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income and liability of contracts entered into by
Charlotte Odell prior to January 1, 1995 to fulfill
office supply orders. Charlotte Odell agrees to
transfer to the Charlotte’s Office Boutique her
experience in obtaining governmental contracts.
Charlotte Odell agrees to allow Charlotte’s Office
Boutique, Inc. to use her status as a woman and
majority stock holder to be classified as a “woman-
owned business.”
3. Payments
A. As payment for the transfer of exclusive
rights to receive Charlotte Odell’s know-how and
existing contracts and the right to Charlotte Odell’s
status as woman business owner, Charlotte’s Office
Boutique, Inc. agrees to pay to Charlotte Odell a
royalty fee of the larger of five per cent (5%) of the
gross receipts for all office supplies sold under this
Agreement or Two Hundred Dollars ($200.00) monthly.
B. Estimated Royalties are due and payable
monthly to Charlotte Odell, with a final accounting due
after final financial statements have been prepared for
the calendar year. Any overage or shortage between
estimated royalties paid and actual royalties will be
netted first against the dividends distributed to
Charlotte Odell during the calendar year and second as
a payable or receivable of Charlotte’s Office Boutique,
Inc. owed to or due from Charlotte Odell.
Petitioner made to Ms. Odell the payments referenced in the
employment agreement (but not always at the time referenced in
the agreement) and issued to her a 1996, 1997, and 1998 Form W-2,
Wage and Tax Statement, reporting that it had paid to her during
the respective years wages of $2,000, $4,800, and $4,800.
Petitioner also during the relevant years paid to Ms. Odell
royalties and rent as follows:
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Last modified: May 25, 2011