- 7 -
serving as trustees. If the trades were not immediately
approved, the members of the investment committee would consult
with other trustees. If the investment committee objected to the
trade, the trade would not be placed even if the trustee of that
trust objected.
In 1991, Mr. Rice told petitioner that the fiduciaries were
expected to follow the majority vote of the investment committee.
Petitioner objected to the recommendations of the investment
committee to the extent that he believed the recommendations were
not in the best interest of a trust of which he was fiduciary or
violated his fiduciary duty to exercise independent judgment.
This conflict led to the deterioration of the relationship
between petitioner and RHB.
In order to prevent the termination of the employment
agreement, RHB compelled petitioner to obtain psychiatric
counseling in April 1992. RHB paid for the counseling sessions,
and it was up to Mr. Rice and the psychiatrist when the sessions
would end. Ultimately, petitioner saw the psychiatrist twice a
week for 1-1/2 years.
On November 17, 1994, Mr. Rice informed petitioner that RHB
would like to exercise the termination provision of the
employment agreement and backdate the notice to November 1, 1994,
so that it would be effective December 31, 1994. Instead, on
November 17, 1994, petitioner delivered a written notice to RHB
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