Partnership Agreement-1 Lavin

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