Heritage Auto Center, Inc. - Page 9

                                        - 9 -                                         
               Under a cover letter dated April 7, 1988, Mr. Carpenter sent           
          Mr. Hyde a draft addendum to the purchase agreement; the draft              
          addendum was titled "Noncompetition and Consulting Agreement"               
          (draft noncompetition and consulting Agreement).  The draft                 
          noncompetition and consulting agreement enclosed in Mr.                     
          Carpenter's April 7, 1988, letter to Mr. Hyde provided, in                  
          pertinent part, that:  (1) The buyers would pay Mr. Wright                  
          $675,000 on the closing date as consideration for his covenant              
          not to compete; (2) the buyers would employ Mr. Wright as a                 
          consultant for a period of 3 years, paying Mr. Wright $675,000 in           
          cash, payable in three equal annual installments of $225,000; and           
          (3) the buyers would also pay Mr. Wright a per diem fee of $1,000           
          per day for each and every day, or part thereof, that Mr. Wright            
          expended any time consulting in any fashion with the buyers,                
          whether such consultation was by telephone or in person.                    
               Mr. Hyde went over Mr. Carpenter's letter and the                      
          accompanying draft noncompetition and consulting agreement, and             
          he discussed the proposed agreement with the buyers.  After his             
          discussions with the buyers, Mr. Hyde prepared and faxed a letter           
          to Mr. Carpenter; the letter was received by Mr. Carpenter on               
          April 11, 1988.                                                             
               In regard to the consulting portion of the draft                       
          noncompetition and consulting agreement, Mr. Hyde's letter                  
          suggested adding the following sentence:  "Buyer may prepay these           
          payments at any time, without penalty or terminating the                    




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011