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October 6, 1986 Mr.
Gary Goertzen Mr.
Glenn Taylor The
Adelphi Organization 405
Mayfield Avenue Garland,
Texas 75041 Gentlemen: After
due consideration, I have determined that it is in the best interest of The
Adelphi Organization and its directors, officers, and members that I
undertake the following actions. 1. I hereby resign, effective immediately,
as a holder of any and all offices or positions of authority within or
related to The Adelphi Organization, including my positions as: (a) Director;
(c) Administrator of the Philadelphia Fund
of The Adelphi Organization; (d) Chief Officer of the Office of Admissions;
and (e) Officer, Director or Committee Member in
Adelphi Community Co-operative. It
is my intention that by the above resignations I will sever my relationship
with The Adelphi Organization, except as otherwise discussed in this letter. 2. I agree to have Richard Standford,
attorney-at-aw appointed as Co-Trustee of lands the beneficiary of which is
The Adelphi Organization. 3. I acknowledge that the money I received
from the sale of lot # 123 in The Adelphi Community is a corporate asset of
The Adelphi Organization, and I therefore have turned over to the
corporation, as of October 3, 1986, the $5,000 received by me in the sale. 4. I understand that termination of the
Philadelphia Fund of The Adelphi Organization is in the best interest of the
corporation. I also understand that because the Philadelphia Fund was
organized as an irrevocable trust
there may be significant
legal expenses in accomplishing termination of the fund. I hereby agree to
pay any legal expenses incurred in terminating the Philadelphia Fund or to
reimburse The Adelphi Organization for any amount paid by it as legal
expenses for this purpose. My obligation to pay or reimburse pursuant to the
terms of this paragraph shall arise upon presentation by The Adelphi
Organization of proof of payment or proof of an obligation to pay legal
expenses incurred for purposes of terminating the Philadelphia Fund. 5. In consideration of
cancellation of any money indebtedness that was expended from the
Philadelphia Fund to me for a movie script related to my writings, estimated
to be approximately $600.00, I transfer and assign all my rights, title and
interest to movie, broadcast or any other rights to my writings to The Stelle
Group. 6. I agree to return to
The Adelphi Organization any corporate records, materials, or lists that may
now be in my possession. I
understand that I am bound by the terms of this letter. Sincerely, Richard
G. Kieninger ACCEPTED: THE
ADELPHI ORGANIZATION By: Gary L. Goertzen Its:
Vice President DATE: October 6, 1986 378d/10.86 – 6 |
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