EX-99.2.B 2 y45882ex99-2_b.txt LETTER AGREEMENT 1 GILAT SATELLITE NETWORKS LTD. 21/D YEGIA KAPAYIM STREET DANIV PARK, KIRYAT ARYE PETAH TIKVA, ISRAEL December 6, 2000 The Stockholders of ZapMe! Corporation Named on Schedule A hereto Re: Exercise of Option under Tender Offer Agreement Ladies and Gentlemen: Pursuant to Section 2.2 of the Tender Offer Agreement, dated October 3, 2000 (the "Agreement"), by and among Gilat Satellite Networks Ltd. ("Gilat"), ZapMe! Corporation (the "Company"), and the stockholders of the Company listed on Schedules A and B thereto, Gilat hereby exercises the option to purchase from the stockholders of the Company listed on Schedule attached thereto (the "Schedule A Stockholders") a total of 5,075,691 million shares of common stock, par value $.01 (the "Shares"), of the Company currently held by such Schedule A Stockholders, which together with the Shares beneficially owned by Gilat and validly tendered in Gilat's tender offer (the "Offer") for the Shares, will provide Gilat with beneficial ownership of 51% of the Shares outstanding as of the last business day prior to the consummation of the Offer. Notwithstanding Section 2.2 of the Agreement, the Schedule A Stockholders shall deliver to Gilat, against payment therefor of $2.32 per Share, 4,196,550 Shares on the date hereof (the "First Option Closing") and the remaining 879,141 Shares no later than January 5, 2001 (the "Second Option Closing"). Each Schedule A Stockholder will deliver to Gilat the number of Shares set forth opposite such Stockholder's name on Schedule A attached hereto on the date of the First Option Closing and of the Second Option Closing, as the case may be, as indicated therein. Gilat shall pay by wire transfer, in accordance with the wire instructions attached hereto as Schedule B, $9,735,996 for the Shares delivered at the First Option Closing and $2,039,607.10 for the Shares delivered at the Second Option Closing. Sincerely, GILAT SATELLITE NETWORKS LTD. By: /s/ Yoav Liebovitch -------------------------------- Name: Yoav Liebovitch Title: Chief Financial Officer and Vice President of Finance and Administration 2 Schedule A Stockholders December 6, 2000 Page 2 AGREED AND ACCEPTED: THE MORTENSEN 2000 FAMILY RESOURCE TRUST By: /s/ Brian Herrera -------------------------------------------- Name: Brian Herrera Title: Trustee THE MORTENSEN CHARITABLE TRUST By: /s/ Brian Herrera -------------------------------------------- Name: Brian Herrera Title: Trustee CAVCO OF NORTH FLORIDA, INC. By: /s/ Charles Appleby -------------------------------------------- Name: Charles Appleby Title: President MC INVESTMENT TRUST By: /s/ Christopher R. Purrier -------------------------------------------- Name: Christopher R. Purrier Title: Trustee 3 Schedule A Stockholders December 6, 2000 Page 3 THE ARNOUSE CHARITABLE TRUST By: /s/ Christopher Purrier -------------------------------------------- Name: Christopher Purrier, Title: Trustee /s/ Michael Arnouse ---------------------------------------------------- Name: Michael Arnouse 4 Gilat Option Exercise Schedule A December 6, 2000 % of Schedule A Shares Subject to Option that were acquired 32.20% ========= # Shares First Option closing 4,196,550 82.68% # Shares Second Option Closing 879,141 17.32% --------- ------ Total # of Shares Acquired under Option 5,075,691 100.00% ========= ======
# Shares % of # of % of # Shares # Shares Total Sch A Shareholder Subj to Option Total Sch A Option Shares Shares Owned First Closing Second Closing # Shares -------------------------- -------------- ----------- ------------- ------------ ------------- -------------- -------- Mortensen Trust 6,600,000 41.87% 2,125,142 32.20% 1,757,054 368,088 2,125,142 Mortensen Charitable Trust 2,000,000 12.69% 643,982 32.20% 532,441 111,542 643,982 Cavco 1,186,885 7.53% 382,167 32.20% 315,973 66,194 382,167 Arnouse 2,776,560 17.61% 894,028 32.20% 739,177 154,851 894,028 MC Investment Trust 700,000 4.44% 225,394 32.20% 186,354 39,040 225,394 Arnouse Charitable Trust 2,500,000 15.86% 804,978 32.20% 665,551 139,427 804,978 ---------- ------- --------- ------ --------- ------- --------- 15,763,445 100.00% 5,075,691 32.20% 4,196,550 879,141 5,075,691 ========== ======= ========= ====== ========= ======= =========
5 SCHEDULE B - WIRE INSTRUCTIONS Allfirst 25 S. Charles Street Baltimore, MD 21201 Account Name: Piper Marbury Rudnick & Wolfe LLP - Attorney Escrow Account Account Number: 074-8809-3 ABA Number: 052000113 Client reference number: 29481-4 Attorney Name: George J. Nemphos