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MARK A. URICK and HEATHER URICK, - page 6 / 19





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5. Option to Purchase Remaining Shares of [Mark]. At the time of the transfer of the initial Fifty Thousand Dollars of purchase price for shares described above, [Mark] shall also grant to Huizinga an option to purchase for a term of 9 months, beginning September 1, 2000, all of his remaining ownership interest in the corporation, Blinds Inc. for the option price of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000). One Hundred Fifty Thousand Dollars ($150,000) of which shall be paid at the option closing to be held within 30 days of the exercise of the option, and the remaining One Hundred Thousand and 00/100 Dollars ($100,000) shall be added to the principal amount of the existing installment promissory note described in paragraph 4 above, to be amortized over three (3) years. [sic] The option terms shall be evidenced by the transfer of One Hundred Fifty Thousand Dollars ($150,000), and secured by a pledge of all the shares in the Corporation owned by Huizinga.

*** 8. Duties and Compensation. . . . Heather [] will be the Controller responsible for all accounting and financial issues. . . .


Id. at 5 (sequentially, pp.6-7).

Subsequently, on January 4, 2001, Mark and Huizinga signed a new, updated

purchase agreement (the second agreement). The second agreement stated, in relevant


[Mark and Huizinga] became shareholders of a new corporation formed (Blinds, Inc.) . . . .

*** 3. Purchase of Shares of Stock of new Corporation by Huizinga. [Mark] agrees to sell and Huizinga agrees to purchase all of [Mark’s] shares of Blinds, Inc. for a purchase price of Four Hundred Thousand and 00/100 Dollars ($400,000). Fifty Thousand ($50,000) Dollars of the Four Hundred Thousand Dollar purchase price has been received by [Mark]. The remaining Three Hundred Fifty Thousand Dollars $350,000 of the purchase price shall be paid according to the terms set forth below: [4]

For Value Received, the undersigned Huizinga, promises to pay to the order of [Mark5] the sum of Three Hundred Fifty

4 Originally, the agreement referred to “Window Fashion Design, Inc”, but this was amended by a handwritten note stating, “not a party[;] should be [‘Mark.’]” Id. at 6 (sequentially, p.10).


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