as a Voting
Trustee or there is otherwise a vacancy in the position formerly
held by Mr. Sevin or his successor, Mr. Sevin (or, in the case of
his death, his executor) shall be entitled to designate a successor
Voting Trustee; provided that such successor Voting Trustee is
approved by the other Voting Trustees, such approval not being
unreasonably delayed or withheld. If Stephen Russell and Joseph P.
Cavanaugh or their respective successors resign or there is a
vacancy in the position formerly held by Stephen Russell or Joseph
P. Cavanaugh or their respective successors, the Board of Directors
of the Company shall be entitled to designate a successor Voting
Trustee, by majority vote or unanimous written consent; provided
that such successor Vot
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