EX-10.53 14 a07-25421_1ex10d53.htm EX-10.53

 

Exhibit 10.53

 

AMENDMENT TO
SECURITIES PURCHASE AGREEMENT AND JOINDER AGREEMENT

 

This AMENDMENT TO SECURITIES PURCHASE AGREEMENT AND JOINDER AGREEMENT (this “Amendment and Joinder”) is made effective as of November 5, 2007, by and among Averion International Corp., a Delaware corporation (the “Company”), ComVest Investment Partners II LLC, a Delaware limited liability company (“ComVest”), Cumulus Investors, LLC, a Nevada limited liability company (“Cumulus”), Dr. Philip T. Lavin, an individual (“Lavin”), Gene Resnick, M.D., an individual (“Resnick”), MicroCapital Fund, Ltd., a Cayman-domiciled investment corporation (“MicroCap Ltd.”), and MicroCapital Fund LP, a Delaware limited partnership (“MicroCap LP”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Agreement (defined below).

 

RECITALS

 

WHEREAS, the Company, on the one hand, and ComVest, Cumulus and Lavin (collectively, the “Original Buyers”), on the other hand, previously entered into that certain Securities Purchase Agreement dated as of October 31, 2007 (the “Agreement”), pursuant to which the Company sold Twenty Four Million Dollars ($24,000,000) of senior secured notes (the “Notes”) and issued an aggregate of one hundred fifteen million two hundred thousand (115,200,000) shares of the Company’s common stock (the “Shares”) to the Original Buyers on October 31, 2007 (the “Initial Closing”);

 

WHEREAS, pursuant to the Agreement, an additional closing (the “Additional Closing”) was scheduled to occur within thirty (30) days after the Initial Closing, whereby ComVest would purchase additional Notes in the aggregate principal amount of Two Million Dollars ($2,000,000) (the “Additional Notes”) and the Company would issue additional shares of the Company’s common stock to ComVest in the aggregate amount of nine million six hundred thousand (9,600,000) Shares (the “Additional Shares”);

 

WHEREAS, ComVest now desires to allow Resnick, MicroCap Ltd. and MicroCap LP (collectively, the “Additional Buyers”) to participate in the Additional Closing and to purchase the Additional Notes and Additional Share that ComVest was previously obligated to purchase, and each of the Company and the Original Buyers desires to amend the Agreement to permit the Additional Buyers to participate in the Additional Closing, become parties to the Agreement and to be bound by all of the terms and conditions set forth therein; and

 

WHEREAS, pursuant to Section 11(e) of the Agreement, the Company and the Original Buyers that purchased at least sixty six and two thirds percent (66 2/3%) of the aggregate original principal amount of the Notes at the Initial Closing must consent to any amendment to the Agreement, and any such amendment approved by the requisite consent is binding on all of the parties to the Agreement.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

A M E N D M E N T

 

1.                                       Amendment to Schedule of Buyers. The Schedule of Buyers attached to the Agreement is hereby deleted in its entirety and amended and restated to read as set forth on Exhibit A attached hereto.

 



 

2.                                       Joinder of Additional Buyers. Each of the Additional Buyers hereby joins in the execution of the Agreement. By executing this Amendment and Joinder, the Company and each of the Original Buyers, who represent all of the Buyers that participated in the Initial Closing, hereby agree that each of the Additional Buyers is a “Buyer” under the Agreement with the same force and effect as if originally named therein as a Buyer. In addition, each of the Additional Buyers agrees to be bound by all of the terms and provisions of the Agreement and represents and warrants that the representations and warranties set forth in Section 2 of the Agreement are, with respect to each such Additional Buyer, true and correct as of the date hereof. Each reference to a “Buyer” in the Agreement shall be deemed to include each of the Additional Buyers.

 

3.                                       Full Force and Effect. Except as modified above, all other terms and provisions of the Agreement shall remain in full force and effect in accordance with their terms.

 

4.                                       Miscellaneous.

 

a.                                       Agreement Amended. Subject to the provisions of this Section 4, this Amendment and Joinder shall be deemed to be an amendment to the Agreement. All references to the Agreement in any other document, instrument, agreement or writing hereafter shall be deemed to refer to the Agreement as amended hereby.

 

b.                                      Successors and Assigns. This Amendment and Joinder shall be binding upon and inure to the benefit of the Company, the Original Buyers and the Additional Buyers and their respective successors and assigns.

 

c.                                       Governing Law. This Amendment and Joinder and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of the State of New York, without regard to conflict of laws principles.

 

d.                                      Counterparts. This Amendment and Joinder may be executed in multiple counterparts, each of which shall be deemed an original and together shall constitute one document. This Amendment and Joinder may be executed and transmitted via facsimile or electronic transmission in PDF form with the same validity as if it were an ink-signed document.

 

[Remainder of Page Intentionally Left Blank]

 

2



 

IN WITNESS WHEREOF, the Company, the Original Buyers and the Additional Buyers have caused this AMENDMENT TO SECURITIES PURCHASE AGREEMENT AND JOINDER AGREEMENT to be duly executed as of the date first written above.

 

 

COMPANY:

 

 

 

 

 

AVERION INTERNATIONAL CORP.

 

 

 

 

 

By:

/s/ Christopher G. Codeanne

 

Name: Christopher G. Codeanne

 

Title: Chief Financial Officer

 

[Company Signature Page to Amendment to Securities Purchase Agreement and Joinder Agreement]

 



 

 

ORIGINAL BUYERS:

 

 

 

COMVEST INVESTMENT PARTNERS II LLC,
a Delaware limited liability company

 

 

 

 

 

By:

ComVest II Partners LLC

 

Its:

Managing Member

 

 

 

 

 

 

 

By:

/s/ Cecilio M. Rodriguez

 

Name:

Cecilio M. Rodriguez

 

Title:

CFO

 

 

 

 

 

CUMULUS INVESTORS, LLC, a Nevada limited
liability company

 

 

 

 

 

By:

/s/ Nader C. Kazeminy

 

Name: Nader C. Kazeminy

 

Title: Chairman and President

 

 

 

 

 

/s/ Philip T. Lavin, Ph.D.

 

PHILIP T. LAVIN, PH.D., in his individual
capacity

 

 

 

 

 

ADDITIONAL BUYERS:

 

 

 

 

 

/s/ Dr. Gene Resnick

 

DR. GENE RESNICK, in his individual capacity

 

 

 

 

 

MICROCAPITAL FUND, LTD., a Cayman-
domiciled investment corporation

 

 

 

 

 

By:

/s/ Ian P. Ellis

 

Name: Ian P. Ellis

 

Title: Director

 

 

 

 

 

MICROCAPITAL FUND LP, a Delaware limited
partnership

 

 

 

 

 

By:

/s/ Ian P. Ellis

 

Name: Ian P. Ellis

 

Title: President

 

[Buyer Signature Page to Amendment to Securities Purchase Agreement and Joinder Agreement]

 



 

EXHIBIT A

 

SCHEDULE OF BUYERS

 

Buyer’s Name

 

Buyer Address
and Contact Info

 

Principal
Amount
of Initial Notes

 

Initial
Allocation
Percentage

 

Principal
Amount
of Add’l
Notes

 

Additional
Closing
Allocation
Percentage

 

Aggregate Total
Principal Amount
of all Notes

 

Number of Shares
to be Delivered at
Initial Closing

 

Number of
Shares
to be Delivered
at Additional
Closing

 

Total Buyer
Allocation
Percentage

 

Buyer’s
Representative’s
Address and
Facsimile Number (to
receive copies of
notices)

 

ComVest Investment
Partners II LLC

 

One North Clematis St.,
Suite 300
West Palm Beach, FL 33409
Attn: Michael Falk
Tel: [          ]
Fax: [         ]

 

$

11,000,000

 

45.83

%

$

0

 

0

%

$

11,000,000

 

52,800,000

 

0

 

42.31

%

Akerman Senterfitt
Attn: Jose Gordo
One S.E. Third Avenue
Miami, Florida 33131
Attn: Carl Roston, 
Esq.

Tel: 305-374-5600
Fax: 305-374-5095

 

Cumulus Investors, LLC

 

8500 Normandale Lake Boulevard
Suite 650 Bloomington MN 55437
Attn: [        ]
Tel: [        ]
Fax: [        ]

 

$

11,000,000

 

45.83

%

$

0

 

0

%

$

11,000,000

 

52,800,000

 

0

 

42.31

%

[        ]

 

Dr. Philip T. Lavin

 

c/o Averion International
 Corp.
225 Turnpike Road
Southborough, MA 01772
U.S.
Tel: 508-597-6216
Fax: 508-597-6061

 

$

2,000,000

 

8.34

%

$

0

 

0

%

$

2,000,000

 

9,600,000

 

0

 

7.69

%

[         ]

 

Dr. Gene Resnick

 

[          ] [          ] [          ]
Tel: [          ]
Fax: [          ]

 

$

0

 

0

%

$

125,000

 

6.25

%

$

125,000

 

0

 

600,000

 

0.48

%

[         ]

 

MicroCapital Fund L.P.

 

[          ] [          ] [          ]
Attn: [          ]
Tel: [          ]
Fax: [         ]

 

$

0

 

0

%

$

1,406,250

 

70.31

%

$

1,406,250

 

0

 

6,750,000

 

5.41

%

[         ]

 

MicroCapital Fund Ltd

 

Same contact info as MicroCapital Fund L.P.

 

$

0

 

0

%

$

468,750

 

23.44

%

$

468,750

 

0

 

2,250,000

 

1.80

%

[         ]