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Exhibit
10.2
AMENDMENT NO. 1
TO
CONTRIBUTION AND SALE
AGREEMENT
THIS AMENDMENT NO. 1 TO
CONTRIBUTION AND SALE AGREEMENT (this “
Amendment ”) is made as of July 25, 2007 by and
among Genesis Energy, L.P., a Delaware limited partnership (the
“ Buyer ”), on the one hand, and Davison
Petroleum Products, L.L.C., a Louisiana limited liability company,
Davison Transport, Inc., a Louisiana corporation, Transport
Company, an Arkansas corporation, Davison Terminal Service, Inc., a
Louisiana corporation, Sunshine Oil and Storage, Inc., a Louisiana
corporation, T&T Chemical, Inc., an Arkansas corporation, Fuel
Masters, LLC, a Texas limited liability company, TDC, L.L.C., a
Louisiana limited liability company, and Red River Terminals,
L.L.C., a Louisiana limited liability company (each a “
Seller ”, and collectively, the “
Sellers ”), on the other hand. The Buyer and
the Sellers are, collectively, the “ Parties
”. Any capitalized term used, but not defined, in this
Amendment shall have the meaning given such term in the Agreement
(defined below).
INTRODUCTION
A. The Seller and the Buyer
entered into the Contribution and Sale Agreement dated as of
April 25, 2007 (as in effect immediately prior to the date of
this Amendment, the “ Agreement
”).
B. The Parties desire to
amend the Agreement as set forth in this Amendment.
In consideration of the
premises, the representations and warranties, and the mutual
promises made in this Amendment and the Agreement, the Parties
agree as follows:
| 1. |
The definition of “ Acquired Companies
” is hereby amended by adding “TDC Canada, TDC
Peru” in the first line thereof, following
“TDC”. |
| 2. |
The definition of “ Companies ” is
hereby amended by adding “TDC Canada, TDC Peru” in the
second line thereof, following “TDC”. |
| 3. |
The definition of “ Deductible Notice
” is hereby deleted in its entirety. |
| 4. |
The definition of “ DPP Assets ” is
hereby amended and restated as follows; |
“ DPP
Assets ” means all rights, title and interest in and
to (a) all assets and rights owned by DPP, (b) all assets
and rights recorded (or for which the financial results are
recorded) in the books and records of DPP or in the Financial
Statements and are attributable to DPP, (c) the member
interests of T&T and Fuel Masters, which constitutes 100% of
the outstanding member interests of each of T&T and Fuel
Masters, (d) one share of TDC Peru, and (e) all assets
and rights described in Part I-A of Exhibit A , in each case
other than the Retained Assets. Part I-A of Exhibit A is a
listing of the material DPP Assets.
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| 5. |
The definition of “ Purchase Price ”
is hereby amended by deleting the reference to
“$560,000,000” and replacing it with
“$563,095,618”. |
| 6. |
The definition of “ Red River ” is
hereby amended and restated in its entirety as follows:
““ Red River ” means Red River
Terminals, L.L.C.” Each reference in the Agreement to Red
River Terminal, L.L.C. shall be a reference to Red River Terminals,
L.L.C., a Louisiana limited liability company. |
| 7. |
Each reference in the Agreement to Sunshine Oil &
Storage, Inc. shall be a reference to Sunshine Oil and Storage,
Inc., a Louisiana corporation. |
| 8. |
The definition of “ Subject Assets ”
is hereby amended by adding “the TDC Canada Assets, the TDC
Peru Assets” in the third line thereof, following “the
TDC Assets”. |
| 9. |
The definition of “ Transaction Agreements
” is hereby amended by adding “, the Employee Lease
Agreement” in the third line thereof, following “the
Security Agreement,”. |
| 10. |
The definition of “ TDC Assets ” is
hereby amended and restated as follows: |
“ TDC
Assets ” means all rights, title and interest in and
to (a) all assets and rights owned by TDC, (b) all assets
and rights recorded (or for which the financial results are
recorded) in the books and records of TDC or in the Financial
Statements and are attributable to TDC, (c) the equity
interests of TDC Canada and TDC Peru, which constitutes 100% of the
outstanding equity interests of TDC Canada and 418,066 shares of
TDC Peru and (d) all assets and rights described in Part I-H
of Exhibit A . Part I-H of Exhibit A is a listing of
the material TDC Assets, other than the Retained Assets.
| 11. |
The following definitions are hereby inserted in correct
alphabetical order: |
“ Employee Lease
Agreement ” means the Employee Lease Agreement
between the Buyer (or one of its designated Affiliates) and Davison
Transport and Terminal in the form to be mutually agreed by Buyer
and Davison Transport and Terminal to be entered into at
Closing.
“ Employment
Agreements ” means the Employment Agreements between
the Buyer or one of its designated Affiliates (with respect to each
applicable Acquired Company Employee and each applicable Subsequent
Continued Employee) and Davison Transport or Terminal (with respect
to each applicable Subsequent Continued Employee), on the one hand,
and the Persons listed on Schedule 1(h) , on the other hand,
containing the terms listed on the subparts to Schedule 1(h)
and such other terms and in the forms to be mutually agreed by
Buyer and Davison Transport or Terminal and such Persons to be
entered into at the Closing.
“ Hire
Time ” means (i) with respect to each Acquired
Company Employee, the Closing Date at 12:01 a.m. of the respective
local time at the location where such Acquired Company Employee is
employed on its Hire Time and (ii) with respect to each
Subsequent Continued Employee, January 1, 2008 at 12:01 a.m.
of the respective local
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time at the location where
such Eligible Employee is employed on its Hire Time; provided,
however , that if any such Eligible Employee is on a leave of
absence approved by a Company or any of its Affiliates on
January 1, 2008, such employee shall not become an employee of
the Buyer or its Affiliates on that date. Such employee’s
first day of employment shall be postponed until the first day
immediately following the expiration of such leave, provided
such employee is otherwise able to commence active employment and
the Buyer’s offer of employment remains in effect at that
time.
“ Non-Competition
Agreements ” means those agreements entered into at
the Closing between Buyer (with respect to each applicable
Continued Employee) and Davison Transport or Terminal (with respect
to each Subsequent Continued Employee), on the one hand, and the
Persons listed on Schedule 1(i) , on the other hand,
containing the terms listed on the subparts to Schedule 1(i)
and such other terms and in the forms to be mutually agreed by
Buyer and Davison Transport or Terminal and such
Persons.
“ Subsequent
Continued Employee ” has the meaning set forth in
Section 5(n)(ii) .
“ TDC
Canada ” means 0790683 B.C. Ltd., a Canadian
company.
“ TDC Canada
Assets ” means all rights, title and interest in and
to (a) all assets and rights owned by TDC Canada, (b) all
assets and rights recorded (or for which the financial results are
recorded) in the books and records of TDC Canada or in the
Financial Statements and are attributable to TDC Canada,
(c) all assets and rights described in Part I-A of Exhibit
A , in each case other than the Retained Assets. Part I-K of
Exhibit A is a listing of the material TDC Canada
Assets.
“ TDC
Peru ” means TDC Peru S.A.C., a Peruvian
company.
“ TDC
Peru ” means all rights, title and interest in and to
(a) all assets and rights owned by TDC Peru, (b) all
assets and rights recorded (or for which the financial results are
recorded) in the books and records of TDC Peru or in the Financial
Statements and are attributable to TDC Peru, (c) all assets
and rights described in Part I-L of Exhibit A , in each case
other than the Retained Assets. Part I-L of Exhibit A is a
listing of the material TDC Peru Assets.
| 12. |
The definition of “ Unit Consideration
Amount ” is hereby amended and restated in its
entirety as follows: ““ Unit Consideration
Amount ” means $280,000,000.” |
| 13. |
The definition of “ Unit ” is hereby
amended and restated in i |
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