- 11 -
applied first to pay interest and then to reduce
principal.
* * * * * * *
D. Concurrently with the execution of this
Agreement, PULLIAM shall deliver the stock being sold
to DECKARD to The First National Bank in Robinson as
escrow agent, said stock to be endorsed in blank for
transfer. Said escrow agent shall hold the stock being
sold until satisfactory proof has been furnished to the
escrow agent that the purchase price hereunder,
together with interest as herein provided, has been
fully paid, and upon satisfactory proof of payment of
the purchase price in full shall deliver such stock to
DECKARD. If DECKARD shall fail to make any installment
payment when due and shall not correct such failure
within 90 days thereafter, following notice by PULLIAM,
then at the option of PULLIAM this Agreement shall be
terminated. Upon termination, the parties shall cause
a portion of the stock covered by this Agreement to be
transferred to DECKARD, said portion being the amount
which DECKARD has made principal payments on based upon
a price per share of $789.00 excluding any fractional
shares. The balance of the stock shall be transferred
to PULLIAM. The escrow agent may conclusively rely on
the Affidavit of PULLIAM that DECKARD is in default
hereunder and of PULLIAM's election to terminate this
Agreement. It is understood and agreed by all parties
hereto that the escrow agent assumes no personal
liability except for fraud knowingly committed. The
escrow agent shall be entitled to a reasonable fee for
his services under this Agreement. The cost of such
fee shall be shared equally by PULLIAM and DECKARD and
shall be paid directly to the escrow agent as and when
billed.
E. So long as DECKARD shall not be in
default under the provisions of this Agreement, he
shall have all of the voting and other customary rights
of a shareholder of record with respect to the stock
being purchased from PULLIAM. In the event DECKARD
shall be in default under the provisions of this
Agreement, then his voting and other rights shall cease
and such rights shall be vested in PULLIAM..
F. During the term of this Agreement,
neither DECKARD nor PULLIAM shall take any action to
cause any additional shares of common capital stock of
the Corporation to be issued.
* * * * * * *
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011