FIRST AMENDMENT TO MEMBERSHIP INTEREST PURCHASE AGREEMENT

EX-10.13 5 d393494dex1013.htm FIRST AMENDMENT TO MEMBERSHIP INTEREST PURCHASE AGREEMENT First Amendment to Membership Interest Purchase Agreement

Exhibit 10.13

FIRST AMENDMENT TO MEMBERSHIP INTEREST PURCHASE AGREEMENT

FIRST AMENDMENT, dated as of October 21, 2008 (this “Amendment”), to the Membership Interest Purchase Agreement (the “Purchase Agreement”), dated as of August 4, 2008, by and among Blyth, Inc., a Delaware corporation (“Parent”), Blyth VSH Acquisition Corporation, a Delaware corporation and wholly-owned subsidiary of Parent (the “Buyer”), ViSalus Holdings, LLC, a Delaware limited liability company (the “Company”), and all of the members of the Company, each of whose names are listed on Exhibit A to the Purchase Agreement (each, individually, a “Seller” and, collectively, the “Sellers”).

W I T N E S S E T H

WHEREAS, the Parent, the Buyer, the Company and Sellers have agreed to amend certain provisions of the Purchase Agreement, in the manner, and on the terms and conditions, provided for herein; and

WHEREAS, pursuant to Section 13.6 of the Purchase Agreement, any amendment, modification or waiver must be effected by a written instrument signed by the parties to the Purchase Agreement (the “Parties”) or, in the case of a waiver, by the party waiving compliance.

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1. Definitions. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement.

2. Amendment to Section 13.1(n). Section 13.1(n) of the Purchase Agreement hereby is amended and restated to read in its entirety as follows:

“EBITDA”, subject to the provisions of Section 7.21, means, with respect to the Company and its Subsidiaries for any fiscal year ending on the date of computation thereof, the sum of, without duplication, (i) Net Income, (ii) Interest Expense, (iii) taxes on income, (iv) amortization, and (v) depreciation, and excluding any increase or decrease to Net Income as a result of the change in the investment value, or earnings or losses, of Solution X Global, LLC, all as determined in accordance with GAAP.

3. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK.

4. This Amendment may be executed by facsimile and in any number of counterparts, each of which shall be deemed an original and enforceable against the parties actually executing such counterpart, and all of which together shall constitute one instrument.


5. The Purchase Agreement and this Amendment constitute the entire agreement among the parties relative to the specific subject matter hereof. Except as amended hereby, the Purchase Agreement remains in full force and effect in accordance with its original terms. Hereinafter, all references to the Purchase Agreement shall refer to the Agreement as amended hereby.

[SIGNATURE PAGES FOLLOW]


IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the day and year first above written.

 

Buyer:   BLYTH VSH ACQUISITION CORPORATION
  By:  

/s/ Michael S. Novins

    Name: Michael S. Novins
    Title: Vice President and General Counsel
Company:   VISALUS HOLDINGS, LLC
  By:  

/s/ Ryan Blair

    Name: Ryan Blair
    Title: President and Chief Executive Officer
Parent   BLYTH, INC.
  By:  

/s/ Michael S. Novins

    Name: Michael S. Novins
    Title: Vice President and General Counsel

[additional signature pages follow]

 

Signature Page to First Amendment to Membership Interest Purchase Agreement

S-1


Sellers:

 

  ROPART ASSET MANAGEMENT FUND, LLC
  By:  

/s/ Todd A. Goergen

    Name: Todd A. Goergen
    Title: Managing Member
  ROPART ASSET MANAGEMENT FUND II, LLC
  By:  

/s/ Todd A. Goergen

    Name: Todd A. Goergen
    Title: Managing Member
 

/s/ Ryan Blair

  Ryan Blair
 

/s/ Blake Mallen

  Blake Mallen
 

/s/ Nick Sarnicola

  Nick Sarnicola
  JOHN K. TOLMIE TRUST U/A/D 11/6/06
  By:  

/s/ John K. Tolmie

    Name: John K. Tolmie
    Title: Trustee
 

/s/ Josh Beal

  Josh Beal
 

/s/ John Laun

  John Laun

 

Signature Page to First Amendment to Membership Interest Purchase Agreement

S-2


Sellers (continued):

 

/s/ Philip Gomez

Philip Gomez

/s/ Erik Abel

Erik Abel

/s/ Audrey Sommerfeld

Audrey Sommerfeld

/s/ Zorca Bosev

Zorca Bosev

/s/ Adam Wescott

Adam Wescott

/s/ Rich Pala

Rich Pala

/s/ Ridgely Goldsborough

Ridgely Goldsborough

 

Signature Page to First Amendment to Membership Interest Purchase Agreement

S-3