Exhibit 2.1
FIRST AMENDMENT TO AGREEMENT AND PLAN OF MERGER
_______________________________________________
THIS AMENDMENT is made effective as of the 16th day of February 2004, by
and among Kalamazoo Acquisition Corporation, a Michigan corporation ("Parent"),
KALAMAZOO PRAB SUBSIDIARY CORPORATION, a Michigan corporation and a wholly-owned
subsidiary of Parent ("Merger Sub") and Prab, Inc., a Michigan corporation (the
"Company").
BACKGROUND
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Parent, Merger Sub and the Company entered into an Agreement and Plan of
Merger dated December 12, 2003 (the "Merger Agreement"). Parent, Merger Sub and
the Company now wish to amend the Merger Agreement as provided herein.
NOW, THEREFORE, in consideration of the foregoing and the terms and
conditions set forth below, the parties agree as follows:
TERMS AND CONDITIONS
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1. Amendment to Section 8.1(b). Section 8.1(b) of the Merger Agreement is
hereby deleted in its entirety and amended to read as follows:
"by either Parent or the Company if the Merger shall not have been
consummated by the date which is eight (8) months from the date
hereof; provided, however, that a party shall not be permitted to
terminate this Agreement pursuant to this Section 8.1(b) if the
failure to consummate the Merger by the date which is eight (8) months
from the date hereof is attributable to a failure on the part of such
party to perform any material covenant in this Agreement required to
be performed by such party at or prior to the Effective Time;"
2. Construction. Unless otherwise defined herein, capitalized terms shall
have the meanings set forth in the Merger Agreement. The terms of this
Amendment amend and modify the Merger Agreement as if fully set forth
in the Merger Agreement. If there is any conflict between the terms,
conditions and obligations of this Amendment and the Merger Agreement,
this Amendment's terms, conditions and obligations shall control. All
other provisions of the Merger Agreement not specifically modified by
this Amendment are preserved.
SIGNATURES ON THE FOLLOWING PAGE
IN WITNESS WHEREOF, this Amendment has been made effective as of the date
first set forth above.
PRAB, INC.
By: /s/ Xxxx X. Xxxxx, Xx.
______________________________________
Name: Xxxx X. Xxxxx, Xx.
Title: Secretary
KALAMAZOO ACQUISITION CORPORATION
By: /s/ Xxxx X. Xxxxxx
______________________________________
Name: Xxxx X. Xxxxxx
Title: President
KALAMAZOO PRAB SUBSIDIARY CORPORATION
By: /s/ Xxxx X. Xxxxxx
______________________________________
Name: Xxxx X. Xxxxxx
Title: President