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BI, have remained with it, since BI is in competition with other
companies engaged in a similar business. Mr. Schoenecker has
personally directed efforts toward the securing of large
companies as clients of BI, and through his efforts and personal
discussions with the officers of some of these companies, many of
BI's clients have been obtained.
The employment agreement between BI and Mr. Schoenecker was
ratified by unanimous action of the directors of BI dated
January 3, 1976. At that time, the directors were Mr.
Schoenecker, Mr. MacDonald, and Mr. James E. O'Brien, an
attorney.
Up through its fiscal year ended March 31, 1979, Mr.
Schoenecker's base salary remained at $108,000 a year, but
starting in its fiscal year ended March 31, 1980, after the
purchase by GSI of Mr. MacDonald's stock, his base salary began
to increase. Mr. Schoenecker's base salary was $400,000 for BI's
fiscal year ended June 30, 1988, and $500,000 for each of BI's
fiscal years ended June 30, 1989, 1990, and 1991.
There are no corporate minutes or similar documents relating
to the salary of Mr. Schoenecker and his bonus for BI's fiscal
years 1988 and 1989. The bonus for BI's fiscal year 1988 was
computed at 10 percent of net book income of BI before taxes, and
for its fiscal year 1989 it was computed at 12 percent of the net
book income of BI before taxes. By action of the sole director
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