Deposits in the Escrow Account. (a) The gross proceeds from the sale of the Offered Shares (the “Proceeds”) will be deposited in the Escrow Account by Buyers with the Escrow Agent on the terms and conditions hereinafter set forth. (b) The Offered Shares are being offered and sold at a purchase price of $4.25 per share (the “Purchase Price”). The aggregate Purchase Price for the Offered Shares shall be payable to the Escrow Agent through wire transfers. Upon request, Stonegate will furnish the Escrow Agent with confirmation of a Buyer’s name, address and amount of Offered Shares purchased. (c) The Proceeds are to be held in escrow until disbursed in accordance with Section 4 below.
Appears in 2 contracts
Samples: Stock Purchase Agreement (Airnet Systems Inc), Stock Purchase Agreement (Airnet Systems Inc)
