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EXHIBIT 10(s)
MEMORANDUM OF UNDERSTANDING
REGARDING
1984 PACE ARROW MOTOR HOME
THIS MEMORANDUM OF UNDERSTANDING is entered into on this _____ day of December.
1992 by and between XXXX XXXXXXXXX and XXXX XxXXXXXX.
XXXX and XXXX hereby acknowledge their understanding of and agreement with the
following:
1. Xxxx has provided goods and/or services to THE CHAIR WORKS, INC. for
which he has not been paid and for which he has not billed the company.
2. THE CHAIR WORKS, INC. will purchase a 1984 Pace Arrow motor home for a
price of $22,500.
3. XXXX will have the sole and exclusive use of the motor home during the
time it is owned by THE CHAIR WORKS, INC.
4. At any time XXXX has the right to purchase the motor home from The Chair
Works for $1,000.
5. The difference in the price identified in #2 and #4 above is in
recognition of and "partial payment for" the goods and/or services
provided by XXXX in #1 above.
6. It is understood and agreed that XXXX shall pay The Chair Works, Inc. a
nominal fee for the lease and XXXX will be responsible for the insurance
coverage on the motor home.
7. It is understood and agreed that although the motor home will show up on
the assets of the company, it will not be depreciated, and in the event
the company is ever sold, the motor home shall not be considered or sold
as a part of the assets of the company.
/s/ XXXX XxXXXXXX /s/ XXXX XXXXXXXXX
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XXXX XxXXXXXX XXXX XXXXXXXXX