EXHIBIT 10.17
AGREEMENT TO PURCHASE STOCK
THIS AGREEMENT made this 14th day of January, 2004 by and between Delta
Mutual, Inc. (a Delaware Corporation) and Hi Tech Consulting and Construction,
Inc. (a Virginia Corporation) (collectively the "Sellers") and Xxx Xxxxxxx, an
individual (the "Purchaser").
WITNESSETH
WHEREAS, Sellers currently own one hundred percent (100%) of the issued and
outstanding common shares of Delta-Envirotech, Inc., a Delaware Corporation (the
"Corporation"), located at 0000 Xxxxxxx Xxxx, Xxxxxx, XX 00000; and
WHEREAS, Sellers now desires to sell, and Purchaser desires to purchase, common
shares in the Corporation owned by Sellers:
NOW, THEREFORE, in consideration of the mutual covenants hereinafter
contained, and other good and valuable consideration the sufficiency of which is
hereby acknowledged, it is hereby agreed by and between the parties hereto as
follows:
1. Purchaser shall purchase and Sellers shall sell, assign, and
transfer, free and clear of all liens, encumbrances and liabilities, Sellers'
ten percent interest in the Corporation, said ten percent interest consisting of
one hundred fifty (150) shares of the common stock of the Corporation. Purchaser
shall purchase seventy-five (75) shares of the common stock of the Corporation
from each Seller.
2. Purchaser shall pay as the purchase price for the foregoing shares
the sum of two dollars ($2.00) in cash at closing.
3. The actions to be taken by the parties to close this transaction
shall take place on July 14, 2004 (the "Closing Date"). On the Closing Date,
Sellers shall deliver the shares hereinabove described to the Purchaser.
4. (a) Sellers agree to indemnify and hold Purchaser harmless against
any and all liabilities, directly or indirectly, whether accrued, absolute,
contingent, or otherwise, damages, losses, claims, costs and expenses (including
attorney's fees) arising out of or resulting from actions against Purchaser but
arising out of Sellers operation of the Corporation prior to the Closing Date
and against all actions, suits, proceedings, demands, assessments, judgments,
costs and expenses (including attorney's fees) connected therewith. Purchaser
will promptly notify Sellers in writing of any claim upon receipt thereof,
including copies of all documents received by Purchaser in connection with such
claims, made by third parties against Purchaser with respect to any of the
foregoing and afford Sellers an opportunity to defend, at Sellers expense,
against same.
(b) Purchaser hereby agrees to indemnify and hold Sellers
harmless against any and all liabilities, directly or indirectly, whether
accrued, absolute, contingent, or otherwise, damages, losses, claims, costs and
expenses (including attorney's fees) arising out of or resulting from any acts,
breach of warranty or misrepresentation by Purchaser, or the non-performance of
any covenant or obligation to be performed on the part of Purchaser under this
Agreement. Sellers will promptly notify Purchaser in writing of any claim upon
receipt thereof, including copies of all documents received by Sellers in
connection with such claims, made by third parties against Sellers with respect
to any of the foregoing and afford Purchaser an opportunity to defend, at
Purchaser's expense, against same.
5. The parties hereto agree, upon request, to make and deliver or cause
to be made and delivered such additional instruments as may be reasonably
necessary for the purpose of carrying out this Agreement and completing the
transfer provided herein.
6. This Agreement shall be binding upon the heirs, personal
representatives, successors, and assigns of the parties.
7. This Agreement and any accompanying instruments and documents
constitute the entire transaction between the parties and supercede any prior
oral or written agreements between them and there are no representations,
warranties, covenants or conditions which shall be binding upon the parties
hereto or which shall have any force or effect except those specified herein or
in accompanying instruments and documents.
8. This Agreement may not be amended except in writing signed by the
party to be charged therewith.
9. All covenants, warranties and representations herein shall survive
this Agreement and the Closing Date.
10. This Agreement shall be governed in all respects by the laws of the
State of Delaware.
11. This agreement may be executed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute but
one and the same instrument.
IN WITNESS WHEREOF, and by authority duly given, the parties hereto have set
their hands, on the date first above written.
Delta Mutual, Inc. (Seller)
By: /s/ Xxxxx X. Xxxxx
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President
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Title
Hi Tech Consulting and Construction, Inc. (Seller)
By: /s/ Xxxxx X. Xxxxxxx
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President
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Title
Xxx Xxxxxxx (Purchaser)
By: /s/ Xxx Xxxxxxx
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