- 26 - Respondent also alleges that numerous contracts limited Norcom’s ability to compensate third parties, including Quest. Specifically, respondent calls the Court’s attention to Norcom’s Bank South loan agreement, which prohibited commissions, finder’s fees, and investment banking fees, as well as Norcom’s real estate contracts that prohibited payments of real estate broker commissions. These contracts do not suggest Norcom did not intend to compensate Quest. The services Quest provided to Norcom were similar to that of a chief financial officer, and we do not believe that compensation for such services was prohibited by these agreements. Additionally, respondent claims that Norcom’s intent to compensate Quest for services rendered before 1994 is capped at the $62,500 annual fee provided for in the 1994 consulting agreement, plus the amounts invoiced by Quest before the 1994 consulting agreement became effective. We do not find that Norcom intended to limit the compensation of Quest to these amounts. The 1994 consulting agreement expressly provides that Norcom will consider making compensation payments to Quest that are in addition to the required payment of $62,500. The agreement provides that such additional compensation is to be reflective of Quest’s “involvement in and services provided to NORCOM.” Moreover, there is nothing in the agreement that wouldPage: Previous 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Next
Last modified: May 25, 2011