- 48 -
owners’ preexisting ownership percentages in order to allow Jean
True and the True children (but not Dave True) to purchase
additional shares from the company. Similarly, Jean True waived
her purchase rights under the Rancho Verdad buy-sell agreement in
July 1983, when Dave True sold 8-percent interests to each of the
True children, thereby allowing them to enter that partnership.
Lastly, in October 1985, the True family waived their purchase
rights under the Toolpushers buy-sell agreement to allow the
trustee of the True Companies Employees’ Profit Sharing Trust
(Employees’ Trust) to sell its Toolpushers stock back to the
company.21
F. Unique Provisions of White Stallion Buy-Sell Agreement
In July 1982, the original White Stallion buy-sell
agreement, see supra p. 22, was amended to reflect the admission
as stockholders of Dave and Jean True’s children and Allen and
Cynthia True’s children. While the White Stallion buy-sell
agreement shared some of the common characteristics of other True
company agreements, it also contained certain unique provisions.
For example, under the provision entitled “Buy and Sell
Agreement”, if a stockholder were to die, become legally
disabled, or desire to sell all or part of his stock, the
21Under the Nov. 20, 1976, Toolpushers Stockholders’
Restrictive Agreement, Employees’ Trust was specifically exempted
from the buy-sell restrictions. As a result, the October 1985
purchase price for Employees’ Trust’s shares was not limited to,
and in fact exceeded, book value.
Page: Previous 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 NextLast modified: May 25, 2011