DNeX has signed a conditional stock sale and purchase deal and stockholders' agreement
with Genaxis' owner Nuraslina Zainal Abidin for the proposed acquisition.
The executive vice president had an employment agreement that retained his "at-will" employment status but allowed for severance pay upon his termination from the company unless he was terminated for cause as defined in the stockholders' agreement
At the meeting, the directors created a special committee--a committee of which the CEO was not a member--which recommended that the full board terminate the CEO and amend the stockholders' agreement
to eliminate his ability to replace directors.
5m (which is currently being held in escrow), buyer and seller will enter into a new stockholders' agreement
governing the rights and obligations of the stockholders' of CMC and a subsidiary of CMC and an affiliate of seller will enter into a management services agreement whereby seller's affiliate will provide certain services to CMC and its subsidiaries in exchange for service fees.
1) Typically, a stockholders' agreement
will restrict transfers of stock, protect an S election, and preclude competition and disclosures of information.
Paul Kreth claims investors in the corporation have breached the stockholders' agreement
and won't allow him to combine the North Little Rock and Little Rock locations of the restaurant under one management company.
While the Internal Revenue Code requires that securities held by employee stock ownership plans (ESOPs) be independently appraised, other types of plans may determine the value of nonpublicly traded employer securities under a formula contained in a stockholders' agreement
or a specific formula applicable to the plan's securities (such as for preferred stock).
According to MTG, the CTC Media stockholders' agreement
enables MTG to designate three of the nine members of the CTC Media board and the co-chairman.
Muhyiddin witnessed the inking of the stockholders' agreement
of PMB Tijari with the Islamic Corporation for the Development of the Private Sector, a subsidiary of Jeddah-based Islamic Development Bank.
Under its commitment to purchase additional shares of common stock, Tallwood has entered into a stockholders' agreement
which provides that its common stock in excess of 37.