SEC Contract Filing

Filing Date: 2025-04-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex_804582.htm
<DESCRIPTION>EXHIBIT 10.2
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<p style="margin: 0px 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.2</b></font></p>

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<p style="font-family:Times New Roman;font-size:12pt;font-variant:small-caps;text-align:center;margin:0pt;"><b>Assignment and Contribution Agreement</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">This Assignment and Contribution Agreement (this &#8220;<u>Agreement</u>&#8221;) is made as of April 21, 2025 (the &#8220;<u>Effective Date</u>&#8221;), by and among each of the entities listed on <u>Schedule A</u> hereto (each an &#8220;<u>Assignor</u>&#8221; and collectively the &#8220;<u>Assignors</u>&#8221;), each of which owns, directly or indirectly, the number of shares of common stock, no par value, and Class A stock, no par value (collectively, the &#8220;<u>ACMAT Shares</u>&#8221;), of ACMAT Corporation, a Connecticut corporation (&#8220;<u>ACMAT</u>&#8221;), set forth opposite such Assignor&#8217;s name on <u>Schedule A</u> hereto, and HG Holdings, Inc., a Delaware corporation (&#8220;<u>Assignee</u>&#8221; and, together with the Assignors, the &#8220;<u>Parties</u>&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Recitals</b></p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hale Partnership Capital Management, LLC (&#8220;<u>HPCM</u>&#8221;) serves as the registered investment advisor or investment manager for each of the Assignors, and Steven A. Hale II is the sole principal owner of Hale Partnership Capital Advisors, LLC, the general partner of all but one of the Assignors. Mr. Hale also serves as the Chairman and Chief Executive Officer of Assignee and owns shares of common stock of Assignee.</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignors own the number of ACMAT Shares set forth opposite each Assignor&#8217;s name on <u>Schedule A</u> hereto.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the Effective Date, each Assignor intends to assign and contribute the number of ACMAT Shares set forth opposite such Assignor&#8217;s name on <u>Schedule A</u> hereto to Assignee.</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of and exchange for such assignment and contribution, Assignee intends to issue to each Assignor the number of shares of Assignee&#8217;s common stock, par value $0.02 per share (&#8220;<u>Assignee Common Stock</u>&#8221;), set forth opposite each Assignor&#8217;s name on <u>Schedule A</u> hereto.</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignor and Assignee are entering into this Agreement in order to effect the transactions as described herein.</p>

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

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Agreement</b></p>

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