Document:

March 8, 2006
  

 

 

Echo Healthcare Acquisition Corp.

8000 Towers Crescent Drive, Suite 1300

Vienna, Virginia 22182

 

Morgan Joseph & Co. Inc.

600 Fifth Avenue

19th Floor

New York, New York 10020

 

	
            Re:
 	
            Initial Public Offering
 

 

Gentlemen:

 

The undersigned stockholder of Echo Healthcare Acquisition Corp. (“Company”), in consideration of Morgan Joseph & Co. Inc.’s (“Morgan Joseph”) intent to underwrite an initial public offering of the securities of the Company (“IPO”) and embarking on the IPO process, hereby agrees as follows (certain capitalized terms used herein are defined in paragraph 9 hereof): 

 

1.         In the event that the Company fails to consummate a Business Combination within 18 months from the effective date (“Effective Date”) of the registration statement relating to the IPO (or 24 months under the circumstances described in the prospectus relating to the IPO), the undersigned will (i) cause the trust fund which will be established for holders of the IPO Shares (“Trust Fund”), as defined below, to be liquidated and distributed to the holders of IPO Shares and (ii) take all reasonable actions within its power to cause the Company to liquidate as soon as reasonably practicable.  The undersigned hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of the Trust Fund, except with respect to any of the IPO Shares, as defined herein, acquired by the
undersigned in connection with or following the IPO, and any remaining net assets of the Company as a result of such liquidation and hereby waives any Claim the undersigned 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 Fund for any reason whatsoever.  The undersigned agrees to indemnify and hold harmless the Company against any and all loss, liability, claims, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) which the 

Company may become subject as a result of any claim by any vendor that is owed money by the Company for services rendered or products sold but only to the extent necessary to ensure that such loss, liability, claim, damage or expense does not reduce the amount in the Trust
Fund.

 

2.         The undersigned acknowledges and agrees that the Company will not consummate any Business Combination which involves a company which is affiliated with any of the Insiders unless the Company obtains an opinion from an independent investment banking firm which is a member of the National Association of Securities Dealers, Inc. and is reasonably acceptable to Morgan Joseph that the Business Combination is fair to the Company’s stockholders from a financial perspective.

 

3.         Neither the undersigned nor any affiliate of the undersigned (“Affiliate”) will be entitled to receive and will not accept any compensation for services rendered to the Company prior to the consummation of the Business Combination; provided that commencing on the Effective Date, Windy City, Inc., shall be allowed to charge the Company an allocable share of its overhead, up to $7,500 per month, to compensate it for the Company’s use of its office space, utilities, administrative, technology and secretarial services.  Windy City, Inc. shall also be entitled to reimbursement from the Company for their out-of-pocket expenses incurred in connection with seeking and consummating a Business Combination.

 

4.         Neither the undersigned nor any Affiliate will be entitled to receive or accept a finder’s fee or any other compensation in the event the undersigned, any member of the family of the undersigned or any Affiliate originates a Business Combination.  

 

5.         The undersigned represents and warrants that neither it nor any of its Affiliates:

 

 (a)       is subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;

 

 (b)       has ever been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities, and is not currently a defendant in any such criminal proceeding; and

 

 (c)       has ever been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.

 

6.         In connection with
the vote required to consummate a Business Combination, the undersigned agrees that it will vote all shares of common stock, par 

value $0.0001,
owned by it prior to the IPO (“Insider Shares”) in accordance with the majority of the votes cast by the holders of the IPO Shares,
and all shares of commonstock acquired in connection with or following the IPO “For” a
Business Combination.

 

7.          The undersigned will escrow one-half of its Insider Shares for the period commencing on the Effective Date and ending on the third anniversary of the Effective Date, and the remaining one-half of its Insider Shares until the completion of a Business Combination and the last sale price of the Company’s common stock thereafter equals or exceeds $11.50 per share for any 20 trading days within any 30 trading day period after the Company completes the Business Combination, subject to the terms of a Stock Escrow Agreement which the Company will enter into with the undersigned and an escrow agent acceptable to the Company.

 

8.         This letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.  The undersigned hereby (i) agrees that any action, proceeding or claim against it arising out of or relating in any way to this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum and (iii) irrevocably agrees to appoint Ellenoff Grossman & Schole
LLP as agent for the service of process in the State of New York to receive, for the undersigned and on its behalf, service of process in any Proceeding.  If for any reason such agent is unable to act as such, the undersigned will promptly notify the Company and Morgan Joseph and appoint a substitute agent acceptable to each of the Company and Morgan Joseph within 30 days and nothing in this letter will affect the right of either party to serve process in any other manner permitted by law.  

 

9.         As used herein, (i) a “Business Combination” shall mean an acquisition by merger, capital stock exchange, asset or stock acquisition, reorganization or otherwise, of an operating business or businesses in the healthcare industry; (ii) “Insiders” shall mean all officers, directors and stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares” shall mean all of the shares of Common Stock of the Company owned by an Insider prior to the IPO; and (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO.

 

Chicago Investments, Inc. 

 

	
            By:  /s/ Joshua Kanter
 
	
            Name:  Joshua Kanter
 
	
            Title:  PresidentAmendment No. 5 to Amended and Restated 2001 Long Term Incentive Plan

 Exhibit 10.1 
 AMENDMENT NO. 5 
 TO 
 THE AMENDED AND RESTATED 2001 LONG TERM INCENTIVE PLAN 
 OF 
 THE COOPER COMPANIES, INC. 
 WHEREAS, The Cooper Companies, Inc. (the “Company”) has adopted the Amended and Restated 2001 Long Term Incentive Plan (the “Plan”); and 
 WHEREAS, Section 8 of the Plan permits the Board of Directors of the Company to amend the Plan, subject to certain limitations; and

 WHEREAS, the Board of the Company desires to amend the Plan to eliminate the ability to buyout certain options; 
 NOW, THEREFORE, the Plan is hereby amended as follows: 
 FIRST: By adding the following to the end of Section 5(k) of the Plan: 
 “provided,
however, that unless shareholder approval is obtained the Committee shall not offer to buy out any Option the per share exercise price of which is greater than the per share Fair Market Value of a share of Stock at the time of such offer.”

 SECOND: The provisions of the First Paragraph hereof shall be effective as of March 7, 2006. 
 THIRD: Except to the extent herein above set forth, the Plan shall remain in full force and effect. 
 IN WITNESS WHEREOF, the Board of Directors of the Company has caused this Amendment to the Plan to be executed by a duly authorized officer of the
Company as of March 7, 2006. 
  

			
	 THE COOPER COMPANIES, INC.

		
	 By:
	 	 /s/ Carol R. Kaufman

	 Title:
	 	 Senior Vice President of Legal Affairs,
 Secretary and Chief Administrative
 OfficerFirst Amendment to Amended and Restated Rights Agreement

 Exhibit 4.1 
 FIRST AMENDMENT TO AMENDED AND RESTATED 
 RIGHTS AGREEMENT 
 This FIRST AMENDMENT TO AMENDED AND RESTATED RIGHTS AGREEMENT dated as of March 6, 2006 (the “Amendment”) is entered into by
and between Shurgard Storage Centers, Inc., a Washington corporation (the “Company”), and American Stock Transfer & Trust Company (the “Rights Agent”). 
 Whereas, the Company and the Rights Agent are parties to that certain Amended and Restated Rights Agreement dated as of March 12, 2004 (the
“Rights Agreement”); 
 Whereas, all capitalized terms not otherwise defined herein shall have the respective
meanings assigned to them in the Rights Agreement; 
 Whereas, Section 27 of the Rights Agreement provides that the Company may amend
the Rights Agreement as it deems necessary or desirable without the approval of any holders of Rights; 
 Whereas, the Board of Directors of
the Company (the “Board of Directors”) intends to approve the execution, delivery and performance by the Company of, and the consummation of the merger and all other transactions contemplated by, that certain Agreement and
Plan of Merger by and among the Company, Public Storage, Inc., a California corporation (“Parent”), and Askl Sub LLC, a Delaware limited liability company and subsidiary of Parent (“Merger Sub”), in
substantially the form presented to and reviewed by the Board of Directors; and 
 Whereas, in contemplation of consummation of the merger
and the other transactions contemplated by the Merger Agreement, the Board of Directors deems it necessary and desirable and in the best interests of the Company and its shareholders to adopt this Amendment; 
 Now, therefore, in consideration of the foregoing and the terms contained herein, the Rights Agreement is hereby amended as follows: 
 1. Amendment to Rights Agreement 
 1.1 Subject to the provisions of Section 2 hereof, the Rights Agreement is amended by adding the following new Section 34 to the Rights Agreement: 
 “SECTION 34. TRANSACTIONAL EXEMPTION 
 (a) Notwithstanding anything to the contrary in this Agreement, neither the execution, delivery nor performance by the respective parties thereto of that certain Agreement and Plan of Merger dated as of March 6,
2006 (the “Merger Agreement”), by and among the Company, Public Storage, 

 
Inc., a California corporation (“Parent”), and Askl Sub LLC, a Delaware limited liability company and subsidiary of Parent
(“Merger Sub”), the execution, delivery and performance by the respective parties thereto of the Voting Agreements (as that term is defined in the Merger Agreement) (the Merger Agreement and the Voting Agreements collectively
being referred to herein as the “Transaction Agreements”), nor the consummation of the Merger (as that term is defined in the Merger Agreement) or any other transactions contemplated by the Merger Agreement, shall cause any
Person to become an “Acquiring Person” (as that term is defined in Section 1(a) hereof), or give rise to any event that, through passage of time or otherwise, would result in the occurrence of a “Shares Acquisition Date” or
a “Distribution Date” (as those terms are defined in Sections 1(l) and 3(a), respectively, of this Agreement). 
 (b) Notwithstanding anything to the contrary in this Agreement, the provisions of Section 13 of this Agreement shall be deemed not to apply to the Merger or any other transactions contemplated by the Transaction Agreements.”

 1.2 Subject to the provisions of Section 2 hereof, the Rights Agreement is amended by deleting the word “and”
between “(the “Redemption Date”)” and “(iii)” in Section 7(a) of the Rights Agreement and adding the following to the end of such Section 7(a): 
 “and (iv) the Effective Time (as defined in the Merger Agreement).” 
 2. Condition to Effectiveness 
 This
Amendment shall become effective immediately prior to the first to occur of (a) the execution and delivery of the Voting Agreements by the Company shareholders who are parties thereto as contemplated by the Merger Agreement, or (b) the
execution and delivery of the Merger Agreement by each of the parties thereto; provided, however, that if the Merger Agreement is terminated for any reason, this Amendment shall no longer be applicable or of any further force and effect. 

3. Reference to and Effect on Rights Agreement 
 Upon the effectiveness of this Amendment pursuant to the provisions of Section 2 hereof, each reference in the Rights Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein” or any other expression of like import referring to the Rights Agreement shall mean and be a reference to the Rights Agreement as amended by this Amendment. 
 4. Governing Law 
 This Amendment
shall be governed by and construed in accordance with the laws of the State of Washington. 
  

 2 

 5. Counterparts 
 This Amendment may be executed in any number of counterparts, each of which shall for all purposes by deemed to be an original, and all of which shall together constitute but one and the same instrument. 

6. Descriptive Headings 
 Descriptive headings of the several sections of this Amendment are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 
  

 3 

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

			
	“Company”
	
	Shurgard Storage Centers, Inc.
		
	By:	 	 /s/ David K. Grant

	Name:	 	David K. Grant
	Title:	 	President and Chief Executive Officer
	
	“Rights Agent”:
	
	American Stock Transfer & Trust Company
		
	By:	 	 /s/ Herbert J. Lemmer

	Name:	 	Herbert J. Lemmer
	Title:	 	Vice President and General Counsel

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