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that agreement. As a condition to his accepting that position,
Mr. Palmer required, inter alia, that Olin Ordnance pay him
$1,700 each month during the term of that agreement, which was
approximately equal to the difference between (1) the monthly
rent that petitioners were to receive on their Loomis residence
throughout the period during which Mr. Palmer was consulting at
the Marion plant and (2) the total amount of monthly mortgage,
insurance, and maintenance expenses that they were to pay on that
residence throughout that period. (We shall refer to the addi-
tional $1,700 that Mr. Palmer was to receive each month pursuant
to paragraph 5 and Exhibit D of the Marion plant/Palmer consult-
ing agreement as the Loomis residence monthly payment.) At no
time did Olin Ordnance receive a leasehold or any other interest
in the Loomis residence in exchange for the Loomis residence
monthly payments.
Pursuant to paragraph 6 of the Marion plant/Palmer consult-
ing agreement, Mr. Palmer was required to submit on a monthly
basis to Mr. Harris at the Marion plant a detailed invoice
(monthly invoice) for Mr. Palmer’s fees and expenses with respect
to the services that he performed under that agreement for the
monthly period covered by the invoice. Pursuant to paragraph 6
of the Marion plant/Palmer consulting agreement and the policy of
Olin Ordnance (company policy), promptly upon receipt of each of
Mr. Palmer’s monthly invoices, Mr. Harris was required to review
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