Exhibit 10.1
STOCK PURCHASE
AGREEMENT
THIS STOCK PURCHASE AGREEMENT (this
“ Agreement ”) is entered into as of
May 18, 2009 (the “ Effective Date
”), by and between Peter T. Bulger (“
Seller ”) and U.S. Home Systems, Inc., a
Delaware corporation (the “ Company
”).
WHEREAS, Seller is the record and
beneficial owner of 204,345 shares of the common stock, $0.001 par
value per share, of the Company (the “ Subject
Shares ”), as evidenced by the list of stock
certificates set forth in Schedule A attached hereto, issued in the
name of Seller (collectively the “ Certificates
”); and
WHEREAS, Seller wishes to sell,
assign and transfer to Company and the Company wishes to purchase
and acquire from Seller the Subject Shares, subject to the terms
and conditions of this Agreement; and
NOW, THEREFORE, in consideration of
the premises and the mutual covenants herein contained and for
other good and valuable consideration, the receipt, adequacy and
sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
1. Sale of the Subject Shares
.
(a) Sale/Purchase . Upon the
terms and conditions set forth in this Agreement, Seller hereby
sells, assigns and transfers the Subject Shares to the Company,
free and clear of any and all claims, liens (including liens for
taxes), mortgages, security interests, pledges, leases, options,
rights of first refusal or first offer, charges and other
encumbrances, and the Company hereby purchases the Subject Shares
from Seller.
(b) Purchase Price . Subject
to the terms of this Agreement and in reliance on the
representations and warranties of the Seller, the Company hereby
purchases the Subject Shares from Seller, and in full consideration
therefor, the Company shall pay to Seller $459,776.25 for the
Subject Shares or $2.25 per share, (the “ Purchase
Price ”), which shall be paid to Seller in accordance
with Section 1(d) .
(c) Deliveries of Seller .
Contemporaneously with the execution of this Agreement and the
delivery of the Purchase Price to Seller by the Company, Seller
shall deliver or cause to be delivered to the Company the
Certificates, in their original form, duly endorsed with signatures
guaranteed by an “Eligible Guarantor Institution” as
defined in Rule 17Ad-15 under the Securities Exchange Act of 1934,
as amended, which shall represent all the Subject
Shares.
(d) Deliveries of the Company
. Contemporaneously with the execution of this Agreement, the
Company shall deliver the Purchase Price to Seller by wire transfer
of immediately available funds (or such other form of payment as
may be mutually acceptable to the Company and Seller) to the
account or accounts set forth in written instructions from Seller
to the Company on the date hereof.
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Peter Bulger Stock Purchase
Agreement
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2. Representations and Warranties of
Seller . Seller hereby represents and warrants to the Company
that:
(a) Authority . Seller has
the absolute and unrestricted power and authority to execute and
deliver this Agreement, to carry out his obligations hereunder and
to consummate the transactions contemplated hereby. This Agreement
has been duly executed and delivered by Seller and, assuming due
authorization, execution and delivery hereof by the Company,
constitutes a legal, valid and binding obligation of Seller,
enforceable in accordance with the terms hereof, except as such
enforceability may be limited by bankruptcy, insolvency, moratorium
or other laws affecting creditors’ rights generally and
general principles of equity.
(b) Title . Seller has good
and indefeasible title to the Subject Shares, free and clear of any
claims, liens (including liens for taxes), mortgages, security
interests, pledges, leases, options, rights of first refusal or
first offer, charges and other encumbrances. Other than this
Agreement, there are no outstanding subscriptions, options,
warrants, rights, contracts, understandings or agreements to
purchase or otherwise acquire the Subject Shares.
(c) Capitalization . The
Subject Shares represent all of the outstanding shares of the
capital stock of the Company owned, directly or indirectly, by
Seller, except for 5,616 shares held in custodian accounts for the
children of the Seller.
(d) No Litigation . There are
no actions, suits, investigations or proceedings, at law or in
equity or before or by any governmental authority or
instrumentality or before any arbitrator of any kind, pending or,
to the knowledge of Seller, threatened which seek to delay or
enjoin the consummation of the transactions contemplated
hereby.
(e) No Conflicts . Neither
the execution and delivery of this Agreement nor the consummation
of the transactions contemplated hereby will (i) violate or
breach, or otherwise constitute or give rise to a default under,
the terms or provisions of any contract, commitment or other
obligation to which Seller, or to the knowledge of Seller, the
Company, is a party; (ii) create or result in the creation of
any encumbrance or lien on any of the Subject Stock;
(iii) result in a violation by Seller or the Company of any
applicable legal requirement; or (iv) otherwise constitute an
event which, with notice, lapse of time, or both, would result in
any of the foregoing.
(f) Taxes . Seller has been
fully advised by Seller’s own advisors as to, and fully
understands and accepts, the legal, tax and economic aspects of the
consummation of the transactions contemplated by this
Agreement.
(g) Disclosure . Seller
acknowledges that he has received and reviewed Company’s
Annual Report on Form 10-K for the fiscal year ended
December 31, 2008 and the Quarterly Report for the three month
period ended March 31, 2009 on Form 10-Q.
3. Consents . Seller and the
Company shall use their reasonable efforts to obtain the consent,
approval or authorization of, or make any declaration or filing
with, any governmental authority or other persons or entities as
required in connection with the execution or delivery of this
Agreement or the consummation of the transactions contemplated
hereby.
4. Further Assurances .
Seller agrees to execute and deliver from time to time at the
request of the Company and without further consideration, such
additional instruments of conveyance and transfer, and