AGREEMENT AND XXXX OF SALE
(Exhibit A)
This Agreement and Xxxx of Sale made as of this 30th day of April, l998, by and
between Orion Financial, Ltd. ("Orion") and B & L Enterprises, Inc. a Kansas
corporation, Colby Bowl, a Kansas partnership, B. Xxxxxx Xxxxx Trust No. 1,
Xxxxx X. Xxxxxxxxx, Xxxxxx X. Xxxxxx, Xxxx X. Xxxxxx, Xxxxxx X. Xxxxxxxx,
Xxxxxxxxxx X. Xxxxxxxx, Xxxxxx X. Xxxxxxxx, Xxxxxx X. Xxx Xxxx, Xxxxxxxx Xxx
Xxxx, and 3 - H's Enterprises, a Kansas partnership (collectively referred to as
the "AFI" Guarantors"). In consideration of the mutual covenants contained
herein, the parties hereto agree as follows:
1. Sale of Assets. Effective upon the Closing of Escrow as defined in that
certain Escrow Agreement by and between Orion, Asia Pacific Industries
Development Group ("APIDG"), the AFI Guarantors, and others (the "Escrow
Agreement"), the AFI Guarantors hereby sell, assign, transfer and deliver
to Orion full title to all intellectual property, patents, copyrights,
trademarks, general intangibles (including the "Funtastix brand name), all
molds and lasts and any and all other intangible property in each case as
limited to that property and does not include any cash, inventory,
receivables or warehouse racks acquired from Athletic Footwear, Inc.
2. Warranties of AFI Guarantors. The AFI Guarantors jointly and severally
represent and warrant that title to the Transferred Assets shall be free
and clear of any claim or encumbrance of any kind or nature and agree to
defend the title transferred. This warranty does not extend to the value of
the assets being transferred or to the collectibility of any accounts
transferred and does not extend to any setoffs which account debtors may
have.
3. Number of Shares. If the Closing of Escrow takes place under the Escrow
Agreement, Orion shall issue to each of the Guarantors the number of shares
of common stock of Orion (the "Shares") set forth opposite his signature
line.
4. Warranties of Orion. Orion represents that the officer signing this
Agreement and Xxxx of Sale on its behalf has actual authority to do so.
5. Deposit with Escrow Agent. This Xxxx of Sale shall be deposited in escrow
pursuant to the Escrow Agreement. In the event the Close of Escrow does not
occur, this Xxxx of Sale shall be null and void, and any and all assets
delivered to the Escrow Agent shall be returned at the AFI Guarantors' sole
expense to the AFI Guarantors at Colby, Kansas or such other location as
may be designated by them.
1
Orion Financial, Ltd. No. of Orion Shares
By:/s/ Xxxx Xxxxxxxx
--------------------------------
President
B & L Enterprises, Inc.
By:/s/ Xxx Xxxxx 200,000
--------------------------------
Xxx Xxxxx
B. Xxxxxx Xxxxx, Trust No. 1
By:/s/ B. Xxxxxx Xxxxx 200,000
--------------------------------
B. Xxxxxx Xxxxx, Trustee
3-H's Enterprises
By:/s/ X. Xxxxx Hills 133,350
--------------------------------
X. Xxxxx Hills, Partner
By:/s/ Xxxxxx X. Xxxxxx 133,350*
--------------------------------
Xxxxxx X. Xxxxxx
By:/s/ Xxxx X. Xxxxxx
--------------------------------
Xxxx X. Xxxxxx
Xxxxx Bowl
By:/s/ Xxxxxxx Xxxxxxxx 66,660
--------------------------------
Xxxxxxx Xxxxxxxx
By:/s/ Xxxxxx X. Xxxxxxxx 66,660**
--------------------------------
Xxxxxx X. Xxxxxxxx
By:/s/ Xxxxxxxxxx X. Xxxxxxxx
--------------------------------
Xxxxxxxxxx X. Xxxxxxxx
By:/s/ Xxxxxx Xxxxxxxx 66,660
--------------------------------
Xxxxxx Xxxxxxxx
By:/s/ Xxxxxx X. Xxx Xxxx 66,660***
--------------------------------
Xxxxxx X. Xxx Xxxx
By:/s/ Xxxxxxxx X. Xxx Xxxx
--------------------------------
Xxxxxxxx X. Xxx Xxxx
By:/s/ Xxxxx Xxxxxxxxx 66,660
--------------------------------
Xxxxx Xxxxxxxxx
o
o * Issued to Xxxxxx X. Xxxxxx and Xxxx X Xxxxxx
o ** Issued to Xxxxxx X. Xxxxxxxx and Xxxxxxxxxx X. Xxxxxxxx
o *** Issued to Xxxxxx X. Xxx Xxxx and Xxxxxxxx X. Xxx Xxxx
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