Exhibit
2.4
FIRST
AMENDMENT TO
EQUITY
PURCHASE AGREEMENT
THIS
FIRST AMENDMENT TO EQUITY PURCHASE AGREEMENT (the “
Amendment ), dated as of October 28, 2008 (the “
Effective Date ”), is entered into by and among Waste
Connections of Washington, Inc., a Washington corporation (“
WCWI ”) on the one hand, and Land Recovery, Inc., a
Washington corporation (“ LRI ”), Resource
Investments, Inc., a Washington corporation (“ RII
” and, together with LRI, the “ Selling
Unitholders ”), and Norman LeMay, in his capacity as the
Stakeholders’ Representative under the Agreement (defined
below) on the other hand, with reference to the following
facts:
WHEREAS,
WCWI and the Selling Stakeholders entered into that certain Equity
Purchase Agreement (the “ Agreement ”), dated as
of August 1, 2008, whereby WCWI agreed to purchase from the Selling
Unitholders all of their membership interests of Pierce County
Recycling, Composting and Disposal, LLC, a Washington limited
liability company (the “ LLC ”), and all of
their respective shares of capital stock of Pierce County Landfill
Management, Inc., a Washington corporation; and
WHEREAS,
WCWI, the Selling Unitholders and Norman LeMay, acting in his
capacity as the Stakeholders’ Representative pursuant to
Section 7.4 of the Agreement, desire to amend the Agreement as
set forth herein;
NOW,
THEREFORE, in consideration of the premises and of the mutual
agreements, representations, warranties, provisions and covenants
herein contained, the parties hereto, each intending to be bound
hereby, agree as follows:
1.
Definitions . Capitalized terms not otherwise
defined herein shall have the respective meanings ascribed to them
in the Agreement.
2.
Amendment to Section 1.2 . Section 1.2 of
the Agreement is hereby amended and restated in its entirety to
read as follows:
“ 1.2
Purchase Price and
Payment.
“ (a)
Purchase Price . At the Closing, in full
consideration for the purchase and sale of the Subject Units, WCWI
shall pay or cause to be paid to the Selling Unitholders the
aggregate amount of one hundred three million six hundred
sixty-five thousand two hundred ninety-five dollars and fifty-three
cents ($103,665,295.53) (the “ Purchase Price
”), which shall be paid to the Selling Unitholders by wire
transfer, in the respective amounts and to the respective bank
accounts specified for the Selling Unitholders on
Schedule 1. 2, and which amount includes:
(i) $1,100,000.00,
in payment of 49% of all earnings before interest, taxes,
depreciation and amortization of the LLC from the Closing Date
through November 30, 2008, based on the good faith forecast of WCWI
as of the Closing Date (the “Estimated EBITDA”);
and
(ii) $2,565,295.53,
in payment of LRI’s and RII’s pro rata share of all
Cash (as defined below) of the LLC as of October 31, 2008,
subject to Section 6.7.6 of the LLC Operating
Agreement. The term "Cash" for purposes of this Section
1.2(a)(ii) shall mean book cash (bank cash minus outstanding
checks, and not solely bank cash) of the LLC as of October 31,
2008, and (A) shall include all amounts accrued and owed to
the LLC by any of its members or their Affiliates as of
October 31, 2008 (including any amount owed for any service
provided by the LLC to any of its members or their Affiliates
through such date), all of which amounts shall be paid
to the LLC, on or prior to the Closing Date, by the member or
Affiliate that owes such
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