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Stock Purchase Agreement

 

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Title:

Stock Purchase Agreement

Entities:

InterGroup Corp.; Utix Group Inc

Date:

2005

Size:

Preview shows 5KB of 24KB total

Price:

$41

ID:

#1535855

 

 

► Purchase & Sale ► Purchase ► Stock Purchase Agreements
► Real Estate

 

 

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                            STOCK PURCHASE AGREEMENT


THIS STOCK PURCHASE AGREEMENT (the "AGREEMENT"), is made as of February
___, 2005, by and among Anne Concannon, a Massachusetts resident, with an
address at 144 Pond Street, Westwood MA 02090 (the "SELLER"), and the purchasers
set forth on SCHEDULE A hereto (each, a "PURCHASER," and collectively the
"PURCHASERS"). (Seller and Purchasers may hereinafter be referred to singularly
as a "PARTY," and collectively as the "PARTIES.")

WHEREAS, Seller is the record and beneficial owner of an aggregate of
Two Million Three Hundred Twenty-Three Thousand Seventy One (2,323,071) shares
of the issued and outstanding common stock of Utix Group, Inc., a Delaware
corporation (the "SHARES"); and

WHEREAS, Purchasers desire to purchase from Seller, and Seller desires
to sell to Purchasers, the Shares, at a purchase price of $0.40 per share, in
such amounts as are set forth on SCHEDULE A hereto, upon the terms and subject
to the conditions of this Agreement.

NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by the parties hereto, such parties
agree as follows:

1. PURCHASE AND SALE. Subject to the terms and conditions hereof,
at the Closing (as defined in Section 2 below), Purchasers shall purchase, and
Seller shall sell, all of Seller's right, title and interest in and to the
Shares, for an aggregate purchase price of Nine Hundred Twenty-Nine Thousand Two
Hundred Twenty-Eight and 40/100 ($929,228.40) Dollars (the "PURCHASE PRICE").

2. THE CLOSING. Subject to the terms and conditions hereof, the
closing of the purchase and sale of the Shares described in Section 1 hereof
(the "CLOSING") shall take place on or before February ___, 2005, (the "Closing
Date") at the offices of Bondy & Schloss LLP, located at 60 East 42nd Street,
37th Floor, New York, NY 10165, or at such other place as the parties shall
mutually agree. At the Closing:

(a) Seller, or Seller's representative(s), will, prior to
the Closing deliver to Sam Gallo, Esq. ("Gallo"), in-house general counsel for
Utix Group, Inc., a stock certificate representing the Shares, duly endorsed in
blank or accompanied by duly executed stock powers or other instruments of
transfer, in proper form for transfer, with all signatures guaranteed, free and
clear of all liens, charges, claims or other encumbrances of any nature, other
than those restrictions set forth in the Lock-Up Agreement (as defined herein)
(collectively "LIENS"); and

(b) Upon Gallo's receipt of the stock certificate
representing the Shares, he shall promptly notify Purchasers and Purchasers'
representatives via email (with a copy of such email to Seller and her counsel
at trosedale@brllegal.com) that Seller has complied with Section 2(a). Upon
notice from Gallo confirming receipt of the certificates representing the
Shares, Purchasers, or Purchasers' representative(s), will promptly (and in no
event later than the end of the next business day) deliver the Purchase Price by
wire transfer of immediately available funds to an account designated by the
Seller.

<PAGE>


(c) Once Gallo confirms Seller's receipt of the Purchase
Price, Gallo shall, within twenty-four hours of the Closing Date, release the
certificates and other instruments set forth in Paragraph 2(a) to the
Purchasers. Purchasers and Gallo agree and covenant that all stock certificates
issued to Purchasers with respect to the Shares shall bear legends substantially
similar to the legends currently imprinted on Seller's stock certificate. In the
event Seller does not receive the Purchase Price by the Closing Date, Gallo
shall promptly return the Purchase Price to Purchaser and the stock certificate,
stock powers and related items and documents to Seller.

3. REPRESENTATIONS AND WARRANTIES.

(a) Seller hereby represents and warrants to Purchasers as
follows:

(i) Seller is the beneficial and record owner of all
of the Shares. All of such Shares have been duly authorized and validly issued
and are fully paid and non-assessable. At the Closing, Purchasers will acquire

 

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