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1. TERM: Delete the first sentence of this paragraph
in its entirety and insert the following in its place:
This Agreement will become effective as of the day
set forth above and will continue until December
31, 1995, unless terminated sooner by mutual
agreement of the parties, or by the death of Con-
sultant, or by the manner hereinafter set out.
5. CONSULTING FEES: Delete this paragraph in its
entirely and replace with the following:
During the term of this Agreement, Olin agrees to
pay to Consultant the sum of $3,000.00 per week,
with a maximum limitation of $201,000.00 as fees
for rendering Services. Olin will reimburse Con-
sultant for the reasonable and necessary out-of-
pocket travel and living expenses which are actu-
ally incurred in the performance of Services. In
addition, Olin agrees to reimburse additional
expenses as outlined in Exhibit D, Revision 1
dated 071195, which is attached hereto. * * * The
total fees, plus necessary out-of-pocket expenses,
are not to exceed $315,000.00.
6. PAYMENT OF CONSULTING FEES: Delete the last sen-
tence of this paragraph in its entirety, and insert the
following in its place:
Correct invoices submitted for payment to Mr.
R.R. Harris for approval shall be paid within
thirty (30) calendar days of the date of
receipt, or deferred to a mutually agreed
upon future date, but not later than January
31, 1997. In addition, Olin agrees to pay
Consultant the equivalent of 5% annual simple
interest on any deferred payments.
Exhibit D, Revision 1, dated July 11, 1995, which was
incorporated as part of paragraph 5 of the July 1995 amendment
relating to “CONSULTING FEES” to be paid to Mr. Palmer, provided
in pertinent part: “1. Consultant will be reimbursed $1,700.00
per month for expenses on California home [Loomis residence].”
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