AGREEMENT FOR AMENDMENT AND SUBSTITUTION
OF SUBSCRIPTION AGREEMENT AND NOTES
WHEREAS, Silver Course Corporation, World Glory Company Limited, and Asian
Harvest Developments Ltd. purchased, respectively, 833,333 shares of common
stock of Industrial Data Systems Corporation pursuant to a Stock Purchase
Subscription Agreement dated July 15, 1996, and accepted on July 30, 1996, by
Industrial Data Systems Corporation; and
WHEREAS, the original three purchasers have agreed to adjust the number of
shares purchased by substituting Pines Intervest Corporation and Wilton Assets
Corp. as additional subscribers and purchasers in equal portions of the
originally subscribed shares, thereby four would purchase 500,000 shares and one
would acquire 499,999 shares; and
WHEREAS, Wilton Assets Corp. has signed a Stock Purchase Subscription
Agreement to purchase 499,999 shares in consideration for the delivery of a
Promissory Note in the amount of $199,999; and Pines Intervest Corporation has
agreed to purchase 500,000 shares and deliver a Promissory Note in the amount of
$200,000; and
WHEREAS, Silver Course Corporation World Glory Company Limited, and Asian
Harvest Developments Ltd. have agreed to delivery Stock Purchase Subscription
Agreements for 500,000 shares and Promissory Notes for $200,000, respectively,
as consideration for the purchase the shares.
NOW, THEREFORE, in consideration for the promises made and the actions
taken, Industrial Data Systems Corporation agrees to exchange the three
Promissory Notes in the amount of $333,333, respectively, made by Silver Course
Corporation, World Glory Company Limited, and Asian Harvest Developments Ltd.
for four Promissory Notes of $200,000 each, made by Silver Course Corporation,
World Glory Company Limited, Asian Harvest Developments Ltd., and Pines
Intervest Corporation, respectively, and one Promissory Note for $199,999 made
by Wilton Assets Corp., and each of the original subscribing companies will
submit certain of the certificates held by them for purposes of reissuing
500,000 shares to
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Pines Intervest Corporation and 499,999 to Wilton Assets Corp.
Industrial Data Systems Corporation agrees to advise the transfer agent to
exchange the shares.
Executed this _________ day of __________________, 19___.
INDUSTRIAL DATA SYSTEMS CORPORATION
By /s/ XXXXXXX X. XXXXXX
SILVER COURSE CORPORATION
By /s/ XXXXX XXXXXXX
WORLD GLORY COMPANY LIMITED
By /s/ XXXXX XXXXXXX
ASIAN HARVEST DEVELOPMENTS LTD.
By /s/ XXXXX XXXXXXX
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