Bobby E. Syphrett and Janice D. Syphrett - Page 5

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               shall pay all expenses in the * * * [Stephens                          
               litigation] and Intrastate shall pay the expenses in                   
               the * * * [Wiewall litigation] as of the date written                  
          The Letter Agreement was signed by Mr. Syphrett, in his                     
          individual capacity, and by Mrs. Syphrett in her capacity as                
          Intrastate's vice president.                                                
               The Stephens litigation was settled on February 28, 1989,              
          for $1.5 million; after subtracting Mr. Doherty’s attorney's fees           
          and expenses of $413,375, the net recovery was $1,086,625 (the              
          Net Settlement Proceeds).  On the same day, Mr. Doherty’s office            
          issued a check to the plaintiffs in the amount of the Net                   
          Settlement Proceeds.  Mr. Syphrett deposited this check in                  
          petitioners’ personal bank account.                                         
               A Full Release and Agreement (Release) entered into on                 
          February 28, 1989, in connection with the settlement of the                 
          Stephens litigation was signed by Mr. Syphrett, both in his                 
          individual capacity and in his capacity as Intrastate's                     
          president.  As part of the Release, the plaintiffs assigned to              
          the liability insurance carrier of Mr. Stephens and Baker, Brown            
          a 50-percent interest in the claims, causes of action, and                  
          recoveries, up to a maximum of $1.5 million, in the Wiewall                 
               Intrastate sent Mr. Syphrett the following three invoices              
          totaling $497,667:                                                          

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