STOCK REDEMPTION AGREEMENTStock Redemption Agreement • December 10th, 2002 • Sitestar Corp • Blank checks • California
THIS AGREEMENT, made and entered into this 4th day of December, 2002, is by and between Clinton J. Sallee and Frederick T. Manlunas (collectively, the “Seller”), and Sitestar Corporation, a Nevada corporation (the “Company”). Company and Seller shall sometimes be referred to individually as the “Party” and collectively as the “Parties.”
SECURED NOTE BETWEEN SITESTAR CORPORATION AND CLINTON J. SALLEE AND FREDERICK T. MANLUNASSecured Note • December 10th, 2002 • Sitestar Corp • Blank checks • California
This Note is part of the redemption of shares of common stock of the Company pursuant to the Redemption Agreement. Noteholder has agreed to accept this Note from the Company for the redemption of 32,483,346 shares of common stock of the Company (the “Redeemed Shares”). Noteholder’s agreement to accept the Note is conditioned upon Noteholder’s receiving a pledge and security interest from the Company in the Redeemed Shares (the “Pledge and Irrevocable Proxy Security Agreement”). Capitalized terms not otherwise defined herein shall have the meaning set forth in the Redemption Agreement.
PLEDGE AND IRREVOCABLE PROXY SECURITY AGREEMENTPledge and Irrevocable Proxy Security Agreement • December 10th, 2002 • Sitestar Corp • Blank checks • California
THIS PLEDGE AND IRREVOCABLE PROXY SECURITY AGREEMENT (the “Agreement”) is made and entered into as of the 4th day of December, 2002, by Sitestar Corporation, a Nevada corporation whose chief executive office is located at 7109 Timberlake Road, Lynchburg, Virginia 24502 (the “Company” or the “Pledgor”) in favor of Clinton J. Sallee and Frederick T. Manlunas, and their successors and assigns, (collectively hereinafter called the “Secured Party”), whose address is 15303 Ventura Boulevard, Suite 1510, Sherman Oaks, California 91403.
