- 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 Next
Last modified: May 25, 2011