The K-5 in K-5 Communications LLC does not refer to the typical range of grades in a standard public elementary school – if refers to the number of members of the Klepac family that will soon have a stake in WAMS-AM Dover DE.
The seller is Vincent Klepac, and he is also one-fifth of the buyer. Joining him in the acquiring entity are his wife Lorrie and his children, Branden, Sarah and Lily. The parents and children are treated equally by the contract, each holding a 20% stake.
The compensation package is simply that K-5 pick up responsibility for continuing to service an $80K promissory note.