It would seem so. I would have suggested a simple asset sale if I were included in the process.

The exact verbiage of the sale is:

"1. Stock Sale

     A. Seller is selling to Buyer and Buyer is buying from Seller 100% of the issued and
outstanding stock of X, Inc. located at X.
B. X hereby sells 100% of his stock, which is comprised of 15,000 shares.
C. X hereby sells 100% of his stock, which is comprised of 15,000 shares.

2. Assets of Company

The Company contains the following assets, which all such are transferred to Buyer with the stock purchase:
A. The goodwill of the Company, including the business logo, and phone number.
B. The inventory of goods.
D. The furniture, fixtures, vehicles, and equipment listed in Attachment A.
E. Intellectual property rights as follows: business name and customer lists."