AGREEMENT FOR SATISFACTION OF INDEBTEDNESS AND AMENDMENT NO. 10 TO ST. JOHN’S DREDGING AND DEEP WATER PIER CONSTRUCTION AGREEMENTAgreement for Satisfaction of Indebtedness and Amendment No. 10 • December 8th, 2004 • Devcon International Corp • Concrete, gypsum & plaster products
A Debt Satisfaction Agreement (the “Debt Satisfaction Agreement”) has been entered into between Antigua Masonry Products, Ltd., certain subsidiaries and affiliates thereof (“AMP”), and the Government of Antigua and Barbuda (“Antigua”), pursuant to the terms of which, AMP has agreed to the satisfaction of U.S.$29,775,803 of debt owed by Antigua to AMP. This agreement provides for a cash payment by Antigua to AMP of U.S.$11,500,000, as well as the granting of certain tax benefits to AMP, certain subsidiaries of AMP, including, Antigua Heavy Constructors, Ltd., Antigua Cement, Ltd. and Antigua Development and Construction, Ltd. (the “AMP Subsidiaries”) and Devcon International Corp. (“Devcon”), the ultimate parent company of AMP.
