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PERTNERSEIP AGREEI'TENT

as fol lows:contriruted-S7@ital of theshall be deenred to have urade an eguiv

rgE BACKGROT'ND OF IEIS AGREE}IENT AStevens have erstabl ished a general l i feUu"iness of which wil l be the saleiieurin"sstt). l tn conternplation of this Agrt;; i ; business arrangement herej-nafter sStevens each entered into contracts wi torder to provi

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by the Partnerstrip' -A Capital Account shaeach Partner ;;'-ih" b99ki-9l !l:-.:Kll'TCapital eccount as of the Effective Date shalf of the ""fo" of the Contracts'-f1--determined tnai the Partnership rgguires;;;t;iu"iiott"- strall be nade bv lhe Partners;A;1-t;oPoPtions as set fiPrth ahove'

I be maintained for.D. Each Partner' sfr be equal to one-7 5 , 0 0 0 . I f i t i sadditional caPital,as necessary and inE for Individuq!PeEne-shiP shaother f inancial

56. Prof i ' ts- -and- L'osses The prof iPartnership ared--^iP:,t^ty.Partnership pioiit= and losses shall be clegual ptopotii'"" to

the respective capi

obl igat ions.

Partners.

ii'-in"- et'ent the Partners cannot agreedistributed.

S?. Distributlons- Distributionsshall be made r-ytrre totLrtElprr!! ' - ' .qsuch times and-in- .such..T9"1t-" -1,"^.,n:,^":asree. Any """ft distributions shal} be (lElli"t "i'tn" t"""it'it's Partner' --t11 ";",?:fril:."io"'ii'ttribute anv amounts n thother ptop"t.v--is lo t reaionabll- t:::l:o}'

-s s . I n a d d i t i o n 'ly l iabIe for such

and losses of theby the Partners'or credited inI accounts of the

:i::;..ri;{hrvrqed to the caPitalre-r3nip shall no t beevent that cash orfor distribution orn the amount to beNo l:nterest ' ExcePt as .exPr-es-s:--:-.--------. d on the initialslal'I. be Par . arrrrcaor"*Tfr", .iti"t"hiP, on anY subseor on any amounl otherwise cr(of eitllrer of the Partners '

59. Ealaries and Drawingqt ^tY:"-*Parrners, a P;ffil"-:, i"t-it"*;:'!'il:';'"'i";;;;l;; qi"1 sararY shall beof the partneisilf;'and shall l:i^,o"^^:1?,:?;; #; ;;;i;i"s iartner's caPitar l-":i:t;; pt"rit". shaf: inur-e-t1.t -t-lttliltlJ::.5;;i^iZiis in excess or the caPitarPartner. rn ttaaiti"". each ,""-*T:::17; ; ; i ; ' t". ton'"ble and necessary expensesof the p.tt.,.i=nip" ?p"t-1t]:: "i" t::.""3i.ii'=*;# ;;- ltenized account or suchreinbursed rrorn-he Part-n-ershit-lll?=..LI;tH:'"il:";;' *itt'- ptocedures estabr ished

5 8 .interestcapitalcapitalAccount

rcrovided herein, Doi'tttinntions to thent contributions ofted to the CaPitalthe aPProval of ther services renderedyable as an expenseiqainst the balanceu-o addit ional shareson of his caPitalof the otherreirnbursed for hisrred in the courseness. Each Partnernses and shall befi l ing such accountthe PartnershiP'

consent qg-lglger5 1 02 -

The Partners shall

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s 1 1 .devote hishours toBusiness.

s 1 l .

be responsible jointly f^oT the management;;"i;;;". rh; ,Jon"en f -both:-f ll"-lt"t:f"r-ift" following: (a ) the sale of al.l orthe assets of "nG -paJriertlip t (b). -ef fectirin the ,r.trrre-'oi the Businesst (c ) the cwhich are not 6"t oi ttr" Businessu:-9: ii;i;";;"*i"g i'tv funds, .

except pursuant Ilines of credi't or sinilar arrangements*"iig"qing anv Partnership prop"*vi lll tcornnitting trrl pitt""isnib lo nare expendi;;;il;;--'*itn other exPenditures rertransaction arr3 in exce"=- of $25 ooo;--(LI C l I l> f V e lv r rcontract, agreement or other binding commat;;lh"t' *itn -other 9""t3?!='^^11t"::::;ilil;;nts- ielatins to this same trat;ii-eiJiaures- :r the PT?-":'I13 i: ';1"-"";ffi;i;"- -"r any new Partner to - theamendment of tiris Agieenent; ( ) th;;;l;;t;hiP's accountants' attorneYs aadvisors; and tkj -any transact ion not

inthe conduct of the Busrness'

S12. oe;Pogitorieq' All funds of tha"po"ilEir iri-i-ts rnne in such checking eshall ue aesrg""t"a LV the P-artn-e11'---ttlshall be upon such terurs, and under suchthe Partners "niffurutually agree fron t

S13. Boolrs and- Re.cords' The Part'nrnaintained at the princrpal-6ffice of !h"Partner shall "C-"ir tll'i.= h3y: i:::::-:h:

(a) Vo1untary -oissolulieg-'dissolved at e,nY@?T! "fevent the p.t[ti"tt snait - proceed--Yi:.1*:^'setr tlre real ;;a p"t=otttl- prop.gty-?yl:dt.-liq"idate the business 9li-1?,,:?::""ilv ^-"?iJJ-1'.i " mutual distributiondissolution, the assets of the Partne;; i ;-;;a ai=ttibuted, of shall be set as-a^r 1^ . . . . i - a ^ - ;L l o f o r io r i t y : ( l - ) fo ti l i i.ii"q -;*rer or .Prioritv: (1) r(Partnership riJirit ils and liguidatingnavment of O'ebis-inA obliqations owed"iirn"t of th'; Part-ners; *!tJ*::-.ut::}"

,nd operation of thers shall be requiredsubstantiallY al-l ofany material change,au-ct of activitiesconmencementdate;already established(e) encurnbering oring expenditures, Qt, which singlY or;ing to the sameI entering lntg anynt which singlY oror other bindingction wiII reguireof s25,ooo ; (h ) t her tnership; ( i ) theselection of theother Professionale ordinarY course ofEach Partner shalling normal br*inessmanagement of the

of the Partnership shall be the calendarDisrsolution Retirenelq! Death Disabi l i t

PartnershiP shall bent or accounts asithdrawals therefromture authoritY' asto t ime.hip books shall bertnershiP, and eachto. The f iscal Yearr .

PartnershiP nay bePartners, in whichable ProurPtness tothe PartnershiP andip , or the Partnersfina. UPon suchLp business shall be; to Provide, in thethe Payurent of thexpenses i Q) for ther the PartnershiP tothe balance of thefor distribution to:ilffi:t "i"J*l.'t; -;t the Pirtners and (

3 -

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(b )

due.

retirement.

the Partners in accordanse with their equain the PartnershiP.percentage interests

Insol of Partnergbi r Partner. In theevent of the :Lnsolvency or banlcruptcy o Partnership, itaws of the State ofor bankruptcy ofthe Partnershipec t ion 10(a ) he reo f ,rtner (the rrSolventfrom the Insolventship for a Purchasewhich amount shal}

shall be disso.lved in accordance with theconnecticut. In the event of the insolveither Partner (an nlnsolvent Partnerrr) '"n"f f be diss,olved in accordance withexcept that in lieu thereof ttre solventpiitirer',) shal.L have the option t9 purctrapiittt"t all of' his interest in the Partpii"" equal to the Asreed J"1"11111-T":[" - p"v"ir" in quarterly- installments ovyeafs corumencing on th-e. date of such purctn" prime rate as published in the Wallaiie'of such p,urchase (the t'Prime Raterr) 'f"t"q"i"g, in the event that such insr"""ti"t

lrior to January Lt 1??5' -thq;e;; this section 10 b) for the PartInsolvent Partner strall be the greaterI r l 9 v 4tretween the 'Ehen balance of the CaplInsolvent Part,ner and the balance of hisiii""ti.t" Dater, or (2) one Hundred DolliIhi; section r-o b) a Partner shall ben""ft"pt- in t;he event of the filing bbankruptcy ot - "io,itut proceeding, ..the-;!i'r q t r ^ l s l r e v < l - - - - : - - : - - . a , - -Uanfruptcy or sinilai proceeding . agaiir"!""ti"g is not disnissed ti:lii-:lppointnent o:E a receiver for the assi-=!ig"t""t for: the benefit ".f -9-t:9it?::

_.-._-._..._-.-retire from the partnership at the end ofirre-ietirement, to be effective, the.retirrriti"" noticra upon the other Partnerp"rit"t"hip no le3s than three (3) monthsfiscal year. The remaining Partner shil;A;"d the :retirins ::-*""I:: ::::::::i" - ilttinate and riguiaate the Partnersrenaining Partner elects to purchaser"[iii"g Partner, the remaining Partner;;h el-ection to the retiring . -Partnerpit[""itrtip w.ithin two (2) months of ]

(1) If the remaining Par'the interest oi-Lnt retir ing Partner lrenaining Parl!'ner shall pay [o the -r-etirValuation a*"t"1-, *fti"tt-o*"yl! sna!- |einitaffnents over a period of three years

t

i" iuir ity of a Partner to satisfy his Ii I i t ies as theY become

(s) Retirenent. AnY Partn-er I have the right toy f iscal year . ForPartner must servethe office of thefore the end of thehave the right tothe PartnershiP orbusiness. I f theal l interest of theserve notice ofthe off ice of theiving notice of the

a period of threes, with interest attreet Journal on theNotwithstanding thevency or bankruPtcYrchase price PaYabIeip interest of an( 1- ) the di f ferenceI Account of suchpital Account on thes. For Purposes ofdeemed insolvent orhirn of a voluntarYng of an involuntarYC a Partner which3O-day period, theof a Partner, ana Partner, or the

r elects to Purchasethe Partnershipr thePartner the Agreed

Inp

payable in quarterlYbrnnencing on the date

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Lft" Partnership Business shall be tl:pitagraph 1l-(a)- relating to voluntary di

of such purchase, witfr interest at the Pr i(2 ) If the remainingnurchase the interest of thebartnership, the Partners shall

"ni"n the deceilsed' Partner would have been

pronptness- to liquidate the business ofito"LOo." for .ttre liqrridation -and.

distri

(d) Deatb. UPon the deaththe surviving partner shall have thepiittt"t=hip or to purchase the deceasedthe deceased Partnerts estate.(1) If the surviving Partrthe Partnersh:Lp, the sunriving. -Partne.rreasonable pronptness to liquidate tpiitnersnip ir r Lccordance with the pro

oiiuotupn irfal relating to voluntary diri;;-a;;;;="a'Pirtner's estate shall recei(2') If the sunriving Pathe deceased Partner's interest insurviving Partner shall Pay to tl" esPartner the [rgreed Valuation. Amount, -utt*.aeceasea PartrLr's entire interest inir""nt shall }re paid within ninety (.got

""v-iie" insurancle payable to the Partnea.'"tn of the deceaied Partner, ald !h"viiuation Amount shall be payable . incornmencing on the date of such purchasetPrine Rate.(e) Disabi l i tY. I f ei thel P:he sha}l cease toTe a Partner of the Pa;;"; i ;;- in l iquidation of his entire ilteih; agreea valluation Amount, p1I:P1?-]:the Agreed Va.Luation Amount, PaY::r?over ; Period of three Yearst wj.tn l--o*t"tt"ittg thr: first diy of the month*ni.n rt" i" deemeddisabled pultlalq t:piittt"t shall be considered rtdisabledrlsect ion 11(e) i f he is mental lY o-r

;;;;iilg rti"' customary efforts to the bifr" Pari.nershi.p and such incapacity has eneriod of two Years.Electioa for Dissolutionf )l r aforegoing pro' 'r is. iols. -9f se ^ - hassr^eieti iement- or disabil i ty of a Partner'nonlretir ing Partner, ds t-h". tt:?^-.tt.'piit".t"hip to be dissolved in lieu

5

ParetiriRate.

does not elect toPartner in thewith reasonablePartnership. Theion of the assets ofas set forth inbution.

o f one ofop on toner ' sthe Partners'liguidate theinterest from

r elects to dissolveshall proceed withbusiness of theures set forth inolution, excePt thatany distribution tont i t led 'elects to PurchasePartnershiP, thete of the deceasedthereby Purchase thePartnershiP. Suchys to the extent ofon account of theIance of the Agreedarterly installnents

with interest at thener becomes disabled,rership and he shalLt in the PartnershiPrterly installmentst at the Prime Rate,llowing the date oni s Sec t i on l L ( e ) . Aor purposes of thisicalIy incaPable ofiness and affairs ofsted for a continuous

Notwithstandinq the(e) relat ing to thee non-withdrawing orb, may cause thernaking the Payment

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(qr)Valuationshal l be

palmrent.

Partner, as

account ofs 1 4 .dispose ofperson not

igreement,transfert

s p e c i f i e d i n s u c h s e c t i o n s l r . ( d ) - a n d I " ) ';ffi;;;;t'ip "[i'ri-forthwith tie dissorved

a f f a i r s t o o r r d u P a n d t h e P r o c e e d s oiitlii["t"d in actordance with section 1-Levent sueh an-Lfection to dissolve is made';;;;;=- that he ehall not - t?IolT*9.,1-t1:1lfit;-ilt6;;=nip, or engage in simirar

busiowner or ptol-i:i"tot (airectry -or indireI""a""ti-"g - siiiiraq activiti"" --fo-,1 :^'l:1;:li;i;g'tff ;oncrusion or such dissoluti"i- i tt" Pirtners.hiP's affairs'

in which event theits business andsuch dissolutiona) hereof. In theEhe electing Partnerze the business ofactivities as anIy) of a businessof one (1) Yearand the winding uP

The tern rAgreedt shall mean, and

Partners may agreeshall execute athe value of theshall be equal tount of any increase

determined' as follows:

been eJecutea for a.Period. of

;:':;iJt -fo -.-":n"rr "i - -'-o.o*.,:: ::3l't=r,""Eni;-du;i;sI'." f i:ql1 {:':^ll::,;:i:':;-'J"ir't""iri, di"uuiritY or reti(b ) No Otber. PafP-e-9tE'

(1) From tirne to time' ttupon the value of the Partnership aclrtificate "i -

agt""a v1lt:i. ."-:::i"s^-::1;;;t;;;"hip.-

rha Asreed valuation Amourone-half of the value so agreed-pl5^lli ai"-tn" Partnei"s capita,'t .account recervLngSection l'1 rrc'n tli; date of executionCertificate tc' the date of the eventa palment under thisrf - tfre most recentiving rise to such

(2) In th-e event- !11t ^:" i f icate of AgreedVa1ue ha s bgen gxecuEecr ter' .. ! 'er -vsthe death, i""itf""tov, disabilily' :i.tljtihe death, insorvencyt clrscrvrrreJ ' "- - - - 'D'rtner. as 6t'"i"d't"y b, !h" lg:.":d Iuation Amount shall

) (1) Year PrecedingI br ret'irement of as earnings of thelntlY Preceding thethe event of theretirenent, death's , f f i O , tdissolution of the Partr -- r.: -r^i r i rr.r of a Partner, theto any Partner onrankruPtcy, ot disabilitYinsolvency, DanKruPtsy' - e! * - - - - - - - - 'r^recroinct mea,sure of the amount ryI*loregoing mea'sure or Enern.ount of "o.in-at"ti and no other or fu

r arnounts shal} beIiriiiu"ted or paid to such Partner'

s15- @' The termscontainea coniFffi6-Tne eiEire agreementshatl "rrp"t"i=At all pt"ttio""communi