Document:

EX-4.6 Warrant Clarification Agreement

 

Exhibit 4.6

WARRANT CLARIFICATION AGREEMENT

     This Warrant Clarification Agreement (this “Agreement”), dated as of August 17, 2006, is
between Coconut Palm Acquisition Corp., a Delaware corporation, with offices at 595 South Federal
Highway, Suite 600, Boca Raton, Florida, 33432 (the “Company”) and Continental Stock Transfer &
Trust Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004
(the “Warrant Agent”).

     WHEREAS, the Company and Warrant Agent are parties to that certain Warrant Agreement, dated as
of September 8, 2005 (the “Warrant Agreement”) providing for the issuance of Warrants (as such term
is defined therein); and

     WHEREAS, as a result of certain questions that have arisen regarding the accounting treatment
applicable to the Warrants, the parties hereto deem it necessary and desirable to amend the Warrant
Agreement to clarify that the registered holders do not have the right to receive a net cash
settlement in the event the Company does not maintain a current prospectus relating to the Common
Stock of the Company issuable upon exercise of the Warrants at the time such Warrants are
exercisable.

     NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending
to be legally bound hereby, the parties hereto agree to amend the Warrant Agreement as set forth
herein.

     1. Warrant Agreement. The undersigned hereby agree that the Warrant Agreement is
hereby amended by adding the following last sentence to Section 3.3.2:

     “In no event will the registered holder of a Warrant be entitled to receive a net cash
settlement or other consideration in lieu of physical settlement in shares of Common Stock if the
Common Stock underlying the Warrants is not covered by an effective registration statement.”

2. Miscellaneous.

          a. Governing Law; Jurisdiction. The validity, interpretation, and performance of
this Agreement shall be governed in all respects by the laws of the State of New York, without
giving effect to conflict of laws. The Company 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.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenience forum. Any such process or summons to be served upon the Company may be
served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it in care of the address set forth above or such other address as
the undersigned shall furnish in writing to the other. Such mailing shall be deemed personal
service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

 

          b. Binding Effect. This Agreement shall be binding upon and inure to the benefit
of the parties hereto and to their respective heirs, legal representatives, successors and assigns.

          c. Entire Agreement. This Agreement sets forth the entire agreement and
understanding between the parties as to the subject matter thereof and merges and supersedes all
prior discussions, agreements and understandings of any and every nature among them. This Agreement
shall form and be a part of the Warrant Agreement. Except as set forth in this Agreement,
provisions of the original Warrant Agreement which are not inconsistent with this Agreement shall
remain in full force and effect. This Agreement may be executed in counterparts.

          d. Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of
this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part
of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may
be possible and be valid and enforceable.

     IN WITNESS WHEREOF, the parties hereto have executed this Warrant Clarification Agreement as
of the date first written above.

	 	 	 	 	 
	 	COCONUT PALM ACQUISITION CORP.

 	 
	 	By:  	/s/ Richard C. Rochon
 	 
	 	 	Name:  	Richard C. Rochon 	 
	 	 	Title:  	Chairman and Chief Executive Officer 	 
	 
	 	CONTINENTAL STOCK TRANSFER &

TRUST COMPANY

 	 
	 	By:  	/s/ Steve Nelson
 	 
	 	 	Name:  	Steve Nelson 	 
	 	 	Title:  	ChairmanEx-10.16 1st Amend to Agreement & Plan of Merger

 

Exhibit
10.16

FIRST AMENDMENT TO AGREEMENT AND PLAN OF MERGER

     THIS FIRST AMENDMENT TO THE AGREEMENT AND PLAN OF MERGER (this “Amendment”), is dated
as of May 5, 2006, among COCONUT PALM ACQUISITION CORP., a Delaware corporation (“Coconut
Palm”), EQUITY BROADCASTING CORPORATION, an Arkansas corporation (“EBC”) and certain
shareholders of EBC who are signatories to this Amendment (collectively, the “Major EBC
Shareholders”). All terms not defined herein shall have the meaning ascribed to them in the
Agreement and Plan of Merger which is referenced below.

RECITALS

     WHERERAS, Coconut Palm, EBC and the Major EBC Shareholders entered into that certain Agreement
and Plan of Merger dated as of April 7, 2006 (the “Merger Agreement”), pursuant to which
EBC will merge with and into Coconut Palm with Coconut Palm being the surviving corporation; and

     WHEREAS, the parties desire to extend the Due Diligence Termination Date and clarify certain
other provisions of the Merger Agreement as provided below;

     NOW, THEREFORE, in consideration of the mutual premises set forth herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

TERMS OF AMENDMENT

     1. Amendment of Section 2.01(a)(iii); Conversion of Securities. Section 2.01(a)(iii)
of the Merger Agreement is amended by replacing the phrase “. . . (and each Affiliate thereof which
are signatories to this Agreement, (collectively, “Sycamore”)), . . .” with “. . .
(and each Affiliate thereof, or other party whose signature is subscribed by John R. Whitman, which
are signatories to this Agreement (collectively, “Sycamore”)), . . .”

     2. Amendment of Section 2.01(d); Percentage Ownership of Coconut Palm Common Stock.
The parties hereby agree that the reference to “approximately 67.52%” in Section 2.01(d) of the
Merger Agreement is amended and restated to read “approximately 67.03%”.

     3. Amendment of Section 3.03(b); Capitalization; Shareholders; Books and Records.
Section 3.03(b) of the Merger Agreement is amended by replacing “13,131,999” (in each instance)
with “13,101,999”.

     4. Amendment of Section 3.03(d); Capitalization; Shareholders; Books and Records:
Section 3.03(d) of the Merger Agreement is amended and restated in its entirety to read as follows:

     ”(d) As of the date of this Agreement and as of the Closing Date, the aggregate
Indebtedness of EBC and the Subsidiaries shall not exceed $62,000,000.00, subject to
increase in accordance with the provisions of Section 7.02(s) (“EBC
Maximum Indebtedness”).”

 

 

     5. Amendment of Section 6.12(h); Indemnification — EBC Shareholder Representative.
Section 6.12(h) of the Merger Agreement is amended by replacing the name “John Whitmore”
with “John R. Whitman”.

     6. Amendment of Section 6.16; Due Diligence Review. The parties hereby agree that the
reference to “four (4) weeks” in the first clause of the first sentence of Section 6.16 of the
Merger Agreement is amended and restated to read “five (5) weeks”. Provided that for purposes of
Section 7.02(n) hereof, the foregoing change from four (4) weeks to five (5) weeks shall not apply.

     7. Amendment of Section 7.02; Conditions to the Obligations of Coconut Palm — EBC
Indebtedness:

(s) EBC Indebtedness. The total EBC Closing Date Indebtedness of EBC as
reflected on a balance sheet of EBC dated as of the date prior to the Closing,
certified by the chief financial officer of EBC (the “Closing Balance
Sheet”), shall be no more than the EBC Maximum Indebtedness; provided however,
that in the event (i) EBC shall not have sold or transferred one or both (or any
portion) of its TV stations WBMM and KPOU and one or both (or any portion) of such
TV stations remain as assets of EBC which are freely transferable (subject only to
customary approvals including from the FCC and presently existing third party
lenders), or (ii) EBC has entered into a binding written agreement with a third
party providing for the sale of one or both (or any portion) of its TV stations WBMM
and KPOU (subject only to customary approvals including from the FCC and presently
existing third party lenders), and the collective net sale price of such TV stations
as provided in the related sales agreement(s) is not less than (a) $15,683,400 with
respect to KPOU (excluding the assets of EBC Boise, Inc. and EBC Pocatello, Inc.),
(b) $387,000 with respect to the assets of EBC Boise, Inc., (c) $387,000 with
respect to the assets of EBC Pocatello, Inc., and (d) $1,542,600 with respect to
WBMM, then the EBC Maximum Indebtedness shall be increased by the following amounts:
(1) $10,455,600, in the event that the conditions of either of clause (i) or (ii)
above are satisfied with respect to KPOU (excluding the assets of EBC Boise, Inc.
and EBC Pocatello, Inc.); (2) $258,000, in the event that the conditions of either
of clause (i) or (ii) above are satisfied with respect to the assets of EBC Boise,
Inc.; (3) $258,000, in the event that the conditions of either of clause (i) or (ii)
above are satisfied with respect to the assets of EBC Pocatello, Inc.; and (4)
$1,028,000, in the event that the conditions of either of clause (i) or (ii) above
are satisfied with respect to WBMM. The Closing Balance Sheet shall have been
prepared in accordance with GAAP, consistently applied, throughout the periods
covered thereby and present fairly in all material respects the financial condition
of EBC and its assets and liabilities as of such date; provided, that, the Closing
Balance Sheet shall be subject to normal year-end audit adjustments (which in the
aggregate are not material) and omit footnotes and other presentation items which
are required by GAAP. The Closing Balance Sheet reflect all adjustments necessary
for a fair presentation of the financial information contained therein, subject to
the exceptions from GAAP noted herein.

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     This Amendment shall form and be a part of the Merger Agreement. This Amendment shall modify
the Merger Agreement solely as to the terms which are expressly stated herein, and all other terms
and conditions of the Merger Agreement shall remain in full force and effect. This Amendment may
be executed in one or more counterparts, each of which will be deemed an original and all of which
together will constitute one and the same instrument.

[Signatures follow]

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     IN WITNESS WHEREOF, the parties have executed and delivered this Amendment on the date first
written above.

	 	 	 	 	 
	 	COCONUT PALM ACQUISITION CORP.

 	 
	 	By /s/ Mario B. Ferrari
 	 
	 	Mario B. Ferrari, Vice President 	 
	 	 	 
	 
	 	EQUITY BROADCASTING CORPORATION

 	 
	 	By /s/ Larry E. Morton
 	 
	 	Larry E. Morton, President 	 
	 	 	 
	 
	 	MAJOR EBC SHAREHOLDERS:

ARKANSAS MEDIA, LLC

 	 
	 	By /s/ Larry E. Morton
 	 
	 	Larry E. Morton, Manager 	 
	 	 	 
	 
	 	SYCAMORE VENTURE CAPITAL, L.P.

 	 
	 	By:  	Sycamore Business Partners, L.P., its General Partner 	 
	 	 	 	 
	 
	 	 	 
	 	  	By:  Sycamore Management Corporation, its
General Partner 	 
	 	 	 	 
	 
	 	 	 
	 	 	 By:	/s/ John R. Whitman
 	 
	 	 	 	John R. Whitman, President 	 
	 	 	 	 
	 
	 	PIERREPOINT FAMILY INVESTMENT PARTNERSHIP I, L.P.

 	 
	 	By:  	/s/ Seth L. Pierrepoint
 	 
	 	 	Seth L. Pierrepoint, General Partner 	 
	 	 	By:  	John R. Whitman pursuant to Power of
 	 
	 	 	       Attorney, dated May 21, 2004 	 
	 	 	 	 

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	 	/s/ Kilin To
 	 
	 	Kilin To 	 
	 	By:  	John R. Whitman pursuant to Power of Attorney, dated May 21, 2004 	 
	 	 	 	 
	 
	 	 	 
	 	                                              /s/ Richard Chong
 	 
	 	Richard Chong 	 
	 	By:  	John R. Whitman pursuant to Power of Attorney, dated May 21, 2004 	 
	 	 	 	 
	 
	 	WHITMAN CHILDREN IRREVOCABLE TRUST U/T/D April 13, 1990

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	 	 
	 	By:  	                                              /s/ John R. Whitman
 	 
	 	 	John R. Whitman, Trustee 	 
	 	 	 	 
	 
	 	 	 
	 	                                              /s/ John R. Whitman
 	 
	 	John R. Whitman 	 
	 	 	 
	 
	 	 	 
	 	                                              /s/ Henry Luken
 	 
	 	Henry Luken 	 
	 	 	 
	 
	 	UNIVISION COMMUNICATIONS, INC.

 	 
	 	By /s/ Andrew W. Hobson
 	 
	 	Andrew W. Hobson, SEVP & CFO 	 
	 	 	 
	 

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