EXHIBIT 4.8
AMENDMENT NO. 1
TO AMENDED AND RESTATED
RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT
THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND
CO-SALE AGREEMENT ("Amendment") is made and entered into as of August 11, 1999,
by and among SYMBION, INC., a Tennessee corporation formerly named "UniPhy
Healthcare, Inc." (the "Company"), and those Persons identified on Exhibit A
attached hereto (collectively, the "Investors" and each individually an
"Investor").
R E C I T A L S:
WHEREAS, the Company and the Investors are parties to that certain
Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of
June 25, 1999 (the "Right of First Refusal and Co-Sale Agreement");
WHEREAS, the Company and certain of the Investors are parties to that
certain Securities Purchase Agreement, dated as of July 6, 1999 (the "Purchase
Agreement");
WHEREAS, Section 1(B) of the Purchase Agreement grants an option (the
"Option") of limited duration to Richland Ventures III, L.P. ("RVIII") to
purchase up to 3,191,489 shares (the "Option Shares") of the common stock, no
par value (the "Common Stock"), of the Company, at a purchase price of $1.88 per
share;
WHEREAS, in the event that RVIII purchases the Option Shares, the
Company and the Investors desire that RVIII obtain the rights and obligations of
an "Investor" and an "ARC Key Shareholder" under the Right of First Refusal and
Co-Sale Agreement;
WHEREAS, the Company may, pursuant to Section 1(C) of the Purchase
Agreement, issue and sell up to 5,319,149 shares (the "Reserve Shares") of
Common Stock (including the Option Shares) to any person or entity (each, a
"Reserve Share Purchaser");
WHEREAS, in the event that a Reserve Share Purchaser purchases Reserve
Shares, the Company and the Investors may desire that such Reserve Share
Purchaser have the rights and obligations of an "Investor," a "UniPhy Preferred
Shareholder," a "UniPhy Founder" or an "ARC Key Shareholder" under the Right of
First Refusal and Co-Sale Agreement;
WHEREAS, the Company and the Investors desire to amend the Right of
First Refusal and Co-Sale Agreement as set forth in this Amendment, pursuant to
Section 6(c) of the Right of First Refusal and Co-Sale Agreement; and
WHEREAS, capitalized terms used herein without definition shall have
the same meanings ascribed to such terms in the Right of First Refusal and
Co-Sale Agreement.
NOW, THEREFORE, in consideration of the foregoing and the respective
covenants and agreements contained herein, the sufficiency of which is hereby
acknowledged, the parties hereby agree and consent to the following:
A G R E E M E N T:
1. RVIII Amendment. The Right of First Refusal and Co-Sale Agreement is
hereby amended by adding and appending the following as Section 7 of the Right
of First Refusal and Co-Sale Agreement:
7. Addition of RVIII as a Party. Notwithstanding the provisions
of Section 6(c) or any other Section hereof, upon the occurrence of:
(i) the exercise by Richland Ventures III, L.P. ("RVIII") of the option
(the "Option") to purchase up to 3,191,489 shares (the "Option Shares")
of Common Stock at a purchase price of $1.88 per share which was
granted to RVIII in Section 1(B) of that certain Securities Purchase
Agreement, dated as of July 6, 1999 (the "Purchase Agreement"), among
the Company and certain purchasers identified in such agreement, and
the purchase of Option Shares by RVIII, and (ii) the execution and
delivery to the Company by RVIII of a counterpart of this Amended and
Restated Right of First Refusal and Co-Sale Agreement (as then
amended), adopting and accepting the terms hereof, and (iii) acceptance
and countersignature of such counterpart by the Company:
(a) RVIII shall be a party to this Amended and Restated
Right of First Refusal and Co-Sale Agreement; and
(b) Exhibit A attached to this Amended and Restated Right
of First Refusal and Co-Sale Agreement shall be amended to add RVIII as
a person identified thereon, and RVIII shall be, and shall be included
within the definition of, an "Investor" for purposes of this Amended
and Restated Right of First Refusal and Co-Sale Agreement; and
(c) RVIII shall be, and shall be included within the
definition of, an "ARC Key Shareholder," for purposes of this Amended
and Restated Right of First Refusal and Co-Sale Agreement; and
(d) RVIII shall have, and be entitled and subject to, all
of the rights, benefits, duties and obligations of an "Investor" and an
"ARC Key Shareholder" under this Amended and Restated Right of First
Refusal and Co-Sale Agreement, subject to the terms hereof.
2. Reserve Share Purchasers Amendment. The Investors' Rights Agreement is
hereby further amended by adding and appending the following as Section 8
of the Investors' Rights Agreement:
8. Addition of Reserve Share Purchasers as Parties.
(a) Reserve Share Purchasers. The parties hereto
acknowledge and agree that, pursuant to Section 1(C) of the Purchase
Agreement, the Company may issue, offer and sell up to 5,319,149 shares
(the "Reserve Shares") of Common Stock (including the 3,191,489 Option
Shares) to any person or entity (each, a "Reserve Share Purchaser").
Notwithstanding the provisions of Section 6(c) or any other Section
hereof, upon the occurrence of: (1) the purchase from the Company by a
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Reserve Share Purchaser of Reserve Shares (but not including the
purchase of Option Shares by RVIII, which is addressed in and governed
by Section 7 above), and (2) the execution and delivery to the Company
by such Reserve Share Purchaser of a counterpart of this Amended and
Restated Right of First Refusal and Co-Sale Agreement (as then
amended), adopting and accepting the terms hereof, and (3) acceptance
and countersignature of such counterpart by the Company:
(i) such Reserve Share Purchaser shall be a
party to this Amended and Restated Right of First Refusal and Co-Sale
Agreement; and
(ii) Exhibit A attached to this Amended and
Restated Right of First Refusal and Co-Sale Agreement shall be amended
to add such Reserve Share Purchaser as a person identified thereon, and
such Reserve Share Purchaser shall be, and shall be included within the
definition of, an "Investor" for purposes of this Amended and Restated
Right of First Refusal and Co-Sale Agreement; and
(iii) subject to Section 8(b) below, such Reserve
Share Purchaser shall be, and shall be included within the definition
of, either of a "UniPhy Preferred Shareholder," a "UniPhy Founder" or
an "ARC Key Shareholder" (as designated by the Company pursuant to
Section 8(b) below), for purposes of this Amended and Restated Right of
First Refusal and Co-Sale Agreement; and
(iv) subject to Section 8(b) below, such Reserve
Share Purchaser shall have, and shall be entitled and subject to, all
of the rights, benefits, duties and obligations of an "Investor" and a
"UniPhy Preferred Shareholder," a "UniPhy Founder" or an "ARC Key
Shareholder" (as designated by the Company pursuant to Section 8(b)
below) under this Amended and Restated Right of First Refusal and
Co-Sale Agreement, subject to the terms hereof.
(b) Designation as UniPhy Preferred Shareholder, UniPhy
Founder or ARC Key Shareholder. The Company shall have the right, power
and authority, to determine, in its discretion, in negotiation or
agreement with one or more Reserve Share Purchasers or otherwise,
whether or not a particular Reserve Share Purchaser shall (in addition
to becoming a party hereto and an "Investor" hereunder) be identified
and/or designated as a "UniPhy Preferred Shareholder," a "UniPhy
Founder" or an "ARC Key Shareholder" for purposes of this Amended and
Restated Right of First Refusal and Co-Sale Agreement, and thereby
have, and be entitled and subject to, all of the rights, benefits,
duties and obligations of such designation or identification under this
Amended and Restated Right of First Refusal and Co-Sale Agreement,
pursuant to Sub-sections 8(a)(iii) and (iv) above.
3. Requisite Approval. Upon execution and delivery of this Amendment by
the Company and Investors representing the requisite percentage of the
shares of Common Stock set forth in Section 6(c) of the Right of First
Refusal and Co-Sale Agreement, this Amendment shall constitute and be
deemed to be an amendment to and part of the Right of First Refusal and
Co-Sale Agreement.
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4. No Other Changes. Except as expressly set forth or contemplated in this
Amendment, the terms and conditions of the Right of First Refusal and Co-Sale
Agreement shall remain in place and shall not be altered, amended or changed in
any manner whatsoever, except by any further amendment to the Right of First
Refusal and Co-Sale Agreement made in accordance with the terms of the Right of
First Refusal and Co-Sale Agreement, as hereby amended.
5. Counterparts. This Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which when executed and delivered shall be deemed an original effective for
binding the parties hereto, but all of which shall together constitute one and
the same instrument.
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Amended and Restated Right of First Refusal and Co-Sale Agreement, and hereby
consent to the amendment and modification of the Right of First Refusal and
Co-Sale Agreement provided herein, as of the date first above written.
THE COMPANY:
SYMBION, INC.
By: /s/ Xxxxxxx X. Xxxxxxx, Xx.
-----------------------------------------
Name: Xxxxxxx X. Xxxxxxx, Xx.
Title: President and Chief Executive Officer
INVESTORS:
UNIPHY PREFERRED SHAREHOLDERS:
ABS CAPITAL PARTNERS, L.P.
/s/ ABS Partners, L.P.
--------------------------------------------
By: /s/ Xxxxxxxxx X. Xxxxxx
----------------------------------------
Name: Xxxxxxxxx X. Xxxxxx
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Title: General Partner
-------------------------------------
/s/ Xxxxxxxx X. Xxxxxx
--------------------------------------------
Xxxxxxxx X. Xxxxxx
/s/ Xxxxx X. Xxxx
--------------------------------------------
Xxxxx X. Xxxx
/s/ Xxxx Xxxxx
--------------------------------------------
Xxxx Xxxxx
/s/ Xxxxxxx X. Xxxxxxx, Xx.
-----------------------------------------------------
Xxxxxxx X. Xxxxxxx, Xx.
/s/ R. Xxxx Xxxxxxx
--------------------------------------------
R. Xxxx Xxxxxxx
5
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Xxx Xxxxxxx
XXXXXX INVESTMENT PARTNERSHIP II
/s/ Xxxxxxx X. Xxxxxx, Xx.
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Name:
--------------------------------------
Title:
------------------------------------
/s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxxx
PACIFIC VENTURE GROUP, L.P.
By: PVG Equity Partner, L.L.C.,
its General Partner
/s/ Xxx X. Xxxxxx
-------------------------------------------
By: Xxx X. Xxxxxx
Title: Member
PVG ASSOCIATES, L.P.
By: PVG Equity Partner, L.L.C.,
its General Partner
/s/ Xxx X. Xxxxxx
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By: Xxx X. Xxxxxx
Title: Member
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
/s/ Xxxxxx X. Xxxxxx
-------------------------------------------
Xxxxxx X. Xxxxxx
/s/ Xxxxx Xxxxxxx
-------------------------------------------
Xxxxx Xxxxxxx
/s/ Xxxxxxx Xxxxxx
-------------------------------------------
Xxxxxxx Xxxxxx
0
ARC KEY SHAREHOLDERS:
XXXXXX X. XXXXXX FOUNDATION
By:
---------------------------------------
Name:
--------------------------------------
Title:
------------------------------------
/s/ Xxxxx X. Xxxxx
-------------------------------------------
Xxxxx X. Xxxxx
FIRST AVENUE PARTNERS, L.P.
/s/ Front Street, LLC, General Partner
--------------------------------------
Name: Xxxxx X. Xxxxx
--------------------------------------
Title: Managing Member
------------------------------------
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Xxxxxxx X. Xxxxxxx
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J. Xxxxxxx Xxxxx
HEALTH TECH AFFILIATES, INC.
By:
---------------------------------------
Name:
--------------------------------------
Title:
------------------------------------
HLM/CB FUND, L.P.
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By:
---------------------------------------
Name:
--------------------------------------
Title:
------------------------------------
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HLM PARTNERS VII, L.P.
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By:
---------------------------------------
Name:
--------------------------------------
Title:
------------------------------------
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W. Xxxxxxxx Xxxxx
XXXXX XXXXXXX, INC.
By:
---------------------------------------
Name:
--------------------------------------
Title:
------------------------------------
-------------------------------------------
B. Max Lauderdale
/s/ Xxxxxxx X. Xxxxxx, Xx.
-------------------------------------------
Xxxxxxx X. Xxxxxx, Xx.
/s/ Xxxxxxx X. Xxxx
-------------------------------------------
Xxxxxxx X. Xxxx
-------------------------------------------
Xxxxxxx Xxxxx
-------------------------------------------
Xxxxxx Xxxxxx
-------------------------------------------
Xxxxx X. Xxxxx
-------------------------------------------
Xxxx X. Xxxxxxxxxx
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RICHLAND VENTURES II, L.P.
By: /s/ Xxxx Xxxxxxx
---------------------------------------
Name: Xxxx Xxxxxxx
--------------------------------------
Title: Partner
------------------------------------
-------------------------------------------
Xxx X. Xxxxxx
SOUTH ATLANTIC PRIVATE EQUITY FUND IV (QP), LIMITED PARTNERSHIP
By: South Atlantic Private Equity Partners IV, Limited Partnership,
its general partner
By: /s/ Xxxxxx X. Xxxxxx
---------------------------------------
Name: Xxxxxx X. Xxxxxx
--------------------------------------
Title: Chairman
-------------------------------------
South Atlantic Private Equity Fund IV, L.P.
By: South Atlantic Private Equity Partners IV, Limited Partnership,
its general partner
By: /s/ Xxxxxx X. Xxxxxx
---------------------------------------
Name: Xxxxxx X. Xxxxxx
--------------------------------------
Title: Chairman
-------------------------------------
---------------------------------------------------------
Xxx Xxxxxx, Xx.
/s/ Xxxxxxx X.X. Xxxx
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Xxxxxxx V.B. Xxxx
XX TWO, L.P.
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By:
-----------------------------------------------------
Name:
----------------------------------------------------
Title:
--------------------------------------------------
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Xxxxx X. Xxxx, III
UNIPHY FOUNDERS:
-----------------------------------------------------
Xxxxx Xxxxxxxx
-----------------------------------------------------
Xxxxxxx X. Xxxxx
THE XXXXXXX IRREVOCABLE TRUST, XXX XXXXXXX, TRUSTEE
/s/ Xxxxxxx X. Xxxxxxx, Xx.
-----------------------------------------------------
Name: Xxxxxxx X. Xxxxxxx, Xx.
-----------------------------------------------
Title:
----------------------------------------------
-----------------------------------------------------
Xxxxxx Xxxxxxxxxx
/s/ Xxxxxx X. Xxxxxxx
-----------------------------------------------------
Xxxxxx X. Xxxxxxx
-----------------------------------------------------
Xxxxxxx X. Xxxxxx
/s/ H. Xxxxxx Xxxxxx III
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H. Xxxxxx Xxxxxx III
-----------------------------------------------------
Xxxxxxx Xxxxx
-----------------------------------------------------
Xxxxxxx Xxxxx
/s/ Xxxxxx X. Xxxxxx
-----------------------------------------------------
Xxxxxx X. Xxxxxx
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EXHIBIT A
SCHEDULE OF INVESTORS
UNIPHY PREFERRED SHAREHOLDERS
ABS Capital Partners, L.P.*
Xxxxxxxx X. Xxxxxx*
Xxxxx X. Xxxx*
Xxxx Xxxxx*
Xxxxxxx X. Xxxxxxx, Xx.*
R. Xxxx Xxxxxxx*
Xxx Xxxxxxx
Xxxxxx Investment Partnership II*
Xxxxxxx X. Xxxxxxxx*
Pacific Venture Group, L.P.*
PVG Associates, L.P.*
Xxxxxxx X. Xxxxxx*
Xxxxxx X. Xxxxxx*
Xxxxx Xxxxxxx*
Xxxxxxx Xxxxxx*
ARC KEY SHAREHOLDERS
Xxxxxx X. Xxxxxx Foundation*
Xxxxx X. Xxxxx*
First Avenue Partners, L.P.*
Xxxxxxx X. Xxxxxxx
J. Xxxxxxx Xxxxx
Health Tech Affiliates, Inc.
HLM/CB Fund, L.P.*
HLM Partners VII, L.P.*
W. Xxxxxxxx Xxxxx
Xxxxx Xxxxxxx, Inc.*
B. Max Lauderdale
Xxxxxxx X. Xxxxxx, Xx.*
Xxxxxxx X. Xxxx*
Xxxxxx Xxxxxx
Xxxxx X. Xxxxx
Xxxx X. Xxxxxxxxxx
Richland Ventures II, L.P.*
Xxx X. Xxxxxx
South Atlantic Private Equity Fund IV (QP)*
South Atlantic Private Equity Fund IV, L.P.*
Xxx Xxxxxx, Xx.*
Xxxxxxx X.X. Xxxx*
WW Two, L.P.*
Xxxxx X. Xxxx, III
* ANTI-DILUTION INVESTOR
UNIPHY FOUNDERS
Xxxxx Xxxxxxxx
Xxxxxxx X. Xxxxx
The Xxxxxxx Irrevocable Trust, Xxx Xxxxxxx, Trustee*
Xxxxxx Xxxxxxxxxx
Xxxxxx X. Xxxxxxx
Xxxxxxx X. Xxxxxx
H. Xxxxxx Xxxxxx III
Xxxxxxx Xxxxx
Xxxxxxx Xxxxx
Xxxxxx X. Xxxxxx
* ANTI-DILUTION INVESTOR
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