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EXHIBIT 10.21
AMENDMENT
First Amendment to Product Development and Distribution Agreement dated June 1,
2000 by and between JG Engine Dynamics Inc., a California corporation,
Automotive Systems Group Inc., a California corporation and Edelbrock
Corporation, a Delaware corporation, effective June 26, 2000.
Exhibit B -- Warrant/Stock Option Agreement and Treasury Stock shall be deleted
in its entirety and replaced as follows:
Subject to and upon the execution of this Agreement, the parties agree to enter
a Warrant/Stock Option Agreement that will contain the following provisions:
Edelbrock agrees to provide to Licensor 80,000 shares; 25% vesting over four (4)
years in which the first vesting shall be June 1, 2001, good for 10 years. The
stock price to be valued at the rate on the day the Agreement is executed which
shall be Eleven Dollars ($11.00) per share. Additionally, upon execution of this
Agreement and the Warrants/Stock Option Agreement, Edelbrock shall provide to JG
Engine Dynamics Inc., a one-time cash payment of One Hundred Forty-Four Thousand
Dollars ($144,000.00) and to Automotive Systems Group Inc., Eight Thousand
(8,000) shares of Edelbrock stock from Edelbrock's treasury account for
Automotive Systems Group Inc. use, subject to guidelines promulgated by the
Securities and Exchange Commission.
Executed this 26th day of June, 2000.
JG ENGINE DYNAMICS INC.
By: /s/ XXXXXX XXXXXXXXX
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Xxxxxx Xxxxxxxxx
It's: President
AUTOMOTIVE SYSTEMS GROUP INC.
By: /s/ XXXXX XXXXXX
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Xxxxx Xxxxxx
It's: Vice President
EDELBROCK CORPORATION
By: /s/ VIC EDELBROCK
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Vic Edelbrock
It's: President/C.E.O.
