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EXHIBIT 2.5
AMENDMENT NO. 1
TO
STOCK PURCHASE AGREEMENT
This Amendment No. 1 to Stock Purchase Agreement (the "Amendment"),
dated as of September 3, 1996, is by and among the parties to the Agreement (as
defined below). Terms used herein but not otherwise defined shall have the
meanings ascribed thereto in the Agreement.
WHEREAS, the parties hereto have entered into that certain Stock
Purchase Agreement, dated as of July 25, 1996 (the "Agreement"), by and among
American Homestar Corporation, a Texas corporation ("Purchaser"), Heartland
Homes, Inc., a North Carolina corporation (the "Corporation"), Xxxxx X.
Xxxxxxx, III and Xxxxxxx X. Xxxxxxx; and
WHEREAS, the parties hereto desire to amend the Agreement as provided
herein;
NOW, THEREFORE, in consideration of the payment of $10.00 paid in hand
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:
1. Purchaser consents to the payment by the Corporation prior to the
Closing of a $260,000.00 bonus (the "Bonus") to Xxxxx Xxxxxx.
2. The parties hereto agree that the Cash Consideration and the
Purchase Price are hereby reduce by the amount of the Bonus plus $4,000.00
(approximate FICA). The parties hereto further agree that neither the
calculation of the June Net Worth nor EBIT shall be affected by the payment of
the Bonus and FICA thereon.
3. This Amendment shall only affect the terms of the Agreement to
the extent provided above, with all such other terms of the Agreement remaining
in full force and effect.
4. The parties hereto have executed this Amendment as of the date
first set forth above.
AMERICAN HOMESTAR CORPORATION
By:
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HEARTLAND HOMES, INC.
By:
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