- 18 - Mr. Polsky’s counsel proposed the following edits to the description of the payment in the May 9 draft (additions underscored, strikeouts lined through): Indeck * * * agrees to purchase * * * the thirty (30) shares of * * * stock * * * for a price computed as follows (“Purchase Price”): (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 the amount in (i) 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 10, 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. The changes proposed by Mr. Polsky thus eliminated any characterization of the $15,030,000 figure as purchase price, eliminated any characterization of the total settlement payment of $19,886,921.85 as including interest, and instead denominated the total of all components of the payment as purchase price. The foregoing changes proposed by Mr. Polsky were accepted by Indeck, with a minor exception.5 The language of the executed settlement agreement (Settlement Agreement) described the payment as follows: Indeck * * * agrees to purchase * * * the thirty (30) shares of * * * stock * * * for a price computed as follows (“Purchase Price”): (i) * * * $501,000 per share, for a total of * * * $15,030,000; plus (ii) an amount determined by Ten Percent (10%) per annum on the 5 The sole exception was Indeck’s rejection of Mr. Polsky’s proposal to change the end of the accrual period for Component (iii) from May 9 to May 10, 1994.Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Next
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