Cascade Designs, Inc. - Page 5




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          Cascade on a part-time basis, which included working evenings, on           
          weekends, and during vacations.                                             
          The Officers and Their Duties                                               
               Lea was the president of Cascade, Burroughs was the vice               
          president and treasurer, and John Lea was the secretary and                 
          corporate counsel.                                                          
               Lea supervised production and quality control of the                   
          mattresses.  Burroughs supervised Cascade's sales and marketing.            
          Burroughs' duties included developing cash-flow models that were            
          used to determine whether to purchase new equipment and when to             
          pay the corporate officers.  John Lea's duties were to take notes           
          at the officer's meetings and attend to the corporation's legal             
          matters.                                                                    
          The Recapitalization                                                        
               In 1978, Lea retired from Boeing and became the first full-            
          time employee at Cascade.  In this year, Cascade was                        
          recapitalized to reflect better the relative contributions of the           
          various shareholders.  As a result of the recapitalization,                 
          Cascade's stock was owned as follows:                                       
                                                  Ownership                           
                    Shareholder                   Percentage                          
                    Lea                           62                                  
                    Burroughs                     29                                  
                    John Lea                      8                                   
                    Richard Brooks (Brooks)          1                                
                    Total                         100                                 







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Last modified: May 25, 2011