AMENDMENT TO
UNDERWRITING AGREEMENT
Amendment to Underwriting Agreement, dated as of the 23rd day of
September, 1997 (the "Amendment"), to the Underwriting Agreement, dated as of
August 12, 1996 (the "Underwriting Agreement"), by and between the parties
executing this Amendment.
W I T N E S S E T H :
WHEREAS, concurrently with the execution hereof the parties hereto
and certain third parties have executed and delivered a certain Amendment to
Settlement and Voting Agreement; and
WHEREAS, the parties hereto hereby agree that it would be in their
mutual best interest to amend the Underwriting Agreement in the manner set
forth herein;
NOW, THEREFORE, in consideration of the above premises and the mutual
promises contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:
1. Definitions. All capitalized terms which are not defined herein
shall have the respective meanings set forth in the Underwriting Agreement.
2. Modifications. The Underwriting Agreement is hereby amended as
follows:
Sections 5(n), 5(p) and 5(v) of the Underwriting Agreement
shall be deleted in their entirety and the following
provisions substituted in lieu thereof:
5(n) From the Effective Date until January 1, 1998, not
issue any other shares of Common Stock or securities
convertible into Common Stock without the prior written
consent of the Underwriter, which consent shall not be
unreasonably withheld or delayed. In the event that the
Company requests the Underwriter's consent for any of the
above, the Underwriter shall have five days from the date of
such request to indicate its approval or disapproval. If the
Underwriter does not respond within such five day period,
its consent will be assumed. Notwithstanding the foregoing,
the Company may issue securities (A) upon (i) the exercise
of any warrants or options outstanding on the date hereof or
contemplated in the Prospectus pursuant to the
terms thereof; (ii) pursuant to the exercise of the
Over-allotment Option; and (iii) the exercise of the
Underwriter's Warrant, and (B) pursuant to any of the Stock
Option Plans described in the Prospectus or plans
subsequently adopted.
5(p) For a period of two years from the Effective Date, the
Company will not file a Form S-8 registration statement
without the consent of the Underwriter, which consent will
not be unreasonably withheld; provided, however, that May
Xxxxx hereby consents to the filing by the Company, on or
after May 14, 1998, of one or more Form S-8 registration
statements and any amendments thereto which register the
offer and sale of not more than 1,360,000 shares of Common
Stock issuable upon the exercise of stock options or
pursuant to the NetLive Performance Share Program Plan
and/or any employee benefit program of the Company.
5(v) From the Effective Date until January 1, 1998, the
Company shall not issue any of its securities in any
offering pursuant to Regulation S under the 1933 Act,
without the prior written consent of the Underwriter.
3. Confirmation. Except as expressly specified herein, all other
terms, conditions and provisions of the Underwriting Agreement are hereby
confirmed and shall remain in full force and effect without modification.
4. Counterparts. This Amendment may be executed in one or more
counterparts, each of which will be deemed an original and all of which shall
constitute a single document.
5. Governing Law. This Amendment shall be governed by and construed
in accordance with the internal laws of the State of New York applicable to
contracts made and to be performed therein.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the date first above written.
NETLIVE COMMUNICATIONS, INC.
By: /s/ Xxxxxxx Xxxxxxxxxx
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Name: Xxxxxxx Xxxxxxxxxx
Title: Chairman of the Board
Chief Executive Officer
MAY XXXXX GROUP, INC.
By: /s/ Xxxx May
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Name: Xxxx May
Title: Chairman and Chief
Executive Officer
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