Document:

EXHIBIT 10.1

 

10b5-1 Repurchase Plan

 

Repurchase Plan, dated May 23, 2005
(this “Repurchase Plan”), between PepsiAmericas, Inc. (the “Issuer”) and
Banc of America Securities LLC. (“BAS”).

 

WHEREAS, the Issuer desires to establish this
Repurchase Plan to repurchase shares of its common stock (the “Stock”); and

 

WHEREAS, the Issuer desires to engage BAS to
effect repurchases of shares of Stock in accordance with this Repurchase Plan;

 

NOW, THEREFORE, the Issuer and BAS hereby
agree as follows:

 

1.                                       (a) Subject to the Issuer’s continued
compliance with Section 2 hereof, BAS shall effect a purchase or purchases
(each, a “Purchase”) of up to 2,000,000 shares of the Stock (the “Total Plan
Shares”) as set forth in Annex 1.

 

(b) Purchases may be made in the open market or through privately
negotiated transactions.  BAS shall
comply with the requirements of paragraphs (b)(2), (b)(3) and (b)(4) of
Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), in connection with Purchases of Stock in the open market pursuant to
this Repurchase Plan.  The Issuer agrees
not to take any action that would cause Purchases not to comply with Rule 10b-18,
Rule 10b5-1 or Regulation M.

 

2.                                       The Issuer shall pay to BAS a commission of $.02
cents per share of Stock repurchased pursuant to this Repurchase Plan. In
accordance with BAS’s customary procedures, BAS will deposit shares of Stock
purchased hereunder into an account established by BAS for the Issuer against
payment to BAS of the purchase price therefor and commissions and other amounts
in respect thereof payable pursuant to this Section.  The Issuer will be notified of all
transactions pursuant to customary trade confirmations.

 

 

3.                                       (a) This Repurchase Plan shall become
effective immediately and shall terminate upon the first to occur of the
following:

 

(1) the
ending of the Trading Period, as set forth in Annex 1;

 

(2) the purchase of the number of Total
Plan Shares pursuant to this Repurchase Plan;

 

(3) the end of the second business day
following the date of receipt by BAS of notice of early termination
substantially in the form of Appendix A hereto, delivered by telecopy,
transmitted to (212) 230-8610, Attention: Chip Gibbs, and confirmed by
telephone to Chip Gibbs at (212) 583-8554;

 

(4) the commencement of any voluntary or
involuntary case or other proceeding seeking liquidation, reorganization or
other relief under any bankruptcy, insolvency or similar law or seeking the
appointment of a trustee, receiver or other similar official, or the taking of
any corporate action by the Issuer to authorize or commence any of the
foregoing;

 

(5) the public announcement of a tender
or exchange offer for the Stock or of a merger, acquisition, recapitalization
or other similar business combination or transaction as a result of which the
Stock would be exchanged for or converted into cash, securities or other
property; or

 

(6) the failure of the Issuer to comply
with Section 2 hereof.

 

(b) Sections 2 and 13 of this Repurchase
Plan shall survive any termination hereof. 
In addition, the Issuer’s obligation under Section 2 hereof in
respect of any shares of Stock purchased prior to any termination hereof shall
survive any termination hereof.

 

4.                                       The
Issuer understands that BAS may not be able to effect a Purchase due to a
market disruption or a legal, regulatory or contractual restriction or internal
policy applicable to BAS or otherwise. 
If any Purchase cannot be executed as required by Section 1 due to
a market disruption, a legal, regulatory or contractual restriction or internal
policy applicable to BAS or any other event, such Purchase shall be cancelled
and shall not be effected pursuant to this Repurchase Plan.

 

2

 

5.                                       The Issuer represents and warrants, on the date
hereof and on the date of any amendment hereto, that: (a) it is not aware
of material, nonpublic information with respect to the Issuer or any securities
of the Issuer (including the Stock), (b) it is entering into or amending,
as the case may be, this Repurchase Plan in good faith and not as part of a
plan or scheme to evade the prohibitions of Rule 10b5-1 under the Exchange
Act or other applicable securities laws and (c) its execution of this
Repurchase Plan or amendment hereto, as the case may be, and the Purchases
contemplated hereby do not and will not violate or conflict with the Issuer’s
certificate of incorporation or by-laws or, if applicable, any similar
constituent document, or any law, rule regulation or agreement binding on
or applicable to the Issuer or any of its subsidiaries or any of its of their
property or assets.

 

6.                                       It is the intent of the parties that this
Repurchase Plan comply with the requirements of Rule 10b5-1(c)(1)(i)(B) and  Rule 10b-18 under the Exchange Act, and
this Repurchase Plan shall be interpreted to comply with the requirements
thereof.

 

7.                                       The
Issuer shall, on the business day prior to the intended date of such purchase,
notify BAS of the intention on the part of any affiliated purchaser, as defined
in Rule 10b-18, of the Issuer to purchase the Stock on any day if such
purchase is to be effected otherwise than through BAS pursuant to this
Repurchase Plan and BAS shall refrain from purchasing any Stock hereunder on
the day following receipt of such notice. 
The Issuer shall be solely responsible for any purchases made by BAS as
the Issuer’s agent prior to BAS’s receipt of such written notice.  Notwithstanding the foregoing, if BAS
receives such notice, BAS may nevertheless be entitled to make, and the Issuer
shall be solely responsible for, a purchase hereunder pursuant to a bid made
before such notice is received by BAS. 
The Issuer shall be solely responsible for notifying BAS of any
purchases of the Stock by any such affiliated purchaser, and, without limiting
the generality of Section 14 hereof, the Issuer agrees to indemnify and
hold harmless BAS for any failure to so notify BAS or any error in any such
notification.  The Issuer also
acknowledges that any action that it takes that causes or influences any such
affiliated purchaser to purchase the Stock may cause the Daily Share Purchase
Amount to be reduced.

 

3

 

8.                                       At the time of the Issuer’s execution of this
Repurchase Plan, the Issuer has not entered into a similar agreement with
respect to the Stock.  The Issuer agrees
not to enter into any such agreement while this Repurchase Plan remains in
effect.

 

9.                                       Except as specifically contemplated hereby, the
Issuer shall be solely responsible for compliance with all statutes, rules and
regulations applicable to the Issuer and the transactions contemplated hereby,
including, without limitation, reporting and filing requirements.

 

10.                                 This Repurchase Plan shall be governed by and
construed in accordance with the laws of the State of New York and may be
modified or amended only by a writing signed by the parties hereto.

 

11.                                 The Issuer represents and warrants that the
transactions contemplated hereby are consistent with the Issuer’s publicly
announced stock repurchase program (“Program”) and said Program has been duly
authorized by the Issuers’ board of directors.

 

12.                                 The
number of Total Plan Shares, other share amounts and prices, if applicable, set
forth in section 1(a) shall be adjusted automatically on a
proportionate basis to take into account any stock split, reverse stock split
or stock dividend with respect to the Stock or any change in capitalization
with respect to the Issuer that occurs during the term of this Repurchase Plan.

 

13.                                 Except
as contemplated by Section 3 (a) (3) of this Repurchase Plan,
the Issuer acknowledges and agrees that it does not have authority, influence
or control over any Purchase effected by BAS pursuant to this Repurchase Plan
and the Issuer will not attempt to exercise any authority, influence or control
over Purchases.  BAS agrees not to seek
advice from the Issuer with respect to the manner in which it effects Purchases
under this Repurchase Plan.

 

4

 

14.                                 The Issuer agrees to indemnify and hold harmless BAS
and its affiliates and their officers, directors employees and representatives
against any loss, claim, damage or liability, including legal fees and
expenses, arising out of any action or proceeding relating to this Repurchase
Plan or any Purchase, except to the extent that any such loss, claim, damage or
liability is determined in a non-appealable determination of a court of
competent jurisdiction to be solely the result of the indemnified person’s
willful misconduct.

 

15.                                 This
Repurchase Plan may be executed in any number of counterparts, all of which,
taken together, shall constitute one and the same agreement.

 

5

 

IN WITNESS
WHEREOF, the undersigned have signed this Repurchase Plan as of the date first
written above.

 

 

	
  Banc of America Securities LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ David Moran

  	
   

  	
   

  
	
   

  	
  Name:

  	
  David Moran

  	
   

  
	
   

  	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  PepsiAmericas, Inc.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Andrew R. Stark

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Andrew R. Stark

  	
   

  
	
   

  	
  Title:

  	
  Vice President and Treasurer

  	
   

  
							

 

6

 

Appendix A

 

Request for Early Termination of Repurchase Plan

 

To:
Banc of America Securities LLC

 

As of the date hereof, PepsiAmericas, Inc.
hereby requests termination of the Repurchase Plan, dated May 23, 2005, in
good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1
or other applicable securities laws.

 

IN WITNESS
WHEREOF, the undersigned has signed this Request for Early Termination of Plan
as of the date specified below.

 

 

	
  PepsiAmericas, Inc.

  	
  Banc of America Securities LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Name:

  
	
   

  	
  Title:

  	
  Title:

  
						

 

 

ANNEX 1

 

TRADING
PARAMETERS

 

Trading Period: From and including June 1, 2005 through August 1, 2005 

Daily Share Purchase Amount:  Lesser of  (a) 60,000
shares; (b) 10b-18(b)4 limit (25% of prior 4 weeks ADTV); and (c) 33%
of current trading day’s volume.

 

 

TRADE ORDER

 

Subject to Paragraph 4 and Paragraph 6 of the
Repurchase Plan dated May 23, 2005 (the “Repurchase Plan”) to which this
Annex I is attached, each day during the Trading Period on which the New York
Stock Exchange is open for business, BAS shall use its best efforts to effect a
purchase or purchases (each, a “Purchase”) of the Daily Share Purchase Amount,
such Purchases cumulatively not to exceed the Total Plan Shares.  Capitalized terms used but not otherwise
defined herein shall have the meaning assigned thereto in the Repurchase Plan.

 

2Exhibit 4.1

 

AMENDMENT
NO. 1 TO CERTIFICATE OF DESIGNATIONS, PREFERENCES AND

RIGHTS
OF SERIES A PREFERRED STOCK OF BIOSPHERE MEDICAL, INC.

 

Pursuant to Section 242

of
the General Corporation Law of

the
State of Delaware

 

Biosphere Medical, Inc. (hereinafter called the “Corporation”),
organized and existing under and by virtue of the General Corporation Law of
the State of Delaware, does hereby certify as follows:

 

At a meeting of the Board of Directors of the Corporation a resolution
was duly adopted, pursuant to Section 242 of the General Corporation Law of the
State of Delaware, setting forth an amendment to the Certificate of
Incorporation of the Corporation and declaring said amendment to be advisable
and directing that it be submitted to and considered by the stockholders of the
Corporation for approval. The stockholders of the Corporation duly approved
said proposed amendment at the annual meeting of stockholders held on
May 18, 2005 in accordance with Section 242 of the General
Corporation Law of the State of Delaware. The resolutions setting forth the
amendment are as follows:

 

RESOLVED: That Section 1(f) of the Certificate
of Designations, Preferences and Rights of Series A
Preferred Stock of the Corporation is hereby deleted in its entirety and a new
Section 1(f) is inserted in lieu thereof as follows:

 

“(f) “Liquidation Event” shall mean: (i) any
liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary; (ii) a consolidation or merger of the Corporation with or
into any other corporation or corporations which results in the stockholders of
the Corporation owning less than fifty percent (50%) of the outstanding capital
stock of the surviving entity; (iii) a sale, lease or exchange of all or
substantially all of the assets of the Corporation; (iv) the issuance
and/or sale by the Corporation in one or a series of related transactions of
shares of Common Stock (or securities convertible or exchangeable into or
exercisable for shares of Common Stock) constituting a majority of the shares
of Common Stock outstanding immediately following such issuance (treating all
securities convertible or exchangeable into or exercisable for shares of Common
Stock as having been fully converted, exchanged and exercised, without regard
to any exercise, conversion or exchange limitations therein); and (v) any
other liquidity events that the Requisite Holders and the Board mutually agree
shall constitute a Liquidation Event; provided,
however, that the issuance of
(i) Series A Preferred Stock on the Initial Issue Date or as
dividends on such Series A Preferred Stock, or (ii) Common Stock in
conversion of the Series A Preferred Stock or the Warrants issued on the
Initial Issue Date, shall not constitute a Liquidation Event.”

 

RESOLVED: That Section 5(a) of the Certificate
of Designations, Preferences and Rights of Series A Preferred Stock of the
Corporation is hereby deleted in its entirety and a new Section 5(a) is
inserted in lieu thereof which reads as follows:

 

“(a) Except as otherwise
provided herein or as required by applicable law, the holders of Series A
Preferred Stock shall be entitled to vote on all matters on which the holders
of Common Stock shall be entitled to vote, in the same manner and with the same
effect as the holders of Common Stock, voting together with the holders of
Common Stock as a single class. For this purpose, the holders of

 

 

Series A Preferred Stock shall be given notice of any meeting of
stockholders as to which the holders of Common Stock are given notice in accordance
with the by-laws of the Corporation. As to any matter on which the holders of
Series A Preferred Stock shall be entitled to vote, each holder of
Series A Preferred Stock shall be entitled to cast a number of votes per
share of Series A Preferred Stock held of record by such holder on the
record date for the meeting of stockholders, if such matter is subject to a
vote at a meeting of stockholders, or on the effective date of any written
consent, if such matter is subject to a written consent of the stockholders
without a meeting of stockholders, equal to the number of shares of Common
Stock into which such share of Series A Preferred Stock is then
convertible on such record date or effective date, as the case may be, in
accordance with Section 6
hereof, provided, however, that
any holder of Series A Preferred Stock shall not be entitled to cast votes
for the number of shares of Common Stock issuable upon conversion of such
shares of Series A Preferred Stock held by such holder that exceeds the
quotient of (x) the aggregate purchase price paid by such holder of
Series A Preferred Stock for its shares of Series A Preferred Stock
divided by (y) the closing bid price of the Common Stock on the Original
Date of Issuance ($3.03). Notwithstanding the foregoing, nothing herein shall
restrict (i) any holder of Series A Preferred Stock from being
entitled to vote at any meeting of stockholders of the Corporation or in any
action by written consent of stockholders, any shares of Series A
Preferred Stock on any matter on which the holders of Series A Preferred
Stock are entitled to vote as a separate class or (ii) the right of any
holder of Series A Preferred Stock to vote any outstanding shares of
Common Stock, whether acquired upon conversion of the Series A Preferred
Stock or otherwise.”

 

RESOLVED: That Section 6(a) of the Certificate
of Designations, Preferences and Rights of Series A Preferred Stock of the
Corporation is hereby deleted in its entirety and a new Section 6(a) is
inserted in lieu thereof which reads as follows:

 

“(a) Subject to the terms and conditions of this
Section 6, the holder of any share or shares of Series A Preferred
Stock shall have the right, at its option at any time, to convert any such
shares of Series A Preferred Stock into such number of fully paid and
nonassessable shares of Common Stock as is obtained by: (i) multiplying
the number of shares of Series A Preferred Stock to be converted by the
Series A Stated Value and adding to such product an amount equal to all
declared but unpaid dividends and all accrued but unpaid dividends set forth in
Section 3(a) above, with respect to such shares of Series A Preferred
Stock to be converted; and (ii) dividing the result obtained pursuant to
clause (i) above by the Series A Conversion Price then in effect. The
“Series A
Conversion Price” shall initially be four dollars ($4.00), and shall
be subject to adjustment from time to time in accordance with the provisions of
this Section 6. The rights of conversion set forth in this Section 6
shall be exercised by any holder of Series A Preferred Stock by giving
written notice to the Corporation that such holder elects to convert a stated
number of shares of Series A Preferred Stock into Common Stock and by
surrender of a certificate or certificates for the shares of Series A
Preferred Stock so to be converted (or, in lieu thereof, by delivery of an
appropriate lost stock affidavit in the event such certificate or certificates
have been lost or destroyed in accordance with Section 11) to the Corporation
at its principal office (or such other office or agency of the Corporation as
the Corporation may designate by notice in writing to the holders of
Series A Preferred Stock) at any time on the date set forth in such notice
(which date shall not be earlier than the Corporation’s receipt of such
notice), together with a statement of the name or names (with

 

 

address)
in which the certificate or certificates for shares of Common Stock shall be
issued. Notwithstanding anything in this Section 6(a) to the contrary, a
holder Series A Preferred Stock shall not be entitled to convert its
shares of Series A Preferred Stock (i) if and to the extent such
conversion, when aggregated with any shares of Common Stock theretofore and
simultaneously therewith issued to such holder of Series A Preferred Stock
upon exercise of any of the warrants to purchase Common Stock originally issued
by the Corporation to the holders of Series A Preferred Stock on
November 10, 2004 (the “Warrants”), would result in a change of control
(within the meaning of NASD Rule 4350(i)(1)(B)), or (ii) if and to
the extent that such conversion, when aggregated with any shares of Common
Stock theretofore and simultaneously therewith issued to such holder of
Series A Preferred Stock upon exercise of the Warrants, would result in
the issuance of more than 19.9% of the Corporation’s Common Stock outstanding
as of the Initial Issue Date, for purposes of NASD Rule 4350(i)(1)(D).”

 

 

IN WITNESS WHEREOF, the Corporation has caused this Certificate of
Amendment to be signed by its President and Chief Executive Officer this 18th
day of May, 2005.

 

 

	
   

  	
  BIOSPHERE
  MEDICAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard Faleschini

  	
   

  
	
   

  	
   

  	
  Richard Faleschini

  
	
   

  	
   

  	
  President and Chief
  Executive Officer

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