Amendment to Stock Purchase Agreement and Related Letters between Rexx Environmental Corporation and Watkins Contracting, Inc.

Contract Categories: Business Finance › Modification Agreements
Summary

Rexx Environmental Corporation and Watkins Contracting, Inc. have agreed to amend their Stock Purchase Agreement and related letter agreements to extend all referenced deadlines to August 31, 2000, due to a delay in mailing proxy materials and holding a shareholder meeting. All other terms of the original agreements remain unchanged. This amendment is confirmed by both parties and ensures the transaction can proceed once the shareholder meeting is held.

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EX-2.7 4 0004.txt EXHIBIT 2.7 REXX ENVIRONMENTAL CORPORATION June 28, 2000 Greg S. Watkins Daren J. Barone Watkins Contracting, Inc. 5490 Complex Street, Suite 603 San Diego, CA 92123 Re: Stock Purchase Agreement dated June 10, 1999 and Letter Agreements dated November 29, 1999, January 6, 2000 and April 27, 2000 Dear Greg and Daren: As we have discussed, it will not be possible to mail proxy materials to our shareholders for the planned transactions until later on. Since the shareholder meeting cannot be held by June 30, 2000, all references to February 29, 2000 and June 30, 2000 in the Stock Purchase Agreement as amended by the Letter Agreements of November 29, 1999 and January 6, 2000 and April 27, 2000 need to be changed to a reasonable later date. I expect it reasonable to assume that the shareholder meeting will be held before August 31, 2000. Accordingly, as we have discussed, please confirm that (i) all references to November 30, 1999 and/or February 29, 2000 and/or April 30, 2000 and/or June 30, 2000 in the Stock Purchase Agreement and the Letter Agreements are to be considered changed to references to August 31, 2000, and (ii) in all other respects the Stock Purchase Agreement and the Letter Agreements remain unchanged and unaffected by the delay in the shareholder meeting. Very truly yours, /s/ Arthur L. Asch -------------------------- Arthur L. Asch Chairman of the Board CONFIRMED: /s/ Greg S. Watkins - ------------------- Greg S. Watkins /s/ Daren J. Barone - ------------------- Daren J. Barone 350 Park Avenue o New York, New York 10022 o ###-###-#### Fax: (212) 750-3095