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Title: |
Stock Redemption Agreement |
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Entities: |
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Date: |
2002 |
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Price: |
$41 |
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ID: |
#1389168 |
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STOCK REDEMPTION AGREEMENT
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THIS STOCK REDEMPTION AGREEMENT ("Agreement") made this 30th day of June,
2001, by and between ROBERT S. BERG and STEVE WEMPLE (hereinafter individually
referred to as "Berg" and "Wemple" or "Stockholder" and collectively referred to
as "Stockholders"), and INTERFOODS OF AMERICA, INC. (hereinafter referred to as
the "Corporation"), organized and existing under the laws of the State of
Florida/Nevada, with its principal place of business at 9400 South Dadeland
Boulevard, Suite 720, Miami, FL 33156.
W I T N E S S E T H:
WHEREAS, Berg and Wemple, are principal Stockholders of Corporation, Berg
currently owning 1,476,719 shares of common stock and Wemple currently owning
932,352 shares of common stock of the outstanding and issued shares of stock of
Corporation; and
WHEREAS, the parties to this Agreement believe that it is in their mutual
best interests to provide for continuity and harmony in management and the
policies of the Corporation, and
WHEREAS, therefore, it is their mutual purpose (a) to provide for the
purchase by the Corporation of a Stockholder's shares should he desire to
dispose of any of his stock in the Corporation during his lifetime, (b) to
provide for the purchase by the Corporation of a Stockholder's interest therein
in the event of his death, and (c) to provide the funds necessary to carry out
such purchase.
NOW, THEREFORE, in consideration of the mutual agreements and covenants
contained herein and for other valuable considerations paid by the Parties
hereto each to the
<PAGE>
other, the receipt and sufficiency of which is hereby acknowledged, it is
mutually agreed and covenanted by and among the Parties to this Agreement as
follows:
Article 1. No Stockholder shall during his lifetime transfer, encumber or
dispose of his stock interest in the Corporation except as provided below.
For purposes hereof, an offer in writing from an independent third party
non-related to a Stockholder to purchase shares of a Stockholder accompanied by
a deposit of at least ten (10%) percent of the proposed purchase price is
defined as a bona fide third party offer (a "Third Party Offer").
If a Stockholder should desire to dispose of his stock in the Corporation
during his lifetime, absent a Third Party Offer, he shall first offer in writing
to sell all of his stock to the Corporation at a price determined in accordance
with the provisions of Article 3. If the Corporation does not purchase all of
the shares of stock so offered within 30 days after receipt of such written
offer, said shares of stock shall be offered in writing at the same price to the
other Stockholder. If the stock is not purchased by the other Stockholder
within 30 days of the receipt of the written offer to him, the Stockholder
desiring to sell his stock may sell it to any third party upon receipt of any
Third Party Offer.
Upon a Stockholder receiving any Third Party Offer which he is desirous of
accepting, such Stockholder shall first give the Corporation and the other
Stockholder written notice thereof and the right to purchase the stock which is
the subject matter of the Third Party Offer. Such written notice shall be
accompanied by a true copy of the Third Party Offer and the Corporation and
other Stockholder shall have 30 days from receipt of such notice within which to
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