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o? / <br />$8750/month, which is market value. (Owned by Randall Investments) <br />8) 4700 S. Windermere: $2,000/month: Short of market value. Suggested rent is <br />$3,250. per month. <br />B) Jeff Croll made a motion to raise the rents on 4700 S. Windermere, 4901 S. Windermere and <br />the Draper offices as suggested above. Eric Reger seconded the motion. The motion was <br />unanimously voted in. <br />XI) Hiring of new auditors: Subsequent to the board, we have hired Carl Vejvoda and Pat Martin: Martin <br />and Vejvoda Associates. They are about 15 people strong and work with most of our larger competitors. <br />The cost is comparable to Mike Sczekan. Todd Williams made a motion to use Martin and Vejvoda <br />Associates, Jody seconded the motion. The motion was so moved. <br />It was suggested and agreed upon that we buy Mike Sczekan a watch in appreciation for his years of <br />dedication. <br />XII) Selection of new attorneys: Rick would like to see us use John Finn in place of Hamilton & Faatz. <br />Marjorie Cocchiarella moved to name John Finn as our corporate attorney. Jeff seconded that motion <br />and it was so moved. <br />IIXV) Stuart Cameron and his cashing out on corporate stocks and investments: <br />A) Stuart plans to keep his Entrada investment <br />B) Stuart will cash out his building investments <br />C) Stuart wants to cash out his company stock but there is a conflict. <br />1)Stuart interprets the value of the stock to be two times the book value. <br />2) The next paragraph of the buy/sell agreement says the Shareholders and the <br />Corporation have the right to set the value of the stock. Rick reminded the board that <br />since 1985 the shareholders and the board have unanimously agreed that the value of the <br />stock would be book value at every board meeting. <br />3)He also reminded the board and shareholders present that we have cashed out all <br />shareholders since 1985 at book value with the board's and shareholders' blessing. <br />4)RBI has never has and doesn't intend to cash out a stock holder for two times the value <br />of the stock - it would not be in the company's best interest and the board would not be <br />serving the company responsibly if we allowed this. <br />5) Rick is going to get this straightened out with Stuart. Rick told Stuart that the bottom <br />line is we didn't have to buy it so he might want to reconsider. <br />6) Rick would like permission to get this the buy/sell agreement rewritten to avoid any <br />further confusion <br />7) The current stock on the financial statement was $3,986,076. On E.S.O.P. this year <br />it's worth $5,339,365 discounted 17.8% for redemptions and purchases for minority <br />interests. <br />8) It was suggested that any further redemptions of the stock be based on the valuation as <br />done by outside auditors for E.S.O.P. purposes. <br />- Board Minutes Page 5 -