- 13 - The 1994 consulting agreement had the following integration clause: Entire Agreement, Amendments and Modification. This Agreement supersedes in the entirety any and all prior agreements or arrangements between the parties with respect to the subject matter hereof, and this Agreement may not be amended or modified in any respect other than by a writing that references this Agreement, is signed by the party against whom the amendment or modification is sought to be enforced. The 1994 agreement was later revised to include the following clause: (b) Other Fees. From time to time, additional compensation will be paid to * * * [Quest] based upon the extent of involvement in and services provided to NORCOM at the discretion of the Board of Directors. In September 1995, Mr. Espy proposed to Mr. Rahn that Norcom make a payment to Quest that would be in addition to the monthly consulting fee of $5,208.33. Messrs. Espy and Rahn agreed that Norcom would pay Quest $1 million for services Quest had previously provided to Norcom. Later, Messrs. Rahn and Espy approached Mr. Arnold to obtain his approval of the payment, which he granted. Before the payment could be made, Norcom and Quest had to ensure that any payment to Quest would not violate any terms of its loan agreement with LaSalle. In the fall of 1995, Messrs. Arnold and Espy sought LaSalle’s consent to the proposed payment. LaSalle granted its consent for Norcom to make the payments to Quest as compensation for services provided by Quest.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