THIS
AMENDMENT (the “Amendment”) to that certain Shareholder Agreement dated as
of November 30, 2000 (the “Shareholder Agreement”), by and among Xxxxxxx
Corporation, a Delaware corporation now known as PepsiAmericas, Inc. (the
“Company”), Pohlad Companies, a Minnesota corporation (“Pohlad
Companies”), Dakota Holdings, LLC, a Delaware limited liability company (“Dakota
Holdings”) and Xxxxxx X. Xxxxxx (“Xxxxxx”) is made and entered into as of
November 9, 2004. Pohlad Companies, Dakota Holdings and Pohlad are hereinafter sometimes
collectively referred to as the “Shareholder Group”.
WITNESSETH:
WHEREAS,
the Shareholder Agreement sets forth a maximum ownership percentage in the Company that
the members of the Shareholder Group, collectively, may own; and
WHEREAS,
the Company and the members of the Shareholder Group desire to increase the maximum
ownership percentage in the Company that the members of the Shareholder Group,
collectively, may own if and to the extent that such increase is the result of a reduction
in the number of voting securities of the Company outstanding due to a purchase of common
stock by the Company; and
WHEREAS,
it is necessary to amend the Shareholder Agreement to memorialize the understanding
and intent of the Company and the members of the Shareholder Group, as set forth above.
NOW,
THEREFORE, in consideration of the foregoing premises, the mutual covenants and
agreements hereinafter set forth, and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to
amend the Shareholder Agreement as follows:
1.
Defined Terms: All capitalized terms used in this Amendment
shall, except where the context otherwise requires, have the meanings set forth
in the Shareholder Agreement.
2.
Amendment: The definition of “Maximum Ownership
Percentage” set forth in Section 1.1 of the Shareholder Agreement is hereby
modified by adding the following proviso at the end thereof:
“provided,
further that in the event of a reduction in the number of Voting Securities
outstanding due to a purchase of Common Stock by the Company or any other event beyond the
reasonable control of the Shareholder Group, including by way of example only, a
forfeiture of a restricted stock award or the expiration of an option, the Maximum
Ownership Percentage shall become the Shareholder Group’s Total Ownership Percentage
after giving effect to such reduction in Voting Securities outstanding.”
3.
Effect on Shareholder Agreement: Except as expressly set
forth in this Amendment, all other terms and provisions of the Shareholder
Agreement shall remain in full force and effect. The execution of this Amendment
and the terms of the Shareholder Agreement are hereby ratified and confirmed by
the undersigned, and each of the parties hereto agrees to be bound by the terms
of the Shareholder Agreement and this Amendment.
5.
Governing Law: This Amendment shall be governed by, and
construed in accordance with, the internal laws of the State of Delaware,
without regard to conflicts of laws principles.
6.
Counterparts: This Amendment may be executed in any number
of counterparts, each of which shall be deemed an original and all of which
shall constitute but one instrument.
7.
Binding Effect: This Amendment shall be binding upon the
Company, the members of the Shareholder Group and their respective heirs, legal
representatives, successors and permitted assigns.
8.
Third Party Beneficiaries: This Amendment shall not confer
any rights or remedies upon any person or entity, other than the Company, the
members of the Shareholder Group and their respective heirs, legal
representatives, successors and permitted assigns.
[SIGNATURE PAGE
FOLLOWS]
IN
WITNESS WHEREOF, each of the parties has executed this Amendment as of the 9th day of
November, 2004.
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