- 5 - WHEREAS, Butler has, to date, loaned only a portion of the total loan commitment, that portion loaned being Ten Thousand Dollars ($10,000.00); and WHEREAS, Butler has not been given any certificates of stock and, in fact, no transfer of stock to Butler has occurred; and * * * WHEREAS, the Corporation and Butler believe that it is in the best interest of the Corporation and Butler to terminate said Stock Purchase Agreement effective immediately; NOW THEREFORE, IT IS AGREED AS FOLLOWS: 1. TERMINATION DATE: The aforementioned Stock Purchase Agreement is hereby terminated effective immediately. 2. RELINQUISHMENT OF INTEREST: For valuable consideration, the receipt of which is hereby acknowledged, Butler hereby assigns, transfers, and conveys to the Corporation all of his right, title, or interest in said Corporation, along with all of his right or option to purchase or receive common stock of the Corporation. 3. REFUND OF STOCK PURCHASE PRICE: In consideration whereof, the Corporation shall contemporaneously refund to Butler, the receipt of which is hereby acknowledged that portion of his loan to the Corporation which has been received by the Corporation to date, in the amount of Ten Thousand Dollars ($10,000.00) with no interest to be paid; and will pay all commissions due and owing to Butler for the month of December of 1994. As set forth in the August 24, 1993, Minutes of Southern Auto, prior to the termination of the stock purchase agreement, Frank, Thomas, and Bob, were to share any profit or loss of Southern Auto on a pro rata basis, one-third each. At trial, Frank claimed this agreement to share profits meant they shared the gross profit on the cars, one-third each asPage: 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