Amendment to Reorganization Agreement Between Princeton Video Image, Inc. and Presencia en Medios, S.A. de C.V. (July 23, 2001)

Summary

This letter agreement amends a previous Reorganization Agreement among Princeton Video Image, Inc., Presencia en Medios, S.A. de C.V., and related parties. The amendment changes the cut-off date for closing the transaction to September 30, 2001, unless another date is agreed upon in writing. All parties have signed to confirm their acceptance of this change. The agreement ensures that if the closing does not occur by the new date, either the purchaser or seller can terminate the agreement with five days' notice.

EX-2.1 3 w51886ex2-1.txt LETTER AGREEMENT DATED JULY 23, 2001 1 [PRINCETON VIDEO IMAGE, INC.LETTERHEAD] July 23, 2001 Presencia en Medios, S.A. de C.V. Palmas #735-206 Mexico, DF 11000 MEXICO Attn: Mr. Eduardo Sitt Re: Reorganization Agreement dated as of December 28, 2000 by and among Presencia en Medios, S.A. de C.V., Eduardo Sitt, David Sitt, Roberto Sonabend, Presence in Media LLC, Virtual Advertisement LLC, PVI LA, LLC, Princeton Video Image, Inc. and Princeton Video Image Latin America, LLC, as amended by Amendment Agreement dated as of February 4, 2001 (collectively, the "Agreement") Dear Mr. Sitt: This will confirm the understanding of the parties regarding the above referenced Agreement. Section 10.2 of the Agreement is hereby amended to read in its entirety as follows: 10.2 Cut-Off Date. By the Purchaser or the Seller upon five (5) days' notice to the other if the Closing shall not have occurred on or before September 30, 2001 or such other date, if any, as the Seller and the Purchaser shall agree upon in writing; The authorized signatures below will confirm the amendment to Section 10.2 of the Agreement set forth above. Your attention to this matter is greatly appreciated. Sincerely, /s/ Dennis P. Wilkinson Dennis P. Wilkinson President and Chief Executive Officer ACCEPTED AND AGREED TO: Presencia en Medios, S.A. de C.V.: By: /s/ David Sitt ----------------------------------- Name: David Sitt ----------------------------------- 2 Title: Director General ----------------------------------- Date: July 23, 2001 ----------------------------------- Presence in Media LLC: By: /s/ David Sitt ----------------------------------- Name: David Sitt ----------------------------------- Title: ----------------------------------- Date: July 23, 2001 ----------------------------------- Virtual Advertisement LLC: By: /s/ David Sitt ----------------------------------- Name: David Sitt ----------------------------------- Title: ----------------------------------- Date: July 23, 2001 ----------------------------------- PVI LA, LLC: By: /s/ David Sitt ----------------------------------- Name: David Sitt ----------------------------------- Title: ----------------------------------- Date: July 23, 2001 ----------------------------------- Princeton Video Image Latin America, LLC: By: /s/ Dennis P. Wilkinson ----------------------------------- Name: Dennis P. Wilkinson ----------------------------------- Title: President - CEO ----------------------------------- Date: July 25, 2001 ----------------------------------- DESIGNATED PARTIES: /s/ Eduardo Sitt ------------------------------------------ Eduardo Sitt /s/ David Sitt ------------------------------------------ David Sitt /s/ Roberto Sonabend ------------------------------------------ Roberto Sonabend 2 3 CONSENTED TO: PVI Holding, LLC: By: /s/ Robert Lemle ----------------------------------- Name: Robert Lemle ----------------------------------- Title: Vice Chairman ----------------------------------- Date: July 24, 2001 ----------------------------------- 3