EXHIBIT 99.2
AMENDMENT TO THE SHARE PURCHASE AGREEMENT DATED OCTOBER 23, 2001
between
XXXXXXX XXXXXX, XXXXXXXXX 00, 0000 XXXXXXXX, XXXXXXX OR HIS ASSIGNS
(hereinafter referred to as "Buyer")
and
XXXXXX XXXXXX, DALLAS, TX OR HIS ASSIGNS
(hereinafter referred to as "Seller")
It has been decided to submit this transaction to the shareholders of Ultrak for
their approval and the parties agree to amend this agreement to become effective
only upon such approval.
Pending such approval moneys due to the seller will be paid in cash into an
escrow account with Xxxx Xxxxxxx, Notary, Xxxxxxxxxxx 0, 0000 Xxxxx, Xxxxxxxxxxx
as follows: $1,000,000 immediately upon the SEC approval of the proxy related to
the shareholder approval; $1,000,000 on November 30th 2001 or such later date
that the shareholders of Ultrak have approved this transaction and the remaining
$1,000,000 will be paid on December 15th 2001 or such later date that the
shareholders of Ultrak approved this transaction. Upon the approval of this
transaction by the Ultrak shareholders, all of the funds in the escrow account
will be disbursed immediately to the seller.
As the voting control will not pass from the seller to the buyer until the
approval of this transaction by the shareholders of Ultrak (effective date) the
seller represents and guarantees to the buyer that he will vote his preferred
and his common shares approving this transaction.
November 7th 2001
Seller: Buyer:
/s/ Xxxxxx Xxxxxx /s/ Xxxxxxx Xxxxxx
Xxxxxx Xxxxxx Xxxxxxx Xxxxxx