EXHIBIT 10.1
STOCK PURCHASE AGREEMENT
NOW
COMES Delmer Fields (hereinafter referred to as
“Purchaser”) and Trans-Industries, Inc. (hereinafter
referred to as the “Company”), on the 8th day of June,
2005, and enter into the following agreement; to wit:
Background
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A.
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Purchaser is or may be receiving a
roll over distribution from the Company’s Profit Sharing Plan
consisting of cash, securities or a combination of both.
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B.
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Purchaser desires to purchase from
the Company its common stock, and the Company does agree to sell to
Purchaser common stock.
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NOW
THEREFORE, in consideration of the mutual covenants and conditions
contained herein, the parties do hereby agree as follows; to
wit:
I. Definitions
1.1
“Common Stock” shall mean the common stock of
Trans-Industries, Inc.
1.2
“Company” shall mean Trans-Industries, Inc., a Delaware
corporation.
1.3
“Profit Sharing Plan” shall mean the Trans-Industries,
Inc. Profit Sharing Plan.
1.4
“Purchaser” shall mean Delmer Fields, or his individual
retirement account (“IRA”), or other similar retirement
or deferred compensation account.
II. Purchase of Shares of Common
Stock
2.1
Cumulative Purchase Price . The Company agrees to sell, and
Purchaser agrees to purchase the Company’s common stock (the
“Common Stock”) having a cumulative value of Four
Hundred Thousand ($400,000.00) Dollars.
2.2
Share Purchase Price . The per share purchase price of the
Common Stock sold hereunder shall be the higher of (1) the
average purchase price of the stock as listed on the Nasdaq
exchange, or other equivalent exchange, for the 30-day period
preceding the Closing Date; or (2) the listed closing price on the
day before the Closing Date.
III. Conditions Precedent to Purchaser’s
Obligation to Purchase
3.1
Distribution from the Company’s Profit Sharing Plan .
Purchaser’s obligation to purchase the Common Stock hereunder
is expressly contingent upon distribution of Purchaser’s
vested beneficial interest in the Company’s Profit Sharing
Plan.
IV. Time of Sale
4.1
Time of Sale . The sale of the Common Stock contemplated
hereunder shall occur on the date that the Company’s Profit
Sharing Plan makes its distribution/roll over to Purchaser
hereunder, or as soon thereafter as practicable.
V. The Closing Actions
5.1
The Closing . The consummation of the purchase and sale of
the Common Stock and the other transactions and deliveries
contemplated by this Agreement (the “Closing”) shall
take place at the office of the Company located at 1780 Opdyke
Court, Auburn Hills, Michigan 48326 on the date that the
Company’s Profit Sharing Plan makes its distribution/roll
over to Purchaser hereunder, or as soon thereafter as practicable
(the “Closing Date”).
VI. Registration Rights
6.1
Registration Rights . The Company shall grant registration
rights to the Purchaser with regard to the Common Stock purchased
by him hereunder. The cost of registration shall be paid by the
Company and shall occur as soon as practicable. The term
“Registration” refers to a registration effected by
preparing and filing a registration statement or similar document
in compliance with the Securities Act of 1933, as amended (the
“Securities Act”), and a declaration or ordering of
effectiveness of such registration statement or document. The
Purchaser has been informed that the Company may not be able to
maintain its current National Securities Exchange or automated
quotation system upon which shares of the Common Stock are
currently listed. The obligation to register shall be nullified in
the event that the Company’s Common Stock does not meet the
applicable requirements to be listed on a National Securities
Exchange or automated quotation system (which shall be defined to
include NASDAQ Small Cap, Bulletin Board, and Pink
Sheets).
VII. Representations and