Philip T. and Mary Ellen Chaplin - Page 4

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          and providing compensation.  RHB paid the fiduciaries a salary              
          and withheld taxes including Social Security.  RHB provided the             
          fiduciaries with general business liability insurance, workmen’s            
          compensation, unemployment insurance, group life and disability             
          insurance, family health insurance, and subscriptions to                    
          professional publications.  RHB also provided office space,                 
          copiers, computer systems, and administrative support services.             
          RHB paid petitioner’s expenses to become a chartered financial              
          analyst and reimbursed petitioner for any work-related travel               
          expenses.  RHB also provided petitioner with a company credit               
          card.                                                                       
               RHB expected petitioner and other fiduciaries to keep                  
          regular hours and to work every business day.  RHB also expected            
          petitioner and other fiduciaries to keep all fiduciaries apprised           
          of what they were doing.  All correspondence with clients was               
          circulated among the fiduciaries.                                           
               Before petitioner became a shareholder and director of RHB,            
          Neil Rice (Mr. Rice), RHB’s president, and Edward Heard (Mr.                
          Heard) served as petitioner’s supervisors and mentors.  All                 
          supervised employees, including petitioner, were reviewed                   
          annually by RHB.  The reviews were used by RHB to determine any             
          salary increases and bonuses.                                               
               Upon his becoming a shareholder and director, petitioner and           
          RHB executed an “employment agreement” on December 11, 1986.  The           






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Last modified: May 25, 2011