Partnership Agreement-1 Lavin
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PERTNERSEIP AGREEI'TENT
L990 bY and
ril, inafter as
tly BACKGROT'ND OF rgE have erstablished Stevens
AGREE}IENT IEIS life a general
A
sale the be will which of Uu"iness Agr this of iieurin"sstt). ltn conternplation s herej-nafter arrangement business t;;i; wit contracts into each entered Stevens needs order to provi
The con in schedule A hereto' a"""iiu"a i: described particularly Stevens .t" tot" NOWr TIIEFIEFORE' in consideration contained' herein the mutual promises as follows:
of th'
contf=ibutio?, o.f -c-a* fnitial 51. of the contriruted-S7@ital eguiv an urade have to be deenred shall knowledge experience, his of "iii". insurance busi.ness and the contrrbuclon contracts described in Schedule B hereto'
s2.
name of of owning
Naner. E(the
ila
The Parties
operat-ilnfrne
herebY form rrPartne
Business '
The effective !a!e: 53. Effective Date 12, fFd-l6e is april-"otttitt'o" "Ef fective in terminated uniit =;.iibe may as of this Agreement or pt""i"i""s Partners.
s4.
oT- tne interest partnlrshiF=ialT-consTst in sr described contracts Ln" rt(lontractst') and -"":.h (the n"t"t" ""tioris Partne the ":!:-: which assets etnd made f" *iV Date fective As of the Ef liio" t" time.
or cause to be 3.t"iq":9 I:. in the contract "niir-assign interests and ni" rights The Partners the
assets
shall
held
each own a fifty
under
each
of
the
(50
Cont
riqhts and ob in any r:-uuirities' ;A.ttt Effective the Contracts, tnitn, BS of th6 CS9052lPar
ttPartnerrr.
)
and Stetson that: the agency, surance (the insurance of to t and pursuant and Stetson forth, in entities various The f the Business. more ParticularlY i'nto bY cts entered chedule B hereto. and of
foregoing
he
stevens
#illn. ent
contribution
rtnership for
bY
in the in the
expertise his interest
iptt )
agree
hereto
rties
under the the
PurPose
Agreement te of this Partnershi-P the and the with rdance the bY agreed ually of the Ttre caPital under f the Partners B Schedule and Ie A as contributions tal from ip may acguire Partners the of ch aII of e PartnershiP hin. bY into entered in interest percent and shall €=, created ations
t€,
shall
share under
be assumed
Partnerstrip'
Capital
for
be maintained
sha I
Account
Each Partner' s b99ki-9l !l:-.:Kll'T s .D. each Partner ;;'-ih" fr be equal to oneDate as of the Effective eccount Capital If it is 75,000. of the Contracts'-f1-of the half caPital, additional rgguires ""fo" the Partnership tnai determined necessary and in strall be nade bv lhe Partners as ;;;t;iu"iiott"-
by the
-A
as set fiPrth ahove'
;A;1-t;oPoPtions
Individuq!
E for
sha
PeEne-shiP
financial
other In
ss.
ly
addition'
such
for
liabIe
obligations. 56.
Prof i'ts- -and- L'osses '
Partnership
The prof i
ared--^iP:,t^ty.
and losses shall Partnership pioiit= the respective to egual ptopotii'""
be cl capi
of the and losses Partners' the by
or
I
in
credited
the
of
accounts
Partners. shall
be
Distributions
Distributlons-
S?.
made
-'
totLrtElprr!!'
r-ytrre
.q
such times and-in- .such.."T9"1t-" -1,"^., be ( shal}ln:,^": distributions Any asree.
"""ftt"""it'it's
lElli"t "i'tn" ?:fril:."io"'ii'ttribute other ptop"t.v--is et'ent ii'-in"distributed.
the
lot
Partner' --t11 th in ";", anv amounts
reaionabll- t:::l:o}'
Partners
cannot
agree
:i::;..ri;{hrv caPital
rqed to the re-r3nip shall
not
be
event that cash or or for distribution be to n the amount
rcrovided herein, Do ExcePt as .exPr-es-s No l:nterest ' to the 5 8 . -:--:-.--------. i'tttinntions initial d on the be slal'I. Par of interest . arrrrca nt contributions subse anY on f.iti"t"hiP, or"*Tfr", CaPital capital the to ted cr( or on any amounl otherwise capital ' Account of eitllrer of the Partners 59.
Ealaries
and Drawingqt
Parrners, a P;ffil"-:, qi"1 ;:'!'il:';'"'i";;;;l;;
^tY:"-*
shall be sararY i"t-it"*
of the partneisilf;'and shallcaPitar l:i^,o"^^:1?,:? iartner's l-":i:t ;; #; ;;;i;i"s inur-e shaf: pt"rit". ;; -t1.t the caPitar or -t-lttliltlJ in excess ::.5;;i^iZiis each Partner. rn ttaaiti"". necessary ,""-*T:::17 expenses ;;;i;'t".ton'"ble
and
t::."" ?p"t-1t]:: "i" such or account ltenized
of the p.tt.,.i=nip"
3i.ii'=*;# ;;Part-n-ershit-lll?=..L reinbursed rrorn-theptocedures estabr ished I;tH:'"il:";;' 5 1 0.
*itt'-
consent qg-lglger
2 -
the aPProval of the rendered r services yable as an expense the balance iqainst share u-o additional
his
son of of
the
reirnbursed
caPital
other
for
his
rred in the course Each Partner ness. be nses and shall account such filing the PartnershiP' The Partners
shall
jointly
be responsible
rh; ,Jon"en€of -both:-f ll"-lt"t: (a) the sale of al.l
;;"i;;;".
following: "nG -paJriertlip
f"r-ift"
the assets of in
management
f^oT the
the
,r.trrre-'oi
the
which are not 6"t
or
t (b). -ef fectir (c) the c Businesst
oi ttr" Business u:-9: i except pursuant I
operation
,nd
of
the
rs shall be required al-l of substantiallY any material
change
,au-ct of activities conmencement date;
established already i'tv funds, . or i;i;";;"*i"g (e) encurnbering arrangements lines of credi't or sinilar Qt t ing expenditures, anv Partnership prop"*vi lll *"iig"qing or singlY which , lo nare expendi cornnitting trrl pitt""isnib same the to rer ;ing exPenditures other ;;;il;;--'*itn ooo;--( I entering lntg any arr3 in exce"=- of $25 ' V elvrr transaction ClIl>€f LI
contract,
t;;lh"t'
*itn
;ilil;;nts-
-other
ielatins
comma
binding
or other
agreement
9""t3?!='^^11t":::: same trat to this
-"r u:r the PT?-":'I13 i: ';1"-"" ;ii-eiJiauresany new Partner to - the ;ffi;i;"amendment of
(j )
Agieenent;
tiris
th
a attorneYs accountants' ;;;l;;t;hiP's in not a d v i s o rs; a n d tkj -a n y transaction the conduct of the Busrness' devote his hours to Bu s i n ess.
oe;Pogitorieq' All funds of the S12. a"po"ilEir iri-i-ts rnne in such checking shall ue aesrg""t"a LV the P-artn-e11'---ttl such under shall be upon such terurs, and fron t agree urutually the Partners "niff The Part'n S13. Boolrs and- Re.cords' of !h" rnaintained at the princrpal-6ffice h3y: tll'i.= Partner shall "C-"ir i:::::-:h: be the calendar shall Partnership the of Death
Retirenelq!
Disrsolution
(a) Vo1untary -oissolulieg-' e,nY@?T! dissolved at "f snait - proceed--Yi:.1*:^' event the p.t[ti"tt setr
tlre real
;;a
p"t=otttl-
prop.gty-?yl:d
^-"?iJJ-1'.i the business distribution t.-liq"idate mutual 9li-1?,,:?::""
ilv
dissolution,
;;i;-;;a -a^r
1^....i-a ilii.ii"q
ction
wiII
reguire
s 2 5 ,o o o ; ( h ) t h e
of
the ( i) r tner ship; the of selection other Professional
e ordinarY
course
of
Each Partner shall ing normal br*iness management of the
s11.
s1l.
nt which singlY or binding other or
the " assets
-;*rer ai=ttibuted, ^-;Ll
of
of
the
shall
of o riority: or Prioritv:
Partne
be set
as
r( (( l1) fot -)
. and liguidating -inA Partnership riJiritils owed obliqations navment of O'ebis -;t of th'; Part-ners; "i"J*l.'t; Pirtners i and ( the *!tJ*::-.ut::}" "iirn"t :ilffi:t 3 -
shall be PartnershiP nt or accounts as therefrom ithdrawals as ture authoritY' to time. hip books shall be and each rtnershiP, to.
The fiscal
Year
r. Disabilit nay be PartnershiP which in Partners, able ProurPtness to
and the PartnershiP Partners the or ip, UPon such fina. be shall Lp business the in ; to Provide, the of the Payurent the for xpenses i Q) to PartnershiP r the the of the balance to for distribution
with
in accordanse the Partners PartnershiP. the in
equa
their
interests
percentage
In the r Partner. of Partnergbi Insol it Partnership, o event of the :Lnsolvency or banlcruptcy of State the aws of shall be disso.lved in accordance with the of or bankruptcy insolv the of event the In connecticut. Partnership nlnsolvent the Partnerrr) ' (an Partner either ection 10(a) hereof, with accordance in f be diss,olved (the rrSolvent rtner ttre solvent "n"f that in lieu thereof except from the Insolvent piitirer',) shal.L have the option t9 purctra for a Purchase ship in the Part piittt"t of' his interest all (b)
equal to the Asreed J"1"11111-T": ov installments in quarterly["- p"v"ir" purc
pii""
t
which amount shal} of three a period at i n t e rest w i t h s€,
yeafs corumencing on th-e. date of such Journal on the treet in the Wall tn" prime rate as published t'Prime the Notwithstanding Raterr) ' such p,urchase (the aiie'of bankruPtcY such insr vency or in the event that f"t"q"i"g,
to January Lt 1??5' -thq lrior """ti"t this section 10 (b) for the Part ;e;; strall be the greater Insolvent Partner 'Ehen Irl9v4
tretween Insolvent
Capl his
the of balance and the balance of
the Part,ner
Dater, or (2) one Hundred Dolli iii""ti.t" be shall r-o(b) a Partner section Ihi; b t;he -
in
n""ft"pt-
bankruptcy ot Lrqtr^lslrev
event
----:--:--
sinilai or "io,itut
Uanfruptcy
not
is
ir"!""ti"g
of
filing
the
proceeding, ..the-;!i' agai .
a,
proceeding
disnissed
--
.
ti:lii-:
the ass for o:E a receiver lppointnent for: the benefit i-=!ig"t""t ".f -9-t:9it?:: his Ii a Partner to satisfy of i"iuirity
rchase
price
ip
interest
PaYabIe
of
an
( 1-) the dif ference such of Account I pital Account on the For Purposes of s. or deemed insolvent a voluntarY hirn of ng of an involuntarY
which C a Partner the 3O-day period, an of a Partner, or the a Partner,
Iities
as theY become
due.
(s) from the retire irre-ietirement, noticra rriti"" p"rit"t"hip no year.
fiscal
il;A;"d
AnY Partn-er partnership at the end of the.retir to be effective, Partner other upon the (3) months le3s than three Retirenent. _.-._-._..._-.-
The
remaining
Partner
sh
the :retirins
::-*""I::the :::::::: Partners and riguiaate i"- ilttinate purchase to elects Partner renaining the remaining Partner Partner, r"[iii"g to the retiring el-ection . -Partner ;;h pit[""itrtip w.ithin two (2) months of ] retirement. the
interest
(1) oi-Lnt
If
Par' the remaining Partner retiring l
Parl!'ner shall pay [o the -r-etir renaining sna!*fti"tt-o*"yl! a*"t"1-, Valuation |e over a period of three years initaffnents
4 -
I have the right to F or y fiscal year . Partner must serve of the the office of the end the fore to right I have the or PartnershiP n the the If p business. of the interest of notice serve all the iving
office notice
of of
the the
to Purchase r elects the the Partnershipr
the
Partner payable brnnencing
in
Agreed
quarterlY on the date
of
witfr
such purchase,
the nurchase bartnership,
interest
the
at
Rate.
Pri
does not elect to the in Partner reasonable with The Partnership.
Pa (2) If the remaining retiri the of interest shall Partners the
the business of pronptness- to liquidate distri liqrridation for ito"LOo." .ttre -and. tl: be shall Business Lft" Partnership pitagraph
to voluntary
1l-(a)- relating
ion
of
the
as set bution.
di
assets
of
forth
in
the Partners' the liguidate from n e r ' s interest
UPon the death o f (d) Deatb. partner have the op shall the surviving the deceased piittt"t=hip or to purchase estate. the deceased Partnerts
one of on to
(1) If the surviving Partr sunriving. the the Partnersh:Lp, -Partne.r t liquidate to pronptness reasonable pro the with piitnersnip Lccordance irr to voluntary dir relating oiiuotupn irfal shall recei estate i;;-a;;;;="a'Pirtner's have been would Partner the deceilsed' "ni"n Pa (2') If the sunriving in interest Partner's deceased the es shall Partner surviving Pay to tl" Amount, the [rgreed Valuation. Partner in-utt*. interest entire aeceasea PartrLr's (.got ninety shall }re paid within ir""nt Partne the to insurancle payable ald !h" ""v-iie" of the deceaied Partner, a.'"tn payable be Amount shall viiuation . in purchaset cornmencing on the date of such Prine Rate.
r elects to dissolve proceed with shall the of business in ures set forth excePt that olution, to
any distribution ntitled'
elects to Purchase the PartnershiP, te
of
thereby
the
deceased
Purchase
the
Such PartnershiP. of extent ys to the
on account
of the
the
Agreed
Iance
of
installnents arterly at the with interest
If eithel P: ner becomes disabled, (e ) D i sa b i l i tY. a Partner of the Pa rership and he shalL he sha}l cease toTe t in the PartnershiP of his entire ilte liquidation ;;";i;;-in installments rterly Amount, p1I:P1?-]: PaY::r? Va.Luation Amount, Agreed valluation ih; agreea the Prime Rate, the at t over ; Period of three Yearst wj.tn ldate on the llowing diy of the month thr: first -o*t"tt"ittg A l L ( e). S e c t i o n is t: *ni.n rt" i" deemeddisabled pultlalq this of purposes rtdisabledrl or piittt"t be considered shall section
;;;;iilg
11(e)
if
he
is
rti"' customary efforts
ifr" Pari.nershi.p and such neriod of two Years. l( lf r)
foregoing
mentallY
Electioa
pro''ris.iols. -9f
to the b
incapacity
for se
o-r
has e
Dissolution
^
Partner' a- hassr^e ietiiement- or disability tt:?^-.tt. t-h". ds Partner, nonlretiring 'piit".t"hip lieu in to be dissolved of
5
a
of incaPable icalIy of affairs and iness a continuous for sted
the Notwithstandinq to the ( e) r elating or e non-withdrawing the cause may b€, rnaking the Payment
s p e c i f i e d i n s u c h s e -forthwith c t i o n s l r . ( d ) - a ndissorved dI")'
which event the and business its dissolution such
in
tie "[i'ri affairstoorrduPandtheProceedso
;ffi;;;;t'ip
In the 1-L a) hereof. in actordance with section iitlii["t"d Partner to dissolve is made' Ehe electing event sueh an-Lfection ze the business of
;;;;;=- that he ehall not - t?IolT*9.,1-t1:1lf or engage in simirar busi it;-ilt6;;=nip, owner or I""a""ti-"g
ptol-i:i"tot siiiiraq
(airectry -or indire activiti"" --fo-,1 ^:^'l:1 dissoluti or such
;oncrusion
;:li;i;g'tff
Pirtners.hiP's
"i-itt"
upon
affairs'
(qr)
Amount.
Valuation
Valuation s h a l l be determined'
as an activities a business of one (1) Year of and the winding uP
Iy)
rAgreed The tern mean, and t shall
as follows:
may agree Partners a execute shall of the value the - agt""a v1lt:i. ."-:::i"s^-::1 be equal to Amour shall "i- rha Asreed valuation any increase of a unt agreed-pl5^lli
(1) From tirne to time' Partnership the of value
the
clrtificate
tt a
;;;t;;;"hip. one-half of the value so under this recervLng a palment Partnei"s capita,'t .account execution recent i"-tn" most tfre rf of such to Section l'1 rrc'n tli; date of the event rise iving tc' the date Certificate palmrent.
In th-e event- !11t ^:" of gxecuEecr for ..a.Period. !'er -vs eJecutea ter' bgen been (2)
Va1ue
has
insorvencyt the death, i""itf""tov, the death, 6t'"i"d't"y -.-":n"rr D'rtner. -fo as Partner,
disabilily' clrscrvrrreJ
' :i.tljti "---- ' b€, !h" lg:.":d
;:':;iJt
- -'-o.o*.,::::: "if i:ql1 3l't=r,""Eni;-du;i;stI'." or reti di"uuiritY {:':^ll::, ;:i:':;-'J"ir't""iri, (b) \s,
No
Otber.
PafP-e-9tE'
t i O , Partr of f fthe -r.: ^-r^i r' i rr.r disabilitY * e ! ot brankruPtcy, DanKruPtsy'insolvency, Ene amount ryI*l or the of mea'sure mea,sure r^recroinct foregoing and no other or fu rn.ount of account "o.in-at"ti or paid to such Partner' Iiriiiu"ted
dissolution
s14. d i s p o se o f person not igreement, transfert
Transfer of -PartnelEbiP-Ilter or any .Porcron -:F.ittt"t TlJ-fn-terest PartnershiP ' the of .
iali"p"*"'
"rJj.ifi#;t,
of Agreed ificate ) (1) Year Preceding of a I br ret'irement
Amount shall Iuation of the s earnings lntlY Preceding the
the of event the death' retirenent, the Partner, a of on any Partner to
r .
arnounts shal}
No Partner
be
shall
or'rdisPositi?1':^:l pr"ag", hYPothecati
herein The terms rnd provisions and the s15- @' Parll:q agreement .rott! eiEire coniFffi6-Tne negotiati ons ' containea communi< tioni, pt"ttio"" all between or written, shatl or "rrp"t"i=At or asreements' either matter hereof' ;";;;=";fiiiott" u n i ect the to respect *itr' ;;"; except bY of modified ;;:';;;rJ ' altere arn6nded be not This Agreenenil;t 6
a writing
signecl by each of the parties
o,
her
S17.
and
icut. rts of
Separate qounte
Couri!g$a*s.-
be construed
I1
516. coveqgleg--Law.- This Agreement laws of the State of Co enforced withEre delivered, ment may G exeffid-ana and- tll instrument, deemed ln original -constitute and the one but iogether shall
of this Agreewhich sha1l be
such counterParts Agreement.
f
t shall inure This j and personal rators , adnini to, The r ights , to. ""a-;e o? eac\ o-f the. P"tt:::^-l t"irt."."tatives be assigned not may parties and duties of the pii"if"q"= .heret -assigning Partner. n the of consent i,ritnout-the prior written S18.
Assignnent
and Benefit'
ions of the various T h9 headings 91:: reference convenient fo agreement are intended sections or-ttis upon in relied be to are nor only and do not form a Part hereof the of ny Provisions restrict dhange or any ttay to interpret, Agreement. of this
s 1 9 . C a p ti o n s.
s2O.
DlotLces.
AII
notices
'
reqlues
I
permitt:q -":ef fectivelY deened "or*oii"ationtEquired, de sharr ;;;;;;i if oirrerwise mader (a) upon receipt upon I shown dat-e delivery the upon iul tiiLr.?r by u.s. regijtered or certified cornmunications : r6ceipt reqriested' ;;;irn rnJii--r" dir:eclted- to the addressee at his ift"
t""ords
of
the
,
demands lated
or other bY this
or delivered rved, or delivered, lI}y if receiPt returned postage Pr eP ai d, iI, tended address
for a Partner in aPPearing
PartnershiP'
of thi s : pr ovision ny person or circumor to be invalid exrenr be deterni =n111 :ffiil" judgment or f inar and . unapp.e-a-lal order, bv a""y ;;;;i;;teable of remainder , the of competent juri.odict decree of a term or Provision to -otner ior ttre app.l.icat-i-on this Agreemeni".rrirt il::"t s to which it is held than those circrinstances ;;;;";;-oi shall not be-^aff cted therebY and each ot ,rrr"rtiorceable) invalid and enforcevalid lr tni= Asreenent '-l-"11 i;;-;; ;;";;i;; hereto extent p-ermittef by le . The Parties to itre fu.llest ;;r; in which any they. are not aware of any llr..-1rtut of any provisions contrav:f: of. 11is AqT-"I:1t pi""i=i"" any whether of tive principle-, and' - i-It:: i;;' ;-"qoitulor" each exist, to aimed night -to -subsequeltly-:: sucfr contiavention reement nevertheless b" nouna bv this Ii-tn"-p"iti"t hereof. ter the "s;";; aid observe alr of iertorn ""4-i" 521. aqreeient
If sgveralilitL-* tor Ehe-apprication
any tgrm thereof to
- 7
IN m$flEgg nEnEOf r the Agreement the date first this bound thereby. Iegally
Parties above
her wri
have entered into to be , intending
in
Signed, sealed and delivered the presence of:
T. Stevens, JE.
STATE OF CONNECTICT'T COUNTY OF
) ) )
aPPeared, I lersonallY ina sealers of the signdrs -, each acknowledged before me the same deed.
Conmissioner
8 -
ing
instru.ment, his free act
f the Superior
an and
Court
L990 bY and
ril, inafter as
tly BACKGROT'ND OF rgE have erstablished Stevens
AGREE}IENT IEIS life a general
A
sale the be will which of Uu"iness Agr this of iieurin"sstt). ltn conternplation s herej-nafter arrangement business t;;i; wit contracts into each entered Stevens needs order to provi
The con in schedule A hereto' a"""iiu"a i: described particularly Stevens .t" tot" NOWr TIIEFIEFORE' in consideration contained' herein the mutual promises as follows:
of th'
contf=ibutio?, o.f -c-a* fnitial 51. of the contriruted-S7@ital eguiv an urade have to be deenred shall knowledge experience, his of "iii". insurance busi.ness and the contrrbuclon contracts described in Schedule B hereto'
s2.
name of of owning
Naner. E(the
ila
The Parties
operat-ilnfrne
herebY form rrPartne
Business '
The effective !a!e: 53. Effective Date 12, fFd-l6e is april-"otttitt'o" "Ef fective in terminated uniit =;.iibe may as of this Agreement or pt""i"i""s Partners.
s4.
oT- tne interest partnlrshiF=ialT-consTst in sr described contracts Ln" rt(lontractst') and -"":.h (the n"t"t" ""tioris Partne the ":!:-: which assets etnd made f" *iV Date fective As of the Ef liio" t" time.
or cause to be 3.t"iq":9 I:. in the contract "niir-assign interests and ni" rights The Partners the
assets
shall
held
each own a fifty
under
each
of
the
(50
Cont
riqhts and ob in any r:-uuirities' ;A.ttt Effective the Contracts, tnitn, BS of th6 CS9052lPar
ttPartnerrr.
)
and Stetson that: the agency, surance (the insurance of to t and pursuant and Stetson forth, in entities various The f the Business. more ParticularlY i'nto bY cts entered chedule B hereto. and of
foregoing
he
stevens
#illn. ent
contribution
rtnership for
bY
in the in the
expertise his interest
iptt )
agree
hereto
rties
under the the
PurPose
Agreement te of this Partnershi-P the and the with rdance the bY agreed ually of the Ttre caPital under f the Partners B Schedule and Ie A as contributions tal from ip may acguire Partners the of ch aII of e PartnershiP hin. bY into entered in interest percent and shall €=, created ations
t€,
shall
share under
be assumed
Partnerstrip'
Capital
for
be maintained
sha I
Account
Each Partner' s b99ki-9l !l:-.:Kll'T s .D. each Partner ;;'-ih" fr be equal to oneDate as of the Effective eccount Capital If it is 75,000. of the Contracts'-f1-of the half caPital, additional rgguires ""fo" the Partnership tnai determined necessary and in strall be nade bv lhe Partners as ;;;t;iu"iiott"-
by the
-A
as set fiPrth ahove'
;A;1-t;oPoPtions
Individuq!
E for
sha
PeEne-shiP
financial
other In
ss.
ly
addition'
such
for
liabIe
obligations. 56.
Prof i'ts- -and- L'osses '
Partnership
The prof i
ared--^iP:,t^ty.
and losses shall Partnership pioiit= the respective to egual ptopotii'""
be cl capi
of the and losses Partners' the by
or
I
in
credited
the
of
accounts
Partners. shall
be
Distributions
Distributlons-
S?.
made
-'
totLrtElprr!!'
r-ytrre
.q
such times and-in- .such.."T9"1t-" -1,"^., be ( shal}ln:,^": distributions Any asree.
"""ftt"""it'it's
lElli"t "i'tn" ?:fril:."io"'ii'ttribute other ptop"t.v--is et'ent ii'-in"distributed.
the
lot
Partner' --t11 th in ";", anv amounts
reaionabll- t:::l:o}'
Partners
cannot
agree
:i::;..ri;{hrv caPital
rqed to the re-r3nip shall
not
be
event that cash or or for distribution be to n the amount
rcrovided herein, Do ExcePt as .exPr-es-s No l:nterest ' to the 5 8 . -:--:-.--------. i'tttinntions initial d on the be slal'I. Par of interest . arrrrca nt contributions subse anY on f.iti"t"hiP, or"*Tfr", CaPital capital the to ted cr( or on any amounl otherwise capital ' Account of eitllrer of the Partners 59.
Ealaries
and Drawingqt
Parrners, a P;ffil"-:, qi"1 ;:'!'il:';'"'i";;;;l;;
^tY:"-*
shall be sararY i"t-it"*
of the partneisilf;'and shallcaPitar l:i^,o"^^:1?,:? iartner's l-":i:t ;; #; ;;;i;i"s inur-e shaf: pt"rit". ;; -t1.t the caPitar or -t-lttliltlJ in excess ::.5;;i^iZiis each Partner. rn ttaaiti"". necessary ,""-*T:::17 expenses ;;;i;'t".ton'"ble
and
t::."" ?p"t-1t]:: "i" such or account ltenized
of the p.tt.,.i=nip"
3i.ii'=*;# ;;Part-n-ershit-lll?=..L reinbursed rrorn-theptocedures estabr ished I;tH:'"il:";;' 5 1 0.
*itt'-
consent qg-lglger
2 -
the aPProval of the rendered r services yable as an expense the balance iqainst share u-o additional
his
son of of
the
reirnbursed
caPital
other
for
his
rred in the course Each Partner ness. be nses and shall account such filing the PartnershiP' The Partners
shall
jointly
be responsible
rh; ,Jon"en€of -both:-f ll"-lt"t: (a) the sale of al.l
;;"i;;;".
following: "nG -paJriertlip
f"r-ift"
the assets of in
management
f^oT the
the
,r.trrre-'oi
the
which are not 6"t
or
t (b). -ef fectir (c) the c Businesst
oi ttr" Business u:-9: i except pursuant I
operation
,nd
of
the
rs shall be required al-l of substantiallY any material
change
,au-ct of activities conmencement date;
established already i'tv funds, . or i;i;";;"*i"g (e) encurnbering arrangements lines of credi't or sinilar Qt t ing expenditures, anv Partnership prop"*vi lll *"iig"qing or singlY which , lo nare expendi cornnitting trrl pitt""isnib same the to rer ;ing exPenditures other ;;;il;;--'*itn ooo;--( I entering lntg any arr3 in exce"=- of $25 ' V elvrr transaction ClIl>€f LI
contract,
t;;lh"t'
*itn
;ilil;;nts-
-other
ielatins
comma
binding
or other
agreement
9""t3?!='^^11t":::: same trat to this
-"r u:r the PT?-":'I13 i: ';1"-"" ;ii-eiJiauresany new Partner to - the ;ffi;i;"amendment of
(j )
Agieenent;
tiris
th
a attorneYs accountants' ;;;l;;t;hiP's in not a d v i s o rs; a n d tkj -a n y transaction the conduct of the Busrness' devote his hours to Bu s i n ess.
oe;Pogitorieq' All funds of the S12. a"po"ilEir iri-i-ts rnne in such checking shall ue aesrg""t"a LV the P-artn-e11'---ttl such under shall be upon such terurs, and fron t agree urutually the Partners "niff The Part'n S13. Boolrs and- Re.cords' of !h" rnaintained at the princrpal-6ffice h3y: tll'i.= Partner shall "C-"ir i:::::-:h: be the calendar shall Partnership the of Death
Retirenelq!
Disrsolution
(a) Vo1untary -oissolulieg-' e,nY@?T! dissolved at "f snait - proceed--Yi:.1*:^' event the p.t[ti"tt setr
tlre real
;;a
p"t=otttl-
prop.gty-?yl:d
^-"?iJJ-1'.i the business distribution t.-liq"idate mutual 9li-1?,,:?::""
ilv
dissolution,
;;i;-;;a -a^r
1^....i-a ilii.ii"q
ction
wiII
reguire
s 2 5 ,o o o ; ( h ) t h e
of
the ( i) r tner ship; the of selection other Professional
e ordinarY
course
of
Each Partner shall ing normal br*iness management of the
s11.
s1l.
nt which singlY or binding other or
the " assets
-;*rer ai=ttibuted, ^-;Ll
of
of
the
shall
of o riority: or Prioritv:
Partne
be set
as
r( (( l1) fot -)
. and liguidating -inA Partnership riJiritils owed obliqations navment of O'ebis -;t of th'; Part-ners; "i"J*l.'t; Pirtners i and ( the *!tJ*::-.ut::}" "iirn"t :ilffi:t 3 -
shall be PartnershiP nt or accounts as therefrom ithdrawals as ture authoritY' to time. hip books shall be and each rtnershiP, to.
The fiscal
Year
r. Disabilit nay be PartnershiP which in Partners, able ProurPtness to
and the PartnershiP Partners the or ip, UPon such fina. be shall Lp business the in ; to Provide, the of the Payurent the for xpenses i Q) to PartnershiP r the the of the balance to for distribution
with
in accordanse the Partners PartnershiP. the in
equa
their
interests
percentage
In the r Partner. of Partnergbi Insol it Partnership, o event of the :Lnsolvency or banlcruptcy of State the aws of shall be disso.lved in accordance with the of or bankruptcy insolv the of event the In connecticut. Partnership nlnsolvent the Partnerrr) ' (an Partner either ection 10(a) hereof, with accordance in f be diss,olved (the rrSolvent rtner ttre solvent "n"f that in lieu thereof except from the Insolvent piitirer',) shal.L have the option t9 purctra for a Purchase ship in the Part piittt"t of' his interest all (b)
equal to the Asreed J"1"11111-T": ov installments in quarterly["- p"v"ir" purc
pii""
t
which amount shal} of three a period at i n t e rest w i t h s€,
yeafs corumencing on th-e. date of such Journal on the treet in the Wall tn" prime rate as published t'Prime the Notwithstanding Raterr) ' such p,urchase (the aiie'of bankruPtcY such insr vency or in the event that f"t"q"i"g,
to January Lt 1??5' -thq lrior """ti"t this section 10 (b) for the Part ;e;; strall be the greater Insolvent Partner 'Ehen Irl9v4
tretween Insolvent
Capl his
the of balance and the balance of
the Part,ner
Dater, or (2) one Hundred Dolli iii""ti.t" be shall r-o(b) a Partner section Ihi; b t;he -
in
n""ft"pt-
bankruptcy ot Lrqtr^lslrev
event
----:--:--
sinilai or "io,itut
Uanfruptcy
not
is
ir"!""ti"g
of
filing
the
proceeding, ..the-;!i' agai .
a,
proceeding
disnissed
--
.
ti:lii-:
the ass for o:E a receiver lppointnent for: the benefit i-=!ig"t""t ".f -9-t:9it?:: his Ii a Partner to satisfy of i"iuirity
rchase
price
ip
interest
PaYabIe
of
an
( 1-) the dif ference such of Account I pital Account on the For Purposes of s. or deemed insolvent a voluntarY hirn of ng of an involuntarY
which C a Partner the 3O-day period, an of a Partner, or the a Partner,
Iities
as theY become
due.
(s) from the retire irre-ietirement, noticra rriti"" p"rit"t"hip no year.
fiscal
il;A;"d
AnY Partn-er partnership at the end of the.retir to be effective, Partner other upon the (3) months le3s than three Retirenent. _.-._-._..._-.-
The
remaining
Partner
sh
the :retirins
::-*""I::the :::::::: Partners and riguiaate i"- ilttinate purchase to elects Partner renaining the remaining Partner Partner, r"[iii"g to the retiring el-ection . -Partner ;;h pit[""itrtip w.ithin two (2) months of ] retirement. the
interest
(1) oi-Lnt
If
Par' the remaining Partner retiring l
Parl!'ner shall pay [o the -r-etir renaining sna!*fti"tt-o*"yl! a*"t"1-, Valuation |e over a period of three years initaffnents
4 -
I have the right to F or y fiscal year . Partner must serve of the the office of the end the fore to right I have the or PartnershiP n the the If p business. of the interest of notice serve all the iving
office notice
of of
the the
to Purchase r elects the the Partnershipr
the
Partner payable brnnencing
in
Agreed
quarterlY on the date
of
witfr
such purchase,
the nurchase bartnership,
interest
the
at
Rate.
Pri
does not elect to the in Partner reasonable with The Partnership.
Pa (2) If the remaining retiri the of interest shall Partners the
the business of pronptness- to liquidate distri liqrridation for ito"LOo." .ttre -and. tl: be shall Business Lft" Partnership pitagraph
to voluntary
1l-(a)- relating
ion
of
the
as set bution.
di
assets
of
forth
in
the Partners' the liguidate from n e r ' s interest
UPon the death o f (d) Deatb. partner have the op shall the surviving the deceased piittt"t=hip or to purchase estate. the deceased Partnerts
one of on to
(1) If the surviving Partr sunriving. the the Partnersh:Lp, -Partne.r t liquidate to pronptness reasonable pro the with piitnersnip Lccordance irr to voluntary dir relating oiiuotupn irfal shall recei estate i;;-a;;;;="a'Pirtner's have been would Partner the deceilsed' "ni"n Pa (2') If the sunriving in interest Partner's deceased the es shall Partner surviving Pay to tl" Amount, the [rgreed Valuation. Partner in-utt*. interest entire aeceasea PartrLr's (.got ninety shall }re paid within ir""nt Partne the to insurancle payable ald !h" ""v-iie" of the deceaied Partner, a.'"tn payable be Amount shall viiuation . in purchaset cornmencing on the date of such Prine Rate.
r elects to dissolve proceed with shall the of business in ures set forth excePt that olution, to
any distribution ntitled'
elects to Purchase the PartnershiP, te
of
thereby
the
deceased
Purchase
the
Such PartnershiP. of extent ys to the
on account
of the
the
Agreed
Iance
of
installnents arterly at the with interest
If eithel P: ner becomes disabled, (e ) D i sa b i l i tY. a Partner of the Pa rership and he shalL he sha}l cease toTe t in the PartnershiP of his entire ilte liquidation ;;";i;;-in installments rterly Amount, p1I:P1?-]: PaY::r? Va.Luation Amount, Agreed valluation ih; agreea the Prime Rate, the at t over ; Period of three Yearst wj.tn ldate on the llowing diy of the month thr: first -o*t"tt"ittg A l L ( e). S e c t i o n is t: *ni.n rt" i" deemeddisabled pultlalq this of purposes rtdisabledrl or piittt"t be considered shall section
;;;;iilg
11(e)
if
he
is
rti"' customary efforts
ifr" Pari.nershi.p and such neriod of two Years. l( lf r)
foregoing
mentallY
Electioa
pro''ris.iols. -9f
to the b
incapacity
for se
o-r
has e
Dissolution
^
Partner' a- hassr^e ietiiement- or disability tt:?^-.tt. t-h". ds Partner, nonlretiring 'piit".t"hip lieu in to be dissolved of
5
a
of incaPable icalIy of affairs and iness a continuous for sted
the Notwithstandinq to the ( e) r elating or e non-withdrawing the cause may b€, rnaking the Payment
s p e c i f i e d i n s u c h s e -forthwith c t i o n s l r . ( d ) - a ndissorved dI")'
which event the and business its dissolution such
in
tie "[i'ri affairstoorrduPandtheProceedso
;ffi;;;;t'ip
In the 1-L a) hereof. in actordance with section iitlii["t"d Partner to dissolve is made' Ehe electing event sueh an-Lfection ze the business of
;;;;;=- that he ehall not - t?IolT*9.,1-t1:1lf or engage in simirar busi it;-ilt6;;=nip, owner or I""a""ti-"g
ptol-i:i"tot siiiiraq
(airectry -or indire activiti"" --fo-,1 ^:^'l:1 dissoluti or such
;oncrusion
;:li;i;g'tff
Pirtners.hiP's
"i-itt"
upon
affairs'
(qr)
Amount.
Valuation
Valuation s h a l l be determined'
as an activities a business of one (1) Year of and the winding uP
Iy)
rAgreed The tern mean, and t shall
as follows:
may agree Partners a execute shall of the value the - agt""a v1lt:i. ."-:::i"s^-::1 be equal to Amour shall "i- rha Asreed valuation any increase of a unt agreed-pl5^lli
(1) From tirne to time' Partnership the of value
the
clrtificate
tt a
;;;t;;;"hip. one-half of the value so under this recervLng a palment Partnei"s capita,'t .account execution recent i"-tn" most tfre rf of such to Section l'1 rrc'n tli; date of the event rise iving tc' the date Certificate palmrent.
In th-e event- !11t ^:" of gxecuEecr for ..a.Period. !'er -vs eJecutea ter' bgen been (2)
Va1ue
has
insorvencyt the death, i""itf""tov, the death, 6t'"i"d't"y -.-":n"rr D'rtner. -fo as Partner,
disabilily' clrscrvrrreJ
' :i.tljti "---- ' b€, !h" lg:.":d
;:':;iJt
- -'-o.o*.,::::: "if i:ql1 3l't=r,""Eni;-du;i;stI'." or reti di"uuiritY {:':^ll::, ;:i:':;-'J"ir't""iri, (b) \s,
No
Otber.
PafP-e-9tE'
t i O , Partr of f fthe -r.: ^-r^i r' i rr.r disabilitY * e ! ot brankruPtcy, DanKruPtsy'insolvency, Ene amount ryI*l or the of mea'sure mea,sure r^recroinct foregoing and no other or fu rn.ount of account "o.in-at"ti or paid to such Partner' Iiriiiu"ted
dissolution
s14. d i s p o se o f person not igreement, transfert
Transfer of -PartnelEbiP-Ilter or any .Porcron -:F.ittt"t TlJ-fn-terest PartnershiP ' the of .
iali"p"*"'
"rJj.ifi#;t,
of Agreed ificate ) (1) Year Preceding of a I br ret'irement
Amount shall Iuation of the s earnings lntlY Preceding the
the of event the death' retirenent, the Partner, a of on any Partner to
r .
arnounts shal}
No Partner
be
shall
or'rdisPositi?1':^:l pr"ag", hYPothecati
herein The terms rnd provisions and the s15- @' Parll:q agreement .rott! eiEire coniFffi6-Tne negotiati ons ' containea communi< tioni, pt"ttio"" all between or written, shatl or "rrp"t"i=At or asreements' either matter hereof' ;";;;=";fiiiott" u n i ect the to respect *itr' ;;"; except bY of modified ;;:';;;rJ ' altere arn6nded be not This Agreenenil;t 6
a writing
signecl by each of the parties
o,
her
S17.
and
icut. rts of
Separate qounte
Couri!g$a*s.-
be construed
I1
516. coveqgleg--Law.- This Agreement laws of the State of Co enforced withEre delivered, ment may G exeffid-ana and- tll instrument, deemed ln original -constitute and the one but iogether shall
of this Agreewhich sha1l be
such counterParts Agreement.
f
t shall inure This j and personal rators , adnini to, The r ights , to. ""a-;e o? eac\ o-f the. P"tt:::^-l t"irt."."tatives be assigned not may parties and duties of the pii"if"q"= .heret -assigning Partner. n the of consent i,ritnout-the prior written S18.
Assignnent
and Benefit'
ions of the various T h9 headings 91:: reference convenient fo agreement are intended sections or-ttis upon in relied be to are nor only and do not form a Part hereof the of ny Provisions restrict dhange or any ttay to interpret, Agreement. of this
s 1 9 . C a p ti o n s.
s2O.
DlotLces.
AII
notices
'
reqlues
I
permitt:q -":ef fectivelY deened "or*oii"ationtEquired, de sharr ;;;;;;i if oirrerwise mader (a) upon receipt upon I shown dat-e delivery the upon iul tiiLr.?r by u.s. regijtered or certified cornmunications : r6ceipt reqriested' ;;;irn rnJii--r" dir:eclted- to the addressee at his ift"
t""ords
of
the
,
demands lated
or other bY this
or delivered rved, or delivered, lI}y if receiPt returned postage Pr eP ai d, iI, tended address
for a Partner in aPPearing
PartnershiP'
of thi s : pr ovision ny person or circumor to be invalid exrenr be deterni =n111 :ffiil" judgment or f inar and . unapp.e-a-lal order, bv a""y ;;;;i;;teable of remainder , the of competent juri.odict decree of a term or Provision to -otner ior ttre app.l.icat-i-on this Agreemeni".rrirt il::"t s to which it is held than those circrinstances ;;;;";;-oi shall not be-^aff cted therebY and each ot ,rrr"rtiorceable) invalid and enforcevalid lr tni= Asreenent '-l-"11 i;;-;; ;;";;i;; hereto extent p-ermittef by le . The Parties to itre fu.llest ;;r; in which any they. are not aware of any llr..-1rtut of any provisions contrav:f: of. 11is AqT-"I:1t pi""i=i"" any whether of tive principle-, and' - i-It:: i;;' ;-"qoitulor" each exist, to aimed night -to -subsequeltly-:: sucfr contiavention reement nevertheless b" nouna bv this Ii-tn"-p"iti"t hereof. ter the "s;";; aid observe alr of iertorn ""4-i" 521. aqreeient
If sgveralilitL-* tor Ehe-apprication
any tgrm thereof to
- 7
IN m$flEgg nEnEOf r the Agreement the date first this bound thereby. Iegally
Parties above
her wri
have entered into to be , intending
in
Signed, sealed and delivered the presence of:
T. Stevens, JE.
STATE OF CONNECTICT'T COUNTY OF
) ) )
aPPeared, I lersonallY ina sealers of the signdrs -, each acknowledged before me the same deed.
Conmissioner
8 -
ing
instru.ment, his free act
f the Superior
an and
Court
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