|
|
|
|
Document Preview Escrow and Interim Operations Agreement |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Escrow and Interim Operations Agreement |
|||
|
Entities: |
||||
|
Date: |
2006 |
|||
|
Size: |
Preview shows 5KB of 18KB total |
|||
|
Price: |
$42 |
|||
|
ID: |
#1687003 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
<SEQUENCE>4
<FILENAME>maui8kpalmeramergerexh10c.txt
<DESCRIPTION>MAUI 8-K PALMERA MERGER EXH 10-C
<TEXT>
Exh. 10-c
ESCROW AND INTERIM OPERATIONS AGREEMENT
AGREEMENT made this 24th day of January, 2006 among MAUI GENERAL
STORE, INC., a New York corporation ("MGS"), RICHARD MILLER, the majority
shareholder of MGS ("Miller"), PALMERA HOLDINGS, INC., a Florida corporation
("Palmera"), the individuals identified on the signature page of this
Agreement as shareholders of Palmera (the "Palmera Stockholders"), and ROBERT
BRANTL, counsel to Palmera (the "Escrow Agent").
WHEREAS, MGS, Miller and Palmera are on this date entering into an
Agreement and Plan of Merger (the "Palmera Merger Agreement"), pursuant
to which Palmera will be merged into a wholly-owned subsidiary of MGS
(the "Palmera Merger"); and
WHEREAS, the parties intend that after the Palmera Merger, MGS
will solicit sufficient capital to enable it to implement the business
plan of Palmera; and
WHEREAS, the parties wish to institute procedures which will effect
a partial rescission of the merger and related transactions in the event
that MGS does not acquire the necessary funds.
NOW, THEREFORE, it is agreed:
1. Escrow.
a. Upon the Closing Date of the Palmera Merger, the parties will
cause the Merger Shares, the Palmera Shares, and the Surviving Entity
Shares (all as described in Section 1.01 of the Palmera Merger Agreement
and, collectively, the "Escrowed Securities") to be delivered to the
Escrow Agent, accompanied by one stock power endorsed in blank (with, as
to shares of MGS, a medallion guaranteed signature) for each certificate
for Merger Shares or Surviving Entity Shares included among the Escrowed
Securities. The Escrow Agent shall hold the Escrowed Securities and
related stock powers (the "Escrowed Documents") in safe-keeping subject
to the terms of this Agreement.
b. Upon the Closing Date of the Amended Stock Purchase Agreement
between Richard H. Miller and Palmera dated January 24, 2006 (the "Stock
Purchase Agreement"), Palmera will deliver the "Residual Cash Payment"
(defined in Section 2.2 of the Stock Purchase Agreement) to the Escrow
Agent. The Escrow Agent will cause the Residual Cash Payment to be
deposited into the account at Citibank, N.A. titled "Robert Brantl, Esq.
Attorney Escrow Account IOLA," which is Citibank account number 95675675.
Said account does not pay interest.
2. Forward Delivery.
a. Promptly upon closing of the Palmera Merger, MGS will undertake
a private placement of its securities (the "Offering"). The funds
obtained in the Offering and related subscription agreements shall be
delivered to the Escrow Agent to hold pursuant to an escrow agreement to
be entered between MGS and the Escrow Agent. The escrow agreement will
require the Escrow Agent to hold the funds and subscription agreements
until at least Two Million Dollars ($2,000,000) in clear funds are in his
escrow account.
b. Promptly after the date on which the Escrow Agent receives at
least $2,000,000 in clear funds from subscriptions to the Offering (the
"Funding Date"), the Escrow Agent will destroy the stock powers included
in the Escrowed Documents and deliver the Escrowed Securities as follows:
Merger Shares to the Palmera Stockholders and Palmera Shares and
Surviving Entity Shares to MGS. At the same time, the Escrow Agent will
deliver the Residual Cash Payment to Miller. Upon such delivery (a
"Forward Delivery"), the obligations of the Escrow Agent under this
Agreement will terminate.
3. Reversion of the Escrowed Documents.
a. In the event that the Funding Date has not occurred prior to
the Futility Date, then promptly after the Futility Date the Escrow Agent
will deliver the Escrowed Documents thus: Merger Shares and related
stock powers to MGS for cancellation; Palmera Shares, Surviving Entity
Shares and related stock powers (endorsed to transfer the shares to the
Palmera Stockholders in proportion to the number of Palmera shares each
|
End of Preview |
Home Intelligence Services Subscriptions News About Us