Amendment No. 1 to the Amended and Restated Trust Agreement of PermRock Royalty Trust
This amendment, effective May 4, 2022, updates the PermRock Royalty Trust's Amended and Restated Trust Agreement. Approved by the Trust's unitholders and executed by Simmons Bank as Trustee, the amendment changes the requirements for any successor trustee. Now, any successor must be a U.S.-domiciled state or national bank or trust company with at least $20 million in capital, surplus, and undivided profits as of its last fiscal year. The amendment ensures that only financially qualified institutions can serve as successor trustee for the Trust.
Exhibit 4.1
AMENDMENT NO. 1
TO THE
AMENDED AND RESTATED TRUST AGREEMENT
OF
PERMROCK ROYALTY TRUST
This Amendment No. 1 to the Amended and Restated Trust Agreement (this Amendment) of PermRock Royalty Trust (the Trust), is made and entered into effective as of May 4, 2022, by the undersigned Trustee of the Trust (the Trustee), after receiving approval of the unitholders of the Trust.
W I T N E S S E T H :
WHEREAS, on May 4, 2022, the unitholders of the Trust voted to approve an amendment to that certain Amended and Restated Trust Agreement of the Trust dated as of May 4, 2018 (the Trust Agreement) with respect to the requirements to serve as successor trustee;
NOW, THEREFORE, in consideration of the premises, the mutual covenants and agreements contained herein and in the Trust Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Trustee desires to amend the Trust Agreement to reflect the amendments approved by unitholders by amending and restating the third sentence of Section 6.05 as follows:
Any successor to the Trustee shall be a state or national bank or trust company domiciled in the United States which has a capital, surplus and undivided profits (as of the end of its last fiscal year prior to its appointment) of at least $20,000,000.
[Signature Page Follows]
1
IN WITNESS WHEREOF, the Trustee has executed this Amendment as of the day and year first above written.
TRUSTEE: | ||
SIMMONS BANK | ||
By: | /s/ Ron E. Hooper | |
Name: | Ron E. Hooper | |
Title: | Senior Vice President, Royalty Trust Management |
[Signature Page to
Amendment No. 1 to the
Amended and Restated Trust Agreement]