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1 M. Jean Johnston (SBN: 111616)
Yulissa Zulaica (SBN 276040) 9/15/2020 1:02 PM
2 Evan D. Winet (SBN: 289643)
JOHNSTON, KINNEY & ZULAICA LLP
3 101 Montgomery Street, Suite 1600
4 San Francisco, California 94104
Telephone: (415) 693-0550
5 Facsimile: (415) 693-0500
Email: yulissa@jkzllp.com,
6 evan@jkzllp.com
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8 Attorneys for Petitioner,
Vivien E. Duering, Trustee
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10 SUPERIOR COURT OF THE STATE OF CALIFORNIA
11 IN THE COUNTY OF SAN MATEO
12 In the Matter of: CASE NO: 18-PRO-01057
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THE LAURA DUERING SURVIVOR’S PETITION FOR APPROVAL OF
14 TRUST UTD JULY 1, 1982 as amended TRUSTEE’S THIRD ACCOUNT AND
and restated on October 10, 2012, and the REPORT FOR THE GST EXEMPT TRUST
15 GST EXEMPT TRUST CREATED AND THE SURVIVOR’S TRUST
UNDER THE RUDOLF AND LAURA CREATED UNDER THE RUDOLF AND
16 DUERING TRUST UTD JULY 1, 1982, LAURA DUERING TRUST UTD JULY 1,
17 as amended and restated October 27, 1982 AS AMENDED
2006.
18 Probate Code §§ 16060 et seq.; 17200(b)(5)
19 Date: 11/05/2020
Time: 9:00 A.M.
20 Dept.: 28
21 Judge:
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PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT
1 Petitioner Vivien E. Duering (“Petitioner” or “Trustee”)1, in her capacities as former successor
2 co-trustee of the Rudolf and Laura Duering Trust, dated July 1 , 1982, as amended and restated (“Family
3 Trust”); former co-trustee and acting sole trustee of the GST Exempt Credit Trust created under the
4 Family Trust (“GST Exempt Trust”); and former co-trustee and acting sole trustee of the Laura Duering
5 Survivor’s Trust created under the Family Trust, as amended and restated (“Survivor’s Trust”)
6 (collectively, “Trusts” or, individually, “Trust”), hereby submits this Petition for Approval of Trustee’s
7 Third Account and Report for the Rudolf and Laura Duering Trust UTD July 1, 1982 as Amended, the
8 GST Exempt Trust Created Thereunder and the Survivor’s Trust Created Thereunder (“Petition”) for
9 approval of the following accounts and reports (collectively, the “Accountings”):
10 A. Third Accounting for the GST Exempt Trust created under the Family Trust. The
11 attached third accounting for the GST Exempt Trust covers the period from June 1, 2019 through May
12 31, 2020. This accounting shall be referred to hereinafter as the “Third GST Exempt Trust Accounting.”
13 Trustee has previously filed with the Court a first GST Exempt Trust Accounting, covering the period
14 from Rudy’s death on July 5, 2012, through March 25, 2018, which was the date of death of the surviving
15 trust grantor, Laura (“First GST Exempt Trust Accounting”), and a second GST Exempt Trust
16 Accounting, covering the period from March 26, 2018, the date of Laura’s death at which time Petitioner
17 became sole trustee, through May 31, 2019 (“Second GST Exempt Trust Accounting”).
18 B. Third Accounting for the Survivor’s Trust created under the Family Trust. The
19 attached third accounting for the Survivor’s Trust covers the period from June 1, 2019 through May 31,
20 2020. This accounting shall be referred to hereinafter as the “Third Survivor’s Trust Accounting.”
21 Petitioner has previously filed with the Court a first Survivor’s Trust Accounting, covering the period
22 from Rudy’s death on July 5, 2012, through March 25, 2018, which was the date of death of the surviving
23 trust grantor, Laura (“First Survivor’s Trust Accounting”). Petitioner has also previously filed with the
24 Court a second GST Exempt Trust Accounting, covering the period from March 26, 2018, the date of
25 Laura’s death at which time Petitioner became sole trustee, through May 31, 2019 (“Second Survivor’s
26 Trust Accounting”).
27 Petitioner is filing this Petition to provide an update regarding administration of the Trust over
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Vivien E. Duering, in her individual capacity rather than as Trustee or Petitioner, shall be referred to hereafter as “Vivien.”
1
PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT
1 the past year and as a supplement to her Amended Petition for Approval of Trustee’s Account and Report
2 for the Rudolf and Laura Duering Trust UTD July 1, 1982 as Amended, the GST Exempt Trust Created
3 Thereunder and the Survivor’s Trust Created Thereunder that was filed in this matter on August 2, 2019
4 (“August 2, 2019 Petition”). The August 2, 2019 Petition had requested approval of the First and Second
5 GST Exempt Trust Accountings and the First and Second Survivor’s Trust Accountings.
6 In accordance with the foregoing, Petitioner hereby respectfully presents her Petition for approval
7 and alleges as follows:
8 I. PRELIMINARY STATEMENT
9 1. Laura and Rudy established their Family Trust on July 1, 1982, and they amended said
10 Family Trust three times before fully amending and restating it one last time on October 27, 2006. Upon
11 Rudy’s death, the Family Trust was to be divided into two separate subtrusts – the revocable Survivor’s
12 Trust and the irrevocable GST Exempt Trust. Laura subsequently amended and restated her Survivor’s
13 Trust on October 10, 2012 and executed a First Amendment thereto on March 16, 2018. True and correct
14 copies of the final version of the Family Trust, as well as the 2012 restatement and 2018 amendment to
15 the Survivor’s Trust are already on file with this Court. (See Exhibits B, C and E to the Petition of
16 Beneficiary Mark L. Duering, filed herein on September 24, 2018.)
17 2. During Laura’s and Rudy’s lifetimes, no accounting for the Family Trust was required,
18 nor was one requested by Rudy and/or Laura as the grantors, trustees and sole beneficiaries of their joint
19 revocable living trust, nor would one have been required of Petitioner, because she was not then serving
20 as a trustee.
21 3. After Rudy’s death, no accounting was required nor requested by Laura during her
22 lifetime as the grantor, co-trustee and sole beneficiary of her revocable Survivor’s Trust nor as the sole
23 current beneficiary and co-trustee of the GST Exempt Trust.
24 4. On October 10, 2012, Laura named Petitioner as her co-trustee for the Trusts
25 (collectively, the “Co-Trustees” when referring to Laura and Vivien jointly as co-trustees). Petitioner
26 continued to serve as Laura’s co-trustee for the Family Trust until that trust’s termination in 2014.
27 Petitioner served as her mother’s co-trustee of the Survivor’s Trust and the GST Exempt Trust until
28 Laura’s death on March 25, 2018. Thereafter, Petitioner became the sole Trustee for the Trusts.
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PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT
1 5. The Trust does not mandate accountings unless upon request of a beneficiary. Section
2 16062(a) of the Probate Code provides that “[e]xcept as otherwise provided in this section and in Section
3 16064, the trustee shall account at least annually, at the termination of the trust, and upon a change of
4 trustee, to each beneficiary to whom income or principal is required or authorized in the trustee’s
5 discretion to be currently distributed.” In light of the continued litigation, Petitioner brings this petition
6 for approval of her accounts under Section 17200 of the Probate Code.
7 6. This Petition and the scope of the attached Accountings are in compliance with
8 Petitioner’s statutory duties pursuant to section 16062(a) of the Probate Code to account for the GST
9 Exempt Trust and the Survivor’s Trust for the annual period from June 1, 2019 to May 31, 2020.
10 Accordingly, by means of this Petition, Petitioner seeks timely determination of all matters presented in
11 the Accountings, so that Petitioner may proceed with distributions of the Trusts’ assets to the Trusts’
12 beneficiaries and closure of the Trusts’ administration without lengthy delay.
13 II. JURISDICTION AND VENUE
14 7. Under Section 17200(b)(5) of the Probate Code, the Court has jurisdiction over this
15 Petition concerning the Accountings as internal matters concerning the Trusts. The principal place of the
16 administration of the Trusts has been at all relevant times in San Mateo County, which is the proper
17 venue for this Petition pursuant to Section 17005(b)(1) of the Probate Code.
18 III. SUMMARY OF THIRD GST EXEMPT TRUST ACCOUNTING – ACCOUNTING PERIOD
19 COVERING JUNE 1, 2019 THROUGH MAY 31, 2020
20 8. The Third GST Exempt Trust Accounting spans June 1, 2019 through May 31, 2020. The
21 Summary of Account and supporting schedules for the Third GST Exempt Trust Accounting are hereby
22 incorporated as Exhibit A. Petitioner should be charged and credited as shown in said Summary of
23 Account and its supporting schedules. The following is a report and explanation intended to accompany
24 the Third GST Exempt Trust Accounting.
25 A. Schedule A - Assets at the Beginning of the Accounting Period
26 9. Schedule A shows the assets on hand on June 1, 2019. These assets included cash,
27 publicly traded securities, Pre-IPO Investments (privately held securities/LLC memberships), and
28 receivables from Petitioner and Trust funding from the Survivor’s Trust. The Pre-IPO Investments are
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PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT
1 valued at their respective carry values. The value of the GST Exempt Trust at the beginning of the
2 accounting period was $795,451.86.
3 B. Schedule B - Receipts
4 10. Schedule B shows receipts of principal and income during the accounting period. The
5 total receipts during the accounting period were $19,945.28.
6 C. Schedule C - Gains on Sale
7 11. Schedule C shows a total of $168,903.57 in gains on sale of publicly traded securities
8 during the accounting period. Accordingly, the total gains on sale during the third accounting period
9 were $168,903.57.
10 D. Schedule D - Disbursements
11 12. Schedule D shows disbursements made from the GST Exempt Trust during the
12 accounting period. There were no disbursements from the GST Exempt Trust during the accounting
13 period.
14 E. Schedule E - Losses on Sale
15 13. Schedule E shows a total loss of $14,263.91 of publicly traded securities during the
16 accounting period. Accordingly, total losses on sale during the accounting period were $14,263.91.
17 F. Schedule F - Distributions to Beneficiaries
18 14. Schedule F shows distributions made to beneficiaries during the accounting period. There
19 were no distributions made to beneficiaries during the accounting period.
20 G. Schedule G - Assets at the End of the Accounting Period
21 15. Schedule G reports the value of the assets on hand at the date of Laura’s death. Both the
22 carrying value and fair market value at that date are stated for publicly traded securities. The capitalized
23 carry value only is shown for privately held investments. The value of the GST Exempt Trust at the end
24 of the accounting period was $970,036.80, with a fair market value of $1,357,656.41.
25 H. Schedule H - Change in the Form of Assets
26 16. Schedule H shows changes in the form of assets during the accounting period.
27 I. Schedule I – Liabilities
28 17. Schedule I shows liabilities, which include amounts owed to Vivien as initially reflected
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PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT
1 in the First GST Exempt Accounting and which offset the amount Vivien owes to the GST Trust as listed
2 in Schedule G-1.
3 IV. SUMMARY OF THIRD SURVIVOR’S TRUST ACCOUNTING – ACCOUNTING PERIOD
4 COVERING JUNE 1, 2019 THROUGH MAY 31, 2020
5 18. The Third Survivor’s Trust Accounting spans June 1, 2019 through May 31, 2020. The
6 Summary of Account and supporting schedules for the Third GST Exempt Trust Accounting are hereby
7 incorporated as Exhibit B. Petitioner should be charged and credited as shown in said Summary of
8 Account and its supporting schedules. The following is a report and explanation intended to accompany
9 the Third Survivor’s Trust Accounting.
10 19. In preparing this accounting, Petitioner’s counsel recently realized that the cost basis for
11 many holdings had not been properly reported by the various institutions. As a result, the Charges
12 category of the Summary of Account for the Second Survivor’s Trust Accounting contains a $327.45
13 accounting adjustment in order to ensure that the accounting balances. Petitioner believes that this
14 discrepancy may be a direct result of the gain and loss calculations and/or certain internal transactions.
15 A. Schedule A - Assets at the Beginning of the Accounting Period
16 20. Schedule A shows all of the assets of the Survivor’s Trust as of June 1, 2019. The value
17 of the Survivor’s Trust at the beginning of the accounting period was $1,413,191.49.
18 B. Schedule B - Receipts
19 21. Schedule B shows receipts of principal and income during the accounting period. The
20 receipts during this accounting period were $22,534.17.
21 C. Schedule C - Gains on Sale
22 22. Schedule C shows a total of $38,261.72 in gains on sale of publicly traded securities
23 during the accounting period.
24 D. Schedule D - Disbursements
25 23. Schedule D shows disbursements made from the Survivor’s Trust investment accounts
26 during the accounting period. The disbursements during the accounting period were $358,160.78.
27 E. Schedule E - Losses on Sale
28 24. Schedule E shows a total of $22,945.24 in losses on sale of publicly traded securities
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PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT
1 during the accounting period.
2 F. Schedule F - Distributions to Beneficiaries
3 25. There were no distributions made to beneficiaries during the accounting period.
4 G. Schedule G - Assets at the End of the Accounting Period
5 26. Schedule G reports the value of the assets on hand at the end of the accounting period.
6 Both the carrying value and fair market value at that date are stated for publicly traded securities. The
7 capitalized carry value is only shown for privately held investments. In light of the cost basis issues
8 discussed above, the values listed in this schedule may change, but the assets listed are correct. The
9 carry value of the Survivor’s Trust at the end of the accounting period was $1,092,553.91, and the fair
10 market value was 1,121,920.03.
11 H. Schedule H - Change in the Form of Assets
12 27. Schedule H shows changes in the form of assets during the accounting period.
13 I. Schedule I – Transfers Between Accounts
14 28. Schedule I shows transfers between the Trust accounts during the accounting period.
15 V. MISCELLANEOUS ALLEGATIONS
16 29. Petitioner has not taken any trustee fees for the accounting periods reflected in this
17 Petition but intends to do so in the future.
18 30. No agents were hired during the periods reflected in the Trusts’ Accountings, who are
19 related or affiliated with Petitioner.
20 31. All investments of the Trusts’ principal shown in these Accountings were authorized and
21 proper investments of the principal of the Trusts under their provisions and California laws, and were
22 made or retained as set forth in these Accountings for the best interests of the Trusts and all interested
23 persons. All cash of the Trusts has been invested and maintained in interest-bearing accounts or in
24 investments authorized by law or the governing instrument, except for that reasonably necessary for the
25 orderly administration of the Trusts.
26 32. Nominal accounting discrepancy identified above in the Third Survivor’s Trust
27 Accounting have not been fully pursued or resolved in light of the negligibility of the discrepancy to the
28 total value of these Trusts. Petitioner believes it’s a result of the gain/losses on sale.
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PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT
1 VI. TRUST BENEFICIARIES
2 33. Pursuant to California Probate Code Sections 15800, et. Seq., 17203 and California Rules
3 of Court 7.902, the name and mailing address of each beneficiary of the Trust entitled to notice, so far
4 as known to Petitioner after diligent inquiry, all of whom are over 18 years of age, are as follows:
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Name Age Relationship to Settlors Address
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Mark L. Duering Adult Child 2248 Aha Niu Place
7 Honolulu, HI 96821
8 Vivien E. Duering Adult Child 2500 Melendy Drive
San Carlos, CA 94070
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Debra Duering Adult Daughter-in-law/Mark 21 Peacock Court
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Duering’s former spouse San Rafael, CA 94901
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Nicole Duering Adult Granddaughter 21 Peacock Court
12 San Rafael, CA 94901
13 Richard Rosenberg Adult Nephew and Trustee of Mark 18940 Ringling Street
L. Duering Trust Tarzana, CA 91356
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15 34. Petitioner is informed and believes that the beneficiaries named in Paragraph 33, above,
16 constitute all beneficiaries of the Trust.
17 VII. NOTICE
18 35. The sole Trustee of the Trusts is Petitioner, who, therefore is not required to be given
19 notice to herself.
20 36. The only beneficiaries entitled to notice are the beneficiaries named in Paragraph 33,
21 above, and each beneficiary and her or his attorney of record will be given notice of this Petition.
22 37. This Petition does not relate to a charitable trust subject to the jurisdiction of the Attorney
23 General. Therefore, no notice to the Attorney General is required.
24 38. Petitioner has not received any request for special notice and none are on file to
25 Petitioner’s knowledge.
26 VIII. CONCLUSION
27 39. In light of the foregoing, and in order to facilitate the efficient administration of the Trust,
28 Petitioner asks that the Court accept and approve the attached Accountings.
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PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT
1 IX. PRAYER
2 WHEREFORE, PETITIONER PRAYS FOR AN ORDER:
3 1. Finding that all facts stated in this Petition are true and that all notices required by law
4 have been duly given or have been waived;
5 2. Approving, settling, and allowing the Accountings and reports attached hereto as
6 Exhibits A and B, and approving, confirming, and ratifying the acts, transactions and proceedings of the
7 Trustee that are set forth in those accounts and reports and that relate to the matters set forth therein; and
8 3. Granting such further relief as the Court deems just and proper.
9 Respectfully submitted,
10 JOHNSTON, KINNEY & ZULAICA LLP
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12 Dated: September 15, 2020 By:
Yulissa Zulaica, Attorneys for Petitioner,
13 Vivien E. Duering
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PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT
VERIFICATION
2 I, Viven E. Duering, Petitioner in this matter, declare that I have read the foregoing Petition For
3 Approval of Trustee's Third Account and Report and know its contents, which are true of my own
4 personal knowledge, except as to those matter stated on information and belief, and as to those matters
5 I am informed and believe them to be true.
6 I declare under penalty of perjury under the laws of the State of California that the foregoing is
7 true and correct, and that this declaration was executed aOri « <' a.kh 62 , California,
8 on September 14, 2020.
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1 EXHIBIT A
2 Third Accounting for the GST Exempt Trust created under the Family Trust
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EXHIBIT A
PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT
The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
SUMMARY OF ACCOUNT
CHARGES
Assets on Hand - Beginning of Accounting Period (Schedule A) $ 795,451.86
Receipts (Schedule B) $ 19,945.28
Gains on Sale (Schedule C) $ 168,903.57
TOTAL CHARGES $ 984,300.71
CREDITS
Disbursements (Schedule D) $ -
Losses on Sale (Schedule E) $ 14,263.91
Distributions to Beneficiaries (Schedule F) $ -
Accounting Adjustment $ -
Assets on Hand - End of Accounting Period (Schedule G) $ 970,036.80
TOTAL CREDITS $ 984,300.71
1
The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
Schedule A
ASSETS AT THE BEGINNING OF THE ACCOUNTING PERIOD
Quantity Description of Asset Carry Value Market Value
Cash and Cash Equivalents, and Bank Accounts
Charles Schwab, Account Number XXXX-8697 $ 77,421.63 $ 77,421.63
$ 77,421.63 $ 77,421.63
Securities
500.0000 Alibaba Group Holding $ 71,504.95 $ 74,630.00
374.0000 Alibaba Group Holding $ 21,400.28 $ 55,823.24
35.0000 Amazon.com, Inc. $ 19,462.43 $ 62,127.45
100.0000 Apple, Inc. $ 15,176.73 $ 17,507.00
100.0000 Dexcom, Inc. $ 13,604.95 $ 12,130.00
1,500.0000 Docusign, Inc. $ 31,125.00 $ 84,090.00
807.0000 Dropbox, Inc. $ 23,128.62 $ 18,205.92
830.0000 Facebook Inc Class A $ 25,999.75 $ 204,655.89
700.0000 Facebook, Inc. Class A $ 95,721.74 $ 111,343.75
40.0000 Facebook, Inc. (From V. Duering) $ 1,253.00 $ 6,362.50
2,000.0000 Freds Inc. $ 14,322.38 $ 800.60
150.0000 Rite Aid Corporation $ 9,858.30 $ 1,149.00
180.0000 Tesla, Inc. $ 47,859.90 $ 33,328.80
$ 390,418.03 $ 682,154.15
Other
Receivable from Vivien (Schedule G-1)1 $ 34,739.90 $ 34,739.90
1 $ 131,258.40 $ 131,258.40
Receivable Trust Funding from Survivor's Trust (Schedule A-1)
$ 165,998.30 $ 165,998.30
2
Privately Held Securities/LLC Memberships
800.0000 Celadon Tech Fund II - Inrix (Pre-IPO) $ 25,200.00 $ 25,200.00
850.0000 Celadon Tech Fund IV - Pinterest (Pre-IPO) $ 33,915.00 $ 33,915.00
1,800.0000 Celdadon Tech Fund VII - Zenefits (Pre-IPO) $ 29,340.00 $ 29,340.00
0.0000 SP 100 Special Opp Fund - Kabaam3 $ 5,087.50 $ 5,087.50
4,206.0000 Celadon Tech Fund I - Palantir (Pre-IPO) $ 24,395.00 $ 24,395.00
1,850.0000 Celadon Tech Fund VI - Lyft (Pre-IPO) $ 41,925.00 $ 41,925.00
Gilt Group (Reimbursement from V. Duering) $ 1,751.40 $ 1,751.40
$ 161,613.90 $ 161,613.90
Total Assets as of June 1, 2019 $ 795,451.86 $ 1,087,187.98
1. Values are based on Schedules from 1st Account.
2
The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
Schedule A
ASSETS AT THE BEGINNING OF THE ACCOUNTING PERIOD
Quantity Description of Asset Carry Value Market Value
1. Valuesare based on Schedules from 1st Account.
2. Allshown at carry value.
3. 50% of capital account balance as of December 31, 2018.
3
The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
Schedule B
RECEIPTS
Date Name Memo Amount Totals
Interest
Charles Schwab, Account Number XXXX-8697
Interest
06/15/19 Interest Income $ 20.87
07/15/19 Interest Income $ 12.75
$ 33.62
Charles Schwab, Account Number XXXX-9251
07/30/19 Interest Income $ 16.00
08/29/19 Interest Income $ 14.03
09/27/19 Interest Income $ 12.81
10/30/19 Interest Income $ 15.65
11/27/19 Interest Income $ 13.55
12/30/19 Interest Income $ 21.45
01/30/20 Interest Income $ 20.75
02/27/20 Interest Income $ 19.32
03/30/20 Interest Income $ 7.92
04/29/20 Interest Income $ 3.30
05/28/20 Interest Income $ 3.19
$ 147.97
Dividends
Charles Schwab, Account Number XXXX-9251
08/15/19 Apple, Inc. $ 77.00
11/14/19 Apple, Inc. $ 77.00
02/13/20 Apple, Inc. $ 77.00
03/20/20 Nvidia Corp. $ 4.00
04/15/20 Ecolab Inc. $ 23.50
05/14/20 Apple, Inc. $ 82.00
$ 340.50
Other Income
Charles Schwab, Account Number XXXX-9251
07/05/19 IRS Tax Refund1 Transfer from account xxxx2182 $ 18,202.45
07/05/19 Vivien E. Duering2 Transfer from account xxxx2182 $ 1,220.74
$ 19,423.19
TOTAL RECEIPTS $ 19,945.28
1. Recieved into Vivien's account, and then transferred.
2. Further research basis of distribution.
4
The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
Schedule C
GAINS ON SALE
Date Shares/Units Description Sale Price Carry Value Gain
Gains on Publicly Traded Securities
Charles Schwab, Account Number XXXX-9251
09/30/19 500.000 Docusign, Inc. $ 30,744.41 $ 10,375.00 $ 20,369.41
10/04/19 40.000 Facebook, Inc., Class A $ 7,199.19 $ 1,137.94 $ 6,061.25
10/04/19 260.000 Facebook, Inc., Class A $ 46,794.74 $ 8,846.30 $ 37,948.44
11/12/19 100.000 Tesla Inc. $ 34,099.29 $ 26,703.30 $ 7,395.99
11/13/19 100.000 Alibaba Group Holding $ 18,806.60 $ 5,722.00 $ 13,084.60
11/13/19 274.000 Alibaba Group Holding $ 51,530.11 $ 15,678.28 $ 35,851.83
11/13/19 500.000 Alibaba Group Holding $ 94,033.06 $ 71,504.95 $ 22,528.11
11/25/19 400.000 Docusign, Inc. $ 27,715.43 $ 8,300.00 $ 19,415.43
01/15/20 100.000 Facebook, Inc., Class A $ 21,999.54 $ 16,004.95 $ 5,994.59
04/06/20 100.000 Datadog Inc. $ 3,499.92 $ 3,246.00 $ 253.92
$ 336,422.29 $ 167,518.72 $ 168,903.57
Gains on Privately Held Securties
None $ - $ - $ -
$ - $ - $ -
$ 336,422.29 $ 167,518.72
TOTAL GAINS ON SALE $ 168,903.57
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The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
Schedule D
DISBURSEMENTS
Reference
Date No. Payee Memo Amount Totals
None
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The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
Schedule E
LOSSES ON SALE
Date Shares/Units Description Sale Price Carry Value Gain
Losses on Publicly Traded Securities
Charles Schwab, Account Number XXXX-9251
09/30/19 175.000 Freds Inc. $ 5.20 $ 1,395.18 $ 1,389.98
09/30/19 225.000 Freds Inc. $ 6.42 $ 1,793.80 $ 1,787.38
09/30/19 600.000 Freds Inc. $ 17.12 $ 4,782.45 $ 4,765.33
09/30/19 1000.000 Freds Inc. $ 29.73 $ 6,350.95 $ 6,321.22
$ 58.47 $ 14,322.38 $ 14,263.91
Gains on Privately Held Securties
None $ - $ - $ -
$ - $ - $ -
$ 58.47 $ 14,322.38
TOTAL LOSSES ON SALE $ 14,263.91
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The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
Schedule F
DISTRIBUTIONS TO BENEFICIARIES
Date Receipient Description Amount Totals
None
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The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
Schedule G
ASSETS AT THE END OF THE ACCOUNTING PERIOD
Quantity Description of Asset Carry Value Market Value
Cash and Cash Equivalents, and Bank Accounts
Charles Schwab, Account Number XXXX-92511 $ 391,189.92 $ 391,189.92
$ 391,189.92 $ 391,189.92
Securities
35.0000 Amazon.com, Inc. $ 19,462.43 $ 85,482.95
100.0000 Apple, Inc. $ 15,176.73 $ 31,794.00
100.0000 Dexcom, Inc. $ 13,604.95 $ 37,831.00
600.0000 Docusign, Inc. $ 12,450.00 $ 83,844.00
807.0000 Dropbox, Inc. $ 23,128.62 $ 18,213.99
50.0000 Ecolab Inc. $ 9,750.00 $ 10,629.00
500.0000 Evolus Inc. $ 6,661.75 $ 2,285.00
1,170.0000 Facebook Inc Class A $ 96,985.30 $ 263,355.30
1,850.0000 Lyft Inc. $ 41,925.00 $ 57,831.00
25.0000 Nvidia Corp. $ 6,500.00 $ 8,875.50
2,125.0000 Pinterest Inc. $ 54,910.00 $ 43,116.25
Overfunding of Pinterest shares (owed to VED) $ (20,995.00) $ (20,995.00)
150.0000 Rite Aid Corporation $ 9,858.30 $ 1,969.50
80.0000 Roku Inc. $ 8,000.00 $ 8,760.80
550.0000 Skyworks Solutions $ 5,000.00 $ 5,927.00
80.0000 Tesla, Inc. $ 21,156.60 $ 66,800.00
50.0000 Zoom Video Communication $ 3,500.00 $ 8,974.00
$ 327,074.68 $ 714,694.29
Other
2
Receivable from Vivien (Schedule G-1) $ 34,739.90 $ 34,739.90
Receivable Trust Funding from Survivor's Trust3 $ 131,258.40 $ 131,258.40
$ 165,998.30 $ 165,998.30
4
Privately Held Securities/LLC Memberships
800.0000 Celadon Tech Fund II - Inrix (Pre-IPO) $ 25,200.00 $ 25,200.00
1,800.0000 Celdadon Tech Fund VII - Zenefits (Pre-IPO) $ 29,340.00 $ 29,340.00
5
0.0000 SP 100 Special Opp Fund - Kabaam $ 5,087.50 $ 5,087.50
4,206.0000 Celadon Tech Fund I - Palantir (Pre-IPO) $ 24,395.00 $ 24,395.00
Gilt Group (Reimbursement from V. Duering) $ 1,751.40 $ 1,751.40
$ 85,773.90 $ 85,773.90
9
The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
Schedule G
ASSETS AT THE END OF THE ACCOUNTING PERIOD
Quantity Description of Asset Carry Value Market Value
Total Assets as of May 31, 2020 $ 970,036.80 $ 1,357,656.41
1. Acccount was incorrrectly titled in the name of the Survivor's Trust.
2. Subjectto Schedule I. Value based on Schedule G-1 of 1st Account.
3. Value based on Schedule A of 1st Account, less additional funding (See, Schedule A-1 of 1st Accounting).
4. 50% of capital account balance as of December 31, 2018.
5. Companies have gone public, but still in lock up period.
10
The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 to May 31, 2020
Schedule G-1
RECEIVABLE FROM V. DUERING FROM PRE-IPO INVESTMENTS
Receivable from Payable to
Type Source IPO Year VED VED
Initial Contribution Celadon Tech Fund II Intrix 2014 $ - $ 200.00
Initial Contribution SP Special Opp Fund Kabaam 2014 $ - $ 3,500.00
Initial Contribution Celadon Tech Fund II Jumio 2014 $ 250.00 $ -
Initial Contribution Celadon Tech Fund I Palantir 2014 $ 605.00 $ -
Initial Contribution Celadon Tech Fund I Flurry 2014 $ - $ 4,000.00
Distribution Celadon Tech Fund I Flurry 2014 $ 11,823.83 $ -
Initial Contribution Celadon Tech Fund II Alibaba 2014 $ 5.00 $ -
Initial Contribution Dropbox ***See note*** 2014 $ 25,000.00
Dropbox Capital calls 2014 $ 309.19
Initial Contribution Celadon Tech Fund VI Lyft 2015 $ - $ 2,150.00
Distribution Celadon Tech Fund I Flurry 2016 $ 2,424.76 $ -
Distribution SP Special Opp Fund Kabaam 2017 $ 1,236.50 $ -
Initial Contribution Bellybaloo 2017 $ 344.00 $ -
Proceeds SP Private Investments Gilt Groupe 2018 $ 2,592.00 $ -
Distribution SP Special Opp Fund Kabaam 2018 $ 618.00 $ -
SUBTOTAL $ 44,899.09 $ 10,159.19
NET RECEIVABLE FROM VED $ 34,739.90
***NOTE***: Laura paid for 100% of investment. Payment back to Laura from VED not found.
11
The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
Schedule H
CHANGE IN THE FORM OF ASSETS
Date Units/Qty. Transaction Description Unit Price Value
Charles Schwab, Account Number XXXX-8697
06/25/19 500.00 Purchase Evolus Inc. $ 13.3136 $ 6,661.75
From Charles Schwab, Account Number XXXX-8697 to Charles Schwab, Account Number XXXX-9251
07/05/19 Cash $ 70,780.75
07/05/19 Cash $ 12.75
07/05/19 500.0000 Journaled Shares Alibaba Group Holding $ 173.0000 $ 151,630.26
07/05/19 374.0000 Journaled Shares Alibaba Group Holding
07/05/19 35.0000 Journaled Shares Amazon.com, Inc. $ 1,943.4301 $ 68,020.05
07/05/19 100.0000 Journaled Shares Apple, Inc. $ 204.8740 $ 20,487.40
07/05/19 100.0000 Journaled Shares Dexcom, Inc. $ 146.1432 $ 14,614.32
07/05/19 1,500.0000 Journaled Shares Docusign, Inc. $ 52.0000 $ 78,000.00
07/05/19 807.0000 Journaled Shares Dropbox, Inc. $ 25.1700 $ 20,312.19
07/05/19 500.0000 Journaled Shares Evolus Inc. $ 14.8303 $ 7,415.15
07/05/19 830.0000 Journaled Shares Facebook Inc Class A $ 196.3400 $ 308,253.80
07/05/19 700.0000 Journaled Shares Facebook, Inc. Class A
07/05/19 40.0000 Journaled Shares Facebook, Inc. (From V. Duering)
07/05/19 2,000.0000 Journaled Shares Freds Inc. $ 0.5300 $ 1,060.00
07/05/19 150.0000 Journaled Shares Rite Aid Corporation $ 8.9600 $ 1,344.00
07/05/19 180.0000 Journaled Shares Tesla, Inc. $ 233.6500 $ 42,057.00
Charles Schwab, Account Number XXXX-9251
10/16/2019 50.0000 Purchase Zoom Video Communication $ 70.0000 $ 3,500.00
02/27/20 10.0000 Purchase Ecolab Inc. $ 195.0000 $ 1,950.00
02/27/20 40.0000 Purchase Ecolab Inc. $ 195.0000 $ 7,800.00
02/27/20 25.0000 Purchase Nvidia Corp. $ 260.0000 $ 6,500.00
03/02/20 50.0000 Purchase Skyworks Solutions $ 100.0000 $ 5,000.00
03/10/20 8.0000 Purchase Roku Inc. $ 100.0000 $ 800.00
03/10/20 72.0000 Purchase Roku Inc. $ 100.0000 $ 7,200.00
03/16/20 100.0000 Purchase Datadog Inc. $ 32.46 $ 3,246.00
12
The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
Schedule I - LIABILITIES
PENDING REIMBURSEMENTS
Reimbursement of Loans from Vivien E. Duering
(as shown on Schedule B of 1st Amended GST Account)
August 1, 2016 Loan $ 25,000.00
April 11, 2017 Loan $ 25,000.00
November 2, 2017 Loan $ 21,800.00
TOTAL PENDING REIMBURSEMENTS $ 71,800.00
*These are characterized as loans/monies owed to Vivien becaue the amounts could not
be reconciled against a specific transaction, with the exception fo the $21,800 which
appears to be an incorrect payment from Vivien for taxes paid by Laura for which were
in fact applied to Laura's estaimate payments, coupled with the fact that Viven
sometimes lent her mother cash. While it was thought that a $25,000 payment was for
Dropbox, the time of the payment is not close in time to the Dropbox investment. In
light of the above, unless we are able to ascertain any additional information that can
provide further clarifcation, we are treating these as monies owed to Vivien.
The Duering GST Exempt Credit Trust
Third Trust Accounting
June 1, 2019 - May 31, 2020
GLOSSARY OF ABBREVIATIONS USED IN THIS ACCOUNTING
Abbreviation Description
RLT
Preview
1 M. Jean Johnston (SBN: 111616) Yulissa Zulaica (SBN 276040) 9/15/2020 1:02 PM 2 Evan D. Winet (SBN: 289643) JOHNSTON, KINNEY & ZULAICA LLP 3 101 Montgomery Street, Suite 1600 4 San Francisco, California 94104 Telephone: (415) 693-0550 5 Facsimile: (415) 693-0500 Email: yulissa@jkzllp.com, 6 evan@jkzllp.com 7 8 Attorneys for Petitioner, Vivien E. Duering, Trustee 9 10 SUPERIOR COURT OF THE STATE OF CALIFORNIA 11 IN THE COUNTY OF SAN MATEO 12 In the Matter of: CASE NO: 18-PRO-01057 13 THE LAURA DUERING SURVIVOR’S PETITION FOR APPROVAL OF 14 TRUST UTD JULY 1, 1982 as amended TRUSTEE’S THIRD ACCOUNT AND and restated on October 10, 2012, and the REPORT FOR THE GST EXEMPT TRUST 15 GST EXEMPT TRUST CREATED AND THE SURVIVOR’S TRUST UNDER THE RUDOLF AND LAURA CREATED UNDER THE RUDOLF AND 16 DUERING TRUST UTD JULY 1, 1982, LAURA DUERING TRUST UTD JULY 1, 17 as amended and restated October 27, 1982 AS AMENDED 2006. 18 Probate Code §§ 16060 et seq.; 17200(b)(5) 19 Date: 11/05/2020 Time: 9:00 A.M. 20 Dept.: 28 21 Judge: 22 23 24 25 26 27 28 PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT 1 Petitioner Vivien E. Duering (“Petitioner” or “Trustee”)1, in her capacities as former successor 2 co-trustee of the Rudolf and Laura Duering Trust, dated July 1 , 1982, as amended and restated (“Family 3 Trust”); former co-trustee and acting sole trustee of the GST Exempt Credit Trust created under the 4 Family Trust (“GST Exempt Trust”); and former co-trustee and acting sole trustee of the Laura Duering 5 Survivor’s Trust created under the Family Trust, as amended and restated (“Survivor’s Trust”) 6 (collectively, “Trusts” or, individually, “Trust”), hereby submits this Petition for Approval of Trustee’s 7 Third Account and Report for the Rudolf and Laura Duering Trust UTD July 1, 1982 as Amended, the 8 GST Exempt Trust Created Thereunder and the Survivor’s Trust Created Thereunder (“Petition”) for 9 approval of the following accounts and reports (collectively, the “Accountings”): 10 A. Third Accounting for the GST Exempt Trust created under the Family Trust. The 11 attached third accounting for the GST Exempt Trust covers the period from June 1, 2019 through May 12 31, 2020. This accounting shall be referred to hereinafter as the “Third GST Exempt Trust Accounting.” 13 Trustee has previously filed with the Court a first GST Exempt Trust Accounting, covering the period 14 from Rudy’s death on July 5, 2012, through March 25, 2018, which was the date of death of the surviving 15 trust grantor, Laura (“First GST Exempt Trust Accounting”), and a second GST Exempt Trust 16 Accounting, covering the period from March 26, 2018, the date of Laura’s death at which time Petitioner 17 became sole trustee, through May 31, 2019 (“Second GST Exempt Trust Accounting”). 18 B. Third Accounting for the Survivor’s Trust created under the Family Trust. The 19 attached third accounting for the Survivor’s Trust covers the period from June 1, 2019 through May 31, 20 2020. This accounting shall be referred to hereinafter as the “Third Survivor’s Trust Accounting.” 21 Petitioner has previously filed with the Court a first Survivor’s Trust Accounting, covering the period 22 from Rudy’s death on July 5, 2012, through March 25, 2018, which was the date of death of the surviving 23 trust grantor, Laura (“First Survivor’s Trust Accounting”). Petitioner has also previously filed with the 24 Court a second GST Exempt Trust Accounting, covering the period from March 26, 2018, the date of 25 Laura’s death at which time Petitioner became sole trustee, through May 31, 2019 (“Second Survivor’s 26 Trust Accounting”). 27 Petitioner is filing this Petition to provide an update regarding administration of the Trust over 28 1 Vivien E. Duering, in her individual capacity rather than as Trustee or Petitioner, shall be referred to hereafter as “Vivien.” 1 PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT 1 the past year and as a supplement to her Amended Petition for Approval of Trustee’s Account and Report 2 for the Rudolf and Laura Duering Trust UTD July 1, 1982 as Amended, the GST Exempt Trust Created 3 Thereunder and the Survivor’s Trust Created Thereunder that was filed in this matter on August 2, 2019 4 (“August 2, 2019 Petition”). The August 2, 2019 Petition had requested approval of the First and Second 5 GST Exempt Trust Accountings and the First and Second Survivor’s Trust Accountings. 6 In accordance with the foregoing, Petitioner hereby respectfully presents her Petition for approval 7 and alleges as follows: 8 I. PRELIMINARY STATEMENT 9 1. Laura and Rudy established their Family Trust on July 1, 1982, and they amended said 10 Family Trust three times before fully amending and restating it one last time on October 27, 2006. Upon 11 Rudy’s death, the Family Trust was to be divided into two separate subtrusts – the revocable Survivor’s 12 Trust and the irrevocable GST Exempt Trust. Laura subsequently amended and restated her Survivor’s 13 Trust on October 10, 2012 and executed a First Amendment thereto on March 16, 2018. True and correct 14 copies of the final version of the Family Trust, as well as the 2012 restatement and 2018 amendment to 15 the Survivor’s Trust are already on file with this Court. (See Exhibits B, C and E to the Petition of 16 Beneficiary Mark L. Duering, filed herein on September 24, 2018.) 17 2. During Laura’s and Rudy’s lifetimes, no accounting for the Family Trust was required, 18 nor was one requested by Rudy and/or Laura as the grantors, trustees and sole beneficiaries of their joint 19 revocable living trust, nor would one have been required of Petitioner, because she was not then serving 20 as a trustee. 21 3. After Rudy’s death, no accounting was required nor requested by Laura during her 22 lifetime as the grantor, co-trustee and sole beneficiary of her revocable Survivor’s Trust nor as the sole 23 current beneficiary and co-trustee of the GST Exempt Trust. 24 4. On October 10, 2012, Laura named Petitioner as her co-trustee for the Trusts 25 (collectively, the “Co-Trustees” when referring to Laura and Vivien jointly as co-trustees). Petitioner 26 continued to serve as Laura’s co-trustee for the Family Trust until that trust’s termination in 2014. 27 Petitioner served as her mother’s co-trustee of the Survivor’s Trust and the GST Exempt Trust until 28 Laura’s death on March 25, 2018. Thereafter, Petitioner became the sole Trustee for the Trusts. 2 PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT 1 5. The Trust does not mandate accountings unless upon request of a beneficiary. Section 2 16062(a) of the Probate Code provides that “[e]xcept as otherwise provided in this section and in Section 3 16064, the trustee shall account at least annually, at the termination of the trust, and upon a change of 4 trustee, to each beneficiary to whom income or principal is required or authorized in the trustee’s 5 discretion to be currently distributed.” In light of the continued litigation, Petitioner brings this petition 6 for approval of her accounts under Section 17200 of the Probate Code. 7 6. This Petition and the scope of the attached Accountings are in compliance with 8 Petitioner’s statutory duties pursuant to section 16062(a) of the Probate Code to account for the GST 9 Exempt Trust and the Survivor’s Trust for the annual period from June 1, 2019 to May 31, 2020. 10 Accordingly, by means of this Petition, Petitioner seeks timely determination of all matters presented in 11 the Accountings, so that Petitioner may proceed with distributions of the Trusts’ assets to the Trusts’ 12 beneficiaries and closure of the Trusts’ administration without lengthy delay. 13 II. JURISDICTION AND VENUE 14 7. Under Section 17200(b)(5) of the Probate Code, the Court has jurisdiction over this 15 Petition concerning the Accountings as internal matters concerning the Trusts. The principal place of the 16 administration of the Trusts has been at all relevant times in San Mateo County, which is the proper 17 venue for this Petition pursuant to Section 17005(b)(1) of the Probate Code. 18 III. SUMMARY OF THIRD GST EXEMPT TRUST ACCOUNTING – ACCOUNTING PERIOD 19 COVERING JUNE 1, 2019 THROUGH MAY 31, 2020 20 8. The Third GST Exempt Trust Accounting spans June 1, 2019 through May 31, 2020. The 21 Summary of Account and supporting schedules for the Third GST Exempt Trust Accounting are hereby 22 incorporated as Exhibit A. Petitioner should be charged and credited as shown in said Summary of 23 Account and its supporting schedules. The following is a report and explanation intended to accompany 24 the Third GST Exempt Trust Accounting. 25 A. Schedule A - Assets at the Beginning of the Accounting Period 26 9. Schedule A shows the assets on hand on June 1, 2019. These assets included cash, 27 publicly traded securities, Pre-IPO Investments (privately held securities/LLC memberships), and 28 receivables from Petitioner and Trust funding from the Survivor’s Trust. The Pre-IPO Investments are 3 PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT 1 valued at their respective carry values. The value of the GST Exempt Trust at the beginning of the 2 accounting period was $795,451.86. 3 B. Schedule B - Receipts 4 10. Schedule B shows receipts of principal and income during the accounting period. The 5 total receipts during the accounting period were $19,945.28. 6 C. Schedule C - Gains on Sale 7 11. Schedule C shows a total of $168,903.57 in gains on sale of publicly traded securities 8 during the accounting period. Accordingly, the total gains on sale during the third accounting period 9 were $168,903.57. 10 D. Schedule D - Disbursements 11 12. Schedule D shows disbursements made from the GST Exempt Trust during the 12 accounting period. There were no disbursements from the GST Exempt Trust during the accounting 13 period. 14 E. Schedule E - Losses on Sale 15 13. Schedule E shows a total loss of $14,263.91 of publicly traded securities during the 16 accounting period. Accordingly, total losses on sale during the accounting period were $14,263.91. 17 F. Schedule F - Distributions to Beneficiaries 18 14. Schedule F shows distributions made to beneficiaries during the accounting period. There 19 were no distributions made to beneficiaries during the accounting period. 20 G. Schedule G - Assets at the End of the Accounting Period 21 15. Schedule G reports the value of the assets on hand at the date of Laura’s death. Both the 22 carrying value and fair market value at that date are stated for publicly traded securities. The capitalized 23 carry value only is shown for privately held investments. The value of the GST Exempt Trust at the end 24 of the accounting period was $970,036.80, with a fair market value of $1,357,656.41. 25 H. Schedule H - Change in the Form of Assets 26 16. Schedule H shows changes in the form of assets during the accounting period. 27 I. Schedule I – Liabilities 28 17. Schedule I shows liabilities, which include amounts owed to Vivien as initially reflected 4 PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT 1 in the First GST Exempt Accounting and which offset the amount Vivien owes to the GST Trust as listed 2 in Schedule G-1. 3 IV. SUMMARY OF THIRD SURVIVOR’S TRUST ACCOUNTING – ACCOUNTING PERIOD 4 COVERING JUNE 1, 2019 THROUGH MAY 31, 2020 5 18. The Third Survivor’s Trust Accounting spans June 1, 2019 through May 31, 2020. The 6 Summary of Account and supporting schedules for the Third GST Exempt Trust Accounting are hereby 7 incorporated as Exhibit B. Petitioner should be charged and credited as shown in said Summary of 8 Account and its supporting schedules. The following is a report and explanation intended to accompany 9 the Third Survivor’s Trust Accounting. 10 19. In preparing this accounting, Petitioner’s counsel recently realized that the cost basis for 11 many holdings had not been properly reported by the various institutions. As a result, the Charges 12 category of the Summary of Account for the Second Survivor’s Trust Accounting contains a $327.45 13 accounting adjustment in order to ensure that the accounting balances. Petitioner believes that this 14 discrepancy may be a direct result of the gain and loss calculations and/or certain internal transactions. 15 A. Schedule A - Assets at the Beginning of the Accounting Period 16 20. Schedule A shows all of the assets of the Survivor’s Trust as of June 1, 2019. The value 17 of the Survivor’s Trust at the beginning of the accounting period was $1,413,191.49. 18 B. Schedule B - Receipts 19 21. Schedule B shows receipts of principal and income during the accounting period. The 20 receipts during this accounting period were $22,534.17. 21 C. Schedule C - Gains on Sale 22 22. Schedule C shows a total of $38,261.72 in gains on sale of publicly traded securities 23 during the accounting period. 24 D. Schedule D - Disbursements 25 23. Schedule D shows disbursements made from the Survivor’s Trust investment accounts 26 during the accounting period. The disbursements during the accounting period were $358,160.78. 27 E. Schedule E - Losses on Sale 28 24. Schedule E shows a total of $22,945.24 in losses on sale of publicly traded securities 5 PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT 1 during the accounting period. 2 F. Schedule F - Distributions to Beneficiaries 3 25. There were no distributions made to beneficiaries during the accounting period. 4 G. Schedule G - Assets at the End of the Accounting Period 5 26. Schedule G reports the value of the assets on hand at the end of the accounting period. 6 Both the carrying value and fair market value at that date are stated for publicly traded securities. The 7 capitalized carry value is only shown for privately held investments. In light of the cost basis issues 8 discussed above, the values listed in this schedule may change, but the assets listed are correct. The 9 carry value of the Survivor’s Trust at the end of the accounting period was $1,092,553.91, and the fair 10 market value was 1,121,920.03. 11 H. Schedule H - Change in the Form of Assets 12 27. Schedule H shows changes in the form of assets during the accounting period. 13 I. Schedule I – Transfers Between Accounts 14 28. Schedule I shows transfers between the Trust accounts during the accounting period. 15 V. MISCELLANEOUS ALLEGATIONS 16 29. Petitioner has not taken any trustee fees for the accounting periods reflected in this 17 Petition but intends to do so in the future. 18 30. No agents were hired during the periods reflected in the Trusts’ Accountings, who are 19 related or affiliated with Petitioner. 20 31. All investments of the Trusts’ principal shown in these Accountings were authorized and 21 proper investments of the principal of the Trusts under their provisions and California laws, and were 22 made or retained as set forth in these Accountings for the best interests of the Trusts and all interested 23 persons. All cash of the Trusts has been invested and maintained in interest-bearing accounts or in 24 investments authorized by law or the governing instrument, except for that reasonably necessary for the 25 orderly administration of the Trusts. 26 32. Nominal accounting discrepancy identified above in the Third Survivor’s Trust 27 Accounting have not been fully pursued or resolved in light of the negligibility of the discrepancy to the 28 total value of these Trusts. Petitioner believes it’s a result of the gain/losses on sale. 6 PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT 1 VI. TRUST BENEFICIARIES 2 33. Pursuant to California Probate Code Sections 15800, et. Seq., 17203 and California Rules 3 of Court 7.902, the name and mailing address of each beneficiary of the Trust entitled to notice, so far 4 as known to Petitioner after diligent inquiry, all of whom are over 18 years of age, are as follows: 5 Name Age Relationship to Settlors Address 6 Mark L. Duering Adult Child 2248 Aha Niu Place 7 Honolulu, HI 96821 8 Vivien E. Duering Adult Child 2500 Melendy Drive San Carlos, CA 94070 9 Debra Duering Adult Daughter-in-law/Mark 21 Peacock Court 10 Duering’s former spouse San Rafael, CA 94901 11 Nicole Duering Adult Granddaughter 21 Peacock Court 12 San Rafael, CA 94901 13 Richard Rosenberg Adult Nephew and Trustee of Mark 18940 Ringling Street L. Duering Trust Tarzana, CA 91356 14 15 34. Petitioner is informed and believes that the beneficiaries named in Paragraph 33, above, 16 constitute all beneficiaries of the Trust. 17 VII. NOTICE 18 35. The sole Trustee of the Trusts is Petitioner, who, therefore is not required to be given 19 notice to herself. 20 36. The only beneficiaries entitled to notice are the beneficiaries named in Paragraph 33, 21 above, and each beneficiary and her or his attorney of record will be given notice of this Petition. 22 37. This Petition does not relate to a charitable trust subject to the jurisdiction of the Attorney 23 General. Therefore, no notice to the Attorney General is required. 24 38. Petitioner has not received any request for special notice and none are on file to 25 Petitioner’s knowledge. 26 VIII. CONCLUSION 27 39. In light of the foregoing, and in order to facilitate the efficient administration of the Trust, 28 Petitioner asks that the Court accept and approve the attached Accountings. 7 PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT 1 IX. PRAYER 2 WHEREFORE, PETITIONER PRAYS FOR AN ORDER: 3 1. Finding that all facts stated in this Petition are true and that all notices required by law 4 have been duly given or have been waived; 5 2. Approving, settling, and allowing the Accountings and reports attached hereto as 6 Exhibits A and B, and approving, confirming, and ratifying the acts, transactions and proceedings of the 7 Trustee that are set forth in those accounts and reports and that relate to the matters set forth therein; and 8 3. Granting such further relief as the Court deems just and proper. 9 Respectfully submitted, 10 JOHNSTON, KINNEY & ZULAICA LLP 11 12 Dated: September 15, 2020 By: Yulissa Zulaica, Attorneys for Petitioner, 13 Vivien E. Duering 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 8 PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT VERIFICATION 2 I, Viven E. Duering, Petitioner in this matter, declare that I have read the foregoing Petition For 3 Approval of Trustee's Third Account and Report and know its contents, which are true of my own 4 personal knowledge, except as to those matter stated on information and belief, and as to those matters 5 I am informed and believe them to be true. 6 I declare under penalty of perjury under the laws of the State of California that the foregoing is 7 true and correct, and that this declaration was executed aOri « <' a.kh 62 , California, 8 on September 14, 2020. 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 1 EXHIBIT A 2 Third Accounting for the GST Exempt Trust created under the Family Trust 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 EXHIBIT A PETITION FOR APPROVAL OF TRUSTEE’S THIRD ACCOUNT AND REPORT The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 SUMMARY OF ACCOUNT CHARGES Assets on Hand - Beginning of Accounting Period (Schedule A) $ 795,451.86 Receipts (Schedule B) $ 19,945.28 Gains on Sale (Schedule C) $ 168,903.57 TOTAL CHARGES $ 984,300.71 CREDITS Disbursements (Schedule D) $ - Losses on Sale (Schedule E) $ 14,263.91 Distributions to Beneficiaries (Schedule F) $ - Accounting Adjustment $ - Assets on Hand - End of Accounting Period (Schedule G) $ 970,036.80 TOTAL CREDITS $ 984,300.71 1 The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 Schedule A ASSETS AT THE BEGINNING OF THE ACCOUNTING PERIOD Quantity Description of Asset Carry Value Market Value Cash and Cash Equivalents, and Bank Accounts Charles Schwab, Account Number XXXX-8697 $ 77,421.63 $ 77,421.63 $ 77,421.63 $ 77,421.63 Securities 500.0000 Alibaba Group Holding $ 71,504.95 $ 74,630.00 374.0000 Alibaba Group Holding $ 21,400.28 $ 55,823.24 35.0000 Amazon.com, Inc. $ 19,462.43 $ 62,127.45 100.0000 Apple, Inc. $ 15,176.73 $ 17,507.00 100.0000 Dexcom, Inc. $ 13,604.95 $ 12,130.00 1,500.0000 Docusign, Inc. $ 31,125.00 $ 84,090.00 807.0000 Dropbox, Inc. $ 23,128.62 $ 18,205.92 830.0000 Facebook Inc Class A $ 25,999.75 $ 204,655.89 700.0000 Facebook, Inc. Class A $ 95,721.74 $ 111,343.75 40.0000 Facebook, Inc. (From V. Duering) $ 1,253.00 $ 6,362.50 2,000.0000 Freds Inc. $ 14,322.38 $ 800.60 150.0000 Rite Aid Corporation $ 9,858.30 $ 1,149.00 180.0000 Tesla, Inc. $ 47,859.90 $ 33,328.80 $ 390,418.03 $ 682,154.15 Other Receivable from Vivien (Schedule G-1)1 $ 34,739.90 $ 34,739.90 1 $ 131,258.40 $ 131,258.40 Receivable Trust Funding from Survivor's Trust (Schedule A-1) $ 165,998.30 $ 165,998.30 2 Privately Held Securities/LLC Memberships 800.0000 Celadon Tech Fund II - Inrix (Pre-IPO) $ 25,200.00 $ 25,200.00 850.0000 Celadon Tech Fund IV - Pinterest (Pre-IPO) $ 33,915.00 $ 33,915.00 1,800.0000 Celdadon Tech Fund VII - Zenefits (Pre-IPO) $ 29,340.00 $ 29,340.00 0.0000 SP 100 Special Opp Fund - Kabaam3 $ 5,087.50 $ 5,087.50 4,206.0000 Celadon Tech Fund I - Palantir (Pre-IPO) $ 24,395.00 $ 24,395.00 1,850.0000 Celadon Tech Fund VI - Lyft (Pre-IPO) $ 41,925.00 $ 41,925.00 Gilt Group (Reimbursement from V. Duering) $ 1,751.40 $ 1,751.40 $ 161,613.90 $ 161,613.90 Total Assets as of June 1, 2019 $ 795,451.86 $ 1,087,187.98 1. Values are based on Schedules from 1st Account. 2 The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 Schedule A ASSETS AT THE BEGINNING OF THE ACCOUNTING PERIOD Quantity Description of Asset Carry Value Market Value 1. Valuesare based on Schedules from 1st Account. 2. Allshown at carry value. 3. 50% of capital account balance as of December 31, 2018. 3 The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 Schedule B RECEIPTS Date Name Memo Amount Totals Interest Charles Schwab, Account Number XXXX-8697 Interest 06/15/19 Interest Income $ 20.87 07/15/19 Interest Income $ 12.75 $ 33.62 Charles Schwab, Account Number XXXX-9251 07/30/19 Interest Income $ 16.00 08/29/19 Interest Income $ 14.03 09/27/19 Interest Income $ 12.81 10/30/19 Interest Income $ 15.65 11/27/19 Interest Income $ 13.55 12/30/19 Interest Income $ 21.45 01/30/20 Interest Income $ 20.75 02/27/20 Interest Income $ 19.32 03/30/20 Interest Income $ 7.92 04/29/20 Interest Income $ 3.30 05/28/20 Interest Income $ 3.19 $ 147.97 Dividends Charles Schwab, Account Number XXXX-9251 08/15/19 Apple, Inc. $ 77.00 11/14/19 Apple, Inc. $ 77.00 02/13/20 Apple, Inc. $ 77.00 03/20/20 Nvidia Corp. $ 4.00 04/15/20 Ecolab Inc. $ 23.50 05/14/20 Apple, Inc. $ 82.00 $ 340.50 Other Income Charles Schwab, Account Number XXXX-9251 07/05/19 IRS Tax Refund1 Transfer from account xxxx2182 $ 18,202.45 07/05/19 Vivien E. Duering2 Transfer from account xxxx2182 $ 1,220.74 $ 19,423.19 TOTAL RECEIPTS $ 19,945.28 1. Recieved into Vivien's account, and then transferred. 2. Further research basis of distribution. 4 The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 Schedule C GAINS ON SALE Date Shares/Units Description Sale Price Carry Value Gain Gains on Publicly Traded Securities Charles Schwab, Account Number XXXX-9251 09/30/19 500.000 Docusign, Inc. $ 30,744.41 $ 10,375.00 $ 20,369.41 10/04/19 40.000 Facebook, Inc., Class A $ 7,199.19 $ 1,137.94 $ 6,061.25 10/04/19 260.000 Facebook, Inc., Class A $ 46,794.74 $ 8,846.30 $ 37,948.44 11/12/19 100.000 Tesla Inc. $ 34,099.29 $ 26,703.30 $ 7,395.99 11/13/19 100.000 Alibaba Group Holding $ 18,806.60 $ 5,722.00 $ 13,084.60 11/13/19 274.000 Alibaba Group Holding $ 51,530.11 $ 15,678.28 $ 35,851.83 11/13/19 500.000 Alibaba Group Holding $ 94,033.06 $ 71,504.95 $ 22,528.11 11/25/19 400.000 Docusign, Inc. $ 27,715.43 $ 8,300.00 $ 19,415.43 01/15/20 100.000 Facebook, Inc., Class A $ 21,999.54 $ 16,004.95 $ 5,994.59 04/06/20 100.000 Datadog Inc. $ 3,499.92 $ 3,246.00 $ 253.92 $ 336,422.29 $ 167,518.72 $ 168,903.57 Gains on Privately Held Securties None $ - $ - $ - $ - $ - $ - $ 336,422.29 $ 167,518.72 TOTAL GAINS ON SALE $ 168,903.57 5 The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 Schedule D DISBURSEMENTS Reference Date No. Payee Memo Amount Totals None 6 The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 Schedule E LOSSES ON SALE Date Shares/Units Description Sale Price Carry Value Gain Losses on Publicly Traded Securities Charles Schwab, Account Number XXXX-9251 09/30/19 175.000 Freds Inc. $ 5.20 $ 1,395.18 $ 1,389.98 09/30/19 225.000 Freds Inc. $ 6.42 $ 1,793.80 $ 1,787.38 09/30/19 600.000 Freds Inc. $ 17.12 $ 4,782.45 $ 4,765.33 09/30/19 1000.000 Freds Inc. $ 29.73 $ 6,350.95 $ 6,321.22 $ 58.47 $ 14,322.38 $ 14,263.91 Gains on Privately Held Securties None $ - $ - $ - $ - $ - $ - $ 58.47 $ 14,322.38 TOTAL LOSSES ON SALE $ 14,263.91 7 The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 Schedule F DISTRIBUTIONS TO BENEFICIARIES Date Receipient Description Amount Totals None 8 The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 Schedule G ASSETS AT THE END OF THE ACCOUNTING PERIOD Quantity Description of Asset Carry Value Market Value Cash and Cash Equivalents, and Bank Accounts Charles Schwab, Account Number XXXX-92511 $ 391,189.92 $ 391,189.92 $ 391,189.92 $ 391,189.92 Securities 35.0000 Amazon.com, Inc. $ 19,462.43 $ 85,482.95 100.0000 Apple, Inc. $ 15,176.73 $ 31,794.00 100.0000 Dexcom, Inc. $ 13,604.95 $ 37,831.00 600.0000 Docusign, Inc. $ 12,450.00 $ 83,844.00 807.0000 Dropbox, Inc. $ 23,128.62 $ 18,213.99 50.0000 Ecolab Inc. $ 9,750.00 $ 10,629.00 500.0000 Evolus Inc. $ 6,661.75 $ 2,285.00 1,170.0000 Facebook Inc Class A $ 96,985.30 $ 263,355.30 1,850.0000 Lyft Inc. $ 41,925.00 $ 57,831.00 25.0000 Nvidia Corp. $ 6,500.00 $ 8,875.50 2,125.0000 Pinterest Inc. $ 54,910.00 $ 43,116.25 Overfunding of Pinterest shares (owed to VED) $ (20,995.00) $ (20,995.00) 150.0000 Rite Aid Corporation $ 9,858.30 $ 1,969.50 80.0000 Roku Inc. $ 8,000.00 $ 8,760.80 550.0000 Skyworks Solutions $ 5,000.00 $ 5,927.00 80.0000 Tesla, Inc. $ 21,156.60 $ 66,800.00 50.0000 Zoom Video Communication $ 3,500.00 $ 8,974.00 $ 327,074.68 $ 714,694.29 Other 2 Receivable from Vivien (Schedule G-1) $ 34,739.90 $ 34,739.90 Receivable Trust Funding from Survivor's Trust3 $ 131,258.40 $ 131,258.40 $ 165,998.30 $ 165,998.30 4 Privately Held Securities/LLC Memberships 800.0000 Celadon Tech Fund II - Inrix (Pre-IPO) $ 25,200.00 $ 25,200.00 1,800.0000 Celdadon Tech Fund VII - Zenefits (Pre-IPO) $ 29,340.00 $ 29,340.00 5 0.0000 SP 100 Special Opp Fund - Kabaam $ 5,087.50 $ 5,087.50 4,206.0000 Celadon Tech Fund I - Palantir (Pre-IPO) $ 24,395.00 $ 24,395.00 Gilt Group (Reimbursement from V. Duering) $ 1,751.40 $ 1,751.40 $ 85,773.90 $ 85,773.90 9 The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 Schedule G ASSETS AT THE END OF THE ACCOUNTING PERIOD Quantity Description of Asset Carry Value Market Value Total Assets as of May 31, 2020 $ 970,036.80 $ 1,357,656.41 1. Acccount was incorrrectly titled in the name of the Survivor's Trust. 2. Subjectto Schedule I. Value based on Schedule G-1 of 1st Account. 3. Value based on Schedule A of 1st Account, less additional funding (See, Schedule A-1 of 1st Accounting). 4. 50% of capital account balance as of December 31, 2018. 5. Companies have gone public, but still in lock up period. 10 The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 to May 31, 2020 Schedule G-1 RECEIVABLE FROM V. DUERING FROM PRE-IPO INVESTMENTS Receivable from Payable to Type Source IPO Year VED VED Initial Contribution Celadon Tech Fund II Intrix 2014 $ - $ 200.00 Initial Contribution SP Special Opp Fund Kabaam 2014 $ - $ 3,500.00 Initial Contribution Celadon Tech Fund II Jumio 2014 $ 250.00 $ - Initial Contribution Celadon Tech Fund I Palantir 2014 $ 605.00 $ - Initial Contribution Celadon Tech Fund I Flurry 2014 $ - $ 4,000.00 Distribution Celadon Tech Fund I Flurry 2014 $ 11,823.83 $ - Initial Contribution Celadon Tech Fund II Alibaba 2014 $ 5.00 $ - Initial Contribution Dropbox ***See note*** 2014 $ 25,000.00 Dropbox Capital calls 2014 $ 309.19 Initial Contribution Celadon Tech Fund VI Lyft 2015 $ - $ 2,150.00 Distribution Celadon Tech Fund I Flurry 2016 $ 2,424.76 $ - Distribution SP Special Opp Fund Kabaam 2017 $ 1,236.50 $ - Initial Contribution Bellybaloo 2017 $ 344.00 $ - Proceeds SP Private Investments Gilt Groupe 2018 $ 2,592.00 $ - Distribution SP Special Opp Fund Kabaam 2018 $ 618.00 $ - SUBTOTAL $ 44,899.09 $ 10,159.19 NET RECEIVABLE FROM VED $ 34,739.90 ***NOTE***: Laura paid for 100% of investment. Payment back to Laura from VED not found. 11 The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 Schedule H CHANGE IN THE FORM OF ASSETS Date Units/Qty. Transaction Description Unit Price Value Charles Schwab, Account Number XXXX-8697 06/25/19 500.00 Purchase Evolus Inc. $ 13.3136 $ 6,661.75 From Charles Schwab, Account Number XXXX-8697 to Charles Schwab, Account Number XXXX-9251 07/05/19 Cash $ 70,780.75 07/05/19 Cash $ 12.75 07/05/19 500.0000 Journaled Shares Alibaba Group Holding $ 173.0000 $ 151,630.26 07/05/19 374.0000 Journaled Shares Alibaba Group Holding 07/05/19 35.0000 Journaled Shares Amazon.com, Inc. $ 1,943.4301 $ 68,020.05 07/05/19 100.0000 Journaled Shares Apple, Inc. $ 204.8740 $ 20,487.40 07/05/19 100.0000 Journaled Shares Dexcom, Inc. $ 146.1432 $ 14,614.32 07/05/19 1,500.0000 Journaled Shares Docusign, Inc. $ 52.0000 $ 78,000.00 07/05/19 807.0000 Journaled Shares Dropbox, Inc. $ 25.1700 $ 20,312.19 07/05/19 500.0000 Journaled Shares Evolus Inc. $ 14.8303 $ 7,415.15 07/05/19 830.0000 Journaled Shares Facebook Inc Class A $ 196.3400 $ 308,253.80 07/05/19 700.0000 Journaled Shares Facebook, Inc. Class A 07/05/19 40.0000 Journaled Shares Facebook, Inc. (From V. Duering) 07/05/19 2,000.0000 Journaled Shares Freds Inc. $ 0.5300 $ 1,060.00 07/05/19 150.0000 Journaled Shares Rite Aid Corporation $ 8.9600 $ 1,344.00 07/05/19 180.0000 Journaled Shares Tesla, Inc. $ 233.6500 $ 42,057.00 Charles Schwab, Account Number XXXX-9251 10/16/2019 50.0000 Purchase Zoom Video Communication $ 70.0000 $ 3,500.00 02/27/20 10.0000 Purchase Ecolab Inc. $ 195.0000 $ 1,950.00 02/27/20 40.0000 Purchase Ecolab Inc. $ 195.0000 $ 7,800.00 02/27/20 25.0000 Purchase Nvidia Corp. $ 260.0000 $ 6,500.00 03/02/20 50.0000 Purchase Skyworks Solutions $ 100.0000 $ 5,000.00 03/10/20 8.0000 Purchase Roku Inc. $ 100.0000 $ 800.00 03/10/20 72.0000 Purchase Roku Inc. $ 100.0000 $ 7,200.00 03/16/20 100.0000 Purchase Datadog Inc. $ 32.46 $ 3,246.00 12 The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 Schedule I - LIABILITIES PENDING REIMBURSEMENTS Reimbursement of Loans from Vivien E. Duering (as shown on Schedule B of 1st Amended GST Account) August 1, 2016 Loan $ 25,000.00 April 11, 2017 Loan $ 25,000.00 November 2, 2017 Loan $ 21,800.00 TOTAL PENDING REIMBURSEMENTS $ 71,800.00 *These are characterized as loans/monies owed to Vivien becaue the amounts could not be reconciled against a specific transaction, with the exception fo the $21,800 which appears to be an incorrect payment from Vivien for taxes paid by Laura for which were in fact applied to Laura's estaimate payments, coupled with the fact that Viven sometimes lent her mother cash. While it was thought that a $25,000 payment was for Dropbox, the time of the payment is not close in time to the Dropbox investment. In light of the above, unless we are able to ascertain any additional information that can provide further clarifcation, we are treating these as monies owed to Vivien. The Duering GST Exempt Credit Trust Third Trust Accounting June 1, 2019 - May 31, 2020 GLOSSARY OF ABBREVIATIONS USED IN THIS ACCOUNTING Abbreviation Description RLT