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Exhibit 4.8(b)
FIRST NOTE AMENDMENT
THIS FIRST NOTE AMENDMENT ("Amendment") is made and entered into as of
the 30th day of September, 1996, by and between CRAGAR INDUSTRIES, INC., a
Delaware corporation (the "Company"), and Xxxxxx Xxxxxxx (the "Holder").
RECITALS
A. The Company executed that certain Promissory Note (the "Note"),
dated December 15, 1994.
B. The Company and the Holder desire to amend the Note in accordance
with the terms and conditions set forth in this Amendment.
AMENDMENT
NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual obligations set forth in this Amendment, the Company and Holder hereby
agree as follows:
1. A new paragraph shall be added to the Note to read as follows:
"Notwithstanding anything in this Note to the contrary, upon the
closing of the Company's initial public offering of Common Stock, any
accrued but unpaid interest on this Note and the unpaid principal
balance of the Note shall be automatically converted into 68,055.6
shares of Common Stock (subject to adjustment for stock splits, stock
dividends, and other changes in the Company's capital structure)."
2. The parties hereto shall execute all further instruments and perform
all acts (including surrendering the Note following the closing of the Company's
initial public offering) which are or may become necessary to effectuate and
carry out the matters contemplated by this Amendment.
3. This First Note Amendment may be executed in counterparts.
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IN WITNESS WHEREOF, the parties have executed this Amendment effective
as of the day and year first above written.
"Holder"
Xxxxxx Xxxxxxx
____________________________________
Xxxxxx Xxxxxxx
CRAGAR INDUSTRIES, INC.
By: Xxxxxxx Xxxxxxxxx
_______________________________
Its: President
_______________________________
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