TheTriangle

[Magnum7419]

This is dated Jan 2018 and IMHO validated the Hyundai deal

4. Closing Date. The transfer of assets and the closing under this Agreement shall take place on January 8, 2018. The closing will be in Charlotte, NC. or Covington KY., as the Parties may agree. At that time Seller shall deliver all intellectual properties and patents pertaining to Ngen’s Business (muffler/silencer technology) the muffler Purchase Order from Hyundai Motor Cars, All instruments and documents necessary to transfer Seller’s assets and technology of the Business to Buyer. Seller shall at that time execute and deliver all papers and instruments suitable for filing and/or which are necessary to transfer ownership of the trade name to Buyer, and Buyer shall thereafter have the option to use said name in any manner or purpose associated with the Business. When that delivery is made to Buyer and when the Seller receives the delivery of the Purchase Price, the acquisition to Buyer shall be completed and effective, and the new majority shareholders shall have ownership and possession of the Buyer, including the Business.

https://www.lawinsider.com/clause/as-additional-consideration-ron-heinemann-will-resign-as-ceo-of-buyer-and-will-appoint-two-new-board-the-bod