- 6 - written notice. Notwithstanding the foregoing, the Employer may terminate this Agreement without prior notice in the event the Employee (i) commits any dishonest or fraudulent act against the Employer; or (ii) willfully fails to perform substantially his duties under this Agreement, other than by reason of his mental or physical disability. * * * Petitioner and RHB also executed a “stock purchase and restriction agreement” (stock purchase agreement) on December 11, 1986. Petitioner received a paycheck from RHB every 2 weeks. In addition to serving as a fiduciary, petitioner provided administrative services to RHB. However, RHB did not break petitioner’s compensation down into payments for fiduciary and nonfiduciary duties. From 1988 to 1994, RHB’s fiduciaries participated in two committees, the investment strategy committee and the investment committee. During that time, petitioner served as the discussion leader of the investment strategy committee. The purpose of the investment strategy committee was to discuss market trends and to serve as a forum for the individual fiduciaries to discuss and share opinions about appropriate investments. The investment committee met weekly to review individual trust accounts. The investment committee reviewed 20 to 30 trust accounts per week. All trust accounts were reviewed three times per year on a fixed schedule. The investment committee was responsible for approving trades made by the fiduciaries whilePage: 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