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other legal representative of the estate of such
decedent purchase all of the shares owned by such
decedent at his death, together with any shares
previously transferred by such decedent to his
wife or lineal descendants, and the decedent's
estate and any other holder of such shares shall
sell and transfer to the corporation all of such
shares, including shares previously transferred
by decedent as aforesaid, at the price provided
below, and the Seller(s) shall endorse and
deliver to the Corporation the certificates
evidencing such shares purchased and sold under
this Agreement.
The agreement further provides that the purchase price to
be paid for the stock was the book value at the end of the
month preceding the shareholder's death.
Mr. Orsino Bosca died on November 27, 1986. On
July 6, 1987, HBC purchased Mr. Orsino Bosca's 805 shares
of stock as required by the October 8, 1981, agreement.
HBC agreed to pay $1,670 per share, for a total purchase
price of $1,344,350 (805 shares of stock x $1,670).
Pursuant to the terms of the October 8, 1981, agreement,
HBC made a downpayment in the amount of the proceeds from
insurance policies on the life of Mr. Orsino Bosca,
$970,414.04. HBC was to pay the balance, $373,935.86, in
annual installments over 10 years, together with interest
at the annual rate of 9 percent. After the purchase, the
decedent's 805 shares of voting common stock were HBC's
only outstanding stock.
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Last modified: May 25, 2011