EXHIBIT 10.17
SHARES ESCROW AGREEMENT
ESCROW AGREEMENT, dated as of March 23, 2001, by and among the parties
listed on Annex A hereto (collectively, the "Shareholders"), Olympus Capital,
Inc., a Florida corporation ("Olympus Capital"), as Shareholders'
Representative, Xxxxxxxxx Xxxx de Berdouare (the "Depositing Party"), and X. Xxx
Xxxxxxxx (the "Escrow Agent").
W I T N E S S E T H:
WHEREAS, the parties hereto, other than the Escrow Agent and the
Shareholders' Representative, have entered into a certain Exchange Agreement
dated as of March 23, 2001 (the "Underlying Agreement"), and pursuant thereto
the Depositing Party is required to deposit the Deposited Shares (as defined
below) to be held in escrow; and
WHEREAS, the Escrow Agent is willing to serve as escrow agent and hold
the Deposited Shares in accordance with the terms and conditions hereof;
NOW, THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:
1. This is to confirm that the Depositing Party has delivered the stock
certificates listed on Annex B and duly executed stock powers in blank (the
"Deposited Shares") to the Escrow Agent:
2. The Escrow Agent shall release from escrow hereunder and deliver the
Deposited Shares as follows:
a. Within three (3) business days following receipt by the Escrow
Agent of a Shares Release Certificate duly executed by the Shareholders'
Representative substantially in the form of Exhibit A hereto in accordance with
instructions set forth therein;
b. Within three (3) business days following receipt by the Escrow
Agent of a Final Shares Release Notice duly executed by the Depositing Party and
the Shareholders' Representative and substantially in the form of Exhibit B
hereto in accordance with instructions set forth therein;
c. Within three (3) business days of the receipt of an original of
the Note dated March 23, 2001 issued by Chicken Kitchen Corporation in favor on
the Shareholders' Representative (or endorsed to the Depositing Party) marked
"PAID IN FULL" which original shall be returned to the Depositing Party together
with the Deposited Shares; or
d. Within three (3) business days after receipt by the Escrow Agent
of (i) a copy of a final judgment or order of a court of competent jurisdiction,
certified by the clerk of such court or other appropriate official, the
Deposited Shares
shall be delivered as set forth in such judgment or order and (ii) an opinion of
counsel, acceptable to the Escrow Agent, to the party to whom the Deposited
Shares are to be delivered to the effect that such judgment or order is final
within the meaning of this Agreement. A judgment or order under this Agreement
shall be deemed to be final at the expiration of the time within which to take
an appeal therefrom and no appeal has been taken prior to such time, or until
the entry of a judgment or order from which no appeal may be taken.
3. Until the Deposited Shares are released and delivered in accordance
with Section 2 hereof, the Escrow Agent shall promptly forward any and all
dividends and other distributions in respect of the Deposited Shares, received
by the Escrow Agreement, to Xxxxxxxxx Xxxx de Berdouare.
4. The Escrow Agent shall be entitled to rely upon, and shall be fully
protected from all liability, loss, cost, damage or expense in acting or
omitting to act pursuant to, any instruction, order, judgment, certification,
affidavit, demand, notice, opinion, instrument or other writing delivered to it
hereunder without being required to determine the authenticity of such document,
the correctness of any fact stated therein, the propriety of the service thereof
or the capacity, identity or authority of any party purporting to sign or
deliver such document.
5. The duties of the Escrow Agent are only as herein specifically
provided, and are purely ministerial in nature. The Escrow Agent shall neither
be responsible for or under, nor chargeable with knowledge of, the terms and
conditions of any other agreement, instrument or document in connection
herewith, including, without limitation, the Underlying Agreement, and shall be
required to act in respect of the Deposited Shares only as provided in this
Agreement. This Agreement sets forth all the obligations of the Escrow Agent
with respect to any and all matters pertinent to the escrow contemplated
hereunder and no additional obligations of the Escrow Agent shall be implied
from the terms of this Agreement or any other agreement. The Escrow Agent shall
incur no liability in connection with the discharge of its obligations under
this Agreement or otherwise in connection therewith, except such liability as
may arise from the willful misconduct of the Escrow Agent.
6. The Escrow Agent may consult with counsel of its choice, which may
include attorneys in the firm of X. Xxx Xxxxxxxx, P.A., and shall not be liable
for any action taken or omitted to be taken by the Escrow Agent in accordance
with the advice of such counsel.
7. The Escrow Agent shall not be bound by any modification,
cancellation or rescission of this Agreement unless in writing and signed by the
Escrow Agent.
8. The Escrow Agent is acting as a stakeholder only with respect to the
Deposited Shares. If any dispute arises as to whether the Escrow Agent is
obligated to deliver the Deposited Shares or as to whom the Deposited Shares are
to be delivered,
the Escrow Agent shall not be required to make any delivery, but in such event
the Escrow Agent may hold the Deposited Shares until receipt by the Escrow Agent
of instructions in writing, signed by all parties which have, or claim to have,
an interest in the Deposited Shares, directing the disposition of the Deposited
Shares, or in the absence of such authorization, the Escrow Agent may hold the
Deposited Shares until receipt of a certified copy of a final judgment of a
court of competent jurisdiction providing for the disposition of the Deposited
Shares. The Escrow Agent may require, as a condition to the disposition of the
Deposited Shares pursuant to written instructions, indemnification and/or
opinions of counsel, in form and substance satisfactory to the Escrow Agent,
from each party providing such instructions. If such written instructions,
indemnification and opinions are not received, or proceedings for such
determination are not commenced, within thirty (30) days after receipt by the
Escrow Agent of notice of any such dispute and diligently continued, or if the
Escrow Agent is uncertain as to which party or parties are entitled to the
Deposited Shares, the Escrow Agent may either (i) hold the Deposited Shares
until receipt of (x) such written instructions and indemnification or (y) a
certified copy of a final judgment of a court of competent jurisdiction
providing for the disposition of the Deposited Shares, or (ii) deposit the
Deposited Shares in the registry of a court of competent jurisdiction; provided,
however, that notwithstanding the foregoing, the Escrow Agent may, but shall not
be required to, institute legal proceedings of any kind.
9. The Shareholders, jointly and severally, agree to reimburse the
Escrow Agent on demand for, and to indemnify and hold the Escrow Agent harmless
against and with respect to, any and all loss, liability, damage, or expense
(including, without limitation, attorneys' fees and costs) that the Escrow Agent
may suffer or incur in connection with the entering into of this Agreement and
performance of its obligations under this Agreement or otherwise in connection
therewith, except to the extent such loss, liability, damage or expense arises
from the willful misconduct of the Escrow Agent. Without in any way limiting the
foregoing, the Escrow Agent shall be reimbursed for the cost of all legal fees
and costs incurred by it in acting as the Escrow Agent hereunder (which may
include fees and costs of legal services provided by attorneys in the firm of X.
Xxx Xxxxxxxx, P.A., based on the normal hourly rates in effect at the time
services are rendered.
10. The Escrow Agent and any successor escrow agent may at any time
resign as such by delivering the Deposited Shares to either (i) any successor
escrow agent designated in writing by the Shareholders' Representative and the
Depositing Party, or (ii) any court having competent jurisdiction. Upon its
resignation and delivery of the Deposited Shares as set forth in this paragraph,
the Escrow Agent shall be discharged of, and from, any and all further
obligations arising in connection with the escrow contemplated by this
Agreement.
11. The Escrow Agent shall have the right to represent any party hereto
in any dispute between the parties hereto with respect to the Deposited Shares
or otherwise.
12. This Agreement shall inure to the benefit of, and be binding upon,
the parties hereto and their respective successors and assigns. Nothing in this
Agreement, express or implied, shall give to anyone, other than the parties
hereto and their respective permitted successors and assigns, any benefit, or
any legal or equitable right, remedy or claim, under or in respect of this
Agreement or the escrow contemplated hereby.
13. All notices required under the terms and provisions of this
Agreement shall be in writing, and any such notice may be given by United States
mail, courier service or facsimile (confirmed by telephone or in writing in the
case of notice by facsimile) or any other customary means of communication, and
any such notice shall be effective when delivered, or if mailed, three (3) days
after deposit in the United States mail with proper postage for ordinary mail
prepaid, to the addresses set forth on Schedule N.
14. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Florida. All actions against the Escrow
Agent arising under or relating to this Agreement shall be brought against the
Escrow Agent exclusively in the appropriate court in the State of Florida,
County of Dade. Each of the parties hereto agree to submit to personal
jurisdiction and to waive any objection as to venue in the State of Florida,
County of Dade. Service of process on any party hereto in any action arising out
of or relating to this Agreement shall be effective if mailed to such party as
set forth in the immediately preceding paragraph.
15. TO THE FULL EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO.
THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE ESCROW AGENT ENTERING INTO THIS
AGREEMENT.
16. This Agreement may be executed in two or more separate
counterparts, each of which shall be an original and all of which, together,
shall constitute one agreement.
17. All pronouns and any variations thereof shall be deemed to refer to
the masculine, feminine or neuter, singular or plural, as the identity of the
parties hereto taken within context may require.
18. The rights of the Escrow Agent contained in this Agreement,
including without limitation the right to indemnification, shall survive the
resignation of the Escrow Agent and the termination of the escrow contemplated
hereunder.
[signature pages follow]
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed as of the day and year first written above.
CHICKEN KITCHEN CORPORATION
By:/s/ Xxxxxxxxx Xxxx de Berdouare
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Name: Xxxxxxxxx Xxxx de Berdouare
------------------------------------
Title Chairman, President & CEO
-----------------------------------------
Xxxxxxxxx Xxxx de Berdouare
-----------------------------------------------------
Xxxxxxxxx Xxxx de Berdouare
AGRICOLA COCO BONH, S.A.
By:
-------------------------------------
Name:
Title:
AZUCAR, LTD.
By:
-------------------------------------
Name:
Title:
XXXXXX INVESTMENT
By:
-------------------------------------
Name:
Title:
----------------------------------------
Xxxxxxx Xxxxxxx
C.A. OPORTUNIDAD, S.A.
By:
-------------------------------------
Name:
Title:
----------------------------------------
Xxxxxx Xxxx
CASTLE CREEK VALLEY RANCH
PARTNERSHIP DBPP
By:
-------------------------------------
Name:
Title:
----------------------------------------
Xxxxxxx Xxxxxx
----------------------------------------
Xxxxx Xxxx Xxxxx
XXXXXXX CAPITAL CORPORATION
By:
-------------------------------------
Name:
Title:
XXXXXXX XXXXXXXX PENSION PLAN
By:
-------------------------------------
Name:
Title:
XXXXXX XXXXX, S.A.
By:
-------------------------------------
Name:
Title:
----------------------------------------
Xxxxxxx Xxxxxxxx
----------------------------------------
Xxxxx Xxxx
----------------------------------------
Ed Leinster
----------------------------------------
Xxxxxxxxx X. Xxxx
----------------------------------------
Xxxxxxx X. Xxxxx, Xx.
----------------------------------------
Xxxxx Xxxxxx
----------------------------------------
Xxxx X. Xxxxxxxx
NOSTRADAMUS, S.A.
By:
-------------------------------------
Name:
Title:
----------------------------------------
Xxxxxxx X. Xxxx
----------------------------------------
Xxxxx Xxxxxxx
----------------------------------------
Xxxxx Xxxxxx
----------------------------------------
Xxxxxx Xxxxxx
----------------------------------------
Xxxxxxxx Xxxxxx
WORLD CAPITAL FUNDING, L.L.C.
By:
-------------------------------------
Name:
Title:
----------------------------------------
Xxxxxx X. Xxxxxxx
OLYMPUS CAPITAL, INC., as Shareholders'
Representative,
By:
-------------------------------------
Name:
Title:
----------------------------------------
X. Xxx Xxxxxxxx, as Escrow Agent
Annex A
Agricola Coco Bonh, S.A.
Azucar, Ltd.
Xxxxxx Investments
Xxxxxxx Xxxxxxx
C.A. Opportunidad
Xxxxxx Xxxx
Castle Creek Valley Ranch
Partnership DBPP
Xxxxxxx Xxxxxx
Xxxxx Xxxx Xxxxx
Xxxxxxx Capital Corporation
Xxxxxx Xxxxx, S.A.
Xxxxxxx Xxxxxxxx Pension Plan
Xxxxxxx Xxxxxxxx
Xxxxx Xxxx
Ed Leinster
Xxxxxxxxx X. Xxxx
Xxxxxxx X. Xxxxx, Xx.
Xxxxx Xxxxxx
Xxxx X. Xxxxxxxx
Nostradamus, S.A.
Xxxxxxx X. Xxxx
Xxxxx Xxxxxxx
Xxxxx Xxxxxx
Xxxxxx Xxxxxx
Xxxxxxxx Xxxxxx
World Capital Funding, L.L.C.
Xxxxxx X. Xxxxxxx
Annex B
Deposited Shares
--------------------------------------------------------------------------------
Issuer Class of Stock Stock Certificate Number
Certificate of
Number(s) Shares
--------------------------------------------------------------------------------
Chicken Kitchen Class A 1913 500,000
Corporation Common Stock
--------------------------------------------------------------------------------
Schedule N
CHICKEN KITCHEN CORPORATION
Address: 000 Xxxxx xx Xxxx Xxxx.
Xxxxx 000
Xxxxx Xxxxxx, XX 00000
Xxxxxxxxx Xxxx De Berdouare
Address: 0000 X. Xxx Xxxx
Xxxxx Xxxxx, XX 00000
Fax: (000)000-0000
AGRICOLA COCO BONH, S.A.
Address: c/o Xx. Xxxx Xxxxxxx Xxxxx, President
Apartado 1474-C.P. 0000
Xxx Xxxx, Xxxxx Xxxx
Fax: 000-000-000-0000
AZUCAR, LTD.
Address: c/o Xx. Xxxx Xxxxxxx Xxxxx, President
Apartado 1474-C.P. 0000
Xxx Xxxx, Xxxxx Xxxx
Fax: 000-000-000-0000
XXXXXX INVESTMENTS
Address: Xxxxxxxxxxxx 000
Xxxxxxxx 0000
Xxxxxx, Xxxxxxxxxxx
Fax: 000-000-000-0000
Xxxxxxx Xxxxxxx
Address: c/o GRC Vanderweil Engineers, Inc.
0000 Xxxxxxxx Xxxxxx Xxxxxxx Xxxx. Xxxxxxxx, XX
00000
Fax: (000)000-0000
C.A. Oportunidad S.A.
Address: c/o Xx. Xxxx Xxxxxxx Xxxxx, President
Apartado 1474-C.P. 0000
Xxx Xxxx, Xxxxx Xxxx
Fax: (000) 000-0000
Xxxxxx Xxxx
Address: 0000 Xxxxx Xxxxxx
Xxxxxxxx, Xxxxxxxx 00000
Fax: (000) 000-0000
CASTLE CREEK VALLEY RANCH PARTNERSHIP DBPP
Address: X.X. Xxx 0000
Xxxxx, Xxxxxxxx 00000
Fax: ( 000) 000-0000
Xxxxxxx Xxxxxx
Address: 0000 Xxxxxxxx Xxxxx
Xxxxxxx, XX 00000
Fax: (000) 000-0000
Xxxxx Xxxx Xxxxx
Address: 0000 Xxxxxx Xxxx Xxxx
Xxxxxxxxx, XX 00000
Fax: (000) 000-0000
XXXXXXX CAPITAL CORPORATION
Address: ATTN: Xx. X.X. Xxxxxxxx, President
X.X. Xxx 0000
Xxxxx Xxxxxx, Xxxxxx Xxxxxxx XX0
Fax: (000) 000-0000
XXXXXXX XXXXXXXX PENSION PLAN
Address: X.X. Xxx 0000
Xxxxx, Xxxxxxxx 00000
Fax: (000) 000-0000
Xxxxxx Xxxxx, S.A.
Address: c/o Xx. Xxxx Xxxxxxx Xxxxx, President
Apartado 1474-C.P. 0000
Xxx Xxxx, Xxxxx Xxxx
Fax: 000-000-000-0000
Xxxxx Xxxx
Address: c/x Xxxx Nursery
0000 X. Xxxxxxxxx Xxxx
Xxxxxxx, Xxxxxxx 00000
Fax: (000) 000-0000
Ed Leinster
Address: c/o Xxxxx Xxxxxxxx
0000 X Xxxxx Xxxx Xxxx
Xxxxxxx, Xxxxxxx 00000
Fax: (000) 000-0000
Xxxxxxxxx X. Xxxx
Address: 000 Xxxxxxxx Xxxxx
Xxxxxxxxx Xxxxxxx, Xxxxxxx 00000
Fax: (000) 000-0000
Xxxxxxx X. Xxxxx, Xx.
Address: 0000 Xxxxxxxxx Xxxxx
Xxxxxxx, Xxxxxxx 00000
Fax: (000) 000-0000
Xxxxx Xxxxxx
Address: 0000 Xxxxxxx Xxxx
Xxxxxx Xxxx, Xxxxxxx 00000
Fax: (000) 000-0000
Xxxx X. Xxxxxxxx
Address: 0000 Xxxxxxxxx Xxxx Xxxxx
Xxxxxxxxxx, Xxxxxxx 00000
Fax: (000)000-0000
NOSTRADAMUS, S.A.
Address: c/o Xx. Xxxx Xxxxxxx Xxxxx, President
Apartado 1474-C.P. 1000
Fax: 000-000-000-0000
Xxxxxxx X. Xxxx
Address: 0000 X. Xxxxxx Xxxx Xxxx, #000
Xxxxx, XX 00000
Fax: (000) 000-0000
POW WOW, INC.
Address: 000 Xxxxx Xxx Xxxxx
Xxxxxxxx, XX 00000
Fax: (000) 000-0000
Xxxxx Xxxxxxx
Address: 00000 Xxxxxxx Xxxxxx Xxxxx
X.X. Xxx 0000
Xxxxxx Xxxxx Xx, Xxxxxxxxxx 00000
Fax: (000) 000-0000
Xxxxx Xxxxxx
Address: 000 Xxxxx Xxx Xxxxx
Xxxxxxxx, XX 00000
Fax: (000) 000-0000
Xxxxxx Xxxxxx
Address: 0000 Xxxxx Xxxx
Xxxxx, XX 00000
Fax: (000) 000-0000
Xxxxxxxx Xxxxxx
Address: 0000 Xxxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxx 00000
Fax: (000) 000-0000
WORLD CAPITAL FUNDING, L.L.C.
Address: c/o Xx. Xxxxx Xxxxx
0000 Xxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxx, Xxxxxxxx 00000
Fax: (000) 000-0000
Xxxxxx X. Xxxxxxx
Address: X.X. Xxx 0000
Xxxxxx Xxxxx Xx, Xxxxxxxxxx 00000
Fax: (000) 000-0000
OLYMPUS CAPITAL, INC.
Address: attn: Xxxxx Xxxxxx
0000 X. Xxxxxxxxx Xxxxx
Xxxxx Xxxxx, Xxxxxxx 00000
Fax: (000) 000-0000
X. Xxx Xxxxxxxx
Address: 0000 Xxxxxx Xxxx Xxxxxxxxx
Xxxxx 000
Xxxxxx Xxxxx, Xxxxxxx 00000
Fax: (000) 000-0000
Exhibit A
Shares Release Certificate
To: X. Xxx Xxxxxxxx
0000 Xxxxxx Xxxx Xxxxxxxxx
Xxxxx 000
Xxxxxx Xxxxx, Xxxxxxx 00000
Re: Shares Escrow Agreement (the "Escrow Agreement")
dated as of March 23, 2001, among the Shareholders listed
therein (the "Shareholders"), Olympus Capital, Inc., as Shareholders'
Representative, Xxxxxxxxx Xxxx de Berdouare and X. Xxx Xxxxxxxx, as
Escrow Agent.
Ladies and Gentlemen:
The undersigned hereby certifies that _______ ($_______) are past due
and payable under that certain Note issued by Chicken Kitchen Corporation on
March 23, 2001 in favor of the Shareholders' Representative in the aggregate
amount of $150,000. Please be advised that the undersigned hereby request the
release and delivery of the Deposited Shares (as such term is defined in the
Escrow Agreement) to the undersigned at __________ [address].
Olympus Capital, Inc.
as Shareholders' Representative,
acting on behalf of all Shareholders.
By:
-------------------------------------
Name:
--------------------------------
cc: Xxxxxxxxx Xxxx de Berdouare
A-1
Exhibit B
Final Shares Release Notice
To: X. Xxx Xxxxxxxx
0000 Xxxxxx Xxxx Xxxxxxxxx
Xxxxx 000
Xxxxxx Xxxxx, Xxxxxxx 00000
Re: Shares Escrow Agreement (the "Escrow Agreement")
dated as of March 23, 2001, among the Shareholders listed
therein ("Shareholders"), Olympus Capital, Inc., as Shareholders'
Representative, Xxxxxxxxx Xxxx de Berdouare and X. Xxx Xxxxxxxx,
as Escrow Agent.
Ladies and Gentlemen:
Please be advised that the undersigned hereby request the release and
delivery of the Deposited Shares (as such terms is defined in the Escrow
Agreement) to Xxxxxxxxx Xxxx de Berdouare, at ___________ [address].
[alternative delivery instructions]
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Xxxxxxxxx Xxxx de Berdouare
Date:
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Olympus Capital, Inc.
as Shareholders' Representative
By:
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Name:
--------------------------------
