Exhibit No. 10.13
MACROMARKETS LLC
Voting Capital Interests Purchase
Agreement
Dated as of January 12,
2009
MACROMARKETS LLC
VOTING CAPITAL INTERESTS PURCHASE
AGREEMENT
This VOTING CAPITAL INTERESTS PURCHASE AGREEMENT
(this “ Agreement ”), is made as of the
12 th
day of January, 2009, by and between
MacroMarkets LLC, a Delaware limited liability company (the “
Company ”), and Blackhawk Capital Group BDC,
Inc., (“ Purchaser ”), a Delaware
corporation and a business development company registered under the
Investment Company Act of 1940, as amended ("Investment Company
Act"). Capitalized terms used herein shall have the
meanings ascribed to such terms in Section 5.01
hereof.
WITNESSETH:
WHEREAS, Purchaser desires to purchase Voting
Capital Interests from the Company, and the Company desires to
issue and sell Voting Capital Interests to the Purchaser, on the
terms and conditions set forth herein.
NOW, THEREFORE, in consideration of these
premises, the mutual covenants and agreements contained herein, and
for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
ARTICLE I
PURCHASE, SALE AND TERMS
OF VOTING CAPITAL INTERESTS
1.01
Purchase and Sale of Voting Capital Interests
. The Company hereby agrees to create and sell to
Purchaser and, subject to and in reliance upon the representations,
warranties, covenants, terms and conditions of this Agreement,
Purchaser agrees to purchase and accept from the Company,
624,432.28 units, representing five percent (5%) of the Voting
Capital Interests (the “ Purchaser Interests ”)
in the Company, for the purchase price of Two Hundred and Fifty
Thousand Dollars ($250,000) (the “ Purchase Price
”). A copy of the fully diluted capitalization
table is annexed hereto reflecting Purchaser’s
Units. A description of the preferences, voting powers,
qualifications, and special or relative rights or privileges of
the Voting Capital Interests is set forth in the
Operating Agreement. Purchaser shall also be entitled to one
non-voting Board seat at the Company as provided by its operating
guidelines. The Company's Operating Agreement provides
for such an appointment and Craig A. Zabala will be appointed to
such non-voting Board seat as of closing (the "Zabala Appointment")
and may provide managerial assistance at the request and discretion
of the Board.
1.02
Company Deliveries . Simultaneously with the
execution of this Agreement, the Company shall deliver to
Purchaser:
(a) a
resolution of the Board of Managers approving the transactions
contemplated hereby including the sale of the Purchaser Interests
and the Zabala Appointment;
(b) the
Operating Agreement; and
(c) all
authorizations, approvals or permits of or filings with, any
governmental authority, including a Form D filing with the
Securities and Exchange Commission, state securities or “Blue
Sky” offices, that are required by law in connection with the
lawful sale and creation of the Purchaser Interests shall have been
duly obtained by the Company, except for any notice that may be
required subsequent to the date hereof under applicable state
and/or federal securities laws (which, if required, shall be filed
on a timely basis).
1.03
Purchaser Deliveries . Simultaneously with the
execution of this Agreement, Purchaser shall deliver to the
Company:
the Purchase
Price payable by wire transfer of immediately available funds
to:
For
International Wires Add Swift Code: MELNUS3P
Account
Name: Merrill Lynch, Pierce, Fenner &
Smith
(a) ,
or to such bank accounts as the Company has designated in writing
to Purchaser prior to the date hereof; and
(b) the
Operating Agreement duly executed by Purchaser.
1.04
Use of Proceeds . The Company shall use all of
the proceeds from the sale to Purchaser of the Purchaser Interests
in accordance with terms and conditions set forth herein (the
“ Sale ”) for working capital to fund the
ongoing and prospective operations of the Business, including
general and administrative expenses.
1.05
Certificated Interests . Pursuant to Section 8.12
of the Operating Agreement and the resolution of the Board of
Managers, the Company shall issue a certificate to Purchaser,
executed by an officer of the Company, representing the
Purchaser’s five percent membership interest in the Company
and one non-voting board seat. Any such certificate
shall be deemed a “Security” as defined in Section
8-102(a)(15) of the Uniform Commercial Code as in effect in the
State of Delaware from time to time.
ARTICLE II
REPRESENTATIONS AND WARRANTIES OF
THE COMPANY
The Company represents and warrants to Purchaser
as follows:
2.01
Organization and Good Standing; Subsidiaries
. Each of the Company and its Subsidiaries is a duly
organized and validly existing entity in good standing under the
laws of its state of formation and has all requisite company power
and authority for the ownership and operation of its properties and
for the carrying on of its business as now conducted and as now
proposed to be conducted. Each of the Company and its
Subsidiaries is duly licensed or qualified and in good standing as
a foreign corporation authorized to do business in all
jurisdictions wherein the character of the property owned or
leased, or the nature of the activities conducted, by it makes such
licensing or qualification necessary. Other than Macro
Financial LLC, a Delaware limited liability company, MACRO
Securities Depositor LLC, a Delaware limited liability company,
Macro Inflation Depositor LLC, a Delaware limited liability
company, and Macro Housing Depositor LLC, a Delaware limited
liability company, the Company does not (i) own of record or
beneficially, directly or indirectly, (A) any shares of capital
stock or securities convertible into capital stock of any other
corporation or (B) any participating interest in any partnership,
joint venture or other corporate business enterprise
except for 50 shares of MacroShares $100 Oil Up Trust,
50 shares of MacroShares $100 Oil Down Trust, and 40 Founders
shares of each of MacroShares Major Metro Housing Up Sharers, Major
Metro Housing Down Shares, MacroShares Medical Inflation Up Shares
Series 2008-1 and MacroShares Medical Inflation Down Shares, which
were used to form the regulated product trusts and are redeemed at
the time the securities are launched, or (C) any assets comprising
the business or obligations of any other corporation, partnership,
joint venture or other corporate business enterprise or
(ii) control, directly or indirectly, any other
entity.
2.02
Limited Liability Company Action . The Company
has all necessary limited liability company power and has taken all
limited liability company action required to enter into and perform
this Agreement and any other agreements and instruments
contemplated hereby or to be executed in connection herewith
(collectively, the " Transaction Documents "), and each
Company signatory to each of the Transaction Documents has been
duly authorized to execute and deliver such Transaction Document on
behalf of the Company. The Transaction Documents are
valid and binding obligations of the Company, enforceable against
the Company in accordance with their respective terms, except as
such enforceability may be limited by applicable bankruptcy laws or
by any court sitting as a court of equity. The creation,
sale and delivery of the Purchaser Interests in accordance with
this Agreement, the consummation of all other transactions
contemplated by this Agreement, and the terms and conditions of
each other Transaction Document have been duly authorized by all
necessary limited liability company action on the part of the
Company and the necessary consents of the members and managers
of the Company have been obtained. Robert
Tull, as an Advisor to the Purchaser’s Board has not made
recommendations as to the merit of this transaction.
2.03
Governmental Approvals; Consents . Except for the
consents of the members and managers and the filing of any notice
that may be required under applicable state and/or federal
securities laws (including a Form D filing) (which, if required,
shall be filed on a timely basis), no authorization, consent,
approval, license, exemption of or filing or registration with any
court or governmental department, commission, board, bureau,
agency, instrumentality or any other Person is or will be necessary
for (i) the execution and delivery by the Company of this Agreement
(or any other Transaction Document), (ii) the consummation of the
transactions contemplated by this Agreement (or any other
Transaction Document) and (iii) the performance by the Company of
its obligations under this Agreement (or any other Transaction
Document), including, without limitation, the offer, creation, sale
and delivery of the Purchaser Interests.
2.04
Financial Information; No Undisclosed Liabilities
. The audited balance sheet of the Company as
of October 31, 2008 (the “ Statement Date ”), as
delivered previously to Purchaser, presents fairly in all material
respects the financial position of the Company as of the date
thereof and has been prepared in accordance with the
Company’s books and records (the “ Balance Sheet
”). There is no liability as of the closing date
of this agreement, contingent or otherwise, not adequately
reflected in or reserved against in the Balance Sheet, other than
(i) liabilities incurred in the ordinary course of business
subsequent to the Statement Date and (ii) obligations under
contracts and commitments incurred in the ordinary course of
business and not required under generally accepted accounting
principles to be reflected in the Balance Sheet, which, in both
cases, individually or in the aggregate, are not material to the
financial condition of the Company. Since the Statement
Date, (i) there has been no material adverse change in the
business, assets or condition, financial or otherwise, operations
or prospects of the Company, (ii) neither the business,
condition, or operations of the Company nor any of the material
properties or assets of the Company have been adversely affected as
the result of any legislative or regulatory change, any revocation
or change in any material franchise, permit, license or right to do
business, or any other event or occurrence, whether or not insured
against, (iii) the Company has not entered into any material
transaction other than in the ordinary course of business, made any
dividend or distribution on its capital stock, or redeemed or
repurchased any of its capital stock, and (iv) the Company has
not incurred any liability or contingent liability in excess of
$50,000.
2.05
Securities Act of 1933 . Subject in part to the
truth and accuracy of Purchaser’s representations set forth
in Section 3.03 , the Company has complied and will comply
with all applicable federal and state securities laws in connection
with the offer, creation and sale of the Purchaser
Interests. Neither the Company nor anyone acting on its
behalf has or will sell, offer to sell or solicit offers to buy
Purchaser Interests, or solicit offers with respect thereto from,
or enter into any preliminary conversations or negotiations
relating thereto with, any Person, so as to bring the creation and
sale of Purchaser Interests under the registration provisions of
the Securities Act of 1933, as amended (the “ Securities
Act ”), and applicable state securities laws, and neither
the Company nor any of its affiliates, nor any person acting on its
or their behalf, has engaged in any form of general solicitation or
general advertising (within the meaning of Regulation D under the
Securities Act) in connection with the offer or sale of any of the
Purchaser Interests.
2.06
Brokers or Finders . No Person has or will have,
as a result of the transactions contemplated by this Agreement, any
right, interest or valid claim against or upon the Company for any
commission, fee or other compensation as a finder or
broker.
2.07
Sufficiency of and Title to Assets . The Company
owns good and marketable title or leasehold title to all of its
owned or leased, as applicable, assets and properties, that are
necessary to conduct the Business in the manner presently operated
by the Company, in each case free of any Liens, except for such
Liens that arise in the ordinary course of business.
2.08
Intellectual Property .
(a) The
Company owns, free and clear of all Liens, or has the valid right
to use, all of the Company Intellectual Property. No
other Person (other than licensors of software that is generally
commercially available, and exclusive licensees of the Company
Intellectual Property pursuant to agreements with the Company) has
any rights to any of the Company Intellectual Property, and, to the
Company’s knowledge, no other Person is infringing, violating
or misappropriating any of the Company Intellectual
Property.
(b) The
Company has not received any complaint, claim or notice alleging
any infringement, violation or misappropriation of any issued
patent, trademark or copyrights of any other Person, and to the
Company’s knowledge, there is no basis for any such
complaint, claim or notice.
(c) The
Company has taken commercially reasonable precautions to (i)
protect its rights in the Company Intellectual Property and (ii)
maintain the confidentiality of its trade secrets, know-how and
other confidential Company Intellectual Property. To the
Company’s knowledge, there have been no acts or omissions
(other than those made based on reasonable, good faith business
decisions) by the officers, managers, members, advisors,
consultants or employees of the Company, the result of which could
reasonably be expected to materially compromise the rights of the
Company to apply for or enforce appropriate legal protection of the
Company Intellectual Property.
(d) All
of the Company Intellectual Property has been created by (i)
employees of the Company within the scope of their employment by
the Company or by independent contractors of the Company who have
executed agreements expressly assigning all rights, title and
interest in such Company Intellectual Property to the Company, (ii)
employees of Case Shiller Weiss, Inc. (of which the Company was
formerly a wholly-owned subsidiary) (“ CSW ”),
all of whom executed agreements expressly assigning all right,
title and interest in such Company Intellectual Property to CSW,
which Intellectual Property in turn subsequently assigned all of
such right, title and interest in such Company Intellectual
Property to the Company, or (iii) members of the Company who have
executed agreements expressly assigning all right, title and
interest in such Company Intellectual Property to the
Company. No portion of the Company Intellectual Property
was jointly developed with any third party.
2.09
Litigation . There is no action, suit or
proceeding at law or in equity by any Person or any arbitration or
any administrative or other proceeding by or before any Government
Authority pending or, to the Company’s knowledge, threatened,
against the Company which (i) relates to or may affect the
Business, or any of the assets owned or used by the Company, or
(ii) challenges, prevents, delays or makes illegal the Sale
and the other transactions contemplated hereby.
2.10
Authorization . The sale of Units by the Company
to the Purchaser, and the performance of the provisions of this
agreement, do not and will not conflict with any law or regulation
or any term or provision of the Articles of Organization or the
Operating Agreement, and same are duly authorized, and do not
require the consent or approval of any governmental body or other
regulatory authority, except as stated herein and as may be
required by application of the securities laws of the various
states, all of which the Company shall use its best efforts to
satisfy for the purposes of establishing any necessary and
available exemption from registration of its securities thereunder
in the event such exemption is available with respect to the
transaction contemplated herein.
2.11
No Conflict . The execution, delivery and performance
of this agreement is not in contravention of, or in conflict with,
any agreement, indenture or undertaking to which the Company is a
party, or by which any of its property may be bound or affected,
and same will not cause any lien, charge or other encumbrance to be
created or imposed upon any preemptive rights, rights of first
refusal or similar rights, statutory or otherwise, that have not
been properly waived or complied with by the Company.
2.12
Capitalization . The authorized capital of the
Company, immediately following the execution of this agreement,
will be as set forth in the Capitalization Table attached hereto as
Schedule A.
2.13
Valid Issue of Purchaser Interests . The
Units issued in connection with this agreement, when issued, sold
and delivered in accordance with the terms of this agreement and
the Operating
|