- 4 -
The following chart lists the provisions in parts 1 and 2 of
the agreement which benefit PAYS or petitioner:
Provisions Which Benefit PAYS Provisions Which Benefit Petitioner
Contained in part 1: Contained in part 1:
1. PAYS gets petitioner’s 1001. PAYS forgives petitioner’s $12,500
shares. (No value stated.) debt to PAYS.
2. Petitioner will pay the 2. PAYS assumes petitioner’s $37,000 debt
$25,000 deductible for any to Henry Steen, Jr. and Gates Steen.
payment made for a claim against
him under PAYS’ professional 3. PAYS will try to obtain a release of
lawyer’s liability policy. (Nopetitioner’s guarantee of the PAYS note to
value stated.) Chester Young, or will indemnify
petitioner against claims arising from
Contained in part 2: that guarantee. (No value stated.)
1. Petitioner will not compete4. PAYS will give petitioner three
with PAYS for tax collection computers. (Stipulated value of $2,000.)
contracts, other than the two
assigned to him, for a period of5. PAYS will indemnify against judgments
2 years (petitioner’s covenantarising out of a pending lawsuit unless
not to compete). (No value petitioner made the statement which is the
stated.) subject of the lawsuit. (No value
stated.)
2. Petitioner will make no claim
for any part of legal fees earned6. PAYS gives petitioner an interest in
for services provided to Libertythe settlement of a certain lawsuit.
County before January 1, 1995(Stipulated value of $2,800.)
(petitioner’s covenant not to
sue). (No value stated.) 7. PAYS releases petitioner from
liability as a guarantor of the firm's
3. Petitioner will indemnify$100,000 line of credit. (No value
PAYS and its shareholders andstated.)
directors from any claims
resulting from his departure andContained in parts 1 and 2:
the contract assignments. (No
value stated.) 1. PAYS assigns its collection contracts
with Liberty County and Trinity County to
4. Petitioner will return allpetitioner. (No value stated.)
PAYS property not specifically
given to him under the agreement.2. PAYS will not sue petitioner or
(No value stated.) Liberty County for cancelling or assigning
the Liberty County contract (PAYS'
covenant not to sue). (No value stated.)
No specific items were given by one party to the agreement
for any specific items given by the other party.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011