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Prosource Inc – IPO: ‘S-1’ on 9/6/96 – EX-10.7

As of:  Friday, 9/6/96   ·   Accession #:  950123-96-4896   ·   File #:  333-11499

Previous ‘S-1’:  None   ·   Next:  ‘S-1/A’ on 10/11/96   ·   Latest:  ‘S-1/A’ on 11/7/96

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 9/06/96  Prosource Inc                     S-1                   26:1.4M                                   RR Donnelley/FA

Initial Public Offering (IPO):  Registration Statement (General Form)   —   Form S-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-1         Registration Statement (General Form)                112    656K 
 9: EX-10.10    Amendment No. 2 to Loan and Security Agreement        10     32K 
10: EX-10.11    Pledge Agreement, Made as of March 31, 1995           17     46K 
11: EX-10.12    Pledge Agreement, Made as of March 31, 1995           16     45K 
12: EX-10.13    Subordination Agreement, Dated March 31, 1995          9     34K 
13: EX-10.14    Unconditional Guaranty, Made March 31, 1995           12     35K 
14: EX-10.15    Subordinated Note, Dated March 31, 1995               16     68K 
15: EX-10.16    Subordinated Note, Dated March 31, 1995               11     45K 
16: EX-10.17    Form of Distribution Agreement                        19     54K 
17: EX-10.18    Form of Amendment Agreement                           15     24K 
18: EX-10.19    Addendum to Form of Distribution Agreement             4     18K 
19: EX-10.22    Employment Agreement:Adzia                             9     40K 
20: EX-10.23    Employment Agreement:Garcia De Quevedo                16     40K 
21: EX-10.24    Employment Agreement: Andruskiewicz                    9     39K 
22: EX-10.25    Employment Agreement:Foley                            13     38K 
 2: EX-10.3     Stock Subscription Warrant, Dated March 31, 1995      26     96K 
 3: EX-10.4     Agreement Dated November 10, 1994                     88    268K 
 4: EX-10.5     Purchase Agreement Amendment Dated Feb. 24, 1995      25     72K 
 5: EX-10.6     Second Purchase Agreement Amendment                    2     15K 
 6: EX-10.7     Third Purchase Agreement Amendment                     2     14K 
 7: EX-10.8     Loan and Security Agreement Dated March 31, 1995     185    566K 
 8: EX-10.9     Amendment No. 1 to Loan and Security Agreement         8     26K 
23: EX-21.1     Subsidiaries of the Company                            1      8K 
24: EX-23.1     Consent of Kpmg Peat Marwick LLP                       1      9K 
25: EX-23.2     Consent of Price Waterhouse LLP                        1      8K 
26: EX-27.1     Financial Data Schedule                                1     11K 


EX-10.7   —   Third Purchase Agreement Amendment
Exhibit Table of Contents

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11st Page   -   Filing Submission
2Buyer
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Exhibit 10.7 THIRD PURCHASE AGREEMENT AMENDMENT Third Amendment dated March 31, 1995 to Agreement for the purchase and Sale of the National Accounts Division of the Martin-Brower Company and Martin-Brower of Canada, Ltd. dated November 10, 1994 (the "Agreement") among The Martin-Brower Company, a corporation organized under the laws of Delaware and Martin-Brower of Canada, Ltd., a corporation organized under the laws of Ontario, Canada (collectively the "Sellers"), and ProSource, Inc., a corporation organized under the laws of Delaware (the "Buyer") . WHEREAS, on November 10, 1994, the Sellers and the Buyer entered into the Agreement; WHEREAS, the Sellers and the Buyer entered into a Purchase Agreement Amendment on February 24, 1995 (the "Purchase Agreement Amendment") and a Second Purchase Agreement Amendment on February 28, 1995 (the "Second Purchase Agreement Amendment") ; WHEREAS, the Sellers and the Buyer wish to clarify two further items prior to the Closing; and WHEREAS, capitalized terms used herein shall have the meanings set forth in the Agreement. NOW, THEREFORE, the Agreement, the Purchase Agreement Amendment and the Second Purchase Agreement Amendment are hereby amended as follows: 1. The parties acknowledge and agree that a collective bargaining agreement relating to Sellers' warehousemen employees at its Columbus, Ohio distribution facility is now under negotiation, and the existence of such negotiation shall not constitute a breach of the Agreement by the Sellers. 2. As of the date hereof Sellers have delivered to the Buyer updated Schedules, as that term is defined in Section 1.2 of the Agreement. All such Schedules will be deemed to be updated to the date hereof, unless otherwise noted on the relevant Schedule. With respect to those Schedules not updated to the date hereof, Sellers will, as quickly as reasonably possible after the Closing, deliver to the Buyer Schedules updated to the date hereof. All changes in such updated Schedules delivered after the Closing from Schedules delivered prior to the Closing shall reflect only transactions which have occurred in the ordinary course of the Business.
EX-10.7Last Page of 2TOC1stPreviousNextBottomJust 2nd
3. With respect to the inventory of the Business located at Trident Seafoods Corporation ("Trident"), Sellers shall, no later than May 15, 1995, either (i) cause Trident to enter into agreements with the Buyer establishing ownership and control of such inventory by the Buyer, the first priority (except with respect to liens caused by the Buyer) of the security interest in such inventory granted to the Buyer's secured lenders; and the terms on which such inventory is stored by Trident, all on terms reasonably satisfactory to the Buyer and its secured lenders or (ii) cause such inventory to be moved to a storage facility reasonably satisfactory to the Buyer. If the Sellers do not satisfy the requirements of the preceding sentence, or if any of the inventory referred to in the preceding sentence cannot be accounted for at the end of the period referred to therein, the Buyer may elect, by notice to the Sellers, to exclude the inventory referred to in that sentence, or the inventory not accounted for, from the Assets sold to the Buyer pursuant to the Agreement. SELLERS : THE MARTIN-BROWER COMPANY By:/s/ John C. Winton ----------------------------- Its: SR V.P.-FINANCE ---------------------------- MARTIN-BROWER OF CANADA, LTD. By:/s/ John C. Winton ----------------------------- Its: DIRECTOR ---------------------------- BUYER: PROSOURCE, INC. By:/s/ D.R. PARKER ----------------------------- Its: CHAIRMAN ---------------------------- 2

Dates Referenced Herein

Referenced-On Page
This ‘S-1’ Filing    Date First  Last      Other Filings
Filed on:9/6/96None on these Dates
5/15/952
3/31/951
2/28/951
2/24/951
11/10/941
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Filing Submission 0000950123-96-004896   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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