Appendix A : Letter of Agreement
It is agreed by Gotham Publishing Inc. and Condo-TV Incorporated and in consideration for the sum of $478 000 that:
1. Gotham Publishing Inc. (Gotham) shall receive 5500 common voting shares, and the homemaker (D.D.), the artist (D.I.) and Stanley receive 4500 shares, this being the only capital authorized.
2. The Board of Directors of Condo-TV Inc. shall consist of four Gotham appointees and on more than three members from Condo-TV Inc.
3. Condo-TV shall direct its business at television broadcasting and generating advertising revenues only.
4. There shall be no creation of any authorized shares or other capital instruments without board approval.
5. An operating budget shall be submitted to the board for the coming fiscal year no later than September 30th,this year.
6. The President of Condo-TV shall be the artist (D.I.) whose responsibilities shall include community relations, publicity and liaison with government.
7. The General Manager shall be Bill Stanley who shall direct the day-to- day affairs of Condo-TV including marketing , production, operations and administration. He shall also assume responsibilities as the Vive-President of Finance.
8. The homemaker (D.D.) shall be the Vice-President of Programming and Employee Relations.
9. Final agreement shall be signed no later than January 7th, the following year.
10. The company’s bank shall be the Bank of Montreal and Deloitte Haskin shall be the auditors.
Signed this 2nd day of September, 19xx in the city of Toronto.