SEC Contract Filing

Filing Date: 2017-12-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ex_101761.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-size: 10pt; font-family: Times New Roman, Times, serif"><b>Exhibit 10.4</b></font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>SHARE </b></u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u><b>PURCHASE AGREEMENT</b></u></font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;">This SHARE <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">PURCHASE AGREEMENT (this &ldquo;<u>Agreement</u>&rdquo;) is made as of December 8, 2017 (the&nbsp;&ldquo;<u>Effective Date</u>&rdquo;), between Hale Partnership Fund, L.P., a Delaware limited partnership (the&nbsp;&ldquo;<u>Buyer</u>&rdquo;), TALANTA Fund, L.P., a Delaware limited partnership (the &ldquo;<u>Selling Stockholder</u>&rdquo;), TALANTA Investment Group, LLC, a Delaware limited liability company and general partner of the Selling Stockholder (the &ldquo;<u>TALANTA GP</u>&rdquo;), and Justyn R. Putnam, investment manager and managing member of the TALANTA GP (&ldquo;<u>Putnam</u>&rdquo; and, collectively with the Selling Stockholder and the TALANTA GP, the&nbsp;&ldquo;<u>Putnam Parties</u>&rdquo;). The Buyer and the Putnam Parties may be collectively referred to herein as the &ldquo;<u>Parties</u>&rdquo;, or individually as a &ldquo;<u>Party</u>&rdquo;. Stanley Furniture Company, Inc. (the &ldquo;<u>Company</u>&rdquo;) hereby joins as a party to this Agreement solely with respect to ARTICLE 4 of this Agreement.</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">WITNESSETH:</p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;">WHEREAS (i)<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;the Selling Stockholder wishes to sell certain shares of common stock, par value $0.02 per share, of the Company (the &ldquo;<u>Common Stock</u>&rdquo;), (ii)&nbsp;the Buyer wishes to purchase such shares of Common Stock from the Selling Stockholder, (iii) Putnam has agreed to resign from the Board of Directors of the Company (the &ldquo;<u>Board</u>&rdquo;), (iv) a majority of the disinterested members of the Board have approved the transactions contemplated herein in accordance with Section 203 of the Delaware General Corporation Law (&ldquo;<u>Section 203</u>&rdquo;), and (v) in connection with the foregoing, the parties hereto have agreed to such other matters as set forth herein, in each case upon the terms and subject to the conditions hereinafter set forth.</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;">NOW, THEREFORE, the P<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">arties hereto agree as follows:</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">ARTICLE <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">1<br>
<u>Purchase and Sale</u></font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;">SECTION <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">1.01.&nbsp;<u>Purchase and Sale</u>. Upon the terms and subject to the conditions of this Agreement, at the Closing (defined below), (a)&nbsp;the Selling Stockholder shall sell, transfer and deliver to the Buyer, free and clear of all security interests, claims, liens, equities or other encumbrances, 740,896 shares of Common Stock (the &ldquo;<u>Shares</u>&rdquo;) at a purchase price of $0.98 per share, for an aggregate purchase price of $726,078.08 (the &ldquo;<u>P</u><u>urchase Price</u>&rdquo;), and (b)&nbsp;the Buyer shall purchase and acquire the Shares from the Selling Stockholder in exchange for the payment by the Buyer of the Purchase Price, pursuant to <u>Section&nbsp;</u><u>1</u><u>.02(</u><u>b</u><u>)</u>.</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;">SECTION 1<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">.02.&nbsp;<u>Closing</u>. The closing of the transactions conte