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Stock Purchase Agreement

 

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Title:

Stock Purchase Agreement

Entities:

Plastic Surgery Co

Date:

2001

Size:

Preview shows 6KB of 114KB total

Price:

$50

ID:

#1502913

 

 

► Purchase & Sale ► Purchase ► Stock Purchase Agreements

 

 

Start of Preview


<SEQUENCE>2

<FILENAME>0002.txt
<DESCRIPTION>STOCK PURCHASE AGREEMENT
<TEXT>




STOCK PURCHASE AGREEMENT




BY AND AMONG


FLORIDA CENTER FOR COSMETIC SURGERY

AS THE COMPANY,

BEVERLY REFKIN,

PAUL REFKIN,

STEVEN REFKIN,

AND

SHERMAN CLAY

AS THE SHAREHOLDERS



AND



THE PLASTIC SURGERY COMPANY

AS BUYER




DATED NOVEMBER 15, 2000

<PAGE>

STOCK PURCHASE AGREEMENT


THIS STOCK PURCHASE AGREEMENT (the "Agreement") is made as of November
15, 2000, by and among FLORIDA CENTER FOR COSMETIC SURGERY, a Florida
corporation (the "Company"), BEVERLY REFKIN, PAUL REFKIN, STEVEN REFKIN AND
SHERMAN CLAY (the "Shareholders" or "Sellers") and THE PLASTIC SURGERY COMPANY,
a Georgia corporation ("TPSC" or the "Buyer").

R E C I T A L S
---------------

A. The Company is the owner and operator of a cosmetic surgery center
located in Fort Lauderdale, Florida, and the licensor of a cosmetic surgery
center located in Kendall, Florida (collectively, the "Centers"), at which
surgeon(s) provide patient care (the "Business").

B. Shareholders are the registered and beneficial owner of 100% of the
issued and outstanding shares of capital stock of Company, which are comprised
of 100 issued and outstanding shares of Common Stock (the "Shares").

C. Sellers desire to sell to the Buyer, and the Buyer desires to
purchase from Sellers, on the terms and conditions hereinafter set forth in this
Agreement, the Shares.

A G R E E M E N T
-----------------

NOW, THEREFORE, in consideration of the terms, covenants, and
conditions hereinafter set forth, the parties hereto agree as follows:

1. PURCHASE AND SALE OF SHARES. Subject to the terms and conditions of
this Agreement, on the Closing Date (as hereinafter defined), Buyer shall
purchase and accept from the Sellers, and the Sellers shall sell, transfer,
assign and deliver to Buyer, free and clear of any and all Liens and
Encumbrances (as hereinafter defined), the Shares.

2. PURCHASE PRICE AND TERMS OF PAYMENT. As consideration for the sale
to Buyer of the Shares, and the Non-Competition Agreements described in Section
2.2 below, Sellers shall be entitled to receive from Buyer a purchase price of
Seven Million Dollars ($7,000,000) (the "Purchase Price").

2.1 PAYMENT OF PURCHASE PRICE. On the Closing Date, Buyer
shall pay the Purchase Price to Sellers in the manner hereinafter set forth in
this Section 2.1:

(a) CASH PAYMENTS. Buyer shall make a cash payment to
Sellers in the amount of Nine Hundred Thousand Dollars ($900,000) by wire
transfer in accordance with the wire instructions contained in SCHEDULE 2.1
hereto (the "Cash Payment").

(b) SECURED PROMISSORY NOTE. A portion of the
Purchase Price shall be payable by the issuance by Buyer to Sellers of secured
promissory notes, in the form attached hereto as EXHIBIT A (the "Secured
Promissory Notes"), in an aggregate principal amount of Four Million One Hundred
Thousand Dollars ($4,100,000), which shall accrue interest at a rate of 9% per
annum. The Secured Promissory Notes shall be payable in monthly payments of
interest only until the earlier of (i) the closing of a financing of the Company
in the amount of $4.0 million or more, or (ii) January 1, 2002 (the "Maturity
Date"), at which time all outstanding principal and accrued and unpaid interest
shall become due and payable. The Secured Promissory Notes shall be
collateralized with a first priority security interest in the assets of the
Company and a pledge of all of the Shares;

1
<PAGE>

(c) UNSECURED PROMISSORY NOTE. A portion of the
Purchase Price shall be payable by the issuance by Buyer to Sellers of unsecured
promissory notes, in the form attached hereto as EXHIBIT B (the "Unsecured
Promissory Notes"), in an aggregate principal amount of One Million Dollars
($1,000,000), which shall accrue interest at a rate of 9% per annum. The
Unsecured Promissory Notes shall be payable over three years in equal monthly
installments of principal and interest, based upon a ten (10) year amortization
schedule, on the first day of each month commencing on December 1, 2000 and
continuing on the first day of each month thereafter to and including November
1, 2003, on which date all accrued and unpaid interest and the remaining balance
of the principal then outstanding shall be due and payable.

(d) ISSUANCE OF STOCK. The balance of the Purchase
Price shall be payable by the issuance of shares of common stock of TPSC to the
Sellers in the aggregate amount of $1,000,000 (the "Shares"). Subject to the

 

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