-----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, RjZ9olmelMp3L5WtG3ctYWsjbDf44nmNdWnFmnh9JBvbwoqktJv4NjRCkz6S/tg8 3Rv5F9xn50C/tGypKp025w== 0000930413-07-005646.txt : 20070628 0000930413-07-005646.hdr.sgml : 20070628 20070628154358 ACCESSION NUMBER: 0000930413-07-005646 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20070628 DATE AS OF CHANGE: 20070628 GROUP MEMBERS: 1082272 ONTARIO, INC. GROUP MEMBERS: AARON SERRUYA GROUP MEMBERS: DAVID STEIN GROUP MEMBERS: ESTATE OF RICHARD E. SMITH GROUP MEMBERS: MICHAEL SERRUYA GROUP MEMBERS: THE SERRUYA FAMILY TRUST SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: COOLBRANDS INTERNATIONAL INC CENTRAL INDEX KEY: 0001005531 STANDARD INDUSTRIAL CLASSIFICATION: ICE CREAM & FROZEN DESSERTS [2024] IRS NUMBER: 000000000 STATE OF INCORPORATION: A5 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-53835 FILM NUMBER: 07946827 BUSINESS ADDRESS: STREET 1: 210 SHIELDS COURT STREET 2: MARKHAM ONTARIO CITY: CANADA STATE: A6 ZIP: L3R 8V2 BUSINESS PHONE: 9054798762 MAIL ADDRESS: STREET 1: 210 SHIELDS COURT STREET 2: MARKHAM ONTARIO CITY: CANADA STATE: A6 ZIP: L3R 8V2 FORMER COMPANY: FORMER CONFORMED NAME: YOGEN FRUZ WORLD WIDE INC DATE OF NAME CHANGE: 19960103 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SMITH DAVID CENTRAL INDEX KEY: 0001058732 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: BUSINESS PHONE: 5167739700 MAIL ADDRESS: STREET 1: INTEGRATED BRANDS STREET 2: 4175 VETERANS HWY CITY: RONKONKOMA STATE: NY ZIP: 11779 SC 13D/A 1 c49111_sc13da.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 4)* COOLBRANDS INTERNATIONAL, INC. - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK - -------------------------------------------------------------------------------- (Title of Class of Securities) - -------------------------------------------------------------------------------- (CUSIP Number) Robert J. Mittman, Esq. Blank Rome LLP 405 Lexington Avenue New York, New York 10174 (212) 885-5435 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notice and Communications) MAY 31, 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) or 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, should be filed with the Commission. See Rule 13d-7 for other parties to whom copies are to be sent. (continued on following pages) (Page 1 of 12 Pages) - ---------- * 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 ("Act") 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). SCHEDULE 13D - ---------------------------------------------------------- --------------------- CUSIP NO. PAGE 2 OF 12 PAGES --- -- - ---------------------------------------------------------- --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON The Estate of Richard E. Smith - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* Not applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ------------- ------------------------------------------------------------------ 7 SOLE VOTING POWER NUMBER OF 1,427,767 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH ---------- -------------------------------------------------- 8 SHARED VOTING POWER -0- ---------- -------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,427,767 ---------- -------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,427,767 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.5% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEM 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13D - ---------------------------------------------------------- --------------------- CUSIP NO. PAGE 3 OF 12 PAGES --- -- - ---------------------------------------------------------- --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON David M. Smith - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* Not applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ------------ ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 288,106 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH --------- --------------------------------------------------- 8 SHARED VOTING POWER -0- --------- --------------------------------------------------- 9 SOLE DISPOSITIVE POWER 288,106 --------- --------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 288,106 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEM 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13D - ---------------------------------------------------------- --------------------- CUSIP NO. PAGE 4 OF 12 PAGES --- -- - ---------------------------------------------------------- --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON David Stein - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* Not applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ------------ ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 45,138 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH --------- --------------------------------------------------- 8 SHARED VOTING POWER -0- --------- --------------------------------------------------- 9 SOLE DISPOSITIVE POWER 45,138 --------- --------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 45,138 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEM 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13D - ---------------------------------------------------------- --------------------- CUSIP NO. PAGE 5 OF 12 PAGES --- -- - ---------------------------------------------------------- --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Michael Serruya - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* Not Applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Canada - ------------ ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 5,556,000 (Includes warrants to purchase SHARES 5,500,000 shares of Common Stock that are BENEFICIALLY exercisable within 60 days) OWNED BY EACH REPORTING PERSON WITH --------- --------------------------------------------------- 8 SHARED VOTING POWER 4,233,332 --------- --------------------------------------------------- 9 SOLE DISPOSITIVE POWER 5,556,000 (Includes warrants to purchase 5,500,000 shares of Common Stock that are exercisable within 60 days) --------- --------------------------------------------------- 10 SHARED DISPOSITIVE POWER 4,233,332 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,845,332 (Includes warrants to purchase 5,500,000 shares of Common Stock that are exercisable within 60 days) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEM 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13D - ---------------------------------------------------------- --------------------- CUSIP NO. PAGE 6 OF 12 PAGES --- -- - ---------------------------------------------------------- --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Aaron Serruya - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* Not Applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Canada - ------------ ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 56,149 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH --------- --------------------------------------------------- 8 SHARED VOTING POWER 4,233,332 --------- --------------------------------------------------- 9 SOLE DISPOSITIVE POWER 56,149 --------- --------------------------------------------------- 10 SHARED DISPOSITIVE POWER 4,233,332 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,289,481 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.6% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEM 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13D - ---------------------------------------------------------- --------------------- CUSIP NO. PAGE 7 OF 12 PAGES --- -- - ---------------------------------------------------------- --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON The Serruya Family Trust - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* Not Applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Ontario, Canada - ------------ ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 155,031 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH --------- ---------------------------------------------------- 8 SHARED VOTING POWER 4,078,301 --------- ---------------------------------------------------- 9 SOLE DISPOSITIVE POWER 155,031 --------- ---------------------------------------------------- 10 SHARED DISPOSITIVE POWER 4,078,301 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,233,332 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.5% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEM 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13D - ---------------------------------------------------------- --------------------- CUSIP NO. PAGE 8 OF 12 PAGES --- -- - ---------------------------------------------------------- --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 1082272 Ontario, Inc. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* Not Applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Ontario, Canada - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 4,078,301 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH --------- --------------------------------------------------- 8 SHARED VOTING POWER 155,031 --------- --------------------------------------------------- 9 SOLE DISPOSITIVE POWER 4,078,301 --------- --------------------------------------------------- 10 SHARED DISPOSITIVE POWER 155,031 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,078,301 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEM 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. INTRODUCTION Pursuant to Reg. Section 240.13d-2, this Amendment No. 4 to Schedule 13D discloses changes in the statement on Schedule 13D dated March 27, 1998 for the event occurring March 18, 1998 (the "Initial Schedule 13D") filed jointly by the Estate of Richard E. Smith, David M. Smith, David J. Stein, Michael Serruya, Aaron Serruya, The Serruya Family Trust and 1082272 Ontario, Inc., as amended by Amendment No. 1 to Schedule 13D dated March 13, 2001 for the event occurring December 21, 2000 ("Amendment No. 1") as amended by Amendment No. 2 to Schedule 13D dated as of October 1, 2003 ("Amendment No. 2", and as amended by Amendment No. 3 to Schedule 13D dated December 11, 2006, and together with the Initial Schedule 13D and Amendments No. 1,2 and 3 the "Schedule 13D") and therefore does not restate the items therein in their entirety. Item 1. SECURITY AND ISSUER. This statement relates to holdings of the persons referred to in the Introduction above (collectively, the "Reporting Persons"), who formerly constituted a group, with respect to the common shares ("Common Stock") of CoolBrands International Inc., a corporation organized under the laws of Nova Scotia, Canada (the "Company"), whose principal executive offices are located at 210 Shields Court, Markham, Ontario, Canada L3R 8V2. Item 2. IDENTITY AND BACKGROUND. Item 2 is hereby amended to add the following information: The Reporting Persons formerly constituted a group and their status as a group was based upon their having been parties to a Board Representation Agreement dated October 13, 1997 (the "Board Representation Agreement"), as amended on January 15, 1998 and January 12, 2001 and a Trust Agreement dated March 18, 1998 (the "Trust Agreement"). As reported under Item 5 and Item 6 below, the Board Representation Agreement and the Trust Agreement terminated, effective May 31, 2007, and therefore the group ceased to exist as of that date. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) - (b) Effective May 31, 2007, the Company filed Articles of Amendment to its Articles of Association (the "Articles of Amendment") eliminating the Company's Class A Subordinated Voting Shares ("Class A Stock") and Class B Multiple Voting Shares (the "Class B Stock") and converting all of the Class A Stock and Class B Stock into Common Stock. Effective with the filing of the Articles of Amendment, all shares of Class A Stock and all shares of Class B Stock were automatically converted into a like number of shares of Common Stock. Accordingly, each of the Reporting Persons received one share of Common Stock for each share of Class A Stock and Class B Stock owned by them as of such date. As reported in Item 6 below, in connection with the elimination of the Company's Class A Stock and Class B Stock and the conversion of all of the Class A and Class B stock into Common Stock, the Reporting Persons terminated the Board Representation Agreement and the Trust Agreement effective as of May 31, 2007. Page 9 of 12 Pages According to information provided to the Reporting Persons by the Company, there were, as of May 31, 2007, 56,075,433 shares of Common Stock of the Company issued and outstanding. ESTATE OF RICHARD E. SMITH The Estate of Richard E. Smith beneficially owns 1,427,767 shares of Common Stock, comprising 2.5% of the issued and outstanding shares of Common Stock. The Estate of Richard E. Smith has the sole power to vote and dispose of all of such securities. DAVID M. SMITH Mr. Smith beneficially owns 288,106 shares of Common Stock, comprising less than 1% of the issued and outstanding shares of Common Stock. Mr. Smith has the sole power to vote and dispose of all of such securities. DAVID J. STEIN Mr. Stein beneficially owns 45,138 shares of Common Stock, comprising less than 1% of the issued and outstanding shares of Common Stock. Mr. Stein has the sole power to vote and dispose of all of such securities. MICHAEL SERRUYA Mr. Serruya beneficially owns 9,789,332 shares of Common Stock, consisting of (i) 56,000 shares of Common Stock owned by his retirement account, (ii) 4,233,332 shares of Common Stock owned collectively by 1082272 Ontario, Inc,. and The Serruya Family Trust of which he has the shared power to vote or direct the vote of all such shares of Common Stock and (iii) warrants to purchase 5,500,000 shares of Common Stock, comprising 15.9% of the issued and outstanding shares of Common Stock. AARON SERRUYA Mr. Serruya beneficially owns 4,289,581 shares of Common stock, consisting of 56,249 shares of Common Stock owned by his retirement account and 4,233,332 shares of Common Stock owned collectively by 1082272 Ontario, Inc. and The Serruya Family Trust of which he has the shared power to vote or direct the vote of all such shares of Common Stock, comprising 7.6% of the issued and outstanding shares of Common Stock. Page 10 of 12 Pages 1082272 ONTARIO, INC. AND THE SERRUYA FAMILY TRUST 1082272 Ontario, Inc., of which The Serruya Family Trust is the sole shareholder, and the Serruya Family Trust, collectively, beneficially own 4,233,332 shares of Common Stock of which 4,078,301 shares are owned by 1082272 Ontario, Inc. and 155,031 shares are owned by the Serruya Family Trust, each for the benefit of Michael Serruya and Aaron Serruya, comprising 7.5% of the issued and outstanding shares of Common Stock. (c) Not Applicable. (e) Each of the Estate of Richard E. Smith, David M. Smith and David J. Stein ceased to be the owner of more than 5% of the Common Stock of the Company effective May 31, 2007. Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. On May 31, 2007 the Company, Integrated Brands Inc. and the Reporting Persons entered into two agreements, both dated May 31, 2007 (the "Termination Agreements," copies of which are filed herewith under Item 7 as Exhibit 4 and Exhibit 5 respectively). Pursuant to the Termination Agreements, the parties to the Board Representation Agreement and the Trust Agreement agreed to terminate each such agreement. Accordingly, as of May 31, 2007, the Board Representation Agreement and the Trust Agreement are of no further effect and do not bind the parties in any manner. Accordingly, from and after May 31, 2007, the Reporting Persons no longer constitute a group and each Reporting Person disclaims membership in any group. The foregoing description of the Termination Agreements does not purport to be complete and is qualified in its entirety by the terms of such documents which are incorporated herein by reference. Item 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit 4 Termination Agreement dated as of May 31, 2007 among CoolBrands International Inc., Integrated Brands Inc., the Serruya Family Trust, 1082272 Ontario Inc., the Estate of Richard E. Smith, David M. Smith, David J. Stein, Aaron Serruya, Michael Serruya and JPMorgan Chase Bank, N.A. Exhibit 5 Termination Agreement dated as of May 31, 2007 among CoolBrands International Inc., Integrated Brands Inc., the Serruya Family Trust, 1082272 Ontario Inc., the Estate of Richard E. Smith, David M. Smith, David J. Stein, Aaron Serruya and Michael Serruya. Page 11 of 12 Pages SIGNATURE After reasonable inquiry and to the best of each of the undersigned's knowledge and belief, we certify that the information set forth in this statement is true, complete and correct. DATE: June 28, 2007 ESTATE OF RICHARD E. SMITH By: /S/ SUSAN J. SMITH ------------------------------------- Susan J. Smith, Executor /S/ DAVID M. SMITH ----------------------------------------- David M. Smith /S/ DAVID J. STEIN ----------------------------------------- David J. Stein /S/ MICHAEL SERRUYA ----------------------------------------- Michael Serruya /S/ AARON SERRUYA ----------------------------------------- Aaron Serruya THE SERRUYA FAMILY TRUST By: /S/ SAM SERRUYA ------------------------------------- Name: Sam Serruya Title: Trustee 1082272 ONTARIO, INC. By: /S/ MICHAEL SERRUYA ------------------------------------- Name: Michael Serruya Title: President Page 12 of 12 Pages EX-99.4 2 c49111_ex99-4.txt Exhibit 4 TERMINATION AGREEMENT TERMINATION AGREEMENT made as of May 31, 2007 among the Estate of Richard E. Smith (the "SMITH ESTATE"), David Smith, David Stein, Michael Serruya, Aaron Serruya, 1082272 Ontario Inc. ("1082272"), the Serruya Family Trust (the "SERRUYA TRUST"), CoolBrands International Inc. ("COOLBRANDS") and JPMorgan Chase Bank, N.A. (formerly, The Chase Manhattan Bank) (collectively, the "PARTIES"). WHEREAS: A. The Parties entered into a Trust Agreement on March 18, 1998 (the "TRUST AGREEMENT"). B. CoolBrands, Integrated Brands, Inc., the Serruya Trust, 1082272, the Smith Estate, David M. Smith, David J. Stein, Aaron Serruya and Michael Serruya entered into a voting agreement on December 13, 2005 (the "VOTING AGREEMENT"). C. The Voting Agreement provides that the Trust Agreement be terminated on the date that the capital structure of CoolBrands is simplified by CoolBrands (1) creating a new class of shares unlimited in number and designated as common shares ("COMMON SHARES"), (2) changing each issued and outstanding subordinate voting share and each multiple voting share into one Common Share, (3) cancelling all authorized and unissued subordinate voting shares and multiple voting shares in the capital of CoolBrands, and (4) removing all of the rights, privileges, restrictions and conditions attaching to the subordinate voting shares and multiple voting shares such that the authorized capital consists of an unlimited number of Common Shares (each of these steps, collectively, the "SHARE CAPITAL RESTRUCTURING"). D. The Share Capital Restructuring is now effective. E. The Smith Estate, David Smith, David Stein, Michael Serruya, Aaron Serruya, 1082272, the Serruya Trust, and CoolBrands have determined it desirable and in the best interests of each to terminate the Trust Agreement. JPMorgan Chase Bank, N.A. is willing and agreeable to terminating the Trust Agreement. NOW THEREFORE for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties agree as follows: 1. The Trust Agreement is hereby terminated, effective immediately, and shall cease to have any force and effect whatsoever. 2. Each of the Parties hereby releases, remises and forever discharges each of the other Parties hereto and each of their respective officers, directors, employees, agents, shareholders, affiliates, successors and assigns from all covenants and obligations contained in the Trust Agreement and against any and all actions, causes of actions, claims, demands and suits of every nature and kind whatsoever arising under or in connection with the Trust Agreement, except that the provisions of Section 17 of the Trust Agreement shall survive the execution of this Termination Agreement and the termination of the Trust Agreement. 3. This Termination Agreement sets forth the entire agreement among the parties hereto pertaining to the specific subject matter hereof. No supplement, modification, waiver, amendment or termination of this Termination Agreement shall be binding unless executed in writing by all of the Parties. 4. This Termination Agreement shall be binding upon and shall enure to the benefit of the Parties hereto and their respective heirs, executors, administrators, successors, assigns and legal representatives. 5. This Termination Agreement shall be governed and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein and the Parties hereby attorn to the jurisdiction of the courts of the Province of Ontario. 6. This Termination Agreement may be executed in any number of counterparts (including counterparts by facsimile) and all such counterparts when taken together shall be deemed to constitute one and the same instrument. IN WITNESS WHEREOF the parties have executed this agreement effective as of the date above. COOLBRANDS INTERNATIONAL INC. Per: /s/ Michael Serruya ------------------------------- Name: Michael Serruya Title: Chief Executive Officer JPMORGAN CHASE BANK, N.A. Per: /s/ Gregory P. Shea ------------------------------- Name: Gregory P. Shea Title: Vice President THE SERRUYA FAMILY TRUST Per: /s/ Michael Serruya ------------------------------- Name: Michael Serruya Title: Trustee Per: /s/ Sam Serruya ------------------------------- Name: Sam Serruya Title: Trustee 1082272 ONTARIO INC. Per: /s/ Michael Serruya ------------------------------- Name: Michael Serruya Title: THE ESTATE OF RICHARD SMITH Per: /s/ Susan J. Smith ------------------------------- Name: Susan J. Smith Title: Executor /s/ Susan Smith /s/ David M. Smith - ------------------------------------------ ---------------------------------- Witness DAVID M. SMITH /s/ Danielle Laibowitz /s/ David J. Stein - ------------------------------------------ ---------------------------------- Witness DAVID J. STEIN /s/ Sarah Oziel /s/ Aaron Serruya - ------------------------------------------ ---------------------------------- Witness AARON SERRUYA /s/ Carla Aedo /s/ Michael Serruya - ------------------------------------------ ---------------------------------- Witness MICHAEL SERRUYA EX-99.5 3 c49111_ex99-5.txt Exhibit 5 TERMINATION AGREEMENT TERMINATION AGREEMENT made as of May 31, 2007 among CoolBrands International Inc. ("COOLBRANDS"), Integrated Brands Inc., the Serruya Family Trust, 1082272 Ontario Inc., the Estate of Richard E. Smith, David M. Smith, David J. Stein, Aaron Serruya and Michael Serruya (collectively, the "PARTIES"). WHEREAS: A. The Parties entered into a Board Representation Agreement on October 13, 1997 as amended on January 15, 1998 and January 12, 2001 (the "BOARD REPRESENTATION AGREEMENT"), and entered into a Voting Agreement on December 13, 2005 (the "VOTING Agreement"). B. The Voting Agreement provides that the Board Representation Agreement be terminated on the date that the capital structure of CoolBrands is simplified by CoolBrands (1) creating a new class of shares unlimited in number and designated as common shares ("COMMON SHARES"), (2) changing each issued and outstanding subordinate voting share and each multiple voting share into one Common Share, (3) cancelling all authorized and unissued subordinate voting shares and multiple voting shares in the capital of CoolBrands, and (4) removing all of the rights, privileges, restrictions and conditions attaching to the subordinate voting shares and multiple voting shares such that the authorized capital consists of an unlimited number of Common Shares (each of these steps, collectively, the "SHARE CAPITAL RESTRUCTURING"). C. The Share Capital Restructuring is now effective. D. Parties have determined it desirable and in the best interests of each to terminate the Board Representation Agreement. NOW THEREFORE for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties agree as follows: 1. The Board Representation Agreement is hereby terminated, effective immediately, and shall cease to have any force and effect whatsoever. 2. Each of the Parties hereby releases, remises and forever discharges each of the other Parties hereto and each of their respective officers, directors, employees, agents, shareholders, affiliates, successors and assigns from all covenants and obligations contained in the Board Representation Agreement and against any and all actions, causes of actions, claims, demands and suits of every nature and kind whatsoever arising under or in connection with the Board Representation Agreement. 3. This Termination Agreement sets forth the entire agreement among the parties hereto pertaining to the specific subject matter hereof. No supplement, modification, waiver, amendment or termination of this Termination Agreement shall be binding unless executed in writing by all of the Parties. 4. This Termination Agreement shall be binding upon and shall enure to the benefit of the Parties hereto and their respective heirs, executors, administrators, successors, assigns and legal representatives. 5. This Termination Agreement shall be governed and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein and the Parties hereby attorn to the jurisdiction of the courts of the Province of Ontario. 6. This Termination Agreement may be executed in any number of counterparts (including counterparts by facsimile) and all such counterparts when taken together shall be deemed to constitute one and the same instrument. IN WITNESS WHEREOF the parties have executed this agreement effective as of date above. COOLBRANDS INTERNATIONAL INC. Per: /s/ Michael Serruya -------------------------------- Name: Michael Serruya Title: Chief Executive Officer INTEGRATED BRANDS, INC. Per: /s/ Michael Serruya -------------------------------- Name: Michael Serruya Title: Chief Executive Officer THE SERRUYA FAMILY TRUST Per: /s/ Michael Serruya -------------------------------- Name: Michael Serruya Title: Trustee Per: /s/ Sam Serruya -------------------------------- Name: Sam Serruya Title: Trustee 1082272 ONTARIO INC. Per: /s/ Michael Serruya -------------------------------- Name: Michael Serruya Title: Director THE ESTATE OF RICHARD SMITH Per: /s/ Susan J. Smith -------------------------------- Name: Susan J. Smith Title: Executor /s/ Susan Smith /s/ David M. Smith - -------------------------------- -------------------------------------- Witness DAVID M. SMITH /s/ Chloe Siwicki /s/ David J. Stein - -------------------------------- -------------------------------------- Witness DAVID J. STEIN /s/ Sarah Oziel /s/ Aaron Serruya - -------------------------------- -------------------------------------- Witness AARON SERRUYA /s/ Carla Aedo /s/ Michael Serruya - -------------------------------- -------------------------------------- Witness MICHAEL SERRUYA -----END PRIVACY-ENHANCED MESSAGE-----