Exhibit 2.2
FIRST AMENDMENT TO ASSET PURCHASE
AGREEMENT
THIS FIRST AMENDMENT TO ASSET
PURCHASE AGREEMENT (this “ Amendment ”) is
entered into as of the 11 th day of December, 2006, by and among PIERRE
NEWCO I, LLC, an Ohio limited liability company (“ Zartic
Buyer ”), PIERRE NEWCO II, LLC, an Ohio limited liability
company (“ Zar Tran Buyer ”), ZARTIC, INC., a
Georgia corporation (“ Zartic ”), ZAR TRAN,
INC., a Georgia corporation (“ Zar Tran ”), JEM
SALES, INC., a Georgia corporation (“ JEM Sales
”), MNM LEASING COMPANY, LLC, a Georgia limited liability
company (“ MNM Leasing ”), JAMES E. MAUER
(“ James Mauer ”), JEFFREY J. MAUER (“
Jeffrey Mauer ”), CHRISTOPHER W. MAUER (“
Christopher Mauer ”), and TAMARA L. MAUER f/k/a Tamara
Mauer Acker (“ Tamara Mauer ” and together with
Jeffrey Mauer and Christopher Mauer, the “
Beneficiaries ”), under the following
circumstances:
A.
Zartic Buyer, Zar Tran Buyer, Zartic, Zar Tran, JEM Sales, MNM
Leasing, James Mauer, and the Beneficiaries entered into an Asset
Purchase Agreement dated as of November 3, 2006 (the “
Agreement ”) pursuant to which, and subject to the
terms and conditions set forth therein: (i) Zartic Buyer shall
purchase substantially all of the assets and assume certain of the
liabilities of Zartic; (ii) Zartic Buyer shall purchase certain
real property used in the Zartic Business (as defined in the
Agreement) from James Mauer, the real property and equipment used
in the laboratory business of JEM Sales from JEM Sales, the MNM
Assets (as defined in the Agreement) from MNM Leasing, and the
Warfighter Foods Assumed Contracts (as defined in the Agreement)
from Warfighter Foods (as defined in the Agreement); and (iii) Zar
Tran Buyer shall purchase substantially all of the assets and
assume certain of the liabilities of Zar Tran.
B.
All capitalized terms used herein but not defined herein shall have
the meanings given them in the Agreement.
C.
The parties hereto desire to make certain amendments to the
Agreement.
NOW, THEREFORE, the parties hereto
agree as follows:
1.
Excluded MNM Asset . To properly reflect which
personal properties are included in the MNM Assets, Schedule
1(g) is hereby amended by deleting therefrom the Parker Systems
Generator, with a total cost amount of $19,497.22. Section
3.14 of the Agreement (Personal Property) is hereby amended by
adding the following representations and warranties: the Parker
Systems Generator is not, nor has it ever been, used in either
Business and is not, nor has it ever been, located on any Owned
Real Property or Affiliate-Owned Real Property.
2.
Certificated Assets . To properly reflect which
certificated assets are included in the Owned Personal Property,
Schedule 1(h) is hereby amended as attached hereto and
incorporated herein by reference. Section 3.14 of the
Agreement (Personal Property) is hereby amended by adding the
following representation and warranty: all of the certificated
assets of the Companies are listed on Schedule 1(h) .
To the extent the delivery of title to any of
the certificated
assets listed on Schedule 1(h) by either Company to either
Buyer is not completed as of the Closing, Sellers shall after the
Closing use commercially reasonable efforts to promptly take or
cause to be taken all actions, and to do or cause to be done all
things, reasonably necessary, proper or advisable to deliver such
title within a reasonable time after the Closing, taking into
account any customary time delays or required passage of time in
obtaining certificates of title and delivering such title.
Sellers shall pay any fees and expenses incurred in connection with
delivering title to certificated assets as contemplated in this
Section.
3.
Excluded Assets; Zar Tran Subsidiary . To properly
reflect the ownership of the Excluded Assets and the fact that Zar
Tran has a wholly-owned subsidiary, the following amendments are
hereby made to the Agreement:
(a)
Clause (iv) under the definition of “Excluded Assets”
is hereby deleted in its entirety and replaced by the
following:
“the assets
specifically described on Schedule 1(j) .”
(b)
Schedule 1(j) , attached hereto and incorporated herein by
reference, is hereby added as a new Schedule to the
Agreement.
(c)
Schedule 3.03 is amended and restated as attached hereto and
incorporated herein by reference.
4.
Assumption of Capital Leases . Section 2.06 of the
Agreement (Limited Assumption of Obligations) is hereby amended to
provide that Zartic Buyer and Zar Tran Buyer shall, at the Closing,
assume all obligations to be performed after the Closing and all
accounts payable existing as of the Effective Time under those
certain capital leases of Zartic and Zar Tran, respectively, set
forth on Schedule 2.06 , attached hereto and incorporated
herein by reference and hereby added as a new Schedule to the
Agreement. The Agreement is hereby further amended to provide
that the Zartic Capital Lease Amount and the Zar Tran Capital Lease
Amount shall be as set forth on Schedule 2.06 . The
parties agree that to the extent that the actual Zartic Capital
Lease Amount or the actual Zar Tran Capital Lease amount determined
during the 90-day period following the Closing, is less than the
amount set forth on Schedule 2.06 , then the applicable
Buyer shall pay the applicable Company the difference between the
actual capital lease amount and the amount set forth on Schedule
2.06 . Conversely, that to the extent that the
actual Zartic Capital Lease Amount or the actual Zar Tran Capital
Lease amount determined during the 90-day period following the
Closing, is more than the amount set forth on Schedule 2.06
, then the appl
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