- 12 -
3. All costs relating to the formation and
organization of PULLIAM DECKARD FUNERAL CHAPEL, P.C.,
an Illinois Corporation, including but not limited to
all documents preparation expenses, all legal fees,
accounting fees, real estate and income taxes,
appraisal fees, postage, fax charges, federal express
costs, travel expenses and all other costs incurred
shall be paid by the parties on a prorata basis in
relation to their respective stock ownership. Any of
said expenses paid in advance by PULLIAM or PULLIAM
FUNERAL HOMES, P.C. shall likewise be reimbursed to
PULLIAM or to PULLIAM FUNERAL HOMES, P.C. on said
prorata basis.
4. DECKARD agrees not to compete with PULLIAM or
PULLIAM FUNERAL HOMES, P.C., under the same terms and
conditions as are contained in Paragraph 7 of the
EMPLOYMENT AGREEMENT attached hereto and incorporated
herein by this reference as Exhibit B. For a period of
three years from the date of this agreement, PULLIAM,
individually and on behalf of PULLIAM FUNERAL HOMES
P.C., agrees not to compete with PULLIAM DECKARD
FUNERAL CHAPEL, P.C., for funeral business in Oblong,
Illinois.
* * * * * * *
13. This agreement shall be governed by the laws
of the State of Illinois.
The $789 per share fair market value of Chapel's stock was
based on the appraisal report of Vanderlyn R. Pine dated January
9, 1992, which determined that the total fair market value of the
Oblong facility was $789,500. The net taxable basis of the
Oblong facility was $227,274.09 as of December 31, 1991. Chapel
had total assets of $301,871, total liabilities of $43,124.56,
and retained earnings of $258,746.44 as of December 31, 1992,
according to a financial statement prepared by the Kemper CPA
Group.
On January 1, 1992, a spin-off of Homes' assets and
liabilities with respect to the Oblong funeral home was
Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 NextLast modified: May 25, 2011