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
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Stephen
Russell
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Indiana
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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
be