Indeck Energy Services, Inc., and Subsidiaries - Page 15




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               [revolving] around the arbitration award that had been                 
               given to Mr. Polsky and is essentially looked at as a                  
               $15 million award with $5 million of interest that was                 
               figured at a 10 percent rate as required by the                        
               arbitrator.                                                            
                           *    *    *    *    *    *    *                            
                    * * * the settlement is basically a settlement of                 
               the arbitration and structured around the arbitration                  
               award and will include a dismissal of the pending                      
               appeal * * * [of the Cook County Lawsuit].                             
          Mr. Polsky’s counsel expressed agreement with the terms as                  
          outlined by Indeck’s counsel, and the court issued an order that            
          day dismissing the case with prejudice and retaining jurisdiction           
          to enforce the settlement.                                                  
          Written Settlement Agreement                                                
               Indeck’s counsel served as draftsman for a written agreement           
          to cover the terms of the settlement.  Successive versions of a             
          written agreement were drafted or revised between April 21 and              
          May 11, 1994.  A draft prepared by Indeck’s counsel and submitted           
          to Mr. Polsky’s counsel on or before April 26, 1994, described              
          the payment to be made for Mr. Polsky’s 30 Indeck shares as                 
          follows:                                                                    
               Indeck * * * agrees to purchase * * * the thirty (30)                  
               shares of * * * stock * * * for the price of * * *                     
               $501,000 per share, for a total purchase price of * * *                
               $15,030,000, plus interest on the purchase price at Ten                
               Percent (10%) from January 31, 1991 through April 13,                  
               1994.  * * *                                                           
          The draft further provided for payment of $10 million at closing            
          with the remainder payable in two equal annual installments, with           






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