Common use of Delivery into Escrow Clause in Contracts

Delivery into Escrow. Notwithstanding the foregoing, a number of shares of DocuNet Common Stock equal to (i) $195,000 divided by (ii) the Initial Public Offering Price, shall be delivered at Closing to the Escrow Agent pursuant to the Escrow Agreement (the "Escrow Amount"), in the individual amount for each Seller as indicated on Schedule 2.4 attached hereto. The Escrow Amount shall be available to fund (but shall not be the sole source of funding) any obligations of Sellers under this Agreement pursuant to the terms of the Escrow Agreement; provided, however, if the amount of cash plus the value of the shares of DocuNet Common Stock (valued at the Initial Public Offering Price) in the Escrow Amount falls below $195,000 (the "Threshold Value") due to payment from the Escrow Amount pursuant to Section 2.8 hereof, the Sellers shall contribute additional cash or shares of DocuNet Common Stock to the Escrow Amount in an amount necessary so that the amount of cash plus the value of the shares of Common Stock (valued at the Initial Public Offering Price) in the Escrow Amount would equal the Threshold Value.

Appears in 1 contract

Samples: Agreement and Plan of Reorganization (Imagemax Inc)

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Delivery into Escrow. Notwithstanding the foregoing, a number of shares of DocuNet Common Stock equal to (a) $6,670 in cash and (b) (i) $195,000 26,680 divided by (ii) the Initial Public Offering Price, Price shall be delivered at Closing to the Escrow Agent pursuant to the Escrow Agreement (the "Escrow Amount"), in the individual amount for each Seller as indicated on Schedule 2.4 attached hereto. The Escrow Amount shall be available to fund (but shall not be the sole source of funding) any obligations of the Sellers under this Agreement pursuant to the terms of the Escrow Agreement; provided, however, if the amount of cash plus the value of the shares of DocuNet Common Stock (valued at the Initial Public Offering Price) Price in the Escrow Amount falls below $195,000 33,350 (the "Threshold Value") due to payment from the Escrow Amount Account pursuant to Section 2.8 hereof, the Sellers shall contribute additional cash or shares of DocuNet Common Stock to the Escrow Amount Account in an amount necessary so that the amount of cash plus the value of the shares of DocuNet Common Stock (valued at the Initial Public Offering Price) in the Escrow Amount would equal the Threshold Value.

Appears in 1 contract

Samples: Merger Agreement (Imagemax Inc)

Delivery into Escrow. Notwithstanding the foregoing, a number of shares of DocuNet Common Stock having a Value equal to (i) $195,000 150,000 divided by (ii) the Initial Public Offering Price, shall be delivered at Closing to the Escrow Agent pursuant to the Escrow Agreement (the "Escrow Amount"), in the individual amount for each Seller as indicated on Schedule 2.4 attached hereto. The Escrow Amount shall be available to fund (but shall not be the sole source of funding) any obligations of the Sellers under this Agreement pursuant to the terms of the Escrow Agreement; provided, however, if the amount of cash plus the value of the shares of DocuNet Common Stock (valued at the Initial Public Offering Price) in the Escrow Amount falls below $195,000 150,000 (the "Threshold Value") due to payment from the Escrow Amount pursuant to Section 2.8 hereof, the Sellers shall contribute additional cash or shares of DocuNet Common Stock to the Escrow Amount in an amount necessary so that the amount of cash plus the value of the shares of Common Stock (valued at the Initial Public Offering Price) in the Escrow Amount Account would equal the Threshold Value.

Appears in 1 contract

Samples: Plan of Reorganization (Imagemax Inc)

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Delivery into Escrow. Notwithstanding the foregoing, a number of shares of DocuNet Common Stock equal to (i) $195,000 187,500, divided by (ii) the Initial Public Offering Price, shall be delivered at Closing to the Escrow Agent pursuant to the Escrow Agreement (the "Escrow Amount"), in ) by the individual amount for each Seller as indicated on Schedule 2.4 attached heretoSeller. The Escrow Amount shall be available to fund (but shall not be the sole source of funding) any obligations of Sellers Seller and Shareholders under this Agreement pursuant to the terms of the Escrow Agreement; provided, however, if the amount of cash plus the value of the shares of DocuNet Common Stock (valued at the Initial Public Offering Price) in the Escrow Amount falls below $195,000 187,500 (the "Threshold Value") due to payment from the Escrow Amount pursuant to Section 2.8 2.3 hereof, the Sellers Seller (or the Shareholders pursuant to Section 2.3(c)) shall contribute additional cash or shares of DocuNet Common Stock (valued at the Initial Public Offering Price) to the Escrow Amount in an amount necessary so that the amount of cash plus the value of the shares of DocuNet Common Stock (valued at the Initial Public Offering Price) in the Escrow Amount would equal the Threshold Value.

Appears in 1 contract

Samples: Asset Purchase Agreement (Imagemax Inc)

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