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manager and president of WSA in 1994. In 1995, his duties
included maintaining WSA’s relationship with MCC and the retail
agents in western North Carolina. He has performed all of the
management functions for WSA since 1995.
Gelder has no written employment contract or noncompete
agreement with WSA. WSA had no other employee who could replace
Gelder in 1995. Gelder’s compensation and dividends from WSA for
1991-95 were as follows:
1991 1992 1993 1994 1995
Wages $234,700 $258,100 $299,600 $381,200 $381,465
Dividends 76,614 83,581 84,247 108,889 167,239
Total 311,314 341,681 383,847 490,089 548,704
c. Julia Adams Slipher
Julia Adams Slipher (Slipher) is decedent’s daughter.
Slipher began working for WSA in 1977 as an assistant bookkeeper.
She later began underwriting personal lines of insurance, and she
was responsible for underwriting property insurance coverage for
commercial middle markets (not otherwise described in the record)
in 1995. Slipher could not have done Gelder’s job in 1995.
3. Officers and Employees
On September 28, 1995, WSA’s officers were Gelder
(president), Slipher (vice president and secretary), and decedent
(treasurer). On that date, WSA had 16 employees in addition to
Gelder, Slipher, and decedent.
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Last modified: May 25, 2011