AMENDMENT NO. 1 TO STOCK PURCHASE AGREEMENT
Contract Categories:
Business Finance
- Stock Agreements
EX-2.1 2 g13069exv2w1.htm EX-2.1 AMENDMENT NO. 1 TO THE STOCK PURCHASE AGREEMENT EX-2.1 Amendment No. 1 to the Stock Purchase Agree
Exhibit 2.1
AMENDMENT NO. 1 TO
STOCK PURCHASE AGREEMENT
THIS AMENDMENT NO. 1, dated as of April 22, 2008 (this Amendment), to the STOCK PURCHASE AGREEMENT dated as of February 6, 2008 (the Purchase Agreement) by and among MBF Healthcare Acquisition Corp., a Delaware corporation (the Buyer), Critical Homecare Solutions Holdings, Inc., a Delaware corporation (the Company), Kohlberg Investors V, L.P., (the Sellers Representative) and the other stockholders of the Company set forth on the signature pages thereto (each, together with the Sellers Representative, a Seller and collectively, the Sellers) is entered into by and among the Buyer, the Company and the Sellers Representative (on behalf of all Sellers in such capacity). Capitalized terms used herein and not otherwise defined shall have their respective meanings set forth in the Purchase Agreement.
Section 2.6 of the Purchase Agreement provides the Sellers Representative with the authority to take any and all actions that may be necessary or desirable, as determined by the Sellers Representative, in its sole discretion, in connection with the amendment of the Purchase Agreement in accordance with Section 13.2 of the Purchase Agreement.
Pursuant to Section 13.2 of the Purchase Agreement, the Sellers Representative (on behalf of all Sellers in such capacity) and the Buyer wish to amend certain provisions of the Purchase Agreement as provided herein.
NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein and in the Purchase Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Amendment to Recitals. The first recital of the Purchase Agreement is hereby amended and restated in its entirety as follows:
WHEREAS, the Sellers own all of the issued and outstanding shares of Common Stock, $0.001 par value (the Common Shares) and shares of Series A Convertible Preferred Stock, $0.001 par value, of the Company (the Preferred Shares and together with the Common Shares, the Shares).
2. Amendment to Article I of the Purchase Agreement. New definitions are hereby inserted alphabetically in Section 1.1 of the Purchase Agreement as follows:
Certificate of Designation means the Certificate of the Powers, Designations, Preferences and Rights of the Series A Convertible Preferred Stock, $0.001 par value.
Common Stock Consideration means an amount equal to the excess of (i) the Estimated Purchase Price over (ii) the Preferred Stock Consideration, if any.
Preferred Stock Consideration means the product of (x) the number of shares of Preferred Stock issued and outstanding on the Closing Date and (y) the sum of the Series A Liquidation Preference (as defined in the Certificate Designation) plus all accrued and unpaid dividends per share on the Series A Preferred Stock as of such date (the Series A Liquidation Preference).
3. Amendment to Section 2.1(b) of the Purchase Agreement. The last sentence of Section 2.1(b) of the Purchase Agreement is hereby amended and restated in its entirety as follows:
The Per Share Price shall be an amount equal to the quotient obtained by dividing (a) the excess of (i) the Common Stock Consideration over (ii) the Aggregate Option Consideration by (b) the number of Common Shares outstanding as of the Closing Date (after giving effect to the Option Cancellation), including any Common Shares issued in connection with the conversion of the Preferred Stock in accordance with the Certificate of Designation.
4. Amendment to Section 2.2(b) of the Purchase Agreement. The last sentence of Section 2.2(b) of the Purchase Agreement is hereby amended and restated in its entirety as follows:
(b) the Buyer shall pay to each Seller by wire transfer of immediately available funds to a bank account designated in writing by each such Seller (such designation to be made at least two (2) Business Days prior to the Closing Date), (x) with respect to the shares of Common Stock held by such Seller, the sum of the product of (i) the Per Share Price multiplied by (ii) the number of shares of Common Stock outstanding on the Closing Date owned by such Seller as listed on Annex A attached hereto and any Common Shares issued to such Seller in connection with the conversion of the Preferred Stock in accordance with the Certificate of Designation) and (y) with respect to the shares of Preferred Stock held by such Seller, the Series A Liquidation Preference multiplied by (B) the number of shares of Preferred Stock outstanding on the Closing Date owned by such Seller as listed on Annex A attached hereto; provided, further that, notwithstanding anything to the contrary contained herein, any portion of the Estimated Purchase Price attributable to a Special Adjustment shall be payable in either cash or Buyers Stock (which shall be valued at the Closing Date Value), in the Buyers sole and absolute discretion;
5. Amendment to Section 2.4 of the Purchase Agreement. Section 2.4 of the Purchase Agreement is amended by replacing the term Estimated Purchase Price in the third sentence thereof with the term Common Stock Consideration and the term Shares in Clause (B) thereof shall be replaced with the phrase Common Shares.
6. Amendment to Annexes to the Purchase Agreement.
(a) Annex A to the Purchase Agreement is hereby replaced in its entirety with Annex A hereto as follows:
2
Annex A
Sellers, Shares and Preferred Stock
Seller | Common Stock | Preferred Stock | ||||||
Kohlberg Investors V, L.P. | 46,281,808 | 2,111 | ||||||
Kohlberg TE Investors V, L.P. | 33,660,144 | 1,535 | ||||||
Kohlberg Offshore Investors V, L.P. | 3,100,197 | 142 | ||||||
Kohlberg Partners V, L.P. | 2,606,117 | 212 | ||||||
KOCO Investors V, L.P. | 2,044,042 | | ||||||
S.A.C. Domestic Investments, L.P. | 548,077 | | ||||||
Blackstone Mezzanine Partners II L.P. | 2,104,673 | | ||||||
Blackstone Mezzanine Holdings II L.P. | 87,635 | | ||||||
Nitin Patel | 50,000 | | ||||||
Robert Cucuel | 238,462 | | ||||||
Mary Jane Graves | 138,462 | | ||||||
Joey Ryan | 38,462 | | ||||||
Total | 90,898,079 | 4,000 | ||||||
7. Amendment to Section 7.23 of the Purchase Agreement. Section 7.23 is hereby amended and restated in its entirety as follows:
Section 7.23 Board Designation Rights. The Buyer will appoint and otherwise take all action necessary to cause a designee of the Kohlberg Entities to be appointed to the Board of Directors of the Buyer.
8. Amendment to Schedules to the Purchase Agreement. Schedule 4.5 is hereby amended and restated in its entirety as set forth on Attachment A attached hereto. Schedule 5.2 is hereby amended and restated in its entirety as set forth on Attachment B attached hereto.
9. Effect of Amendment. This Amendment shall become effective, and shall be deemed to be effective as of the date hereof. Except as otherwise expressly modified herein, the Purchase Agreement shall remain unchanged and is in full force and effect. All references in the Purchase Agreement to this Agreement, hereto, hereof, hereunder or words of like import referring to the Purchase Agreement shall mean the Purchase Agreement as amended by this Amendment. Notwithstanding the foregoing, references to the date of the Purchase Agreement, as amended hereby, shall in all instances remain as of February 6, 2008, and references to the date hereof and the date of the Agreement shall continue to refer to February 6, 2008.
10. Counterparts; Execution. This Amendment may be signed in any number of counterparts with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this Amendment.
3
This Amendment shall become effective when one or more such counterparts have been signed by each of the parties and delivered to the other party.
11. Headings. The headings contained in this Amendment are intended solely for convenience and shall not affect the rights of the parties to this Amendment.
12. Governing Law. This Amendment and all claims relating to this Amendment shall be governed by and construed in accordance with the Laws of the State of New York, without giving effect to the principals of conflict of laws thereof.
13. Severability. If any term or other provision of this Amendment is invalid, illegal or incapable of being enforced by any court of competent jurisdiction, all other conditions and provisions of this Amendment shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated thereby is not affected in any manner materially adverse to either party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Amendment so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.
[Remainder of Page Intentionally Left Blank]
4
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.
MBF HEALTHCARE ACQUISITION CORP. | ||||
By: | /s/ Jorge L. Rico | |||
Name: | Jorge L. Rico | |||
Title: | Senior V.P. of Operations | |||
CRITICAL HOMECARE SOLUTIONS HOLDINGS, INC. | ||||
By: | /s/ Mary Jane Graves | |||
Name: | Mary Jane Graves | |||
Title: | ||||
KOHLBERG INVESTORS V, L.P. | ||||
By: | Kohlberg Management V, L.L.C., its general partner | |||
By: | /s/ Gordon Woodward | |||
Name: | Gordon Woodward | |||
Title: |
5
Attachment A
Schedule 4.5
Seller Ownership of Company
Sellers record ownership as of the date of the Agreement:
Number of Common | Number of Preferred | |||||||
Name of Beneficial Owner | Shares | Shares | ||||||
Kohlberg Investors V, L.P. | 46,281,808 | 2,111 | ||||||
Kohlberg TE Investors V, L.P. | 33,660,144 | 1,535 | ||||||
Kohlberg Offshore Investors V, L.P. | 3,100,197 | 142 | ||||||
Kohlberg Partners V, L.P. | 2,606,117 | 212 | ||||||
KOCO Investors V, L.P. | 2,044,042 | | ||||||
S.A.C. Domestic Investments, L.P. | 548,077 | | ||||||
Blackstone Mezzanine Partners II L.P. | 2,104,673 | | ||||||
Blackstone Mezzanine Holdings II L.P. | 87,635 | | ||||||
Robert Cucuel | 238,462 | | ||||||
Mary Jane Graves | 138,462 | | ||||||
Nitin Patel | 50,000 | | ||||||
Joey Ryan | 38,462 | | ||||||
TOTAL: | 90,898,079 | 4,000 |
6
Attachment B
Schedule 5.2
Company Capitalization
There are 105,000,000 authorized shares of capital stock, consisting of 100,000,000 shares of Common Stock, par value $ 0.001 per share (the Common Stock), and 5,000,000 shares of Preferred Stock, par value $0.001 per share (the Preferred Stock).
There are 4,000 shares of Series A Convertible Preferred Stock outstanding, which shares were issued to the Sellers as provided on Annex A.
There are 90,898,079 shares of Common Stock outstanding.
List of Optionholders, Number of Options and Exercise Price | ||||||||||||
Optionholder | Number of Options | Grant Date | Exercise Price | |||||||||
Robert Cucuel | 1,800,000 | 12/06/06 | $ | 1.00 | ||||||||
2,305,000 | 01/09/07 | $ | 1.00 | |||||||||
375,000 | 06/30/07 | $ | 1.30 | |||||||||
Mary Jane Graves | 577,500 | 12/06/06 | $ | 1.00 | ||||||||
600,000 | 01/09/07 | $ | 1.00 | |||||||||
500,000 | 06/30/07 | $ | 1.30 | |||||||||
Nitin Patel | 290,000 | 12/06/06 | $ | 1.00 | ||||||||
210,000 | 01/09/07 | $ | 1.00 | |||||||||
125,000 | 06/30/07 | $ | 1.30 | |||||||||
Joey Ryan | 290,000 | 05/21/07 | $ | 1.00 | ||||||||
180,000 | 05/21/07 | $ | 1.00 | |||||||||
125,000 | 06/30/07 | $ | 1.30 | |||||||||
Colleen Lederer | 290,000 | 02/01/07 | $ | 1.00 | ||||||||
125,000 | 06/30/07 | $ | 1.30 | |||||||||
Jonathan Manin | 75,000 | 12/06/06 | $ | 1.00 | ||||||||
75,000 | 01/09/07 | $ | 1.00 | |||||||||
100,000 | 06/30/07 | $ | 1.30 | |||||||||
Steve Slarsky | 50,000 | 04/01/07 | $ | 1.00 | ||||||||
10,000 | 06/30/07 | $ | 1.30 |
7
List of Optionholders, Number of Options and Exercise Price | ||||||||||||
Optionholder | Number of Options | Grant Date | Exercise Price | |||||||||
Lou Calamari | 50,000 | 12/06/06 | $ | 1.00 | ||||||||
10,000 | 06/30/07 | $ | 1.30 | |||||||||
John Consoletti | 50,000 | 01/09/07 | $ | 1.00 | ||||||||
10,000 | 06/30/07 | $ | 1.30 | |||||||||
Chuck Brown | 150,000 | 04/01/07 | $ | 1.00 | ||||||||
30,000 | 06/30/07 | $ | 1.30 | |||||||||
Bill Dordelman | 50,000 | 01/09/07 | $ | 1.00 | ||||||||
Yvonne McDermott | 10,000 | 01/09/07 | $ | 1.00 | ||||||||
5,000 | 06/30/07 | $ | 1.30 | |||||||||
Stacey Pressley | 10,000 | 01/09/07 | $ | 1.00 | ||||||||
5,000 | 06/30/07 | $ | 1.30 | |||||||||
Nella Turgeon | 15,000 | 01/09/07 | $ | 1.00 | ||||||||
10,000 | 06/30/07 | $ | 1.30 | |||||||||
Steve Martini | 75,000 | 01/09/07 | $ | 1.00 | ||||||||
10,000 | 06/30/07 | $ | 1.30 | |||||||||
Che Helfrich | 75,000 | 01/09/07 | $ | 1.00 | ||||||||
10,000 | 06/30/07 | $ | 1.30 | |||||||||
Robin Banner | 25,000 | 03/30/07 | $ | 1.00 | ||||||||
10,000 | 06/30/07 | $ | 1.30 | |||||||||
Mike Ahrendt | 25,000 | 04/10/07 | $ | 1.00 | ||||||||
10,000 | 06/30/07 | $ | 1.30 | |||||||||
Billy Everett | 25,000 | 03/13/07 | $ | 1.00 | ||||||||
10,000 | 06/30/07 | $ | 1.30 | |||||||||
Ken Kollmann | 40,000 | 03/19/07 | $ | 1.00 | ||||||||
15,000 | 06/30/07 | $ | 1.30 |
8
List of Optionholders, Number of Options and Exercise Price | ||||||||||||
Optionholder | Number of Options | Grant Date | Exercise Price | |||||||||
Penny Lovitt | 25,000 | 03/22/07 | $ | 1.00 | ||||||||
20,000 | 06/30/07 | $ | 1.30 | |||||||||
Misty Lang | 25,000 | 06/30/07 | $ | 1.30 | ||||||||
Maryanne Eastman | 5,000 | 06/30/07 | $ | 1.30 | ||||||||
Gary Martin | 6,000 | 06/30/07 | $ | 1.30 | ||||||||
Adrienne Fuchs | 12,500 | 06/30/07 | $ | 1.30 | ||||||||
Total | 8,931,000 |
9