Document:

ex_139552.htm

TENDER AND SUPPORT AGREEMENT

 

TENDER AND SUPPORT AGREEMENT (this “Agreement”) dated as of April 1, 2019, by and among Concrete Pumping Holdings, Inc. (the “Company”) and CFLL Sponsor Holdings, LLC (f/k/a Industrea Alexandria LLC) (the “Warrant Holder”).

 

W I T N E S S E T H:

 

WHEREAS, as of the date hereof, the Warrant Holder is the beneficial and record owner of warrants that were privately issued on August 1, 2017 (the “Private Warrants”);

 

WHEREAS, each Private Warrant entitles its holder to purchase one share of common stock of the Company (“Common Stock”) for a purchase price of $11.50 per share, subject to certain adjustments;

 

WHEREAS, the Company is initiating an exchange offer (the “Exchange Offer”) pursuant to a registration statement on Form S-4 to be filed with the U.S. Securities and Exchange Commission, as may be amended and supplemented (the “Registration Statement”), to offer the Warrant Holder and holders of the Company’s warrants currently listed on the OTC Pink marketplace operated by OTC Markets Group, Inc. under the symbol “BBCPW” (the “Public Warrants”) the opportunity to exchange the Private Warrants and Public Warrants held by them for shares of Common Stock, based on exchange ratios and subject to other terms and conditions to be disclosed in the Registration Statement; and

 

WHEREAS, as an inducement to the Company’s willingness to initiate the Exchange Offer and the Solicitation, the Warrant Holder has agreed to enter into this Agreement.

 

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

 

Section 1.01.     Agreement to Tender. The Warrant Holder shall validly tender or cause to be tendered to the Company all Private Warrants beneficially owned by the Warrant Holder, free and clear of all liens, pursuant to and in accordance with the terms of the Exchange Offer as described in the Registration Statement no later than the scheduled or extended expiration time of the Exchange Offer. The Warrant Holder agrees that, notwithstanding anything to the contrary in the Registration Statement, after it validly tenders its Private Warrants to the Company in accordance with the terms of the Registration Statement, the Warrant Holder may not withdraw or cause to be withdrawn the tender of any of such Private Warrants from the Exchange Offer, unless this Agreement is terminated pursuant to Section 1.08 hereof.

 

Section 1.02.     Ownership of Private Warrants. The Warrant Holder represents and warrants to the Company, as of the date hereof and as of the date of tender of the Private Warrants in accordance with this Agreement, that the Warrant Holder is the sole record and beneficial owner of 10,822,500 Private Warrants, and has good and marketable title to such Private Warrants free and clear of any liens, options, rights, or any other encumbrances, limitations or restrictions whatsoever (other than those restrictions imposed by applicable securities laws and this Agreement). The Warrant Holder agrees that it shall not transfer any Private Warrants to any person unless such person acquiring such Private Warrants signs a joinder to this Agreement agreeing to be bound by all terms and conditions of this Agreement.

 

Section 1.03.     Company Representations and Warranties. The Company represents and warrants to the Warrant Holder, as of the date hereof and as of the date of tender of the Private Warrants in accordance with this Agreement, that the Company has obtained any and all required regulatory and/or third-party approvals to effectuate the Exchange Offer and Solicitation contemplated by this Agreement.

 

Section 1.04.     Company Covenants. The Company agrees that it shall take all steps reasonably necessary or desirable to commence the Exchange Offer and Solicitation as soon as practicable consistent with this Agreement, and agrees to take all steps necessary to update the Registration Statement as required by applicable laws and regulation.

 

Section 1.05.     Specific Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof, in addition to any other remedy to which they may be entitled at law or in equity.

 

Section 1.06.     U.S. Federal Income Tax Treatment. The exchange of Public Warrants or Private Warrants for shares of Common Stock of the Company pursuant to the Exchange Offer is intended to qualify as a “recapitalization,” within the meaning of Section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended, and the parties shall not take any position inconsistent therewith unless otherwise required by applicable law.

 

Section 1.07.     Section 16 Matters. The Company agrees that its board of directors (or an appropriate committee of non-employee directors) shall adopt resolutions approving the transactions contemplated by the Exchange Offer, Solicitation and this Agreement, including, but not limited to, the disposition of Private Warrants to the Company and the acquisition of shares of Common Stock from the Company by the Warrant Holder, and exempting such transactions from Section 16(b) of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to Rule 16b-3 thereunder for the Warrant Holder and certain persons affiliated with the Warrant Holder who are subject to Section 16 of the Exchange Act.

 

Section 1.08.     Termination. This Agreement shall terminate as to the Warrant Holder upon written notice to the Warrant Holder by the Company, or upon the earlier of (i) the date the Company’s board of directors or a committee thereof determines to no longer pursue the Exchange Offer and the Solicitation, and (ii) July 16, 2019.

 

[Signature Page Follows]

 

 

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

 

COMPANY:

 

CONCRETE PUMPING HOLDINGS, INC.

 

 

By:     /s/ Iain Humphries                    

	 	
			Name:

				
			Iain Humphries

			

	 	
			Title:

				
			Chief Financial Officer and Secretary

			

 

 

 

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

 

WARRANT HOLDER:

 

CFLL SPONSOR HOLDINGS, LLC

 

 

By:     /s/ Tariq Osman                    

	 	
			Name:

				
			Tariq Osman

			

Title: Executive Vice Presidentex_139553.htm

FIRST AMENDMENT

TO
STOCKHOLDERS AGREEMENT 

 

This FIRST AMENDMENT TO STOCKHOLDERS AGREEMENT (this “Amendment”) is entered into as of April 1, 2019, by and among Concrete Pumping Holdings, Inc., a Delaware corporation (the “Company”), and the undersigned parties listed on the signature pages hereto, and amends that certain Stockholders Agreement (the “Agreement”), dated December 6, 2018, by and among the Company and the Investors (as defined therein) parties thereto. Capitalized terms used in this Amendment and not defined herein have the meanings given to them in the Agreement.

 

RECITALS

 

WHEREAS, Section 5.2 of the Agreement provides that the Agreement may be amended by a written instrument referencing the Agreement and signed by the Company and the Holders holding a majority of the Registrable Securities; 

 

WHEREAS, pursuant to an Assignment Agreement dated December 31, 2018, the Argand Investor and its affiliates assigned to CFLL Holdings, LLC (“CFLL Holdings”) all of their rights, interests and obligations under the Agreement with respect to their shares of common stock of the Company, and CFLL Holdings accepted all rights, interests and obligations under the Agreement solely with respect to the shares of common stock of the Company held by it; and 

 

WHEREAS, the Company and the undersigned Holders (representing Holders holding a majority of the Registrable Securities) desire to amend the Agreement as set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual premises hereinafter set forth, the parties hereto agree as follows: 

 

Section 1.  Amendments. 

 

(a)     Section 3.1 of the Agreement is hereby amended and restated in its entirety as set forth below, with full force and effect as of the date hereof:

 

“3.1     Initial Investor Lock-up

 

(a)     Each Initial Investor agrees not to Transfer a number of shares of Company Common Stock equal to the number of Class A Common Stock issued upon conversion of such Initial Investor’s Founder Shares until the earlier of (A) twelve (12) months after the Closing,  or (B) subsequent to the Closing, (x) if the last sale price of the Company Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Closing or (y) following the Closing, the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Company Common Stock for cash, securities or other property. Notwithstanding the foregoing, if the Peninsula Holder holds an aggregate number of shares of Company Common Stock equal to or in excess of the Peninsula Threshold, then the time period in clause (A) of the preceding sentence shall be fifteen (15) months after the Closing, but only with respect to the shares of Company Common Stock issued to the Sponsor in respect of its Class A Common Stock issued upon conversion of the Sponsor’s Founder Shares.

 

(b)     The Sponsor agrees that it shall not Transfer any Private Placement Warrants (or shares of Company Common Stock issued or issuable upon the exercise of the Private Placement Warrants) until (A) if the Peninsula Holder holds an aggregate number of shares of Company Common Stock equal to or in excess of the Peninsula Threshold, fifteen (15) months after the Closing, and (B) in the event that the Peninsula Holder holds an aggregate number of shares of Company Common Stock less than the Peninsula Threshold, twelve (12) months after the Closing; provided, however, that the Sponsor shall be permitted to tender its Private Placement Warrants into an offer by the Company to exchange such Private Placement Warrants for shares of Company Common Stock; provided, further, that any shares of Company Common Stock issued in exchange for any Private Placement Warrants tendered by the Sponsor in connection with such offer to exchange shall not be Transferred by the Sponsor until (x) if the Peninsula Holder holds an aggregate number of shares of Company Common Stock equal to or in excess of the Peninsula Threshold, fifteen (15) months after the Closing, and (y) in the event that the Peninsula Holder holds an aggregate number of shares of Company Common Stock less than the Peninsula Threshold, twelve (12) months after the Closing.”

 

(b)     Section 3.4 of the Agreement is hereby amended and restated in its entirety as set forth below, with full force and effect as of the date hereof:

 

“3.4     Argand Investor Lock-up.     CFLL Holdings agrees not to Transfer any shares of Company Common Stock acquired by the Argand Investor in exchange for the Argand PIPE Shares pursuant to the Merger Agreement until (a) if the Peninsula Holder holds an aggregate number of shares of Company Common Stock equal to or in excess of the Peninsula Threshold, fifteen (15) months after the Closing, and (b) in the event that the Peninsula Holder holds an aggregate number of shares of Company Common Stock less than the Peninsula Threshold, twelve (12) months after the Closing.”

 

Section 2.  Miscellaneous. 

 

(a)     Governing Law.  This Amendment shall be governed in all respects by the internal laws of the State of Delaware as applied to agreements entered into among Delaware residents to be performed entirely within Delaware, without regard to principles of conflicts of law.

 

(b)     No Other Amendments or Waivers. Except as expressly modified by this Amendment, the Agreement is hereby confirmed and ratified and shall remain unchanged and in full force and effect unless further amended after the date hereof pursuant to Section 5.2 of the Agreement, except that each reference to the “Agreement” shall mean and be a reference to the Agreement as amended by this Amendment.  

 

(c)     Titles and Subtitles.  The titles and subtitles used in this Amendment are used for convenience only and are not to be considered in construing or interpreting this Amendment.

 

(d)     Entire Agreement. This Amendment, together with the Agreement, constitutes the full and entire understanding and agreement between the parties with regard to the subjects hereof.

 

(e)     Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be enforceable against the parties that execute such counterparts, and all of which together shall constitute one instrument.

 

(f)     Telecopy Execution and Delivery.  A facsimile, telecopy, portable document format (“PDF”) or other reproduction of this Amendment may be executed by one or more parties hereto and delivered by such party by facsimile, PDF or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen.  Such execution and delivery shall be considered valid, binding and effective for all purposes.  At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Amendment as well as any facsimile, telecopy or other reproduction hereof.

 

[Signature Page Follows]

 

 

 

IN WITNESS WHEREOF, the parties have duly executed this Amendment as of the date first written above.

 

CONCRETE PUMPING HOLDINGS, INC.

 

By:      /s/ Iain Humphries                    
Name:  Iain Humphries
Title:  Chief Financial Officer and Secretary

 

 

 

	
   
  	
  CFLL SPONSOR HOLDINGS, LLC

   

  By:/s/ Tariq Osman
Name:  Tariq Osman

  Title:  Executive Vice President

  

 

	
   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  	
  CFLL HOLDINGS, LLC

  By:/s/ Tariq Osman
Name: Tariq Osman

  Title:  Manager

   

   

   

   

   

  

 

 

 

 

 

 

 

	
  BBCP INVESTORS, LLC

  

	
   

  	
  By: PGP Investors, LLC, its Sole Member

  

	
   

  	
  By: PGP Manager, LLC, its Manager

  

	
   

  	
  By: PGP Advisors, LLC, its Manager

  

 

	
   

  	
  By:

  	
  /s/ M. Brent Stevens

  
	
   

  	
  Name:

  	
  M. Brent Stevens

  
	
   

  	
  Title:

  	
  Manager

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