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unless terminated sooner by mutual agreement of Olin Ordnance and
Mr. Palmer, by the death of Mr. Palmer, or for other reasons set
forth in that agreement. (We shall refer to the September 12,
1994 Olin/Palmer consulting agreement, as modified on September
15, 1994, as the Marion plant/Palmer consulting agreement).
Pursuant to the Marion plant/Palmer consulting agreement, the
term of that agreement could have been extended only by mutual
agreement of Olin Ordnance and Mr. Palmer as set forth in a
written document.
The Marion plant/Palmer consulting agreement provided in
pertinent part:
THIS AGREEMENT (“Agreement”), made as of this 12th
day of September, 1994, by and between James R. Palmer,
an individual, residing at 9039 Tudsbury Road, Loomis,
CA 95650 (“Consultant”), and Olin Corporation, Ordnance
Division, 10101 9th Street North, St. Petersburg,
Florida 33716, (“Olin”).
* * * * * * *
5. CONSULTING FEES
Until March 31, 1995, Olin guarantees a pay-
ment of $3,000.00 per week, and, thereafter
on a month-to-month basis for a period of
three (3) months, with a maximum limitation
of $117,000.00 as fees for rendering Ser-
vices. Olin will reimburse Consultant for
the reasonable and necessary out-of-pocket
travel and living expenses which are actually
incurred in the performance of Services. In
addition, Olin agrees to reimburse additional
expenses as outlined in Exhibit D, which is
attached hereto. * * * The total fees, plus
necessary out-of-pocket expenses, are not to
exceed $164,000.00.
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