NEW YORK — Sam Ben-Avraham received close to $28 million earlier this year when Advanstar Communications amended its previous purchase agreement for Project Global Tradeshow, which it acquired in August 2005.
In a 10-Q filing with the SEC on May 8, Advanstar Communications noted that the lump-sum payment was made to the former owners of Project in lieu of contingent payments that were required this year and in 2008 based on Project’s performance, as well as certain obligations under stock-purchase and employment agreements. Ben-Avraham, who founded Project in 2003, was previously the principal owner of Project and received the great majority of the $28 million.
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