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Exhibit 10.3

 

NET WORKING CAPITAL AGREEMENT

 

 

THIS AGREEMENT is entered into on this ___ day of May, 2009, by and among BRIMMER COMPANY, LLC, a Minnesota limited liability company (the "Buyer"), STEN CORPORATION, a Minnesota corporation (“STEN”), and STENCOR, INC., a Minnesota corporation and wholly owned subsidiary of STEN (“Old Stencor”, and each of Old Stencor and Sten, a “Seller” and collectively, the “Sellers”).

 

WHEREAS, Buyer and Sellers entered into an Asset Purchase Agreement, dated November 26, 2008, as amended, (the “Asset Purchase Agreement”); and

 

               WHEREAS , Section 2.2 of the November 26, 2008 Agreement required a dollar for dollar adjustment in the Purchase Price for the difference between $945,000 and the Net Working Capital; and  

 

             WHEREAS, Buyer has Agreed at closing to pay $500,000 to Seller’s senior lender, LAURUS CAPITAL MANAGEMENT LLC and its agent LV ADMINISTRATIVE SERVICES INC. in consideration


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