B & D Foundations, Inc. - Page 13




                                       - 13 -                                         

               /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)                           




Page:  Previous  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  Next

Last modified: May 25, 2011