SOFTQUAD CANADA ACQUISITION AGREEMENT entered into this ____ day of December,
1999.
BETWEEN:
SOFTQUAD SOFTWARE LTD. (a Delaware corporation)
(hereinafter called "Softquad USA")
OF THE FIRST PART
- and -
SOFTQUAD SOFTWARE INC. (an Ontario Corporation)
(hereinafter called "Softquad Canada")
OF THE SECOND PART
-and-
SOFTQUAD ACQUISITION CORP. (an Ontario Corporation)
(hereinafter called "SAC")
OF THE THIRD PART
RECITALS
WHEREAS:
1. The Board of Directors of Softquad Canada wish to encourage Softquad
USA directly or indirectly (through its wholly owned subsidiary SAC) to
enter into a share purchase agreement or to make a take-over bid to the
shareholders of Softquad Canada by offering to purchase all of the
outstanding common shares of Softquad Canada and assume any obligations
pursuant to any option agreements to assist in creating an enhanced
liquidity for shareholders of Softquad Canada.
2. Immediately prior to such offer by SAC and/or Softquad USA the capital
structure of Softquad Canada will be restructured such that the issued
and outstanding common shares of Softquad Canada shall be as set out on
Schedule "A" and the outstanding options to purchase Softquad Canada
common shares shall be as set out in Schedule "B";
-2-
3. The Board of Directors of Softquad Canada have determined that it will
recommend acceptance of the SAC and/or Softquad USA offer to the
shareholders of Softquad Canada.
4. SAC and/or Softquad USA is willing to make an offer subject to the
terms and conditions of this Agreement.
NOW THEREFORE IN CONSIDERATION of the mutual covenants hereinafter set out, the
parties hereby agree as follows:
ARTICLE 1
THE QUALIFYING OFFER
1.1 QUALIFYING OFFER
(a) Subject to the terms and conditions of this Agreement, SAC
and/or Softquad USA agrees to mail on or before March 1, 2000
or such earlier date as the documentation is available to the
holders of Common Shares of Softquad Canada an offer to:
(i) purchase all of the outstanding Common Shares of
Softquad Canada, on the following basis: either
(A) the exchange of one (1) Softquad USA Share
for each issued and outstanding Softquad
Canada common share representing
consideration of $1.3574 per Softquad Canada
common shares (on a fully diluted basis); or
(B) one (1) SAC Exchangeable Share which may be
converted into one (1) Softquad USA common
share; and
(ii) to assume the obligations of Softquad Canada under
existing option agreements by agreeing to issue (1)
Softquad USA common share upon exercise of each
Softquad Canada optionholders right to purchase (1)
Softquad Canada common shares for the same
consideration as set out in the respective option
agreements.
To effect the terms of the Qualifying Offer, upon acceptance:
(i) SAC will modify its capital structure to add a class
of shares called Exchangeable Shares on such terms
and conditions as are mutually agreed upon by the
parties hereto;
-3-
(ii) Softquad USA will modify its capital structure to add
a class of special preferred shares on such terms and
conditions as are mutually agreed upon by the parties
hereto;
(iii) The parties shall execute a Support Agreement on such
terms and conditions as are mutually agreed upon by
the parties hereto;
(iv) The parties shall execute a Voting and Exchange and
Trust Agreement on such terms and conditions as are
mutually agreed upon by the parties hereto; and
(v) Softquad USA and/or SAC shall undertake to file a
registration statement in the U.S. under U.S.
Securities Act of 1933 (the "Registration Statement")
to qualify the Softquad USA common shares which may
be issued to Softquad Canada shareholders and/or
optionholders pursuant to share purchase agreement
and/or takeover bid and to take all reasonable steps
to make the Registration Statement effective in the
U.S. and to keep that Registration Statement for the
earlier of:
(A) at least 4 years from the closing of the
acquisition of the Softquad Canada common
shares/options; and
(B) the date on which all of the SAC
Exchangeable Shares have been into Softquad
USA common shares is complete.
SAC and/or Softquad USA expressly reserves the right to modify
the terms of the Offer except that, without the prior written
consent of Softquad Canada, SAC and/or Softquad USA shall not
reduce the Qualifying Offer price; change the form of
consideration payable under the Qualifying Offer; or add to,
amend or change any of the offer terms in any manner adverse
to the holders of common shares/options;
(b) The Qualifying Offer shall expire 21 calendar days after it is
commenced (or, if such date is not a business day on the next
following business day) ("Expiry Date"), provided that the
Qualifying Offer may be extended, at the sole discretion of
SAC and/or Softquad USA, if the conditions set forth in the
Qualifying Offer are not satisfied on the Expiry Date. Subject
to the satisfaction or waiver of the conditions set forth in
the Qualifying Offer, SAC and/or Softquad USA shall within the
time period required by law take up and pay for all common
shares validly tendered (and not properly withdraw) pursuant
to the Qualifying Offer. SAC and/or Softquad USA shall use its
reasonable commercial efforts to consummate the Qualifying
Offer, subject only to the terms and conditions hereof.
-4-
1.2 SOFTQUAD CANADA APPROVAL OF THE QUALIFYING OFFER
Softquad Canada represents that its Board of Directors, upon
consultation with its advisors, has determined unanimously that the
Board of Directors will recommend that Softquad Canada Shareholders
accept the Qualifying Offer.
1.3 POST OFFER COVENANTS
If SAC and/or Softquad USA takes up and pays for common shares pursuant
to the Qualifying Offer, SAC, Softquad USA and Softquad Canada agree to
use all reasonable commercial efforts to enable SAC and/or Softquad USA
to acquire the balance of the common shares as soon as practicable
after completion of the Qualifying Offer by way of compulsory
acquisition, arrangement, amalgamation or other type of acquisition
transaction carried out for a consideration at least of equal value of
the consideration paid in the Qualifying Offer.
ARTICLE II
COVENANTS OF SOFTQUAD CANADA
2.1 ORDINARY COURSE OF BUSINESS
Softquad Canada covenants and agrees that:
(a) Softquad Canada shall conduct its business only, and not take
any action except in, the usual, ordinary and regular course
of business and consistent with past practice;
(b) Softquad Canada shall not directly or indirectly do or permit
to occur any of the following:
(A) issue, sell or agree to issue or sell any
additional shares of, or any options,
warrants, calls, conversion privileges or
rights of any kind to acquire any shares of,
any capital stock of Softquad Canada (other
than pursuant to the exercise of existing
options);
(B) except with the usual, ordinary and regular
course of business (consistent with past
practice) sell, pledge lease, dispose of,
encumber or agree to sell, pledge, lease
dispose of or encumber any assets of
Softquad Canada.
-5-
(C) amend or propose to amend its articles or
by-laws;
(D) split, combine or re-classify any
outstanding common shares, or declare, set
aside or pay any dividend or other
distribution payable in cash, stock,
property or otherwise with respect to the
Common Shares;
(E) redeem, purchase or offer to purchase any
Common Shares or other securities of
Softquad Canada;
(F) reorganize, amalgamate or merge Softquad
Canada with any other person, corporation,
partnership or other business organization
whatsoever;
(G) acquire or agree to acquire (by merger,
amalgamation, acquisition of stock or assets
or otherwise) any person, corporation,
partnership, joint venture or other business
organization or division or acquire or agree
to acquire any material assets;
(H) except in the usual, ordinary and regular
course of business and consistent with past
practice, satisfy any material claims or
liabilities except such as have been
reserved against in Softquad Canada's
financial statements delivered to Softquad
USA, relinquish any material contractual
rights or enter into any interest rate,
currency or commodity swaps, xxxxxx or other
similar financial instruments; or
(I) incur or commit to incur any indebtedness
for borrowed money or issue any debt
securities except for the borrowing of
working capital in the ordinary course of
business and consistent with past practice.
(c) Softquad Canada shall cooperate with Softquad USA in
structuring the acquisition by Softquad USA of Softquad Canada
in a tax efficient manner provided that no such cooperation
shall be required where such structuring shall have any
adverse effect on Softquad Canada.
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF SOFTQUAD CANADA
3.1 REPRESENTATIONS
Softquad Canada hereby represents to Softquad USA and SAC that the
information as it relates to Softquad Canada as has been provided to
SAC and/or Softquad USA in due diligence disclosures are accurate and
-6-
Softquad Canada hereby warrants the accuracy of the representations
contained therein (and acknowledge that SAC and Softquad USA are
relying upon those representations and warranties in connection with
entering into this Agreement).
3.2 INVESTIGATION
Any investigation by Softquad USA and SAC and its advisors shall not
mitigate, diminish or affect the representations and warranties of
Softquad Canada provided pursuant to this Agreement. Where the
provisions of this Agreement, or any other transaction document, refer
to disclosure in writing, such disclosure shall be made expressly in
response to the applicable provision and shall be signed by a senior
officer of Softquad Canada.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF SOFTQUAD USA AND SAC
4.1 REPRESENTATIONS
Softquad USA and SAC hereby represent and warrant to Softquad Canada
that the information as it relates to Softquad USA and SAC as provided
by Softquad USA and SAC as part of the due diligence disclosures are
accurate and Softquad USA and SAC hereby warrant the accuracy of the
representations contained therein (and acknowledges that Softquad
Canada is relying upon such representations and warranties in
connection with the entering into of this Agreement).
ARTICLE V
MUTUAL COVENANTS
5.1 FURTHER ASSURANCES
Subject to the terms and conditions herein, Softquad USA, SAC and
Softquad Canada agree to use their respective commercially reasonable
efforts to take, or cause to be taken, all action and to do, or cause
to be done, all things necessary, proper or advisable under applicable
laws and regulations, to consummate the transactions contemplated by
this Agreement and the Offer. Softquad Canada, Softquad USA and SAC
will use their commercially reasonable efforts: (i) to obtain all
necessary waivers, consents and approvals from other parties to
material loan agreements, leases, and other contracts or agreements
(including in particular but without limitation, the agreement of any
persons as may be required pursuant to any agreement, arrangement or
understanding relating to Softquad Canada's operations); (ii) to obtain
all necessary consents, approvals and authorizations as are required to
be obtained under any federal, provincial or foreign law or regulations
with respect to this Agreement or the Qualifying Offer; (iii) to lift
-7-
or rescind any injunction or restraining order or other order adversely
affecting the ability of the parties to consummate the transactions
contemplated hereby or by the Qualifying Offer; and (iv) to fulfil all
conditions and satisfy all provisions of this Agreement and the
Qualifying Offer.
ARTICLE VI
TERMINATION
6.1 TERMINATION
This Agreement may be terminated:
(a) by mutual written consent of Softquad USA, SAC and Softquad
Canada;
(b) by Softquad Canada if by March 1, 2000, if SAC and/or Softquad
USA has not made the Qualifying Offer;
(c) by Softquad Canada if by April 30, 2000 if SAC and/or Softquad
USA has not purchased 90% of the common shares issued and
outstanding pursuant to the Qualifying Offer;
(d) by either SAC or Softquad Canada, if the conditions of the
Qualifying Offer have not been satisfied or waived on the
Expiry Date.
In the event of the termination of this Agreement as provided in this
Section 6.1, this Agreement shall forthwith become void and there shall
be no liability on the part of SAC, Softquad USA and/or Softquad
Canada.
ARTICLE VI
MISCELLANEOUS
6.1 ENTIRE AGREEMENT
This Agreement and the documents referred to herein constitute the
entire agreement between the parties with respect to the subject matter
hereof and supersede all prior agreements, arrangements or
understandings with respect thereto.
-8-
6.2 COUNTERPARTS
This Agreement may be executed in any number of counterparts and each
such counterpart shall be deemed to be an original instrument but all
such counterparts together shall constitute but one Agreement.
6.3 SEVERABILITY
If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect
and shall in no way be affected, impaired, or invalidated and the
parties shall negotiate in good faith to modify the Agreement to
preserve each party's anticipated benefits under the Agreement.
6.4 CHOICE OF LAW
This Agreement shall be governed by, construed and in accordance with
the laws of the Province of Ontario.
6.5 REMEDIES
The parties hereto agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It
is accordingly agreed that the parties shall be entitled to an
injunction or injunctions to remedy or prevent non-compliance or
breaches with the terms of this Agreement and to enforce specifically
the terms and provisions hereof in any court of the Province of Ontario
having jurisdiction; provided that such remedies shall be in addition
to, and not in substitution for, any other remedy to which the parties
may be entitled at law or in equity.
IN WITNESS WHEREOF the parties hereto have caused this Agreement to be
executed on their behalf by their officers thereunto duly authorized as of the
date first above written.
SOFTQUAD SOFTWARE LTD.
(a Delaware corporation)
PER:
-------------------------------------
President
-9-
SOFTQUAD SOFTWARE INC.
(an Ontario corporation)
PER:
-------------------------------------
President
SOFTQUAD ACQUISITION CORP.
(an Ontario corporation)
PER:
-------------------------------------
President
-10-
SCHEDULE "A"
COMMON SHAREHOLDERS OF SOFTQUAD SOFTWARE INC.
NAME ADDRESS # OF SHARES
POST SPLIT
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
1. Xxxxx Xxxxx Offshore 3,220,285
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
2. Drassinower Ontario 142,860
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
3. Xxxxx Xxxxxx BC 142,860
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
4. Xxxxx Xxxxxx BC 142,860
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
5. Xxx Xxxxx Ontario 142,860
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
6. Xxxxxx Xxxx BC 142,860
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
7. Pinetree Capital Corp. - Xxxxxxx Ontario 2,670,560
Inwenash
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
8. Beacon M Intern'l Offshore 1,011,895
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
9. 1225322 Ontario Inc.(1)/Newkidco Canadian 351,850
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
10. Protege Software UK 215,385
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
11. Xxxxxx Xxxxxxxxx(1) Texas 50,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
12. Xxxxxx Xxxxx(1) Ontario 50,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
13. Xxxxx Xxxxx(1) Texas 50,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
14. Xxxxx Xxxxxxx(1) Ontario 100,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
15. Xxxxx Xxxxxxxxxxx(1) Florida 50,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
16. Xxxxx Xxxxxx(1) Texas 50,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
17. Clive Kinross(1) Ontario 12,500
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
18. Xxxx Xxxxxx(1) Texas 50,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
19. Lipston Group SA(1) BVI 100,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
20. MPI Group Inc.(1) Ontario 50,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
21. Xxxxx Xxxx(1) Ontario 50,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
22. Xxxxxx Prenick(1) Ontario 12,500
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
23. Xxxxx Xxxxx(1) Ontario 25,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
24. Xxxxx Xxxxx(1) Texas 150,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
25. Xxxxxxxxx XX(1) Ontario 50,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
26. Xxx Xxxxx(1) Ontario 100,000
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
27. Xxxxxxx Xxxxxxx(1) Texas 75,000
------ ------
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
TOTAL: 9,209,275
--------- ----------------------------------------------- ---------------------- --------------------------
--------- ----------------------------------------------- ---------------------- --------------------------
Notes:
(1) Shares may be registered in the name of KBL Technology Fund Inc. The list
sets out the beneficial owners.
-11-
SCHEDULE "B"
OPTION HOLDERS OF SOFTQUAD SOFTWARE INC.
---------------------------------- -------------------- --------------------- ---------------------- --------------------
NAME NUMBER OF OPTIONS RELEASE 1 RELEASE 2 RELEASE 3
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxx, Xxxxxx 5,000 1,667 1,666 1,666
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxxx, Xxxxxx 3,000 1,000 1,000 1,000
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxx, Xxxxxx 7,000 2,334 2,333 2,333
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Lautri, Xxxxx 5,000 1,667 1,666 1,666
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxx-Xxxxxx, Xxx 7,500 2,500 2,500 2,500
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxx, Xxxxxx 7,000 2,334 2,333 2,333
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxx-Xxx, Xxxx 6,500 2,167 2,166 2,166
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Walk, Xxxx 6,500 2,167 2,166 2,166
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxx, Xxxxx 6,500 2,167 2,166 2,166
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxx-Xxxxx, Xxxxxxxxx 6,000 2,000 2,000 2,000
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxxx, Xxxxx 6,500 2,167 2,166 2,166
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxx, Xxxxx Xxxxxxx 5,000 1,667 1,666 1,666
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxx, Xxxxx 2,500 834 833 833
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Wang, Hongzhi 6,500 2,167 2,166 2,166
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxx, Xxxxxx 7,000 2,334 2,333 2,333
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxxx, Xxxxx 7,500 2,500 2,500 2,500
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Buarnell, Xxxxxxx 7,000 2,334 2,333 2,333
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxx, Xxxxx 3,500 1,167 1,166 1,166
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxx, Xxxxx 2,500 834 833 833
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxx, Xxxxxxx 2,500 834 833 833
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
XxXxxxxx, Xxxxxxx 2,500 834 833 833
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxx, Xxxxxx 7,500 2,500 2,500 2,500
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxx, Xxxxx 7,500 2,500 2,500 2,500
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxx, Xxxxxx 2,500 834 833 833
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxxx, Xxxx 7,000 2,334 2,333 2,333
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxx, Xxxx 7,500 2,500 2,500 2,500
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxxx, Xxxxxx 5,000 1,667 1,666 1,666
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxx, Xxxxxxxxx 7,500 2,500 2,500 2,500
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxx, Xxxxx 2,500 834 833 833
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxx, Xxxxx 2,500 834 833 833
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxx, Xxxxxx 3,500 1,167 1,166 1,166
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxxx, Xxxxxx 2,500 834 833 833
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxx Xxxx 25,000 8,334 8,333 8,333
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxx, Xxxxxx 7,500 2,500 2,500 2,500
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxx, Xxxxx 10,000 3,334 3,333 3,333
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxxxx, Xxxxxxxx 30,000 10,000 10,000 10,000
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxx, Xxxxx 7,500 2,500 2,500 2,500
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxxxx, Xxxx 7,500 2,500 2,500 2,500
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxxxxxxx, Xxxxxxx 550,010 183,337 183,336 183,336
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxx, Xxxxxx 50,000 16,667 16,666 16,666
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxx, Xxxxx 333,330 111,110 111,110 111,110
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxxx, Xxxxx 333,330 111,110 111,110 111,110
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
Xxxxx, Xxxxxxxx 333,330 111,110 111,110 111,110
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
SUBTOTAL: 1,856,000
---------------------------------- -------------------- --------------------- ---------------------- --------------------
---------------------------------- -------------------- --------------------- ---------------------- --------------------
