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Exhibit 10.48
AGENCY AGREEMENT
This Agency Agreement is made this 9th day of October, 1997, by and
between The Ozer Group LLC, a Massachusetts corporation with a principal place
of business at 000 Xxxxxxx Xxxxxx, 0xx Xxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000 (the
"Agent") and Norty's, Inc., a Delaware corporation with a principal place of
business at 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 (the "Merchant").
WHEREAS, the Merchant operates ten (10) stores and a warehouse and
desires that the Agent act as the Merchant's exclusive sales agent for the
limited purpose of conducting the Sale (as hereinafter defined).
NOW THEREFORE, in consideration of the mutual covenants and
agreements set forth hereinafter and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Agent and the
Merchant hereby agree as follows:
1. Agency Appointment
Agent shall serve as the Merchant's exclusive agent to (i) conduct a
Store Closing on Everything Sale (the "Sale") of all inventory assets as further
defined in subsection 2(c) hereof (the "Merchandise") from ten (10) of
Merchant's stores located at the locations set forth on Exhibit 1 hereto (the
"Stores"); and (ii) take such steps as may be deemed necessary and appropriate
in Agent's sole discretion to liquidate the Merchandise consistent with the
preceding sentence so as maximize the Proceeds (as hereinafter defined). It is
expressly agreed that the Sale shall be advertised as a "Store Closing Sale" or
similar handle throughout the Sale Term (as hereinafter defined). Agent shall be
entitled to advertise the Sale and use Merchant's trade name and logo consistent
with the preceding sentence. All
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such advertising will be submitted to the Merchant for approval on forty eight
(48) hours notice, which approval shall not be unreasonably withheld. Absent a
response from the Merchant with regard to Agent's request for such approval
within forty eight (48) of Merchant's receipt of Agent's request, such
advertising will be deemed approved.
2. Merchandise
a. Inventory
The Agent shall cause to be taken a "Retail Price"
physical inventory (as hereinafter defined) of the Merchandise, as defined in
subsection 2(c) herein (the "Physical Inventory"), to be conducted beginning at
the close of business at the Stores on October 2 and 3, 1997 ("Inventory Dates")
and no sales shall be transacted during the Physical Inventory. Merchant and
Agent shall jointly employ a certified inventory taking service such as RGIS
(the "Inventory Service") to conduct such inventory, and Merchant and Agent each
shall pay 50% of the costs and fees of such inventory taking service. Other than
such costs and fees, each of Merchant and Agent shall bear its own costs
relative thereto. Merchant and Agent shall each have representatives present
during the Physical Inventory taking and each shall have the right to review and
verify the listing and tabulation of the inventory count as provided by the
Inventory Service. The procedures to perform the Physical Inventory and its
verifications are set forth in Exhibit 2. Prior to the Physical Inventory, Agent
shall have full access to all records and all documents and files of Merchant
relative to the actual costs and Retail Prices of the Merchandise.
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b. Valuation
(i) For purposes of this Agreement "Retail Price" shall
mean in the Stores (as hereinafter defined), the lowest ticketed price offered
to the public since August 1, 1997, except for: (i) inventory offered in the
outlet stores that has been offered at any time at a point of sale ("P0S")
discount of fifty percent (50%) or greater, in which case "Retail Price'shall
mean the lowest offered prices to the customer for such items at any time by any
means, and (ii) Seasonal and Clearance merchandise (as hereinafter defined) in
the Stores at the Sale Commencement Date (as hereinafter defined), in which case
"Retail Price'shall be determined in accordance with Section 2(f), hereof. As
to defective inventory, Merchant and Agent shall agree upon a mutually
acceptable "retail" value.
(ii) The "Retail Price", using the Physical Inventory,
is subject to a verification that, other than markdowns and transfers in the
normal course of Merchant's business: (a) no tickets have been marked up since
August 1, 1997; (b) all ticketing, including ticketing of on-order inventory
received from today to the date of the physical inventory, will be done in
accordance with Merchant's customary, historic and ordinary ticketing practices
and consistent with current ticketing; (c) all normal course hard markdowns have
been taken consistent with past and customary practices and normal course hard
markdowns have been taken on defective inventory; (d) the inventory is free and
clear of all liens, claims and encumbrances, except as set forth on Exhibit 5;
and (f) no movement of inventory to or from the Stores so as to alter inventory
mixes, quantities, and categories, except in the normal course, has occurred or
will occur from and after August 1, 1997, it being the intent that the Stores
are being operated in the ordinary course consistent with Merchant's historical
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practices, other than as agreed upon by Merchant and Agent prior to the Sale
Commencement Date.
x. Xxxxx Rings
i) In the event that the Physical Inventory at a
particular Store is taken prior to the Sale Commencement Date, at which Store
the Merchant continues to conduct sales in the ordinary course of business
between the Inventory Date and the Sale Commencement Date, Agent and Merchant
shall jointly keep (i) a strict count of gross register receipts of sales of
Merchandise, less applicable sales tax ("Pre-Sale Gross Rings"), and (ii) cash
reports of sales at the Stores. The register receipts shall show for each item
sold the Retail Price and the storewide or other markdown or discount granted in
connection with such sales. All such records and reports shall be made available
to Agent by Merchant during regular business hours upon reasonable notice. For
the purposes of this Agreement, the Retail Price of Merchandise subject to
Pre-Sale Gross Rings shall be the total Pre-Sale Gross Rings multiplied by 102%
("Pre-Sale Gross Rings Amount"). The Pre-Sale Gross Rings Amount shall be
deducted from the Physical Inventory.
ii) In the event that the Physical Inventory at a
particular Store is taken after the Sale Commencement Date, Agent and Merchant
shall jointly keep (i) a strict count of gross register receipts of sales of
Merchandise, less applicable sales tax ("Pre-Inventory") and (ii) cash reports
of sales at the Stores. The register receipts shall show for each item sold the
Retail Price and the storewide or other markdown or discount granted in
connection with such sales. All such records and reports shall be made available
to Agent by Merchant during regular business hours upon reasonable notice. The
Pre-Inventory Gross
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Rings shall be included in the Proceeds. For the purposes of this Agreement, the
Retail Price of Merchandise subject to Pre-Inventory Gross Rings shall be the
total Pre-Inventory Gross Rings multiplied by 102% ("Pre-Inventory Gross Rings
Amount"). The Pre-Inventory Gross Rings Amount shall be included in and added to
the Physical Inventory.
d. Merchandise Subject to this Agreement
For purposes hereof, Merchandise shall mean all first
quality saleable inventory located at the Stores from today, including goods
received at the Stores during the Physical Inventory in the ordinary course of
business; inventory transferred from Merchant's warehouse, as provided in
section 2(e) hereof; "seasonal" or "clearance" goods (as herein defined); and
"defective" goods. "Seasonal" goods or "Clearance" goods are goods not normally
sold in the current selling season. "Defective" goods are goods agreed upon and
identified by Merchant and Agent as defective or otherwise not salable in the
ordinary course during the Physical Inventory process because they are dented,
scratched, torn, worn, dated, mismatched, have broken parts or contain other
characteristics making them not "first quality". Display merchandise shall not
be deemed defective per se. If Merchant and Agent cannot agree on the value of
an item that is Seasonal, Clearance or Defective, then such item shall be
excluded from Merchandise for purposes of this Agreement and shall be subject to
Section 2(f) hereof. Merchandise shall not include goods held by Merchant on
consignment; goods retained by Merchant as bailee; furnishings, fixtures and
equipment; goods subject to "special order"; and goods on layaway or held for
repair. Merchant shall remain responsible for processing and handling all goods
referred to in the preceding sentence, and contracts relating thereto, and Agent
shall have no cost, expense or responsibility in connection therewith.
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e. Merchandise in Transit from Warehouse
Inventory may be transferred from Merchant's Warehouse
to the Stores, at the Merchant's expense prior to the Physical Inventory, to be
included in the Physical Inventory and to be sold during the Sale, pursuant to a
schedule mutually agreed upon by Merchant and Agent. Notwithstanding the
foregoing, supplies (e.g. boxes, bags) shall not be redirected or directed by
Merchant between or among Stores prior to the Inventory Date so as to alter the
relative supplies levels of the Stores from those existing on the Inventory
Date. Merchant does not represent that adequate stocks of supplies are or will
be available at the Stores as of the Sale Commencement Date.
f. Defective, Seasonal and Clearance Goods
If, at the time of the Physical Inventory, Merchant and
Agent cannot in good faith agree on (i) whether an item constitutes Seasonal,
Clearance or Defective goods; and/or (ii) the value of an item that constitutes
Seasonal, Clearance or Defective goods, then such goods shall not be included as
"Merchandise" as defined in Section 2(d). Upon Merchant's request, Agent shall
sell such goods on a consignment basis, on account of which sale the proceeds
shall be shared 70/30 between Merchant and Agent respectively. If Merchant does
not request that Agent sell such goods on a consignment basis, then Merchant
shall retain title to any such goods.
g. Additional Inventory:
If Merchant and Agent agree upon a price and other
mutually agreed upon terms, Merchant shall, at Agent's request and sole
discretion, make available new
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fall on order merchandise so as to increase the inventory level at the Stores to
an amount not to exceed $3.5 Million.
3. Sale
a. Term
Unless otherwise agreed to between Merchant and Agent,
the Sale shall commence as soon as those conditions set forth in Section 6
hereto are satisfied or met (the "Sale Commencement Date") but in no event later
than October 3, 1997 so that the advertised portion of the Sale can commence by
October 3, 1997. Unless otherwise agreed to between Merchant and Agent, the Sale
shall terminate on or before January 10, 1998 (the "Sale Termination Date"). The
Agent shall have the discretion to terminate the Sale as to any Store at any
time within that time frame, unless the Sale is extended by mutual written
agreement of Agent and Merchant. If Agent terminates the Sale as to any
particular Store prior to the Sale Termination Date, Agent may consolidate goods
remaining therein in other Stores. The period from the Sale Commencement Date to
the Sale Termination Date shall be hereinafter referred to as the "Sale Term".
b. Rights of Agent
The Agent shall conduct the Sale during the Sale Term in
the name of and on behalf of the Merchant in a commercially reasonable manner.
The Agent, in the exercise of its sole discretion, however, shall be entitled
(i) to establish and implement advertising and promotion programs, (ii) to
establish Sale prices, (iii) to use, during the Sale Term and for purposes of
selling the Merchandise, without charge, all customer lists, furniture,
fixtures, equipment, advertising materials, supplies, intangible assets
(including
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Merchant's name, logo, and tax I.D. numbers) and other assets of Merchant
(whether owned, leased, or licensed) which will be returned to Merchant at the
end of the Sale Term, and have not been used (e.g. supplies) or otherwise
disposed of through no fault of Agent, (iv) to use the Merchant's personnel, to
the extent that Agent, in the exercise of its sole discretion, shall deem
appropriate, (v) to have access to the Stores upon the execution of this
Agreement to prepare for the Sale and to prepare for the Sale in a manner so as
not to disrupt Merchant's on going business operations, and thereafter, to use
all Store keys, case keys, security codes, and safe and lock combinations to
gain access to and to operate the Stores, and (vi) to transfer Merchandise
between Stores. All sales of Merchandise will be "final sales" and "as is" and
all advertisements and sales receipts will reflect the same. Agent shall not
warrant the Merchandise in any manner, but will pass to the customers,
manufacturers' warranties to the extent transferable. Merchant shall indemnify
and hold harmless Agent for all liabilities and costs of whatever kind related
to or resulting from any consumer warranty or products liability claims relating
to the Merchandise and at Agent's cost, Agent shall be added as an insured on
Merchant's product liability insurance coverage. Other than as specifically
contemplated herein, nothing in this Agreement shall authorize Agent to bind or
otherwise legally obligate Merchant.
c. Obligations of Agent
i) During the Sale Term, the Agent shall collect from
Sales at the Stores all Sale-related sales, excise and gross receipts taxes
payable to any taxing authorities having jurisdiction, which taxes shall be
added to the sale price and shall be paid by the customer. The Agent shall
reimburse Merchant for sales taxes collected as part of the
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weekly reconciliation between Merchant and Agent. Agent agrees to cooperate with
the Merchant at Merchant's request as it relates to questions from taxing
authorities. So long as Agent complies with the provisions of this subsection,
the Merchant shall indemnify and hold harmless the Agent from and against any
and all costs including, but not limited to, reasonable attorneys' fees,
assessments, fines or penalties which the Agent sustains or incurs as a result
or consequence of the failure by the Merchant to promptly pay such taxes to the
proper taxing authorities and/or the failure by the Merchant to promptly file
with such taxing authorities any and all reports and other documents required,
by applicable law, to be filed with or delivered to such taxing authorities.
ii) The Agent shall pay, or if paid by Merchant, Agent
shall reimburse Merchant, in each case on a weekly basis, for Store-level
operating expenses of the Sales which arise during the Sale Term at the Stores,
including but not limited to the following: base payroll for Store employees
(including a store incentive program for employees and managers of the Stores
equal to 10% of the base payroll, inclusive of statutory benefits), payroll
related expenses (including Workers Compensation insurance), not to exceed 20%
of payroll, excluding Merchant provided central administrative services for the
Sale, including home office payroll processing, data processing and other
services, as needed by Agent and which Merchant shall provide to Agent during
the Sale Term) and benefits; inventory insurance; advertising and promotional
costs, store to store transfers of inventory; in-store signage; long-distance
and local telephone expenses; security, bank charges and fees, legal fees; and
the Physical Inventory fee (collectively, the "Expenses"). "Expenses" shall not
include Occupancy (which is rent, percentage rent, CAM, utilities, real estate
and use taxes
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and Merchant's Associations dues and charges, building insurance, HVAC, building
and store maintenance and structural repair during the Sale Term. "Expenses"
also specifically excludes any other costs and expenses payable by Merchant
(including but not limited to costs resulting from administration of matters
such as layaways, store credits, gift certificates, and the shipment of
Merchandise from the Warehouse to the Stores during the Sale, which shall be the
responsibility of Merchant); employee benefit costs (such as, but not limited to
pension, health, vacation or severance benefits except as they fall under the
20% cap) other costs and expenses not enumerated above; and rental for
furniture, fixtures and equipment except as such rentals are ordered by Agent.
All Expenses shall be paid from the Proceeds, as follows:
a. While the Merchant is in control of the
Proceeds, in accordance with Section 4 hereof, during the Sale Term, Merchant
and Agent shall reconcile the Expenses, on each Wednesday for the prior week's
(i.e. Sunday through Saturday) Expenses including the Wednesday following the
Sale Termination Date. Once the Expenses have been reconciled Merchant shall
tender payment for the Expenses from the Proceeds. In the event that the Agent
pays an Expense directly, Agent shall invoice Merchant for such Expense and such
Expense shall be included in the following week's reconciliation of Expenses.
b. While the Agent is in control of the Proceeds,
in accordance with Section 5(b)(iii) hereof, during the Sale Term, Merchant and
Agent shall, reconcile the Expenses on each Wednesday for the prior week's (i.e.
Sunday through Saturday) Expenses including the Wednesday following the Sale
Termination Date. Once the Expenses have been reconciled Agent shall tender
payment for the Expenses from the
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Proceeds. In the event that the Merchant pays an Expense directly, Merchant
shall invoice Agent for such Expense and such Expense shall be included in the
following weeks reconciliation of Expenses.
iii) During the Sale Term, the Merchant shall process
the base payroll for all Merchant employees utilized by the Agent. Such
employees will be identified by Agent prior to the Sale Commencement Date. Agent
may request that Merchant terminate such employees at any time during the Sale,
and will use best efforts to notify any employee to be terminated at least seven
(7) days prior to termination, except for a termination "for cause'such as
dishonesty, fraud or breach of employee duties. In the event that Merchant
refuses to terminate such employee, then Agent has no obligation to continue to
pay such employee's base payroll or payroll related benefits or expenses. Each
week during the Sale Term, either (i) the Merchant shall pay out of the
Proceeds, or (ii) the Agent shall pay to Merchant, or shall deposit into an
account designated by the Merchant, the base payroll plus related payroll taxes.
Base payroll and related payroll taxes of employees are designated on Exhibit 3
hereto. Merchant shall not transfer employees between Stores without Agent's
consent. The Agent shall not be responsible for reimbursement or payment of any
other compensation or costs due to employees, including but not limited to
vacation pay, severance pay, sick pay, leave-of-absence pay, or pension benefits
or amounts required to be paid by statute or law. Nothing herein shall make
Agent liable under any collective bargaining or employment agreement, nor shall
Agent be deemed a joint or successor employer.
iv) Except as specifically set forth in this Agreement,
the Agent shall not assume, nor shall its actions be construed as an assumption
of, any of the
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Merchant's liabilities or obligations and Merchant shall not assume, nor shall
its actions be construed as an assumption or any of the Agent's liabilities or
obligations. The Merchant shall indemnify and hold the Agent harmless in respect
to all claims, if any, for those obligations and liabilities arising out of
Merchant's actions or failure to act hereunder. The Agent shall indemnify and
hold the Merchant harmless in respect to all claims, if any, for those
obligations and liabilities arising out of Agent's actions or failure to act
hereunder.
4. Proceeds
a. For purposes of this Agreement, Proceeds shall mean the
total amount (in dollars) of all sales of Merchandise made under this Agreement
(exclusive of sales, excise and gross receipt taxes; credit card fees; and
returns, allowances and customer credits). All sales will be made only for cash,
by approved checks and by credit cards currently accepted by Merchant. The Agent
shall accept Merchant gift certificates, store credits and due bills issued in
accordance with Merchant's historical policy prior to the Sale Commencement Date
but the amount thereof will not be Proceeds. Agent also shall accept returns of
goods sold within seven (7) days prior to the Sale Commencement Date in
accordance with Merchant's historic return policy, but the amount thereof will
not be Proceeds. Merchant shall reimburse Agent for all gift certificates,
stores creditors, due bills and returns which are honored pursuant to this
Agreement. All such reimbursement shall be applied as an offset to the weekly
payment of Expenses provided for in Section 3(c)(ii) hereof. If requested by
Merchant, Agent may, at its option, purchase from Merchant such returned goods
that are resalable at the Retail Price (applicable to that category of
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Merchandise as if such returned item were "Merchandise" hereunder) multiplied by
the inverse of the applicable discount at the time of the return, multiplied by
eighteen percent (18%).
b. All Proceeds shall be deposited into Merchant's bank
accounts until such time as the Merchant has been paid the Guaranteed Amount and
the Expenses to date have been paid in accordance with Sections 3(c)(ii) and
5(b) hereof. Once the Merchant has been paid the Guaranteed Amount and the
Expenses to date have been paid, in accordance with Sections 3(c)(ii) and 5(b)
hereof, the Proceeds shall be deposited into special agency accounts, for which
the Agent shall have sole signatory authority and control. Merchant shall
execute and deliver all necessary documents to open and maintain the accounts.
5. Payment
a. Payment Amount
i) Agent shall guarantee to the Merchant a sum equal to
eighteen percent (18%) of the inventory value at "retail" in the Stores plus the
percentage of any Additional Inventory, as defined in Section 2(g) hereof, to be
added to the Sale, as mutually agreed between the Merchant and Agent, calculated
as follows (the "Guaranteed Amount"):
1. twenty-two percent (22%) of the "retail" value of
the Additional Inventory if the "retail" value of
the Additional Inventory to be added to the Sale
aggregates approximately $1.1 million; or
2. twenty-four and one-half percent (24.5%) of the
"retail" value of the Additional Inventory to the
extent that the "retail" value of the Additional
Inventory to be added to the Sale is less than
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$650,000 (or such other additional mutually
agreeable amount); and
3. twenty-two percent (22%) of the "retail" value of
the Additional Inventory to the extent that the
"retail" value of the Additional Inventory to be
added to the Sale exceeds $650,000 (or such other
additional mutually agreeable amount) but is
significantly less than $1.1 million.
If the Proceeds from the Sale exceed the sum of (i) the Guaranteed Amount and
(ii) the Expenses of the Sale, then the Agent will keep as its Fee, the next two
percent (2.0%) of the inventory value at "retail" in the Stores (the "Agent's
Fee"). If the Proceeds of the Sale exceed the sum of (i) the Guaranteed Amount;
(ii) the Expenses of the Sale; and (iii) the Agent's Fee, then the Merchant and
Agent will share equally in such excess Proceeds (the "Sharing Amount").
b. Time of Payment of Guaranteed Amount and Expenses
i) The Guaranteed Amount and the Expenses shall be paid
from the Proceeds from the Sale on a weekly basis. To secure its obligation to
pay the Guaranteed Amount and the Expenses to be paid to Merchant by Agent,
Agent will deliver to Merchant an irrevocable standby letter of credit in the
form set forth as Exhibit 7 (the "Agent L/C"), in an amount equal to $500,000
(the "Face Amount") together with the execution and delivery hereof by Agent,
but in no event later than October 14, 1997.
ii) If this Agreement has not previously been terminated
pursuant to Section 11(a) hereof, and in the event that (a) the Proceeds are not
sufficient to pay the Guaranteed Amount and the Expenses and (b) Agent fails to
make
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Merchant whole within seventy two (72) hours of Merchant notifying Agent of such
deficiency, then Merchant (or any person or entity claiming by, through, or
under Merchant, by assignment, pledge or otherwise) may draw against the Agent
L/C to the extent necessary to pay the balance of any remaining unpaid portion
of the Guaranteed Amount and the Expenses on the Sale Termination Date.
iii) Notwithstanding the Face Amount, any draws against
the Agent L/C as provided for herein shall not exceed an amount equal to the
Guaranteed Amount and the Expenses.
iv) Once Merchant has received the Guaranteed Amount and
the Expenses to date have been paid, Merchant shall surrender all control of the
Proceeds to the Agent.
v) Every two (2) weeks, starting from the Sale
Commencement Date through the Sale Termination Date, Merchant shall authorize
the reduction of the Agent L/C by an amount equal to the amount of the Proceeds
that Merchant received, as of the close of business on the previous day.
vi) Unless otherwise agreed to between Merchant and
Agent, upon receipt by Merchant of the full Guaranteed Amount and the Expenses
to date, the Agent L/C shall be reduced to an amount equal to two (2) weeks
Expenses.
vii) The Agent L/C shall terminate automatically two (2)
weeks after the Sale Termination Date.
d. Agent's Payments
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The Merchant shall not be entitled to the payment of any
other monies from the Sale or otherwise, except as specified in this Agreement.
The Remaining Proceeds (after payment of the Guaranteed Amount, the Expenses,
the Agent's Fee and the Merchant's share of the Sharing Amount) shall belong to
Agent in consideration of goods and services provided by Agent hereunder. All
Merchandise remaining at the conclusion of the Sale shall become the property of
Agent, free and clear of all liens, claims and encumbrances of any kind or
nature whatsoever, other than Agent's obligation to pay Merchant's equal portion
of the Sharing Amount, if any, relating to the subsequent sale of this
Merchandise.
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6. "Cash Savings"
a. In addition to and separate from the Guaranteed Amount,
Expenses and the Sharing Amount, the difference between the actual cost of the
Merchandise on Merchant's books and the Guaranteed Amount, shall be paid by D&W
Enterprises, Inc. ("D&W") to Merchant solely in the form of "Cash Savings" on
merchandise, services, travel/hotels and media that Merchant may be interested
in purchasing from D&W and that may be contained in D&W's then current
inventory.
b. "Cash Savings" shall be defined as the difference between
the lowest price (after cash discounts) at which Merchant could reasonably pay
for any such merchandise or services through Merchant's normal channels and the
price at which D&W will sell to Merchant any such merchandise or service. Upon
delivery of any such items to Merchant by D&W, Merchant will pay D&W such lower
cash cost for the item delivered under the terms mutually agreed to between
Merchant and D&W each time merchandise or services are sold to Merchant by D&W.
"Cash Savings'shall be realized by Merchant through those purchase orders
issued by Merchant to D&W and the respective invoices issued by D&W to Merchant
which specifically outline the "Cash Savings" Merchant is to receive for any
merchandise or services sold to Merchant.
c. It is expressly intended and understood that any balance of
payment due to Merchant by D&W shall be remitted solely by means herein set
forth for the time period required to accomplish this result and that D&W shall
not be required to remit any other form of payment or cash to Merchant in
payment of any "Cash Savings" due by D&W to Merchant hereunder. D&W shall offer
Merchant merchandise, services, and media
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in its inventory or as may become available to D&W. This section does not apply
to the Guaranteed Amount or the Sharing Amount. Merchant has no obligation
hereunder to purchase any merchandise or services from D&W.
d. It is expressly intended and understood that any "Cash
Savings" of the Merchant, as provided herein, shall be for the benefit of
Merchant, or any affiliate, including, without limitation, Norton XxXxxxxx of
Xxxxxx, Inc. or Miss Xxxxx, Inc.
e. It is expressly intended and understood that Agent has no
obligations or liability with respect to the Cash Savings and D&W.
7. Conditions
The Agent's and Merchant's willingness to enter into the
transaction contemplated hereunder and Agent's and Merchant's obligations
hereunder are directly conditioned upon the satisfaction, compliance, and
completion of the following:
a. The Merchant having obtained all government permits and
consents necessary to conduct the Sale and any other necessary government
approval.
b. The Merchant having obtained all other consents and
approvals, whether required by contract or otherwise (including those of
landlords for the Stores) necessary to consummate and perform the transaction
herein contemplated.
c. The Merchant possessing and the Agent having the right to
the undisturbed and unencumbered use and occupancy of, and the peaceful and
quiet possession of, the Stores and assets currently located thereat and the
services provided thereto.
d. The Merchant continuing to operate the Stores in the
ordinary course of business from the date hereof to the Sale Commencement Date,
selling
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Merchandise during said period at prices currently charged therefor, not
promoting or advertising any "sales" or in-store promotions to the public, and
not making any management personnel moves or changes. If any casualty or act of
God substantially inhibits the conduct of business in the ordinary course at any
Store, such Store and Merchandise thereat shall be deleted from this Agreement.
e. As of the Sale Commencement Date, the Merchant is current
with all of its rent and related obligations under the Leases for the Stores.
f. As of the Sale Commencement Date, the Merchant is current
with all of its obligations to its advertising vendors.
g. Prior to and during the Sale Term, Merchant shall not issue
any communications about or concerning the Sale without Agent's prior consent,
which will not be unreasonably withheld.
h. Unless otherwise consented to by the Agent, the Physical
Inventory shall have been completed at each Store, and the Inventory Service
shall have issued its final report to Merchant and Agent.
i. Upon reconciliation of the Physical Inventory and the
Additional Inventory, Agent shall provide Merchant with a projected budget of
the Expenses (the "Projected Expense Budget"). While Agent shall use its best
efforts to maintain the Expenses within the budget, other than for Supervisor's
Pay and Bonuses, as identified on Exhibit 4 hereto, the Expenses shall not be to
limited to the amounts set forth in the budget.
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8. Representations and Warranties
a. The Merchant hereby makes the following representations and
warranties to the Agent, which shall survive the execution and delivery of this
Agreement:
i) The Merchant is a corporation, duly organized,
validly existing and in good standing under the laws of Delaware and has the
corporate power and authority to own, lease and operate its assets, properties
and business and to carry on its business as now being conducted.
ii) The Merchant has the right, power and authority
required to execute, deliver and perform fully its obligations hereunder. This
Agreement has been duly executed and delivered by the Merchant and constitutes
the valid and binding obligation of the Merchant enforceable in accordance with
its terms, subject to the Order. No court order or decree of any federal, state,
or local government authority or regulatory body is in effect that would prevent
or impair consummation of the transactions contemplated by this Agreement, and
no consent of any third party other than that obtained by Merchant is required
therefor.
iii) The Merchant has operated the Stores in the
ordinary course of business consistent with historical operations and has not
conducted any promotions or advertised sales except promotions and sales in the
ordinary course of business prior to the Inventory Date consistent with
historical promotions and sales for comparable periods last year and subject to
Agent's prior reasonable review.
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iv) The Merchant is authorized to conduct business in
all necessary states and has all licenses, permits and authorizations of
governmental bodies necessary therefor.
v) The Merchant will remain current through to the Sale
Termination Date on its rent and related obligations under the Leases for the
Stores.
vi) The Merchant will remain current through to the Sale
Termination Date, with its advertising vendors.
vii) The Merchandise is owned free and clear of liens,
claims and encumbrances except for the liens listed on Exhibit 5 hereto.
viii) The Merchant has obtained all appropriate consents
or approvals of all parties identified on Exhibit 5 hereto as are necessary to
consummate and perform the transaction herein contemplated.
ix) Since August 1, 1997, Merchant has maintained its
records for the Merchandise of the Stores in the ordinary course and prices
charged to the public for the Merchandise (whether in-store, by advertisement or
otherwise) are the same as set forth in the said pricing files as of and for the
periods indicated, except for the promotions and sales described in Section
7(a)(iii). Merchant shall identify and provide, as requested by Agent, copies of
all pricing files and records since March 1, 1997 as to all Merchandise in the
Stores, and represents that same are true and accurate in all material respects
as to the actual cost to Merchant for purchasing said Merchandise and as to the
selling price to the public therefor as of the dates and for the periods of such
files and records.
21
22
x) There has been since August 1, 1997, and currently
is, no threatened or pending legal, administrative or other proceeding with
respect to the Stores or any inventory transferred to the Stores pursuant to
Section 2(d) hereof which would in any way impact Merchant's responsibilities
hereunder. There has been since August 1, 1997 and is, no event, report,
proceeding or matter concerning or affecting the business of Merchant or its
assets which had, has or may have a material adverse impact on the business of
Merchant.
b. The Agent represents and warrants to Merchant as follows,
which representations and warranties shall survive the execution of this
Agreement:
i) The Agent is a corporation, duly organized, validly
existing and in good standing under the laws of the Commonwealth of
Massachusetts and has the power and authority to consummate the transactions
contemplated hereby.
ii) The Agent has the right, power and authority to
execute and deliver this Agreement and perform its obligations hereunder and has
taken all necessary action required to authorize the execution, delivery and
performance of this Agreement and no further approval is required for the Agent
to enter into and deliver this Agreement and to perform its obligations
hereunder.
iii) This Agreement has been duly executed and delivered
by the Agent and constitutes the legal, valid and binding obligation of the
Agent enforceable against the Agent in accordance with its terms subject only to
any applicable bankruptcy, insolvency or similar laws affecting the rights of
creditors generally. No court order or decree of any federal, state, or local
governmental authority or regulatory body is in
22
23
effect that would prevent or impair or is required for the Agent's consummation
of the transactions contemplated by this Agreement and no consent of any third
party is required therefor. No contract or other agreement to which the Agent is
a party or by which the Agent is otherwise bound will prevent or impair the
consummation of the transactions contemplated by this Agreement.
iv) The Agent does not hold or represent any interest
adverse to, or have any relationship with the Merchant, its agents or employees.
v) The Agent agrees that this Agreement or its
obligations hereunder is not assignable unless Agent obtains the prior written
consent of Merchant, which consent shall not be unreasonably withheld.
vi) The items to be included in the Projected Expense
Budget represent the projected amount of actual cost and do not include a xxxx
up of any kind.
vii) To the extent that there is Merchandise remaining
after the conclusion of the Sale, Agent shall notify Merchant of any subsequent
sale and the proceed, net of the expenses, realized from such sale.
viii) To the Agent's knowledge, no actions or
proceedings have been instituted by or against the Agent, or have been
threatened, which proceeds, net of expense related to such sale, realized,
question the validity of this Agreement or any action taken or to be taken by
the Agent in connection with this Agreement or that, if adversely determined,
would have a material adverse effect upon the Agent's ability to perform its
obligations under this Agreement.
23
24
ix) No actions or proceedings (including, but not
limited to, bankruptcy or other insolvency proceedings) have been instituted
against the Agent or, to its knowledge, are threatened or are likely to be
instituted against the Agent.
9. Insurance
a. Until the expiration of the Sale Term, the Merchant shall
continue in force all insurance in such amounts as it currently has in effect
which the Merchant represents is accurately shown on Exhibit 6 attached hereto.
The Agent shall be named as an additional loss payee as its interests may
appear. The Agent shall reimburse the Merchant for costs of inventory insurance
(which is defined as an Expense) during the Sale Term upon receipt of an invoice
therefor from the Merchant.
b. During the Sale Term, the Agent shall maintain, at its
cost, separate comprehensive public liability insurance for injury to persons in
an amount equal to at least $1 million per occurrence, naming Merchant as
additional loss payee as its interests may appear, subject to a $10,000
deductible per occurrence.
FURNITURE, FIXTURES AND EQUIPMENT
10. At the Merchant's request, Agent shall arrange for the sale or
disposition of furniture, fixtures and equipment. In consideration of the
Agent's efforts, Agent shall retain 7.5% of the sales price received therefor,
less sales taxes.
11. Defaults
The following shall be "Events of Default" hereunder:
24
25
a. The Merchant or Agent shall fail to perform any material
obligation hereunder if such failure remains uncured seven days after written
notice thereof; or
b. Any representation or warranty made by Merchant or Agent
proves untrue in any material respect when made; or
c. The Sale is terminated at a Store for reasons other than a
default, breach or action by Agent not authorized hereunder.
12. Miscellaneous
a. All communications provided for pursuant to this Agreement
must be in writing, and mailed by Federal Express or other overnight delivery
service, as follows:
If to the Agent: 000 Xxxxxxx Xxxxxx
0xx Xxxxx
Xxxxxx, XX 00000
Attn: Xxxxx Xxxxxx
XXXXX, XXXXXXXXXX & XXX LLP
000 Xxxxx Xxxxxx - 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attn: Xxxx Xxxxx
If to the Merchant: 000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attn: Xxxxxx Xxxxxx
b. This Agreement shall be construed and enforced in
accordance with the laws of the State of New York.
25
26
Agreement by their duly authorized representative as a sealed instrument as of
the day and year first written above.
As to all Sections other than
Section 6
THE OZER GROUP LLC
By: /s/ Xxxxxxx X. Xxxxxx
------------------------------------
Its: principal
As to the Entire Agreement
NORTY'S. INC.
By: /s/ Illegible
------------------------------------
Its:
As to Section 6 Only
D&W ENTERPRISES, INC.
By: /s/ Illegible
------------------------------------
Its:
26
27
Agreement by their duly authorized representative as a sealed instrument as of
the day and year first written above.
As to all Sections other than
Section 6
THE OZER GROUP LLC
By: /s/ Illegible
------------------------------------
Its:
As to the Entire Agreement
NORTY'S. INC.
By: /s/ Xxxxxx X. Xxxxxx
------------------------------------
Its: VP, CFO, Secretary & Treasurer
As to Section 6 Only
D&W ENTERPRISES, NC.
By: /s/ Illegible
------------------------------------
Its:
26
28
Agreement by their duly authorized representative as a sealed instrument as of
the day and year first written above.
As to all Sections other than
Section 6
THE OZER GROUP LLC
By: /s/ Illegible
------------------------------------
Its:
As to the Entire Agreement
NORTY'S. INC.
By: /s/ Xxxxxx X. Xxxxxx
------------------------------------
Its: VP, CFO, Secretary & Treasurer
As to Section 6 Only
D&W ENTERPRISES, NC.
By: /s/ Xxxxxxx Xxxxxxxxx
------------------------------------
Its: CEO
26
29
Exhibit 1
List of Stores
Store Location Store Location
----- ------------------------- ----- -------------------------
1 00 X. Xxxxxxxxxx Xxxxx 6 000 Xxxxxx Xxxxxx Xxxxx
Xxxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Telephone (000) 000-0000 Telephone (000) 000-0000
2 Tanger Factory Outlet 7 St. Augustine Outlet Center
800 Xxxxxx X. Xxxxxx Blvd. 2700 SR. 16, Xxxxx 000
Xxxxx 000 St. Augustine, FL 32092
Xxxxxxxx, XX 00000 Telephone (000) 000-0000
Telephone (000) 000-0000
0 X00 & XX Xxxxx 000, Xxxxx 000
3 0000 Xxxxxx Xxxxx Xxxxx Xxxx, XX 00000
Xxxxxx Xxxxx, XX 00000 Telephone (000) 000-0000
Telephone (000) 000-0000
9 Orlando Shopping Xxxxxx
0 0000 Xxxxxxx Xxxxx Xxxx. 0000 Xxxxxxxxxxxxx Xxxxx
Xxxxxxxxxxxxxx, XX 00000 Xxxxxxx, XX 00000
Telephone (000) 000-0000 Telephone (000) 000-0000
5 000 Xxxxxx Xxxxxx 00 Xxxxxx Xxxx at Waceamaw Mat
Xxxxxxx, XX 00000 0000 Xxxxxxx Xxxx
Telephone (000) 000-0000 Xxxxxx Xxxxx, XX 00000
Exhibit 1 1
30
EXHIBIT 2
Unless otherwise agreed between the parties, within a reasonable
time of the execution of this Agreement, Merchant will provide Agent with
instructions regarding the procedure for inventory taking and verification that
are mutually acceptable to Merchant and Agent and are in conformity with
historical practice and procedures such inventory taking and verification.
31
Exhibit 3
Base Payroll and Payroll Tax Information
A listing of the Merchant's current employees by location is attached.
Exhibit 3 1
32
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 1
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXXXX, XXX 1 REGULAR 40.00 320.00 1600.00 12800.00 6 CHECKING 270.45 4327.20
1703 ###-##-#### FL FL FL
52 S2/S2 FL 9
8.0000 Hourly
------- ------- -------- --------- -------- --------
EMPLOYEE TOTAL 40.00 320.00 1600.00 12800.00 270.45 4327.20
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXXX 1 REGULAR 40.00 280.00 1567.75 10974.25
1705 ###-##-#### FL FL FL
52 N1/M1 FL 9
7.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 40.00 280.00 1567.75 10974.25
------------------------------------------------------------------------------------------------------------------------------------
XXXXX, XXXXX 1 REGULAR 24.50 159.25 478.50 3110.29
1507 ###-##-#### FL FL FL
52 S0/S0 FL 9
6.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 24.50 159.25 478.50 3110.29
------------------------------------------------------------------------------------------------------------------------------------
XXXXX, XXXXXX 1 REGULAR 12.50 65.63 49.00 257.26
1752 ###-##-#### FL FL FL
52 S0/S0 FL 9
5.2500 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 12.50 65.63 49.00 257.26
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
-------------------------------------------------------------------------------------
XXXXXXXXX, XXX FEDERAL 25.07 1002.80 0.00
1703 ###-##-#### FL FL FL OASDI 19.84 793.60 DIRDEP
52 S2/S2 FL 9 MEDICARE 4.64 185.60
8.0000 Hourly
------- --------
EMPLOYEE TOTAL 49.55 1982.00
-------------------------------------------------------------------------------------
XXXXXXX, XXXXXX FEDERAL 15.75 605.59 242.83
1705 ###-##-#### FL FL FL OASDI 17.36 680.40 4145
52 N1/M1 FL 9 MEDICARE 4.06 159.12
7.0000 Hourly
------- --------
EMPLOYEE TOTAL 37.17 1445.11
-------------------------------------------------------------------------------------
XXXXX, XXXXX FEDERAL 16.24 306.04 130.83
1507 ###-##-#### FL FL FL OASDI 9.87 192.86 4146
52 S0/S0 FL 9 MEDICARE 2.31 45.09
6.5000 Hourly
------- --------
EMPLOYEE TOTAL 28.42 543.99
-------------------------------------------------------------------------------------
XXXXX, XXXXXX FEDERAL 2.20 15.66 58.41
1752 ###-##-#### FL FL FL OASDI 4.07 15.95 4147
52 S0/S0 FL 9 MEDICARE 0.95 3.73
5.2500 Hourly
------- --------
EMPLOYEE TOTAL 7.22 35.34
-------------------------------------------------------------------------------------
33
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 2
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
ORLANDO 1 REGULAR 117.00 824.88 4233.50 30130.52 6 CHECKING 270.45 4327.20
DEPARTMENT TOTALS
4 EMPLOYEES 4 CHECKS
------- ------- -------- --------- -------- --------
DEPARTMENT TOTAL 117.00 824.88 4233.50 30130.52 270.45 4327.20
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXX M 1 REGULAR 11.25 59.06 27.75 145.69
1754 ###-##-#### FL FL FL
52 S0/S0 FL 15
5.2500 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 11.25 59.06 27.75 145.69
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXXXX 1 REGULAR 4.75 25.18 455.50 2297.09
1633 ###-##-#### FL FL FL
52 S0/S0 FL 15
5.3000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 4.75 25.18 455.50 2297.09
------------------------------------------------------------------------------------------------------------------------------------
XXXXX, XXXXX X. 1 REGULAR 425.00 17000.00 6 CHECKING 317.87 5085.92
1495 ###-##-#### FL FL FL K 401-K -17.00 -680.00 E EXPANDED DI 0.19 7.60
52 S0/S0 FL 15 P MED 125 -5.00 -200.00
425.00 Salary 20 401K E-M 5.95 238.00
------- --------- -------- --------
EMPLOYEE TOTAL 403.00 16120.00 318.06 5093.52
425.00 17000.00
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
--------------------------------------------------------------------------------------
ORLANDO FEDERAL 59.26 2017.46 432.07
DEPARTMENT TOTALS OASDI 51.14 1868.12
4 EMPLOYEES 4 CHECKS MEDICARE 11.96 436.92
------- --------
122.36 4322.50
ER OASDI 51.14 1868.10
ER MEDCR 11.96 436.90
ER FUI 1.80 162.85
FL ER SUI 0.25 22.40
------- --------
65.15 2490.25
------- --------
DEPARTMENT TOTAL 187.51 6812.75
--------------------------------------------------------------------------------------
XXXXXXX, XXXXX M FEDERAL 1.21 1.84 53.33
1754 ###-##-#### FL FL FL OASDI 3.66 9.03 4148
52 S0/S0 FL 15 MEDICARE 0.86 2.12
5.2500 Hourly
------- --------
EMPLOYEE TOTAL 5.73 12.99
--------------------------------------------------------------------------------------
XXXXXX, XXXXXXX FEDERAL 98.91 23.25
1633 ###-##-#### FL FL FL OASDI 1.56 142.45 4149
52 S0/S0 FL 15 MEDICARE 0.37 33.30
5.3000 Hourly
------- --------
EMPLOYEE TOTAL 1.93 274.66
--------------------------------------------------------------------------------------
XXXXX, XXXXX X. FEDERAL 52.81 2112.40 0.00
1495 ###-##-#### FL FL FL OASDI 26.04 1041.60 DIRDEP
52 S0/S0 FL 15 MEDICARE 6.09 243.60
425.00 Salary
------- --------
EMPLOYEE TOTAL 84.94 3397.60
--------------------------------------------------------------------------------------
34
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 3
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXXXXXX R 1 REGULAR 10.50 55.13 34.00 178.51
1753 ###-##-#### FL FL FL
52 S0/S0 FL 15
5.2500 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 10.50 55.13 34.00 178.51
------------------------------------------------------------------------------------------------------------------------------------
XXXX, XXXXX S 1 REGULAR 38.00 228.00 1138.25 6829.50 6 CHECKING 194.96 2990.10
1672 ###-##-#### FL FL FL 2 OVERTIME 5.75 51.75
52 M0/M0 FL 15
6.0000 Hourly
------- ------- -------- --------- -------- --------
EMPLOYEE TOTAL 38.00 228.00 1144.00 6881.25 194.96 2990.10
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXXXX, XXXXX 1 REGULAR 40.00 260.00 1600.00 10400.00 6 CHECKING 215.85 1079.30
1443 ###-##-#### FL FL FL P MED 125 -5.00 -200.00
52 M0/M0 FL 15
6.5000 Hourly
------- ------- -------- --------- -------- --------
EMPLOYEE TOTAL 40.00 255.00 1600.00 10200.00 215.85 1079.30
260.00 10400.00
------------------------------------------------------------------------------------------------------------------------------------
ST. AUGUSTINE 1 REGULAR 104.50 1052.37 4124.00 41691.34 6 CHECKING 728.68 9155.32
DEPARTMENT TOTALS 2 OVERTIME 5.75 51.75 E EXPANDED DI 0.19 7.60
6 EMPLOYEES 6 CHECKS 4 3RD PART 133.71 13 3RD PARTY S 123.48
K 401-K -17.00 -680.00 33 3RD PARTY O 8.30
P MED 125 -10.00 -450.00 34 3RD PARTY M 1.93
20 401K E-M 5.95 238.00
------- ------- -------- --------- -------- --------
DEPARTMENT TOTAL 104.50 1025.37 4129.75 40746.80 728.87 9296.63
1052.37 41876.80
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
-------------------------------------------------------------------------------------
XXXXXX, XXXXXXXXX R FEDERAL 0.63 3.85 50.28
1753 ###-##-#### FL FL FL OASDI 3.42 11.07 4150
52 S0/S0 FL 15 MEDICARE 0.80 2.59
5.2500 Hourly
------- --------
EMPLOYEE TOTAL 4.85 17.51
-------------------------------------------------------------------------------------
XXXX, XXXXX S FEDERAL 15.59 401.93 0.00
1672 ###-##-#### FL FL FL OASDI 14.14 426.66 DIRDEP
52 M0/M0 FL 15 MEDICARE 3.31 99.78
6.0000 Hourly
------- --------
EMPLOYEE TOTAL 33.04 928.37
-------------------------------------------------------------------------------------
XXXXXXXXX, XXXXX FEDERAL 19.64 785.60 0.00
1443 ###-##-#### FL FL FL OASDI 15.81 632.40 DIRDEP
52 M0/M0 FL 15 MEDICARE 3.70 147.90
6.5000 Hourly
------- --------
EMPLOYEE TOTAL 39.15 1565.90
-------------------------------------------------------------------------------------
ST. AUGUSTINE FEDERAL 89.88 3663.94 126.86
DEPARTMENT TOTALS OASDI 64.63 2580.93
6 EMPLOYEES 6 CHECKS MEDICARE 15.13 603.59
GA STATE 1.23
------- --------
169.64 6849.69
ER OASDI 64.63 2589.10
ER MEDCR 15.13 605.52
ER FUI 2.93 230.09
FL ER SUI 0.40 31.33
GA ER SUI 8.78
GA ADMIN 0.20
------- --------
83.09 3465.02
------- --------
DEPARTMENT TOTAL 252.73 10314.71
-------------------------------------------------------------------------------------
35
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 4
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
* FLORIDA * 1 REGULAR 221.50 1877.25 8357.50 71821.86 6 CHECKING 999.13 13482.52
BRANCH TOTALS 2 OVERTIME 5.75 51.75 E EXPANDED DI 0.19 7.60
10 EMPLOYEES 10 CHECKS 4 3RD PART 133.71 13 3RD PARTY S 123.48
K 401-K -17.00 -680.00 33 3RD PARTY O 8.30
P MED 125 -10.00 -450.00 34 3RD PARTY M 1.93
20 401K E-M 5.95 238.00
------- ------- -------- --------- -------- --------
BRANCH TOTAL 221.50 1850.25 8363.25 70877.32 999.32 13623.83
1877.25 72007.32
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXXX, XXXXX 0 REGULAR 12.50 81.25 347.00 1980.05
1720 ###-##-#### GA GA GA
52 S0/S0 GA 11
6.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 12.50 81.25 347.00 1980.05
------------------------------------------------------------------------------------------------------------------------------------
XXXX, XXXXX M 1 REGULAR 40.00 360.00 1428.75 12350.00
1676 ###-##-#### GA GA GA 2 OVERTIME 60.25 756.38
52 S0/S0 GA 11
9.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 40.00 360.00 1489.00 13106.38
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
-------------------------------------------------------------------------------------
* FLORIDA * FEDERAL 149.14 5681.40 558.93
BRANCH TOTALS OASDI 115.77 4449.05
10 EMPLOYEES 10 CHECKS MEDICARE 27.09 1040.51
GA STATE 1.23
------- --------
292.00 11172.19
ER OASDI 115.77 4457.20
ER MEDCR 27.09 1042.42
ER FUI 4.73 392.94
FL ER SUI 0.65 53.73
GA ER SUI 8.78
GA ADMIN 0.20
------- --------
BRANCH TOTAL 148.24 5955.27
------- --------
440.24 17127.46
-------------------------------------------------------------------------------------
XXXXXXXX, XXXXX FEDERAL 4.54 151.78 69.89
1720 ###-##-#### GA GA GA OASDI 5.04 122.77 4151
52 S0/S0 GA 11 MEDICARE 1.18 28.73
6.5000 Hourly GA STATE 0.60 23.75
------- --------
EMPLOYEE TOTAL 11.36 327.03
-------------------------------------------------------------------------------------
XXXX, XXXXX M FEDERAL 46.36 1697.06 270.81
1676 ###-##-#### GA GA GA OASDI 22.32 812.59 4152
52 S0/S0 GA 11 MEDICARE 5.22 190.05
9.0000 Hourly GA STATE 15.29 559.23
------- --------
EMPLOYEE TOTAL 89.19 3258.93
-------------------------------------------------------------------------------------
36
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 5
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXXX, XXXXXX 1 REGULAR 33.25 232.75 523.75 3666.25
1735 ###-##-#### GA GA GA
52 S1/S1 GA 11
7.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 33.25 232.75 523.75 3666.25
------------------------------------------------------------------------------------------------------------------------------------
COMMERCE 1 REGULAR 85.75 674.00 4498.75 32084.33 D DISABILITY 6.20
DEPARTMENT TOTALS 2 OVERTIME 82.25 986.46 E EXPANDED DI 3.10
3 EMPLOYEES 3 CHECKS P MED 125 -100.00 F LTD-LONG TE 2.50
G GARNISHEE 338.13
------- ------- -------- --------- --------
DEPARTMENT TOTAL 85.75 674.00 4581.00 32970.79 349.93
33070.79
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXXXX 1 REGULAR 40.00 280.00 574.25 4019.75
1731 ###-##-#### GA GA GA 2 OVERTIME 5.00 52.50
52 S1/S1 GA 14
7.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 40.00 280.00 579.25 4072.25
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
-------------------------------------------------------------------------------------
XXXXXXXX, XXXXXX FEDERAL 19.62 335.89 189.40
1735 ###-##-#### GA GA GA OASDI 14.43 227.30 4153
52 S1/S1 GA 11 MEDICARE 3.37 53.14
7.0000 Hourly GA STATE 5.93 109.38
------- --------
EMPLOYEE TOTAL 43.35 725.71
-------------------------------------------------------------------------------------
COMMERCE FEDERAL 70.52 3336.12 530.10
DEPARTMENT TOTALS OASDI 41.79 2157.42
3 EMPLOYEES 3 CHECKS MEDICARE 9.77 504.64
GA STATE 21.82 1014.50
------- --------
143.90 7012.68
ER OASDI 41.79 2157.40
ER MEDCR 9.77 504.55
ER FUI 2.51 229.52
GA ER SUI 8.29 799.67
GA ADMIN 0.19 18.17
------- --------
62.55 3709.31
------- --------
DEPARTMENT TOTAL 206.45 10721.99
-------------------------------------------------------------------------------------
XXXXXXX, XXXXXXX FEDERAL 26.71 381.50 223.11
1731 ###-##-#### GA GA GA OASDI 17.36 252.48 4154
52 S1/S1 GA 14 MEDICARE 4.06 59.04
7.0000 Hourly GA STATE 8.76 124.09
------- --------
EMPLOYEE TOTAL 56.89 817.11
-------------------------------------------------------------------------------------
37
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 6
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXXX, XXXXXXXX 1 REGULAR 40.00 360.00 570.50 4793.50 6 CHECKING 283.93 851.79
1732 ###-##-#### GA GA GA 2 OVERTIME 30.00 286.23
52 M0/M0 GA 14
9.0000 Hourly
------- ------- -------- --------- -------- --------
EMPLOYEE TOTAL 40.00 360.00 600.50 5079.73 283.93 851.79
------------------------------------------------------------------------------------------------------------------------------------
XXXX, XXXXXX D 1 REGULAR 25.00 150.00 218.25 1309.50
1750 ###-##-#### GA GA GA
52 S0/S0 GA 14
6.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 25.00 150.00 218.25 1309.50
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXXXX 1 REGULAR 12.00 66.00 133.00 731.51
1738 ###-##-#### GA GA GA
52 S1/S1 GA 14
5.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 12.00 66.00 133.00 731.51
------------------------------------------------------------------------------------------------------------------------------------
LOCUST GROVE 1 REGULAR 117.00 856.00 4636.75 33380.18 6 CHECKING 283.93 1387.26
DEPARTMENT TOTALS 2 OVERTIME 154.50 1867.30
4 EMPLOYEES 4 CHECKS K 401-K -210.49
20 401K E-M 73.68
P2 MED 125 -135.00
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
-------------------------------------------------------------------------------------
XXXXXXXX, XXXXXXXX FEDERAL 35.39 501.44 0.00
1732 ###-##-#### GA GA GA OASDI 22.32 314.95 DIRDEP
52 M0/M0 GA 14 MEDICARE 5.22 73.66
9.0000 Hourly GA STATE 13.14 186.34
------- --------
EMPLOYEE TOTAL 76.07 1076.39
-------------------------------------------------------------------------------------
XXXX, XXXXXX D FEDERAL 14.86 127.66 120.68
1750 ###-##-#### GA GA GA OASDI 9.30 81.19 4155
52 S0/S0 GA 14 MEDICARE 2.18 18.98
6.0000 Hourly GA STATE 2.98 26.89
------- --------
EMPLOYEE TOTAL 29.32 254.72
-------------------------------------------------------------------------------------
XXXXXX, XXXXXXX FEDERAL 1.01 60.95
1738 ###-##-#### GA GA GA OASDI 4.09 45.34 4156
52 S1/S1 GA 14 MEDICARE 0.96 10.64
5.5000 Hourly GA STATE 0.89
------- --------
EMPLOYEE TOTAL 5.05 57.88
-------------------------------------------------------------------------------------
LOCUST GROVE FEDERAL 76.96 2684.49 404.74
DEPARTMENT TOTALS OASDI 53.07 2043.20
4 EMPLOYEES 4 CHECKS MEDICARE 12.42 477.96
GA STATE 24.88 944.56
------- --------
167.33 6150.21
ER OASDI 53.07 2043.13
ER MEDCR 12.42 477.85
ER FUI 6.85 233.20
GA ER SUI 22.59 818.01
GA ADMIN 0.52 18.59
-------------------------------------------------------------------------------------
38
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 7
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
------- ------- -------- --------- -------- --------
DEPARTMENT TOTAL 117.00 856.00 4791.25 34901.99 283.93 1387.26
35247.48
------------------------------------------------------------------------------------------------------------------------------------
* GEORGIA * 1 REGULAR 202.75 1530.00 9135.50 65464.51 6 CHECKING 283.93 1387.26
BRANCH TOTALS 2 OVERTIME 236.75 2853.76 D DISABILITY 6.20
7 EMPLOYEES 7 CHECKS K 401-K -210.49 E EXPANDED DI 3.10
-100.00 F LTD-LONG TE 2.50
P MED 125
P2 MED 125 73.68 G GARNISHEE 338.13
-135.00
------- ------- -------- --------- -------- --------
BRANCH TOTAL 202.75 1530.00 9372.25 67872.78 283.93 1737.19
68318.27
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXX 1 REGULAR 19.50 126.75 687.00 4286.25
1640 ###-##-#### OH OH OH
52 M0/M0 OH 8
6.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 19.50 126.75 687.00 4286.25
------------------------------------------------------------------------------------------------------------------------------------
XXXX, XXXXX E 1 REGULAR 10.00 55.00 189.00 1039.50
1722 ###-##-#### OH OH OH
52 M0/M0 OH 8
5.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 10.00 55.00 189.00 1039.50
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
-------------------------------------------------------------------------------------
------- --------
DEPARTMENT TOTAL 95.45 3590.78
262.78 9740.99
-------------------------------------------------------------------------------------
* GEORGIA * FEDERAL 147.48 6020.61 934.84
BRANCH TOTALS OASDI 94.86 4200.62
7 EMPLOYEES 7 CHECKS MEDICARE 22.19 982.60
GA STATE 46.70 1959.06
------- --------
311.23 13162.89
ER OASDI 94.86 4200.53
ER MEDCR 22.19 982.40
ER FUI 9.36 462.72
GA ER SUI 30.88 1617.68
GA ADMIN 0.71 36.76
------- --------
158.00 7300.09
------- --------
BRANCH TOTAL 469.23 20462.98
-------------------------------------------------------------------------------------
XXXXXX, XXXX FEDERAL 0.41 30.90 115.37
1640 ###-##-#### OH OH OH OASDI 7.86 265.78 4157
52 M0/M0 OH 8 MEDICARE 1.84 62.19
6.5000 Hourly OH STATE 1.27 40.78
------- --------
EMPLOYEE TOTAL 11.38 399.65
-------------------------------------------------------------------------------------
XXXX, XXXXX E OASDI 3.41 64.46 50.40
1722 ###-##-#### OH OH OH MEDICARE 0.75 15.07 4158
52 M0/M0 OH 8 OH STATE 0.44 8.43
5.5000 Hourly
------- --------
EMPLOYEE TOTAL 4.60 87.96
-------------------------------------------------------------------------------------
39
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 8
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXXX, XXXXX 1 REGULAR 375.00 15000.00
1549 ###-##-#### OH OH OH K 401-K -18.75 -750.00
52 S0/S0 OH 8 20 401K E-M 6.56 262.40
375.00 Salary P2 MED 125 -5.00 -200.00
------- ---------
EMPLOYEE TOTAL 351.25 14050.00
375.00 15000.00
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXXX, XXXX 1 REGULAR 40.00 280.00 1600.00 11200.00
1538 ###-##-#### OH OH OH K 401-K -11.20 -448.00
52 M0/M0 OH 8 20 401K E-M 3.92 156.80
7.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 40.00 268.80 1600.00 10752.00
280.00 11200.00
------------------------------------------------------------------------------------------------------------------------------------
OHIO 1 REGULAR 69.50 836.75 2922.50 34204.75
DEPARTMENT TOTALS K 401-K -29.95 -1198.00
4 EMPLOYEES 4 CHECKS 20 401K E-M 10.48 419.20
P2 MED 125 -5.00 -305.00
------- ------- -------- ---------
DEPARTMENT TOTAL 69.50 801.80 2922.50 32701.75
836.75 34204.75
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
-------------------------------------------------------------------------------------
XXXXXXXX, XXXXX FEDERAL 45.04 1801.60 269.98
1549 ###-##-#### OH OH OH OASDI 22.94 917.60 4159
52 S0/S0 OH 8 MEDICARE 5.32 214.60
375.00 Salary OH STATE 7.97 318.80
------- --------
EMPLOYEE TOTAL 81.27 3252.60
-------------------------------------------------------------------------------------
XXXXXXXX, XXXX FEDERAL 21.71 868.40 220.87
1538 ###-##-#### OH OH OH OASDI 17.36 694.40 4160
52 M0/M0 OH 8 MEDICARE 4.06 162.40
7.0000 Hourly OH STATE 4.80 192.00
------- --------
EMPLOYEE TOTAL 47.93 1917.20
-------------------------------------------------------------------------------------
OHIO FEDERAL 67.16 2937.46 656.62
DEPARTMENT TOTALS OASDI 51.57 2148.75
4 EMPLOYEES 4 CHECKS MEDICARE 11.97 502.59
OH STATE 14.48 585.40
PA STATE 21.20
BERKS PA 7.59
------- --------
145.18 6202.99
ER OASDI 51.57 2148.68
ER MEDCR 12.07 502.51
ER FUI 1.45 181.25
OH ER SUI 2.37 338.06
PA ER SUI 44.62
------- --------
67.46 3215.12
------- --------
DEPARTMENT TOTAL 212.64 9418.11
-------------------------------------------------------------------------------------
40
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 9
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
* OHIO * 1 REGULAR 69.50 836.75 2922.50 34204.75
BRANCH TOTALS K 401-K -29.95 -1198.00
4 EMPLOYEES 4 CHECKS 20 401K E-M 10.48 419.20
P2 MED 125 -5.00 -305.00
------- ------- -------- ---------
BRANCH TOTAL 69.50 801.80 2922.50 32701.75
836.75 34204.75
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXXX 1 REGULAR 11.50 63.25 385.75 2121.66
1709 ###-##-#### PA PA PA
52 S0/S0 PA 1
5.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 11.50 63.25 385.75 2121.66
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXXX 1 REGULAR 1.75 9.63 58.25 320.40
1805 ###-##-#### PA PA PA
52 S0/S0 PA 1
5.5000 Hourly TERM-06/04/97
------- ------- -------- ---------
EMPLOYEE TOTAL 1.75 9.63 58.25 320.40
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
-------------------------------------------------------------------------------------
* OHIO * FEDERAL 67.16 2937.46 656.62
BRANCH TOTALS OASDI 51.57 2148.75
4 EMPLOYEES 4 CHECKS MEDICARE 11.97 502.59
OH STATE 14.48 585.40
PA STATE 21.20
BERKS PA 7.59
------- --------
145.18 6202.99
ER OASDI 51.57 2148.68
ER MEDCR 12.07 502.51
ER FUI 1.45 181.25
OH ER SUI 2.37 338.06
PA ER SUI 44.62
------- --------
67.46 3215.12
------- --------
BRANCH TOTAL 212.64 9418.11
-------------------------------------------------------------------------------------
XXXXXXX, XXXXXX FEDERAL 1.84 174.07 54.17
1709 ###-##-#### PA PA PA OASDI 3.92 131.55 4161
52 S0/S0 PA 1 MEDICARE 0.92 30.74
5.5000 Hourly PA STATE 1.77 59.41
BERKS PA 0.63 21.24
------- --------
EMPLOYEE TOTAL 9.08 417.01
-------------------------------------------------------------------------------------
XXXXXX, XXXXXX FEDERAL 14.84 8.52
1805 ###-##-#### PA PA PA OASDI 0.60 19.87 4162
52 S0/S0 PA 1 MEDICARE 0.14 4.65
5.5000 Hourly TERM-06/04/97 PA STATE 0.27 8.97
BERKS PA 0.10 3.20
------- --------
EMPLOYEE TOTAL 1.11 51.53
-------------------------------------------------------------------------------------
41
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 10
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXXX 1 REGULAR 600.00 24000.00 6 CHECKING 415.76 6652.16
6387 ###-##-#### PA PA PA 20 401K E-M 12.60 504.00 E EXPANDED DI 0.72 28.80
52 M1/M1 PA 1 KP 401K PA -36.00 -1440.00 S STOCK PURCH 5.00 200.00
600.00 Salary P1 MED 125 -20.00 -800.00
------- --------- -------- --------
EMPLOYEE TOTAL 544.00 21760.00 421.48 6880.96
600.00 24000.00
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXX 1 REGULAR 2100.00 84000.00 6 CHECKING 1529.08 23489.94
6980 ###-##-#### PA PA PA 20 401K E-M 44.10 1764.00 E EXPANDED DI 15.75 630.00
52 M10/M10 PA 1 KP 401K PA -126.00 -5040.00 S STOCK PURCH 20.00 800.00
2100.00 Salary P1 MED 125 -30.00 -1200.00
------- --------- -------- --------
EMPLOYEE TOTAL 1944.00 77760.00 1564.83 24919.94
2100.00 84000.00
------------------------------------------------------------------------------------------------------------------------------------
KUTZTOWN 1 REGULAR 13.25 2772.88 830.50 112567.92 6 CHECKING 1944.84 30142.10
DEPARTMENT TOTALS 20 401K E-M 56.70 2268.00 E EXPANDED DI 16.47 658.80
4 EMPLOYEES 4 CHECKS KP 401K PA -162.00 -6480.00 S STOCK PURCH 25.00 1000.00
P1 MED 125 -50.00 -2000.00
------- ------- -------- --------- -------- --------
DEPARTMENT TOTAL 13.25 2560.88 830.50 104087.92 1986.31 31800.90
2772.88 112567.92
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
-------------------------------------------------------------------------------------
XXXXXXX, XXXXXX FEDERAL 55.35 2214.00 0.00
6387 ###-##-#### PA PA PA OASDI 35.96 1438.40 DIRDEP
52 M1/M1 PA 1 MEDICARE 8.41 336.40
600.00 Salary PA STATE 16.80 672.00
BERKS PA 6.00 240.00
------- --------
EMPLOYEE TOTAL 122.52 4900.80
-------------------------------------------------------------------------------------
XXXXXXX, XXX FEDERAL 269.40 10776.00 0.00
6980 ###-##-#### PA PA PA OASDI 4054.80 DIRDEP
52 M10/M10 PA 1 MEDICARE 29.97 1200.60
2100.00 Salary PA STATE 58.80 2352.00
BERKS PA 21.00 840.00
------- --------
EMPLOYEE TOTAL 379.17 19223.40
-------------------------------------------------------------------------------------
KUTZTOWN FEDERAL 326.59 13188.57 62.69
DEPARTMENT TOTALS OASDI 40.48 5729.49
4 EMPLOYEES 4 CHECKS MEDICARE 39.44 1592.31
PA STATE 77.64 3121.20
BERKS PA 27.73 1112.00
------- --------
511.88 24743.57
ER OASDI 40.48 5729.50
ER MEDCR 39.49 1592.26
ER FUI 0.59 142.48
PA ER SUI 4.30 1168.88
------- --------
84.86 8633.12
------- --------
DEPARTMENT TOTAL 596.74 33376.69
-------------------------------------------------------------------------------------
42
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 11
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXX, XXXX 1 REGULAR 37.75 273.69 730.25 4530.69 L LOAN 10.00
1566 ###-##-#### PA PA PA
52 M1/M1 PA 3
7.2500 Hourly
------- ------- -------- --------- --------
EMPLOYEE TOTAL 37.75 273.69 730.25 4530.69 10.00
------------------------------------------------------------------------------------------------------------------------------------
XXXX, XXXX E 1 REGULAR 22.00 132.00 482.50 2895.00
1506 ###-##-#### PA PA PA
52 S2/S2 PA 3
6.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 22.00 132.00 482.50 2895.00
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXXX 1 REGULAR 350.00 14000.00 L LOAN 10.00
1899 ###-##-#### PA PA PA 2 OVERTIME 2.25 190.38
52 M0/M0 PA 3 20 401K E-M 7.35 298.00
350.00 Salary KP 401K PA -21.00 -851.42
P1 MED 125 -20.00 -800.00
------- -------- --------- --------
EMPLOYEE TOTAL 309.00 2.25 12538.96 10.00
350.00 14190.38
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
-------------------------------------------------------------------------------------
XXXXX, XXXX FEDERAL 14.80 47.29 227.65
1566 ###-##-#### PA PA PA OASDI 16.97 280.90 4163
52 M1/M1 PA 3 MEDICARE 3.97 65.69
7.2500 Hourly PA STATE 7.66 126.85
MERCER PA 30.90
108M PA 2.74 14.43
------- --------
EMPLOYEE TOTAL 46.14 566.06
-------------------------------------------------------------------------------------
XXXX, XXXX E FEDERAL 16.06 116.89
1506 ###-##-#### PA PA PA OASDI 8.18 179.50 4164
52 S2/S2 PA 3 MEDICARE 1.91 41.97
6.0000 Hourly PA STATE 3.70 81.06
MERCER PA 18.66
108M PA 1.32 10.33
------- --------
EMPLOYEE TOTAL 15.11 347.58
-------------------------------------------------------------------------------------
XXXXXX, XXXXXX FEDERAL 27.74 1136.45 242.71
1899 ###-##-#### PA PA PA OASDI 20.46 830.20 4165
52 M0/M0 PA 3 MEDICARE 4.79 194.20
350.00 Salary PA STATE 9.80 397.32
108M PA 3.50 28.23
XXXXXX PA 113.68
------- --------
EMPLOYEE TOTAL 66.29 2700.08
-------------------------------------------------------------------------------------
43
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 12
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
GROVE CITY 1 REGULAR 59.75 755.69 2392.00 29275.74 L LOAN 30.00
DEPARTMENT TOTALS 2 OVERTIME 2.25 190.38
3 EMPLOYEES 3 CHECKS 20 401K E-M 7.35 298.00
KP 401K PA -21.00 -851.42
P1 MED 125 -20.00 -800.00
------- ------- -------- --------- --------
DEPARTMENT TOTAL 59.75 714.69 2394.25 27814.70 30.00
755.69 29466.12
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXXXXXX, XXXXX 1 REGULAR 40.00 280.00 596.00 4172.00
1716 ###-##-#### PA PA PA 2 OVERTIME 6.50 68.25
52 S1/S1 PA 4
7.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 40.00 280.00 602.50 4240.25
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXX 1 REGULAR 17.00 102.00 451.50 2709.00
1605 ###-##-#### PA PA PA
52 M0/M0 PA 4
6.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 17.00 102.00 451.50 2709.00
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
-------------------------------------------------------------------------------------
GROVE CITY FEDERAL 42.54 1912.29 587.15
DEPARTMENT TOTALS OASDI 45.61 2089.86
3 EMPLOYEES 3 CHECKS MEDICARE 10.67 488.87
PA STATE 21.16 966.19
BERKS PA 5.12
MERCER PA 236.62
DERRY PA 6.72
DAIRY PA 43.76
108M PA 7.56 52.99
------- --------
127.54 5802.42
ER OASDI 45.61 2089.79
ER MEDCR 10.67 488.76
ER FUI 3.25 218.54
PA ER SUI 23.94 1670.65
------- --------
83.47 4467.74
------- --------
DEPARTMENT TOTAL 211.01 10270.16
-------------------------------------------------------------------------------------
XXXXXXXXXXX, XXXXX FEDERAL 26.71 395.68 221.23
1716 ###-##-#### PA PA PA OASDI 17.36 262.89 4166
52 S1/S1 PA 4 MEDICARE 4.06 61.49
7.0000 Hourly PA STATE 7.84 118.73
DERRY PA 2.80 42.42
------- --------
EMPLOYEE TOTAL 58.77 881.21
-------------------------------------------------------------------------------------
XXXXXX, XXXXX FEDERAL 10.00 290.90 80.32
1605 ###-##-#### PA PA PA OASDI 6.32 167.97 4167
52 M0/M0 PA 4 MEDICARE 1.48 39.31
6.0000 Hourly PA STATE 2.86 75.84
DAIRY PA 7.80
DERRY PA 1.02 19.29
------- --------
EMPLOYEE TOTAL 21.68 601.11
-------------------------------------------------------------------------------------
44
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 13
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXX A 1 REGULAR 12.00 78.00 728.50 4693.25
1580 ###-##-#### PA PA PA
52 S0/S0 PA 4
6.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 12.00 78.00 728.50 4693.25
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXX 1 REGULAR 450.00 18000.00 6 CHECKING 320.73 5130.98
1488 ###-##-#### PA PA PA 20 401K E-M 6.30 252.00 E EXPANDED DI 3.60 134.80
52 M0/M0 PA 4 KP 401K PA -18.00 -720.00 S STOCK PURCH 10.00 400.00
450.00 Salary
------- --------- -------- --------
EMPLOYEE TOTAL 432.00 17280.00 334.33 5665.78
450.00 18000.00
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXXX 1 REGULAR 10.00 65.00 707.00 4553.60
1569 ###-##-#### PA PA PA
52 M1/M1 PA 4
6.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 10.00 65.00 707.00 4553.60
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
-------------------------------------------------------------------------------------
XXXXXX, XXXX FEDERAL 4.06 447.66 65.01
1580 ###-##-#### PA PA PA OASDI 4.84 290.96 4168
52 S0/S0 PA 4 MEDICARE 1.13 68.06
6.5000 Hourly PA STATE 2.18 131.44
DAIRY PA 19.74
DERRY PA 0.78 27.23
------- --------
EMPLOYEE TOTAL 12.99 985.09
-------------------------------------------------------------------------------------
XXXXXXX, XXXXX FEDERAL 46.19 1847.60 0.00
1488 ###-##-#### PA PA PA OASDI 27.90 1116.00 DIRDEP
52 M0/M0 PA 4 MEDICARE 6.48 261.00
450.00 Salary PA STATE 12.60 504.00
BERKS PA 4.50 180.00
------- --------
EMPLOYEE TOTAL 97.67 3908.60
-------------------------------------------------------------------------------------
XXXXXXX, XXXXXX OASDI 4.03 282.35 57.56
1569 ###-##-#### PA PA PA MEDICARE 0.94 66.03 4169
52 M1/M1 PA 4 PA STATE 1.82 127.49
6.5000 Hourly DAIRY PA 23.86
DERRY PA 0.65 21.71
------- --------
EMPLOYEE TOTAL 7.44 521.44
-------------------------------------------------------------------------------------
45
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 14
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXX 1 REGULAR 8.00 48.00 483.50 2809.25
1572 ###-##-#### PA PA PA
52 M1/M1 PA 4
6.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 8.00 48.00 483.50 2809.25
------------------------------------------------------------------------------------------------------------------------------------
HERSHEY 1 REGULAR 87.00 1023.00 4891.50 49949.25 6 CHECKING 320.73 5130.98
DEPARTMENT TOTALS 2 OVERTIME 37.00 466.50 E EXPANDED DI 3.60 134.80
6 EMPLOYEES 6 CHECKS 20 401K E-M 6.30 271.63 S STOCK PURCH 10.00 400.00
KP 401K PA -18.00 -776.12
P1 MED 125 -140.00
------- ------- -------- --------- -------- --------
DEPARTMENT TOTAL 87.00 1005.00 4928.50 49499.63 334.33 5665.78
1023.00 50415.75
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXX X. 1 REGULAR 15.00 82.50 784.50 4419.25 L LOAN 10.00
1486 ###-##-#### PA PA PA
52 M0/M0 PA 12
5.5000 Hourly
------- ------- -------- --------- --------
EMPLOYEE TOTAL 15.00 82.50 784.50 4419.25 10.00
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
--------------------------------------------------------------------------------------
XXXXXX, XXXXX OASDI 2.98 174.15 42.50
1572 ###-##-#### PA PA PA MEDICARE 0.70 40.71 4170
52 M1/M1 PA 4 PA STATE 1.34 78.68
6.0000 Hourly DAIRY PA 14.68
DERRY PA 0.48 13.44
------- --------
EMPLOYEE TOTAL 5.50 321.66
--------------------------------------------------------------------------------------
HERSHEY FEDERAL 86.96 3900.19 466.62
DEPARTMENT TOTALS OASDI 63.43 3452.52
6 EMPLOYEES 6 CHECKS MEDICARE 14.79 807.56
PA STATE 28.64 1565.60
BERKS PA 4.50 213.70
DAIRY PA 169.78
LOCAL PA 10.66
108M PA 28.66
DERRY PA 5.73 136.63
------- --------
204.05 10285.30
ER OASDI 63.43 3452.46
ER MEDCR 14.84 807.43
ER FUI 4.58 357.48
PA ER SUI 33.81 2715.47
------- --------
116.66 7332.84
------- --------
DEPARTMENT TOTAL 320.71 17618.14
--------------------------------------------------------------------------------------
XXXXXXX, XXXXX X. FEDERAL 51.59 73.87
1486 ###-##-#### PA PA PA OASDI 5.12 274.02 4171
52 M0/M0 PA 12 MEDICARE 1.20 64.08
5.5000 Hourly PA STATE 2.31 123.82
------- --------
EMPLOYEE TOTAL 8.63 513.51
--------------------------------------------------------------------------------------
46
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 15
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXX 1 REGULAR 340.00 40.00 13600.00 6 CHECKING 222.75 3341.30
1459 ###-##-#### PA PA PA 20 401K E-M 7.14 285.60 E EXPANDED DI 2.55 102.00
52 M0/M0 PA 12 KP 401K PA -34.00 -1360.00 F LTD-LONG TE 0.61 24.40
340.00 Salary P1 MED 125 -5.00 -200.00 L LOAN 10.00
S STOCK PURCH 10.00 400.00
------- -------- --------- -------- --------
EMPLOYEE TOTAL 301.00 40.00 12040.00 235.91 3877.70
340.00 13600.00
------------------------------------------------------------------------------------------------------------------------------------
READING 1 REGULAR 15.00 422.50 824.50 18019.25 6 CHECKING 222.75 3341.30
DEPARTMENT TOTALS 20 401K E-M 7.14 285.60 E EXPANDED DI 2.55 102.00
2 EMPLOYEES 2 CHECKS KP 401K PA -34.00 -1360.00 F LTD-LONG TE 0.61 24.40
P1 MED 125 -5.00 -200.00 L LOAN 20.00
S STOCK PURCH 10.00 400.00
------- ------- -------- --------- -------- --------
DEPARTMENT TOTAL 15.00 383.50 824.50 16459.25 235.91 3887.70
422.50 18019.25
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXXXX, XXXXX 1 REGULAR -35.25 -193.88 59.50 327.26
1737 ###-##-#### PA PA PA
52 S0/S0 PA 13
5.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL -35.25 -193.88 59.50 327.26
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
--------------------------------------------------------------------------------------
XXXXXXX, XXXXX FEDERAL 26.54 1067.05 0.00
1459 ###-##-#### PA PA PA OASDI 20.77 830.80 DIRDEP
52 M0/M0 PA 12 MEDICARE 4.86 194.30
340.00 Salary PA STATE 9.52 380.80
108M PA 3.40 136.00
------- --------
EMPLOYEE TOTAL 65.09 2608.95
--------------------------------------------------------------------------------------
READING FEDERAL 26.54 1192.87 73.87
DEPARTMENT TOTALS OASDI 25.89 1195.30
2 EMPLOYEES 2 CHECKS MEDICARE 6.06 279.54
PA STATE 11.83 546.32
108M PA 3.40 150.91
------- --------
73.72 3364.94
ER OASDI 25.89 1206.55
ER MEDCR 6.06 282.18
ER FUI 0.66 104.48
PA ER SUI 4.87 831.35
------- --------
37.48 2424.56
------- --------
DEPARTMENT TOTAL 111.20 5789.50
--------------------------------------------------------------------------------------
XXXXXXXXX, XXXXX FEDERAL -21.44 12.54 -150.24
1737 ###-##-#### PA PA PA OASDI -12.02 20.28 4128
52 S0/S0 PA 13 MEDICARE -2.81 4.76 VOID
5.5000 Hourly PA STATE -5.43 9.17
108M PA -1.94 3.28
------- --------
EMPLOYEE TOTAL -43.64 50.03
--------------------------------------------------------------------------------------
47
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 16
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXXX 1 REGULAR 282.00 156.00 1530.00
1745 ###-##-#### PA PA PA 2 OVERTIME 0.25 3.00
52 S1/S1 PA 13
8.0000 Hourly
------- -------- ---------
EMPLOYEE TOTAL 282.00 156.25 1533.00
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXXX 1 REGULAR 156.00 1530.00
1745 ###-##-#### PA PA PA 2 OVERTIME 0.25 3.00
52 S1/S1 PA 13
8.0000 Hourly
-------- ---------
EMPLOYEE TOTAL 156.25 1533.00
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXXX 1 REGULAR 36.00 288.00 156.00 1530.00
1745 ###-##-#### PA PA PA 2 OVERTIME 0.25 3.00
52 S1/S1 PA 13
8.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 36.00 288.00 156.25 1533.00
------------------------------------------------------------------------------------------------------------------------------------
DADIOMOFF, HEDA 1 REGULAR 29.00 181.25 401.00 2390.01
1729 ###-##-#### PA PA PA
52 S0/S0 PA 13
6.2500 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 29.00 181.25 401.00 2390.01
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
--------------------------------------------------------------------------------------
XXXXXX, XXXXXX FEDERAL 27.01 153.50 222.70
1745 ###-##-#### PA PA PA OASDI 17.48 95.05 1282
52 S1/S1 PA 13 MEDICARE 4.09 22.23 MANUAL
8.0000 Hourly PA STATE 7.90 42.92
108M PA 2.82 15.33
------- --------
EMPLOYEE TOTAL 59.30 329.03
--------------------------------------------------------------------------------------
XXXXXX, XXXXXX FEDERAL 153.50 0.00
1745 ###-##-#### PA PA PA OASDI 95.05 12821
52 S1/S1 PA 13 MEDICARE 22.23 MANUAL
8.0000 Hourly PA STATE 42.92
108M PA 15.33
--------
EMPLOYEE TOTAL 329.03
--------------------------------------------------------------------------------------
XXXXXX, XXXXXX FEDERAL 27.91 153.50 227.11
1745 ###-##-#### PA PA PA OASDI 17.86 95.05 4172
52 S1/S1 PA 13 MEDICARE 4.18 22.23
8.0000 Hourly PA STATE 8.06 42.92
108M PA 2.88 15.33
------- --------
EMPLOYEE TOTAL 60.89 329.03
--------------------------------------------------------------------------------------
DADIOMOFF, HEDA FEDERAL 19.54 251.47 140.95
1729 ###-##-#### PA PA PA OASDI 11.24 148.18 4173
52 S0/S0 PA 13 MEDICARE 2.63 34.66
6.2500 Hourly PA STATE 5.08 66.94
108M PA 1.81 23.91
------- --------
EMPLOYEE TOTAL 40.30 525.16
--------------------------------------------------------------------------------------
48
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 17
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXXX XXXX 1 REGULAR 16.25 89.38 36.25 199.38
1755 ###-##-#### PA PA PA
52 S0/S0 PA 13
5.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 16.25 89.38 36.25 199.38
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXX 1 REGULAR 600.00 24000.00 6 CHECKING 416.91 4169.10
1524 ###-##-#### PA PA PA 20 401K E-M 12.60 504.00 D DISABILITY 3.06 113.20
52 M3/M3 PA 13 KP 401K PA -36.00 -1440.00 E EXPANDED DI 0.72 28.80
600.00 Salary P1 MED 125 -20.00 -800.00 F LTD-LONG TE 1.08 43.20
S STOCK PURCH 15.00 600.00
------- --------- -------- --------
EMPLOYEE TOTAL 544.00 21760.00 436.77 4954.30
600.00 24000.00
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXX 1 REGULAR 14.00 77.00 149.00 819.51
1749 ###-##-#### PA PA PA
52 S0/S0 PA 13
5.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 14.00 77.00 149.00 819.51
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
--------------------------------------------------------------------------------------
XXXXXXX, XXXXXX XXXX FEDERAL 5.76 7.60 73.39
1755 ###-##-#### PA PA PA OASDI 5.54 12.36 4174
52 S0/S0 PA 13 MEDICARE 1.30 2.90
5.5000 Hourly PA STATE 2.50 5.58
108M PA 0.89 1.99
------- --------
EMPLOYEE TOTAL 15.99 30.43
--------------------------------------------------------------------------------------
XXXXXXX, XXXX FEDERAL 40.06 1602.40 0.00
1524 ###-##-#### PA PA PA OASDI 35.96 1438.40 DIRDEP
52 M3/M3 PA 13 MEDICARE 8.41 336.40
600.00 Salary PA STATE 16.80 672.00
BERKS PA 6.00 240.00
------- --------
EMPLOYEE TOTAL 107.23 4289.20
--------------------------------------------------------------------------------------
XXXXXXX, XXXXX FEDERAL 3.91 58.29 64.27
1749 ###-##-#### PA PA PA OASDI 4.77 50.82 4175
52 S0/S0 PA 13 MEDICARE 1.12 11.89
5.5000 Hourly PA STATE 2.16 22.95
108M PA 0.77 8.21
------- --------
EMPLOYEE TOTAL 12.73 152.16
--------------------------------------------------------------------------------------
49
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 18
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
ROCKVALE 1 REGULAR 60.00 1323.75 3633.25 54417.96 6 CHECKING 416.91 4660.22
DEPARTMENT TOTALS 2 OVERTIME 7.25 75.38 D DISABILITY 3.06 113.20
6 EMPLOYEES 8 CHECKS 4 3RD PART 182.14 E EXPANDED DI 0.72 102.94
K 401-K -349.57 F LTD-LONG TE 1.08 43.20
20 401K E-M 12.60 793.03 L LOAN 20.00
KP 401K PA -36.00 -2056.12 S STOCK PURCH 15.00 880.00
P1 MED 125 -20.00 -830.00 13 3RD PARTY S 168.21
33 3RD PARTY O 11.29
34 3RD PARTY M 2.64
------- ------- -------- --------- -------- --------
DEPARTMENT TOTAL 60.00 1267.75 3640.50 51439.79 436.77 6001.70
1323.75 54675.48
------------------------------------------------------------------------------------------------------------------------------------
* PENNSYLVANIA * 1 REGULAR 235.00 6297.82 14234.00 274879.38 6 CHECKING 2905.23 43274.60
BRANCH TOTALS 2 OVERTIME 46.50 732.26 D DISABILITY 3.06 113.20
21 EMPLOYEES 23 CHECKS 4 3RD PART 182.14 E EXPANDED DI 23.34 998.54
K 401-K -459.30 F LTD-LONG TE 1.69 73.60
20 401K E-M 90.09 4001.24 L LOAN 70.00
KP 401K PA -271.00 -11722.31 S STOCK PURCH 60.00 2680.00
P1 MED 125 -95.00 -4170.00 13 3RD PARTY S 168.21
33 3RD PARTY O 11.29
34 3RD PARTY M 2.64
------- ------- -------- --------- -------- --------
BRANCH TOTAL 235.00 5931.82 14280.50 259442.17 2993.32 47392.08
6297.82 275793.78
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
--------------------------------------------------------------------------------------
ROCKVALE FEDERAL 102.75 3412.61 578.18
DEPARTMENT TOTALS OASDI 80.83 3269.52
6 EMPLOYEES 8 CHECKS MEDICARE 18.92 764.76
PA STATE 37.07 1474.39
SC STATE 18.51
108M PA 7.23 286.65
BERKS PA 6.00 240.00
------- --------
252.80 9466.44
ER OASDI 80.83 3269.48
ER MEDCR 18.92 764.65
ER FUI 5.80 269.58
PA ER SUI 42.69 2074.73
SC ER SUI 13.98
SC CONTIN 0.32
------- --------
148.24 6392.74
------- --------
DEPARTMENT TOTAL 401.04 15859.18
--------------------------------------------------------------------------------------
* PENNSYLVANIA * FEDERAL 585.38 23606.53 1768.51
BRANCH TOTALS OASDI 256.24 15736.69
21 EMPLOYEES 23 CHECKS MEDICARE 89.88 3933.04
PA STATE 176.34 7673.70
SC STATE 18.51
LOCAL PA 10.66
MERCER PA 236.62
DAIRY PA 213.54
DERRY PA 5.73 143.35
108M PA 18.19 519.21
BERKS PA 38.23 1570.82
------- --------
1169.99 53662.67
ER OASDI 256.24 15747.78
ER MEDCR 89.98 3935.28
ER FUI 14.88 1092.56
PA ER SUI 109.61 8461.08
SC ER SUI 13.98
SC CONTIN 0.32
------- --------
470.71 29251.00
------- --------
BRANCH TOTAL 1640.70 82913.67
--------------------------------------------------------------------------------------
50
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 19
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXX L 1 REGULAR 37.00 296.00 590.25 4722.00
1724 ###-##-#### SC SC SC 2 OVERTIME 2.50 30.00
52 M0/M0 SC 16
8.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 37.00 296.00 592.75 4752.00
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXX X. 1 REGULAR 500.00 20000.00 6 CHECKING 346.02 5536.37
8166 ###-##-#### PA PA PA 20 401K E-M 10.50 420.00
52 S0/S0 SC 16 KP 401K PA -30.00 -1200.00
500.00 Salary P1 MED 125 -5.00 -200.00
------- --------- -------- --------
EMPLOYEE TOTAL 465.00 18600.00 346.02 5536.37
500.00 20000.00
------------------------------------------------------------------------------------------------------------------------------------
XXXXX, XXXXXXXXX X 1 REGULAR 32.75 229.25 204.25 1429.75
1742 ###-##-#### SC SC SC
52 S1/S1 SC 16
7.0000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 32.75 229.25 204.25 1429.75
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
--------------------------------------------------------------------------------------
XXXXXX, XXXXX L FEDERAL 25.79 415.04 232.62
1724 ###-##-#### SC SC SC OASDI 18.35 294.62 4176
52 M0/M0 SC 16 MEDICARE 4.29 68.89
8.0000 Hourly SC STATE 14.95 241.22
------- --------
EMPLOYEE TOTAL 63.38 1019.77
--------------------------------------------------------------------------------------
XXXXXXX, XXXX X. FEDERAL 62.11 2484.40 0.00
8166 ###-##-#### PA PA PA OASDI 30.69 1227.60 DIRDEP
52 S0/S0 SC 16 MEDICARE 7.18 287.10
500.00 Salary PA STATE 14.00 560.00
BERKS PA 5.00 200.00
------- --------
EMPLOYEE TOTAL 118.98 4759.10
--------------------------------------------------------------------------------------
XXXXX, XXXXXXXXX X FEDERAL 19.10 115.09 186.28
1742 ###-##-#### SC SC SC OASDI 14.21 88.64 4177
52 S1/S1 SC 16 MEDICARE 3.32 20.73
7.0000 Hourly SC STATE 6.34 40.52
------- --------
EMPLOYEE TOTAL 42.97 264.98
--------------------------------------------------------------------------------------
51
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 20
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXX-XXXXXX, XXXXX 1 REGULAR 31.75 305.59 293.25 5902.54 6 CHECKING 228.40 2158.93
1723 ###-##-#### SC SC SC 2 OVERTIME 1.00 14.44
52 S0/S0 SC 16
385.00 Salary
------- ------- -------- --------- -------- --------
EMPLOYEE TOTAL 31.75 305.59 294.25 5916.98 228.40 2158.93
------------------------------------------------------------------------------------------------------------------------------------
MYRTLE BEACH 1 REGULAR 101.50 1330.84 1422.00 35137.67 6 CHECKING 574.42 7695.30
DEPARTMENT TOTALS 2 OVERTIME 12.75 155.44
4 EMPLOYEES 4 CHECKS 20 401K E-M 10.50 420.00
KP 401K PA -30.00 -1200.00
P1 MED 125 -5.00 -200.00
------- ------- -------- --------- -------- --------
DEPARTMENT TOTAL 101.50 1295.84 1434.75 33893.11 574.42 7695.30
1330.84 35293.11
------------------------------------------------------------------------------------------------------------------------------------
1 REGULAR 101.50 1330.84 1422.00 35137.67 6 CHECKING 574.42 7695.30
BRANCH TOTALS 2 OVERTIME 12.75 155.44
4 EMPLOYEES 4 CHECKS 20 401K E-M 10.50 420.00
KP 401K PA -30.00 -1200.00
P1 MED 125 -5.00 -200.00
------- ------- -------- --------- -------- --------
BRANCH TOTAL 101.50 1295.84 1434.75 33893.11 574.42 7695.30
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
--------------------------------------------------------------------------------------
XXXX-XXXXXX, XXXXX FEDERAL 38.19 765.28 0.00
1723 ###-##-#### SC SC SC OASDI 18.95 366.86 DIRDEP
52 S0/S0 SC 16 MEDICARE 4.43 85.80
385.00 Salary SC STATE 15.62 321.87
------- --------
EMPLOYEE TOTAL 77.19 1539.81
--------------------------------------------------------------------------------------
MYRTLE BEACH FEDERAL 145.19 3887.52 418.90
DEPARTMENT TOTALS OASDI 82.20 2142.94
4 EMPLOYEES 4 CHECKS MEDICARE 19.22 501.15
PA STATE 14.00 560.00
SC STATE 36.91 651.33
BERKS PA 5.00 200.00
------- --------
302.52 7942.94
ER OASDI 82.20 2142.94
ER MEDCR 19.22 501.17
ER FUI 6.64 174.12
PA ER SUI 472.00
SC ER SUI 21.93 389.77
SC CONTIN 0.50 8.86
------- --------
130.49 3688.86
------- --------
DEPARTMENT TOTAL 433.01 11631.80
--------------------------------------------------------------------------------------
FEDERAL 145.19 3887.52 418.90
BRANCH TOTALS OASDI 82.20 2142.94
4 EMPLOYEES 4 CHECKS MEDICARE 19.22 501.15
PA STATE 14.00 560.00
SC STATE 36.91 651.33
BERKS PA 5.00 200.00
------- --------
302.52 7942.94
ER OASDI 82.20 2142.94
ER MEDCR 19.22 501.17
ER FUI 6.64 174.12
PA ER SUI 472.00
SC ER SUI 21.93 389.77
SC CONTIN 0.50 8.86
------- --------
130.49 3688.86
------- --------
BRANCH TOTAL 433.01 11631.80
--------------------------------------------------------------------------------------
52
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 21
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
1330.84 35293.11
------------------------------------------------------------------------------------------------------------------------------------
XXXXX, XXXXXX 1 REGULAR 4.00 22.00 325.75 1791.63
1657 ###-##-#### TN TN TN
52 M1/M1 TN 7
5.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 4.00 22.00 325.75 1791.63
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXX X. 1 REGULAR 40.00 290.00 120.00 870.00
1751 ###-##-#### TN TN TN
52 S1/S1 TN 7
7.2500 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 40.00 290.00 120.00 870.00
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXXX 1 REGULAR 17.00 93.50 66.75 367.13
1758 ###-##-#### TN TN TN
52 S0/S0 TN 7
5.5000 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 17.00 93.50 66.75 367.13
------------------------------------------------------------------------------------------------------------------------------------
XXXXXX, XXXXX T 1 REGULAR 3.00 21.75 119.75 868.19
1744 ###-##-#### TN TN TN 2 OVERTIME 7.50 81.56
52 S0/S0 TN 7
7.2500 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 3.00 21.75 127.25 949.75
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
XXXXX, XXXXXX OASDI 1.36 111.04 20.32
1657 ###-##-#### TN TN TN MEDICARE 0.32 26.01 4178
52 M1/M1 TN 7
5.5000 Hourly
------- --------
EMPLOYEE TOTAL 1.68 137.05
--------------------------------------------------------------------------------------
XXXXXXX, XXXXX X. FEDERAL 28.21 84.63 239.60
1751 ###-##-#### TN TN TN OASDI 17.98 53.94 4179
52 S1/S1 TN 7 MEDICARE 4.21 12.63
7.2500 Hourly
------- --------
EMPLOYEE TOTAL 50.40 151.20
--------------------------------------------------------------------------------------
XXXXXX, XXXXXX FEDERAL 6.38 24.49 79.96
1758 ###-##-#### TN TN TN OASDI 5.80 22.77 4180
52 S0/S0 TN 7 MEDICARE 1.36 5.34
5.5000 Hourly
------- --------
EMPLOYEE TOTAL 13.54 52.60
--------------------------------------------------------------------------------------
XXXXXX, XXXXX T FEDERAL 106.45 20.08
1744 ###-##-#### TN TN TN OASDI 1.35 58.88 4181
52 S0/S0 TN 7 MEDICARE 0.32 13.77
7.2500 Hourly
------- --------
EMPLOYEE TOTAL 1.67 179.10
--------------------------------------------------------------------------------------
53
--------------------------------------------------------------------------------
PAYROLL REGISTER - DETAIL CHECK DATE 10/03/97 WEEK 40 10/02/97
NORTY'S GROUP - 1291 PERIOD BEGIN 09/25/97 PERIOD END 10/01/97 PAGE 22
------------------------------------------------------------------------------------------------------------------------------------
EMPLOYEE NAME EARNINGS PAY CURRENT YTD DEDUCTIONS CURRENT YTD
ID SSN STATE/FRQ STS LOCATION DESCR RATE HOURS AMOUNT HOURS AMOUNT DESCR AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
XXXX, XXXXXXX 1 REGULAR 18.00 121.50 65.25 440.44
1760 ###-##-#### TN TN TN
52 S0/S0 TN 7
6.7500 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 18.00 121.50 65.25 440.44
------------------------------------------------------------------------------------------------------------------------------------
WHITE, XXXXX X. 1 REGULAR 40.00 350.00 1600.00 14000.00
1579 ###-##-#### TN TN TN 2 OVERTIME 113.25 1486.41
52 S0/S0 TN 7 P MED 125 -5.00 -200.00
8.7500 Hourly
------- ------- -------- ---------
EMPLOYEE TOTAL 40.00 345.00 1713.25 15286.41
350.00 15486.41
------------------------------------------------------------------------------------------------------------------------------------
NASHVILLE 1 REGULAR 122.00 898.75 4345.00 31389.60
DEPARTMENT TOTALS 2 OVERTIME 121.25 1572.85
6 EMPLOYEES 6 CHECKS P MED 125 -5.00 -200.00
------- ------- -------- ---------
DEPARTMENT TOTAL 122.00 893.75 4466.25 32762.45
898.75 32962.45
------------------------------------------------------------------------------------------------------------------------------------
SEVIERVILLE EMPLOYEES -- STORE CLOSED
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
EMPLOYEE NAME TAXES CURRENT YTD NET PAY
ID SSN STATE/FRQ STS LOCATION DESCR AMOUNT AMOUNT CHECK NO
--------------------------------------------------------------------------------------
XXXX, XXXXXXX FEDERAL 12.58 43.49 99.63
1760 ###-##-#### TN TN TN OASDI 7.53 27.30 4182
52 S0/S0 TN 7 MEDICARE 1.76 6.38
6.7500 Hourly
------- --------
EMPLOYEE TOTAL 21.87 77.17
--------------------------------------------------------------------------------------
WHITE, XXXXX X. FEDERAL 49.11 2239.54 269.50
1579 ###-##-#### TN TN TN OASDI 21.39 947.77 4183
52 S0/S0 TN 7 MEDICARE 5.00 221.61
8.7500 Hourly
------- --------
EMPLOYEE TOTAL 75.50 3408.92
--------------------------------------------------------------------------------------
NASHVILLE FEDERAL 96.28 3404.21 729.09
DEPARTMENT TOTALS OASDI 55.41 2045.45
6 EMPLOYEES 6 CHECKS MEDICARE 12.97 478.35
------- --------
164.66 5928.01
ER OASDI 55.41 2045.40
ER MEDCR 12.97 478.36
ER FUI 4.39 197.62
TN ER SUI 4.66 209.98
------- --------
77.43 2931.36
------- --------
DEPARTMENT TOTAL 242.09 8859.37
--------------------------------------------------------------------------------------
SEVIERVILLE EMPLOYEES -- STORE CLOSED
--------------------------------------------------------------------------------------
54
SUPERVISOR PAY AND BONUSES
exhibit 4
One lead supervisor: $2,250 per week plus reasonable out of packet expenses
Two district supervisors: $2,000 per week plus reasonable out of pocket expenses
In addition to this base compensation, each supervisor shall receive a
performance based bonus that is tied (1) first to the performance of the whole
project against plan and (2) second to individual performance.
At or near plan, there will be a bonus pool equal to 50% of all base fees (see
above) paid to supervisors. The distribution of this pool among the individual
supervisors shall be determined by The Ozer Group.
Example:
Total supervisor fees paid: $50,000
at or near plan bonus pool: $25,000 (50% of $50,000)
In the event that the project performs measurably above or below the plan, the
50% bonus pool will be increased or decreased ratably, but in no event will the
bonuses be less than 0% nor more than 100% of the supervisor base fees.
Example:
If the project generates 50% more net available money than the plan (i.e. to be
shared among Ozer and Norty's), then the bonus pool would be increased by 50% to
75% of base fees.
If the project generates 50% less than the plan, then the bonus pool would be
decreased by 50% to 25% of base fees.
55
Exhibit 5
List of Liens and Encumbrances
Liens and encumbrances on Norty's inventory are held by the following parties:
The CIT Group/Commercial Services, Inc.
Nationsbanc Commercial Corporation
Exhibit 5 1
56
Exhibit 6
Schedule of Insurance
Special Businessowner's Policy
Provider: Fireman's Fund
Policy #: AA1AZC80514942
Policy Term: 3/9/97 - 3/9/98
Norty's Location included in policy:
All locations listed on Exhibit 1 (list of Stores)
Coverage
Limit of Liability - Per Occurence $1,000,000
Limit of Liability - Aggregate Per Location $2,000,000
Hired and Non-Owned Automobile Liability
All Risk, Replacement Cost, No Coinsurance
Loss of Income/Actual Loss Sustained - 12 Mths
Property Deductible $1,000
Employee Dishonesty $100,000
Money & Securities - On Premises $10,000
Money & Securities - Off Premises $2,500
Computer Equipment/Software $15,000
Accounts Receivable $15,000
Valuable Papers $15,000
Property of Others $15,000
Off Premises Including Transit $15,000
Glass
Signs
--------------------------------------------------------------------------------
Property and Liability Package Policy
Provider: Fireman's Fund
Policy #: S80MXX80639350
Policy Term: 3/4/97-3/4/98
Norty's Location included in policy:
00 Xxxxxx Xxxxxx, Xxxxxxxx, XX (warehouse)
Coverage
Blanket Contents - Furniture, Fixtures, Improvements, Betterments, Machinery
and Equipment only.
Liability including Vendors and Employee Benefits $1,000,000
Stop Gap $2,000,000
Employee Dishonesty/ Depositors Forgery $500,000
Money & Securities, On/Off Premises $10,000
Computer Hardware $325,000
Computer Software $75,000
Deductible $1,000
Exhibit 6 1
57
Exhibit 6
Schedule of Insurance
Workers Compensation Policy
Provider: Graphic Arts Mutual Insurance Co.
Policy #: 1993237
Policy Term: 4/1/97-4/1/98
Norty's Location included in policy:
See Exhibit 1, Stores 2,3,6,7,9,10
Coverage
Workers Compensation Insurance applies to the Workers Compensation Law of
the following states:
South Carolina, Florida, Georgia and Tennessee
Employers Liability Insurance:
Limits of Liability:
Bodily Injury by Accident Each Accident $100,000
Bodily Injury by Disease Each Limit $500,000
Bodily Injury by Disease Each Employee $100,000
--------------------------------------------------------------------------------
Workers Compensation Policy
Provider: Utica Mutual Insurance Company
Policy #: 1993230
Policy Term: 4/1/97-4/1/98
Norty's Location included in policy:
See Exhibit 1, Stores 1,5,8
Also included is the warehouse located at 00 Xxxxxx Xxxxxx, Xxxxxxxx, XX
Coverage
Workers Compensation Insurance applies to the Workers Compensation Law
of Pennsylvania
Employers Liability Insurance:
Limits of Liability:
Bodily Injury by Accident Each Accident $100,000
Bodily Injury by Disease Each Limit $500,000
Bodily Injury by Disease Each Employee $100,000
--------------------------------------------------------------------------------
Workers Compensation Policy
Provider:* Ohio Renaissance Healthcare Options Ltd.
* Provider and coverage selected by Ohio state
Norty's Location included in policy:
See Exhibit 1, Store 6
Coverage
Workers Compensation Insurance applies to the Workers Compensation Law
of Ohio
Exhibit 6 2
58
NORWEST BANK MINNESOTA N.A.
000 XXXXXXXXX XXXXXX - 0XX XXXXX
XXXXXXXXXXX, XXXXXXXXX 00000-0000
Irrevocable Standby Letter of Credit _______ Date: October __, 1997
BENEFICIARY: NORTY'S, INC.
000 XXXXXXX XXXXXX
XXX XXXX, XXX XXXX 00000
Gentlemen:
BY ORDER OF:
THE OZER GROUP LLC
000 XXXXXXX XXXXXX - 0XX XXXXX
XXXXXX, XXXXXXXXXXXXX 00000
We hereby open in your favor our Irrevocable Standby Letter of
Credit for the account of THE OZER GROUP LLC for a sum or sums not exceeding a
total of US Dollars,___________________________________________________________
available by your draft(s) at SIGHT on OURSELVES effective immediately and
expiring at OUR COUNTERS at the close of business on January 24, 1998.
Draft(s) must be accompanied by a signed statement in the form
attached as Exhibit A, and this original letter of credit.
Partial drawings are permitted, but are subject to the conditions
set forth in paragraph __ of the Agency Agreement, dated October __, 1997.
Each draft must bear upon its face the clause "Drawn under Letter of
Credit No. __ dated _____ of Norwest Bank Minnesota N.A."
The face amount of this Letter of Credit may be reduced from time to
time upon presentation of a signed statement in the form attached as Exhibit B,
and this original Letter of Credit.
59
Except so far as otherwise expressly stated herein, this letter of
credit is subject to the "Uniform Customs and Practices for Documentary Credits
(1993 Revision), International Chamber of Commerce Publication No. 500".
We hereby agree that drafts drawn under and in compliance with the
terms of this Letter of Credit will be duly honored if presented to the above
mentioned drawee bank on or before January 24, 1998.
Kindly address all correspondence regarding this letter of credit to
the attention of Xxxxx Xxxxxxx, at the above address, mention our reference
number as it appears above. Telephone inquiries can be made to 612/667-9067.
Very truly yours,
Authorized official
60
Except so far as otherwise expressly stated herein, this letter of
credit is subject to the "Uniform Customs and Practices for Documentary Credits
(1993 Revision), International Chamber of Commerce Publication No. 500".
We hereby agree that drafts drawn under and in compliance with the
terms of this Letter of Credit will be duly honored if presented to the above
mentioned drawee bank on or before January 24, 1998.
Kindly address all correspondence regarding this letter of credit to
the attention of Xxxxx Xxxxxxx at the above address, mention our reference
number as it appears above. Telephone inquiries can be made to 612/667-9067.
Very truly yours,
Authorized official
61
EXHIBIT A
TO IRREVOCABLE LETTER OF CREDIT NO. _____________
Re: Drawing for Amounts Due to:
NORTY'S, INC.
000 XXXXXXX XXXXXX
XXX XXXX, XXX XXXX 00000
Ladies and Gentlemen:
I refer to your Letter of Credit No.____ (the "Letter of Credit"). The
undersigned, hereby certifies to you that:
(i) The Proceeds of the Sale, as such terms are defined in that
certain Agency Agreement dated as of October __, 1997, between
The Ozer Group LLC and Norty's, Inc. (the "Agreement"), are
insufficient to pay the Guaranteed Amount and the Expenses,
as such terms are defined in the Agreement. All cure and grace
periods under the Agreement have expired.
(ii) The deficiency amount is $____________ (the "Deficiency
Amount").
(iii) Payment is hereby demanded in an amount equal to the lesser of
(a) the Deficiency Amount and (b) the amount available on the
date hereof to be drawn under the Letter of Credit.
(iv) The Letter of Credit has not expired prior to the delivery of
this letter and the accompanying sight draft.
(v) The payment hereby demanded is requested to be made no later
than ____, _______, time, on_____ 199__ by wire transfer to
account no. ________ with _______.
IN WITNESS WHEREOF, I have executed and delivered this letter as of this ____
day of ______, 1997.
Very truly yours,
NORTY'S, INC.
By:
--------------------------
Title:
-----------------------
62
EXHIBIT B
TO IRREVOCABLE LETTER OF CREDIT NO. ________
Re: Drawing for Amounts Due to:
NORTY'S, INC.
000 XXXXXXX XXXXXX
XXX XXXX, XXX XXXX 00000
Ladies and Gentlemen:
I refer to your Letter of Credit No. _______ (the "Letter of Credit"). The
undersigned, hereby certifies to you that:
(i) The face amount of Letter of Credit No. ___________________
hereby shall be reduced from its original face or current face
amount of $______________ to a new face amount of $__________.
IN WITNESS WHEREOF, I have executed and delivered this letter as of this _____
day of _____, 1997.
Very truly yours,
NORTY'S, INC.
By:
--------------------------
Title:
-----------------------
