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Title: |
Stock Purchase Agreement |
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Date: |
2003 |
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Size: |
Preview shows 12KB of 63KB total |
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Price: |
$43 |
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ID: |
#811263 |
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P.I. HOLDINGS NO. 3, INC.
and
GREKA ENERGY CORPORATION
--------------------------------
STOCK PURCHASE AGREEMENT
--------------------------------
for the Sale of
Windsor Energy US Corporation
Dated as of September 12, 2002
{PAGE}
TABLE OF CONTENTS
Page
----
ARTICLE I Definitions...................................................... 1
ARTICLE II Purchase and Sale............................................... 2
2.01 The Sale................................................. 2
2.02 Purchase Price........................................... 2
ARTICLE III Closing........................................................ 2
3.01 Date of Closing.......................................... 2
3.02 Actions at Closing....................................... 2
ARTICLE IV Representations and Warranties by the Seller.................... 3
4.01 Corporate/Limited Partnership Existence.................. 3
4.02 Capitalization of the Company............................ 4
4.03 Due Authorization........................................ 4
ARTICLE V Representations and Warranties by the Purchaser.................. 4
5.01 Purchase for Investment.................................. 5
5.02 Corporate Representations................................ 5
5.03 Due Authorization........................................ 5
5.04 No Broker................................................ 5
5.05 Hazardous Substances, Applicable Environmental Laws...... 5
ARTICLE VI Additional Agreements and Covenants of the Seller............... 5
6.01 Broker's Fee............................................. 6
6.02 Conduct of Business of the Company and Rincon............ 6
6.03 Access................................................... 6
6.04 Exclusivity.............................................. 6
ARTICLE VII Additional Agreements and Covenants of the Purchaser........... 7
7.01 Confidential Information................................. 7
i
{PAGE}
ARTICLE VIII Conditions Precedent to the Obligations of the Purchaser...... 7
8.01 Representations, Warranties and Agreements............... 7
8.02 Board Resignations....................................... 7
8.03 Bylaws................................................... 7
8.04 Liens and Indebtedness of the Company.................... 7
8.05 Environmental Contingencies.............................. 8
8.06 Rincon Partnership Interest.............................. 8
8.07 Necessary Approvals...................................... 8
8.08 Compliance with Agreements............................... 8
8.09 No Contracts Terminated.................................. 8
8.10 No Damage to Assets...................................... 8
8.11 Third-Party Consents..................................... 8
8.12 Absence of Certain Litigation............................ 8
8.13 Torch Escrow............................................. 8
8.14 No Consents.............................................. 8
8.15 Opinions................................................. 9
8.16 Tax Effect............................................... 9
8.17 Resolution of Claims..................................... 9
8.18 Purchase Price Agreement................................. 9
ARTICLE IX Conditions Precedent to the Obligations of the Seller........... 9
9.01 Representations, Warranties and Agreements............... 9
9.02 Consents and Approvals................................... 9
9.03 Absence of Certain Litigation............................ 9
9.04 Acceptance Insurance Corporation Indemnity Obligation.... 10
9.05 Necessary Approvals...................................... 10
9.06 Compliance with Agreements............................... 10
9.07 No Consents.............................................. 10
9.08 Tax Effect............................................... 10
9.09 Liens and Indebtedness of the Company.................... 10
9.10 Resolution of Claims..................................... 10
9.11 Purchase Price Agreement................................. 10
ARTICLE X Survival of Representations and Warranties; Waivers............. 11
10.01 Survival................................................. 11
10.02 Waiver by the Purchaser.................................. 11
ARTICLE XI Termination..................................................... 11
11.01 Grounds for Termination.................................. 11
ARTICLE XII Escrow......................................................... 12
12.01 Additional Conditions for Reimbursement from Escrow...... 12
12.02 Escrow Deposit........................................... 12
ii
{PAGE}
ARTICLE XIII Tax Implications............................................. 12
13.01 Tax Implications......................................... 12
ARTICLE XIV Limitation of Warranties; Release.............................. 12
14.01 Limitation of Warranties................................. 12
14.02 Release.................................................. 13
ARTICLE XV Miscellaneous................................................... 13
15.01 Expenses................................................. 13
15.02 Notices.................................................. 13
15.03 Applicable Law; Amendments; Headings..................... 14
15.04 Entire Agreement......................................... 15
15.05 Binding Effect; Assignments, Third Parties............... 15
15.06 Severability............................................. 15
15.07 Counterparts............................................. 15
15.08 Further Assurances....................................... 15
15.09 Attorneys' Fees.......................................... 15
15.10 Waiver of Conditions..................................... 16
15.11 Announcement............................................. 16
iii
{PAGE}
STOCK PURCHASE AGREEMENT
This STOCK PURCHASE AGREEMENT (this "Agreement"), dated as of September 12,
2002 by and between P.I. Holdings No. 3, Inc., a Texas corporation (the
"Seller"), and Greka Energy Corporation, a Colorado corporation (the
"Purchaser"). P.I. Holdings No. 4, Inc., a Texas corporation ("PIH No. 4"),
joins this Agreement for the sole purpose of agreeing to be bound by those
provisions of this Agreement, to the extent specifically applicable to PIH No. 4
and its ownership of the Rincon Interest (as defined below), and for no other
purpose.
WITNESSETH:
WHEREAS, the Seller is the owner of 1,500 shares (the "Shares") of Common
Stock, par value $1.00 per share (the "Common Stock"), of Windsor Energy US
Corporation, a Delaware corporation (the "Company"), constituting all of the
issued and outstanding shares of capital stock of the Company;
WHEREAS, PIH No. 4 is the owner of .25% of the partnership interest
("Rincon Interest") of Rincon Island Limited Partnership, a Texas limited
partnership ("Rincon");
WHEREAS, the Purchaser desires to acquire the Shares from the Seller, and
to acquire the Rincon Interest from PIH No. 4, and the Seller desires to sell
the Shares to the Purchaser, and PIH No. 4 desires to convey the Rincon Interest
to Purchaser, upon the terms and subject to the conditions hereinafter set
forth; and
WHEREAS, the Purchaser may direct that the Shares and the Rincon Interest
be sold and conveyed to one or more separate subsidiaries or affiliates of
Purchaser ("Purchaser Affiliate");
NOW, THEREFORE, in consideration of the premises and of the respective
representations, warranties, covenants, agreements and conditions contained
herein, the parties hereto hereby agree as follows:
ARTICLE I
Definitions
The terms set forth below in this Article I shall have the meanings
ascribed to them below or in the part of this Agreement referred to below:
Agreement: as defined above in the preamble.
Best Efforts: means a party's best efforts in accordance with reasonable
commercial practice and without the incurrence of unreasonable expense.
Closing: as defined in Section 3.01.
Closing Date: as defined in Section 3.01.
Common Stock: as defined above in the recitals.
1
{PAGE}
Company: as defined above in the recitals.
Escrow Agreement: as defined in Section 12.02.
Escrow Deposit: as defined in Section 12.02.
Person: means any individual, firm, corporation, partnership, joint
venture, association, trust, unincorporated organization, government or agency,
or subdivision thereof or any other entity.
Purchase Price Agreement: as defined in Section 2.02.
Purchaser: as defined above in the preamble.
Rincon: as defined above in the recitals.
Rincon Interest: as defined above in the recitals.
Seller: as defined above in the preamble.
Shares: as defined above in the recitals.
ARTICLE II
Purchase and Sale
2.01 The Sale. Subject to the terms and conditions of this Agreement, the
Seller shall sell, convey, transfer, assign and deliver to the Purchaser, or a
Purchaser Affiliate, all of the Shares and the Purchaser, or a Purchaser
Affiliate, shall purchase and acquire all of the Shares from the Seller. PIH No.
4 will convey the Rincon Interest to Purchaser or a Purchaser Affiliate. If the
sale of the Shares or the conveyance of the Rincon Interest is to a Purchaser
Affiliate, then the obligations to, and rights of, Purchaser under this
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