Exhibit 10.2
September 5, 1997
Local Financial Corporation
0000 XX 00xx Xxxxxx
Xxxxxxxx Xxxx, Xxxxxxxx 00000-0000
Re: Amendment to Redemption Agreement
Gentlemen:
Pursuant to Section 6.3 of the Redemption Agreement between Xxxxxx
Xxxxxxx and Miles Xxxxxxx (the "Selling Shareholders") and Local Financial
Corporation (the "Company") (the "Redemption Agreement"), pursuant to Section
6.3 of the Redemption Agreement, the Selling Shareholders hereby agree to amend
Section 6.2 of the Redemption Agreement. Terms not defined herein shall have the
meaning set forth in the Redemption Agreement.
The Redemption Agreement is amended as follows:
1. Section 6.2(b) of the Redemption Agreement is hereby amended in its
entirety to read as follows:
(b) By the Selling Shareholders if the Closing shall not have occurred
by 5:00 p.m. Eastern Time, on September 11, 1997; or
2. Section 6.2(d) of the Redemption Agreement is hereby amended in its
entirety to read as follows:
(d) By the Company if the Closing shall not have occurred by 5:00 p.m.,
Eastern Time, on September 11, 1997.
Local Financial Corporation
Page 2
If the foregoing is in accordance with your understanding of our
agreement to amend the Redemption Agreement, please sign and return a copy
hereof, whereupon this letter shall become a binding amendment to the Redemption
Agreement between the Company and the Selling Shareholders.
Very truly yours,
SELLING SHAREHOLDERS
XXXXXX XXXXXXX
/s/ Xxxxxx Xxxxxxx
---------------------
Xxxxxx Xxxxxxx
MILES XXXXXXX
/s/ Miles Xxxxxxx
---------------------
Miles Xxxxxxx
Accepted and Agreed to as of
the date first written above:
LOCAL FINANCIAL CORPORATION
/s/ Xxxxx X. Xxxxxxx
---------------------------
By: Xxxxx X. Xxxxxxx
President
