EXHIBIT 2.2
AMENDMENT TO ASSET PURCHASE AGREEMENT
This Amendment to Asset Purchase Agreement (the "Amendment"),
is made this 11th day of February, 1998 by and among Xxxx Xxxxxx & Co., Inc.,
Xxxx Xxxxxx Sons, Inc., Xxxx Xxxxxx & Co. and Xxxxxxx Corp., Xxxxxx X. Xxxxx,
Xxxxx X. Xxxxx, Personal Representative of the Estate of Xxxxxxx X. Xxxxx, Xxxxx
X. Xxxxx and Xxxx Xxxxx, Trustees of the Marital Trust under the Last Will and
Testament of Xxxxxxx X. Xxxxx, Xxxxx X. Xxxxx and Xxxx Xxxxx, Trustees of the
Bypass Trust under the Last Will and Testament of Xxxxxxx X. Xxxxx, Xxxxx X.
Xxxxx and Xxxxxx Xxxxxxxxx, Trustees u/a Xxxxxx X. Xxxxx dated May 14, 1997, FBO
Xxxxxx X. Xxxxx, and Xxxxx X. Xxxxx and Xxxxxx Xxxxxxxxx, Trustees u/a Xxxxxx X.
Xxxxx dated May 14, 1997, FBO Xxxxxx X. Xxxxx, and Xxxxxx X. Xxxxx and Xxxxx X.
Xxxxx, Trustees of the Xxxxxx X. Xxxxx Trust Share of the Xxxxxxx Xxxxxx Trust,
the Xxxxxxx X. Xxxxx Trust Share of the Xxxxxxx Xxxxxx Trust, the Xxxxxx X.
Xxxxx Trust Share of the Ely Shanis Trust, and the Xxxxxxx X. Xxxxx Trust Share
of the Ely Shanis Trust and Xxxxx-Xxxxx Bancshares, Inc. Capitalized terms used
and not otherwise defined herein shall have the meanings as defined in the Asset
Purchase Agreement.
RECITALS
A. The parties executed an Asset Purchase Agreement on
November 26, 1997.
B. The parties desire to amend the Asset Purchase Agreement.
NOW, THEREFORE, in consideration of the Recitals and for other
good and valuable consideration, the receipt and sufficiency of which is
acknowledged, the parties agree as follows:
1. Section 3 of the Asset Purchase Agreement is deleted in its
entirety and the following inserted in lieu thereof:
Closing.
Closing ("Closing") shall take place at the offices
of Xxxxxx, Feinblatt, Rothman, Hoffberger &
Xxxxxxxxx, LLC, 000 Xxxx Xxxxxxx Xxxxxx in Baltimore,
Maryland beginning at 9:00 o'clock a.m. on February
11, 1998, effective as of 6:00 p.m. on such date
("Closing Date") or at such other time and date as
the parties may mutually agree.
2. The following is added to Section 25 of the Asset Purchase
Agreement:
Xxxx Xxxxxx and the Owners agree to reimburse the
Subsidiaries and Xxxxx-Xxxxx at the rate of $33.00
per hour for the time spent by any management level
employee of the Subsidiaries or Xxxxx-Xxxxx in
assisting Xxxx Xxxxxx and the Owners in defending or
prosecuting lawsuits.Xxxx Xxxxxx and the Owners agree
to reimburse the Subsidiaries and Xxxxx-Xxxxx at a
reasonable rate based on the total regular
compensation of the employee for the time spent by
any sub-management
level employee of the Subsidiaries or Xxxxx-Xxxxx in
assisting Xxxx Xxxxxx and the Owners in defending or
prosecuting lawsuits.
3. Certain dealer reserve liabilities identified on Exhibit A
to this Amendment were not assumed by the Subsidiaries at Closing. An equivalent
amount of cash was not transferred to the Subsidiaries at Closing. If
Xxxxx-Xxxxx is provided with a Master Dealer Agreement and a Consent to
Assignment satisfactory to Xxxxx-Xxxxx and its counsel from the appropriate
dealer prior to December 31, 1998, the Consumer Finance Subsidiary will assume
the related dealer reserve liability upon transfer to the Consumer Finance
Subsidiary of an equivalent amount of cash and the parties agree to jointly
instruct the Escrow Agent under the Indemnity and Escrow Agreement to release to
the Owners such equivalent amount of cash. Further, the parties agree to jointly
instruct the Escrow Agent under the Indemnity and Escrow Agreement to release to
the Owners promptly after each anniversary of the Indemnity and Escrow Agreement
an amount of cash equal to the difference between the beginning dealer reserve
liability balance identified on Exhibit A and the total of the then dealer
reserve liability balance and all prior cash distributions from the Escrow
Account pursuant to this Paragraph and to Xxxxx-Xxxxx on account of Xxxxx-Xxxxx
Dealer Reserve Losses.
4. The Schedules attached to this Amendment supercede and
replace the Schedules attached to the Asset Purchase Agreement. The consumer
loans and credit sales included in the information transmitted via electronic
transmission to counsel for Xxxxx-Xxxxx shall supplement and amend to the extent
of any inconsistency Schedule 1.1.2 attached to the Asset Purchase Agreement.
5. Except as expressly modified herein, all of the terms,
conditions and provisions of the Asset Purchase Agreement are hereby ratified
and confirmed as being in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment
under seal, with the intention of making it a sealed instrument, as of the day
and year first above written.
XXXX XXXXXX & CO., INC.
By:/s/ Xxxxxx X. Xxxxx (SEAL)
---------------------------------------
XXXX XXXXXX SONS, INC.
By:/s/ Xxxxxx X. Xxxxx (SEAL)
---------------------------------------
XXXXXXX CORP.
By:/s/ Xxxxxx X. Xxxxx (SEAL)
---------------------------------------
XXXX XXXXXX & CO.
By:/s/ Xxxxx X. Xxxxx (SEAL)
---------------------------------------
Xxxxx X. Xxxxx, Trustee of the Xxxxxx X.
Xxxxx Trust Share of the Ely Shanis Trust,
General Partner
By:/s/ Xxxxx X. Xxxxx (SEAL)
---------------------------------------
Xxxxx X. Xxxxx, Trustee of the Xxxxxxx X.
Xxxxx Trust Share of the Ely Shanis Trust,
General Partner
By:/s/ Xxxxxx X. Xxxxx (SEAL)
---------------------------------------
Xxxxxx X. Xxxxx, Trustee of the Xxxxxx X.
Xxxxx Trust Share of the Ely Shanis Trust,
General Partner
By:/s/ Xxxxxx X. Xxxxx (SEAL)
---------------------------------------
Xxxxxx X. Xxxxx, Trustee of the Xxxxxxx X.
Xxxxx Trust Share of the Ely Shanis Trust,
General Partner
By:/s/ Xxxxx X. Xxxxx (SEAL)
---------------------------------------
Xxxxx X. Xxxxx, Trustee of the Xxxxxx X.
Xxxxx Trust Share of the Xxxxxxx Xxxxxx
Trust, General Partner
By:/s/ Xxxxx X. Xxxxx (SEAL)
---------------------------------------
Xxxxx X. Xxxxx, Trustee of the Xxxxxxx X.
Xxxxx Trust Share of the Xxxxxxx Xxxxxx
Trust, General Partner
By:/s/ Xxxxxx X. Xxxxx (SEAL)
---------------------------------------
Xxxxxx X. Xxxxx, Trustee of the Xxxxxx X.
Xxxxx Trust Share of the Xxxxxxx Xxxxxx
Trust, General Partner
By:/s/ Xxxxxx X. Xxxxx (SEAL)
---------------------------------------
Xxxxxx X. Xxxxx, Trustee of the Xxxxxxx X.
Xxxxx Trust Share of the Xxxxxxx Xxxxxx
Trust, General Partner
By:/s/ Xxxxxx X. Xxxxx (SEAL)
---------------------------------------
Xxxxxx X. Xxxxx, General Partner
By:/s/ Xxxxx X. Xxxxx (SEAL)
---------------------------------------
Xxxxx X. Xxxxx, Personal
Representative of the Estate
of Xxxxxxx X. Xxxxx, General Partner
XXXXXX X. XXXXX
/s/ Xxxxxx X. Xxxxx (SEAL)
------------------------------------------
XXXXX X. XXXXX, PERSONAL
REPRESENTATIVE OF THE ESTATE OF
XXXXXXX X. XXXXX
/s/ Xxxxx X. Xxxxx (SEAL)
------------------------------------------
/s/ Xxxxx X. Xxxxx (SEAL)
------------------------------------------
Xxxxx X. Xxxxx, Trustee u/a Xxxxxx X.
Xxxxx dated May 14, 1997, FBO Xxxxxx X.
Xxxxx
/s/ Xxxxxx Xxxxxxxxx (SEAL)
------------------------------------------
Xxxxxx Xxxxxxxxx, Trustee u/a Xxxxxx X.
Xxxxx dated May 14, 1997, FBO Xxxxxx X.
Xxxxx
/s/ Xxxxx X. Xxxxx (SEAL)
------------------------------------------
Xxxxx X. Xxxxx, Trustee u/a Xxxxxx X.
Xxxxx dated May 14, 1997, FBO Xxxxxx X.
Xxxxx
/s/ Xxxxxx Xxxxxxxxx (SEAL)
------------------------------------------
Xxxxxx Xxxxxxxxx, Trustee u/a Xxxxxx X.
Xxxxx dated May 14, 1997, FBO Xxxxxx X.
Xxxxx
/s/ Xxxxx X. Xxxxx (SEAL)
------------------------------------------
Xxxxx X. Xxxxx, Trustee of the Xxxxxx X.
Xxxxx Trust Share of the Ely Shanis Trust
/s/ Xxxxx X. Xxxxx (SEAL)
------------------------------------------
Xxxxx X. Xxxxx, Trustee of the Xxxxxxx X.
Xxxxx Trust Share of the Ely Shanis Trust
/s/ Xxxxxx X. Xxxxx (SEAL)
-----------------------------------------
Xxxxxx X. Xxxxx, Trustee of the Xxxxxx X.
Xxxxx Trust Share of the Ely Shanis Trust
/s/ Xxxxxx X. Xxxxx (SEAL)
------------------------------------------
Xxxxxx X. Xxxxx, Trustee of the Xxxxxxx X.
Xxxxx Trust Share of the Ely Shanis Trust
/s/ Xxxxx X. Xxxxx (SEAL)
------------------------------------------
Xxxxx X. Xxxxx, Trustee of the Xxxxxx X.
Xxxxx Trust Share of the Xxxxxxx Xxxxxx
Trust
/s/ Xxxxx X. Xxxxx (SEAL)
------------------------------------------
Xxxxx X. Xxxxx, Trustee of the Xxxxxxx X.
Xxxxx Trust Share of the Xxxxxxx Xxxxxx
Trust
/s/ Xxxxxx X. Xxxxx (SEAL)
------------------------------------------
Xxxxxx X. Xxxxx, Trustee of the Xxxxxx X.
Xxxxx Trust Share of the Xxxxxxx Xxxxxx
Trust
/s/ Xxxxxx X. Xxxxx (SEAL)
------------------------------------------
Xxxxxx X. Xxxxx, Trustee of the Xxxxxxx X.
Xxxxx Trust Share of the Xxxxxxx Xxxxxx
Trust
XXXXX X. XXXXX AND XXXX XXXXX,
TRUSTEES OF MARITAL TRUST UNDER THE
LAST WILL AND TESTAMENT OF
XXXXXXX X. XXXXX
/s/ Xxxxx X. Xxxxx (SEAL)
------------------------------------------
Xxxxx X. Xxxxx, Trustee
/s/ Xxxx Xxxxx (SEAL)
------------------------------------------
Xxxx Xxxxx, Trustee
XXXXX X. XXXXX AND XXXX XXXXX,
TRUSTEES OF BYPASS TRUST UNDER THE
LAST WILL AND TESTAMENT OF
XXXXXXX X. XXXXX
/s/ Xxxxx X. Xxxxx (SEAL)
------------------------------------------
Xxxxx X. Xxxxx, Trustee
/s/ Xxxx Xxxxx (SEAL)
------------------------------------------
Xxxx Xxxxx, Trustee
XXXXX-XXXXX BANCSHARES, INC.
By:/s/ Xxxxxx X. Xxxxxxxx (SEAL)
-----------------------------------------
Xxxxxx X. Xxxxxxxx, President
AMENDMENT TO ASSET PURCHASE AGREEMENT
EXHIBIT A
List of Dealer Reserve Liabilities
Not Assumed
---------------------------------------------------
RESERVE
---------------------------------------------------
CHESAPEAKE C $120,982
---------------------------------------------------
MD AUTO BUYERS C $143
---------------------------------------------------
VARIETY AUTO C $52,838
---------------------------------------------------
TOTALS $173,963
---------------------------------------------------
AMENDMENT TO ASSET PURCHASE AGREEMENT
EXHIBIT A (cont.)
--------------------------------------------------------
DEALER
RESERVE
1/30/98
--------------------------------------------------------
XXXX XXXXXXX C $20,622
--------------------------------------------------------
COLUMBIA AUTO C $4
--------------------------------------------------------
MERIT MTR C $56,724
--------------------------------------------------------
NORTHEAST C $1,176
--------------------------------------------------------
THRIFT C $12,693
--------------------------------------------------------
USED CAR CONN C $4,906
--------------------------------------------------------
TOTALS $96,125
--------------------------------------------------------
AMENDMENT TO ASSET PURCHASE AGREEMENT
EXHIBIT A (cont.)
-----------------------------------------------------------
DEALER
RESERVE
1/30/98
-----------------------------------------------------------
BELTWAY B $455
-----------------------------------------------------------
XXXXXXX B $1,612
-----------------------------------------------------------
CARPET & FLOOR GALLERY B $ 1,566
-----------------------------------------------------------
XXXXX AUTO B $14
-----------------------------------------------------------
EASTERN MTR B $2,490
-----------------------------------------------------------
G&W MOTOR B $19,744
-----------------------------------------------------------
XXXXXX MTR B $99
-----------------------------------------------------------
MAIN STREET B $14,745
-----------------------------------------------------------
R&F AUTO B $929
-----------------------------------------------------------
TOTALS $41,654
-----------------------------------------------------------
