EX-4.8 3 d25261_ex4-8.txt AMENDMENT NO. 1 TO 1996 SHAREHOLDERS AGREEMENT Exhibit 4.8 AMENDMENT NO. 1 TO THE 1996 SHAREHOLDERS AGREEMENT BY AND AMONG W.P. STEWART & CO., LTD. (SUCCESSOR TO GLOBAL REACH, LIMITED) AND CERTAIN OF ITS SHAREHOLDERS This Amendment, dated as of December 29, 2000 (this "Amendment") is made by and among W.P. STEWART & CO., LTD., a Bermuda company (the "Corporation"), and certain shareholders of the Corporation who are parties to the 1996 Shareholders Agreement, dated as of May ___, 1996 (the "Agreement"), by and among Global Reach, Limited and certain of its shareholders. Terms used in this Amendment, but not otherwise defined herein, shall have the respective meanings ascribed to them in the Agreement. RECITALS: WHEREAS, Global Reach, Limited entered into the Agreement with certain of its shareholders on May ___, 1996; WHEREAS, on October 21, 1997, Global Reach, Limited changed its name to W.P. Stewart & Co., Ltd. and on March 13, 1998, further changed its name to Capital Managers Limited ("CML"); WHEREAS, on October 30, 1998, CML merged into the Corporation and the Corporation assumed CML's obligations and rights under the Agreement; WHEREAS, Section 1(a) of the Agreement provides that the shareholders of the Corporation listed on Schedule I hereto (the "Shareholders") agree to vote their shares (the "Subject Shares") of the Corporation to elect certain persons to the Board of Directors of the Corporation; WHEREAS, the persons listed on Schedule II hereto (the "Agreement Parties") are all the shareholders of the Corporation which are parties to the Agreement; WHEREAS, the Corporation and the Agreement Parties desire to amend the Agreement as provided herein; WHEREAS, in accordance with the provisions of Section 4(d) of the Agreement, the Agreement may be modified with the written consent of the owners of at least 90% of the outstanding shares of the Corporation subject to the Agreement (the "Requisite Consent"); WHEREAS, the Corporation consummated the initial public offering of its shares (the "IPO") on December 13, 2000; and WHEREAS, the persons listed on Schedule III hereto are all the Agreement Parties which have registration rights under Section 3(b) of the Agreement (the "Scheduled Shareholders"). NOW THEREFORE, in consideration of the mutual promises herein contained, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Section 1(a) of the Agreement is hereby deleted in its entirety. 2. Pursuant to the terms of the Agreement, following the IPO, the provisions of Sections 2 and 3(a) of the Agreement shall no longer be of any effect. 3. Following the IPO and the effectiveness of Section 1 of this Amendment, the Scheduled Shareholders shall be the only parties (other than the Corporation) to have any obligations or rights under the Agreement. The parties hereto therefore hereby agree that following the effectiveness of this Amendment, the only parties to the Agreement shall be the Corporation and the Scheduled Shareholders. 4. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which shall together constitute one and the same instrument. This Amendment shall be effective upon the execution of counterparts of this Amendment by the holders of the Requisite Consent; provided, however, that Section 1 to this Amendment shall become effective upon the execution of holders of 90% of the Subject Shares. 5. Except as expressly modified hereby, the Agreement shall remain in full force and effect in accordance with its terms. 6. This Amendment shall be construed and enforced in accordance with the laws of Bermuda, without regard to rules of such country governing conflict of laws. 2 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year first above written. W.P. STEWART & CO., LTD. /s/ Lisa Levey --------------------------------- By: Lisa Levey Title: General Counsel/Assistant Secretary /s/ Kevin & Michaelane Aarons --------------------------------- Kevin & Michaelane Aarons --------------------------------- John A. Allison /s/ David Altman --------------------------------- David Altman /s/ Shamell Amory --------------------------------- Shamell Amory --------------------------------- Scott Belair --------------------------------- Ralph Belfiore /s/ Stewart Bent --------------------------------- Stewart Bent /s/ David Blatcher --------------------------------- David Blatcher 3 /s/ Robert Bloemer --------------------------------- Robert Bloemer /s/ Ernest Bott --------------------------------- Ernest Bott --------------------------------- Carmel Bourke /s/ Katy Brash --------------------------------- Katy Brash --------------------------------- Richard Breeden /s/ Marilyn G. Breslow --------------------------------- Marilyn G. Breslow Marilyn G. Breslow, as Trustee of NICHOLAS MORRIS BRESLOW 1997 GRANTOR TRUST /s/ Marilyn G. Breslow --------------------------------- Marilyn G. Breslow Marilyn G. Breslow, as Trustee of NOAH JOSEPH BRESLOW 1997 GRANTOR TRUST /s/ Marilyn G. Breslow --------------------------------- Marilyn G. Breslow --------------------------------- Edgar Brunner /s/ Robert E. Burke --------------------------------- Robert E. Burke 4 --------------------------------- Ed Butler /s/ Paula Capra --------------------------------- Paula Capra /s/ Sylvia Cart --------------------------------- Sylvia Cart /s/ Elizabeth Casey --------------------------------- Elizabeth Casey /s/ John J. Casey --------------------------------- John J. Casey /s/ Kathleen & John Casey --------------------------------- Kathleen & John Casey /s/ Sandra (Vicente) Coleman --------------------------------- Sandra (Vicente) Coleman /s/ Patricia Conides --------------------------------- Patricia Conides /s/ Detra Dechabert --------------------------------- Detra Dechabert /s/ Katherine DeSilva --------------------------------- Katherine DeSilva 5 /s/ Kevin Devos --------------------------------- Kevin Devos /s/ Regina Dodge --------------------------------- Regina Dodge --------------------------------- Anna Falconieri --------------------------------- Alexander Farman-Farmaian /s/ John Ferrer --------------------------------- John Ferrer --------------------------------- Christine A. Fowler /s/ Joseph S. Frelinghuysen, Jr. --------------------------------- Joseph S. Frelinghuysen, Jr. --------------------------------- Michael J. Gillen /s/ Stacy R. Golding --------------------------------- Stacy R. Golding 6 THE GRAYMER FOUNDATION --------------------------------- By: Title: /s/ Sarah Harkness --------------------------------- Sarah Harkness /s/ Cecilia Hartsell --------------------------------- Cecilia Hartsell /s/ Mark Henderson --------------------------------- Mark Henderson --------------------------------- Susan Hughes /s/ Joann Hundtermark --------------------------------- Joann Hundtermark --------------------------------- Patricia Ingenito David B. Jennison, as Trustee under AGREEMENT OF TRUST DATED NOVEMBER 30, 1992 FBO David Jennison --------------------------------- David B. Jennison 7 David B. Jennison, as Trustee under AGREEMENT OF TRUST DATED NOVEMBER 30, 1992 FBO Matthew P. Jennison --------------------------------- David B. Jennison David B. Jennison, as Trustee under AGREEMENT OF TRUST DATED NOVEMBER 30, 1992 FBO Peter Jennison --------------------------------- David B. Jennison /s/ Peter H. Jennison --------------------------------- Peter H. Jennison /s/ Philip D. Jennison --------------------------------- Philip D. Jennison --------------------------------- Carolyn Johnson /s/ Frans Jurgens --------------------------------- Frans Jurgens --------------------------------- Helen Kahn 8 Helen Kahn, as Trustee of HELEN KAHN REVOCABLE TRUST ------------------------------ Helen Kahn --------------------------------- Richard Kahn /s/ Robert Kahn --------------------------------- Robert Kahn --------------------------------- Stephen Kahn /s/ Douglas Kaplar --------------------------------- Douglas Kaplar /s/ Kristen Killian --------------------------------- Kristen Killian /s/ Jefferson Kimball --------------------------------- Jefferson Kimball /s/ Silvia Knott-Martin --------------------------------- Silvia Knott-Martin /s/ Charles Lapusheski --------------------------------- Charles Lapusheski /s/ Susan Leber --------------------------------- Susan Leber 9 /s/ Lisa Levey --------------------------------- Lisa Levey /s/ Celina Lin --------------------------------- Celina Lin /s/ Chad Livingston --------------------------------- Chad Livingston /s/ Rocco Macri --------------------------------- Rocco Macri --------------------------------- Carolann Marshall --------------------------------- Kim Meacham /s/ Ryan Melkonian --------------------------------- Ryan Melkonian /s/ Stephen E. Memishian --------------------------------- Stephen E. Memishian /s/ Karen Mitchell --------------------------------- Karen Mitchell Morgan Guaranty Trust Company of New York And Judith Genatt, as Trustee of SCHWARTZ TRUST -- FBO James Schwartz /s/ Judith Genatt /s/ Sara Rubin --------------------------------- ------------------------------------- Judith Genatt By: Sara Rubin Title: Vice President 10 Morgan Guaranty Trust Company of New York And Judith Genatt, as Trustee of SCHWARTZ TRUST -- FBO Jonathon Schwartz /s/ Judith Genatt /s/ Sara Rubin --------------------------------- ------------------------------------- Judith Genatt By: Sara Rubin Title: Vice President Morgan Guaranty Trust Company of New York And Judith Genatt, as Trustee of SCHWARTZ TRUST -- FBO Kathryn Schwartz /s/ Judith Genatt /s/ Sara Rubin --------------------------------- ------------------------------------- Judith Genatt By: Sara Rubin Title: Vice President --------------------------------- Marina Morgan /s/ Brian Mullaney --------------------------------- Brian Mullaney /s/ Annika Myllari --------------------------------- Annika Myllari --------------------------------- Andrea Myron /s/ Duncan Owles --------------------------------- Duncan Owles /s/ Ralph Palleschi --------------------------------- Ralph Palleschi --------------------------------- Chris Pandullo 11 /s/ Ernie Phillips --------------------------------- Ernie Phillips /s/ Alison Proshan --------------------------------- Alison Proshan /s/ Madeline Ramirez --------------------------------- Madeline Ramirez --------------------------------- Wendy Richter --------------------------------- George Rifkin --------------------------------- Kathleen Ritchie Mary Elizabeth Rogers, as Trustee of ROGERS TRUST -- FBO Ann Bronwyn Rogers --------------------------------- Mary Elizabeth Rogers --------------------------------- C. Graydon Rogers /s/ David Scott Rogers --------------------------------- David Scott Rogers --------------------------------- Stuart Rogers 12 --------------------------------- Robert L. Rohn --------------------------------- Robert Rosenthal /s/ John Russell --------------------------------- John Russell Patricia B. Russell and Robert D. Gilliken, as Trustees of MARITIAL TURST -- FBO Patricia Russell /s/ Patricia B. Russell /s/ Robert D. Gilliken --------------------------------- --------------------------------- Patricia B. Russell Robert D. Gilliken --------------------------------- Fred Ryan /s/ Mike Ryan --------------------------------- Mike Ryan /s/ Peter Savasta --------------------------------- Peter Savasta --------------------------------- Richard Schmidt /s/ Michael Schubert --------------------------------- Michael Schubert 13 /s/ Robert L. Schwartz --------------------------------- Robert L. Schwartz --------------------------------- Harry W. Segalas /s/ Bruce Seigel --------------------------------- Bruce Seigel --------------------------------- Barbara Ann Shelley /s/ Hanna Shen --------------------------------- Hanna Shen --------------------------------- Stuart Shillingford /s/ Henry Smith --------------------------------- Henry Smith --------------------------------- Samantha Smith --------------------------------- Carl Spangler 14 /s/ Gregory Stewart --------------------------------- Gregory Stewart /s/ Lisa Stewart --------------------------------- Lisa Stewart /s/ Nancy Stewart --------------------------------- Nancy Stewart William P. Stewart, Jr., as Trustee of STEWART TRUST 1987-FBO Gregory S. Stewart /s/ William P. Stewart, Jr. --------------------------------- William P. Stewart, Jr. William P. Stewart, Jr., as Trustee of STEWART TRUST 1987-FBO Jeffrey R. Stewart /s/ William P. Stewart, Jr. --------------------------------- William P. Stewart, Jr. William P. Stewart, Jr., as Trustee of STEWART TRUST 1992-FBO Jeffrey R. Stewart /s/ William P. Stewart, Jr. --------------------------------- William P. Stewart, Jr. William P. Stewart, Jr., as Trustee of STEWART TRUST 1987-FBO Lisa M. Stewart /s/ William P. Stewart, Jr. --------------------------------- William P. Stewart, Jr. 15 William P. Stewart, Jr., as Trustee of STEWART TRUST 1987-FBO William P. Stewart III /s/ William P. Stewart, Jr. --------------------------------- William P. Stewart, Jr. /s/ Daniel B. Strickberger --------------------------------- Daniel B. Strickberger /s/ Alexander Stucki --------------------------------- Alexander Stucki /s/ Frank Surita --------------------------------- Frank Surita /s/ Naoko Takemura --------------------------------- Naoko Takemura --------------------------------- Kach Tam /s/ Charles Target --------------------------------- Charles Target --------------------------------- Debra Valenti /s/ Jill Valenti --------------------------------- Jill Valenti 16 /s/ E. Glynn Valentine --------------------------------- E. Glynn Valentine --------------------------------- Dennis Walsh --------------------------------- John Ward /s/ Barton Weisenfluh --------------------------------- Barton Weisenfluh /s/ Dionne Wilkinson --------------------------------- Dionne Wilkinson /s/ Kate Willis --------------------------------- Kate Willis --------------------------------- Chris Wills --------------------------------- Alice Zoloto 17 SCHEDULE I Shareholders Marilyn G. Breslow Stacy R. Golding Robert Kahn Philip D. Jennison Stephen E. Memishian C. Graydon Rogers Robert Rohn Robert L. Schwartz Harry W. Segalas William P. Stewart, Jr. Daniel Strickberger 18 SCHEDULE II Parties to the Agreement Kevin S. Aarons Michaelane Aarons John A. Allison David Altman Shamell Amory Scott Belair Ralph Belfiore Stewart Bent David Blatcher Robert Bloemer Ernest Bott Carmel Bourke Katy Brash Richard Breeden Marilyn G. Breslow Edgar Brunner Robert E. Burke Ed Butler Paula Capra Sylvia Cart Elizabeth Casey John J. Casey Kathleen & John Casey Sandra (Vicente) Coleman Patricia Conides Detra Dechabert Katherine DeSilva Kevin Devos Regina Dodge Kaplar Douglas Anna Falconieri Alexander Farman-Farmaian John Ferrer Christine A. Fowler Joseph S. Frelinghuysen, Jr. Michael J. Gillen Stacy R. Golding The Graymer Foundation Sarah Harkness Cecilia Hartsell Mark Henderson Susan Hughes Joann Hundtermark 19 Patricia Ingenito Jennison Trust FBO David Jennison Jennison Trust FBO Matthew P. Jennison Jennison Trust FBO Peter Jennison Peter H. Jennison Philip D. Jennison Carolyn Johnson Frans Jurgens Helen Kahn Richard Kahn Robert Kahn Stephen Kahn Helen Kahn Revocable Trust Douglas Kaplar Kristen Killian Jefferson Kimball Silvia Knott-Martin Charles Lapusheski Susan Leber Lisa Levey Celina Lin Chad Livingston Rocco Macri Carolann Marshall Kim Meacham Ryan Melkonian Stephen E. Memishian Karen Mitchell Marina Morgan Brian Mullaney Annika Myllari Andrea Myron Duncan Owles Ralph Palleschi Chris Pandullo Ernie Phillips Alison Proshan Madeline Ramirez Wendy Richter George Rifkin Kathleen Ritchie Rogers Truat FBO Ann Brownyn Rogers C. Graydon Rogers David Scott Rogers Stuart Rogers Robert L. Rohn 20 Robert Rosenthal John Russell Patricia Russell Maritial Trust Fred Ryan Mike Ryan Peter Savasta Schwartz Trust - FBO James Schwartz Schwartz Trust - FBO Jonathon Schwartz Schwartz Trust - FBO Kathryn Schwartz Robert L. Schwartz Michael Schubert Richard Schmidt Harry W. Segalas Bruce Seigel Barbara Ann Shelley Hanna Shen Stuart Shillingford Henry Smith Samantha Smith Carl Spangler Gregory Stewart Lisa Stewart Nancy Stewart William P. Stewart, Jr. Daniel B. Strickberger Alexander Stucki Frank Surita Naoko Takemura Kach Tam Charles Target Debra Valenti Jill Valenti E. Glynn Valentine Sandra Vicente Dennis Walsh John Ward Barton Weisenfluh Dionne Wilkinson Kate Willis Chris Wills Alice Zoloto 21 SCHEDULE III Scheduled Shareholders Kevin Aarons John A. Allison David Altman Marilyn G. Breslow Robert E. Burke John J. Casey Alexander Farman-Farmaian John Ferrer Christine A. Fowler Joseph S. Frelinghuysen, Jr. Michael J. Gillen Stacy R. Golding The Graymer Foundation Patricia Ingenito Jennison Trust FBO David Jennison Jennison Trust FBO Matthew P. Jennison Jennison Trust FBO Peter Jenison Peter H. Jennison Philip D. Jennison Helen Kahn Richard Kahn Robert Kahn Stephen Kahn Carolann Marshall Stephen E. Memishian C. Graydon Rogers David Scott Rogers Stuart Rogers Robert Rohn Schwartz Trust - FBO James Schwartz Schwartz Trust - FBO Jonathon Schwartz Schwartz Trust - FBO Kathryn Schwartz Robert L. Schwartz Harry W. Segalas Barbara Ann Shelley William P. Stewart, Jr. Daniel Strickberger Debra Valenti Sandra Vicente Alice Zoloto 22