Frank Gant and Roberta Gant - Page 5

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               On October 13, 1987, Products' board of directors passed a             
          resolution to terminate the Pension Plan and Money Purchase Plan.           
          The resolution read as follows:                                             
                    Immediately terminate the company pension plans                   
               noted as the O.W.G. Products, Inc., Employees Defined                  
               Benefit Pension Plan and the O.W.G. Products, Inc.,                    
               Money Purchase Plan and to notify the pension                          
               administrator, Pension Services Corporation of this                    
               meeting and instruct that these plans be terminated                    
               immediately in the current plan year and in accordance                 
               with appropriate tax guidelines, as outlined under the                 
               Internal Revenue Code and in accordance with the                       
               provisions of the Pension Benefit Guaranty Corporation                 
               for terminating plans and other laws regarding pension                 
               benefit plans as required.                                             
          Gant wrote a letter dated October 15, 1987, to Pension Services             
          Corporation (Pension Services), the plans' third-party                      
          administrator, requesting that the Pension Plan be discontinued.            
               Neither Products nor Gant gave written notice to plan                  
          participants of the intent to terminate the Pension Plan and the            
          Money Purchase Plan during the Pension Plan and the Money                   
          Purchase Plan years ended June 30, 1988.  Furthermore, Products             
          did not give written notice to the Pension Benefit Guaranty                 
          Corporation (PBGC) of its intent to terminate the Pension Plan.             
               On June 22, 1988, Gant, acting as trustee for both the                 
          Pension Plan and Profit Sharing Plan (formerly the Money Purchase           
          Plan) purchased group annuity contracts for the participants in             
          these plans.  On December 6, 1988, Gant distributed individual              
          annuity contracts to the plan participants.  The present value of           
          vested accrued benefits for the Pension Plan's participants was             




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