EXHIBIT 10.58
FIRST AMENDMENT TO WARRANT AGREEMENT
THIS FIRST AMENDMENT to the Warrant Agreement, dated June 17 1997, by
and between Empire of Carolina, Inc., a Delaware corporation (the "Company"),
one the one hand, and the holders from time to time of the Warrants on the
other (each, a "Holder" and collectively, the "Holders") (the "Warrant
Agreement") is dated as of January 22, 1998 (the "First Amendment").
WHEREAS, the Company and the Holders believe that it is their mutual
best interests to amend the Warrant Agreement as set forth to increase the
aggregate shares issuable under the Warrant Agreement; and
WHEREAS, any provision of the Warrant Agreement may be amended, waived,
discharged or terminated only by and with the written consent of the Company
and the Holders of 75% of the Warrants.
WHEREAS, attached hereto as Exhibit A is a Certificate of the Secretary
of the Company with respect to the results of a vote amongst the Holders in
connection with this Amendment.
NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein set forth, the parties hereto agree as follows:
1. The Warrant Agreement is amended to increase the aggregate shares
of Common Stock issuable under the Warrant Agreement from 7,500,000 to
10,200,000.
2. Except as expressly amended hereby, the Warrant Agreement remains in
full force and effect.
3. This Amendment shall be deemed to be a contract made under the laws
of the State of Delaware, and for all purposes shall be governed by and
construed in accordance with the laws of such State applicable to contracts
made and performed entirely within such State.
4. This Amendment may be executed in any number of counterparts and
each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same
instrument.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the day and year first above written.
EMPIRE OF CAROLINA, INC.
By /s/ Xxxxxxxx Xxxxxx
----------------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Vice President and
General Counsel
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EXHIBIT A
WARRANT HOLDER WARRANTS VOTED VOTED
FOR AGAINST ABSTAINED
------------------------------------- ---------- ------- --------- ---------
OCTOBER OFFERING
----------------
Xxxxxx X. Xxxxxx & Xxxxx X.
Xxxxxx Family Trust 10,000 X
Xxxxxx X. Xxxxx 10,000 X
Xxxxxxx Xxxxxxx Trust 5,000 X
Xxxxx Xxxxxx 1,000 X
Xxxxxxx X. Xxxxxxx 20,000 X
Xxxxxxx Xxxxxxxxxx 5,000 X
Xxxxxxx X. Xxxxxxx 2,500 X
Xxxxx Xxxxxx 2,500 X
Xxxxx X. Xxxx 2,500 X
Xxxx X. Xxxxxxx 5,000 X
Xx. Xxxx X. Xxxxxxxxxx 2,500 X
Dr. Xxxxxxx Xxxxxx 1,500 X
Xxxxxxx X. Xxxxxxxx 5,000 X
Xxxx X. Xxxxxxxx 3,750 X
Xxxxxx X. Xxxxx 10,000 X
H. Xxxxxx Xxxxxx 20,000 X
Hare & Co. As Custodian For
Royal Bank Of Canada 40,000 X
Xxxxxx X. Xxxxxxxx 5,000 X
J. Xxxxx Xxxxxxx 1,000 X
X.X. Xxxxxxxx 5,000 X
X.X. Xxxxxxxx, Xx. 2,500 X
X.X. Xxxx Co., Inc As Nominee 1997-25 100,000 X
Xxxx Xxxxxxx 5,000 X
Xxxx X. Xxxxxxx 5,000 X
13
WARRANT HOLDER WARRANTS VOTED VOTED
FOR AGAINST ABSTAINED
------------------------------------- ---------- ------- --------- ---------
Xxxxxxxx Xxxxx 1,000 X
Xxxxx X. Xxxxxxx 1,250 X
Xxxxxx X. Xxxxxxx 7,500 X
Xxxx Xxxxxxxx 2,000 X
Xxxxxxx X. Xxxxxx, Xx. 20,000 X
Pro Series Racing, Inc. 5,000 X
Xxxxxxx Xxxxxx 2,500 X
Xxxxxx X. Xxxxx 20,000 X
Xxxxxxxx Xxxxx 10,000 X
Xxxxxx Xxxxxxxx 1,250 X
Xxxxxxx Xxxx 5,000 X
Xxxxxxx X. Xxxxxx 5,000 X
Xxxxxxx X. Xxxxxxx, Xx. 2,500 X
Xxxxxxx Xxx Xxxxxxx 5,000 X
Xxxxxxx Xxxxxx 2,500 X
Xxxxx X. Xxxxx 2,500 X
Xxxxxxxxx Ass. L.P. 13,000 X
Xxxxxxx Europa - Invest 50,000 X
CSP Trust 12,500 X
Fiducie Xxxxxxxxxx A/C 744766-7-59 20,000 X
Fiducie Xxxxxxxxxx A/C 900595-0-59 5,000 X
Xxxxxx X. Xxxxx 2,500 X
Xxxxxxxxx Family Living Trust 2,500 X
Xxxxxx Xxxxxxxxx 2,500 X
Xxxxxxx X. Xxxxxx, M.D. 12,500 X
Xxxxxxx X. Xxxxx, Xx. 2,500 X
Xxxxxx X. XxXxxx PC
Employee Retirement Trust 7,500 X
14
WARRANT HOLDER WARRANTS VOTED VOTED
FOR AGAINST ABSTAINED
------------------------------------- ---------- ------- --------- ---------
Xxxxxx X. Xxxxxx 5,500 X
Xxxxxxxxx X. Xxxxxxxx, Xx. 1,250 X
Commonwealth Associates, Inc. 9,100 X
Xxxxxxx X. Xxxx 336,476 X
Xxxxx X. Xxxxxxxxxx 87,973 X
Xxxxxx X. Xxxxx, Xx. 50,000 X
Xxxx Xxxx 48,571 X
Xxxxxx X'Xxxxxxxx 43,986 X
Xxxxxxxx X. Xxxxxxxx 30,000 X
Xxxxxx X. Xxxxxx 26,857 X
Xxxxxxx Xxxxxxxxx 20,250 X
Basil Asouitto 14,286 X
Xxxxxx X. Xxxxx 14,286 X
Xxxxxxx X. Xxxxx 14,286 X
C. Xxxxx Xxxxxx, Jr. 9,500 X
Xxxxxxx Xxxxx 6,661 X
Xxxxxxx Xxxxxxxxx 6,661 X
Xxxxxxx X. Xxxxxxxx 5,357 X
Xxxxx Xxxxx 3,750 X
Xxxxxx Xxxxxxxxx 3,571 X
Xxxx Xxxxxxxxxx 3,571 X
Xxxxxx Xxxxx 3,500 X
Xxxxxx Xxxx 1,786 X
Xxxx Xxxxxxx 1,786 X
Xxxxx Xxxxxx 1,786 X
Xxxxxxx Xxxxxxxx 1,500 X
Xxxxx Xxxxxxxx, Xx. 1,500 X
Xxxxx Xxxxx 1,500 X
Xxxxxxx Xxxxxxxx 1,500 X
15
WARRANT HOLDER WARRANTS VOTED VOTED
FOR AGAINST ABSTAINED
------------------------------------- ---------- ------- --------- ---------
Xxxxxxx X. Xxxxxx 625,000 X
Xxxxx X. Xxxxx 625,000 X
JUNE OFFERING
--------------
EMP Associates, LLC 1,266,988 X
Pellinore Securities Corp. 112,754 X
Axiom Capital Management, Inc. 112,754 X
Aquae Sulis Investment Fund Limited 15,000 X
Atlantic & Overseas Holdings Ltd. 25,000 X
Contrary Fund-Xxxxxx Xxxxxxx/Pres 10,000 X
Xxxxxxx X. Xxxxx 9,500 X
Xxxxx Xx Xxxxx 3,500 X
The Xxxxxxx Xxxxxx MD PC Pension 2,500 X
Little Wing LP 10,000 X
Medusa Capial S.A. 20,000 X
Xxxxxxx X. Xxxxx 10,000 X
Xxxxxxx X. Xxxxxxx 4,500 X
Swiss Bank Corporation 30,000 X
Swiss Bank Corporation 7,500 X
Swiss Bank Corporation 10,000 X
Swiss Bank Corporation 10,000 X
Swiss Bank Corporation 20,000 X
Swiss Bank Corporation 2,500 X
Tradewinds Fund Ltd. 10,000 X
Xxxxxxx Xxxxx 5,000 X
Xxxxx Xxxxxx, XXX Rollover 10,000 X
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WARRANT HOLDER WARRANTS VOTED VOTED
FOR AGAINST ABSTAINED
------------------------------------- ---------- ------- --------- ---------
Tai-San Cheng 10,000 X
Xxxxxxxx X. Xxxxxxxxxxx and 10,000 X
Xxxxx Xxxxxxxx 2,500 X
Xxxxxxx Xxxxxxx 12,500 X
Xxxx Xxxxxxx 5,000 X
M. Xxxxx Xxxxx 5,000 X
Xxxx Illibassi Family Trust 10,000 X
Jastmar Associates 5,000 X
Xxxxxxx X. Kafesak 10,000 X
Xxxx X. Xxxx 5,000 X
Xxxxx XxXxxxxxxx and 20,000 X
Xxxx X. XxXxx and 5,000 X
Xxxxxx Mordiglia XXX R/O Decd. 15,000 X
RHL Associates, L.P. 15,000 X
Xxxx X. X'Xxxx 10,000 X
Xxx X. Xxxxxxx 10,000 X
Xxxxx X. Xxxxxxx 5,000 X
Xxxxxxx Xxxxxxx 10,000 X
Xxxxxx X. Xxxxxx Trust Agreement 5,000 X
Xxxxxx Xxxxxxxxx, XXX Rollover 5,000 X
Xxxxx X. Xxxxxx and 5,000 X
Xxxxxx X. Xxx 5,000 X
Xxxxxxx Xxxxx 50,000 X
Xxxxxxxx Ventures ltd. 50,000 X
Xxxx X. Xxxx 50,000 X
Xxxxxxx Xxxxxx 50,000 X
Xxxxxxx X. Xxxxxxx 10,000 X
Xxxxxxx X. Xxxxx 5,000 X
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WARRANT HOLDER WARRANTS VOTED VOTED
FOR AGAINST ABSTAINED
------------------------------------- ---------- ------- --------- ---------
Xxxxxx X. Xxxxxx 5,500 X
Venogopal X. Xxxxx 2,500 X
Xxxxx Novogrodzki 5,000 X
Xxxxxxx X. Xxxxxxxx 5,000 X
Xxxxxxxxx Fuel & Oil, Inc. Pension Plan 5,000 X
Town & Country Oil Corp.
Pension Plan & Trust 2,500 X
Xxxxxxxx Xxxxx SEP XXX 10,000 X
Jo-Bar Enterprises, L.L.C. 10,000 X
Xxxxx X. Xxxxxxxxxxxx 2,500 X
Xxxxxxx X. Xxxxxxx 2,500 X
Xxxxxxx Xxxxx 10,000 X
Xxxxxx X. Xxx 20,000 X
Xxxxxxx X. Xxxxxx Xx. 10,000 X
Xxxxxxxxx X. Xxxxxx 2,500 X
X.X. Xxxx Co., Inc. as Nominee 1997-25 100,000 X
J. Xxxxxxx Xxxxx 10,000 X
Pro Series Racing, Inc. 5,000 X
Xxxx Xxxxxx 10,000 X
Aegis Pension Plan 20,000 X
Xxxxx X. Xxxxx and 10,000 X
W. Xxx Xxxxxxxx 10,000 X
Xxxx X. Xxxxx 10,000 X
Xxxxxx Xxxxxxxxxxxxx and 10,000 X
Xxxxxx X. Xxxxxx 12,500 X
Xxxxxxx X. Xxxx & Co., Inc. 10,000 X
J. Xxxxx Xxxxx 20,000 X
Xxxxx X. Xxxxx, Xx. 10,000 X
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WARRANT HOLDER WARRANTS VOTED VOTED
FOR AGAINST ABSTAINED
------------------------------------- ---------- ------- --------- ---------
Xxxxxxxxx X. Xxxxxx 5,000 X
Xxxxxx Xxxxxx 10,000 X
Xxxxxxx X. Xxxxxx and 10,000 X
Xxxxxxx Xxxxxxxxxxxx and 16,000 X
MKS' OMO Contracting, Inc. 2,000 X
Xxxxxxx Xxxxxxxxxxx & CO., CPA, PA 2,000 X
Xxxxxx X. Xxxxxxx 15,000 X
Sintra Fund, Ltd. 25,000 X
Xxxxx xx Xxxxxx 2,500 X
SJG Management, Inc. 12,500 X
Xxxx Xxxxx 10,000 X
Xxxx and Benradette Torre 5,000 X
Worldwide Fabrics, L.P. 10,000 X
Faisal Finance (Switzerland) S.A. 30,000 X
Xxxxxxx Xxx Xxxxxxx 5,000 X
Xxxx Xxxx 10,000 X
Xxxxxx Xxxxxxxx 2,500 X
Xxxxxxx X. Xxxxxxx 2,500 X
Xxxxx X. Xxxxx 5,000 X
Xxxxxxx Xxxxxxxx 5,000 X
Xxxxxx X. Xxxxxxxxx 2,500 X
Xxxxxxx Xxxx 5,000 X
Xxxxx X. Xxxxx 1,978,252 X
Xxxxxxx X. Xxxxxx 2,078,752 X
Telcom Partners, L.P. 62,500 X
Commonwealth Associates, Inc. 750,000 X
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Total for Both Offerings:
-------------------------
For: 8,521,373
Against: 27,857
Abstain: 1,450,770
85% Voted for the Amendment, .2% Voted Against the Amendment; 14.5% Abstained
Total for June Offerings:
--------------------------
For: 6,716,992
Against: 17,500
Abstain: 765,508
89.6% Voted for the Amendment, .2% Voted Against the Amendment; 10.2% Abstained
Attachment
cc: American Stock Exchange
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