AMENDMENT NO. 1 TO
EXCHANGE OF STOCK AGREEMENT AND PLAN OF REORGANIZATION
Amendment No. 1 dated as of September 5, 1996, to that certain Exchange
of Stock Agreement and Plan of Reorganization dated July 16, 1996 (the "Stock
Exchange Agreement"), by and between CEEE GROUP CORPORATION ("CEEE"), ATLANTIC
INTERNATIONAL CAPITAL, LTD. ("Atlantic"), and each of the stockholders of the
Corporation listed on the Amended and Restated Schedule I attached hereto (each,
a "Stockholder" and collectively, the "Stockholders"). All capitalized terms
used herein without definitions shall have the respective meanings ascribed to
them in the Stock Exchange Agreement.
WHEREAS, CEEE, Atlantic and the Stockholders desire to amend Schedule I
to the Stock Exchange Agreement to create a uniform share exchange ratio with
respect to the allocation of an aggregate of 18,183,759 shares to be issued to
the Stockholders following an amendment to CEEE's Certificate of Incorporation
to, among other things, increase the number of authorized shares.
NOW, THEREFORE, in consideration of the above premises, CEEE, Atlantic
and the Stockholders agree as follows:
1. Schedule I of the Stock Exchange Agreement is hereby amended and
restated in its entirety as set forth in the Amended and Restated Schedule I
attached hereto.
2. All other provisions of the Stock Exchange Agreement shall remain
unchanged.
3. This Amendment No. 1 may be executed in any number of counterparts,
each of which shall be an original, but such
counterparts shall together constitute one and the same instrument.
4. This Amendment No. 1 and the legal relations between the parties
hereto shall be governed by and construed in accordance with the laws of the
State of New York, without regard to principles of conflicts of law.
5. This Amendment No. 1 to the Stock Exchange Agreement constitutes the
entire amendment to the Stock Exchange Agreement and shall not constitute a
modification, acceptance or waiver of any other provision of the Stock Exchange
Agreement or any rights or claims thereunder.
6. As modified hereby, the Stock Exchange Agreement and its terms and
provisions are hereby ratified and confirmed for all purposes and in all
respects.
-2-
IN WITNESS WHEREOF, the parties hereto have executed this Amendment No.
1 as of the day and year hereinabove first set forth.
ATLANTIC INTERNATIONAL CAPITAL,
LTD.
By:/s/ Xxxxxxx Xxxxxxx
-------------------------------------
Xxxxxxx Xxxxxxx
President
CEEE GROUP CORPORATION
By:Xxxxxxx Xxxxxxx
-------------------------------------
Name: Xxxxxxx Xxxxxxx
Title: President
/S/ XXXXXX XXXXXX
----------------------------------------
XXXXXX XXXXXX
THE KUNNI XXXXXX TRUST
By: /S/ XXXXXXXXXX X. XXXXXXX
-------------------------------------
XXXXXXXXXX X. XXXXXXX
Trustee
By:/S/ XXXXXX X. XXXXXXXXX
-------------------------
XXXXXX X. XXXXXXXXX
Trustee
/S/ XXXXXXX XXXXXXX
----------------------------------------
XXXXXXX XXXXXXX
THE AWIXA TRUST
By:/S/ XXXXXXXXXX X. XXXXXXX
-------------------------------------
XXXXXXXXXX X. XXXXXXX
Trustee
By:/S/ XXXXXX X. XXXXXXXXX
-------------------------
XXXXXX X. XXXXXXXXX
Trustee
/S/ XXXXXX X. XXXXX
----------------------------------------
XXXXXX X. XXXXX
/S/ XXXXXX X. XXXXXXXX
----------------------------------------
XXXXXX X. XXXXXXXX
CENTERLINE ASSOCIATES
By:/S/ XXXXXX XXXXXXXX
-------------------------------------
XXXXXX XXXXXXXX
PRESIDENT
-3-
/S/ XXXXXX XXXXXXX
----------------------------------------
XXXXXX XXXXXXX
/S/ XXXXXX XXXXX
----------------------------------------
XXXXXX XXXXX
/S/ XXXXXXX XXXXXXXX
----------------------------------------
XXXXXXX XXXXXXXX
/S/ XXXXX XXXXXXXXX
----------------------------------------
XXXXX XXXXXXXXX
-4-
AMENDED AND RESTATED SCHEDULE I
Number of Number of
Number of Exchange Additional Total Number
Shares of Shares to be Shares to be of Shares to
Name of Stockholder Atlantic Held Received Received be Received
--------------------------- ---------------- --------------- ------------- -----------------
Xxxxxx Xxxxxx 13.5 945,000 2,454,808 3,399,808
0000 Xxxxxxxxx Xxxx.
Xxxxx 000
Xxxx Xxxxx, XX 00000
THE KUNNI XXXXXX 30.0 2,100,000 5,455,128 7,555,128
TRUST
c/o Xxxxxx Xxxxxx
0000 Xxxxxxxxx Xxxx.
Xxxx Xxxxx, XX 00000
Xxxxxxx Xxxxxxx 13.5 945,000 2,454,808 3,399,808
0000 Xxxxxxxxx Xxxx.
Xxxxx 000
Xxxx Xxxxx, XX 00000
THE AWIXA TRUST 30.0 2,100,000 5,455,128 7,555,128
c/o Xxxxxxx Xxxxxxx
0000 Xxxxxxxxx Xxxx.
Xxxxx 000
Xxxx Xxxxx, XX 00000
Xxxxxx Xxxxx 1.23 86,100 223,660 309,760
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
Xxxxxx Xxxxxxxx .25 17,500 45,459 62,959
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
Centerline 4.9 343,000 891,004 1,234,004
Associates, Inc.
Xxxxxx Xxxxxxxx
000 X. Xxxx Xxx
Xxxx Xxxxx, XX 00000
-5-
Number of Number of
Number of Exchange Additional Total Number
Shares of Shares to be Shares to be of Shares to
Name of Stockholder Atlantic Held Received Received be Received
--------------------------- ---------------- --------------- ------------- -----------------
Xxxxxx Xxxxxxx .07 4,900 12,729 17,629
0000 X. Xxxxxxxx
Xxxxx, #0000
Xxxxxxxxx Xxxxx, XX
00000
Xxxxxx Xxxxx 2.085 145,950 379,131 525,081
000 0xx Xxxxxx
Xxx Xxxx, XX 00000
XxXxxxx Xxxxxxxx 2.085 145,950 379,131 525,081
00 Xxxx 000 Xxxxx
Xxxx Xxxx Xxxx, XX
00000
Xxxxx Xxxxxxxxx
000 Xxx Xxxxxxx X0
Xxxx Xxxx Xxxxx, XX
00000 2.38 166,600 432,773 599,373
--------- ---------- ----------
7,000,000 18,183,759 25,183,759
========= ========== ==========
-6-
