EXHIBIT 2.6
ADDENDUM TO
NONCOMPETE, NONSOLICITATION AND NONDISCLOSURE AGREEMENT
This Addendum is made this 30th day of May, 2001, between MERCHANTS
WHOLESALE INC., an Illinois corporation ("Seller"), XXXXXX X. XXXXXXX
and XXXXXX X. XXXXXXX, residents of the State of Illinois and the sole
shareholders of Seller (the "Shareholders" and, with Seller, the
"Selling Parties") and AMCON DISTRIBUTING COMPANY, a Delaware
corporation ("Buyer"). On February 8, 2001, Buyer and the Selling
Parties entered into a Noncompete, Nonsolicitation and Nondisclosure
Agreement (the "Agreement"). The Agreement is hereby amended,
effective May 1, 2000, as follows:
1. Section 1(a) of the Agreement is amended and restated in its
entirety to read as follows:
Section 1. CONSIDERATION.
(a) In consideration for the agreements of the Selling Parties
made herein, Buyer agrees to pay to the Selling Parties a total of
$400,000, which shall be payable in four (4) annual installments of
$100,000 each. The first installment payment will be due on the first
anniversary of the closing date for the transactions described in the
Asset Purchase Agreement and Real Estate Purchase Agreement (the
"Closing Date") and subsequent installments will be due on the next
three anniversaries of the Closing Date (or if such anniversary is not
a business day, on the following business day). Payments will be made
to such of the Selling Parties as they shall instruct the Buyer in
writing prior to any date upon which a payment is due. In the absence
of any such instruction, such payments will be made in equal amounts
to each of the Selling Parties.
2. Section 2 of the Agreement is amended and restated in its
entirety to read as follows:
Section 2. TERM. The term of this Agreement shall be for a
period of four years from the Closing Date unless otherwise specified
(the "Term").
3. Except as set forth in this Addendum, the terms and conditions
set forth in the Agreement shall remain in full force and effect.
[Signatures on following page]
IN WITNESS WHEREOF, the parties hereto have executed this Addendum and
caused the same to be duly delivered on their behalf on the day and
year first written above.
BUYER:
AMCON DISTRIBUTING COMPANY
By: Xxxxxxxx X. Xxxxx
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Xxxxxxxx X. Xxxxx, President
SELLER:
MERCHANTS WHOLESALE INC.
By: Xxxxxx X. Xxxxxxx
----------------------------
Xxxxxx X. Xxxxxxx, President
SHAREHOLDERS:
Xxxxxx X. Xxxxxxx
--------------------------
Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx
--------------------------
Xxxxxx X. Xxxxxxx
