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Buy-Sell Agreement

 

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Title:

Buy-Sell Agreement

Entities:

Chase Manhattan Bank; Handleman Co

Date:

2002

Size:

Preview shows 5KB of 24KB total

Price:

$38

ID:

#1608215

 

 

► Purchase & Sale ► Buy-Sell Agreements
► Financial

 

 

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                               BUY-SELL AGREEMENT


--------------------------------------------------------------------------------

BUY-SELL AGREEMENT AGREEMENT, made this 19th day of September, 2002, by and
between Overstockvitamins.com LLC, hereinafter separately referred to as
"Stockholder", and jointly as "Stockholders", and Humitech International Group,
Inc., a Nevada corporation, hereinafter referred to as the "Corporation",

W I T N E S S E T H :

WHEREAS, the Stockholders together own 100% of the outstanding shares of capital
stock of Overstock Vitamins.com, LLC, and

WHEREAS, as used herein, the term "shares" shall mean all shares of common
stock, at $0.001 par value, of the Corporation now owned or hereafter acquired
by the parties, and

WHEREAS, the Stockholders are actively engaged in the conduct of the business of
the Corporation, and it is contemplated that success or failure of the corporate
enterprise will at all times depend in large measure on the personal abilities
of the Stockholders, and

WHEREAS, there is not now, nor is there likely in the future to be a substantial
market for the shares of the Corporation, and

WHEREAS, for the foregoing reasons, the parties desire to provide for the
purchase by another Stockholder or by the Corporation of the stock of any party
desiring to sell the same; and for the purchase by the Corporation of the stock
of a deceased party.

IT IS THEREFORE AGREED, in consideration of the mutual promises and covenants
hereinafter set forth, as follows:

1. Restriction During Life. No stockholder shall transfer or encumber any of his
shares of capital stock of the Corporation during his lifetime to any person,
firm or corporation, without the consent of the Corporation and the other
Stockholder, unless the Stockholder desiring to make the transfer or encumber
(hereinafter referred to also as the "Transferor") shall have first made the
offer hereinafter described and such offer shall not have been accepted.

A. Offer by the Transferor: The offer shall be given pro rata initially to the
other Stockholder(s) and shall consist of an offer to sell or encumber all of
the shares of the capital stock of the Corporation owned by the Transferor, to
which shall be attached a statement of intention to transfer, the name and
address of such prospective transferee, the number of shares of capital stock
involved, and the terms of such transfer or encumbrance.



B. Acceptance of Offer: Within thirty (30) days after the receipt of such offer
the other Stockholder(s) may, at their option, elect to accept the offer. If
such offer is not accepted by the other Stockholder(s), the Corporation may
within thirty (30) days after the rejection of such offer, at its option, elect
to accept the offer. The Corporation shall exercise its election to purchase by
giving notice thereof to the Transferor and to the other Stockholder(s). The
other Stockholder(s) shall exercise the election to purchase by giving notice
thereof to the Transferor and to the Corporation. In either event, the notice
shall specify a date for the closing of the transaction, which shall not be more
than thirty (30) days after the date of the giving of such notice.

C. Purchase Price: The purchase price for, or the consideration for the
encumbrance of the shares of the capital stock of the Corporation owned by the
Transferor shall be set forth in paragraph 3 hereof.

D. Closing of Transaction: The closing of the transaction shall take place at
the principal office of the Corporation. The consideration shall be paid as
provided for in paragraph 3 hereof. Certificates for all shares sold or
encumbered hereunder, property endorsed to the Corporation or to the purchasing
Stockholder, as the case may be, shall be delivered by the transferor not later
than the date of closing.

E. Release from Restriction: If the offer is neither accepted by the Corporation
nor by the other Stockholder(s), the Transferor may make a bona fide transfer to
the prospective transferee named in the statement attached to the offer, such
transfer to be made only in strict accordance with the terms therein stated.
However, if the Transferor shall fail to make such transfer within 30 days
following the expiration of the election period by the other Stockholder(s),

 

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