EXHIBIT 10.1
AGREEMENT
This Agreement is made and entered into as of the 23rd day of February, 1998, by
and among Amarillo Mesquite Grill, Inc., a Kansas corporation (hereinafter
referred to as "Amarillo") and Xxxxxx X. Xxxxx, C. Xxxxxx Xxxxxxx, Xx., the
Xxxxxxx Family Foundation, Inc., General Resources, L.P., Xxx Xxxxxx and Xxxx
Xxxxxxx (herein collectively referred to as "Shareholders" and each individually
referred to as a "Shareholder").
RECITALS
A. The parties hereto own all the issued and outstanding stock of AMG, Inc., a
Kansas corporation, with each party owning the following number of shares:
Amarillo Mesquite Grill, Inc. 480
Xxxxxx X. Xxxxx 250
C. Xxxxxx Xxxxxxx, Xx. 230
Xxxxxxx Family Foundation, Inc. 10
General Resources, L.P. 10
Xxx Xxxxxx 10
Xxxx Xxxxxxx 10
B. Each of the Shareholders, desires to transfer his shares to Amarillo,
resulting in Amarillo being the sole shareholder of AMG, Inc. and AMG, Inc.
being the wholly owned subsidiary of Amarillo.
C. Amarillo wishes to own all of the issued and outstanding common stock of
AMG, Inc. and desires to transfer shares of its own common stock to each of
the Shareholders, in exchange for the transfer by each Shareholder of his
stock in AMG, Inc. to Amarillo.
NOW THEREFORE, in consideration of the premises and the covenants herein
contained, the parties, intending to be legally bound, hereby agree as follows:
1. Subject to the terms and conditions set forth in this Agreement, each
Shareholder agrees to transfer to Amarillo and Amarillo agrees to
acquire from each Shareholder at the closing, the number of shares of
AMG, Inc. set forth opposite each Shareholder's name below, with such
transfer and acquisition to be effective as of February 23, 1998, at
12:01 a.m. (the "Effective Date"):
SHAREHOLDER NUMBER OF SHARES
Xxxxxx X. Xxxxx 250
C. Xxxxxx Xxxxxxx, Xx. 230
Xxxxxxx Family Foundation, Inc. 10
General Resources, L.P. 10
Xxx Xxxxxx 10
Xxxx Xxxxxxx 10
The number of shares of AMG, Inc. to be transferred by each Shareholder
hereunder shall, as to such Shareholder, be referred to as the "Shares."
2. PAYMENT FOR SHARES. In payment for the Shares to be transferred by
each Shareholder to Amarillo, Amarillo agrees to issue to each
Shareholder, at the closing, the number of shares of Amarillo's common
stock set forth opposite such Shareholder's name below with such
transfer to be effective as of the Effective Date.
SHAREHOLDER NUMBER OF SHARES
Xxxxxx X. Xxxxx 216,000
C. Xxxxxx Xxxxxxx, Xx. 198,000
Xxxxxxx Family Foundation, Inc. 9,000
General Resources, L.P. 9,000
Xxx Xxxxxx 9,000
Xxxx Xxxxxxx 9,000
3. CLOSING. The closing of the transaction shall take place at the
offices of Amarillo on March 2, 1998, at 1:00 p.m., or such other
place, date and time as the parties may agree to in writing. At the
closing, each Shareholder will deliver to Amarillo certificates
evidencing all of the Shares owned by such Shareholder, accompanied by
a duly executed stock power. Simultaneously with such delivery by the
Shareholders, Amarillo will deliver to each Shareholder, certificates
evidencing the number of Amarillo shares to be received by such
Shareholder, as set forth above.
4. SHAREHOLDER'S REPRESENTATIONS AND WARRANTIES. Each Shareholder
severally represents and warranties to Amarillo that (i) such
Shareholder is the owner, free and clear of all liens, encumbrances,
security interests, equities and claims whatsoever, of all of the
Shares being transferred by him, and, upon consummation of the
transactions contemplated by this Agreement, Amarillo will be owner of
all of the Shares transferred by him, free and clear of all liens,
encumbrances, security interests, equities and claims created by such
Shareholders, and (ii) each Shareholder has the power and
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legal capacity to enter into and perform this Agreement and the
transactions contemplated hereby.
5. AMARILLO'S REPRESENTATIONS AND WARRANTIES. Amarillo represents and
warrants to each Shareholder that (i) Amarillo has the power and
authority to execute this Agreement and to perform its obligations
hereunder, (ii) its performance hereunder has been duly authorized by
all necessary corporate action, (iii) the person executing this
Agreement on behalf of Amarillo is duly authorized to so execute, (iv)
upon the issuance of the Shares of Amarillo stock to the Shareholders,
all of such Amarillo stock shall be duly and validly authorized and
issued and fully paid and non-assessable, and (v) upon the issuance of
Shares of Amarillo stock to the Shareholders all of such Amarillo
stock shall be free and clear of all liens, encumbrances, security
interests, equities and claims unless created by a Shareholder.
6. RESIGNATION. Each Shareholder agrees, upon request of Amarillo, to
resign as a director and/or officer of AMG, Inc., effective as of the
Effective Date.
7. FURTHER ASSURANCE. Each party hereto agrees that it will, from time
to time, as may be reasonably requested by any other party hereto,
execute, acknowledge, obtain and deliver such documents, consents and
other instruments as may be required in order to complete and effect
the transactions contemplated by this Agreement.
8. SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The covenants,
representations and warranties herein contained shall survive the
closing of this Agreement.
9. MISCELLANEOUS. This Agreement and the documents provided for herein
contain the entire agreement of the parties hereto with respect to the
subject matter hereof and supersede all prior negotiations, agreements
and understandings with respect thereto. This Agreement may only be
amended by a written document, duly executed by all parties hereto.
This Agreement shall be governed by and construed in accordance with
the laws of the State of Kansas. This Agreement shall inure to the
benefit of and shall be binding upon the respective successors, heirs,
administrators, executors, personal representatives, trustees and
assigns of the parties hereto. Whenever the context requires or
permits, the singular shall include the plural, the plural shall
include the singular and the masculine, feminine and neuter shall be
freely interchangeable.
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10. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Agreement.
AMARILLO MESQUITE GRILL, INC.
By: /s/ Xxxxx X. Xxxxx
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President, Chairman of the Board
and Director
/s/ C. Xxxxxx Xxxxxxx, Xx.
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XXXXXXX FAMILY FOUNDATION, INC.
By: /s/ C. Xxxxxx Xxxxxxx, Xx.
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GENERAL RESOURCES, L.P.
By: /s/ C. Xxxxxx Xxxxxxx, Xx.
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General Partner
/s/ Xxx Xxxxxx
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/s/ Xxxx Xxxxxxx
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