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EXHIBIT 11
REDEMPTION AGREEMENT
THIS REDEMPTION AGREEMENT entered into as of the 31st day of December
1996 by and between Finet Holdings Corporation, a Delaware corporation ("Finet")
and Cumberland Partners, a New York partnership ("Cumberland") provides:
RECITALS
A. Cumberland held of record six million (6 million) shares of the
Common Stock of Finet. Those shares have been subjected to a reverse split of
one for two, thereby causing Cumberland to now hold of record three million (3
million) of said shares (the "Shares").
X. Xxxxx is willing and able to redeem the Shares for a price of one
hundred eighty thousand dollars ($180,000) to be paid on or before January 30,
1997, and Cumberland desires to have the Shares redeemed.
C. The Purpose of this Agreement is to set forth the understanding
of the parties relative to the matters outlined above.
AGREEMENT
For good and valuable consideration the parties hereto hereby agree as
follows:
1. Recitals
The above Recitals are incorporated herein by this reference.
2. Redemption
Finet represents and warrants that, pursuant to the Delaware
Corporation Laws, it is able to redeem the Shares and does hereby agree to pay,
on or before January 30, 1997, the sum of $180,000 for the Shares. The sum shall
be paid in United States dollars and shall be delivered by means satisfactory to
Cumberland.
3. Title To The Shares - Delivery
Cumberland represents and warrants that it has clear title to the
Shares and that there are no liens or other encumbrances that would cloud said
title and, further, that it will deliver the Shares, duly endorsed, at the time
of the receipt of the payment of $180,000, clear and free of any liens or
encumbrances.
4. Miscellaneous
This Agreement will be binding on the successors of the parties,
may not be assigned and may be signed by use of facsimile transmission.
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IN WITNESS WHEREOF, the parties hereto have signed hereon as of the day
and year first above written.
Finet Holdings Corporation
By /s/Xxx Xxxxxxx
Its President
Cumberland Partners
By /s/ Xxxxx X. Xxxxxx
Its General Partner