4
1993. Handler, Parson, Tilton, Hahn, and Sargent did not become
partners in WBAM (the withdrawing partners).
The amendment to the W&R partnership agreement authorized
the W&R executive committee to negotiate severance agreements
with any partner who did not become a partner in WBAM. The only
severance agreements stipulated in the record in this case were
those for Parson and Handler. Sargent’s April 1, 1984, agreement
is also in the record. There are no severance agreements or
other documentation stipulated into the record for Hahn or
Tilton.
Parson’s agreement (Parson agreement) dated October 31,
1993, provided, inter alia, that he would have no further
interest in W&R after October 31, 1993, that he was to be repaid
his capital account balance in excess of any capital loans plus
interest, that his capital loans would be paid from the remainder
of his capital contribution, and that, in lieu of all rights to
liquidating distributions for assets, he was to be paid $85,000.
All payments to him were to be completed on or before January 1,
1995. Parson’s severance agreement also stated in part:
8. This agreement contains all of the rights and
obligations of the parties hereto and its execution by
the said parties shall constitute a full and complete
release each of the other of any and all claims which
either party or his legal representatives and assigns
may now have or in the future might have with respect
to Parson’s interest in the Firm.
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