- 18 - All of the Corporation’s [MIC’s] rights to distribute Haagen-Dazs Ice Cream products to supermarket chains (Pathmark, Shop Rite, Foodtown and Acme) and food service accounts (restaurants, hotels and clubs), and the business records of said distributorship, including but not limited to customer lists and pricing lists, to the Subsidiary * * * for the purpose of transferring to Arnold all of the outstanding shares of the Subsidiary in exchange for the surrender by Arnold of all of his shares of the Corporation, in a transaction intended to qualify as a tax-free split-off under Internal Revenue Code Section 355, as amended * * * A second document, dated June 15, 1988, also entitled “Agreement”, stated that Martin and Arnold were operating separate businesses that were formerly jointly operated by MIC, and that both Arnold and Martin “wish to assure a smooth transition so that neither party loses customers or employees as a result of * * * misunderstanding”. The document further stated that Following the Exchange, * * * [MIC] shall cooperate with * * * [SIC] and provide such assistance that is reasonably necessary for * * * [SIC] to conduct its business, provided that the rendering of such services does not unduly interfere with the conduct of * * * [MIC]’s business. * * * * * * * [SIC] shall pay to and reimburse * * * [MIC] for all costs incurred by * * * [MIC] in providing such services. This agreement provided, among other things, that MIC would continue to deliver ice cream from its warehouse to SIC’s supermarket accounts after the June 15 transactions separating MIC and SIC. MIC did continue to do so until the closing of Arnold’s and SIC’s sale of assets to H�agen-Dazs on July 22.Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Next
Last modified: May 25, 2011