Document:

a5482565ex10-2.htm

    Exhibit
      10.2

     

     

    STOCK
      PURCHASE AND SALE AGREEMENT

    

    This
STOCK
      PURCHASE AND SALE
      AGREEMENT (the“Agreement”), is made and entered into
      as of the 29th day of August, 2007, by and between the TRUSTEE OF
      THE AMERICAN EQUITY INVESTMENT EMPLOYEE STOCK OWNERSHIP
      TRUST (the “Buyer”) and NOBLE ENTERPRISES,
      L.P. (referred to as
“Seller”).  AMERICAN EQUITY INVESTMENT LIFE
      HOLDING COMPANY (the “Company”) is a party to this
      Agreement only with respect to the representations made in Articles IV and
      V and
      the indemnification provision in Section 7.2.

     

    RECITALS

     

    
      	
              A.

            	
              Seller
                wishes to sell 410,000 shares of the Company, (the “Subject
                Stock”), to the Buyer.

            

    

     

    
      	
              B.

            	
              Simultaneously
                to this Agreement, a similar agreement is being made and entered
                into by
                and between the Buyer and David J. Noble whereby David J. Noble is
                selling
                240,000 shares of common stock of the Company to the
                Buyer.

            

    

     

    
      	
              C.

            	
              Buyer
                will own approximately 1.4% of the Company immediately after the
                purchase
                of the Subject Stock and the simultaneous purchase of shares from
                David J.
                Noble.

            

    

     

    
      	
              D.

            	
              Buyer
                has determined to purchase and acquire the Subject Stock from Seller,
                and
                Seller is willing to sell the Subject Stock to Buyer upon the terms
                and
                conditions hereinafter set forth.

            

    

     

    
      	
              E.

            	
              The
                Company desires to facilitate the sale and purchase of the Subject
                Stock
                for various corporate purposes.

            

    

     

    AGREEMENT

     

    NOW,
      THEREFORE, in
      consideration of the purchase and sale of the Subject Stock and of the premises
      and the mutual promises, covenants and conditions hereinafter set forth, the
      parties hereby agree as follows:

     

     

    ARTICLE
      I

     

    PURCHASE
      AND SALE

     

    1.1
–
Purchase
      and Sale of Subject
      Stock.  On the terms and subject to the conditions set forth in
      this Agreement, Seller agrees to sell and convey to Buyer, and Buyer agrees
      to
      purchase, on the Closing Date, the Subject Stock for a per share price equal
      to
      the average of the closing price of the Company stock for the ten trading days
      prior to the Closing Date (the “Purchase
      Price”).  The Buyer agrees to purchase the Subject Shares for
      the purpose of holding the Subject Shares under the ESOP for the exclusive
      benefit of participants and their beneficiaries, in accordance with the purposes
      stated in the ESOP.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.2
–
Payment.  The
      Buyer will pay the Purchase Price by delivering cash by wire transfer to an
      account maintained by the Seller. No commission shall be charged to any party
      with respect to the transactions contemplated by this Agreement.

     

     

    ARTICLE
      II

     

    CLOSING

     

    2.1
–
Closing.  The
      closing (the “Closing”) hereunder shall be held at 11:00 a.m.
      on August 29, 2007, at the offices of American Equity Investment Life Holding
      Company, 5000 Westown Parkway, Suite 440, West Des Moines, IA 50266, or at
      such
      other date, time, and place (or places) as may be agreed to by the parties
      hereunder.  (The date upon which the Closing is held in accordance
      with the terms of this section is referred to as the “Closing
      Date” throughout this Agreement.)

     

    2.2
–
Deliveries
      by Buyer at
      Closing.  At the Closing, Buyer shall deliver the Purchase Price
      for the Subject Stock, paid in the form as set forth in Section 1.2
      hereof.

     

    2.3
–
Deliveries
      by Seller at
      Closing.  At or before the Closing, Seller shall deliver the
      following:

     

    (a)           Stock
      certificates representing the Subject Stock endorsed or accompanied by separate
      assignments to Buyer;

     

    (b)           All
      other items or documents necessary or appropriate hereunder.

     

     

    ARTICLE
      III

     

    REPRESENTATIONS
      AND WARRANTIES OF SELLER

     

    As
      an inducement to Buyer to enter into
      this Agreement and purchase the Subject Stock hereunder, Seller hereby
      represents and warrants to Buyer that the following statements are true and
      correct as of the date of this Agreement.  When used in this Article,
“Knowledge” means actual knowledge after reasonable
      investigation and knowledge that could have been obtained through reasonable
      inquiry.

     

    3.1
–
Seller.  Seller
      has full power and authority to sell the Subject Stock and to enter into this
      Agreement and to carry out the transactions contemplated hereby.  This
      Agreement constitutes a valid and binding obligation of Seller enforceable
      in
      accordance with its terms.

     

    3.2
–
Ownership
      and
      Title.  Seller is the owner of the Subject Stock, free and clear
      of all claims, liens and encumbrances whatsoever.  At the Closing
      hereunder, Seller will convey to Buyer good and marketable title to the Subject
      Stock, free and clear of all liens and encumbrances whatsoever, and upon said
      conveyance Buyer will have good and marketable title to the Subject Stock,
      free
      and clear of all claims, liens and encumbrances whatsoever.

     

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    3.3
–
No
      Options or
      Warrants.  There are no outstanding options, warrants, rights or
      privileges, preemptive or contractual, granted by Seller to acquire any of
      the
      Subject Stock.

     

    3.4
–
No
      Violation.  This Agreement and the transactions contemplated
      hereby will not result in violation of any of the terms and provisions of any
      indenture or other agreement to which Seller may be a party, or by which Seller
      may be bound, or to which either Seller may be subject.

     

    ARTICLE
      IV

     

    REPRESENTATIONS
      AND WARRANTIES OF THE COMPANY

    IN
      ITS CAPACITY AS PLAN SPONSOR

     

    The
      Company, in its capacity as the
      sponsoring employer of the Plan, represents and warrants to the Buyer
      that:

     

    4.1
–
Organization,
      Qualification, Authority, Approval.  The Company
      intends the ESOP to be a qualified plan and tax exempt trust within the meaning
      of Sections 401(a) and 501(a) of the Code; and has all requisite power and
      authority to carry out the purposes and conduct the affairs for which it was
      created, and to own its assets.  The Plan is intended to be a
      qualified employee stock ownership plan within the meaning of Code Section
      4975(e)(7), and complies in all material respects with all applicable
      requirements of the Code and ERISA.  The Company has or will file the
      Plan with the Internal Revenue Service for a favorable determination letter
      not
      later than the applicable remedial amendment period for the Plan.

     

    4.2
–
      Appointment and Authority of the
      Trustee. The Board of Directors, or its duly authorized delegate, on behalf
      of the Company, has duly appointed Bremer Trust, N.A. as Trustee for the Plan
      (the “Trustee”).  The Plan provides the Trustee with
      full power and authority to enter into, execute and deliver this Agreement
      on
      behalf of the Buyer.

     

    4.3
–
      Requisite Action.  The Company's execution, delivery and
      performance of this Agreement and all transactions contemplated hereby have
      been
      duly and validly authorized and approved by all necessary action on the part
      of
      the Company.

     

    4.4
–
      Investigation.  The Company has given Buyer access to the
      business records and documents of the Company and has permitted the Buyer to
      make such investigations of the Company as they have requested. Notwithstanding
      the Buyer’s investigation, the Company acknowledges that Buyer is relying, in
      entering into and consummating this Agreement and the transactions contemplated
      hereby, only upon the representations and warranties contained in this Agreement
      and the Company's financial statements, schedules, memoranda, certificates
      and
      other documents furnished or otherwise made available to the Buyer by the
      Company or public disclosure.

     

    
      4.5
–
        Purchase of Shares.  To the knowledge of the Company, the
        Trustee is acquiring the Shares pursuant to the terms and conditions of the
        Plan, solely for the benefit of the Plan participants and their beneficiaries,
        for investment and not with a view to the resale thereof.

    

     

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    4.6
–
      Absence of Litigation.  No action, suit or proceeding before
      any court or governmental body or authority, pertaining to the transaction
      contemplated by this Agreement or to its consummation, shall have been
      instituted or threatened on or before the Closing Date.

     

    ARTICLE
      V

     

    REPRESENTATIONS
      AND WARRANTIES OF BUYER AND COMPANY

     

    5.1
      - Buyer’s
      Representations.  As an inducement to Seller to enter into this
      Agreement and sell the Subject Stock hereunder, Buyer hereby represents and
      warrants to Seller that the following statements are true and correct as of
      the
      date of this Agreement:  The Buyer is the duly appointed Trustee of
      the American Equity Investment Employee Stock Ownership Trust (the
“Trust”), which was created by the Company to hold assets of
      the American Equity Investment Employee Stock Ownership Plan.  The
      Trust is a validly created and existing trust under the laws of the State of
      Iowa.  This Agreement is binding upon and enforceable against Buyer in
      accordance with its terms.  The Buyer has full power and authority to
      purchase the Subject Stock and to enter into this Agreement in its capacity
      as
      Trustee of the Trust.  Proper action has been taken by the Buyer to
      authorize the execution of this Agreement and of any and all agreements or
      instruments necessary to effectuate the transactions contemplated
      hereby.

     

    5.2
–
Company
      Representations.  As an inducement to Buyer to enter into this
      Agreement and purchase Subject Stock hereunder, the Company hereby warrants
      and
      represents to Buyer that the following statements are true and correct as of
      the
      date of this Agreement:  During the three (3) years prior to the date
      hereof, the Company has filed all reports, schedules, forms, statements and
      other documents required to be filed by it with the SEC pursuant to the
      reporting requirements of the Securities Exchange Act of 1934, as amended (the
      “1934 Act”) (all of the foregoing filed prior to the date
      hereof and all exhibits included therein and financial statements, notes and
      schedules thereto and documents incorporated by reference therein being
      hereinafter referred to as the “SEC Documents”). All of such
      SEC Documents are available on the EDGAR system and on the Company’s
      website.  As of their respective dates, the SEC Documents complied in
      all material respects with the requirements of the 1934 Act and the rules and
      regulations of the SEC promulgated thereunder applicable to the SEC Documents,
      and none of the SEC Documents, at the time they were filed with the SEC,
      contained any untrue statement of a material fact or omitted to state a material
      fact required to be stated therein or necessary in order to make the statements
      therein, in light of the circumstances under which they were made, not
      misleading.  As of their respective dates, the financial statements of
      the Company included in the SEC Documents complied as to form in all material
      respects with applicable accounting requirements and the published rules and
      regulations of the SEC with respect thereto. Such financial statements have
      been
      prepared in accordance with generally accepted accounting principles,
      consistently applied, during the periods involved (except (i) as may be
      otherwise indicated in such financial statements or the notes thereto, or (ii)
      in the case of unaudited interim statements, to the extent they may exclude
      footnotes or may be condensed or summary statements) and fairly present in
      all
      material respects the financial position of the Company as of the dates thereof
      and the results of its operations and cash flows for the periods then ended
      (subject, in the case of unaudited statements, to normal year-end audit
      adjustments). No other information provided by or on behalf of the Company
      to
      the Buyer which is not included in the SEC Documents, contains any untrue
      statement of a material fact or omits to state any material fact necessary
      in
      order to make the statements therein, in light of the circumstance under which
      they are or were made, not misleading.  The Company is in compliance
      with any and all applicable requirements of the Sarbanes-Oxley Act of 2002
      that
      are effective as of the date hereof, and any and all applicable rules and
      regulations promulgated by the SEC thereunder that are effective as of the
      date
      hereof, except where such noncompliance would not have, individually or in
      the
      aggregate, a material adverse effect.

     

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI

     

    CONDITIONS PRECEDENT
      OF BUYER

     

    The
      obligations of Buyer hereunder are
      subject to the condition that, on or before the Closing Date:

     

    6.1
–
Injunction.  On
      the Closing Date, there shall be no effective injunction, writ, preliminary
      restraining order or any order of any nature issued by a court of competent
      jurisdiction directing that the transactions provided for herein or any of
      them
      not be consummated as herein provided.

     

    6.2
–
Deliveries.  The
      Seller shall have delivered to Buyer all deliveries required or appropriate
      hereunder.

     

    6.3
–
Approval
      of
      Documents.  The form and substance of all certificates,
      instruments, opinions and other documents delivered to the Buyer under this
      Agreement shall be satisfactory in all reasonable respects to the
      Buyer.

     

    ARTICLE
      VII

     

    INDEMNITIES

     

    7.1
–
      Seller’s Indemnity.  The Seller, for himself and his successors
      and assigns, agrees to indemnify, defend and hold the Buyer harmless against
      and
      in respect of any and all claims, demands, losses, costs, expenses, obligations,
      liabilities, damages, recoveries and deficiencies, including interest, penalties
      and reasonable attorneys' fees, that the Buyer shall incur or suffer, which
      arise, result from or relate to any breach of, or failure by the Seller to
      perform any of his representations, warranties, covenants or agreements in
      this
      Agreement.

     

    7.2
–
      Company’s Indemnity.  The Company agrees to indemnify and hold
      the Buyer harmless against, and in respect of, any and all claims, losses,
      expenses, costs, obligations and liabilities, damages, recoveries and
      deficiencies, including interest, penalties and reasonable attorneys' fees,
      that
      the Buyer shall incur or suffer, which arise, result from or relate to any
      breach of or failure by the Company in its capacity as Plan Sponsor or
      otherwise, to perform any of its warranties, guaranties, representations,
      commitments or covenants in this Agreement.

     

    7.3
–
      Trustee’s Indemnities.  Subject to the terms of the Plan, the
      Trustee agrees to indemnify and hold the Company, the Plan and the Seller
      harmless against, and in respect of, any and all claims, losses, expenses,
      costs, obligations and liabilities any of the them may incur by reason of the
      Trustee’s breach of or failure to perform any of the Trustee’s warranties,
      guaranties, representations, commitments or covenants in this Agreement,
      provided that Trustee’s breach or failure to perform is based on the Trustee’s
      (i) negligence; or (ii) willful misconduct.

     

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VIII

     

    MISCELLANEOUS

     

    8.1
–
Expenses.  The
      Company shall pay all expenses in connection with this Agreement and the
      transaction contemplated hereby.

     

    8.2
–
Brokers.  Each
      of the parties represents to the other that no broker or other person is
      entitled to any fee or commission in connection with the negotiation or
      consummation of the transactions contemplated hereby, except the fees of
      attorneys and/or accountants for the respective parties.

     

    8.3
–
Entire
      Agreement.  This Agreement contains the entire agreement among the
      parties, superseding in all respects any prior oral or written agreements or
      understandings pertaining to the subject matter hereof and transactions
      contemplated hereby and shall be amended or modified only by written instrument
      signed by all of the parties hereto.

     

    8.4
–
Waiver.  No
      waiver by any party of any condition, or of the breach of any term, covenant,
      representation or warranty contained in this Agreement or in the agreements
      and
      documents executed in connection herewith, whether by conduct or otherwise,
      in
      any one or more instances shall be deemed to be or construed as a further and
      continuing waiver of any such condition or breach or a waiver of any other
      condition or breach of any other term, covenant, representation, or warranty
      of
      this Agreement, or the agreements and documents executed in connection
      herewith.

     

    8.5
–
Binding
      Effect;
      Assignment.  This Agreement and the agreements and documents
      executed in connection herewith shall be binding upon and shall inure to the
      benefit of and be enforceable by the parties hereto and their respective heirs,
      successors and assigns.

     

    8.6
–
Notices.  Any
      notice or other communication required or permitted to be given or served upon
      any of the parties under this Agreement shall be sufficiently delivered, given
      or served if delivered personally to such person or if sent to such party by
      registered or certified mail postage prepaid, addressed to such party as set
      forth below or such other address as such party shall designate by giving
      written notice to the other parties, as follows:

     

    In
      case of
      notice to Buyer:

     

    Kevin
      Weise

    Bremer
      Trust, N.A.

    372
      St.
      Peter Street

    St.
      Paul,
      MN 55102-1320

     

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    In
      case of notice to
      Seller:

     

    Noble
      Enterprises, L.P.

    5461
      Gulf
      of Mexico Drive, #204

    Longboat
      Key, FL 34228

    

    8.7
–
General.  This
      Agreement may be executed in several counterparts, each of which will be deemed
      to be an original copy of this Agreement and all of which, when taken together,
      will be deemed to constitute one and the same Agreement.  The section
      headings contained herein are for reference purposes only and shall not in
      any
      way affect the meaning or interpretation of this Agreement.  This
      Agreement and the rights of the parties shall be governed, enforced and
      construed under the laws of the State of Iowa without giving effect to any
      choice or conflicts of law doctrine which otherwise might be
      applicable.

     

    IN
      WITNESS WHEREOF, the parties have
      duly executed this Agreement as of the date and year first written
      above.

     

    BUYER:

     

    BREMER
      TRUST, N.A.,

    in
      its
      capacity as Trustee of the

    American
      Equity Investment Employee Stock Ownership Trust

    

    

    By:  /s/
      Kevin
      Weise                                                      

    Its:  Senior
      Vice President

    

    COMPANY:

     

    AMERICAN
      EQUITY INVESTMENT LIFE HOLDING COMPANY

    

    

    By:  /s/
      Debra J.
      Richardson                                                                           

    Its:  Senior
      Vice President & Secretary

    

     

    SELLER:

     

    NOBLE
      ENTERPRISES, L.P.

     

    

    By:  /s/
      David J.
      Noble                                                                

    Its:  General
      Partner

     

     

     

    -7-DC2503.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

AMENDMENT NO. 1 TO
SUPPLY AGREEMENT (SUNTECH CONTRACT NO. PUR1-0706092))

This Amendment No. 1 (this “Amendment”) is effective as of August 30, 2007, by and between Hoku Materials, Inc., a Delaware
corporation (“HOKU”), and Wuxi Suntech Power Co., Ltd., a People’s Republic of China company (“SUNTECH”). HOKU and SUNTECH are each a “Party” and together the “Parties” to this Amendment No. 1.

	
RECITALS

Whereas, HOKU and SUNTECH are Parties to that certain Supply Agreement (Suntech Contract No. PUR1-0706092) dated as of June 13, 2007 (the “Supply Agreement”) Whereas, the Parties desire to make certain amendments to the Supply Agreement as hereinafter set forth Whereas, each Party derives a benefit from the amendments set forth herein, Now therefore, in consideration of the
foregoing, and for other good and valuable consideration, the receipt of which is hereby acknowledged by the Parties, the Parties agree to amend the Supply Agreement as set forth below.

	
AGREEMENT

1. Definitions.  All capitalized terms not otherwise defined are defined in the Supply Agreement.

2. Amendment of Section 5.3.3 of the Supply Agreement.  The Parties agree that all references to “Bank of China” are removed from Section 5.3.3 of the Supply Agreement.

3. Amendment of Section 11.5 of the Supply Agreement.  Section 11.5 of the Supply Agreement is hereby amended and restated in its entirety to read as follows:

11.5 HOKU has not entered into any additional supply contract with, or made any supply commitment to, any third party (not including the long term supply contract that HOKU and SANYO entered into prior to the Effective
Date) where the aggregate of HOKU’s delivery obligations under all of its supply contracts (including those with SUNTECH and SANYO) and such additional supply contract/commitment during any month exceeds the rated monthly production capacity of
all Reactors as certified by the manufacturer thereof, except for (A) supply contracts for additional capacity from Facility expansion, including pre-sales of potential Facility expansions, or from increased productivity of the Reactors, and (B)
sales on the spot market or long-term contracts for the sale of polysilicon that does not meet the Product Specifications, provided that HOKU has used commercially reasonable efforts to meet the Product Specifications with respect to such
polysilicon and that HOKU is not manufacturing polysilicon for the purpose of making such spot market sales or fulfilling such long term contracts.

Page 1 of 2

IN WITNESS WHEREOF, the Parties have executed this Supply Agreement as of the date first set forth above.

	
SUNTECH: 
		
 		
HOKU: 
		
 		
 
	
	
WUXI SUNTECH POWER CO., LTD. 
		
 		
HOKU MATERIALS, INC. 
	
	
By: 
		
 		
/s/ Steven Chan 
		
 		
By: 
		
 		
  /s/ Dustin Shindo 
	
	
Name: 
		
 		
Steven Chan 
		
 		
Name: 
		
 		
  Dustin Shindo 
	
	
Title: 
		
 		
VP, Business Development 
		
 		
Title: 
		
 		
Chairman & CEO 
	
	
Authorized Signatory 
		
 		
Authorized Signatory 
	

Page 2 of 2

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