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Ormet and Bradley acknowledge and agree that the
Bradley Litigation Settlement Price is being paid in
respect of actual personal injury (including, without
limitation, damage to personal reputation and mental
and emotional distress) suffered by Bradley as a result
of the Litigations and other actions taken by and
disputes with the Defendants.
Mr. Dixon also opined in a memorandum that Ormet should not
care about how petitioners characterize the settlement payment
for tax purposes since it would be deductible by Ormet in any
event. Contrary to Mr. Dixon’s advice, because of objections by
Mr. Boyle and Ormet, neither his suggested language, nor anything
similar, was contained in the Implementing Agreement. Mr. Dixon,
due to the litigants’ animosity, anticipated this possibility
noting in the same memorandum that Ormet may be unwilling to
include the language in a final agreement. Alternatively, he
suggested that the agreement language be “watered down”. He also
expressed his hope that: “At a minimum, Ormet should be willing
to permit inclusion of a statement that you represent that you
have suffered such injuries.”
In reference to the $12 million payment, the Settlement Term
Sheet stated that “Ormet shall pay $12,000,000 to Bradley in
settlement of his direct claims against Ormet.” The Implementing
Agreement incorporated the terms of the Settlement Term Sheet
utilizing the following more expansive language:
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