Amendment No. 1 to Subscription Agreement among Heritage Propane Partners, L.P. and Heritage GP Stockholders

Contract Categories: Business Finance › Subscription Agreements
Summary

This amendment updates the original Subscription Agreement between Heritage Propane Partners, L.P. and various individual and trust investors (the Heritage GP Stockholders). It revises the list of units to be purchased and clarifies voting obligations regarding the conversion of certain partnership units and related partnership matters. The amendment also requires specific stockholders to grant proxies for voting on new units as needed for compliance with New York Stock Exchange rules. The agreement is effective as of August 10, 2000.

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EX-10.18.1 9 ex10-18_1.txt AMENDMENT TO SUBSCRIPTION AGREEMENT 1 EXHIBIT 10.18.1 SUBSCRIPTION AGREEMENT AMENDMENT NO. 1 This Amendment No. 1 ("Amendment") of the Subscription Agreement (the "Agreement"), dated as of August 10, 2000, is entered into by and among the following: 1. Heritage Propane Partners, L.P., a Delaware limited partnership ("Heritage MLP"); and 2. James E. Bertelsmeyer and Donna C. Bertelsmeyer, as Tenants by the Entireties; H. Michael Krimbill; R. C. Mills; G. A. Darr; The Beth Elise Bertelsmeyer Snapp Trust; The Amy Rene Bertelsmeyer Trust; The John D. Capps Trust; J. Charles Sawyer; Bill W. Byrne; Robert K. Blackman; Byron Jay Cook; Blaine L. Cronn; Mark A. Darr; Larry J. Lindsey; Ray S. Parsons; Charles B. Pass; Kermit V. Jacobsen; Thomas H. Rose; C. H. Timberlake, III; Curtis L. Weishahn; William V. Cody; James C. Hamilton, II; and Jack McKeehan (collectively, the "Heritage GP Stockholders"). RECITALS WHEREAS, the Parties desire to restate Annex I to the Agreement to accurately reflect the number of Common Units ("Common Units") and Class B subordinated limited partner interests ("Class B Subordinated Units") of Heritage Propane Partners, L.P., a Delaware limited partnership ("Heritage MLP") to be purchased by the Heritage GP Stockholders; and WHEREAS, the Parties desire to restate Section 5.4 of the Agreement to accurately reflect the agreement of Heritage Holdings, Inc., a Delaware corporation ("Heritage GP"), and the Heritage GP Stockholders with respect to the vote of their Common Units. AMENDMENT NOW, THEREFORE, Annex I is hereby deleted in its entirety and replaced with that certain Annex I attached as Exhibit A hereto and incorporated herein for all purposes, and Section 5.4 of the Agreement is hereby deleted in its entirety and restated to read as follows: 5.4 VOTE OF COMMON UNITS. Heritage GP and its successors and assigns and the Heritage GP Stockholders hereby covenant and agree to vote all of their respective Common Units (other than those issued pursuant to Section 2.1 of the Agreement (the "New Units")) at each meeting or other vote of the holders (the "Unitholders") of the Common Units of Heritage MLP, with respect thereto, for approval of the conversion of Class B Subordinated Units to Common Units (the "Conversion"), for the admission of U.S. Propane, L.P., a Delaware limited partnership, or its designee as general partner of Heritage MLP (the "Admission"), and for any amendment of the Amended and Restated Agreement of Limited Partnership of Heritage MLP (the "Partnership Agreement") related thereto. Each of the Heritage GP Stockholders agrees to grant James E. Bertelsmeyer and H. Michael Krimbill their proxy, at each meeting or other vote of the Unitholders relating to the Conversion, the Admission and any amendment of the Partnership Agreement related Subscription Agreement Amendment No. 1 2 thereto, to vote their New Units in the manner required by rule or interpretation of the New York Stock Exchange, Inc. (the "NYSE") for listing of the New Units on the NYSE. Subscription Agreement Amendment No. 1 3 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first written above. HERITAGE PROPANE PARTNERS, L.P. BY: HERITAGE HOLDINGS, INC. ITS GENERAL PARTNER By: ---------------------------------------------- Name: H. Michael Krimbill Title: President and Chief Executive Officer HERITAGE HOLDINGS, INC., FOR THE PURPOSES OF SECTION 5.4 ONLY By: ----------------------------------------------- Name: H. Michael Krimbill Title: President and Chief Executive Officer Subscription Agreement Amendment No. 1 4 HERITAGE GP STOCKHOLDERS: By: ----------------------------------------- JAMES E. BERTELSMEYER AND By: ----------------------------------------- DONNA C. BERTELSMEYER, AS TENANT BY THE ENTIRETIES By: ----------------------------------------- H. MICHAEL KRIMBILL By: ----------------------------------------- R. C. MILLS By: ----------------------------------------- G. A. DARR THE BETH ELISE BERTELSMEYER SNAPP TRUST By: ----------------------------------------- BETH ELISE BERTELSMEYER SNAPP, as Co-Trustee By: ----------------------------------------- AMY RENE BERTELSMEYER WESTBROCK, as Co-Trustee THE AMY RENE BERTELSMEYER TRUST By: ----------------------------------------- AMY RENE BERTELSMEYER WESTBROCK, as Co-Trustee By: ----------------------------------------- BETH ELISE BERTELSMEYER SNAPP, as Co-Trustee THE JOHN D. CAPPS TRUST By: ----------------------------------------- ESTELLE A. CAPPS, as Trustee By: ----------------------------------------- J. CHARLES SAWYER Subscription Agreement Amendment No. 1 5 By: ----------------------------------------- BILL W. BYRNE By: ----------------------------------------- ROBERT K. BLACKMAN By: ----------------------------------------- BYRON JAY COOK By: ----------------------------------------- BLAINE L. CRONN By: ----------------------------------------- MARK A. DARR By: ----------------------------------------- LARRY J. LINDSEY By: ----------------------------------------- RAY S. PARSONS By: ----------------------------------------- CHARLES B. PASS By: ----------------------------------------- KERMIT V. JACOBSEN By: ----------------------------------------- THOMAS H. ROSE By: ----------------------------------------- C. H. TIMBERLAKE, III By: ----------------------------------------- CURTIS L. WEISHAHN By: ----------------------------------------- WILLIAM V. CODY By: ----------------------------------------- JAMES C. HAMILTON, II By: ----------------------------------------- JACK MCKEEHAN Subscription Agreement Amendment No. 1 6 EXHIBIT A ANNEX I HERITAGE GP STOCKHOLDERS PART 1: CASH PURCHASE PRICE
CLASS B CASH PURCHASE PRICE ------- ------------------- NAME OF AND ADDRESS OF SUBORDINATED FOR UNITS TO BE ---------------------- ------------- --------------- HERITAGE GP STOCKHOLDERS COMMON UNITS UNITS PURCHASED ------------------------ ------------ ----- --------- PURCHASERS OF COMMON UNITS AND CLASS B SUBORDINATED UNITS: James E. Bertelsmeyer 81,000 946,946 $ 20,282,650 968 Spinnaker's Reach Dr. Ponte Vedra Beach, Florida 32082 and Donna C. Bertelsmeyer 968 Spinnaker's Reach Dr. Ponte Vedra Beach, Florida 32082 H. Michael Krimbill 81,000 211,059 $ 5,762 ###-###-#### East 114th Street Tulsa, Oklahoma 74137-8100 R. C. Mills 81,000 224,509 $ 6,028,077 160 Plantation Circle South Ponte Vedra Beach, Florida 32082 Total Class B Subordinated Units: 1,382,514 PURCHASERS OF COMMON UNITS: G. A. Darr 160,967 $ 3,176,073 2830 Halle Parkway Collierville, Tennessee 38017 J. Charles Sawyer 64,157 $ 1,265 ###-###-#### Quailwood Drive Jacksonville, Florida 32256 The Beth Elise Bertelsmeyer Snapp Trust 152,325 $ 3,005 ###-###-#### East 30th Street Tulsa, Oklahoma 74114 The Amy Rene Bertelsmeyer Trust 152,325 $ 3,005 ###-###-#### South Delaware Avenue Tulsa, Oklahoma 74114 The John D. Capps Trust 77,428 $ 1,527,756 #8 Brewster Lane La Grange Park, Illinois 60526
Subscription Agreement Amendment No. 1 7
CLASS B CASH PURCHASE PRICE ------- ------------------- NAME OF AND ADDRESS OF SUBORDINATED FOR UNITS TO BE ---------------------- ------------- --------------- HERITAGE GP STOCKHOLDERS COMMON UNITS UNITS PURCHASED ------------------------ ------------ ----- --------- Bill W. Byrne 64,157 $ 1,265 ###-###-#### South Marion Avenue Tulsa, Oklahoma 74136 Robert K. Blackman 18,330 $ 361,683 104 Lupine Loop Ruidoso, New Mexico 88345 Byron Jay Cook 18,330 $ 361 ###-###-#### East Valley Street Challis, Idaho 83226 Blaine L. Cronn 18,330 $ 361,683 373 Guy Street Cedar Springs, Michigan 49319 Mark A. Darr 18,330 $ 361,683 124 Old Mill Court Ponte Vedra Beach, Florida 32085 Larry J. Lindsey 18,330 $ 361 ###-###-#### Oakland Avenue Pleasanton, California 94566 Ray S. Parsons 18,330 $ 361,683 579 Brewer Road Crossville, Tennessee 38555 Charles B. Pass 18,330 $ 361,683 120 Meadow Drive Helena, Montana 59601 Kermit V. Jacobsen 18,330 $ 361,683 869 Olympus Drive Sheridan, Wyoming 82801 Thomas H. Rose 18,330 $ 361 ###-###-#### 118th Street Court N.W. Gig Harbor, Washington 98332 C. H. Timberlake, III 18,330 $ 361,683 485 Roi Coppley Road Lexington, North Carolina 27292 Curtis L. Weishahn 18,330 $ 361,683 70 Autumn Lane Reno, Nevada 89511 William V. Cody 18,330 $ 361 ###-###-#### Louis Court Auburn, California 95602
Subscription Agreement Amendment No. 1 8
CLASS B CASH PURCHASE PRICE ------- ------------------- NAME OF AND ADDRESS OF SUBORDINATED FOR UNITS TO BE ---------------------- ------------- --------------- HERITAGE GP STOCKHOLDERS COMMON UNITS UNITS PURCHASED ------------------------ ------------ ----- --------- James C. Hamilton, II 18,330 $ 361,683 11671 Central Pike Mount Juliet, Tennessee 37122 Jack McKeehan 9,165 $ 180 ###-###-#### Greenwich Street Reno, Nevada 89511 Total Common Units 1,161,814 $ 50,202,902
PART 2: CALCULATION OF NUMBER OF UNITS The number of Units to be purchased by each Heritage GP Stockholder equals the quotient (rounded to the nearest whole number) of the Cash Purchase Price set forth for such Heritage GP Stockholder in Part 1 of this Annex I, divided by the Average Price. "Average Price" means $19.73125. PART 3: COMMON UNITS AND CLASS B SUBORDINATED INTERESTS Each Heritage GP Stockholder listed in Part 1 as a purchaser of Common Units and Class B Subordinated Units will receive a number of Units calculated in accordance with Part 2, as follows: First, 81,000 Common Units and second, a number of Class B Subordinated Units equal to (a) the number of Units such Grande GP Stockholder is entitled to receive in accordance with Part 2, minus (b) 81,000 Units. Each Heritage GP Stockholder listed in Part 1 as a purchaser of Common Units will receive a number of Common Units calculated in accordance with Part 2. Subscription Agreement Amendment No. 1