WSB Liquidating Corporation - Page 7

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               Wife with health insurance, as presently established                   
               and in conformity with the same health insurance                       
               provided to Husband.  Such benefits shall continue                     
               until the sale of Walter S. Bandurski, Inc. to a third                 
               party bona fide purchaser.  So long as Wife receives                   
               her pension payment and benefits as herein set forth,                  
               Wife waives her right to alimony pursuant to 13 Del. C.                
               �1512(d).  Upon the sale of Walter S. Bandurski, Inc.                  
               and the termination of Wife’s pension payment and the                  
               other benefits provided herein, the parties shall                      
               attempt to agree on Wife’s entitlement to alimony, if                  
               any, and upon their failure to agree, the matter shall                 
               be submitted to the Family Court for a determination.                  
                              Husband further agrees to personally                    
               guarantee Wife’s pension payment during Wife’s                         
               entitlement to such pension payment and agrees that any                
               increase in Husband’s salary from its present amount of                
               $1,000.00 per week or upon Husband receiving any other                 
               benefits such as stock, bonus or pension amounts that                  
               Wife shall receive a proportionate increase in her                     
               pension payment so that the parties continue to draw                   
               benefits at the same ratio as presently established                    
               between Husband’s salary of $1,000.00 per week and                     
               Wife’s salary of $375.00 per week.                                     

          The Settlement Agreement also provided that the reconciliation or           
          remarriage of Barbara and Walter would not affect its terms and             
          that “The property division embodied herein has been made in                
          recognition and as an alternative to the jurisdiction of the                
          Family Court of the State of Delaware to equitably divide marital           
          property pursuant to Delaware matrimonial and property statutes.”           
               Petitioner issued Forms W-2, Wage and Tax Statement, to                
          Barbara reporting the payments at issue as employee compensation            
          and claimed deductions for those payments in each year at issue.            
          Barbara did not report any income as alimony during the years at            

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Last modified: May 25, 2011