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The sign business and the computer company sold products to the
general public. The corporation held real estate, and it
provided management services to the sign business and the
computer company.
In December 1984, R.M. Stewart, Inc., and Mr. Stewart
entered into a management agreement, which provided:
The purpose of this agreement is to establish a
management agreement for Robert M Stewart’s real estate
business. R M Stewart Inc is by this agreement to have
full management control over the real estate office
located at 2698 Berryessa Road San Jose.
R M Stewart Inc is to be paid a [sic] annual retainer
of $48,000 which is not to exceed 70% of the net profit
before taxes. If the annual fees are not paid due to
capital improvements or expansion, than [sic] the short
fall may carry forward upto two full calendar years.
This agreement is to be reviewed every three years or
sooner.
* * * [Signed Robert M. Stewart] * * *
For both R M Stewart Inc and Robert M Stewart
Mr. Stewart executed four subsequent addendums to this agreement.
In December 1987, the annual retainer was raised to $84,000; in
December 1990, the annual retainer was raised to $120,000. In
December 1993 and in December 1996, addendums were executed
providing that “all terms and conditions to remain the same.”
There was no independent third party involved in the contract,
and no party other than Mr. Stewart signed the contract or the
addendums.
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Last modified: May 25, 2011