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individually agreed, for a period of 36 months, not to compete
with Haas and Haas & Associates (i.e., not to solicit any of the
180 clients transferred to Haas and to Haas & Associates), and DP
and Petrie nominally agreed to provide limited “transitional”
consulting services to Haas and to Haas & Associates relating to
the 180 clients.
In the separation agreement, the fair market values of DPH
as a corporation (as of December 1, 1992), of Haas’ stock
interests in DP, of the 180 clients transferred to Haas, of the
180 client files, of the covenant not to compete, and of the
right to receive consulting services were indicated as follows:
Item Value
DPH as a Corporate Entity $1,830,079
8.26% Stock Interest in
DP Transferred to Haas 151,165
18.26% Stock Interest in DP
Transferred by Haas to DP 334,087
180 Clients Transferred to
Haas and Haas & Associates 334,087
180 Client Files 10,000
Covenant not to Compete 190,000
Right to Receive Consulting
Services 63,500
Under the terms of the separation agreement, the receipt by
Haas of the additional 8.26-percent stock interest in DP was to
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Last modified: May 25, 2011