This excerpt taken from the GAIA 8-K filed Aug 9, 2005.
Purchase Notice) indicating (a) the aggregate amount of Net Proceeds, (b) the closing date of any purchase, which shall be within 10 business days of the date of the Purchase Notice, and (c) an estimate of the applicable Purchase Price and the number of Class A Shares and the number of Class B Shares being purchased by Gaiam under this Section 2.
Notwithstanding anything to the contrary contained in this Agreement, Gaiam shall have no obligation to purchase any securities under this Section 2 if in the reasonable opinion of Gaiam or its counsel, such purchase (i) would be prohibited by the Colorado Business Corporation Act or would violate any other law applicable federal or state laws or regulations, or (ii) would violate or result in an event of default and/or acceleration of payment of indebtedness under the provisions of any loan agreements or material contract to which Gaiam or any of its subsidiaries are a party or their assets are subject.
3. Option. Rysavy hereby grants to Gaiam an option (the