Questron Technology, Inc.
0000 Xxxxxxxx Xxxxxx, Xxxxx 000X
Xxxx Xxxxx, XX 00000
July 29, 1998
Xx. Xxxxxxx Xxxxxxx, President
Fortune Industries, Inc.
0000 Xxxxx Xxxxx
Xxxx Xxxxx, XX 00000
Dear Xxxxxxx:
We hereby agree to amend the Stock Purchase Agreement dated as of June 12,
1998 (the "Agreement") by and between Questron Technology, Inc. ("Questron"),
Fortune Industries, Inc. ("Fortune") and the stockholders of Fortune listed on
Schedule 1.1 of the Agreement (the "Stockholders"), as follows:
1. the date referenced in paragraph 2.2(a)(ii) of the Agreement shall be
changed from July 31, 1998 to September 30, 1998; 2. the minimum number of
shares of Initial Questron Common Stock referenced in paragraph 1.2(a) of the
Agreement shall be changed so that the minimum number of shares will be computed
as if the Closing had taken place on July 31, 1998; and 3. the 1999 Deferred
Purchase Price referenced in paragraph 1.2(b) shall be modified to stipulate a
minimum payment of $1,264,591.68 based on Fortune's first half results in 1998.
In addition, should the Closing not take place on or before September 30,
1998, Questron agrees to reimburse Fortune for up to $20,000 for legal fees
incurred in connection with the Agreement.
Please indicate your acceptance of the provisions of this letter by
signing on behalf of Fortune the enclosed copy of this letter, with each of the
Stockholders signing on page two, and returning it to me.
Sincerely,
/s/ Xxxxxxx X Xxxxxxxx
---------------------------
Xxxxxxx X. Xxxxxxxx
Chairman, President and
Chief Executive Officer
Xx. Xxxxxxx Xxxxxxx
July 29, 1998
Page Two
Agreed and accepted by:
Fortune Industries, Inc.
/s/ Xxxxxxx Xxxxxxx, President
--------------------------
By: Xxxxxxx Xxxxxxx, President
Agreed and accepted by:
Stockholders
/s/ Xxxxxxx X. Xxx
--------------------------
By: Xxxxxxx X. Xxx
/s/ Xxxx X. Xxxxxxx
--------------------------
By: Xxxx X. Xxxxxxx
/s/ Xxxxxxx X. Xxxxxxxx
---------------------------
By: Xxxxxxx X. Xxxxxxxx
/s/ Xxxxxxx X. Xxxxx
----------------------------
By: Xxxxxxx X. Xxxxx
/s/ Doc. X. Xxxxxxxx
-----------------------------
By: Doc. X. Xxxxxxxx
/s/ Xxxxxxx Xxxxxxx for Xxxxxxx Xxxxxxx
-----------------------------------
By: Xxxxxxx Xxxxxxx
/s/ Xxxx X. Xxxxxxxx
-----------------------------------
By: Xxxx X. Xxxxxxxx
/s/ Xxxxxxx Xxxxxxx
---------------------------------
By: Xxxxxxx Xxxxxxx
/s/ Xxxxx XxXxxxxx
-----------------------------------
By: Xxxxx XxXxxxxx
/s/ Xxxxxxx X. Xxxxx
---------------------------------
By: Xxxxxxx X. Xxxxx
/s/ Xxxxxx Xxxxxxx Jr.
--------------------------------
By: Xxxxxx Xxxxxxx Jr.
/s/ Xxxxxxx X. Xxxxxxx
--------------------------------
By: Xxxxxxx X. Xxxxxxx
