Her Village Enhances NextMarts Direct Sales Business by Gifting its Stake in NextMart Online Catalogue JV and NextMart Incentivizes Senior Management
NextMart will change the payment terms of the original Sales and Purchase Contract by which NextMart acquired William’s Brand Administer Co., Ltd from Mr. Ren. The Company will now offer Mr. Ren all pending 3,491,379 performance shares at once rather than issuing these shares to him in several installments over a three-year period.
The Board determined that this modification to the original agreement was fair given that: (1) The Company’s current stock price has changed substantially since time of the signing of the William Brand acquisition agreement in April, 2006; and (2) Mr. Ren deserves a strong incentive package since he and William’s Brand play a leading role within NextMart’s operations.