6. Other Assets

A summary of other assets follows:


(dollars in thousands)	January 27, 2013		April 29, 2012
Cash surrender value – life insurance	$	700	$	1,327
Non-compete agreement, net		222		333
Other		273		247
	$	1,195	$	1,907

Non-Compete Agreement

We recorded a non-compete agreement in connection with our asset purchase agreement with Bodet & Horst (acquired in 2008) at its fair value based on valuation techniques. The non-compete agreement associated with Bodet & Horst is amortized on a straight line basis over the six year life of the agreement and requires quarterly payments of $12,500 over the life of the agreement. As of January 27, 2013, the total remaining non-compete payments were $75,000.

The gross carrying amount of this non-compete agreement was $1.1 million at January 27, 2013 and April 29, 2012, respectively. At January 27, 2013 and April 29, 2012, accumulated amortization for the non-compete agreement was $890,000 and $741,000, respectively. Amortization expense for the non-compete agreement was $148,000 for the nine month periods ended January 27, 2013 and January 29, 2012, respectively. The remaining amortization expense (which includes the total remaining Bodet & Horst non-compete payments of $75,000) for the next three fiscal years follows: FY 2013 - $50,000; FY 2014 - $198,000; and FY 2015 - $49,000. The weighted average amortization period for the non-compete agreement is 1.5 years as of January 27, 2013.

Cash Surrender Value – Life Insurance

On December 27, 2012, we entered into an agreement (the “Agreement”)with our Chairman of the Board and his irrevocable trust (the “Trust”) dated December 11, 2012. As a result of this agreement, a previous split dollar life insurance agreement in which we purchased a policy on the life of our Chairman of the Board and his spouse, in which we retained ownership of the policy, paid premiums to support the policy, had the right to receive the cash surrender value of the policy upon the second to die of our Chairman of the Board and his spouse, with the Trust receiving the remainder of the policy’s death benefit ($8.0 million), was terminated. In connection with the termination of the previous split dollar life insurance agreement, we transferred the life insurance policy to the Trust and received cash proceeds in the amount of the cash surrender value of the policy totaling $626,000.

Also, the Agreement required us to pay our Chairman of the Board during the period of his continued employment, but in an event no longer than twelve years, additional compensation totaling $60,000 annually.

At January 27, 2013, we had three life insurance contracts with death benefits to the respective insured totaling $4.9 million. At April 29, 2012, we had four life insurance contracts with death benefits to the respective insured totaling $12.9 million. Our cash surrender value – life insurance balances of $700,000 and $1.3 million at January 27, 2013 and April 29, 2012, respectively, are collectible upon death of the respective insured.