Amendment No. 1 to Asset Purchase Agreement between Spinnaker Entities and SP Acquisition, LLC

Summary

This amendment updates the original Asset Purchase Agreement dated January 18, 2002, between Spinnaker Industries, Inc., Spinnaker Coating, Inc., Spinnaker Coating-Maine, Inc. (the Sellers), and SP Acquisition, LLC (the Buyer). The amendment extends the deadline for the Buyer to terminate the agreement if it does not secure financing or enter into satisfactory management agreements, moving the cutoff date to February 25, 2002. All other terms of the original agreement remain unchanged and in effect.

EX-2.(B) 4 b42124lcex2-b.txt EX-2.(B) ASSET PURCHASE AGREEMENT AMEND. NO. 1 Exhibit 2(b) ASSET PURCHASE AGREEMENT AMENDMENT NO. 1 THIS AMENDMENT NO. 1 (this "Amendment") to the ASSET PURCHASE AGREEMENT, dated of January 18, 2002 (the "Asset Purchase Agreement"), by and among Spinnaker Industries, Inc., Spinnaker Coating, Inc. Spinnaker Coating-Maine, Inc. (collectively, the "Sellers") and SP Acquisition, LLC (the "Buyer") is made as of February 15, 2002, by and among the Sellers and the Buyer. All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Asset Purchase Agreement. WHEREAS, the Sellers and the Buyer wish to modify the Asset Purchase Agreement to extend the date on which the Buyer is entitled to terminate the Asset Purchase Agreement for failure to obtain a binding commitment for Buyer Financing or failure to enter into Management Agreements satisfactory to the Buyer in its sole discretion; NOW, THEREFORE, the Asset Purchase Agreement is hereby amended as follows: 1. Section 12(a)(ix). Section 12(a)(ix) is hereby deleted and amended to read in its entirety as follows: "(ix) By Buyer, by written notice to Sellers on or prior to February 25, 2002, if (x) Buyer shall not have received a binding commitment for the Buyer Financing in form and substance satisfactory to Buyer in its sole discretion or (y) Buyer shall not have entered into Management Agreements satisfactory to Buyer in its sole discretion." 2. Ratification of the Asset Purchase Agreement. Except as otherwise expressly provided herein, all of the terms and conditions of the Asset Purchase Agreement are ratified and shall remain unchanged and continue in full force and effect. IN WITNESS WHEREOF, this Amendment has been executed as of the date first above written. SELLERS: SPINNAKER INDUSTRIES, INC. By: /s/ LOUIS A. GUZZETTI, JR. --------------------------- Name: LOUIS A. GUZZETTI, JR. Title: Chairman SPINNAKER COATING, INC. By: /s/ LOUIS A. GUZZETTI, JR. ------------------------------ Name: LOUIS A. GUZZETTI, JR. Title: Chairman SPINNAKER COATING-MAINE, INC. By: /s/ LOUIS A. GUZZETTI, JR. ------------------------------ Name: LOUIS A. GUZZETTI, JR. Title: Chairman BUYER: SP ACQUISTION, LLC By: -------------------------- Name: Title: SPINNAKER COATING, INC. By: -------------------------- Name: Title: SPINNAKER COATING-MAINE, INC. By: -------------------------- Name: Title: BUYER: SP ACQUISITION, LLC By: /s/ JEFFREY R. WALSH -------------------------- Name: JEFFREY R. WALSH Title: President