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Stock Purchase Agreement

 

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Title:

Stock Purchase Agreement

Entities:

Pacific Telcom Inc

Date:

2000

Size:

Preview shows 5KB of 38KB total

Price:

$32

ID:

#1664125

 

 

► Purchase & Sale ► Purchase ► Stock Purchase Agreements

 

 

Start of Preview


<SEQUENCE>16

<FILENAME>0016.txt
<TEXT>


STOCK PURCHASE AGREEMENT


This Agreement ("Agreement") is entered into this date by and among Pacific
Telcom, Inc., an Illinois corporation ("Purchaser"), and Asher Milgrom
("Seller").

WHEREAS, the Seller is a shareholder of M&M Communications, a Nevada corporation
("Corporation"), of which 4505 shares (the "Shares") have been issued to Seller;
and

WHEREAS, said Shares constitute 45.05% of the issued and outstanding capital
stock of the Corporation; and

WHEREAS, the Purchaser desires to purchase from Milgrom and Milgrom desires to
sell to the Purchaser all of the Shares owned by Milgrom on the terms and
subject to the conditions set forth herein.

NOW THEREFORE, IT IS AGREED AS FOLLOWS:

Section 1. Purchase of Shares.
---------- --------------------

1.1 Purchase of Shares. Subject to the terms and conditions set forth
--------------------
herein, at the Closing (as defined below) Milgrom will sell all of the Shares
owned by Milgrom to the Purchaser and the Purchaser will purchase all of the
Shares owned by Milgrom from Milgrom, said Shares constituting forty-five
percent 45.05% of all of the issued and outstanding capital stock of the
Corporation as of the Closing.

1.2 Purchase Price. In consideration of the transfer, conveyance and
---------------
assignment of the Shares, Purchaser shall pay to the Seller the following
amounts of cash and duly authorized and issued common shares of Pacific Telcom,
Inc., subject to adjustment as described herein, to be paid in the following
manner.

1.2.1 Payments of Cash. Purchaser shall pay One Hundred Thirty-Four Thousand
------------------
Two Hundred Thirty-Two Dollars ($134,232) payable to Seller. Purchaser shall
pay to the seller on the Initial Closing Date the sum of $5,000. The balance of
the purchase price after the Initial Closing Date of $129,232 shall be paid
within forty-five days of the Closing Date. This obligation shall be
represented by a Promissory Note in substantially the form set forth on a
Exhibit "A" hereto ("Note"), to be made and delivered by the Purchaser to the
Seller at Closing.

1.2.2 Payment in Common Stock. Delivery shall be made by the Purchaser to the
------------------------
Seller on the Closing Date of 53,693 common shares of authorized and issued
stock of Pacific Telcom, Inc.


<PAGE>
1.3 Additional Consideration.
-------------------------

1.3.1 Basis of Additional Consideration. M&M Communications, Inc. is a party
-----------------------------------
to a series of agreements entered into on or about December 2, 1999 by and
between the Corporation, EasyTel, a Nevada corporation and the representative
members of an Alliance of entities having access to certain national and
international distribution channels consisting of independent business owners,
said agreements collectively refer to as Re-Seller's Representative Agreements.
The Re-Seller's Representative Agreements function to refer customers to
subscribe to the EasyTel services. M&M Communications is the owner of a 6T
telecommunication switch in Encino, California, through which a portion of these
referred accounts are hosted on this switch. It is the intention of the parties
that Seller receive a portion of the revenues derived from accounts hosted on
the Encino telecommunication switch, measured by Seller's percentage of
ownership of M&M Communications, times a multiple of two of the revenue due to
the Alliance, as set forth in the Re-Seller's Representative Agreements, solely
limited to revenues derived from the existing and current subscriber base on the
Closing Date solely on the Encino switch.

1.3.2 Formula of Additional Consideration. Purchaser will pay to Seller
--------------------------------------

 

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