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EXHIBIT 4.22
SECOND AMENDMENT TO
REGISTRATION RIGHTS AGREEMENT
AMENDMENT, dated May 31, 2000 (this "Second Amendment Agreement"),
among Outboard Marine Corporation, a Delaware corporation (the "Company"),
Quantum Industrial Partners LDC, a Cayman Islands limited duration company
("QIP"), Greenlake Holdings II LLC, a Delaware limited liability company
("Greenlake II"), Greenlake Holdings III LLC, a Delaware limited liability
company ("Greenlake III") and Greenmarine Holdings LLC, a Delaware limited
liability company ("Greenmarine") to that certain REGISTRATION RIGHTS AGREEMENT,
dated January 28, 2000, as amended by an Amendment dated May 2, 2000 (the
"Existing Agreement"), among the Company, QIP, Greenlake II, Greenlake III and
Greenmarine. Unless otherwise set forth in this Amendment Agreement, capitalized
terms have the respective meanings assigned to them in the Existing Agreement.
WHEREAS, the the parties entered into the Existing Agreement in
connection with (i) the acquisition by QIP and Greenlake II on January 28, 2000
of an aggregate of 650,000 shares of the Company's Series A Convertible
Preferred Stock, par value $.01 per share (the "Series A Preferred Stock"), and
warrants (the "January 28 Warrants") to purchase an aggregate of 5,750,000
shares of the Company's Common Stock, and (ii) the acquisition by QIP and
Greenlake III on May 2, 2000 of $15,000,000 aggregate principal amount of the
Company's Subordinated Notes due June 1, 2000 (the "Subordinated Notes"), which
Subordinated Notes are convertible, under certain circumstances, into shares of
the Company's Series B Convertible Preferred Stock, par value $.01 per share
(the "Series B Preferred Stock"), and warrants (the "May 2 Warrants" and
together with the January 28 Warrants, the "Existing Warrants") to purchase an
aggregate of 330,000 shares of the Company's Common Stock, in order to grant to
the holders of such securities certain registration rights with respect thereto;
and
WHEREAS, the Company proposes to issue and sell to QIP and Greenlake
III or their affiliates an aggregate of 200,000 shares of the Company's Series C
Convertible Preferred Stock, par value $.01 per share (the "Series C Preferred
Stock"), and warrants (the "New Warrants") to purchase an aggregate of 846,154
shares of the Company's Common Stock pursuant to the terms of a Preferred Stock
and Warrant Purchase Agreement, dated the date hereof (the "Preferred Stock
Purchase Agreement"), among the Company, QIP and Greenlake III; and
WHEREAS, in order to induce each of QIP and Greenlake III to purchase
the Series C Preferred Stock and New Warrants from the Company, the Company has
agreed to amend the Existing Agreement to grant registration rights with respect
to the shares of Common Stock issuable upon exercise of the New Warrants or upon
conversion of the shares of Series C Preferred Stock;
WHEREAS, the Existing Agreement provides that the Existing Agreement
may amended by an amendment in writing signed by the Company and the
Stockholders
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holding Registrable Securities representing at least a majority of the aggregate
number of Registrable Securities owned by all of the Stockholders; and
WHEREAS, QIP, Greenlake II, Greenlake III and Greenmarine hold, in the
aggregate, in excess of a majority of the aggregate number of Registrable
Securities owned by all of the Stockholders;
NOW, THEREFORE, the Company, QIP, Greenlake II, Greenlake III and
Greenmarine hereby agree to amend the Existing Agreement as follows:
1. Amendments to Section 1 of the Existing Agreement (Definitions).
Section 1 of the Existing Agreement is hereby amended to delete the definitions
contained therein of the terms "Amendment Agreement," "Existing Agreement,"
"Existing Warrants," Existing Agreement," "New Warrants," "Preferred Stock" and
"Registrable Securities" in their entirety and to add the following additional
definitions:
"Existing Agreement" is defined in the preamble to the Second
Amendment Agreement.
"Existing Warrants" is defined in the first recital of the Second
Amendment Agreement.
"New Warrants" is defined in the second recital of the Second
Amendment Agreement.
"Second Amendment Agreement" means the Amendment, dated May 31,
2000, among the Company, QIP, Greenlake II, Greenlake III and Greenmarine,
to this Agreement.
"Series C Preferred Stock" is defined in the second recital of
the Second Amendment Agreement.
"Preferred Stock Purchase Agreement" is defined in the second
recital of the Second Amendment Agreement.
"Preferred Stock" means the shares of the Company's Series A
Preferred Stock, Series B Preferred Stock and Series C Preferred Stock.
"Registrable Securities" means each of the following: (a) any
and all shares of Common Stock owned by the Designated Holders after giving
effect to the consummation of the transactions contemplated by the
Preferred Stock Purchase Agreement or issued or issuable to such Designated
Holders upon conversion of shares of Preferred Stock (including, without
limitation, shares of Common Stock issued or issuable upon conversion of
any shares of Series B Preferred Stock which may be issued upon conversion
of the Subordinated Notes) or exercise of the Warrants and (b) any shares
of Common Stock issued or issuable to any of the Designated Holders with
respect to the Registrable Securities by way of stock dividend or stock
split or in connection with a combination of shares,
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recapitalization, merger, consolidation or other reorganization or
otherwise and any shares of Common Stock issuable upon conversion, exercise
or exchange thereof.
2. Amendments to Section 10 of the Exiting Agreement
(Miscellaneous).
(a) Section 10(k) of the Existing Agreement is hereby amended
and restated to read in its entirety as follow:
(k) Entire Agreement. This Agreement is intended by the
parties as a final expression of their agreement and intended to be a
complete and exclusive statement of the agreement and understanding of the
parties hereto in respect of the subject matter contained herein. There
are no restrictions, promises, warranties or undertakings, other than those
set forth or referred to herein and in the Stock Purchase Agreement, the
Subordinated Notes Purchase Agreement, the Preferred Stock Purchase
Agreement and the Stockholders' Agreement. This Agreement supersedes all
prior agreements and understandings among the parties with respect to such
subject matter.
(b) Section 10(m) of the Existing Agreement is hereby amended
and restated to read in its entirety as follow:
(m) Other Agreements. Nothing contained in this Agreement
shall be deemed to be a waiver of, or release from, any obligations any
party hereto may have under, or any restrictions on the transfer of
Registrable Securities or other securities of the Company imposed by, any
other agreement including, but not limited to, the Stock Purchase
Agreement, the Subordinated Notes Purchase Agreement, the Preferred Stock
Purchase Agreement or the Stockholders' Agreement.
3. Miscellaneous.
3.1 Headings. The headings in this Second Amendment Agreement
are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof.
3.2 GOVERNING LAW. THIS SECOND AMENDMENT AGREEMENT SHALL BE
GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE,
WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW OF ANY JURISDICTION.
3.3 Continuation of Existing Agreement. Any reference in the
Existing Agreement to "this Agreement" of "hereof" or using words of similar
meaning, shall be deemed to refer to the Existing Agreement as amended by this
Second Amendment Agreement. Except as specifically amended hereby, the Existing
Agreement shall continue in full force and effect in accordance with its terms.
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IN WITNESS WHEREOF, the undersigned have executed, or have caused to
be executed, this Second Amendment Agreement on the date first written above.
OUTBOARD MARINE CORPORATION
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: Vice President and Controller
QUANTUM INDUSTRIAL PARTNERS LDC
By: /s/ Xxxxxxx X. Xxxx
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Name: Xxxxxxx X. Xxxx
Title: Attorney in Fact
GREENLAKE HOLDINGS II LLC
By: /s/ Xxxx X. Xxxxxxxxxx
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Name: Xxxx X. Xxxxxxxxxx
Title: Vice President
GREENLAKE HOLDINGS III LLC
By: /s/ Xxxx X. Xxxxxxxxxx
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Name: Xxxx X. Xxxxxxxxxx
Title: Vice President
GREENMARINE HOLDINGS LLC
By: /s/ Xxxxxxx X. Xxxx
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Name: Xxxxxxx X. Xxxx
Title: Attorney in Fact
