0001193125-20-102001.txt : 20200409 0001193125-20-102001.hdr.sgml : 20200409 20200409064610 ACCESSION NUMBER: 0001193125-20-102001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200407 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200409 DATE AS OF CHANGE: 20200409 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLUCORA, INC. CENTRAL INDEX KEY: 0001068875 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 911718107 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25131 FILM NUMBER: 20783114 BUSINESS ADDRESS: STREET 1: 6333 N. STATE HWY 161 STREET 2: 4TH FLOOR CITY: IRVING STATE: TX ZIP: 75038 BUSINESS PHONE: 972-870-6000 MAIL ADDRESS: STREET 1: 6333 N. STATE HWY 161 STREET 2: 4TH FLOOR CITY: IRVING STATE: TX ZIP: 75038 FORMER COMPANY: FORMER CONFORMED NAME: INFOSPACE INC DATE OF NAME CHANGE: 20000428 FORMER COMPANY: FORMER CONFORMED NAME: INFOSPACE COM INC DATE OF NAME CHANGE: 19980824 8-K 1 d913388d8k.htm 8-K 8-K
DE false 0001068875 0001068875 2020-04-07 2020-04-07

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

April 7, 2020

Date of Report

(Date of earliest event reported)

 

BLUCORA, INC.

(Exact name of registrant as specified in its charter)

 

DELAWARE

 

000-25131

 

91-1718107

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

6333 North State Highway 161, 4th Floor

Irving, Texas 75038

(Address of principal executive offices)

(972) 870-6400

Registrant’s telephone number, including area code

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, par value $0.0001 per share

 

BCOR

 

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 


Item 1.01. Entry into a Material Definitive Agreement.

As previously announced, on January 6, 2020, Blucora, Inc. (the “Company”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Honkamp Krueger Financial Services, Inc. (“HKFS”), the selling stockholders named therein (the “Sellers”) and JRD Seller Representative, LLC, as the Sellers’ representative (the “Sellers’ Representative”). Pursuant to the terms and conditions of the Purchase Agreement, the Company agreed to acquire (the “Acquisition”) all of the issued and outstanding common stock of HKFS for a cash purchase price of $160 million, subject to customary purchase price adjustments, a post-closing adjustment for assets under administration and certain indemnity escrows as described more fully in the Purchase Agreement.

On April 7, 2020, the Company, HKFS, the Sellers and the Sellers’ Representative entered into the First Amendment to Stock Purchase Agreement (the “Amendment”). The parties mutually agreed to enter into the Amendment in response to current economic conditions. The Amendment amends the Purchase Agreement to, among other things, decrease the cash purchase price paid at closing for the Acquisition from $160 million to $100 million and replace the post-closing purchase price adjustment for assets under administration with two potential post-closing earn-out payments by the Company. Pursuant to the Amendment, the amount of the potential earn-out payments will be determined based on the Company’s assets under management and the achievement of certain performance goals on the first and second anniversaries of the date of closing. Assuming that these performance goals are fully achieved in each earn-out period, which would require substantial growth in the value of the Company’s assets under management through strong operational performance and market improvement, the potential maximum aggregate amount that the Company would be required to pay for each earn-out period is $30.0 million. Pursuant to the Amendment, if the asset values on the applicable measurement date fall below certain specified thresholds, the Company would not be required to make any earn-out payment to the Sellers for such period.

The Amendment also amends the Purchase Agreement to, among other things, (i) make it a condition to the Company’s obligation to close the transaction that the Company receive financing satisfactory to the Company, in its sole discretion, (ii) extend the outside date by which the closing shall have occurred prior to triggering the parties’ right to terminate the Purchase Agreement from May 15, 2020 to October 1, 2020, (iii) maintain a cash breakup fee of $800,000 payable by the Company to HKFS if the Purchase Agreement is terminated by the Company because it has not received satisfactory financing or the outside date has passed, (iv) give the Company the right to set-off any indemnifiable losses against any payments due and payable by the Company to any Seller pursuant to the Purchase Agreement, including the earn-out obligations, and (v) amend the assignment provisions to include that the Company shall remain liable under the Purchase Agreement if it assigns the Purchase Agreement as permitted therein.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 2.1 hereto and is incorporated by reference herein.

Item 7.01. Regulation FD Disclosure.

On April 1, 2020, the Company’s Board of Directors approved an amendment (the “Inducement Plan Amendment”) to the Blucora, Inc. 2016 Equity Inducement Plan (the “Inducement Plan”) to remove the fungible share ratio under the Inducement Plan. The Company plans to enter into the Inducement Plan Amendment on or about the date of the Company’s 2020 Annual Meeting of Stockholders.

On April 9, 2020, the Company issued a press release announcing the Amendment to the Purchase Agreement, a copy of which is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.

The information in Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) is being furnished pursuant to Item 7.01 and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filing.

Item 8.01. Other Events.

In light of the rapidly evolving coronavirus (COVID-19) pandemic, the Company is supplementing the risk factors described in Item 1A of its Annual Report on Form 10-K for the fiscal year ended December 31, 2019. The following risk factor disclosure should be read in conjunction with the risk factors described in the Annual Report on Form 10-K, which may be further impacted by the coronavirus pandemic.


Pandemics, including the recent coronavirus outbreak, could have a material adverse effect on our revenues, results of operations and financial condition.

In December 2019, a novel strain of coronavirus was reported to have surfaced in Wuhan, China. Beginning in January 2020, the coronavirus spread to other countries, including the United States, and efforts to contain the spread of the coronavirus intensified. The various precautionary measures taken by many governmental authorities around the world in order to limit the spread of the coronavirus have had, and could continue to have, an adverse effect on the global markets and economy, including on the availability of and costs associated with employees, resources, and other aspects of the global economy. The development of the coronavirus outbreak could also cause significant disruptions to our business and operations and the operations of our advisors, increase costs and burdens associated with staffing and conducting our operations, increase our risk of being subject to contract performance claims, or increase the risk that our counterparties fail to perform under their respective contracts or commitments, if we or they are unable to deliver according to the terms of such contracts or commitments and do not have the ability to claim force majeure.

Our Wealth Management segment, which provides tax-focused wealth management solutions for financial professionals, tax preparers, certified public accounting firms, and their clients and is the leading U.S. tax-focused independent wealth management business, primarily generates revenue through securities and insurance commissions, quarterly investment advisory fees based on advisory assets, product marketing service agreements, and other agreements and fees. The outbreak of the coronavirus has had a material negative impact on the global economy as a whole and has caused substantial disruption in the global securities markets. This downturn in the global economy has negatively impacted the value of our advisory assets, which may cause a corresponding decline in the amount of management fees that we derive from our advisory assets. Further, as a result of this downturn, we expect that we may experience a decline in commission revenue from lower trading volumes, a reduction in revenue from capital markets and advisory transactions due to reduced activity, increased credit provisions and charge-offs, declining cash sweep revenue due to changes in prevailing interest rates, losses sustained from our customers’ and market participants’ failure to fulfill their settlement obligations, reduced net interest earnings, and other losses.

Our Tax Preparation segment, which provides affordable digital do-it-yourself tax preparation solutions for consumers, small business owners and tax professionals, primarily generates revenue through digital tax preparation services. In March 2020, the Internal Revenue Service (the “IRS”) extended the deadline for specified U.S. federal income tax payments and federal income tax returns due April 15, 2020 to July 15, 2020 in response to the coronavirus outbreak. This extension, as well as any further extensions in tax filing deadlines, could result in our customers postponing the filing of their tax returns until later in the year, which in turn would reduce the amount of tax preparation revenue we receive in the first half of the fiscal year, a period in which we typically earn substantially all of our annual tax preparation revenue. As a result, our results of operations for our Tax Preparation Segment may be negatively impacted in the first two quarters of 2020 compared to the corresponding period in prior years. If the IRS or state tax authorities determine to grant taxpayers further relief in light of the coronavirus outbreak, we could be required to make updates to our tax preparation software to account for any resulting changes to federal or state tax laws. Such updates are costly and may be time consuming to ensure that they accurately reflect the new laws that are adopted. In addition, poor economic conditions and increasing unemployment rates as a result of the coronavirus outbreak could cause a decrease in the number of tax returns filed, which may have a significant effect on the number of tax returns we prepare and file. Any of these events could have a material adverse effect on our revenues, results of operations and financial condition.

In addition, we have historically financed our operations primarily from cash provided by operating activities and access to credit markets. To the extent that the coronavirus outbreak causes a substantial reduction in our cash provided by operating activities, we may be required to seek additional capital through issuances of debt or equity securities. We may be unable to complete any such transactions on favorable terms to us, or at all. The instruments governing our existing indebtedness require us to comply with certain restrictive covenants, and any substantial and sustained downturn in our operations due to the coronavirus or other factors may cause us to be in breach of our debt covenants or limit our ability to make interest payments on our indebtedness, which could constitute an event of default and cause our outstanding indebtedness to be declared immediately due and payable. If applicable, such acceleration of our outstanding indebtedness could cause our secured lenders to foreclose against the assets securing their borrowings and we could be forced into bankruptcy or liquidation. Any inability to obtain additional liquidity as and when needed, or to maintain compliance with the instruments governing our indebtedness, would have a material adverse effect on our financial condition.


Any of the foregoing factors could result in a material adverse effect on our revenues, results of operations and financial condition. The extent to which the coronavirus impacts our results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit
    No.    

   

Description

         
 

2.1#

   

First Amendment to Stock Purchase Agreement, dated as of April 7, 2020, by and among Blucora, Inc., Honkamp Krueger Financial Services, Inc., the sellers named therein, and JRD Seller Representative, LLC, as the sellers’ representative.

         
 

99.1

   

Press release dated April 9, 2020 (furnished herewith)

         
 

104.1

   

Cover Page Interactive Data File (embedded within the Inline XBRL Document)

# Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Blucora, Inc. hereby undertakes to furnish supplemental copies of any of the omitted schedules and exhibits upon request by the Securities and Exchange Commission.

Safe Harbor Statement Under the Private Securities and Litigation Reform Act

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this report, terms such as “believes,” “estimates,” “should,” “could,” “would,” “plans,” “expects,” “intends,” “anticipates,” “may,” “forecasts,” “projects” and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. Actual results may differ significantly from management’s expectations due to various risks and uncertainties including, but not limited to: the impact of the recent coronavirus outbreak on our results of operations and our business, including the impact of the resulting economic downturn and the extension of tax filing deadlines and other related relief; our ability to effectively implement our future business plans and growth strategy; our ability to effectively compete within our industry; our ability to attract and retain financial advisors, qualified employees, clients, and customers, as well as our ability to provide strong customer/client service; our ability to close, finance, and realize all of the anticipated benefits of our recent or pending acquisitions, as well as our ability to integrate the operations of recently acquired businesses, and the potential impact of such acquisitions on our existing indebtedness and leverage; our future capital requirements and the availability of financing, if necessary; our ability to meet our current and future debt service obligations, including our ability to maintain compliance with our debt covenants; downgrade of the Company’s credit ratings; our ability to generate strong investment performance for our clients and the impact of the financial markets on our clients’ portfolios; the impact of new or changing legislation and regulations (or interpretations thereof) on our business, including our ability to successfully address and comply with such legislation and regulations (or interpretations thereof) and increased costs, reductions of revenue, and potential fines, penalties or disgorgement to which we may be subject as a result thereof; risks, burdens, and costs, including fines, penalties or disgorgement, associated with our business being subjected to regulatory inquiries, investigations or initiatives; risks associated with legal proceedings, including litigation and regulatory proceedings; our ability to manage leadership and employee transitions, including costs and time burdens on management and our board of directors related thereto; political and economic conditions and events that directly or indirectly impact the wealth management and tax preparation industries; our ability to respond to rapid technological changes, including our ability to successfully release new products and services or improve upon existing products and services; the compromising of confidentiality, availability or integrity of information, including cyberattacks; our expectations concerning the revenues we generate from fees associated with the financial products that we distribute; risks related to goodwill and other intangible asset impairment; our ability to develop, establish, and maintain strong brands; risks associated with the use and implementation of information technology and the effect of security breaches, computer viruses, and computer hacking attacks; our ability to


comply with laws and regulations regarding privacy and protection of user data; our ability to maintain our relationships with third-party partners, providers, suppliers, vendors, distributors, contractors, financial institutions, industry associations, and licensing partners, and our expectations regarding and reliance on the products, tools, platforms, systems, and services provided by these third parties; our beliefs and expectations regarding the seasonality of our business; our assessments and estimates that determine our effective tax rate; and our ability to protect our intellectual property and the impact of any claim that we have infringed on the intellectual property rights of others.

In addition, there are risks associated with the Acquisition, such as: our ability to consummate the Acquisition, including our ability and HKFS’s ability to fulfill the conditions to the closing of the Acquisition on a timely basis or at all; the availability and terms of financing to fund the purchase price for the Acquisition; our ability to retain key management and employees of HKFS following the Acquisition; post-Acquisition revenues being lower than expected, costs being higher than expected, synergies being less than expected or our post-Acquisition financial results differing generally from our internal projections; and the risk of an unfavorable reaction to the Acquisition by our employees, vendors, suppliers, advisors and clients of our advisors, as well as the other risks and factors included in the Company’s filings with the Securities and Exchange Commission.

A more detailed description of these and certain other factors that could affect actual results is included in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this report, except as may be required by law.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 9, 2020

BLUCORA, INC.

     

By:

 

/s/ Ann J. Bruder

 

Ann J. Bruder

 

Chief Legal Officer and Secretary

EX-2.1 2 d913388dex21.htm EX-2.1 EX-2.1

Exhibit 2.1

Execution Version

CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [*****]

INDICATES THAT INFORMATION HAS BEEN OMITTED.

FIRST AMENDMENT TO

STOCK PURCHASE AGREEMENT

THIS FIRST AMENDMENT TO STOCK PURCHASE AGREEMENT (this “Amendment”) is made and entered into as of the 7th day of April, 2020 (the “Effective Date”), by and among Blucora, Inc., a Delaware corporation (“Buyer”), Honkamp Krueger Financial Services, Inc., an Iowa corporation (theCompany”), the stockholders of the Company set forth on the signature pages hereto (each, a Seller” and collectively, the “Sellers”), and JRD Seller Representative, LLC, an Iowa limited liability company, as the representative of the Sellers (the “Sellers’ Representative”).

WHEREAS, Buyer, the Company, the Sellers and the Sellers’ Representative entered into that certain Stock Purchase Agreement dated January 6, 2020 (the “Purchase Agreement”), pursuant to which the Sellers shall sell to Buyer and Buyer shall purchase from the Sellers the Purchased Shares (as defined in the Purchase Agreement); and

WHEREAS, Buyer, the Company, the Sellers and the Sellers’ Representative desire to amend the Purchase Agreement as provided herein.

NOW, THEREFORE, in consideration of mutual agreements as herein expressed, and for other good and valuable consideration exchanged by the parties, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows:

 

  1.

Defined Terms. Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Purchase Agreement.

 

  2.

Amendments.

 

  a.

Section 1.1 of the Purchase Agreement is hereby amended by adding the following definitions in alphabetical order:

““AUM Percentage” means the quotient of (a) with respect to the First Earnout Period, (i) the Company’s AUM for the First Earnout Period divided by (ii) the amount of “Total AUM” set forth on Annex B hereto for the month in which the one (1)-year anniversary of the Closing Date occurs, or (b) with respect to the Second Earnout Period, (i) the Company’s AUM for the Second Earnout Period divided by (ii) the amount of “Total AUM” set forth on Annex B hereto for the month in which the two (2)-year anniversary of the Closing Date occurs.”

““Assets Under Management” means, as of any date of determination, the aggregate market value of all assets, including any new accounts from new Customers produced by the Company after the Closing Date and all related market growth thereon, that are being managed and held by the Company or any of its Subsidiaries on behalf of all Customers in fee-based accounts, but including only 25% of the aggregate market value of any assets purchased by acquisition by Buyer or its Affiliates on behalf of any Customers that are placed on one of the Company’s asset management platforms after the Closing Date plus all growth and


additions thereon going forward less distributions and withdrawals, but excluding (a) the market value of assets held in no fee cash accounts, (b) the cash surrender values of fixed annuity contracts, (d) the cash surrender value of life insurance contracts, and (d) the aggregate market value of assets held in brokerage accounts.”

““Company’s AUM” means the Assets Under Management of the Company and its Subsidiaries calculated at 5:00 p.m. eastern time on the date that is the final date of the applicable Earnout Period (it being understood that Assets Under Management at the applicable date of determination shall be determined with reference to any increase or decrease in the aggregate market value or cash surrender value of an underlying asset due to changes resulting from market changes or fluctuations after the date hereof); provided that if such date is not a Business Day, the calculation shall be made at 5:00 p.m. eastern time on the next Business Day following the final date of the applicable Earnout Period.”

““Earnout Payment” means a payment for each Earnout Period calculated in accordance with Annex A attached hereto.”

““Earnout Period” means the First Earnout Period and the Second Earnout Period, as applicable.”

““First Earnout Period” means the twelve (12)-month period beginning on the Closing Date and ending on the one (1)-year anniversary of the Closing Date.”

““Second Earnout Period” means the twelve (12)-month period beginning on the one (1)-year anniversary of the Closing Date and ending on the two (2)-year anniversary of the Closing Date.”

 

  b.

Section 1.1 of the Purchase Agreement is hereby amended by deleting the following definitions from the Purchase Agreement:

““AUA Escrow Account” means the escrow account established by the Escrow Agent pursuant to the terms of the Escrow Agreement for purposes of holding the AUA Escrow Amount.”

““AUA Escrow Amount” means $24,000,000.”

““AUA Adjustment Amount” means if the AUA Percentage is less than 95%, the Sellers shall pay, or cause to be paid, to Buyer an amount equal to the difference between: (a) Purchase Price, minus (b) Purchase Price multiplied by the sum of (i) the AUA Percentage expressed as a decimal plus (ii) 0.05; provided, however, in no event shall the AUA Adjustment Amount be a value greater than $24,000,000.

As an example of the above language, if the AUA Percentage was 90%, the math would be as follows: Purchase Price ($160MM) – ($160MM*(0.90+0.05)) = $8,000,000.”

““AUA Percentage” means the amount (expressed as a percentage) equal to the Post-Closing AUA divided by the Signing AUA.”

 

2


““Post-Closing AUA” means the Assets Under Administration calculated at 5:00 p.m. eastern time on the date that is the twelve (12)-month anniversary of the date hereof; provided that if such date is not a Business Day, the calculation shall be made at 5:00 p.m. eastern time of the next Business Day following the twelve (12)-month anniversary; provided, further, the calculation of Post-Closing AUA shall be determined without reference to any increase or decrease in the value of the underlying assets due to changes resulting from market changes or fluctuations during the period between the date hereof and the twelve (12)-month anniversary of the date hereof. Any increase in the value of Assets Under Administration as a result of new Customers between the date hereof and the twelve (12)-month anniversary of the date hereof shall be included in the determination of Post-Closing AUA.”

““Signing AUA” means the Assets Under Administration calculated as of 5:00 p.m. the Business Day prior to the date hereof.”

 

  c.

The definition of “Escrow Funds” set forth in Section 1.1 of the Purchase Agreement is hereby amended and restated in its entirety as follows:

““Escrow Funds” means the Indemnity Escrow Amount and the Adjustment Escrow Amount.”

 

  d.

Section 1.2 of the Purchase Agreement is hereby amended and restated in its entirety as follows:

“1.2    Terms Defined Elsewhere in this Agreement. For purposes of this Agreement, the following terms have the meanings set forth in the Sections indicated:

 

Term

  

Section

Accounting Principles

   2.4(a)

Acquisition Transaction

   6.4(a)

Adjustment Statement

   2.4(b)

Agreement

   Preamble

Balance Sheet

   4.7(a)

Balance Sheet Date

   4.7(a)

Breakup Fee

   7.5(b)

Buyer

   Preamble

Buyer and Company Released Parties

   6.13(a)

Buyer Documents

   5.2

Buyer Indemnified Parties

   8.2(a)

Buyer’s Representatives

   6.1

Claims

   6.13(a)

Closing

   2.6

Closing Payment

   2.3(a)

Closing Common Share Payment

   2.1(b)

Closing Date

   2.6

Company

   Preamble

Company Database

   4.13(n)

Company Documents

   4.2

Company Permits

   4.17(b)

 

3


Company Property or Company Properties

   4.11(a)

Computer Systems

   4.13(k)

Confidentiality Agreement

   6.1

Deductible

   8.4(a)

Earnout Item of Disagreement

   2.5(b)

Earnout Statement

   2.5(a)

Earnout Statement Notice of Objection

   2.5(b)

Earnout Statement Review Period

   2.5(b)

Effective Time

   2.6

Escrow Agreement

   2.7(h)

Estimated Cash

   2.4(a)

Estimated Closing Debt Amount

   2.4(a)(iii)

Estimated Closing Statement

   2.4(a)

Estimated Closing Working Capital

   2.4(a)(i)

Estimated Transaction Expenses

   2.4(a)(iv)

FCPA

   4.24(a)

Fees and Expenses

   7.5(a)

Final Amounts

   2.4(c)

Final Closing Cash

   2.4(c)

Final Closing Debt Amount

   2.4(c)

Final Closing Working Capital

   2.4(c)

Final Transaction Expenses

   2.4(c)

Financial Statements

   4.7(a)

Financing Marketing Documents

   6.15(b)(i)

Fundamental Cap

   8.4(b)

General Cap

   8.4(b)

General Survival Period

   8.1

Government Official

   4.24(a)

HK Agreement

   2.7(v)

HK Alliance

   Recitals

HKFS Aviation

   Recitals

HSR Filing

   6.14

Immigration Laws

   4.23

Independent Accountant

   2.4(c)

Leases

   2.7(q)

Letter of Transmittal

   6.20

Loss or Losses

   8.2(a)

Material Contracts

   4.14(a)

Negative Consent Notice

   6.16

Occurrence Policies

   6.9(a)

Payoff Letters

   2.7(d)(ii)

Personal Property Leases

   4.12(b)

Private Sector Counterparty

   4.24(a)

Proposed Amounts

   2.4(b)

Purchase Price

   2.2

Purchase Price Allocation

   8.7(f)(ii)

Purchased Shares

   Recitals

R&W Exclusions

   8.4(a)

R&W Insurance Policy

   2.8(e)

R&W Insurance Provider

   5.7

 

4


Real Property Lease or Real Property Leases

   4.11(a)

Related Person or Related Persons

   4.21

Representatives

   6.4(a)

Restricted Business

   6.10(a)

Section 338(h)(10) Election

   8.7(f)(i)

Seller or Sellers

   Preamble

Seller Documents

   3.1

Seller Indemnified Parties

   8.2(c)

Seller Releasing Parties

   6.13(a)

Sellers’ Representative

   Preamble

Significant Customer

   4.25(a)

Significant Provider

   4.25(c)

Straddle Period

   8.7(b)

Subsidiary or Subsidiaries

   Recitals

Subsidiary Interest

   4.5

Survival Period

   8.1

Tail Policy

   6.9(b)

Tax Claim

   8.7(c)(i)

Termination Fee

   7.5(a)

Third-Party Claim

   8.3(b)

Transaction Expense Statements

   2.7(d)(i)

Transition Services Agreement

   2.7(s)

Unresolved Claims

   8.5”

 

  e.

Section 2.2 of the Purchase Agreement is hereby amended and restated in its entirety as follows:

“2.2    Consideration. The aggregate consideration for the sale of the Purchased Shares and the post-Closing covenants and agreements of Sellers set forth in this Agreement shall be an amount equal to $100,000,000 (the “Purchase Price”), subject to adjustment as provided in Section 2.3(a) and Section 2.4, plus the Earnout Payments pursuant to Section 2.5, which shall be deemed additional Purchase Price.”

 

  f.

Section 2.3(a) of the Purchase Agreement is hereby amended and restated in its entirety as follows:

“(a)    At the Closing, Buyer shall deliver to the Sellers’ Representative, on behalf of the Sellers, and the Sellers’ Representative shall pay to each Seller by wire transfer of immediately available funds to the accounts designated by Sellers’ Representative in writing not fewer than three (3) Business Days prior to the Closing Date, an amount equal to (i) the Purchase Price, plus (ii) the excess, if any, of Estimated Closing Working Capital over Target Closing Working Capital, minus (iii) the excess, if any, of Target Closing Working Capital over Estimated Closing Working Capital, minus (iv) the Estimated Closing Debt Amount, minus (v) the Estimated Transaction Expenses, minus (vi) the Indemnity Escrow Amount, minus (vii) the Adjustment Escrow Amount, plus (viii) Estimated Cash (such remaining amount resulting from (i) – (viii), the “Closing Payment”).”

 

5


  g.

The Purchase Agreement is hereby amended by deleting the references to “June 15, 2020” in Section 2.4(c) and replacing them with “December 1, 2020.”

 

  h.

Section 2.4(d)(i) of the Purchase Agreement is hereby amended and restated in its entirety as follows:

“(i)    If the Adjustment Amount is a negative amount, an amount in dollars equal to the absolute value of such amount shall, within three (3) Business Days from the date on which the Final Amounts are finally determined pursuant to this Section 2.4, be delivered to Buyer and/or its designee by wire transfer of immediately available funds to an account designated by Buyer from the Adjustment Escrow Account and Buyer and Sellers’ Representative shall deliver joint written instructions to the Escrow Agent instructing the Escrow Agent to deliver the applicable amounts due to Buyer pursuant to this Section 2.4(d)(i). If the Adjustment Escrow Amount is insufficient to pay the full Adjustment Amount to Buyer, Buyer, in its sole discretion, may receive the remaining Adjustment Amount from either (A) the Indemnity Escrow Amount, (B) the Earnout Payments actually payable pursuant to Section 2.5 (subject to Section 8.9), or (C) the Sellers’ Representative, on behalf of the Sellers. If Buyer elects to receive the remaining Adjustment Amount from the Indemnity Escrow Amount, Buyer and the Sellers’ Representative shall deliver joint written instructions to the Escrow Agent instructing the Escrow Agent to deliver the applicable amounts due to Buyer.”

 

  i.

Section 2.5 of the Purchase Agreement is hereby amended and restated in its entirety as follows:

“2.5    Earnout.

(a)    Buyer shall prepare and deliver, or cause to be prepared and delivered, to the Sellers’ Representative, no later than sixty (60) days after each Earnout Period, a statement setting forth the Company’s AUM for the most recently completed Earnout Period along with a calculation of the applicable Earnout Payment for the most recently completed Earnout Period, together with supporting documents (an “Earnout Statement”).

(b)    The calculations set forth in each Earnout Statement shall be final, conclusive and binding upon the parties unless the Sellers’ Representative delivers to Buyer, within the thirty (30) days following the date on which an Earnout Statement was delivered (a “Earnout Statement Review Period”), a written notice (a “Earnout Statement Notice of Objection”) that the Sellers’ Representative, on behalf of the Sellers, disagrees with any calculations set forth in an Earnout Statement and setting forth the Sellers’ Representative calculation of the disputed amount, a description in reasonable detail of the grounds for each such disagreement and the Sellers’ Representative calculation of Company’s AUM for the most recently completed Earnout Period based on such objections (each such item or amount as to which the Sellers’ Representative disagrees and set forth in the Earnout Statement Notice of Objection, an “Earnout Item of Disagreement”). During an Earnout Statement Review Period, the Sellers’ Representative, on behalf of the Sellers, and its accountants (which may be the Company’s accountants as of the date of this Agreement) shall, at the Sellers’ Representative’s expense, on behalf of the Sellers, be permitted reasonable access

 

6


to review the working papers of Buyer relating to the applicable Earnout Statement to verify the accuracy thereof; provided, that in order to review such accountant’s working papers the Sellers’ Representative and its accountants shall execute any confidentiality agreements, releases or waivers customarily required by such accountant in connection therewith. Except for those Earnout Items of Disagreement set forth in the applicable Earnout Statement Notice of Objection, Buyer and the Sellers’ Representative, on behalf of the Sellers, shall be deemed to have agreed with all other items and amounts set forth in the applicable Earnout Statement, which items and amounts shall be conclusive and binding upon all of the parties. All information disclosed to Sellers’ Representative or its representatives pursuant to this Section 2.5(b) shall be considered confidential information of Buyer, and the Sellers’ Representative shall, and shall cause its representatives to, keep all such information strictly confidential.

(c)    In the event that the Sellers’ Representative delivers an Earnout Statement Notice of Objection to Buyer within the applicable Earnout Statement Review Period, Buyer and the Sellers’ Representative, on behalf of the Sellers, will negotiate in good faith to resolve all applicable Earnout Items of Disagreement. If, after a period of thirty (30) days following the date on which an Earnout Statement Notice of Objection is delivered, Buyer and the Sellers’ Representative, on behalf of the Sellers, have not resolved each such Earnout Item of Disagreement, then either Buyer or the Sellers’ Representative shall be entitled to submit all such Earnout Items of Disagreement that remain unresolved to the Independent Accountant, pursuant to the procedures set forth in Section 2.4(c).

(d)    Within five (5) Business Days following the date on which the Company’s AUM and the corresponding Earnout Payments for the applicable Earnout Period are finally determined in accordance with the foregoing provisions of this Section 2.5, Buyer shall pay, or cause to be paid, to the Sellers’ Representative, on behalf of the Sellers, an amount equal to the Earnout Payment.

(e)    From and after the Effective Time, Buyer and its Affiliates (i) have complete control and sole and absolute discretion with respect to decisions concerning the operations of the Company, the Subsidiaries and their respective businesses (whether or not consistent with such operations prior to the Effective Time) and (ii) are only required to take actions in connection with the Company and its Subsidiaries that Buyer and its Affiliates believe to be in the best interests of Buyer and, as applicable, its Affiliates, and do not owe any duties, express or implied, to any Sellers or any of their respective Affiliates by virtue of this Section 2.5 (other than to make the payments, if any, due under Section 2.5). The Company’s AUM is speculative and subject to numerous risks and uncertainties, many of which may be outside the control of Buyer, and there is no assurance that Company’s AUM threshold will be achieved. Notwithstanding the foregoing, Buyer and its Affiliates shall act in good faith, and, except as required by applicable Law, shall not take any action(s) or implement no strategy(ies) the primary purpose of which is to unreasonably and materially interfere with the Sellers’ ability to achieve the Earnout Payments.

(f)    The right to receive any portion of the Earnout Payments (i) is solely a contractual right and is not a security (and shall confer upon the Sellers only the rights of a general unsecured creditor); (ii) will not be represented by any form of

 

7


certificate or instrument; (iii) does not give any Seller any dividend rights, voting rights, liquidation rights, preemptive rights or other similar rights and (iv) is not redeemable. Notwithstanding anything herein to the contrary, the Earnout Payments are subject to Purchaser’s right of setoff in Section 8.9.”

 

  j.

Section 2.6 of the Purchase Agreement is hereby amended and restated in its entirety as follows:

“2.6    Closing Date. The consummation of the purchase and sale of the Stock provided for in Section 2.1 hereof (the “Closing”) shall take place at the offices of Haynes and Boone, LLP, 2323 Victory Avenue, Suite 700, Dallas, Texas 75219, or via overnight courier, facsimile or portable document format (pdf), as agreed by the parties, at 10:00 a.m.(Dallas time) on the first (1st) Business Day of the month after the satisfaction or waiver of the conditions set forth in Article VII (other than conditions that by their nature are to be satisfied at Closing, but subject to the satisfaction or waiver of those conditions at such time), unless another time, date or place is agreed to in writing by Buyer and the Sellers’ Representative (the “Closing Date”); provided, that the Closing will be deemed to be effective as of 12:01 a.m. on the Closing Date (the “Effective Time”). Except as otherwise expressly provided herein, all proceedings to be taken and all documents to be executed and delivered by all parties at the Closing will be deemed to have been taken and executed simultaneously and no proceedings will be deemed to have been taken nor documents executed or delivered until all have been taken, executed and delivered.”

 

  k.

Section 2.7(w) of the Purchase Agreement is hereby amended and restated in its entirety as follows:

“(w)    a certificate dated as of the Closing Date, duly executed by the chief executive officer of the Company, given by him or her on behalf of the Company and not in his or her individual capacity, certifying as to Company’s Assets Under Administration calculated as of 5:00 p.m. the Business Day prior to the Closing Date;”

 

  l.

Section 2.7(y) of the Purchase Agreement is hereby deleted in its entirety.

 

  m.

Section 2.8(j) of the Purchase Agreement is hereby deleted in its entirety.

 

  n.

The Purchase Agreement is hereby amended by adding a new sentence to the end of Section 6.21 to read as follows:

“For the avoidance of doubt, the Sellers set forth on Schedule 6.21(a) shall be entitled to any fees or payments payable by the Company until the Closing Date with respect to the accounts listed on Schedule 6.21(b).”

 

  o.

Section 7.1 of the Purchase Agreement is hereby amended by adding a new Section 7.1(i) to Section 7.1, changing Section 7.1(i) to Section 7.1(j) and adding a new Section 7.1(k) to the end of Section 7.1 as follows:

“(i)    Buyer shall have received Financing satisfactory to Buyer, in its sole discretion, to pay the Purchase Price;

 

8


(j)    Buyer shall have received all of the Closing deliverables listed in Section 2.7; and

(k)    Buyer and Sellers hereby acknowledge and agree that the Closing conditions set forth in Section 7.1(f) are satisfied as of the date of this Amendment, and such conditions set forth in Section 7.1(f) shall no longer be a condition to closing.”

 

  p.

Section 7.3(b) of the Purchase Agreement is hereby amended and restated in its entirety as follows:

“(b)    upon written notice from either Sellers’ Representative or Buyer to the other on or after October 1, 2020, if the Closing shall not have occurred by the close of business on such date, and such date may be extended by mutual agreement between Buyer and Sellers’ Representative; provided, that the terminating party is not in material default of any of its obligations hereunder;”

 

  q.

Section 7.5(b) of the Purchase Agreement is hereby amended and restated in its entirety as follows:

“(b)    Notwithstanding anything to the contrary contained herein, if this Agreement is terminated by Buyer pursuant to Section 7.1(i) or by the Buyer pursuant to Section 7.3(b), then the Buyer shall pay the Company an amount equal to $800,000 (the “Breakup Fee”) in immediately available funds within five (5) Business Days after the date of such failure. The parties acknowledge and agree that in no event will the Buyer be required to pay the Breakup Fee on more than one occasion.”

 

  r.

Section 8.4(b) of the Purchase Agreement is hereby amended and restated in its entirety as follows:

“(b)    Neither Sellers, on the one hand, nor Buyer, on the other hand, shall be required to indemnify any Person under Section 8.2(a)(i), Section 8.2(b)(i), or Section 8.2(c)(i), as applicable, for an aggregate amount of Losses exceeding $800,000 (the “General Cap”); provided, that the General Cap shall not apply with respect to Losses related to (x) the failure to be true and correct of any of the Fundamental Representation, (y) any indemnification claim arising out of any fraudulent, intentional or willful breach of any representation of any Seller or Buyer in this Agreement, or in any Seller Document, Company Document, or Buyer Document or (z) R&W Exclusions. Neither any Seller, on the one hand, nor Buyer, on the other hand, shall be required to indemnify any Person with respect to Fundamental Representations under Section 8.2(a)(i), Section 8.2(b)(i), or Section 8.2(c)(i), as applicable, for an aggregate amount of Losses exceeding the Closing Payment, as adjusted as provided in Section 2.4, plus any Earnout Payments actually payable pursuant to Section 2.5 (the “Fundamental Cap”); provided, that the Fundamental Cap shall not apply with respect to Losses related to any indemnification claim arising out of any fraudulent breach of any representations of any Seller or Buyer in this Agreement, or in any Seller Document, Company Document or Buyer Document.”

 

9


  s.

Section 8.5 of the Purchase Agreement is hereby amended and restated in its entirety as follows:

“8.5    Indemnity Payments. Any payment Sellers are obligated to make to any Buyer Indemnified Parties pursuant to this Article VIII shall be paid (a) first, to the extent there are sufficient funds in the Indemnity Escrow Account, by release of funds to the Buyer Indemnified Parties from the Indemnity Escrow Account by the Escrow Agent within five (5) Business Days after the date notice of any sums due and owing is given to Sellers’ Representative (with a copy to the Escrow Agent pursuant to the Escrow Agreement) by the applicable Buyer Indemnified Party and shall accordingly reduce the Indemnity Escrow Amount; provided that, if the payment obligation is required pursuant to Section 8.2(b) or otherwise relates to an inaccuracy in or breach of a Fundamental Representation, Buyer may, in its sole discretion, elect to recover all or any portion of such amount directly from the Sellers against which such claim is asserted regardless of the amount of fund in the Indemnity Escrow Account (or any combination of recovery from the Indemnity Escrow Account or directly from the Sellers), and (b) second, to the extent the Indemnity Escrow Amount is insufficient to pay any remaining sums due, then, in Buyer’s sole discretion, (i) Sellers shall pay all of such additional sums due and owing to the Buyer Indemnified Parties by wire transfer of immediately available funds within five (5) Business Days after the date of such notice, or (ii) Buyer may offset such additional sums due and owing to the Buyer Indemnified Parties from the Earnout Payments actually payable pursuant to Section 2.5 (subject to Section 8.9). Upon the expiration of the General Survival Period, the Escrow Agent shall deposit with the Sellers’ Representative the amount then remaining in the Indemnity Escrow Account (to the extent not utilized to pay Buyer for any indemnification claim) and the Sellers’ Representative shall distribute such portion of the Indemnity Escrow Amount to each Seller by wire transfer of immediately available funds to such account or accounts designated by Sellers’ Representative, in accordance with each Seller’s respective Pro Rata Share, except that the Escrow Agent shall retain an amount (up to the total amount then held by the Escrow Agent) equal to the amount of claims for indemnification under this Article VIII asserted prior to the expiration of the General Survival Period but not yet resolved (“Unresolved Claims”). The Indemnity Escrow Amount retained for Unresolved Claims shall be released by the Escrow Agent (to the extent not utilized to pay Buyer for any such claims resolved in favor of Buyer) upon their resolution in accordance with this Article VIII and the Escrow Agreement. Any payment Buyer is obligated to make to any Seller Indemnified Party shall be paid to such Seller Indemnified Party.”

 

  t.

The Purchase Agreement is hereby amended by adding a Section 8.9 to Article VIII as follows:

“8.9    Right to Setoff. Without limiting any other rights or remedies available to it, Buyer shall be entitled, subject to the limitations set forth in this Article VIII, to offset any claim for a Loss by a Buyer Indemnified Party pursuant to this Article VIII or any payments due and payable to Buyer by any Seller or pursuant to this Agreement (including Section 2.4 and Section 8.5) against payments due and payable by Buyer to any Seller or any Seller Indemnified Party under this Agreement (including Section 2.5). Claims with respect to the Buyer’s set-off right shall be subject to the procedures set forth in Section 8.3. Any exercise of Buyer’s

 

10


right to set-off against any amounts due and payable pursuant to this Agreement shall not constitute a breach or an event of default under this Agreement regardless of whether such setoff is later determined to be unjustified or impermissible in arbitration, by a court or otherwise.”

 

  u.

The Purchase Agreement is hereby amended by adding a new sentence to the end of Section 9.8 to read as follows:

“Following any permitted assignment by Buyer as set forth in this Section 9.8, Buyer shall remain liable for all Buyer obligations and liabilities under this Agreement, including, but not limited to, the payment of the Earnout Payments.”

 

  v.

The Purchase Agreement is hereby amended by adding an Annex A as follows:

“ Annex A

Earnout Payments

Earnout Payments shall be calculated for the applicable Earnout Period as follows:

First Earnout Period

(a) If the AUM Percentage at the end of the First Earnout Period is equal to or greater than 0.95, the Earnout Payment for the First Earnout Period shall equal $30,000,000, in the aggregate.

(b) If the AUM Percentage for the end of the First Earnout Period is greater than 0.7625 and less than 0.95, the Earnout Payment for the First Earnout Period shall equal, in the aggregate, (i) $30,000,000 minus (ii) the amount obtained by subtracting from (A) 160,000,000, the amount obtained by (B) multiplying 160,000,000 times the sum of (I) the AUM Percentage for the First Earnout Period expressed as a decimal plus (II) 0.05.

As an example of the above language, if the AUM Percentage was .90 at the end of the First Earnout Period, the math would be as follows: (30,000,000) – (($160MM) – ($160MM*(0.90+0.05)) = $22,000,000.

(c) If the AUM Percentage for the First Earnout Period is less than or equal to 0.7625, the Sellers shall not be entitled to an Earnout Payment for the First Earnout Period.

(d) Notwithstanding anything herein to the contrary, the Earnout Payment for the First Earnout Period shall not be greater than $30,000,000, in the aggregate.

Second Earnout Period

(a) If the AUM Percentage at the end of the Second Earnout Period is equal to or greater than 0.95, the Earnout Payment for the Second Earnout Period shall equal, in the aggregate, (i) $30,000,000, plus (ii) the amount obtained by subtracting from (A) $30,000,000, the amount of (B) the Earnout Payment for the First Earnout Period.

 

11


(b) If the AUM Percentage for the end of the Second Earnout Period is greater than 0.7625 and less than 0.95, the Earnout Payment for the Second Earnout Period shall equal, in the aggregate, (i) $30,000,000 minus (ii) the amount obtained by subtracting from (A) 160,000,000, the amount obtained by (B) multiplying 160,000,000 times the sum of (I) the AUM Percentage for the Second Earnout Period expressed as a decimal plus (II) 0.05 plus (iii) the amount obtained by subtracting from (A) $30,000,000, the amount of (B) the Earnout Payment for the First Earnout Period.

As an example of the above language, if the AUM Percentage was .80 at the end of the Second Earnout Period and the AUM Percentage was .90 at the end of the First Earnout Period, the math would be as follows: (30,000,000) – (($160MM) – ($160MM*(0.80+0.05)) + ($30MM - $22MM) = $14,000,000.

(c) If the AUM Percentage for the Second Earnout Period is less than or equal to 0.7625, the Sellers shall not be entitled to an Earnout Payment for the Second Earnout Period.

(d) Notwithstanding anything herein to the contrary, the Earnout Payment for the Second Earnout Period shall not be greater than, in the aggregate, (i) $60,000,000 minus (ii) the Earnout Payment for the First Earnout Period.

 

  w.

The Purchase Agreement is hereby amended by adding an Annex B as set forth on Exhibit A attached to this Amendment:

 

  x.

The Purchase Agreement is hereby amended by deleting Exhibit H thereto.

 

  3.

Authority. Each of Buyer, the Sellers and the Sellers’ Representative represent to the other that it has full right, power and authority to enter into this Amendment and that this Amendment is fully binding and enforceable against such party.

 

  4.

Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Texas applicable to contracts made and performed in such State, without reference to such State’s or any other state’s or other jurisdiction’s principles of conflict of laws.

 

  5.

Counterpart Execution. This Amendment may be executed in two or more original counterparts, each of which shall be deemed an original, but all of which together shall constitute one of and the same instrument. Further, signatures transmitted by email in a “PDF” format shall have the same force and effect as original signature in this Amendment.

 

  6.

Scope of Amendment. Except as expressly modified herein, all the terms and conditions of the Purchase Agreement shall remain unmodified and shall continue to be binding on all parties and shall remain in full force and effect. From and after the date hereof, the term “Agreement” as used in the Purchase Agreement shall be deemed to refer to the Purchase Agreement, as amended by this Amendment. In the event of any conflict between the Purchase Agreement and this Amendment, this Amendment shall control.

[Signatures to Follow.]

 

12


IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment to be effective as of the Effective Date.

 

BUYER”:

BLUCORA, INC.

By:

 

/s/ Christopher Walters

Name:

 

Christopher Walters

Title:

 

Chief Executive Officer

 

Signature Page to First Amendment to Stock Purchase Agreement


COMPANY”:
HONKAMP KRUEGER FINANCIAL SERVICES, INC.
By:  

/s/ John R. Darrah

Name:   John R. Darrah
Title:   Chief Executive Officer

 

Signature Page to First Amendment to Stock Purchase Agreement


SELLERS”:

/s/ Frank J. Bremser

Frank J. Bremser, Seller

/s/ Gregory C. Burbach

Gregory C. Burbach, Seller

/s/ Ryan J. Burbach

Ryan J. Burbach, Seller

/s/ Michael F. Campana

Michael F. Campana, Seller

/s/ Steven W. Campana

Steven W. Campana, Seller

/s/ Brian D. Cose

Brian D. Cose, Seller

/s/ Aaron P. Cullen

Aaron P. Cullen, Seller

/s/ John R. Darrah

John R. Darrah, Seller

/s/ Jennifer L. Daughetee

Jennifer L. Daughetee, Seller

 

Signature Page to First Amendment to Stock Purchase Agreement


/s/ Kevin T. Fischer

Kevin T. Fischer, Seller

/s/ Ivan P. Gruhl

Ivan P. Gruhl, Seller

/s/ Keith J. Habel

Keith J. Habel, Seller

/s/ Jay R. Harris

Jay R. Harris, Seller

/s/ Ryan J. Hauber

Ryan J. Hauber, Seller

/s/ Renee E. Hesselman

Renee E. Hesselman, Seller

/s/ Natalie B. Hoffmann

Natalie B. Hoffmann, Seller

/s/ Stephanie K. Imhoff

Stephanie K. Imhoff, Seller

/s/ Kyle S. Kunz

Kyle S. Kunz, Seller

/s/ Frank C. Ludgate

Frank C. Ludgate, Seller

 

Signature Page to First Amendment to Stock Purchase Agreement


/s/ Randolph J. Mihm

Randolph J. Mihm, Seller

/s/ Nicholas D. Nauman

Nicholas D. Nauman, Seller

/s/ Brian D. Powers

Brian D. Powers, Seller

/s/ Adam R. Reisch

Adam R. Reisch, Seller

/s/ Douglas W. Rogers

Douglas W. Rogers, Seller

/s/ Louie A. Rosalez

Louie A. Rosalez, Seller

/s/ Reggie Rowe

Reggie Rowe, Seller

/s/ Richard R. Runde

Richard R. Runde, Seller

/s/ Brian M. Russ

Brian M. Russ, Seller

 

Signature Page to First Amendment to Stock Purchase Agreement


/s/ Kevin R. Schmitt

Kevin R. Schmitt, Seller

/s/ Keiren F. Smith

Keiren F. Smith, Seller

/s/ Michelle M. Steining

Michelle M. Steining, Seller

/s/ Martha Sullivan

Martha Sullivan, Seller

/s/ Katie J. Thomas

Katie J. Thomas, Seller

/s/ Jon F. Thoms

Jon F. Thoms, Seller

/s/ Heather D. Vetter

Heather D. Vetter, Seller

/s/ Scott Walloch

Scott Walloch, Seller

/s/ Michael P. Welbes

Michael P. Welbes, Seller

/s/ Lisa Wigington

Lisa Wigington, Seller

 

Signature Page to First Amendment to Stock Purchase Agreement


SELLERS’ REPRESENTATIVE”:
JRD Seller Representative, LLC
By:  

John R. Darrah

  John R. Darrah, Its President

 

Signature Page to First Amendment to Stock Purchase Agreement


Exhibit A

[*****]

EX-99.1 3 d913388dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Blucora Signs Amended Acquisition Agreement

to Acquire HK Financial Services

New Terms Adjust Purchase Price and Increase Flexibility Around Closing

IRVING, Texas, April 9, 2020 — Blucora, Inc. (NASDAQ: BCOR), a leading provider of tax-smart financial solutions that empower people to achieve their financial goals, today announced it has entered into an amended agreement to acquire privately held HK Financial Services (HKFS). The parties mutually agreed to enter into the amended agreement in response to current economic conditions.

The amended agreement adjusts the purchase price to $100 million, from $160 million, while also adding a financing contingency and setting a new target closing window between today and October 1, 2020. The amended agreement allows for the closing window to be extended upon mutual agreement, as well as the potential for performance-based earn-out payments over time, should the asset targets from the original agreement be achieved.

We believe that the amended transaction terms prioritize flexibility and balance sheet strength, while providing a path for Blucora to capture the valuable strategic and financial benefits of the transaction once it is closed. HKFS ended the first quarter with approximately $4.1 billion in total client assets, and had first quarter net inflows of approximately $214 million. The amended transaction terms value HKFS at approximately 6.3x 2020 EBITDA, including fully realized synergies, and the transaction is expected to enhance Blucora’s revenue growth rate and margins. The Company also expects the transaction to be accretive to EBITDA, EPS and cash flow, net of integration expenses.

The addition of HKFS to Blucora’s wealth management segment is expected to enable end-to-end retirement plan services for Avantax advisors’ small business clients and expands the usage base of our proprietary tax-smart investing software. The acquisition is expected to significantly increase Blucora’s total addressable market, extending the Company’s presence in the fast-growing captive RIA segment and improving conversion of CPA prospects. With this acquisition, Blucora is laying the groundwork for future opportunities, while adding important growth catalysts.

“We continue to believe that the acquisition of HKFS will bring significant short and long-term strategic value to our advisors, end-customers and stockholders and given the current market environment we felt it was appropriate to undertake a detailed review of the transaction terms and timing,” said Chris Walters, President and Chief Executive Officer at Blucora. “At a time of dynamic change and uncertainty, we believe that the addition of HKFS to our business will allow us to deliver even more compelling solutions and choices to CPA firms, advisors and end-clients, thereby enabling us to serve a greater number of CPA firms and tax professionals, improve asset retention and add a fast-growing, high margin captive RIA platform to our business.”

For additional transaction details, please see the Current Report on Form 8-K filed by the Company today with the Securities and Exchange Commission.

About Blucora®

Blucora, Inc. (NASDAQ: BCOR) is on the forefront of financial technology, pioneering tax-smart financial solutions that empower people to achieve their goals. Blucora operates in two segments including wealth management, through its Avantax Wealth Management business (formerly operating under the HD Vest and 1st Global brands), the largest tax-focused broker-dealer, with $71 billion in total


client assets as of December 31, 2019, and tax preparation, through its TaxAct business, a market leader in tax preparation software with approximately 3 million consumer and professional users. With integrated tax and wealth management, Blucora is uniquely positioned to provide better long-term outcomes for customers with holistic, tax-advantaged solutions. For more information on Blucora, visit www.blucora.com.

Investor Contact:

Bill Michalek

Blucora Investor Relations

(972) 870-6463

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this release, terms such as “believes,” “estimates,” “should,” “could,” “would,” “plans,” “expects,” “intends,” “anticipates,” “may,” “forecasts,” “projects” and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. Actual results may differ significantly from management’s expectations due to various risks and uncertainties including, but not limited to: the impact of the recent coronavirus outbreak on our results of operations and our business, including the impact of the resulting economic downturn and the extension of tax filing deadlines and other related relief; our ability to effectively implement our future business plans and growth strategy; our ability to effectively compete within our industry; our ability to attract and retain financial advisors, qualified employees, clients, and customers, as well as our ability to provide strong customer/client service; our ability to close, finance, and realize all of the anticipated benefits of our recent or pending acquisitions, as well as our ability to integrate the operations of recently acquired businesses, and the potential impact of such acquisitions on our existing indebtedness and leverage; our future capital requirements and the availability of financing, if necessary; our ability to meet our current and future debt service obligations, including our ability to maintain compliance with our debt covenants; downgrade of the Company’s credit ratings; our ability to generate strong investment performance for our clients and the impact of the financial markets on our clients’ portfolios; the impact of new or changing legislation and regulations (or interpretations thereof) on our business, including our ability to successfully address and comply with such legislation and regulations (or interpretations thereof) and increased costs, reductions of revenue, and potential fines, penalties or disgorgement to which we may be subject as a result thereof; risks, burdens, and costs, including fines, penalties or disgorgement, associated with our business being subjected to regulatory inquiries, investigations or initiatives; risks associated with legal proceedings, including litigation and regulatory proceedings; our ability to manage leadership and employee transitions, including costs and time burdens on management and our board of directors related thereto; political and economic conditions and events that directly or indirectly impact the wealth management and tax preparation industries; our ability to respond to rapid technological changes, including our ability to successfully release new products and services or improve upon existing products and services; the compromising of confidentiality, availability or integrity of information, including cyberattacks; our expectations concerning the revenues we generate from fees associated with the financial products that we distribute; risks related to goodwill and other intangible asset impairment; our ability to develop, establish, and maintain strong brands; risks associated with the use and implementation of information technology and the effect of security breaches, computer viruses, and computer hacking attacks; our ability to comply with laws and regulations regarding privacy and protection of user data; our ability to maintain our relationships with third-party partners, providers, suppliers, vendors, distributors, contractors, financial institutions, industry associations, and licensing partners, and our expectations regarding and reliance on the products, tools, platforms, systems, and services provided by these third parties; our beliefs and


expectations regarding the seasonality of our business; our assessments and estimates that determine our effective tax rate; and our ability to protect our intellectual property and the impact of any claim that we have infringed on the intellectual property rights of others.

In addition, there are risks associated with the acquisition, such as: our ability to consummate the acquisition, including our ability and HKFS’s ability to fulfill the conditions to the closing of the acquisition on a timely basis or at all; the availability and terms of financing to fund the purchase price for the acquisition; our ability to retain key management and employees of HKFS following the acquisition; post-acquisition revenues being lower than expected, costs being higher than expected, synergies being less than expected or our post-acquisition financial results differing generally from our internal projections; and the risk of an unfavorable reaction to the acquisition by our employees, vendors, suppliers, advisors and clients of our advisors, as well as the other risks and factors included in the Company’s filings with the Securities and Exchange Commission.

A more detailed description of these and certain other factors that could affect actual results is included in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release, except as may be required by law.

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Document and Entity Information
Apr. 07, 2020
Cover [Abstract]  
Entity Incorporation State Country Code DE
Amendment Flag false
Entity Central Index Key 0001068875
Document Type 8-K
Document Period End Date Apr. 07, 2020
Entity Registrant Name BLUCORA, INC.
Entity File Number 000-25131
Entity Tax Identification Number 91-1718107
Entity Address, Address Line One 6333 North State Highway 161
Entity Address, Address Line Two 4th Floor
Entity Address, City or Town Irving
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75038
City Area Code (972)
Local Phone Number 870-6400
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.0001 per share
Trading Symbol BCOR
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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