Contract Extension Agreement to Agreement and Plan of Share Exchange between PR Specialists, Inc., Servitrust Corp., and Shareholders

Summary

PR Specialists, Inc., Servitrust Corp., and the Shareholders have agreed to extend the deadlines in their Agreement and Plan of Share Exchange. The new "Drop Dead Date" and "Closing Date" are set for May 1, 2002. The extension also applies to related Stock Option Agreements, ensuring that Bryan Eggers and Joel Arberman will receive their specified payments on the new closing date. All parties confirm their agreement by signing the extension document.

EX-2.2 4 contractext.txt CONTRACT EXTENSION Whereas the parties described below, entered into an Agreement and Plan of Share Exchange ("Agreement"), dated April 12, 2002, by and between PR Specialists, Inc., a Delaware corporation with its principal offices located at 6041 Pomegranate Lane Woodland Hills, California 91367 ("Buyer") and Servitrust Corp., a Florida corporation with its principal offices located at 335 South State Road 7, Margate, Florida 33068 ("Seller"); and the shareholders whose signatures appear on the Counterpart Signature Pages of this Agreement (the "Shareholders", and each of those persons individually, a "Shareholder"). Whereas, the parties have agreed to extend the "Drop Dead Date" described in Section 2.1 of the Agreement to May 1, 2002, and expect a Closing Date as described in Section 2.1 of the Agreement to occur on May 1, 2002. Now therefore: 1. In consideration of the sum of $10.00 and other good and valuable consideration, the receipt of which is acknowledged by the parties, the parties agree to extend the "Drop Dead Date" described in Section 2.1 of the Agreement to May 1, 2002, and to cause the Closing Date as described in Section 2.1 of the Agreement to occur on May 1, 2002. 2. Additionally, it is hereby agreed that the parties to the Stock Option Agreements dated March 6, 2002 by and between, inter alia, Bryan Eggers and Joel Arberman hereby agree to extend the "Termination Date" described in Section 10.2 of the Agreement to May 1, 2002, and to cause the Closing Date to occur on May 1, 2002, whereby Mr. Eggers and Arberman will receive their respective $50,000 and $35,000 payments as described in such agreements. PR SPECIALISTS, INC.: By:_________________________ ________________________ Bryan Eggers, President Bryan Eggers SERVITRUST CORP.: By:_________________________ ________________________ John C. Cahill, President Joel Arberman [See Counterpart Signature Pages Attached] Exhibit 2.2 - Pg. 1 COUNTERPART SIGNATURE PAGE TO CONTRACT EXTENSION OF AGREEMENT AND PLAN OF SHARE EXCHANGE (the "Extension Agreement") dated April 30, 2002 between and among PR Specialists, Inc., Servitrust Corp. and the Shareholders whose signatures appear on the Counterpart Signature Pages thereto ------------------------------------------------- By execution of this Counterpart Signature Page and upon acknowledgment by PR Specialists, Inc. and Servitrust Corp., the undersigned agrees to become a party to and be bound by the terms of the Extension Agreement, and the undersigned shall be deemed a "Shareholder" under the Extension Agreement. [Individuals] [Entities] ______________________________ __________________________________ By:_______________________________ Name: ________________________ Name:_____________________________ Title:____________________________ Date: __________________ Date:_____________________________ ACKNOWLEDGMENT: --------------- PR Specialists, Inc. and Servitrust Corp. hereby acknowledges execution of this Counterpart Signature Page by the above Shareholder(s). SERVITRUST CORP. PR SPECIALISTS, INC. ____________________________ ______________________________ John C. Cahill, President Bryan Eggers, President Exhibit 2.2 - Pg. 2