AMENDMENT TO STOCK REDEMPTION AGREEMENT
THIS AMENDMENT constitutes an amendment to the Stock Redemption
Agreement dated the 16th day of September, 1993 (the "Agreement") between PLUMA,
INC. ("Pluma") and XXXXXXX X. XXXXXX
("Xxxxxx").
Statement of Purpose
At the time of the execution of the Agreement, the parties thereto
understood and agreed that the obligations of Pluma set forth in the Agreement
were conditional upon Pluma's lender, First Union National Bank ("First Union"),
approving the use of borrowed funds from First Union for the purpose of making
payments to Xxxxxx set forth in the Agreement. This condition to Pluma's
obligations was mistakenly omitted from the terms and provisions of the
Agreement. The purpose of this Amendment is to set forth the parties'
understanding and agreement relative to the condition precedent set forth above,
and to correct one clerical error which appears in the third paragraph of the
Agreement.
NOW, THEREFORE, the parties hereby agree to amend the Agreement as
follows:
1. The reference in the second line of the third paragraph of the
Agreement to 270,077 shares shall be amended to read "270,070" shares.
2. The following paragraph shall be added as the second paragraph to
Section 3 of the Agreement on Page 2:
"Additionally, Pluma's obligations under this Agreement are
specifically conditioned upon the consent of First Union National Bank
of North Carolina authorizing Pluma to enter into, and consummate the
transactions contemplated by, this Stock Redemption Agreement. Pluma
covenants and agrees to use its best efforts to procure First Union's
consent as set forth above. In the event of the failure of this
condition, Pluma may terminate its obligations under this Agreement, in
which event Xxxxxx'x obligations under this Agreement shall terminate,
the Escrow Agent shall release the Shares from escrow, and deliver the
Shares to Xxxxxx within two (2) days following Escrow Agent's receipt
of notice of this failed condition and, thereafter, this Agreement
shall be null and void."
3. Except as otherwise set forth above, the parties hereby ratify and
confirm all other terms and provisions of the Agreement.
IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed on this the 21st day of October, 1993.
PLUMA, INC.
By: /s/ R. Xxxx Xxxxxxx, Xx.
President
/s/ G. B. Xxxxxx (SEAL)
XXXXXXX X. XXXXXX
