Prepared by MERRILL CORPORATION www.edgaradvantage.com QuickLinks Exhibit 10.7 Stock Redemption Agreement, dated May 27, 1999, B/T View Systems, Inc. and Gunther Than VIEW SYSTEMS, INC. [LOGO] STOCK REDEMPTION AGREEMENT This Stock Redemption Agreement...
Prepared by XXXXXXX CORPORATION xxx.xxxxxxxxxxxxxx.xxxQuickLinks
Exhibit 10.7 Stock Redemption Agreement, dated May 27, 1999, B/T View Systems, Inc. and Xxxxxxx Than
STOCK REDEMPTION AGREEMENT This Stock Redemption Agreement is made as of day of May, 1999, by and between Xxxxxxx Than, 00 Xxxxxx Xxxxxx, Xxxxxx, Xxxxxxxx 00000 and View Systems, Inc., 000 Xxxx Xxxxxx Xxxxxx, Xxxxx 00, Xxxxxxxxx, Xxxxxxxx 00000 (the "Corporation"). Recitals R1. Xxxxxxx Than is the President and CEO of the Corporation, and also a member of its Board of Directors. Xxxxxxx Than would like to have the Corporation redeem 25,000 shares of its resticted, non-free trading stock (within the meaning of SEC Rule 144) that is held by him. R2. According to the Corporation's transfer agent, Interwest Transfer Co., the Corporation had 2,666,667 shares of free trading stock, and 2,400,000 shares of restricted stock, as of May 5, 1999. As of May 27, 1999, the last free trading stock was reported as being traded for the price of 27/8 at 2:02 p.m. on the NASDAQ OTCBB. R3. The Corporation has determined that it is in its best interests to redeem the 25,000 shares of restricted stock of Xxxxxxx Than pursuant to the terms and conditions of this Agreement. Now therefore, in consideration of the mutual covenants herein, the parties agree as follows: 1. Redemption. View Systems agrees to redeem, on or before June 1, 1999, 25,000 shares of common stock, which shares are restricted within the meaning of SEC Rule 144, held by Xxxxxxx Than for the price of $2.00 per share. 2. Payment of Redemption Price. To settle on the closing, the Corporation shall instruct its transfer agent to issue, upon receipt from Xxxxxxx Than of an original stock certificate in a denomination of at least 25,000 shares, a corrected stock certificate to Xxxxxxx Than for the amount of shares represented by the stock certificate being tendered by Xxxxxxx Than, minus the 25,000 shares that are being redeemed. After receipt by the transfer agent of the stock certificate being redeemed, the Corporation shall issue a check to Xxxxxxx Than in the amount of $50,000. 3. Option to Purchase Back Shares. Xxxxxxx Than shall have the option, exercisable for a period of two years from the date said stock is redeemed, to purchase the stock being redeemed at a price of $2.00 per share, plus interest accruing on the $50,000 at the rate of 10% from the date the shares are redeemed to the date the option to repurchase is exercised. Upon exercise of this purchase option, and tender of the purchase price, the Corporation shall instruct its transfer agent to reissue the shares to Xxxxxxx Than. The shares shall be reissued by the Corporation as restricted stock within the meaning of Rule 144 and shall carry the new issue date, being the date the shares are repurchased. The stock certificates of the Shares will be imprinted with a conspicuous legend in substantially the following form: "The securities represented by this certificate have not been registered under federal or state securities laws, and shall not be sold, pledged, hypothecated, donated or otherwise transferred (whether or not for consideration) by the holder in the absence of an effective registration under the securities laws or an opinion of counsel reasonably satisfactory to View that such registration is not required under the securities laws. 4. Representations and Warranties. Xxxxxxx Than represents and warrants, that the Shares acquired pursuant to exercise of the option granted herein are for investment, for Xxxxxxx Than's own account, and not with a view to, for offer for sale or for sale in connection with, the distribution or transfer of the Shares. The Shares will not be purchased for subdivision or fractionalization thereof; and Xxxxxxx Than has no contract, undertaking, agreement or arrangement with any person or entity to sell, hypothecate, pledge, donate or otherwise transfer (with or without consideration) to any such person or entity any Shares exercisable under the option, and Xxxxxxx Than has no present plans or intention to enter into any such contract, undertaking, agreement or arrangement. IN WITNESS WHEREOF, the parties have executed this agreement this day of , 1999.
|
View Systems, Inc.
By:
Name: Title: Xxxxxxx Than QuickLinksExhibit 10.7 |
