- 17 -
combined dollar total of Components (i) and (ii) as the “total
Purchase Price and Interest”.
A later draft prepared by Indeck’s counsel and submitted to
Mr. Polsky’s counsel on May 9, 1994, described the payment as
follows:
Indeck * * * agrees to purchase * * * the thirty (30)
shares of * * * stock * * * for a price computed as
follows: (i) * * * $501,000 per share, for a total of
* * * $15,030,000 (the “Purchase Price”); plus (ii) an
amount determined by Ten Percent (10%) per annum on the
purchase price of $15,030,000 from January 31, 1991
through April 13, 1994 for a total of * * * $4,809,600;
plus (iii) an amount determined by interest on the
amount in (i) at * * * [the Federal funds rate] between
April 14, 1994 and May 9, 1994, for a total of * * *
$47,321.85. The total Purchase Price and Interest of
* * * $19,886,921.85 shall be paid * * * at the
Closing.
As compared to the May 5/6 draft, this May 9 draft eliminated the
defined term “Interest” as applicable to Component (ii) but the
labeling of Component (i) as “Purchase Price” was preserved.
This draft also eliminated the provision for installment payments
of amounts over $10 million, calling instead for full payment at
closing, with “interest” at the Federal funds rate accruing on
Component (i) between April 14 and May 9, 1994, and such
“interest” designated as a third component (hereafter “Component
(iii)”). The combined dollar total of Components (i), (ii), and
(iii) was described as the “total Purchase Price and Interest”.
Page: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 NextLast modified: May 25, 2011