AMENDMENT NO. 1 TO BUSINESS COMBINATION AGREEMENT
Exhibit 2.1
AMENDMENT NO. 1 TO BUSINESS COMBINATION AGREEMENT
THIS AMENDMENT NO. 1 TO BUSINESS COMBINATION AGREEMENT (this “Amendment”), dated as of
July 17, 2023, is made by and among Rose Hill Acquisition Corporation, an exempted company incorporated with limited liability in the Cayman Islands (“SPAC”), Inversiones e Inmobilaria GHC
Ltda, a limited liability company organized under the laws of Chile (the “Company”), and Xxxxxxxxx Xxxxxx Xxxxxxxx Empresario Individual (“AGH”).
SPAC, the Company and AGH shall be referred to herein from time to time collectively as the “Parties.” Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed to such terms in the Business Combination Agreement (as defined below).
WITNESETH:
WHEREAS, the Parties previously entered into that certain Business Combination Agreement, dated as of October 19, 2022 (as it may be amended, restated
or otherwise modified from time to time in accordance with its terms, the “Business Combination Agreement”); and
WHEREAS, the Parties desire to amend the Business Combination Agreement in certain respects as described in this Amendment.
NOW, THEREFORE, in consideration of the covenants and promises set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as follows:
1. Amendments to the Business Combination Agreement.
(a) Section 2.2(b) of the Business Combination
Agreement is hereby amended and restated in its entirety as follows:
“(b) Promptly following the Initial Contribution and in any event at least
three Business Days before the Closing Date, the Company shall contribute to Merger Sub all of the issued and outstanding equity of HoldCo and in exchange therefor Merger Sub shall issue a number of Merger Sub Ordinary Shares to the Company that
collectively have an aggregate par value equal to the Chilean Tax Value of the equity of HoldCo so contributed (together with the Initial Contribution, the “Pre-Closing Restructuring”). For purposes of this Agreement, “Chilean Tax Value” shall mean the cost for tax (“costo tributario”) purposes according to article 41 and 17 No.8 of Chilean Decree Law 824, as interpreted by General Ruling No.44 of 2016 issued by the Chilean IRS, which
corresponds to the (i) purchase price or contribution value of the applicable equity, plus (ii) any capital increase actually paid by the applicable holder, less (iii) any capital decrease paid by HoldCo, plus (iv) inflation adjustments set forth in
article 41 and 17 No.8 of the Chilean Decree Law 824.”
(b) Section 7.10(a) of the Business
Combination Agreement is hereby amended as follows (i) the reference to “During the Interim Period” is hereby deleted and replaced in its entirety with the following: “Immediately following the agreement of SPAC, the Company and applicable
investors in writing of the key economic terms of Subscription Agreements with respect to PIPE Investments that, if consummated, would result in the receipt of proceeds of at least $50,000,000 in the aggregate to New PubCo in connection with the
Closing (a “Qualifying PIPE Agreement”), but not until such time”; and (ii) the last sentence thereof is hereby deleted and replaced in its entirety with the following:
“Following the occurrence of a Qualifying PIPE Agreement, the Company shall, and shall cause the Company’s Subsidiaries to, and shall cause their
respective Representatives to, immediately cease any and all existing discussions or negotiations with any Person with respect to any Company Business Combination.”
(c) Section 7.10(c) of the Business
Combination Agreement is hereby amended to add the following sentence immediately after the last sentence thereof:
“Notwithstanding anything in this Agreement to the contrary, including the immediately
preceding sentence, this Section 7.10(c) shall only apply to the Company Parties following the occurrence of a Qualifying PIPE Agreement.”
(d) Section 9.1(b) of the Business Combination
Agreement is hereby amended and restated in its entirety as follows:
“(b) (i) by either SPAC or the Company if the Closing shall not have occurred by October 18, 2023 (the “Outside
Date”); provided, however, that the right to terminate this Agreement under this Section 9.1(b)(i) shall not be available to any Party whose action or failure to act has been
a principal cause of or resulted in the failure of the Closing to occur on or before such date and such action or failure to act constitutes a breach of this Agreement or (ii) notwithstanding anything to the contrary, prior to the occurrence of a
Qualifying PIPE Agreement, by the Company in order to concurrently enter into a merger agreement, purchase agreement, subscription agreement, or similar definitive document or agreement with respect to any Company Business Combination;”
(e) Article XI of the Business Combination is
hereby amended to add the following Section immediately following Section 11.17 thereof:
“11.18 Certain Acknowledgements. The Parties hereby acknowledge and agree that, notwithstanding anything to the contrary, any solicitation, initiation, entry into or continuation of discussions, negotiations, transactions,
encouragement of or responses to any inquiries or proposals, or provision of any information by the Company, its Subsidiaries or their respective Representatives with (or to) any Person in respect of a Company Business Combination prior to the
occurrence of a Qualifying PIPE Agreement, in each case, (i) will not breach or otherwise be in violation of any such Person’s or their Affiliate’s obligations under this Agreement or the Confidentiality Agreement, (ii) shall not be considered an
action (or failure to act) that is a principal cause of or results in the failure of the Closing to occur on or before the Outside Date and (iii) are considered expressly contemplated by this Agreement for all purposes under Section 6.1.”
2. Effect of Amendment. Except as set forth herein, all other terms and provisions of the Business Combination Agreement remain unchanged and in full force and effect. On and after the date hereof, each reference in the
Business Combination Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import shall mean and be a reference to the Business Combination Agreement as amended or otherwise modified by this Amendment. For the avoidance of doubt,
references to the phrases “the date of this Agreement” or “the date hereof”, wherever used in the Business Combination Agreement, as amended by this Amendment, shall mean October 19, 2022.
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3. Construction. This Amendment shall be governed by all provisions of the Business Combination Agreement unless context requires otherwise, including all provisions concerning construction, enforcement and governing law.
4. Entire Agreement. This Amendment together with the Business Combination Agreement and the other agreements referenced herein constitute the entire agreement and understanding of the Parties in respect of the subject
matter hereof and supersede all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby,
including that certain waiver, dated as of May 31, 2023, executed by SPAC (the “Waiver”). In the event of a conflict between the terms of the Business Combination Agreement or the
Waiver, on the one hand, and this Amendment, on the other hand, the terms of this Amendment shall prevail.
5. Counterparts. This Amendment may be executed in counterparts, all of which shall be considered one and the same document and shall become effective when such counterparts have been signed by each of the Parties and
delivered to the other Parties, it being understood that all Parties need not sign the same counterpart. Delivery by electronic transmission to counsel for the other Parties of a counterpart executed by a Party shall be deemed to meet the
requirements of the previous sentence. The exchange of a fully executed Amendment in counterparts or otherwise) in pdf, DocuSign or similar format and transmitted by facsimile or email shall be sufficient to bind the Parties to the terms and
conditions of this Amendment.
[signature page follows]
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IN WITNESS WHEREOF, each of the Parties have caused this Amendment to be executed as of the date first written above.
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ROSE HILL ACQUISITION CORPORATION
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By:
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/s/ Xxxxxx Xxxx XX
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Name: Xxxxxx Xxxx XX
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Title: Co-Chief Financial Officer
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INVERSIONES E INMOBILARIA GHC LTDA
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By:
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/s/ Xxxxxxxxx Xxxxxx Xxxxxxxx Empresario
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Name: Xxxxxxxxx Xxxxxx Xxxxxxxx Empresario
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Title: Administrator and Legal Representative
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XXXXXXXXX XXXXXX XXXXXXXX EMPRESARIO INDIVIDUAL
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/s/ Xxxxxxxxx Xxxxxx Xxxxxxxx Empresario
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[Signature Page to Amendment No. 1 to Business Combination Agreement]
