Document:

ex45to8k06447_08272009.htm

    Exhibit
4.5

     

    AMENDMENT
AND CONSENT

    

    AMENDMENT
AND CONSENT, dated as of August 18, 2009 (this "Amendment and Consent"), is given
by Steel Partners II, L.P. pursuant to the Amended and Restated Credit
Agreement, dated as of July 17, 2007 (the "Credit Agreement"),
by and among Steel Partners II. L.P., as lender (such lender, together with its
successors and permitted assigns, is referred to hereinafter each individually
as the "Lender"), BAIRNCO CORPORATION, a
Delaware corporation ("Parent"), and each of
Parent's Subsidiaries identified on the signature pages thereof as a Borrower
(such Subsidiaries, together with Parent, are referred to hereinafter each
individually as a "Borrower", and
collectively, jointly and severally, as the "Borrowers"), and each
of Parent's Subsidiaries identified on the signature pages thereof as a
Guarantor (such Subsidiaries are referred to hereinafter each individually as a
"Guarantor",
and individually and collectively, jointly and severally, as the "Guarantors"; and
together with Borrowers, each a "Loan Party" and
collectively, the "Loan
Parties").

     

    WHEREAS,
the Loan Parties are entering into a Subordinated Loan and Security Agreement,
dated as of the date hereof between Parent and WHX Corporation, a Delaware
corporation (“WHX”), in the form attached hereto as Exhibit A (the “WHX
Subordinated Loan Agreement”) and a Guarantee and Security Agreement, also as of
the date hereof, to secure the obligations of the Loan Parties to WHX under the
WHX Subordinated Loan Agreement; and

     

    WHEREAS,
the Loan Parties have requested that the Lender consent to the creation by the
Loan Parties of certain Liens in favor of WHX upon the assets of the Loan
Parties; and

    

    WHEREAS,
the Lender is willing to provide such consent on and subject to the terms set
forth herein including certain amendments to the Credit Agreement,

     

    WHEREAS,
Borrowers and Lender are willing to make such amendments, subject to terms and
conditions set forth herein;

     

    WHEREAS,
by this Amendment, Borrowers, Guarantors and Lender desire and intend to
evidence such amendments:

     

    NOW
THEREFORE, in consideration of these premises and other good and valuable
consideration, the parties hereto hereby agree as follows:

     

    1.  Definitions.  Schedule 1.1 to the
Credit Agreement, Definitions, is
hereby modified and amended by adding the following definitions in the
appropriate alphabetical order:

     

    ""Amendment No. 2"
means Amendment No. 2 to Credit Agreement, dated as of August 18, 2009, by and
among the Loan Parties and the Lender."

     

    ""Amendment No. 2 Effective
Date" means the date Amendment No. 2 becomes effective pursuant to
Section 2 of Amendment No. 2."

    

    “Loan Documents” means
this Agreement, the Canadian Guaranty, the Canadian Security Documents, the Cash
Management Agreements, the Collateral Access Agreements, the Control Agreements,
the Copyright Security Agreement, the Guaranty, the Intercreditor and
Subordination Agreement, the Mortgages, the Patent Security Agreement, the
Security Agreement, the Trademark Security Agreement, any note or notes executed
by a Borrower in connection with this Agreement and payable to a Lender, the WHX
Subordination Agreement, the WHX Subordinated Loan Agreement, and any other
agreement entered into, now or in the future, by any Loan Party or any of their
Subsidiaries, and any Lender in connection with this Agreement. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Permitted Liens”
means (a) Liens held by Lender to secure the Obligations (provided that
such Liens are subject to the provisions of the Subordination Agreement), (b)
Liens for unpaid taxes, assessments, or other governmental charges or levies
that either (i) are not yet delinquent, or (ii) do not have priority over the
Lender’s Liens and the underlying
taxes, assessments, or charges or levies are the subject of Permitted Protests,
(c) judgment Liens that do not constitute an Event of Default under Section 7.7 of the
Agreement, (d) Liens set forth on Schedule P-2,
provided that any such Lien only secures the Indebtedness that it secures on the
Closing Date and any Refinancing Indebtedness in respect thereof, (e) the
interests of lessors under operating leases, (f) purchase money Liens or the
interests of lessors under Capital Leases to the extent that such Liens or
interests secure Permitted Purchase Money Indebtedness and so long as (i) such
Lien attaches only to the asset purchased or acquired and the proceeds thereof,
and (ii) such Lien only secures the Indebtedness that was incurred to acquire
the asset purchased or acquired or any Refinancing Indebtedness in respect
thereof, (g) Liens arising by operation of law in favor of warehousemen,
landlords, carriers, mechanics, materialmen, laborers, or suppliers, incurred in
the ordinary course of business and not in connection with the borrowing of
money, and which Liens either (i) are for sums not yet delinquent, or (ii) are
the subject of Permitted Protests, (h) Liens on amounts deposited in connection
with obtaining worker’s compensation or other unemployment insurance, (i) Liens
on amounts deposited in connection with the making or entering into of bids,
tenders, or leases in the ordinary course of business and not in connection with
the borrowing of money, (j) Liens on amounts deposited as security for surety or
appeal bonds in connection with obtaining such bonds in the ordinary course of
business, (k) (i) with respect to any Real Property Collateral, any encumbrance
or restriction contained in Schedule B of the title insurance policies for such
Real Property which have been approved by Lenders, shown on the surveys listed
on Schedule
P-3 with respect to such Real Property, or such
other encumbrances, restrictions, easements, rights of way, and zoning
restrictions that do not materially interfere with or impair the use or
operation thereof, and (ii) with respect to all other Real Property,
encumbrances, restrictions, easements, rights of way, and zoning restrictions
that do not materially interfere with or impair the use or operation thereof,
(l) Liens held by Working Capital Agent to secure the Working Capital
Indebtedness, so long as such Liens are subject to the provisions of the
Intercreditor Agreement, (m) Liens
held by Term A Agent to secure the Term A Indebtedness and (n) Liens held by
WHX to secure the obligations under the WHX
Subordinated Loan Agreement, so long as such Liens are subject to the provisions
of the WHX Subordination Agreement.  For the avoidance of doubt
and notwithstanding anything to the contrary contained herein, under no
circumstances shall Permitted Liens include any Liens imposed under the IRC or
ERISA, or otherwise, that secures any
liability or obligation with respect to any Employee Plan.”

     

    WHX Subordination
Agreement” means that certain Subordination Agreement, dated as of August
18, 2009, by and between Lender and WHX, and acknowledged and consented to by
each Borrower and each Guarantor.

     

    “WHX Subordinated Loan
Agreement” means that certain Subordinated Loan and Security Agreement,
dated as of August 18, 2009, between Parent and WHX.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “WHX Subordinated Loan
Documents” means the “Loan Documents” as such term is defined in the WHX
Subordinated Loan Agreement and any documents, instruments and agreements
entered into in connection with any amendment, supplemented, restated, replaced
and refinanced from time to time in accordance with the terms thereof, in each
case, to the extent permitted under the terms of the Agreement and the WHX
Subordination Agreement.”

     

    2.  Conditions to
Effectiveness.  The effectiveness of this Amendment is subject
to the fulfillment, in a manner satisfactory to the Lender, of each of the
following conditions precedent (the date such conditions are fulfilled or waived
by the Lender is hereinafter referred to as the “Amendment No. 2 Effective
Date”):

     

    (a)           Representations and
Warranties; No Event of Default.  The representations and
warranties herein, in Section 4 of the Credit Agreement and in each other Loan
Document and certificate or other writing delivered to the Lender pursuant
hereto on or prior to the Amendment No. 2 Effective Date shall be true and
correct in all material respects (except that such materiality qualifier shall
not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof) after giving effect to
this Amendment on and as of the Amendment No. 2 Effective Date as though made on
and as of such date (except to the extent such representations and warranties
expressly relate to an earlier date), and no Default or Event of Default shall
have occurred and be continuing on the Amendment No. 2 Effective Date or would
result from this Amendment becoming effective in accordance with its
terms.

     

    (b)           Delivery of
Documents.  Lender shall have received the following, each in
form and substance satisfactory to Lender and, unless indicated otherwise, dated
the Amendment No. 2 Effective Date:

     

    (i)                      counterparts
of this Amendment, duly executed by each Loan Party;

     

    (ii)                     fully
executed copies of the WHX Subordinated Loan Documents;

     

    (iii)                    such
other agreements, instruments, approvals, opinions and other documents as Lender
may reasonably request.

     

    3.  Consent.  Notwithstanding
anything to the contrary in the Credit Agreement, the other Loan Documents or
the Intercreditor Agreement, Lender hereby consent to a prepayment of the Term
Loan (as such term is defined in the Credit Agreement) by Parent to the Term
Loan Agent on the date hereof in an aggregate amount not to exceed
$3,000,000.

     

    4.  Representations and
Warranties.  Each of Borrowers and the Guarantors represents
and warrants as follows:

     

    (a) The
execution, delivery and performance by Borrowers or such Guarantor of this
Amendment and the performance by the Borrowers or such Guarantor of the Credit
Agreement, as amended hereby, have been duly authorized by all necessary action,
and the Borrowers or such Guarantor has all requisite power, authority and legal
right to execute, deliver and perform this Amendment and to perform its
obligations under the Credit Agreement, as amended hereby.

     

    (b) This
Amendment and the Credit Agreement, as amended hereby, is a legal, valid and
binding obligation of the Borrowers or such Guarantor, enforceable against the
Borrowers or such Guarantor in accordance with the terms thereof, except as
enforcement may be limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium, or similar laws relating to or limiting creditors’
rights generally.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (c) The
representations and warranties contained in Section 4 of the Credit Agreement
are true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof) after
giving effect to this Amendment on and as of the Amendment No. __ Effective Date
as though made on and as of the Amendment No. __Effective Date (except to the
extent such representations and warranties expressly relate to an earlier date),
and no Event of Default or Default has occurred and is continuing on and as of
the Amendment No. __ Effective Date, or would result from this Amendment
becoming effective in accordance with its terms.

     

    5.  Reaffirmations and
Acknowledgments. 

     

    (a) Reaffirmation of
Guaranty.  Each Guarantor consents to the execution and
delivery by the Borrowers of this Amendment and jointly and severally ratifies
and confirms the terms of the Guaranty contained in the Credit Agreement with
respect to the indebtedness now or hereafter outstanding under the Credit
Agreement as amended hereby and all promissory notes issued
thereunder.

     

    (b) Acknowledgment of Security
Interests. Each Loan Party hereby acknowledges that, as of the date
hereof, the security interests and Liens granted to the Lender under the Credit
Agreement and the other Loan Documents are in full force and effect and are
enforceable in accordance with the terms of the Credit Agreement and the other
Loan Documents.

     

    6.  Miscellaneous.

     

    (a) Continued Effectiveness of
the Credit Agreement.  Except as otherwise expressly provided
herein, the Credit Agreement and the other Loan Documents are, and shall
continue to be, in full force and effect and are hereby ratified and confirmed
in all respects, except that on and after the Amendment No. 2 Effective Date (i)
all references in the Credit Agreement to “this Agreement”, “hereto”, “hereof”,
“hereunder” or words of like import referring to the Credit Agreement shall mean
the Credit Agreement as amended by this Amendment, and (ii) all references in
the other Loan Documents to the “Credit Agreement”, “thereto”, “thereof”,
“thereunder” or words of like import referring to the Credit Agreement shall
mean the Credit Agreement as amended by this Amendment.  To the extent
that the Credit Agreement or any other Loan Document purports to pledge to
Lender, or to grant to Lender, a security interest or lien, such pledge or grant
is hereby ratified and confirmed in all respects.  Except as expressly
provided herein, the execution, delivery and effectiveness of this Amendment
shall not operate as an amendment of any right, power or remedy of the Lender
under the Credit Agreement or any other Loan Document, nor constitute an
amendment of any provision of the Credit Agreement or any other Loan
Document.

     

    (b) No
Waiver.  This Amendment is not a waiver of, or consent to, any
Default or Event of Default now existing or hereafter arising under the Credit
Agreement or any other Loan Document, and the Lender expressly reserves all of
its rights and remedies under the Credit Agreement and the other Loan Documents,
under applicable law or otherwise.  The waivers, consents and
modifications herein are limited to the specific instances and for the specific
purposes set forth herein, shall not apply to any facts or occurrences other
than those on which the same are based, shall not excuse the future
non-compliance with the Loan Documents, and shall not operate as a consent to
any further or other matter under the Loan Documents.

     

    
      
        
        

      

      
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    (c) Counterparts.  This
Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which shall be deemed to be an
original, but all of which taken together shall constitute one and the same
agreement.  Delivery of an executed counterpart of this Amendment by
telefacsimile or electronic mail shall be equally as effective as delivery of an
original executed counterpart of this Amendment.

     

    (d) Headings.  Section
headings herein are included for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose.

     

    (e) Costs and
Expenses.  The Borrowers agree to pay on demand all reasonable
fees, costs and expenses of the Lender in connection with the preparation,
execution and delivery of this Amendment.

     

    (f) Amendment as Loan
Document.  The Borrowers and each Guarantor hereby acknowledge
and agree that this Amendment constitutes a “Loan Document” under the Credit
Agreement.  Accordingly, it shall be an Event of Default under the
Credit Agreement if (i) any representation or warranty made by the Borrowers or
any Guarantor under or in connection with this Amendment shall have been untrue,
false or misleading in any material respect when made, or (ii) the Borrowers or
any Guarantor shall fail to perform or observe any term, covenant or agreement
contained in this Amendment.

     

    (g) Governing
Law.  This Amendment shall be governed by the laws of the State
of New York for contracts made and to be wholly performed within such
state.

     

    (h) Waiver of Jury
Trial.  THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AMENDMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW OR STATUTORY CLAIMS.

     

     

    

     

    [Remainder
of this Page Intentionally Left Blank.]

     

    
      
        
        

      

      
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    IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
and delivered as of the date first above written.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              	
                                                      BORROWERS:

                                                    	
                                                      ARLON, INC.,
      

                                                      a
      Delaware corporation

                                                    
	 
      	 
      
	 
      	
                                                      By:

                                                    	
                                                       /s/

                                                    
	 
      	
                                                      Title:

                                                    	
                                                       

                                                    
	 
      	 
      
	 
      	
                                                      ARLON
      VISCOR LTD.,

                                                      a
      Texas limited partnership

                                                    
	 
      	 
      
	 	By:	
                                                      Arlon
      Partners, Inc.,

                                                      Its
      General Partner

                                                    
	 	 	 
	 
      	
                                                      By:

                                                    	
                                                       /s/

                                                    
	 
      	
                                                      Title:

                                                    	
                                                       

                                                    
	 
      	 
      
	 
      	
                                                      ARLON SIGNTECH,
      LTD.,

                                                      a
      Texas limited partnership

                                                    
	 
      	 
      
	 	By: 	

                                                      Arlon
      Partners, Inc.,

                                                      Its
      General Partner

                                                    
	 	 	 
	 
      	
                                                      By:

                                                    	
                                                       /s/

                                                    
	 
      	
                                                      Title:

                                                    	
                                                       

                                                    
	 
      	 
      
	 
      	
                                                      KASCO
      CORPORATION,

                                                      a
      Delaware corporation

                                                    
	 
      	 
      
	 
      	
                                                      By:

                                                    	
                                                       /s/

                                                    
	 
      	
                                                      Title:

                                                    	
                                                       

                                                    
	 
      	 
      
	 
      	
                                                      SOUTHERN
      SAW ACQUISITION CORPORATION,

                                                      a
      Delaware corporation

                                                    
	 
      	 
      
	 
      	
                                                      By:

                                                    	
                                                       /s/

                                                    
	 
      	
                                                      Title:

                                                    	
                                                       

                                                    
	 
      	 
      
	
                                                      PARENT:

                                                    	
                                                      BAIRNCO
      CORPORATION,

                                                      a
      Delaware corporation

                                                    
	 
      	 
      
	 
      	
                                                      By:

                                                    	
                                                       /s/

                                                    
	 
      	
                                                      Title:

                                                    	
                                                       

                                                    

                                            

                                             

                                            
                                              
                                                
                                                

                                              

                                              
                                                
                                                

                                                
                                                  

                                                

                                              

                                              
                                                
                                                

                                              

                                            

                                             

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
        
          
            
              	
                      SUBSIDIARY
      GUARANTORS:

                    	
                      ARLON PARTNERS, INC., a
      Delaware corporation

                    
	 
      	 
      
	 
      	
                      By:

                    	
                       /s/

                    
	 
      	
                      Title:

                    	
                       

                    
	 
      	 
      
	 
      	
                      ARLON
      MED INTERNATIONAL LLC,

                      a
      Delaware limited liability company

                    
	 
      	 
      
	 
      	
                      By:

                    	
                       /s/

                    
	 
      	
                      Title:

                    	
                       

                    
	 
      	 
      
	 
      	
                      ARLON ADHESIVES & FILMS,
      INC.,

                      a
      Texas corporation

                    
	 
      	 
      
	 
      	
                      By:

                    	
                       /s/

                    
	 
      	
                      Title:

                    	
                       

                    
	 
      	 
      
	 
      	
                      KASCO MEXICO LLC, a Delaware limited
      liability company

                    
	 
      	 
      
	 
      	
                      By:

                    	
                       /s/

                    
	 
      	
                      Title:

                    	
                       

                    
	 
      	 
      

            

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                  LENDER:

                	
                  STEEL
      PARTNERS II, L.P.,

                  a
      Delaware limited partnership, as Lender

                
	 
      	 
      
	 
      	
                  By:  STEEL
      PARTNERS, L.L.C

                   General
      Partner

                
	 	 
	 	 
	 
      	
                  By:

                	
                  /s/

                
	 
      	 
      	
                  Name:

                
	 
      	 
      	
                  Title:kl08039_ex10-1.htm

 

 

Exhibit 10.1

 

 

 

STOCK PURCHASE AGREEMENT

 

STOCK PURCHASE AGREEMENT (this “Agreement”) made as of this ___ day of August, 2009 between and among InterAmerican Acquisition Group Inc. (“Buyer” or “InterAmerican”) and the signatory on the execution page hereof (the “Seller”).

 

WHEREAS, InterAmerican was organized for the purpose of acquiring an operating business (a “Business Combination”);

 

WHEREAS, InterAmerican consummated an initial public offering in September 2007 (“IPO”) in connection with which it raised net proceeds of approximately $45.2 million that were placed in a trust account pending the consummation of a Business Combination, or the dissolution and liquidation of InterAmerican, in the event it is
unable to consummate a Business Combination by September 10, 2009.

 

WHEREAS, InterAmerican has agreed to acquire (the “Acquisition”) Sing Kung Limited pursuant to certain agreements (the “Transaction Agreements”).

 

WHEREAS, the approval of the Acquisition is contingent upon, among other things, the affirmative vote of holders of majority of InterAmerican’s outstanding ordinary shares which are present and entitled to vote at the meeting.

 

WHEREAS, pursuant to certain provisions in InterAmerican’s amended and restated memorandum and articles of association, a holder of ordinary shares of InterAmerican issued in the IPO may, if s/he/it votes against the Acquisition, demand that InterAmerican convert such ordinary shares into cash (“Conversion Rights”).

 

WHEREAS, the Acquisition is subject to the exercise of Conversion Rights by holders of less than 20% of the InterAmerican ordinary shares issued in the IPO.

 

WHEREAS, Seller has agreed to sell to Buyer and Buyer has agreed to purchase from Seller the shares of common stock set forth on the execution page of this Agreement (“Shares”) for the purchase price per share set forth thereon, less any dividend paid to Seller on such Shares prior to the Closing (as defined below) (“Purchase
Price Per Share”) and for the aggregate purchase price set forth thereon, less any dividend paid to Seller on such Shares prior to the Closing (“Aggregate Purchase Price”).  Seller hereby waives any right, title or interest in or to any dividend payable on the shares of Buyer’s common stock after the Closing.

 

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows:

 

1.   Purchase. Seller hereby agrees to sell to Buyer and Buyer hereby agrees to purchase from Seller at the Closing (as defined below) the Shares for the Aggregate Purchase
Price.

 

2.   Agreement not to Convert; Appointment of Attorney in Fact.  In further consideration of the Aggregate Purchase Price, the Seller hereby agrees it has not
and will not

 

 

 

 

 

 

 

 

exercise its Conversion Rights.  Solely with respect to the vote for the Acquisition and related proposals (as contemplated by the Proxy Statement), the Seller hereby irrevocably appoints _____________ and ___________ and each of them, each with full power of substitution, to the full extent of such Seller’s rights with respect to the
Shares (and any and all other Shares or securities or rights issued or issuable in respect thereof) to vote in such manner as each such attorney and proxy or his substitute shall in his sole discretion deem proper, and otherwise act (including without limitation pursuant to written consent) with respect to all the Shares sold hereunder which such Seller is entitled to vote at any meeting of stockholders (whether annual or special and whether or not an adjourned meeting) of InterAmerican held on or prior to September
11, 2009.  This proxy is coupled with an interest in InterAmerican and in the Shares and is irrevocable.  The execution of this Agreement shall revoke, without further action, all prior proxies granted by the Seller at any time with respect to such Shares (and any such other Shares or other securities) and no subsequent proxies will be given (and if given will be deemed not to be effective) with respect thereto by the Seller.

 

2.1   Closing. The closing of the purchase of the Shares (“Closing”) by Buyer will occur on or before September 11, 2009 (the “Closing Date”).  The
Closing shall be effected delivery versus payment via the Depository Trust Company.  It shall be a condition to the obligation of Buyer on the one hand and the Seller on the other hand, to consummate the transfer of the Shares contemplated hereunder that the other party’s representations and warranties are true and correct on the Closing Date with the same effect as though made on such date, unless waived in writing by the party to whom such representations and warranties are made.

 

2.2   At or before the Closing, the Seller shall deliver or cause to be delivered to Buyer appropriate instructions for book entry transfer of ownership of the Shares from the Seller to Buyer.  In addition, within two business
days of the date of this Agreement, the Seller shall provide the Buyer with a true and correct copy of the voting information form with respect to the Shares held by the Seller indicating the financial institution through which such shares are held and the control number provided by Broadridge Financial Solutions regarding the voting of such Shares or written confirmation of such information as would appear on the voting information form.

 

2.3   At or before the Closing, Buyer shall deliver or cause to be delivered to the Seller payment by wire transfer of immediately available funds the Aggregate Purchase Price in accordance with Section 1 of this Agreement.

 

3.   Representations and Warranties of the Seller.

 

3.1   The Seller hereby represents and warrants to Buyer on the date hereof and on the date of the Closing that:

 

(a)   Sophisticated Seller.  The Seller is sophisticated in financial matters and is able to evaluate the risks and benefits attendant to the sale of Shares
to Buyer.

 

(b)   Independent Investigation. The Seller, in making the decision to sell the Shares to Buyer, has not relied upon any oral or written representations or assurances
from InterAmerican, Buyer, or any of their officers, directors or employees or any other

 

 

 

 

 

 

 

 

representatives or agents of Buyer or InterAmerican, except as are contained in this Agreement.  The Seller has had access to and reviewed all of the filings made by InterAmerican with the United States Securities and Exchange Commission (the “SEC”), pursuant to the Exchange Act and the Securities Act of 1933 (the “Securities
Act”), in each case to the extent available publicly accessible via the SEC’s Electronic Data Gathering, Analysis and Retrieval system.

 

(c)   Authority. This Agreement has been validly authorized, executed and delivered by the Seller and, assuming the due authorization, execution and delivery thereof
by Buyer, is a valid and binding agreement enforceable in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights generally. The execution, delivery and performance of this Agreement by the Seller does not and will not conflict with, violate or cause a breach of, constitute a default under, or result in a violation of (i) any agreement, contract or instrument to which the Seller is a party which would prevent the
Seller from performing its obligations hereunder or (ii) any law, statute, rule or regulation to which the Seller is subject.

 

(d)   No Legal Advice from Buyer. The Seller acknowledges that he has had the opportunity to review this Agreement and the transactions contemplated by this Agreement
with the Seller’s own legal counsel and investment and tax advisors. The Seller is relying solely on such counsel and advisors and not on any statements or representations of Buyer or any of its representatives or agents for legal, tax or investment advice with respect to this Agreement or the transactions contemplated by this Agreement.

 

4.   Representations and Warranties of Buyer.

 

4.1   Buyer hereby represents to the Seller that:

 

(a)   Sophisticated Buyer.  The Buyer is sophisticated in financial matters and is able to evaluate the risks and benefits attendant to the sale of Shares by
Seller.

 

(b)   Independent Investigation. Buyer, in making the decision to purchase the Shares from Seller, has not relied upon any oral or written representations or assurances
from the Seller or any of its officers, directors, partners or employees or any other representatives or agents of the Seller, except as are contained in this Agreement.  Buyer has had access to all of the filings made by InterAmerican with the SEC pursuant to the Exchange Act and the Securities Act.

 

(c)   Authority. This Agreement has been validly authorized, executed and delivered by Buyer and, assuming the due authorization, execution and delivery thereof by the
Seller, is a valid and binding agreement enforceable in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights generally. The execution, delivery and performance of this Agreement by Buyer does not and will not conflict with, violate or cause a breach of, constitute a default under, or result in a violation of (i) any agreement, contract or instrument to which Buyer is a party which would prevent Buyer from performing
its obligations hereunder or (ii) any law, statute, rule or regulation to which Buyer is subject.

 

 

 

 

 

 

 

 

5.   Termination. Notwithstanding any provision in this Agreement to the contrary, this Agreement shall become null and void and of no force and effect upon the earlier
of (a) the termination of the Transaction Agreements prior to the consummation of the transactions contemplated thereby and (b) 11:59 p.m. eastern standard time on September 11, 2009 if the Acquisition has not been consummated by such date.

 

6.   Counterparts; Facsimile. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same instrument. This Agreement or any counterpart may be executed via facsimile transmission, and any such executed facsimile copy shall be treated as an original.

 

7.   Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of New York. Each
of the parties hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

8.   Remedies.  Each of the parties hereto acknowledges and agrees that, in the event of any breach of any covenant or agreement contained in this Agreement
by the other party, money damages may be inadequate with respect to any such breach and the non-breaching party may have no adequate remedy at law.  It is accordingly agreed that each of the parties hereto shall be entitled, in addition to any other remedy to which they may be entitled at law or in equity, to seek injunctive relief and/or to compel specific performance to prevent breaches by the other party hereto of any covenant or agreement of such other party contained in this Agreement.

 

9.   Binding Effect; Assignment.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective legal representatives,
successors and permitted assigns.  This Agreement shall not be assigned by either party without the prior written consent of the other party hereto.

 

10.   Entire Agreement; Changes in Writing.  This Agreement constitutes the entire agreement among the parties hereto and supersedes and cancels any prior agreements,
representations, warranties, whether oral or written, among the parties hereto relating to the transaction contemplated hereby.  Neither this Agreement nor any provision hereof may be changed or amended orally, but only by an agreement in writing signed by the other party hereto.

 

[remainder of page left intentionally blank; signature page follows]

 

 

  

  

  

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set forth on the first page of this Agreement.

 

INTERAMERICAN ACQUISITION GROUP INC.

 

By:                                                                         

 

Name:

 

Title:

 

[SELLER]

 

By:                                                                        

 

Name:

 

Title:

 

 

Address:

 

Purchase Price Per Share: $________

 

Number of Shares: _______________

 

Aggregate Purchase Price: $________

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