EXHIBIT 10.37
MODIFICATION OF RE-PURCHASE OPTION AGREEMENT
PARTIES
COMTRAD HOLDINGS, INC., a Utah corporation with an address at 0000 X.X.
Xxxxx Xxxxx, Xxxxx, Xxxxxxx 00000 ("COMTRAD").
XXXXXXX XXXXXX with an address at 0000 X.X. Xxxxx Xxxxx, 00000 ("XXXXXX").
XXXXX XXXXXXX with an address at 0000 Xxxxxxxxx Xxxxxx, Xxxx Xxxxx,
Xxxxxxx 00000-0000 ("XXXXXXX").
RECITALS
A. COMTRAD, XXXXXX and XXXXXXX entered into that certain Re-Purchase
Option Agreement dated June 30, 1994, amended May 9, 1996, copy of which is
attached hereto and marked composite Exhibit A (the "Re-Purchase Agreement").
B. The Parties hereto wish to modify that Re-Purchase Agreement upon the
terms and conditions set forth herein.
TERMS
1. The foregoing recitals are true and correct and are incorporated
herein.
2. The term "Xxxxxxx Stock" shall mean and refer to 230,000 shares of
Common Stock of COMTRAD, ("CHI Stock").
3. The Re-Purchase Price for all of the Xxxxxxx Stock is $10,366,400.00,
$45,0713 per share of the CHI Stock.
4. The Option granted to COMTRAD/XXXXXX pursuant to Section 1 of
the Re-Purchase Agreement may be exercised at any time on or before June 30th,
1997.
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5. The Put Option granted to XXXXXXX in Section 2 of the Re-Purchase
Agreement may be exercised at any time during the thirty day period commencing
on the day the Option granted under Section 1 of the Re-Purchase Agreement
expires.
6. In all other respects, the Re-Purchase Agreement is hereby ratified and
confirmed.
IN WITNESS WHEREOF, the PARTIES hereto have executed this Modification
Agreement this _____ day of July, 1996.
WITNESSES:
------------------------------ COMTRAD HOLDINGS, INC.
/s/ ILLEGIBLE By: /s/ XXXXXXX XXXXXX
------------------------------ -----------------------------
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By: /s/ XXXXXXX XXXXXX
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XXXXXXX XXXXXX
-----------------------------
/s/ ILLEGIBLE By: /s/ XXXXX XXXXXXX
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XXXXX XXXXXXX
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