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EXHIBIT 2.2
AMENDMENT TO
STOCK PURCHASE AGREEMENT
This Amendment to Stock Purchase Agreement is dated this 8th day of
November, 1996 by and among Digital Generation Systems, Inc. ("DG Systems"),
PDR Productions, Inc. ("PDR"), Xxx XxXxxx (the "Stockholder").
WITNESSETH
WHEREAS, on October 15, 1996, DG Systems, PDR and the Stockholder
entered into a Stock Purchase Agreement (the "Stock Purchase Agreement")
whereby DG Systems agreed to purchase from the Stockholder 100% of the issued
and outstanding shares of PDR; and
WHEREAS, DG Systems' due diligence review also reveals that (despite
representations in the Stock Purchase Agreement that there was no litigation
pending) there is currently pending copyright infringement litigation
instituted by Xxxxxxx Xxxxxxxxxx, et. al. against PDR in the United States
District Court, Southern District of New York (the "Copyright Infringement
Litigation"); and
WHEREAS, as a prerequisite to completing the transaction under the
Stock Purchase Agreement, DG Systems is requiring that this amendment be
executed and delivered whereby DG Systems is fully indemnified against
liability resulting from or relating to the Copyright Infringement Litigation;
and
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WHEREAS, the parties have agreed to execute this amendment to induce
DG Systems to complete the transaction pursuant to the Stock Purchase
Agreement.
NOW THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, it is agreed as follows:
1. The Indemnification Obligations of PDR, Stockholder as set
forth in Article XII of the Stock Purchase Agreement shall
apply to all Claims (as defined in Section 12.1 of the Stock
Purchase Agreement) relating to the Copyright Infringement
Litigation.
2. The Threshold, Indemnity Limit and Expiration Period (as such
as term are defined in Section 12.3 (a) (b) and (c) of the
Stock Purchase Agreement), shall not apply to any Claims
relating to the Copyright Infringement Litigation it being the
intent that DG Systems shall be fully, completely and forever
indemnified as to any of the foregoing.
3. Except as set forth herein, all of the terms of the Stock
Purchase Agreement shall remain in full force and effect.
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In Witness Whereof, the undersigned have executed this agreement as of
the date first written above.
WITNESS OR ATTEST: DIGITAL GENERATION SYSTEMS, INC.
BY: /s/ XXXXX X. XXXXXXXXX
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Name: Xxxxx X. Xxxxxxxxx
Title: Chief Executive Officer
PDR PRODUCTIONS, INC.
BY: /s/ XXX XXXXXX
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Name: Xxx XxXxxx
Title: President
/s/ XXX XXXXXX
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Xxx XxXxxx
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