HCM ACQUISITION COMPANY AMENDED AND RESTATED SECURITIES PURCHASE AGREEMENT
Exhibit 10.13
HCM ACQUISITION COMPANY
AMENDED AND RESTATED
SECURITIES PURCHASE AGREEMENT
SECURITIES PURCHASE AGREEMENT
THIS AMENDED AND RESTATED SECURITIES PURCHASE AGREEMENT (this “Amended and Restated
Agreement”) dated as of May 22, 2008 is entered into by and among HCM Acquisition Company, a
Delaware corporation (the “Company”) and each of the purchasers listed on Exhibit A
attached hereto (each individually, a “Purchaser” and collectively, the “Purchasers”).
WHEREAS, the Company and HCM Acquisition Holdings, LLC (the “Initial Purchaser”) are parties
to that certain Founder’s Securities Purchase Agreement dated as of October 4, 2007 (the “Initial
Purchase Agreement”), pursuant to which the Company sold and issued and the Initial Purchaser
purchased 7,187,500 founders’ units (the “Initial Founders’ Units”), each consisting of one share
of the Company’s common stock, par value $0.001 per share (the “Common Stock”), and one warrant to
purchase one share of Common Stock at an exercise price of $7.50 per share (the “Initial Founder
Units” ), for an aggregate purchase price of $25,000;
WHEREAS, the Initial Purchaser and each of the other Purchasers (such other Purchasers, the
“Subsequent Purchasers”) are parties to that certain Securities Purchase Agreement dated as of
November 15, 2007 (the “Subsequent Securities Purchase Agreement”, and together with the Initial
Purchase Agreement the “Purchase Agreements”), pursuant to which the Initial Purchaser sold to the
Subsequent Purchasers and the Subsequent Purchasers purchased from the Initial Purchaser certain of
the Initial Founders’ Units in the respective amounts set forth opposite each Purchaser’s name on
Exhibit A hereto under the heading “Aggregate Purchase Price for Units Purchased Pursuant
to the Purchase Agreements”;
WHEREAS, pursuant to the Initial Purchase Agreement, and concurrent with the closing of the
Initial Public Offering (as defined below), the Initial Purchaser was obligated to purchase and the
Company was obligated to issue and sell 5,000,000 private placement warrants (the “Initial Private
Placement Warrants”), each to purchase one share of Common Stock at an exercise price of $7.50 per
share, for an aggregate purchase price of $5,000,000 (the “Private Placement Warrant Obligation”);
WHEREAS, the Company intends to file an amended registration statement (the “Registration
Statement”) for the initial public offering of units (the “Initial Public Offering”), each unit
consisting of .8 of a share of Common Stock and one subunit, which subunit consists of .2 of a
share of Common Stock and one warrant to purchase one share of Common Stock at an exercise price of
$7.50 per share; and
WHEREAS, the Company and the Purchasers desire to enter into this Amended and Restated
Agreement and thereby amend in its entirety each of the Purchase Agreements in order to (x)
effectuate the exchange by the Purchasers of their Initial Founders’ Units for an equal number of
new founders’ units (the “New Founders’
Units”), each consisting of .45 of a share of Common Stock
(the “Founders’ Shares”) and one warrant to purchase one share of Common Stock at an exercise price
of $10.00 per share (the “Founders’ Warrants”) and (y) alter the Private Placement Warrant
Obligation, so that in lieu of such obligation the Initial Purchaser shall be obligated to purchase
and the Company shall be obligated to issue and sell, subject to the terms of this Amended and
Restated Agreement, 500,000 private placement units (the “Private Placement Units”), each
consisting of .8 of a share of Common Stock (the “.8 Private Placement Shares”) and one subunit (the
“Private Placement Subunits”), which consists
of .2 of a share of Common Stock (the “.2 Private Placement
Shares”, and together with the .8 Private Placement Shares the
“Private Placement Shares”) and one warrant to
purchase one share of Common Stock at an exercise price of $7.50 per share (the “Private Placement
Warrants”) for an aggregate purchase price of
$5,000,000 (the “Private Placement Units Purchase Price”), simultaneously with the
consummation of the Initial Public Offering.
NOW THEREFORE, in consideration of the mutual promises contained in this Amended and Restated
Agreement and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Amended and Restated Agreement hereby agree as follows:
Section 1. Authorization, Purchase and Sale; Terms of the Securities.
A. Authorization of the Securities. The Company has duly authorized:
(i) the issuance of the New Founders’ Units to the Purchasers in exchange for the Initial
Founders’ Units and the issuance of the underlying Founders’ Shares and Founders’ Warrants as well
as the shares of Common Stock underlying each of the Founders’ Warrants (collectively the
“Founders’ Securities”); and
(ii) the issuance and sale of the Private Placement Units to the Initial Purchaser and the
issuance of the underlying Private Placement Subunits, Private Placement Shares and Private
Placement Warrants and the shares of Common Stock underlying the Private Placement Warrants
(collectively, the “Private Placement Securities” and together with the Founders’ Securities, the
“Securities”).
B. Exchange of Initial Founders’ Units for New Founders’ Units and the Purchase and Sale
of the Private Placement Units. Concurrently with the execution and delivery of this Amended
and Restated Agreement, in the case of the New Founders’ Units, and concurrently with the closing
of the Initial Public Offering, in the case of the Private Placement Units, or as each such date
may be extended from time to time by mutual agreement of the parties (in each case, the “Closing
Date”):
(i) the Company shall issue one New Founders’ Unit to the Purchasers in exchange for each of
the Initial Founders’ Units and the Purchasers shall exchange each Initial Founders’ Units for one
New Founders’ Unit in accordance with Schedule 1 hereto; and
(ii) the Company shall issue and sell to the Initial Purchaser and the Initial Purchaser shall
purchase from the Company the Private Placement Units for the Private Placement Units Purchase
Price.
On the applicable Closing Date, the Company shall deliver certificates evidencing the New
Founders’ Units, Founders’ Shares and Founders’ Warrants, or the Private Placement Units, Private
Placement Shares, Private Placement Subunits and Private Placement Warrants, as the case may be, to
be exchanged for or purchased by the Purchasers hereunder, in each case registered in each such
Purchaser’s name, upon, as the case may be, the surrender of a certificate representing the Initial
Founders’ Units or payment by such Purchasers of the Private Placement Units Purchase Price by wire
transfer of immediately available funds (as applicable, or by such other means as the Company and
the Purchasers shall agree) to the Company in accordance with the Company’s wiring instructions.
The parties hereto agree and acknowledge that the exchange of the Initial Founders’ Units for the
Founders Units contemplated hereby is an exchange described in Sections 368(a)(1)(E) and/or 1036 of
the Internal Revenue Code of 1986, as amended, and no party shall file any tax return or take any
other position inconsistent with the foregoing.
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C. Terms of the New Founders’ Units, Private Placement Units, Private Placement Subunits,
Founders’ Shares, Private Placement Shares, Founders’ Warrants and Private Placement Warrants.
(i)
New Founders’ Units: Each New Founders’ Unit shall consist of one Founders’ Share
and one Founders’ Warrant and shall have the terms set forth in the Unit Certificate attached as
Exhibit B hereto.
(ii) Private Placement Units: Each Private Placement Unit shall consist of one
Private Placement Share and one Private Placement Subunit and shall have the terms set forth in
the Unit Certificate attached as Exhibit C hereto.
(iii) Private Placement Subunits: Each Private Placement Subunit shall consist of .2
of a share of Common Stock and one Private Placement Warrant and shall have the terms set forth
in the Unit Certificate attached as Exhibit D hereto.
(iv) Founders’ Shares: The Founders’ Shares shall have the terms set forth in the
Certificate of Incorporation of the Company and the Founders’ Share Certificate attached as
Exhibit E hereto. Without limiting the foregoing, the
Purchasers hereby expressly agree that (i) in connection with the
stockholder vote required to approve a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or other
similar business combination with one or more businesses or assets
(an “Initial Business Combination”),
the Purchasers agree to vote the Founders’ Shares in accordance with a majority of the shares of
Common Stock voted by holders of shares of Common Stock issued in the Initial Public Offering and
(ii) the Purchasers agree to waive any right to participate in any liquidation distribution to
the extent set forth in Section 3.D of this Amended and Restated Agreement.
(v) Private Placement Shares: The Private Placement Shares shall have the terms set
forth in the Certificate of Incorporation of the Company and the Private Placement Share
Certificate attached as Exhibit F hereto. Without limiting the foregoing, the Initial
Purchaser hereby expressly agrees that (i) in connection with the stockholder vote required to
approve an Initial Business Combination the Initial Purchaser agrees to vote the Private Placement Shares in
accordance with a majority of the shares of Common Stock voted by holders of shares of Common
Stock issued in the Initial Public Offering and (ii) the Initial Purchaser agrees to waive any
right to participate in any liquidation distribution to the extent set forth in Section 3.D of
this Amended and Restated Agreement.
(vi) Founders’ Warrants: The Founders’ Warrants shall have the terms set forth in
the Warrant Agreement set forth as Exhibit G hereto.
(vii) Private Placement Warrants: The Private Placement Warrants shall have the
terms set forth in the Warrant Agreement set forth as Exhibit G hereto, as such terms may
be amended prior to the applicable Closing Date with the consent of
the Initial Purchaser, which consent
shall be evidenced by the purchase of the Private Placement Units on the applicable Closing Date.
(viii) Transfer Restrictions: In addition to the restrictions on transfer set forth
in Section 9 hereof, the Purchasers shall not sell or transfer the New Founders’ Units, Founders’
Shares, Founders’ Warrants or the shares of
Common Stock underlying the Founders’ Warrants for a period of one
year from the date the Company consummates its Initial Business Combination except to (a) the Company’s
officers, directors or employees or other persons or entities associated or affiliated with
Highland Capital Management, L.P. and its affiliates, (b) a member of the Purchaser’s immediate
family or a trust, the beneficiary of which is a member of the Purchaser’s immediate family, an
affiliate of the Purchaser or a charitable organization, (c) a
transferee by virtue of the laws of descent and
distribution upon death of the Purchaser, (d) with respect to
the Initial Purchaser, a transferee by virtue of the laws
of the state of Delaware or the Initial Purchaser’s organizational documents upon dissolution of the
Initial Purchaser, or (e) a transferee pursuant to a qualified domestic relations order (each, a “Permitted
Transferee”), in each case, provided that the transferree agrees in writing with the
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Company to be subject to such transfer restrictions, to vote the Founders’ Shares as
provided in (iv) above; waive any right to participate in any liquidation distribution as
provided in (iv) above and agrees to the adjustment of the New Founders’ Units as provided in (x)
below. During this period, the Purchasers and their Permitted Transferees shall retain all other
rights of holders of shares of Common Stock, including, without limitation, the right to vote
their shares (except as described above with respect to an Initial Business Combination) and the right to
receive cash dividends, if declared. If dividends are declared and payable in shares, such
dividends will also be subject to the restrictions contained in this Section 1.C.(viii). In
addition to the restrictions on transfer set forth in Section 9 hereof, the Initial Purchaser
shall not sell or transfer the Private Placement Units, the Private Placement Shares, the Private
Placement Subunits, the Private Placement Warrants or the shares of Common Stock underlying the Private Placement Warrants until after the date the
Company consummates its Initial Business Combination except to a
Permitted Transferee, provided that the transferee agrees in writing
with the Company to be subject to such transfer restrictions, to vote
the Private Placement Shares as provided in (v) above and to waive any
right to participate in any liquidation distribution as provided in
(v) above. The Initial Purchaser acknowledges that the Private Placement Units, the Private Placement
Shares, the Private Placement Subunits, the Private Placement Warrants and the shares of Common Stock
underlying the Private Placement Warrants are subject to
the restrictions on transfer set forth in the Warrant Agreement. The .2 of a share of Common
Stock and the Private Placement Warrant comprising each Private Placement Subunit will not be separable until the
open of trading on the first trading day after the Company
consummates its Initial Business Combination.
On the open of trading on the first trading day after the Company
consummates its Initial Business
Combination, each Private Placement Subunit will automatically separate into .2 of a share of
Common Stock and one Private Placement Warrant. Consequently, at such time each Private Placement
Unit will consist of one Private Placement Share and one Private Placement Warrant.
(ix) Registration Rights: In connection with the closing of the Initial Public
Offering, the Company and the Purchasers shall enter into an agreement (the “Registration Rights
Agreement”) granting the Purchasers registration rights with respect to the Securities.
(x) Adjustment of New Founders’ Units:
(a) If the underwriters with respect to the Initial Public Offering do not exercise the
over-allotment option proposed to be granted to them by the Company, the Purchasers and any
Permitted Transferees agree to forfeit to the Company for no consideration a number of New
Founders’ Units necessary to represent 20% of the sum of the number of units sold in the Initial
Public Offering and the number of New Founders’ Units outstanding after the consummation of the
Initial Public Offering and the expiration or exercise of the over-allotment option. The Purchasers
and any Permitted Transferees agree to take any and all action reasonably requested by the Company
necessary to effect any adjustment pursuant to this paragraph (x)(a). The Company will not make any
cash or other payment to the Purchasers or any Permitted Transferees in respect of any such
adjustment.
(b) If the number of units offered to the public in connection with the Initial Public
Offering is increased or decreased, the Purchasers and any Permitted Transferees agree with the
Company and the Company hereby agrees with the Purchasers and any Permitted Transferees that the
New Founders’ Units (including the New Founders’ Units subject to forfeiture) will be adjusted in
the same proportion as the increase or decrease of the units offered to the public. The Purchasers
and any Permitted Transferees agree to take any and all action reasonably requested by the Company
necessary to effect any adjustment pursuant to this paragraph (x)(b); provided that the Company
will not make or receive any cash or other payment to or from the Purchasers or any Permitted
Transferees in respect of any such adjustment.
(c) If more than 20%, but less than 40% of the shares underlying the units sold in the Initial
Public Offering are converted by the public stockholders in connection with the
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Initial Business Combination, each Purchaser will forfeit a percentage of its New Founders’ Units
equal to the percentage of the shares underlying the units sold in the Initial Public Offering in
excess of 20% that are converted by the public stockholders (e.g., if 30% of the shares underlying
the units sold in the Initial Public Offering are converted, the Purchaser will forfeit 10% of
his New Founders’ Units).
(d) The Purchasers acknowledge and agree that any additional units it may hold pursuant to
(x)(a) and (x)(b) above (A) shall be subject to the voting, waiver of liquidation, transfer
restrictions and adjustment provisions set forth in this Amended and Restated Agreement, and (B)
shall bear the legend set forth in Section 9.A(i) below.
Section 2. Representations and Warranties of the Company.
As a material inducement to the Purchasers to enter into this Amended and Restated Agreement
and exchange their Initial Founders’ Units for the New Founders’ Units and to purchase the Private
Placement Units, the Company hereby represents and warrants to the Purchasers as of the date hereof
and the applicable Closing Date that:
A. Organization and Corporate Power. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware and is qualified to
do business in every jurisdiction in which the failure to so qualify would reasonably be expected
to have a material adverse effect on the financial condition, operating results or assets of the
Company. The Company possesses all requisite corporate power and authority necessary to carry out
the transactions contemplated by this Amended and Restated Agreement and the Warrant Agreement.
B. Authorization; No Breach.
(i) The execution and delivery of this Amended and Restated Agreement, the Warrant Agreement,
the Founders’ Warrants and the Private Placement Warrants and performance of this Amended and
Restated Agreement and the Warrant Agreement have been duly authorized by the Company as of the
applicable Closing Date. This Amended and Restated Agreement constitutes the valid and binding
obligation of the Company, enforceable against it in accordance with its terms. The Warrant
Agreement, and upon issuance in accordance with, and payment pursuant to, the terms of the Warrant
Agreement and this Amended and Restated Agreement, the Founders’ Warrants and the Private Placement
Warrants, constitute valid and binding obligations of the Company, enforceable against it in
accordance with their respective terms as of the applicable Closing Date.
(ii) The execution and delivery by the Company of this Amended and Restated Agreement, the
Warrant Agreement and the exchange of the Initial Founders’ Units for the New Founders’ Units and
the sale and issuance of each of the Securities and the fulfillment of and compliance with the
respective terms hereof and thereof by the Company, do not and will not as of the applicable
Closing Date (i) conflict with or result in a breach of the terms, conditions or provisions of,
(ii) constitute a default under, (iii) result in the creation of any lien, security interest,
charge or encumbrance upon the Company’s capital stock or assets, (iv) result in a violation of, or
(v) require any authorization, consent, approval, exemption or other action by or notice or
declaration to, or filing with, any court or administrative or governmental body or agency pursuant
to the Certificate of Incorporation of the Company or the bylaws of the Company, or any material
law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment
or decree to which the Company is subject, except for any filings required after the date hereof
under federal or state securities laws.
C. Title to Securities. Upon issuance in accordance with, and any applicable payment
pursuant to, the terms hereof and the Warrant Agreement, as the case may be, each of the Securities
will be duly
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and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and any
applicable payment pursuant to, the terms hereof and the Warrant Agreement, as the case may be, the
Purchasers will have or receive good title to the Securities, free and clear of all liens, claims
and encumbrances of any kind, other than (a) transfer restrictions hereunder and under the other
agreements contemplated hereby, (b) transfer restrictions under federal and state securities laws,
and (c) liens, claims or encumbrances imposed due to the actions of the Purchasers.
D. Governmental Consents. No permit, consent, approval or authorization of, or
declaration to or filing with, any governmental authority is required in connection with the
execution, delivery and performance by the Company of this Amended and Restated Agreement or the
Warrant Agreement, or the consummation by the Company of any other transactions contemplated
hereby.
Section 3. Representations and Warranties of the Purchasers.
As a material inducement to the Company to enter into this Amended and Restated Agreement and
exchange the Purchasers’ Initial Founders’ Units for the New Founders’ Units and issue and sell the
Private Placement Units, the Purchasers hereby individually represent and warrant to the Company as
of the date hereof and the applicable Closing Date that:
A. Capacity and State Law Compliance. The Purchasers have engaged in the transactions
contemplated by this Amended and Restated Agreement within a state in which the offer and sale of
the Securities is permitted under applicable securities laws. The Purchasers understand and
acknowledge that the purchase of Shares upon the exercise of the Private Placement Warrants and the
Founders’ Warrants will require the availability of an exemption from registration under federal
and/or state securities laws and that any sale of such Shares shall require registration or the
availability of an exemption from registration under federal and/or state securities laws.
B. Authorization; No Breach.
(i) The
execution and delivery of this Amended and Restated Agreement, the
Warrant Agreement, the Founders’ Warrants and the Private
Placement Warrants and performance of this Amended and Restated
Agreement and the Warrant Agreement have been duly authorized by the
Initial Purchaser as of the applicable Closing Date. This Amended and Restated Agreement constitutes a valid and binding obligation of each of
the Purchasers, enforceable against it or him in accordance with its terms.
(ii) The execution and delivery by the Purchasers of this Amended and Restated Agreement and
the fulfillment of and compliance with the respective terms hereof by each Purchaser does not and
shall not as of the applicable Closing Date conflict with or result in a breach of the terms,
conditions or provisions of the certificate of formation or limited liability company agreement of
any Purchaser, or any other agreement, instrument, order, judgment or decree to which any Purchaser
is subject.
C. Investment Representations.
(i) Each Purchaser is acquiring the Securities for its own account, for investment only and
not with a view towards, or for resale in connection with, any public sale or distribution thereof.
(ii) Each Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of
Regulation D.
(iii) Each Purchaser understands that the Securities are being offered and will be exchanged
with or sold to it in reliance on specific exemptions from the registration requirements of the
United States federal and state securities laws and that the Company is relying upon the truth and
accuracy of, and the Purchaser’s compliance with, the representations and warranties of such
Purchaser
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set forth herein in order to determine the availability of such exemptions and the eligibility
of such Purchaser to acquire such Securities.
(iv) None of the Purchasers decided to enter into this Amended and Restated Agreement as a
result of any general solicitation or general advertising within the meaning of Rule 502(c) under
the Securities Act of 1933, as amended (the “Securities Act”).
(v) Each Purchaser has been furnished with all materials relating to the business, finances
and operations of the Company and materials relating to the exchange or offer and sale of the
Securities which have been requested by such Purchaser. Each Purchaser has been afforded the
opportunity to ask questions of the executive officers and directors of the Company. Each
Purchaser understands that its investment in the Securities involves a high degree of risk. Each
Purchaser has sought such accounting, legal and tax advice as such Purchaser has considered
necessary to make an informed investment decision with respect to such Purchaser’s acquisition of
the Securities.
(vi) Each Purchaser understands that no United States federal or state agency or any other
government or governmental agency has passed on or made any recommendation or endorsement of the
Securities or the fairness or suitability of the investment in the Securities by such Purchaser nor
have such authorities passed upon or endorsed the merits of the offering of the Securities.
(vii) Each Purchaser understands that: (a) the Securities have not been and are not being
registered under the Securities Act or any state securities laws, and may not be offered for sale,
sold, assigned or transferred unless (A) subsequently registered thereunder or (B) sold in reliance
on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights
Agreement, neither the Company nor any other person is under any obligation to register the
Securities under the Securities Act or any state securities laws or to comply with the terms and
conditions of any exemption thereunder. In this regard, each Purchaser understands that the
Securities and Exchange Commission has taken the position that promoters or affiliates of a blank
check company and their transferees, both before and after a business combination, are deemed to be
“underwriters” under the Securities Act when reselling the securities of a blank check company.
Recently adopted amendments to Rule 144 expand this position by prohibiting the use of Rule 144 for
resale of securities used by any shell companies (other than business combination related shell
companies) or any issuer that has been at any time previously a shell
company. The amendments to Rule 144 provide exception to this prohibition if certain conditions
are met. Based on that position, Rule 144 would be available for
resale transactions of New Founders’ Units, Founders’
Shares,
Private Placement Units, Private Placement Subunits and Private
Placement Shares without
registration one year after the completion of the Initial Business Combination. Each Purchaser is able to
bear the economic risk of its investment in the Securities for an indefinite period of time.
(viii) Each Purchaser has such knowledge and expertise in financial and business matters,
knows of the high degree of risk associated with investments generally and particularly investments
in the securities of companies in the development stage such as the Company, is capable of
evaluating the merits and risks of an investment in the Securities and is able to bear the economic
risk of an investment in the Securities in the amount contemplated hereunder. Each Purchaser has
adequate means of providing for its current financial needs and contingencies and will have no
current or anticipated future needs for liquidity which would be jeopardized by the investment in
the Securities. Each Purchaser can afford a complete loss of its investment in the Securities.
D. Waiver of Right to Amounts in the Trust Account and Indemnification.
(i) Each Purchaser hereby waives any and all right, title, interest or claim of any kind in or
to any distribution of the trust account established by the Company for the deposit of proceeds
from the Initial Public Offering and the sale of the Private Placement Units, as a result of any
liquidation
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of the trust account, with respect to the Founders’ Shares and Private Placement Shares
(“Claim”) and hereby waives any Claim it may have in the future as a result of, or arising out of,
any contracts or agreements with the Company and will not seek recourse against the trust account
for any reason whatsoever except for any amounts to which it may be entitled upon liquidation of
the Company in respect of such Purchaser’s ownership of Common Stock
other than the Founders’ Shares and
Private Placement Shares.
(ii) Each Purchaser acknowledges and agrees that the stockholders of the Company, including
those who purchase the units in the Initial Public Offering, are and shall be third-party
beneficiaries of the foregoing provisions of Section 3.D. of this Amended and Restated Agreement.
(iii) Each Purchaser agrees that to the extent any waiver of rights under this Section 3.D. is
ineffective as a matter of law, such Purchaser has offered such waiver for the benefit of the
Company as an equitable right that shall survive any statutory disqualification or bar that applies
to a legal right. Each Purchaser acknowledges the receipt and sufficiency of consideration
received from the Company hereunder in this regard.
Section 4. Conditions of the Purchasers’ Obligations.
The obligation of the Purchasers to exchange their Initial Founders’ Units for the New
Founders’ Units and to purchase and pay for the Private Placement Units is subject to the
fulfillment, on or before the applicable Closing Date, of each of the following conditions:
A. Representations and Warranties. The representations and warranties of the Company
contained in Section 2, shall be true and correct at and as of the applicable Closing Date as
though then made.
B. Performance. The Company shall have performed and complied with all agreements,
obligations and conditions contained in this Amended and Restated Agreement that are required to be
performed or complied with by it on or before the applicable Closing Date.
C. No Injunction. No litigation, statute, rule, regulation, executive order, decree,
ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court
or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Amended and Restated Agreement or the Warrant Agreement.
Section 5. Conditions of the Company’s Obligations.
The obligations of the Company to the Purchasers under this Amended and Restated Agreement are
subject to the fulfillment, on or before the applicable Closing Date, of each of the following
conditions:
A. Representations and Warranties. The representations and warranties of the
Purchasers contained in Section 3 shall be true and correct at and as of the applicable Closing
Date as though then made.
B. Performance. Each Purchaser shall have performed and complied with all agreements,
obligations and conditions contained in this Amended and Restated Agreement that are required to be
performed or complied with by it on or before the applicable Closing Date.
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C. Corporate Consents. The Company shall have obtained the consent of its Board of
Directors authorizing the execution, delivery and performance of this Amended and Restated
Agreement and the Warrant Agreement and the issuance and sale of the New Founders’ Units and the
Private Placement Units.
D. No Injunction. No litigation, statute, rule, regulation, executive order, decree,
ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court
or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Amended and Restated Agreement or the Warrant Agreement.
Section 6. Termination.
This Amended and Restated Agreement may be terminated at any time prior to the applicable
Closing Date as it relates only to the Securities to be exchanged or purchased pursuant to this
Amended and Restated Agreement on and after such Closing Date upon the unanimous written consent of
the Company and the Purchasers.
Section 7. Survival of Representations and Warranties.
All of the representations and warranties contained herein shall survive the applicable
Closing Date.
Section 8. Definitions.
Terms used but not otherwise defined in this Amended and Restated Agreement shall have the
meaning assigned such terms in the Registration Statement.
Section 9. Miscellaneous.
A. Legends; Transfer Restrictions.
(i) Legends. The certificates evidencing the New Founders’ Units and the Founders’
Shares will include the legend set forth on Exhibits B and E hereto, respectively,
which the Purchasers have read and understand. The certificate evidencing the Private Placement
Subunit will include the legend set forth on Exhibit D hereto. The certificates evidencing
the Private Placement Units and the Private Placement Shares will include the legend set forth on
Exhibits C and F respectively. The Founders’ Warrants, the Private Placement
Warrants and Common Stock issued upon exercise of the Private Placement Warrants and the Founders’
Warrants (as defined in the Warrant Agreement) will include the legend set forth in Exhibits
G to the Warrant Agreement in the case of the Warrants and in the Warrant Agreement in the case
of the Common Stock, which the Purchasers have read and understand.
(ii) Transfer Restrictions. By accepting the Securities, the Purchasers agree, prior
to any transfer of the Securities, to give written notice to the Company expressing its desire to
effect such transfer and describing briefly the proposed transfer. Upon receiving such notice, the
Company shall present copies thereof to its counsel and the Purchasers agree not to make any
disposition of all or any portion of the Securities unless and until:
(a) there is then in effect a registration statement under the Securities Act covering such
proposed disposition and such disposition is made in accordance with such registration
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statement, in which case the legends set forth above with respect to the Securities sold
pursuant to such registration statement shall be removed; or
(b) if reasonably requested by the Company, (A) the Purchasers shall furnish the Company with
an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not
require registration of such Securities under the Securities Act, (B) the Company shall have
received customary representations and warranties regarding the transferee that are reasonably
satisfactory to the Company signed by the proposed transferee and (C) the Company shall have
received an agreement by such transferee to the restrictions contained in the legends referred to
in (i) hereof.
Notwithstanding the foregoing, the Purchasers also understand and acknowledge that the
transfer of the New Founders’ Units, Founders’ Shares, Founders’ Warrants, the Private Placement
Units, Private Placement Shares, Private Placement Subunits, Private Placement Warrants and the
exercise of the Founders’ Warrants and the Private Placement Warrants are subject to the specific
conditions to such transfer or exercise as outlined herein and the Warrant Agreement as to which
the Purchasers specifically assent by their execution hereof.
(iii) Stop Transfer Notations. The Company may, from time to time, make stop transfer
notations in its records and deliver stop transfer instructions to its transfer agent to the extent
its counsel considers it necessary to ensure compliance with federal and state securities laws and
the transfer restrictions contained elsewhere in this Amended and Restated Agreement and the
Warrant Agreement.
B. Entire Agreement. This Amended and Restated Agreement and the Exhibits referred to
herein and the documents delivered pursuant hereto contain the entire understanding of the parties
hereto with regard to the subject matter contained herein or therein, and supersede all prior
agreements, understandings between or among any of the parties hereto, including but not limited to
each of the Purchase Agreements each of which are hereby terminated.
C. Successors and Assigns. Except as otherwise expressly provided herein, all
covenants and agreements contained in this Amended and Restated Agreement by or on behalf of any of
the parties hereto shall bind and inure to the benefit of the respective successors of the parties
hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary
herein, the parties may not assign this Amended and Restated Agreement.
D. Severability. Whenever possible, each provision of this Amended and Restated
Agreement shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Amended and Restated Agreement is held to be prohibited by or invalid
under applicable law, such provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of this Amended and Restated Agreement.
E. Counterparts. This Amended and Restated Agreement may be executed simultaneously
in two or more counterparts, none of which need contain the signatures of more than one party, but
all such counterparts taken together shall constitute one and the same agreement.
F. Descriptive Headings; Interpretation. The descriptive headings of this Amended and
Restated Agreement are inserted for convenience only and do not constitute a substantive part of
this Amended and Restated Agreement. The use of the word “including” in this Amended and Restated
Agreement shall be by way of example rather than by limitation.
G. Governing Law. This Amended and Restated Agreement shall be deemed to be a
contract made under the laws of the State of New York and for all purposes shall be construed in
accordance with
10
the internal laws of said State. Each of the parties hereto also irrevocably waives all right
to trial by jury in any action, proceeding or counterclaim arising out of this Amended and Restated
Agreement or the transactions contemplated hereby.
H. Notices. All notices, demands or other communications to be given or delivered
under or by reason of the provisions of this Amended and Restated Agreement shall be in writing and
shall be deemed to have been given when delivered personally to the recipient, sent to the
recipient by reputable overnight courier service (charges prepaid) or mailed to the recipient by
certified or registered mail, return receipt requested and postage prepaid. Such notices, demands
and other communications shall be sent:
If to the Company:
|
HCM Acquisition Company | |
NexBank Tower | ||
13000 Xxxx Xxxx, Xxxxx 000 | ||
Xxxxxx, XX 00000 | ||
Fax No.: (000) 000-0000 | ||
If to the Initial Purchaser:
|
HCM Acquisition Holdings LLC | |
NexBank Tower | ||
13000 Xxxx Xxxx, Xxxxx 000 | ||
Xxxxxx, XX 00000 | ||
Fax No.: (000) 000-0000 | ||
With a copy (not constituting notice)
to:
|
Xxx Xxxxxxxxxxx | |
Xxxxxxx XxXxxxxxx LLP | ||
390 Xxxx Xxxxxx | ||
Xxx Xxxx, XX 00000 | ||
Fax No.: (000) 000-0000 | ||
If to any other Purchaser:
|
To the address set forth below such | |
Purchaser’s name on the signature | ||
pages hereto. |
or to such other address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party.
I. No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Amended and Restated Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Amended and Restated Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any of the provisions of this
Amended and Restated Agreement.
[SIGNATURE PAGE FOLLOWS]
11
IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Securities
Purchase Agreement as of the date first written above.
COMPANY: HCM ACQUISITION COMPANY |
||||
By | /s/ Xxxxxx Xxxxxxxxx | |||
Name: | ||||
Title: | ||||
PURCHASERS: | ||||
HCM ACQUISITION HOLDINGS, LLC | ||||
By: | Highland Capital Management, L.P., | |||
its sole member By: Strand Advisors, Inc., its general partner |
||||
By: | /s/ Xxxxx Xxxxxxx | |||
Name: | ||||
Title: | ||||
By: | /s/ Xxxxxxx X. Xxx | |||
Xxxxxxx X. Xxx | ||||
Address: | ||||
By: | /s/ Xxxxx X. Xxxxxxxxx | |||
Xxxxx X. Xxxxxxxxx | ||||
Address: | ||||
By: | /s/ Xxxxx X. Xxxxx | |||
Xxxxx X. Xxxxx | ||||
Address: | ||||
By: | /s/ Xxxxx X. Xxxx | |||
Xxxxx X. Xxxx | ||||
Address: | ||||
[Signature Page to Amended and Restated Securities Purchase Agreement]
Exhibit A
SCHEDULE OF PURCHASERS
Aggregate Purchase | Units Exchanged | |||||||||||
Price for Units | Pursuant to | |||||||||||
Units Purchased | Purchased Pursuant | Amended and | ||||||||||
Pursuant to the | to the Purchase | Restated | ||||||||||
Purchaser | Purchase Agreements | Agreements | Agreement | |||||||||
HCM Acquisition
Holdings, LLC* |
7,153,000 | 1 | $ | 24,880.00 | 2 | 7,153,000 | ||||||
Xxxxxxx X. Xxx |
8,625 | $ | 30.00 | 8,625 | ||||||||
Xxxxx X. Xxxxxxxxx |
8,625 | $ | 30.00 | 8,625 | ||||||||
Xxxxx X. Xxxxx |
8,625 | $ | 30.00 | 8,625 | ||||||||
Xxxxx X. Xxxx |
8,625 | $ | 30.00 | 8,625 | ||||||||
Total |
7,187,500 | $ | 25,000.00 | 7,187,500 |
* | Initial Purchaser | |
1 | The figure shown takes into account the 34,500 shares in the aggregate that the Initial Purchaser sold to the other Purchasers pursuant to the Subsequent Securities Purchase Agreement. | |
2 | Purchase price reflects amount paid by Initial Purchaser less amount received from Purchasers pursuant to Subsequent Securities Purchase Agreement. |
Exhibit B
SPECIMEN OF NEW FOUNDERS’ UNIT CERTIFICATE
Exhibit C
SPECIMEN OF PRIVATE PLACEMENT UNIT CERTIFICATE
Exhibit D
SPECIMEN OF PRIVATE PLACEMENT SUBUNIT CERTIFICATE
Exhibit E
SPECIMEN OF FOUNDERS’ COMMON STOCK CERTIFICATE
Exhibit F
SPECIMEN OF PRIVATE PLACEMENT COMMON STOCK CERTIFICATE
Exhibit G
WARRANT AGREEMENT
(Attached hereto)
Schedule 1
Exchange of Initial Founders’ Units for New Founders’ Units
Initial Founders’ | New Founders’ | |||||||
Purchaser | Unxxx0 | Xxxxx0 | ||||||
HCM Acquisition Holdings, LLC |
7,153,000 | 7,153,000 | ||||||
Xxxxxxx X. Xxx |
8,625 | 8,625 | ||||||
Xxxxx X. Xxxxxxxxx |
8,625 | 8,625 | ||||||
Xxxxx X. Xxxxx |
8,625 | 8,625 | ||||||
Xxxxx X. Xxxx |
8,625 | 8,625 | ||||||
Total |
7,187,500 | 7,187,500 |
1 | Consists of one share of Common Stock and one warrant to purchase one share of Common Stock at an exercise price of $7.50 per share. | |
2 | Consists of .45 of a share of Common Stock and one warrant to purchase one share of Common Stock at an exercise price of $10.00. |