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EXHIBIT 10.50
ADFLEX ( THAILAND ) LTD. ( ATL ) EQUITY PURCHASE AGREEMENT
This agreement is made between ADFlex Cayman, Ltd., ( ACL ), P. O. Box 1034, One
Capital Place, Grand Cayman, British West Indies and Hana Microelectronics, PLC,
00/0 Xxx 0, Xxxxxxxxx-Xxxxxxx Xxxx, Xxxxx Talad Bangkhen, Khet Donmuang, Bangkok
Thailand, at ADFlex Solutions, Inc., 0000 Xxxx Xxxxxxxx Xxxx., Xxxxxxxx, XX
00000, X.X.X. Pursuant to section 10, page 5 of the Joint Venture " Master
Agreement", ACL has elected to purchase Hana's 20% equity in ADFlex (Thailand)
Limited (ATL). The purchase price for Hana's 20% equity in ATL is $ 2,750,000
US. The details of the agreement, and the conditions of payment are as follows:
1. PAYMENT: ACL will pay Hana for its 20% share of ATL as follows:
$ 500,000 US on the closing date ( September 30, 1997 )
$ 500,000 US three months after the closing date ( December 30, 1997 )
$1,000,000 US twelve months after the closing date ( September 30,
1998 ) pursuant to a promissory note bearing interest at the applicable
federal rate ( IRS ) on the closing date.
$ 750,000 US in twelve equal monthly installments, beginning ( January
15,1998 )
2. CLOSING: At the closing, Hana will endorse the stock certificates to ADFlex,
as provided in section 10 of the Master Agreement. Such certificates will be
pledged to, and held by Hana per the attached pledge agreement, to secure
payment of the of the above promissory note.
3. RELEASES: At the closing, ADFlex and Hana will deliver to each other a full
and complete release.
4. RESIGNATIONS: At the closing, Xxxxxxx X. Xxx shall resign as a Director of
ATL, and shall transfer his stock certificate to ADFlex free and clear of any
and all pledges, liens, claims, and encumbrances, in exchange for $ 1.00 US.
5. DUTY STAMP: ADFlex agrees to pay the Thai government duty stamp fee for this
transaction.
/s/ Xxxxxxx Xxxxxxxxxx /s/ Xxxxxxx X. Xxx
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Xxxxxxx Xxxxxxxxxx Xxxxxxx X. Xxx
Chairman & CEO Exec. Vice Chairman & CEO
ADFlex Solutions, Inc. Hana Microelectronics PLC
Date: September 30, 1997 Date: September 30, 1997
