Estate of H.A. True, Jr. - Page 283




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                   6.  Termination.  This agreement shall remain in                   
               force until death of the survivor of the Shareholders                  
               * * * and shall then terminate.                                        
                   Before the 1984 amendments, the book value price                   
          formula in the corporate buy-sell agreements was different.                 
          Formerly, the price was computed by taking the stock’s book value           
          at the end of the preceding fiscal year less dividends paid                 
          within 2-1/2 months immediately following the fiscal yearend.               
          Furthermore, there was no reference to a per share, per day                 
          allocation of income before the 1984 amendments.                            
              The partnership buy-sell agreements, as amended and restated            
          by the 1984 amendments, included substantively identical                    
          provisions to those cited above.  However, the following                    
          modifications, which were unique to partnerships, were included:            
                   20.  Price.  The price of any partnership interest                 
               or portion thereof shall be the book value of the                      
               Selling Partner’s capital account as of the close of                   
               business of the day immediately preceding the sales                    
               event.  The book value of such capital account shall be                
               determined in accordance with the accounting methods                   
               and principles customarily followed by the partnership,                
               and in accordance with the Internal Revenue Code and                   
               appropriate regulations relating to the determination                  
               of the Partner’s distributive share of income, expenses                
               and other partnership items. [Emphasis added.]                         
                   21.  Effective Date.  The effective date for the                   
               transfer of partnership interest shall be the date of                  
               death of a Partner, * * * or the date of an event                      
               requiring a mandatory sale and purchase.                               
                   22.  Termination of Partnership.  The partnership                  
               shall continue in business and shall not be terminated                 
               unless the holders of 50% or more of the total interest                
               in partnership capital and profits sell their interests                
               within the same year as provided herein, or unless all                 





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