Terrell Equipment Company, Inc., et al. - Page 4

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          reference.  At the time they filed their petitions, TECO had a              
          mailing address in New Braunfels, Texas, Vernon resided in New              
          Braunfels, Texas, and Janet resided in Edgewood, Texas.                     
               In the early 1960s, TECO began operations.  TECO specialized           
          in manufacturing commercial kitchen sinks and counter tops.  TECO           
          promoted its products at trade shows throughout the United                  
               By the mid-1960s, Jack Knauss (Mr. Knauss), Janet’s father,            
          and Bernie Knauss (Bernie) owned TECO.  In 1968, Vernon married             
          Janet.  That same year, Vernon began working at TECO as a janitor           
          (cleaning up the shop area).  Starting in 1969, Vernon worked               
          full time for TECO.  Until approximately 1979, Vernon worked in             
          the shop area of TECO operating the steel grinder, doing lab                
          work, and supervising shipping.                                             
               Around 1979, Mr. Knauss moved Vernon to TECO’s front office            
          to groom Vernon to run TECO.  Initially, Vernon started at “the             
          bottom” of the office.  From 1979 through 1982, Mr. Knauss                  
          trained Vernon on how to operate TECO.  In 1982, Mr. Knauss                 
          retired from TECO.5                                                         

               5  During the years in issue, Vernon was the president of              
          TECO.  Up until the time Mr. Knauss retired, Mr. Knauss owned 370           
          shares of TECO and Bernie owned the remaining 330 shares of TECO.           
          In 1982, pursuant to a divorce decree, Mr. Knauss transferred his           
          370 shares of TECO to his ex-wife, Hallie Jean Culpepper (Ms.               
          Culpepper), making Ms. Culpepper the majority shareholder of                
          TECO--she owned 52.85 percent of TECO.  Ms. Culpepper was Janet’s           

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