Document:

imci_ex101.htm

 
 EXHIBIT 10.1
  
  First Amendment to Stock Purchase Agreement
  
 THIS FIRST AMENDMENT TO THE STOCK PURCHASE AGREEMENT (the “Amendment”), dated as of March 28, 2022, is made by and among Infinite Group, Inc., a Delaware corporation (“Buyer”); Pratum, Inc., an Iowa corporation (the “Company”); the David A. Nelson, Jr. Living Trust (“Seller”); and David A. Nelson, Jr. (the “Beneficiary” and, together with Seller, the “Seller Parties” and with Buyer, the “Parties” with each individually being a “Party”).
  
 Whereas, the Parties have entered into Stock Purchase Agreement (the “Agreement”) dated as of January 31, 2022 (the “Execution Date”);
  
 Whereas, the Parties have full power and authority to amend the Agreement pursuant to Section 8.6 of the Agreement; and
  
 Whereas, the Parties desire to extend the Outside Date from March 31, 2022 to May 15, 2022, all as more fully described herein.
  
 Now, Therefore, in consideration of the terms and conditions set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
  
 1. Definitions. Capitalized terms used and not otherwise defined herein have the meaning ascribed to such terms in the Agreement.
  
 2. Amendments to the Agreement. The Agreement is amended, effective as of the date hereof, as follows:
  
 (a) Section 2.1 is hereby amended to delete the reference to March 31, 2022 and replace it with May 15, 2022.
  
 3. Reference to and Effect on the Agreement. Except as specifically modified or amended by the terms of this Amendment, the Agreement, the Disclosure Schedules, and all provisions contained therein are, and shall continue, in full force and effect and are hereby ratified and confirmed. All references in the Agreement to itself shall be deemed references to the Agreement as amended hereby.
  
 4. Counterparts. This Agreement may be executed in one or more counterparts including by facsimile or other means of electronic transmission, such as by electronic mail in “.pdf” form, 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.
  
 5. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York (regardless of the laws that might be applicable under principles of conflicts of law of such State) as to all matters, including matters of validity, construction, effect and performance.
  
 6. Successors and Assigns. This Amendment shall be binding upon the parties to the Agreement and their respective successors and permitted assigns.
  
 7. Headings. Headings in this Amendment are included for convenience or reference purposes only and shall not constitute a part of this Amendment for any other purpose.
  
 [Signature page follows]
  
 	 
	
	

	 

  
 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their duly authorized officers, all as of the date and year first above written.
  
  
 	 	INFINITE GROUP, Inc.	
	 	 	 	 
		By:	/s/ James Villa 	
	  
	 Name: 
	James Villa 	 
	 	Title:	Chief Executive Officer	 

  
 	 	PRATUM, Inc.	
	 	 	 	 
		By:	/s/ David A. Nelson, Jr. 	
	  
	 Name: 
	David A. Nelson, Jr.	 
	 	Title: 	CEO	 

  
 	 	DAVID A NELSON, JR. LIVING TRUST 	
	 	 	 	 
		By:	/s/ David A. Nelson, Jr. 	
	  
	  
	David A. Nelson, Jr., Trustee	 
	 	 		 
	 	 	/s/ David A. Nelson, Jr. 	 
	  
	  
	 David A. Nelson, Jr.
	  

  
 [Signature Page to Amendment No. 1 to Stock Purchase Agreement]elox-ex42_60.htm

Exhibit 4.2

DESCRIPTION OF SECURITIES REGISTERED 

PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

The following description of our capital stock and certain provisions of our amended and restated certificate of incorporation, as amended, (the “certificate of incorporation”) and our amended and restated bylaws (the “bylaws”) are summaries and are qualified in their entirety by reference to our certificate of incorporation and our bylaws, which have been publicly filed with the Securities and Exchange Commission (the “SEC”).  We encourage you to read our certificate of incorporation and bylaws and the applicable provisions of the Delaware General Corporation Law (the “DGCL”) for additional information.

 

 

Authorized Capital Stock

 

Our certificate of incorporation authorizes us to issue up to 500,000,000 shares of common stock, $0.01 par value per share, and 5,000,000 shares of preferred stock, $0.01 par value per share.

 

Common Stock

 

Voting rights. Each holder of our common stock is entitled to one vote for each share of common stock on all matters submitted to a vote of the stockholders, including the election of directors and do not have cumulative voting rights. Directors are elected where the votes properly cast for such nominee’s election exceed the votes properly cast against such nominee’s election (with “abstentions” and “broker non-votes” not counted as votes cast either “for” or “against” any director’s election). All other elections and questions presented to the stockholders shall be decided by the affirmative vote of the holders of a majority of the votes cast on the matter affirmatively or negatively. 

 

Dividend rights. Subject to preferences that may be applicable to any then outstanding preferred stock, holders of our common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by our board of directors out of legally available funds.

 

Liquidation. In the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of preferred stock.

 

Rights and Preferences. Holders of our common stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that we may designate in the future. All outstanding shares of common stock are fully paid and nonassessable.

 

Dividends

 

Holders of common stock are entitled to receive proportionately any dividends as may be declared by our board of directors, subject to any preferential dividend rights of outstanding preferred stock. We have never declared or paid any cash dividends on our common stock. We do not intend to pay cash dividends for the foreseeable future. We currently expect to retain all future earnings, if any, for use in the development, operation and expansion of our business. Any determination to pay cash dividends in the future will depend upon, among other things, our results of operations, plans for expansion, tax considerations, available net profits and reserves, limitations under law, financial condition, capital requirements and other factors that our board of directors considers to be relevant.

 

Anti‐takeover Provisions

Preferred Stock

 

 

Under the terms of our certificate of incorporation, our board of directors has the authority, without further action by our stockholders, to issue preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of common stock. The issuance of our preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing a change of control of our company or other corporate action.

 

Requirements for Advance Notification of Stockholder Nominations and Proposals

Our bylaws establish advance notice procedures with respect to stockholder proposals to be brought before a stockholder meeting and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors or a committee of our board of directors.

Stockholders not Entitled to Cumulative Voting

Our certificate of incorporation does not permit stockholders to cumulate their votes in the election of directors. Accordingly, the holders of a majority of the shares of our common stock entitled to vote in any election of directors will be able to elect all of the directors standing for election, if they choose, other than any directors that holders of our convertible preferred stock may be entitled to elect.

Section 203 of the Delaware General Corporation Law

 

We are subject to Section 203 of the General Corporation Law of the State of Delaware (the “DGCL”), which prohibits persons deemed to be “interested stockholders” from engaging in a “business combination” with a publicly held Delaware corporation for three years following the date these persons become interested stockholders unless the business combination is, or the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an “interested stockholder” is a person who, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation’s voting stock. Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision may have an anti‐takeover effect with respect to transactions not approved in advance by our board of directors.

Transfer Agent

 

The transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC.

 

Trading Symbol and Market

 

 Our common stock is listed on the Nasdaq Global Market under the symbol “ELOX.”

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