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/s/ William L. Myers
William L. Myers
/s/ Connie J. Myers
Connie J. Myers
Petitioner agreed, in the Deferred Compensation Agreements
referred to in paragraph 2 of the Memorandum of Action, to pay
Mr. Myers $362,000 and to pay Mrs. Myers $126,000, as deferred
compensation. Petitioner agreed to make the deferred
compensation payments in equal monthly installments over a 60-
month period beginning 1 month after: (1) The sale or exchange
(through merger or otherwise) of more than 50 percent of
petitioner’s outstanding shares of stock; (2) the sale or
exchange of all or substantially all of petitioner’s assets
(other than in the ordinary course of business); or (3)
termination of employment with petitioner.
Petitioner’s income tax returns for the fiscal years ended
July 31, 1987, through 1996, disclose the following annual gross
receipts and net profit or net loss after taxes:
Net Profit
(Net Loss)
FYE July 31 Gross Receipts After Taxes
1987 $423,897 $18,317
1988 856,623 60,729
1989 742,876 39,657
1990 978,152 38,632
1991 1,407,191 53,684
1992 2,053,999 3,274
1993 3,247,464 61,521
1994 3,289,189 193,624
1995 3,638,980 59,292
1996 4,561,878 (61,904)
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