sec document

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FFTB9ADyzSDS9rOSXAlV22cZLCQK5hLIcfYC+80MhUCOZFvILmmK/+5kWOXXYsy8 YRBQyci53JUUrOx96cBanA== 0000921895-07-002330.txt : 20071010 0000921895-07-002330.hdr.sgml : 20071010 20071010092912 ACCESSION NUMBER: 0000921895-07-002330 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20071010 DATE AS OF CHANGE: 20071010 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: KENSEY NASH CORP CENTRAL INDEX KEY: 0001002811 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 363316412 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-48201 FILM NUMBER: 071164208 BUSINESS ADDRESS: STREET 1: 735 PENNSYLVANIA DRIVE CITY: EXTON STATE: PA ZIP: 19341 BUSINESS PHONE: 6105947156 MAIL ADDRESS: STREET 1: 735 PENNSYLVANIA DRIVE CITY: EXTON STATE: PA ZIP: 19341 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: RAMIUS CAPITAL GROUP LLC CENTRAL INDEX KEY: 0001050154 IRS NUMBER: 133937658 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 666 THIRD AVENUE STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2128457900 MAIL ADDRESS: STREET 1: 666 THIRD AVENUE STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D/A 1 sc13da306297030_10052007.htm SCHEDULE 13D AMENDMENT NO. 3 sec document


                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                                 --------------

                                  SCHEDULE 13D
                                 (RULE 13d-101)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
            TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
                                  RULE 13d-2(a)

                              (Amendment No. 3)(1)

                             Kensey Nash Corporation
                             -----------------------
                                (Name of Issuer)

                          Common Stock, Par Value $.001
                          -----------------------------
                         (Title of Class of Securities)

                                    490057106
                                    ---------
                                 (CUSIP Number)

                              STEVEN WOLOSKY, ESQ.
                 OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
                                Park Avenue Tower
                               65 East 55th Street
                            New York, New York 10022
                                 (212) 451-2300
                                 --------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                 October 5, 2007
                                 ---------------
             (Date of Event Which Requires Filing of This Statement)

      If the filing person has  previously  filed a statement on Schedule 13G to
report the  acquisition  that is the subject of this Schedule 13D, and is filing
this  schedule  because  of Rule  13d-1(e),  13d-1(f)  or  13d-1(g),  check  the
following box |_|.

      NOTE.  Schedules filed in paper format shall include a signed original and
five copies of the schedule,  including  all exhibits.  SEE Rule 13d-7 for other
parties to whom copies are to be sent.

                         (Continued on following pages)

                              (Page 1 of 20 Pages)


- ----------------
(1)   The  remainder  of this cover  page  shall be filled  out for a  reporting
person's  initial  filing on this  form with  respect  to the  subject  class of
securities,  and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.

      The information  required on the remainder of this cover page shall not be
deemed to be "filed"  for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 or otherwise  subject to the  liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  SEE the
NOTES).



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 2 of 20 Pages
- ----------------------                                    ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    PARCHE, LLC
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    WC
- --------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
- --------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    Delaware
- --------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  397,720
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              397,720
               -----------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
- --------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    397,720
- --------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    3.3%
- --------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    OO
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 3 of 20 Pages
- ----------------------                                    ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    WC
- --------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
- --------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    Cayman Islands
- --------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  2,088,020
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              2,088,020
               -----------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
- --------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,088,020
- --------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    17.5%
- --------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    CO
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 4 of 20 Pages
- ----------------------                                    ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    RGC STARBOARD ADVISORS, LLC
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
- --------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
- --------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    Delaware
- --------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  2,485,740
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              2,485,740
               -----------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
- --------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,485,740
- --------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    20.8%
- --------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IA, OO
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 5 of 20 Pages
- ----------------------                                    ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    RAMIUS CAPITAL GROUP, L.L.C.
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
- --------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
- --------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    Delaware
- --------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  2,485,740
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              2,485,740
               -----------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
- --------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,485,740
- --------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    20.8%
- --------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IA, OO
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 6 of 20 Pages
- ----------------------                                    ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    C4S & CO., L.L.C.
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
- --------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
- --------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    Delaware
- --------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  2,485,740
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              2,485,740
               -----------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
- --------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,485,740
- --------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    20.8%
- --------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    OO
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 7 of 20 Pages
- ----------------------                                    ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    PETER A. COHEN
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
- --------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
- --------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    Delaware
- --------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  - 0 -
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   2,485,740
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              - 0 -
               -----------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              2,485,740
- --------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,485,740
- --------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    20.8%
- --------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 8 of 20 Pages
- ----------------------                                    ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    MORGAN B. STARK
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
- --------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
- --------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    USA
- --------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  - 0 -
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   2,485,740
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              - 0 -
               -----------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              2,485,740
- --------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,485,740
- --------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    20.8%
- --------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 9 of 20 Pages
- ----------------------                                    ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    JEFFREY M. SOLOMON
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
- --------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
- --------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    USA
- --------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  - 0 -
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   2,485,740
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              - 0 -
               -----------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              2,485,740
- --------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,485,740
- --------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    20.8%
- --------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 10 of 20 Pages
- ----------------------                                    ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    THOMAS W. STRAUSS
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*

                    OO
- --------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
- --------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    USA
- --------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  - 0 -
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   2,485,740
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              - 0 -
               -----------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              2,485,740
- --------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    2,485,740
- --------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    20.8%
- --------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 11 of 20 Pages
- ----------------------                                    ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    CEASAR ANQUILLARE
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*


- --------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
- --------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    USA
- --------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  - 0 -
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              - 0 -
               -----------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
- --------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    - 0 -
- --------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    0%
- --------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 12 of 20 Pages
- ----------------------                                    ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    PETER A. FELD
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*


- --------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
- --------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    USA
- --------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  - 0 -
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              - 0 -
               -----------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
- --------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    - 0 -
- --------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    0%
- --------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 13 of 20 Pages
- ----------------------                                    ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                    JEFFREY C. SMITH
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) /X/
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         SOURCE OF FUNDS*


- --------------------------------------------------------------------------------
     5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
               PURSUANT TO ITEM 2(d) OR 2(e)                                 / /
- --------------------------------------------------------------------------------
     6         CITIZENSHIP OR PLACE OF ORGANIZATION

                    USA
- --------------------------------------------------------------------------------
 NUMBER OF         7     SOLE VOTING POWER
   SHARES
BENEFICIALLY                  - 0 -
  OWNED BY     -----------------------------------------------------------------
    EACH           8     SHARED VOTING POWER
 REPORTING
PERSON WITH                   - 0 -
               -----------------------------------------------------------------
                   9     SOLE DISPOSITIVE POWER

                              - 0 -
               -----------------------------------------------------------------
                  10     SHARED DISPOSITIVE POWER

                              - 0 -
- --------------------------------------------------------------------------------
    11         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                    - 0 -
- --------------------------------------------------------------------------------
    12         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
    13         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    0%
- --------------------------------------------------------------------------------
    14         TYPE OF REPORTING PERSON*

                    IN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 14 of 20 Pages
- ----------------------                                    ----------------------


            The following constitutes Amendment No. 3 ("Amendment No. 3") to the
Schedule 13D filed by the undersigned.  This Amendment No. 3 amends the Schedule
13D as specifically set forth.

Item 2 is hereby amended to add the following:

            Ceasar  Anquillare,  Peter A. Feld and  Jeffrey  C. Smith are hereby
added as  Reporting  Persons to the Schedule  13D  (together,  with the original
Reporting Persons, the "Ramius Group").

            Ceasar  Anquillare ("Mr.  Anquillare") is a nominee for the Board of
Directors of the Issuer and his principal  occupation is serving as Chairman and
Chief Executive Officer of Winchester Capital Partners, a private  transatlantic
investment  bank.  The  principal  business  address  of Mr.  Anquillare  is c/o
Winchester Capital Partners LLC, Winchester House, 445 Orange Street, New Haven,
Connecticut 06511. Mr. Anquillare is a citizen of the United States of America.

            Peter A. Feld ("Mr.  Feld") is a nominee for the Board of  Directors
of the Issuer and his  principal  occupation  is serving as a Director of Ramius
Capital. The principal business address of Mr. Feld is c/o Ramius Capital Group,
L.L.C.,  666 Third Avenue,  26th Floor,  New York, New York 10017. Mr. Feld is a
citizen of the United States of America.

            Jeffrey  C.  Smith  ("Mr.  Smith")  is a  nominee  for the  Board of
Directors of the Issuer and his principal  occupation is serving as a Partner of
Ramius  Capital.  The  principal  business  address  of Mr.  Smith is c/o Ramius
Capital Group,  L.L.C., 666 Third Avenue,  26th Floor, New York, New York 10017.
Mr. Smith is a citizen of the United States of America.

            No Reporting Person has, during the last five years,  been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors).
No  Reporting  Person  has,  during the last five  years,  been party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such  proceeding  was or is subject to a  judgment,  decree or final
order  enjoining  future  violations of, or prohibiting or mandating  activities
subject  to,  federal or state  securities  laws or finding any  violation  with
respect to such laws.

Item 4 is hereby amended to add the following:

            The Ramius Group is seeking  representation on the Issuer's Board of
Directors (the "Board").  Starboard  delivered a letter to the Issuer on October
5, 2007 (the "Nomination Letter") nominating Messrs. Anquillare, Feld and Smith,
as set forth  therein,  for  election to the Board at the  Issuer's  2007 annual
meeting  of  shareholders  (the "2007  Annual  Meeting").  The  Ramius  Group is
currently in active  discussions with the Issuer in hopes of reaching a mutually
acceptable agreement regarding Board  representation.  However, no assurance can
be  given at this  time  that  such  discussions  will  result  in a  definitive
agreement.

Item 5 is hereby amended and restated as follows:

            The  aggregate  percentage of Shares  reported  owned by each person
named herein is based upon 11,945,621 Shares outstanding, as of August 31, 2007,



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 15 of 20 Pages
- ----------------------                                    ----------------------


which is the total  number of Shares  outstanding  as reported  in the  Issuer's
Annual Report on Form 10-K, filed with the Securities and Exchange Commission on
September 13, 2007.

A.    Parche

      (a)   As of the date of this filing, Parche beneficially owns 397,720 Shares.

            Percentage: 3.3% as of the date hereof.

      (b)   1. Sole power to vote or direct vote: 397,720
            2. Shared power to vote or direct vote: 0
            3. Sole power to dispose or direct the disposition: 397,720
            4. Shared power to dispose or direct the disposition: 0

      (c)   Parche did not enter into any transactions in the Shares since the
            filing of Amendment No. 2 to the Schedule 13D.

B.    Starboard

      (a)   As of the date of this filing, Starboard beneficially owns 2,088,020
            Shares.

            Percentage: 17.5% as of the date hereof.

      (b)   1. Sole power to vote or direct vote: 2,088,020
            2. Shared power to vote or direct vote: 0
            3. Sole power to dispose or direct the disposition: 2,088,020
            4. Shared power to dispose or direct the disposition: 0

      (c)   Starboard did not enter into any transactions in the Shares since the
            filing of Amendment No. 2 to the Schedule 13D.

C.    RCG Starboard Advisors

      (a)   As of the date of this filing, as managing member of Parche and the
            investment manager of Starboard, RCG Starboard Advisors may be
            deemed the beneficial owner of (i) 397,720 Shares owned by Parche
            and (ii) 2,088,020 Shares owned by Starboard.

            Percentage: 20.8% as of the date hereof.

      (b)   1. Sole power to vote or direct vote: 2,485,740
            2. Shared power to vote or direct vote: 0
            3. Sole power to dispose or direct the disposition: 2,485,740
            4. Shared power to dispose or direct the disposition: 0

      (c)   RCG Starboard Advisors did not enter into any transactions in the
            Shares since the filing of since the filing of Amendment No. 2 to
            the Schedule 13D.



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 16 of 20 Pages
- ----------------------                                    ----------------------


D.    Ramius Capital

      (a)   As of the date of this filing, as the sole member of RCG Starboard
            Advisors Ramius Capital may be deemed the beneficial owner of (i)
            397,720 Shares owned by Parche and (ii) 2,088,020 Shares owned by
            Starboard.

            Percentage: 20.8% as of the date hereof.

      (b)   1. Sole power to vote or direct vote: 2,485,740
            2. Shared power to vote or direct vote: 0
            3. Sole power to dispose or direct the disposition: 2,485,740
            4. Shared power to dispose or direct the disposition: 0

      (c)   Ramius Capital did not enter into any transactions in the Shares since
            the filing of Amendment No. 2 to the Schedule 13D.

E.    C4S

      (a)   As of the date of this filing, as the managing member of Ramius
            Capital, C4S may be deemed the beneficial owner of (i) 397,720
            Shares owned by Parche and (ii) 2,088,020 Shares owned by
            Starboard.

            Percentage: 20.8% as of the date hereof.

      (b)   1. Sole power to vote or direct vote: 2,485,740
            2. Shared power to vote or direct vote: 0
            3. Sole power to dispose or direct the disposition: 2,485,740
            4. Shared power to dispose or direct the disposition: 0

      (c)   C4S did not enter into any transactions in the Shares since the filing
            of Amendment No. 2 to the Schedule 13D.

F.    Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon

      (a)   As of the date of this filing, as the managing members of C4S, each of
            Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon may be deemed
            the beneficial owner of (i) 397,720 Shares owned by Parche and
            (ii) 2,088,020 Shares owned by Starboard.

            Percentage: 20.8% as of the date hereof.

      (b)   1. Sole power to vote or direct vote: 0
            2. Shared power to vote or direct vote: 2,485,740
            3. Sole power to dispose or direct the disposition: 0
            4. Shared power to dispose or direct the disposition: 2,485,740

      (c)   None of Mr. Cohen, Mr. Stark, Mr. Strauss or Mr. Solomon has entered
            into any transactions in the Shares since the filing of Amendment
            No. 2 to the Schedule 13D.



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 17 of 20 Pages
- ----------------------                                    ----------------------


G.    Messrs. Anquillare, Feld and Smith do not currently beneficially own
      any Shares.

      (d)   No person other than the Reporting Persons is known to have the right
            to receive, or the power to direct the receipt of dividends from,
            or proceeds from the sale of, such shares of the Common Stock

      (e)   Not applicable.

Item 6 is hereby amended to add the following:

      On October 10, 2007, the Reporting Persons entered into a Joint Filing and
Solicitation  Agreement in which,  among other things, (a) the parties agreed to
the joint  filing on behalf of each of them of  statements  on Schedule 13D with
respect to the securities of the Issuer to the extent required under  applicable
securities  laws,  (b) the  parties  agreed to form the group for the purpose of
soliciting proxies or written consents for the election of the persons nominated
by  Starboard  to the  Issuer's  Board at the 2007  Annual  Meeting  and for the
purpose  of  taking  all  other  actions  incidental  to the  foregoing  and (c)
Starboard  shall  have  the  right  to  pre-approve  all  expenses  incurred  in
connection  with the  group's  activities  and agreed to pay  directly  all such
pre-approved  expenses on a pro rata basis between Starboard and Parche based on
the number of Shares in the  aggregate  held by each of Starboard  and Parche on
the date hereof. A copy of this agreement is attached hereto as Exhibit 99.1 and
is incorporated herein by reference.

      Pursuant to letter  agreements,  Starboard has agreed to indemnify each of
Messrs. Anquillare,  Feld and Smith against claims arising from the solicitation
of proxies from the  Issuer's  shareholders  at the 2007 Annual  Meeting and any
related  transactions.  A form of the letter  agreement  is  attached  hereto as
Exhibit 99.2 and is incorporated herein by reference.

      RCG Starboard  Advisors has agreed to compensate Mr.  Anquillare for being
named as and  serving  as a nominee  for  election  as  director  of the  Issuer
pursuant to a letter agreement (the "Compensation  Letter Agreement").  Pursuant
to the terms of the Compensation  Letter Agreement,  RCG Starboard  Advisors has
agreed  to pay  Mr.  Anquillare  $5,000  in  cash  upon  the  submission  of the
Nomination  Letter by Starboard to the Company.  Upon the filing of a definitive
proxy  statement  with the  Securities  and  Exchange  Commission  relating to a
solicitation of proxies in favor of Mr.  Anquillare's  election as a director at
the 2007  Annual  Meeting,  RCG  Starboard  Advisors  has  agreed  to allow  Mr.
Anquillare  to receive a profit  participation  with  respect to the sale by RCG
Starboard  Advisors or its  affiliates,  as the case may be, of the last $20,000
worth of Shares (the  "Participation  Shares")  beneficially owned by either RCG
Starboard  Advisors  or its  affiliates,  as the case may be,  to a third  party
unaffiliated  with any member of the Ramius Group.  Pursuant to the terms of the
Compensation Letter Agreement, Mr. Anquillare will be entitled to receive a cash
payment  equal to the  amount,  if any,  by which the  proceeds  received by RCG
Starboard  Advisors or its affiliates,  as the case may be, from the sale of the
Participation   Shares  exceeds  $20,000  in  the  aggregate.   A  form  of  the
Compensation  Letter  Agreement  is  attached  hereto  as  Exhibit  99.3  and is
incorporated herein by reference.

      Item 7 is hereby amended to include the following exhibits:



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 18 of 20 Pages
- ----------------------                                    ----------------------


      Exhibit 99.1.     Joint  Filing and  Solicitation  Agreement  by and among
                        Starboard  Value  and  Opportunity   Master  Fund  Ltd.,
                        Parche, LLC, RCG Starboard Advisors, LLC, Ramius Capital
                        Group, L.L.C., C4S & Co., L.L.C., Peter A. Cohen, Morgan
                        B. Stark, Thomas W. Strauss,  Jeffrey M. Solomon, Ceasar
                        Anquillare,  Peter A. Feld and Jeffrey C.  Smith,  dated
                        October 10, 2007.

      Exhibit 99.2.     Form of Indemnification Letter Agreement.

      Exhibit 99.3.     Form of Compensation  Letter  Agreement.

      Exhibit 99.4.     Power of Attorney for Ceasar Anquillare.



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 19 of 20 Pages
- ----------------------                                    ----------------------


                                   SIGNATURES
                                   ----------

            After  reasonable  inquiry  and to the  best  of his  knowledge  and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.

Dated: October 10, 2007

PARCHE, LLC                                 RCG STARBOARD ADVISORS, LLC
By: RCG Starboard Advisors, LLC, its        By: Ramius Capital Group, L.L.C.,
managing member                             its sole member

STARBOARD VALUE AND OPPORTUNITY             RAMIUS CAPITAL GROUP, L.L.C.
MASTER FUND LTD.                            By: C4S & Co., L.L.C.,
By: RCG Starboard Advisors, LLC, its        as managing member
investment manager
                                            C4S & CO., L.L.C.

                           By: /s/ Jeffrey M. Solomon
                               -----------------------
                            Name: Jeffrey M. Solomon
                           Title: Authorized Signatory


/s/ Jeffrey M. Solomon                      /s/ Peter A. Feld
- ------------------------                    -------------------------
JEFFREY M. SOLOMON                          PETER A. FELD
Individually and as attorney-in-fact
for Peter A. Cohen, Morgan B. Stark
and Thomas W. Strauss


/s/ Jeffrey C. Smith
- ------------------------
JEFFREY C. SMITH
Individually and as attorney-in-fact
for Ceasar Anquillare



- ----------------------                                    ----------------------
CUSIP No. 490057106                   13D                    Page 20 of 20 Pages
- ----------------------                                    ----------------------


                                  EXHIBIT INDEX
                                  -------------

      Exhibit                                                 Exhibit Number
      -------                                                 --------------

      Joint Filing and Solicitation Agreement by and               99.1
      among Starboard Value and Opportunity Master Fund
      Ltd., Parche, LLC, RCG Starboard Advisors, LLC,
      Ramius Capital Group, L.L.C., C4S & Co., L.L.C.,
      Peter A. Cohen, Morgan B. Stark, Thomas W.
      Strauss, Jeffrey M. Solomon, Ceasar Anquillare,
      Peter A. Feld and Jeffrey C. Smith, dated October
      10, 2007.

      Form of Indemnification Letter Agreement.                    99.2

      Form of Compensation Letter Agreement.                       99.3

      Power of Attorney for Ceasar Anquillare                      99.4

EX-99.1 2 ex991sc13da306297030_100507.htm JOINT FILING AND SOLICITATION AGREEMENT sec document


                                                                    Exhibit 99.1


                     JOINT FILING AND SOLICITATION AGREEMENT

      WHEREAS,   certain  of  the  undersigned  are   stockholders,   direct  or
beneficial, of Kensey Nash Corporation, a Delaware corporation (the "Company");

      WHEREAS,  Starboard  Value and  Opportunity  Master  Fund  Ltd.,  a Cayman
Islands  exempted  company  ("Starboard"),   Parche,  LLC,  a  Delaware  limited
liability company ("Parche"),  RCG Starboard  Advisors,  LLC, a Delaware limited
liability  company,  Ramius Capital Group,  L.L.C., a Delaware limited liability
company ("Ramius  Capital"),  C4S & Co.,  L.L.C.,  a Delaware limited  liability
company, Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss, Jeffrey M. Solomon,
Ceasar  Anquillare,  Peter A. Feld and Jeffrey C. Smith wish to form a group for
the purpose of seeking  representation  on the Board of Directors of the Company
at the 2007 annual meeting of stockholders of the Company,  or any other meeting
of  stockholders  held in lieu  thereof,  and any  adjournments,  postponements,
reschedulings or  continuations  thereof (the "2007 Annual Meeting") and for the
purpose of taking all other action necessary to achieve the foregoing.

      NOW, IT IS AGREED, this 10th day of October 2007 by the parties hereto:

      1. In accordance with Rule 13d-1(k)(1)(iii)  under the Securities Exchange
Act  of  1934,  as  amended  (the  "Exchange  Act"),  each  of  the  undersigned
(collectively, the "Group") agrees to the joint filing on behalf of each of them
of statements on Schedule 13D, and any amendments  thereto,  with respect to the
securities of the Company. Each member of the Group shall be responsible for the
accuracy  and  completeness  of  his/its  own  disclosure  therein,  and  is not
responsible for the accuracy and completeness of the information  concerning the
other  members,  unless  such  member  knows or has  reason  to know  that  such
information is inaccurate.  Ramius Capital or its  representative  shall provide
each  member of the Group with  copies of all  Schedule  13D  filings  and other
public  filings to be filed on behalf of such  member at least 24 hours prior to
the filing or submission thereof.

      2. So long as this agreement is in effect,  each of the undersigned  shall
provide  written  notice to  Olshan  Grundman  Frome  Rosenzweig  & Wolosky  LLP
("Olshan") of (i) any of their  purchases or sales of securities of the Company;
or (ii) any  securities  of the  Company  over which they  acquire or dispose of
beneficial  ownership.  Notice  shall be given no later than 24 hours after each
such transaction.

      3. Each of the  undersigned  agrees to form the Group for the  purpose  of
soliciting proxies or written consents for the election of the persons nominated
by the Group to the Board of Directors of the Company at the 2007 Annual Meeting
and for the purpose of taking all other actions incidental to the foregoing.

      4. Starboard and Parche shall have the right to  pre-approve  all expenses
incurred in connection with the Group's activities and agree to pay directly all
such  pre-approved  expenses on a pro rata basis  between  Starboard  and Parche
based on the  number of Shares in the  aggregate  beneficially  owned by each of
Starboard and Parche on the date hereof.




      5. Each of the  undersigned  agrees that any SEC filing,  press release or
stockholder  communication  proposed  to be made or  issued  by the Group or any
member of the  Group in  connection  with the  Group's  activities  set forth in
Section 4 shall be first  approved by Ramius  Capital,  or its  representatives,
which approval shall not be unreasonably withheld.

      6. The  relationship of the parties hereto shall be limited to carrying on
the business of the Group in accordance with the terms of this  Agreement.  Such
relationship  shall be  construed  and  deemed  to be for the  sole and  limited
purpose of carrying on such business as described  herein.  Nothing herein shall
be construed to authorize  any party to act as an agent for any other party,  or
to create a joint venture or partnership,  or to constitute an  indemnification.
Nothing herein shall  restrict any party's right to purchase or sell  securities
of the Company, as he/it deems appropriate, in his/its sole discretion, provided
that all such sales are made in compliance with all applicable securities laws.

      7. This Agreement may be executed in counterparts,  each of which shall be
deemed an original and all of which,  taken together,  shall  constitute but one
and the same instrument, which may be sufficiently evidenced by one counterpart.

      8. In the  event of any  dispute  arising  out of the  provisions  of this
Agreement or their  investment in the Company,  the parties  hereto  consent and
submit to the  exclusive  jurisdiction  of the Federal  and State  Courts in the
State of New York.

      9. Any party hereto may terminate his/its obligations under this Agreement
on 24 hours' written  notice to all other parties,  with a copy by fax to Steven
Wolosky at Olshan, Fax No. (212) 451-2222.

      10. Each party  acknowledges that Olshan shall act as counsel for both the
Group and Ramius Capital and its affiliates  relating to their investment in the
Company.

      11. Each of the  undersigned  parties  hereby  agrees that this  Agreement
shall be filed as an exhibit to a Schedule 13D pursuant to Rule 13d-1(k)(1)(iii)
under the Exchange Act.


                                       2


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

PARCHE, LLC                                 RCG STARBOARD ADVISORS, LLC
By: RCG Starboard Advisors, LLC, its        By: Ramius Capital Group, L.L.C.,
managing member                             its sole member

STARBOARD VALUE AND OPPORTUNITY             RAMIUS CAPITAL GROUP, L.L.C.
MASTER FUND LTD.                            By: C4S & Co., L.L.C.,
By: RCG Starboard Advisors, LLC, its        as managing member
investment manager
                                            C4S & CO., L.L.C.

                           By: /s/ Jeffrey M. Solomon
                               -----------------------
                            Name: Jeffrey M. Solomon
                           Title: Authorized Signatory


/s/ Jeffrey M. Solomon                      /s/ Peter A. Feld
- ------------------------                    -------------------------
JEFFREY M. SOLOMON                          PETER A. FELD
Individually and as attorney-in-fact
for Peter A. Cohen, Morgan B. Stark
and Thomas W. Strauss


/s/ Jeffrey C. Smith
- ------------------------
JEFFREY C. SMITH
Individually and as attorney-in-fact
for Ceasar Anquillare

EX-99.2 3 ex992sc13da306297030_100507.htm FORM OF INDEMNIFICATION AGREEMENT sec document


                                                                    Exhibit 99.2


                STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
                                   PARCHE, LLC
                         C/O RCG STARBOARD ADVISORS, LLC
                          666 THIRD AVENUE, 26TH FLOOR
                            NEW YORK, NEW YORK 10017


                                October __, 2007

- --------------------
- --------------------
- --------------------
- --------------------
- --------------------

                           Re: KENSEY NASH CORPORATION

Dear                     :
     --------------------
      Thank you for  agreeing to serve as a nominee for election to the Board of
Directors of Kensey Nash  Corporation  ("Kensey  Nash") in  connection  with the
proxy  solicitation  that Starboard Value and  Opportunity  Master Fund Ltd. and
Parche,  LLC (collectively,  the "Ramius Group") are considering  undertaking to
nominate  and  elect   directors  at  Kensey  Nash's  2007  annual   meeting  of
stockholders, or any other meeting of stockholders held in lieu thereof, and any
adjournments, postponements, reschedulings or continuations thereof (the "Ramius
Group Solicitation").  Your outstanding qualifications, we believe, will prove a
valuable asset to Kensey Nash and all of its stockholders.  This letter will set
forth the terms of our agreement.

      The members of the Ramius Group agree to jointly and  severally  indemnify
and hold  you  harmless  against  any and all  claims  of any  nature,  whenever
brought,   arising   from  the  Ramius  Group   Solicitation   and  any  related
transactions,  irrespective of the outcome; PROVIDED, however, that you will not
be entitled to  indemnification  for claims arising from your gross  negligence,
willful misconduct, intentional and material violations of law, criminal actions
or material breach of the terms of this agreement;  PROVIDED FURTHER,  that this
indemnification  agreement and all of the Ramius Group's  obligations  hereunder
shall not apply to any of your  actions or  omissions  as a  director  of Kensey
Nash.  This  indemnification  will  include  any  and all  losses,  liabilities,
damages,  demands,  claims,  suits,  actions,  judgments,  or causes of  action,
assessments,  costs  and  expenses,  including,  without  limitation,  interest,
penalties,  reasonable  attorneys'  fees, and any and all  reasonable  costs and
expenses  incurred  in   investigating,   preparing  or  defending  against  any
litigation,  commenced or threatened,  any civil,  criminal,  administrative  or
arbitration  action,  or any claim  whatsoever,  and any and all amounts paid in
settlement of any claim or litigation asserted against, resulting, imposed upon,
or  incurred  or suffered  by you,  directly  or  indirectly,  as a result of or
arising from the Ramius Group Solicitation and any related transactions (each, a
"Loss").

      In the event of a claim against you pursuant to the prior paragraph or the
occurrence of a Loss,  you shall give the Ramius Group prompt  written notice of
such claim or Loss  (provided  that failure to promptly  notify the Ramius Group
shall not  relieve  us from any  liability  which we may have on account of this
Agreement, except to the extent we shall have been materially prejudiced by such
failure). Upon receipt of such written notice, the Ramius Group will provide you
with counsel to represent  you. Such counsel  shall be reasonably  acceptable to
you. In addition, you will be reimbursed promptly for all Losses suffered by you
and as  incurred  as provided  herein.  The Ramius  Group may not enter into any
settlement of loss or claim without your consent unless such settlement includes
a release of you from any and all liability in respect of such claim.



      You  hereby  agree to keep  confidential  and not  disclose  to any party,
without  the  consent of the Ramius  Group,  any  confidential,  proprietary  or
non-public  information  (collectively,  "Information") of the Ramius Group, its
affiliates  or  members  of its  Schedule  13D group  which you have  heretofore
obtained or may obtain in connection  with your service as a nominee  hereunder.
Notwithstanding  the foregoing,  Information  shall not include any  information
that is publicly disclosed by the Ramius Group, its affiliates or members of its
Schedule  13D  group or any  information  that you can  demonstrate  is now,  or
hereafter  becomes,  through no act or  failure  to act on your part,  otherwise
generally known to the public.

      Notwithstanding  the  foregoing,  if you are required by  applicable  law,
rule,  regulation  or legal  process to disclose any  Information  you may do so
provided  that you first  promptly  notify the  Ramius  Group so that the Ramius
Group or any member  thereof may seek a  protective  order or other  appropriate
remedy or, in the Ramius  Group's sole  discretion,  waive  compliance  with the
terms of this  Agreement.  In the event that no such  protective  order or other
remedy is obtained or the Ramius Group does not waive  compliance with the terms
of this Agreement,  you may consult with counsel at the cost of the Ramius Group
and you may furnish only that portion of the  Information  which you are advised
by counsel is legally  required to be so disclosed and you will request that the
party(ies) receiving such Information maintain it as confidential.

      All  Information,  all copies thereof,  and any studies,  notes,  records,
analysis,  compilations  or other  documents  prepared  by you  containing  such
Information,  shall be and remain the property of the Ramius Group and, upon the
request of a representative  of the Ramius Group, all such information  shall be
returned  or,  at the  Ramius  Group's  option,  destroyed  by  you,  with  such
destruction confirmed by you to the Ramius Group in writing.

      This  letter  agreement  shall be governed by the laws of the State of New
York, without regard to the principles of the conflicts of laws thereof.


                                      * * *



      If you agree to the  foregoing  terms,  please sign below to indicate your
acceptance.

                                Very truly yours,

                                STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.

                                By: RCG Starboard Advisors, LLC,
                                its investment manager

                                By:
                                    --------------------------------------------
                                Name:
                                Title: Authorized Signatory


                                PARCHE, LLC

                                By: RCG Starboard Advisors, LLC,
                                its managing member

                                By:
                                    --------------------------------------------
                                Name:
                                Title: Authorized Signatory


ACCEPTED AND AGREED:


- ---------------------------

EX-99.3 4 ex993sc13da306297030_100507.htm FORM OF COMPENSATION AGREEMENT sec document


                                                                    Exhibit 99.3


                           RCG STARBOARD ADVISORS, LLC
                          666 THIRD AVENUE, 26TH FLOOR
                            NEW YORK, NEW YORK 10017


                                October __, 2007


_____________________
_____________________
_____________________

Dear Mr. ____________:

      This letter sets forth our mutual  agreement with respect to  compensation
to be paid to you for your  agreement  to be named and  serve as a nominee  of a
group of investors (the "Ramius Group"),  including RCG Starboard Advisors, LLC,
a subsidiary of Ramius Capital Group, L.L.C. ("RCG Starboard"),  for election as
a director of Kensey Nash  Corporation  (the  "Company") at the  Company's  2007
annual meeting of  stockholders,  or any other meeting of  stockholders  held in
lieu   thereof,   and  any   adjournments,   postponements,   reschedulings   or
continuations thereof (the "Annual Meeting").

      1. CASH PAYMENT; PROFIT PARTICIPATION.  In consideration of your agreement
         to be named and serve as a nominee of the Ramius  Group for election as
         a director of the Company at the Annual Meeting, the undersigned hereby
         agrees to (i) pay you $5,000 in cash upon the Ramius Group submitting a
         letter to the Company  nominating you for election as a director of the
         Company (with such payment to be made as soon as reasonably practicable
         after you have been  nominated)  and (ii) in the event the Ramius Group
         files a  definitive  proxy  statement  with  the  U.S.  Securities  and
         Exchange Commission (the "Proxy Statement")  relating to a solicitation
         of proxies in favor of your  election  as a director  of the Company at
         the Annual Meeting (the date of such filing being hereinafter  referred
         to as the  "Proxy  Filing  Date"),  to allow  you to  receive  a profit
         participation  with  respect  to  the  sale  by  RCG  Starboard  or its
         affiliates,  as the case may be, of the last $20,000 worth of shares of
         the Company's common stock (the  "Participation  Shares")  beneficially
         owned by RCG Starboard to a third party unaffiliated with any member of
         the  Ramius  Group.  The  number  of  Participation   Shares  shall  be
         determined  by dividing  $20,000 by the closing  price of the Company's
         common stock on the Proxy Filing Date (the "Proxy Date Closing Price").
         Your profit  participation  shall entitle you to receive a cash payment
         equal to the  amount,  if any,  by which the  proceeds  received by RCG
         Starboard or its  affiliates,  as the case may be, from the sale of the
         Participation  Shares exceeds $20,000 in the aggregate (the "Contingent
         Payment").




      2. RIGHTS AS A STOCKHOLDER.  Your right to receive the Contingent  Payment
         shall not entitle you to any rights as a  stockholder  of the  Company,
         including,  without limitation, any voting rights or disposition rights
         with respect to the Participation Shares.

      3. FORFEITURE  OF  PROFIT  PARTICIPATION.   The  profits  related  to  the
         Participation  Shares will be paid to you in all circumstances upon and
         subject to the sale of the  Participation  Shares except (i) if you are
         not named in the Proxy  Statement  or if you  withdraw  your consent to
         serve as a director nominee of the Ramius Group after the filing of the
         Proxy  Statement,  (ii) if elected to the Company's Board of Directors,
         you  voluntarily  cease to serve as a director of the Company  prior to
         the  expiration  of  your  term,  (iii)  if you are in  breach  of your
         obligations under the indemnification agreement between us.

      4. NON-TRANSFERABILITY.   Your  right  to  the  profits   related  to  the
         Participation Shares is non-transferable.

      5. ENTIRE AGREEMENT.  AMENDMENT. This letter agreement contains the entire
         agreement between you and the undersigned and supersedes other oral and
         written  agreements  previously entered into by you and the undersigned
         concerning  the same  subject  matter.  This  letter  agreement  may be
         modified or rescinded only with the written consent of both parties.

      6. GOVERNING   LAW.  The  validity,   interpretation,   construction   and
         performance of this letter  agreement  shall be governed by the laws of
         the State of New York,  without regard to its principles of conflict of
         laws, and by applicable  laws of the United States.  The parties hereto
         consent to the  jurisdiction  of the New York  State and United  States
         courts  located in New York County,  New York for the resolution of any
         disputes  hereunder  and agree that  venue  shall be proper in any such
         court  notwithstanding  any principle of forum non  conveniens and that
         service of process on the parties  hereto in any proceeding in any such
         court may be effected in the manner  provided  herein for the giving of
         notices.  The parties hereto waive trial by jury in respect of any such
         proceeding.

      7. BINDING  EFFECT.  This  letter  agreement  shall  bind and inure to the
         benefit of you and your heirs, successors and assigns. If RCG Starboard
         transfers  all  of  the  Company's  common  stock  owned  by  it  to an
         affiliate,  RCG  Starboard,  as a condition  thereof,  shall cause such
         affiliate to assume the  obligations of RCG Starboard under this letter
         agreement.

      8. COUNTERPARTS.  This letter  agreement may be executed in  counterparts,
         each of which  shall be deemed  an  original,  and all of which,  taken
         together, shall constitute one and the same instrument.


                                       2


                                       RCG STARBOARD ADVISORS, LLC

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:


Accepted and Agreed to:


- -------------------------------------



                                       3

EX-99.4 5 ex994sc13da306297030_100507.htm POWER OF ATTORNEY sec document


                                                                    Exhibit 99.4


                                POWER OF ATTORNEY

The undersigned hereby appoints Jeffrey C. Smith his true and lawful attorney-in
fact and agent to execute and file with the Securities  and Exchange  Commission
any Schedule 13D, Schedule 13G, any settlement agreement,  any amendments to any
of the foregoing and any related documentation which may be required to be filed
in his individual capacity as a result of the undersigned's beneficial ownership
of,  or  participation  in a group  with  respect  to,  securities  directly  or
indirectly  beneficially  owned by Ramius  Capital Group,  L.L.C.  or any of its
affiliates, of Kensey Nash Corporation,  and granting unto said attorney-in-fact
and agent  full power and  authority  to do and  perform  each and every act and
thing which he might or could do in person,  hereby ratifying and confirming all
that said  attorney-in-fact  and agent  may  lawfully  do or cause to be done by
virtue  hereof.  The  authority of Jeffrey C. Smith under this Power of Attorney
shall  continue  with respect to the  undersigned  until the  undersigned  is no
longer required to file Schedule 13Ds or Schedule 13Gs unless revoked earlier in
writing

Date: October 5, 2007

                                              /s/ Ceasar Anquillare
                                              ----------------------------------
                                              Ceasar Anquillare

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