-10- income and liability of contracts entered into by Charlotte Odell prior to January 1, 1995 to fulfill office supply orders. Charlotte Odell agrees to transfer to the Charlotte’s Office Boutique her experience in obtaining governmental contracts. Charlotte Odell agrees to allow Charlotte’s Office Boutique, Inc. to use her status as a woman and majority stock holder to be classified as a “woman- owned business.” 3. Payments A. As payment for the transfer of exclusive rights to receive Charlotte Odell’s know-how and existing contracts and the right to Charlotte Odell’s status as woman business owner, Charlotte’s Office Boutique, Inc. agrees to pay to Charlotte Odell a royalty fee of the larger of five per cent (5%) of the gross receipts for all office supplies sold under this Agreement or Two Hundred Dollars ($200.00) monthly. B. Estimated Royalties are due and payable monthly to Charlotte Odell, with a final accounting due after final financial statements have been prepared for the calendar year. Any overage or shortage between estimated royalties paid and actual royalties will be netted first against the dividends distributed to Charlotte Odell during the calendar year and second as a payable or receivable of Charlotte’s Office Boutique, Inc. owed to or due from Charlotte Odell. Petitioner made to Ms. Odell the payments referenced in the employment agreement (but not always at the time referenced in the agreement) and issued to her a 1996, 1997, and 1998 Form W-2, Wage and Tax Statement, reporting that it had paid to her during the respective years wages of $2,000, $4,800, and $4,800. Petitioner also during the relevant years paid to Ms. Odell royalties and rent as follows:Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011