Richard R. Pelham and Paula A. Pelham - Page 4




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          $700 dated December 13, 1996, that was deposited into the trust             
          bank account.  The trust agreement provided that any other person           
          could add property acceptable to the trustee.                               
               Richard Pelham operated the lock and key business under the            
          assumed name “Lake Lock & Key” until November 14, 1996, when he             
          filed a Withdrawal Notice of Assumed Name certificate, stating              
          that the trust would be conducting business under the name “Lake            
          Lock & Key”.                                                                
               The operations of the lock and key business did not change             
          after the business was transferred to the trust.  As trustee,               
          Richard Pelham performed the same duties for Lake Lock & Key that           
          he performed before the creation of the trust.  Lake Lock & Key             
          used the same work order invoices.  Lake Lock & Key used the same           
          taxpayer identification number for the filing of sales tax                  
          returns to the State of Texas and for the filing of State                   
          unemployment tax returns both before and after Richard Pelham               
          began operating the business through the trust.                             
               Richard Pelham worked for Lake Lock & Key both before and              
          after the establishment of the trust.  After the establishment of           
          the trust, Richard Pelham, both individually and as trustee,                
          entered into a signed Employment Contract dated October 1, 1996.            
          In that contract, Richard Pelham agreed to provide his services             
          as a “chief residential and commercial lock and key service                 
          technician” in exchange for a salary of $30,000 annually.                   






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