EXHIBIT 10.1
 
 
FIRST AMENDMENT TO
ASSET PURCHASE AGREEMENT
THIS FIRST AMENDMENT TO THE ASSET PURCHASE AGREEMENT (this “Amendment”), is
dated as of January 6, 2017, among Performance Sports Group Ltd., an entity
formed under the Laws of British Columbia (the “Company”), the Subsidiaries of
the Company listed on the signature pages hereto (collectively, together with
the Company, “Sellers”) and 9938982 Canada Inc., a corporation organized under
the Laws of Canada (“Purchaser”).
WHEREAS, the Company, Sellers and Purchaser are party to that certain Asset
Purchase Agreement, dated as of October 31, 2016 (the “Purchase Agreement”; all
capitalized terms used and not otherwise defined in this Amendment shall have
the meanings ascribed to them in the Purchase Agreement);
WHEREAS, Section 10.4 of the Purchase Agreement permits amendments to the
Purchase Agreement if signed in writing by all of the parties thereto;
WHEREAS, Section 5.1 of the Purchase Agreement provides that the Purchase
Agreement and the transactions contemplated by the Purchase Agreement are
subject to entry of, as applicable, the Bidding Procedures Orders and the Sale
Orders, and that in the event of any discrepancy between the Purchase Agreement
and the Bidding Procedures Orders and the Sale Orders, the Bidding Procedures
Orders and the Sale Orders shall govern;
WHEREAS, on November 30, 2016, the U.S. Bankruptcy Court and the CCAA Court each
entered a Bidding Procedures Order (together and as entered, the “November
Bidding Procedures Orders”) that, among other things, established the bidding
procedures in connection with the sale of the Acquired Assets and approved
certain “bid protections”; and
WHEREAS, the Company, Sellers and Purchaser desire to amend the Purchase
Agreement in order to accurately reflect terms set forth in the November Bidding
Procedures Orders, as more particularly set forth herein.
NOW, THEREFORE, and in consideration of the foregoing and of the
representations, warranties, covenants, agreements and conditions contained
herein and in the Purchase Agreement, the receipt and sufficiency of which are
hereby acknowledged, the Parties, intending to be legally bound hereby, agree as
follows:
AGREEMENT

1.            Amendments.
a.
Deposit. The amount of the “good faith deposit”, which is set forth in the sixth
Recital of the Purchase Agreement, is hereby amended by replacing the dollar
amount of “$28,750,000” with “$17,250,000”.

 

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b.
Key Dates.

 
i.
Section 5.2(a) of the Purchase Agreement is hereby amended by replacing the date
“February 2, 2017” with “February 23, 2017”.

 
ii.
Section 9.1(a)(ii) of the Purchase Agreement is hereby amended by replacing (A)
the date “February 16, 2017” with “February 23, 2017” and (B) the date “February
28, 2017” with “February 27, 2017”.

 
iii.
Section 9.1(b)(vi) of the Purchase Agreement is hereby amended by replacing the
date “January 16, 2017” with “February 6, 2017”.

 
c.
Break-Up Fee.

 
i.
The definition of “Break-Up Fee” set forth in Section 1.1 of the Purchase
Agreement is hereby amended by replacing the cross-reference to “Section 9.2(b)”
with “Section 9.2(c)”

 
ii.
Section 9.2(c) of the Purchase Agreement is hereby amended by replacing the
dollar amount of “$20,125,000” with “$17,250,000”.

 
d.
Van Nuys Claim. The definition of “Van Nuys Claim” set forth in Section 1.1 of
the Purchase Agreement is hereby amended by replacing “in connection with the
lease for 7855 Haskell Ave., Van Nuys, California” with “in connection with the
lease that refers to 3500 Willow Lane, Thousand Oaks, California, 91361 by and
between Martin Properties, Inc. and Easton Baseball / Softball Inc. dated May
11, 2015 (as amended from time to time)” (sic) and all references in the
Purchase Agreement to “Van Nuys Claim” shall be deemed references to “Thousand
Oaks Claim”.

 
2.            Continuing Effect.  Except as expressly provided in the preceding
Section 1 (Amendments), nothing contained herein shall constitute an amendment,
modification or waiver of any provision of the Purchase Agreement and the
Purchase Agreement shall remain in full force and effect.
3.            Other Provisions.  The provisions of Article I (Interpretation)
and Article X (Miscellaneous) of the Purchase Agreement are incorporated herein
by reference and shall apply to the terms and conditions of this Amendment and
the Parties mutatis mutandis.

[Remainder of Page Intentionally Blank]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective authorized officers as of the date set forth on the
cover page of this Amendment.
 

 
THE COMPANY: 
          PERFORMANCE SPORTS GROUP LTD.                      
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Executive Vice
President, General             Counsel and Corporate Secretary  

 
SELLERS: 
         
BPS US HOLDINGS INC.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

       
EASTON BASEBALL / SOFTBALL INC.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

       
BAUER HOCKEY, INC.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Executive Vice
President, General Counsel and Corporate Secretary  

 
[Signature Page to Amendment]

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BAUER HOCKEY RETAIL INC.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 
BAUER PERFORMANCE SPORTS UNIFORMS INC.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 

 
PERFORMANCE LACROSSE GROUP INC.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 
BPS DIAMOND SPORTS INC.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 
PSG INNOVATION INC.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 
KBAU HOLDINGS CANADA, INC.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 
[Signature Page to Amendment]

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BAUER HOCKEY RETAIL CORP.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 
EASTON BASEBALL / SOFTBALL CORP.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 

 
BAUER HOCKEY CORP.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 
BPS CANADA INTERMEDIATE CORP.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 
BPS DIAMOND SPORTS CORP.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 
[Signature Page to Amendment]

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BAUER PERFORMANCE SPORTS UNIFORMS CORP.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 
PERFORMANCE LACROSSE GROUP CORP.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 

 
PSG INNOVATION CORP.
                     
 
By:
 /s/ Michael J. Wall       Name:  Michael J. Wall       Title:  Secretary  

 
[Signature Page to Amendment]

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PURCHASER:
         
9938982 CANADA INC.
                     
 
By:
 /s/ Paul Desmarais III       Name:  Paul Desmarais III       Title:  Executive
Chairman  

         
 
By:
 /s/ Samuel Robinson       Name:  Samuel Robinson       Title:  President  

 
[Signature Page to Amendment]

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