SECOND AMENDMENT TO AGREEMENT AND PLAN OF MERGER
THIS SECOND AMENDMENT TO AGREEMENT AND PLAN OF MERGER, dated as of
September 16,1999 is among FUSION NETWORKS, INC., a Delaware corporation
("Fusion"), IDM ENVIRONMENTAL CORP., a New Jersey corporation ("IDM"),
IDM/FUSION HOLDINGS, INC., a Delaware corporation ("Parent"), and IDM/FNI
ACQUISITION CORPORATION, a Delaware corporation and a direct wholly owned
subsidiary of Parent (the "Merger Subsidiary").
WHEREAS, the parties hereto entered into an Agreement and Plan of Merger
dated August 18, 1999 (the "Agreement") and a First Amendment to Agreement and
Plan of Merger dated August 30, 1999 (the "First Amendment"). Capitalized terms
used and not otherwise defined herein shall have the meaning set forth in the
Agreement.
WHEREAS, the parties hereto desire to amend the Agreement in the following
respects.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as follow:
1. Amendment of Section 6.2. Section 6.2(b) of the Agreement is hereby
deleted in its entirety.
2. Amendment to Section 6.6. Section 6.6 of the Agreement is amended to an
increase in the post-closing board of directors from five persons to six persons
and the reference appearing therein to "decrease the size of its board of
directors to five persons" is hereby deleted and replaced with "increase the
size of its board of directors to six persons."
3. Ratification of Remaining Terms. Except as amended hereby, all other
terms of the Agreement and First Amendment shall remain in full force and
effect.
IN WITNESS WHEREOF, each of the parties has caused this Amendment to be
executed on its behalf on the day and year first above written.
IDM ENVIRONMENTAL CORP. IDM/FNI ACQUISITION CORPORATION
By: /S/ XXXX XXXXXXXX By: /S/ XXXX XXXXXXXX
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Name: Xxxx Xxxxxxxx Name: Xxxx Xxxxxxxx
Title:President and Title:President and
Chief Executive Officer Chief Executive Officer
IDM/FUSION HOLDINGS, INC. FUSION NETWORKS, INC.
By: /S/ XXXX XXXXXXXX By: /S/ XXXXXXXX XXXXXXX
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Name: Xxxx Xxxxxxxx Name: Xxxxxxxx Xxxxxxx
Title:President and Title:President and
Chief Executive Officer Chief Executive Officer