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Title: |
Securities Purchase Agreement |
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Entities: |
Geokinetics Inc.; Royal Bank of Canada; Weil, Gotshal & Manges LLP |
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Date: |
2006 |
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Size: |
Preview shows 13KB of 103KB total |
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Price: |
$56 |
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ID: |
#2500742 |
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SECURITIES PURCHASE AGREEMENT
among
Geokinetics Inc.,
Avista Capital Partners, L.P.,
Avista Capital Partners (Offshore), L.P.,
and
Levant America S.A.
Dated as of September 8, 2006,
Relating to:
Series B Senior Convertible Preferred Stock
{PAGE}
TABLE OF CONTENTS
SECTION 1. DEFINITIONS AND ACCOUNTING TERMS.............................2
1.1 Definitions.........................................................2
1.2 Computation of Time Periods.........................................6
1.3 Terms Generally.....................................................7
1.4 Accounting Terms....................................................7
SECTION 2. AUTHORIZATION AND ISSUANCE OF PREFERRED STOCK................7
2.1 Authorization of Issue..............................................7
2.2 Sale and Purchase of the Preferred Stock............................7
2.3 Closing.............................................................7
2.4 Stock Certificates..................................................7
SECTION 3. CONDITIONS TO CLOSING........................................8
3.1 Representations and Warranties......................................8
3.2 Performance; No Default under Other Agreements......................8
3.3 Compliance Certificate..............................................8
3.4 Acquisition.........................................................8
3.5 Avista Facilities...................................................8
3.6 Material Adverse Effect.............................................9
3.7 Consents, Authorizations and Filings, Etc...........................9
3.8 Payment of Expenses.................................................9
3.9 Legal Opinion.......................................................9
3.10 Management Rights Agreement.........................................9
SECTION 4. REPRESENTATIONS AND WARRANTIES..............................10
4.1 Due Organization; Power and Authority..............................10
4.2 Capitalization.....................................................10
4.3 Subsidiaries.......................................................11
4.4 Due Authorization, Execution and Delivery..........................11
4.5 Non-Contravention; Authorizations and Approvals....................11
4.6 Financial Statements; Securities Filings...........................12
4.7 Absence of Undisclosed Liabilities or Events.......................14
i
{PAGE}
4.8 No Actions or Proceedings..........................................14
4.9 Title to Properties................................................14
4.10 Intellectual Property Rights.......................................14
4.11 Taxes..............................................................16
4.12 Employee Benefit Plans.............................................17
4.13 Investment Company Act.............................................17
4.14 Insurance..........................................................17
4.15 Compliance with Laws; Permits; Environmental Liabilities...........18
4.16 Labor and Employment Matters.......................................19
4.17 Brokerage Fees.....................................................19
4.18 Solvency and Related Matters.......................................19
SECTION 5. REPRESENTATIONS, WARRANTIES AND AGREEMENTS
OF THE PURCHASERS...........................................19
5.1 Purchase for Investment............................................19
5.2 Access to Information..............................................20
5.3 Corporate Power; Authorization; Enforceability.....................20
5.4 No Actions or Proceedings..........................................20
SECTION 6. OTHER AFFIRMATIVE COVENANTS.................................21
6.1 Foreign Subsidiaries...............................................21
6.2 Foreign Subsidiaries...............................................21
6.3 Director Representation............................................21
SECTION 7. EXPENSES, INDEMNIFICATION AND CONTRIBUTION; TERMINATION.....21
7.1 Expenses...........................................................21
7.2 Indemnification....................................................22
7.3 Survival...........................................................22
7.4 Tax Treatment of Indemnification Payments..........................22
SECTION 8. MISCELLANEOUS...............................................22
8.1 Notices............................................................22
8.2 Benefit of Agreement and Assignments...............................23
8.3 No Waiver; Remedies Cumulative.....................................23
8.4 Amendments, Waivers and Consents...................................23
ii
{PAGE}
8.5 Counterparts.......................................................23
8.6 Headings...........................................................23
8.7 Survival of Covenants and Indemnities..............................24
8.8 Governing Law; Submission to Jurisdiction; Venue...................24
8.9 Severability.......................................................24
8.10 Entirety...........................................................25
8.11 Survival of Representations and Warranties.........................25
8.12 Construction.......................................................25
8.13 Incorporation......................................................25
8.14 Non-Recourse.......................................................25
8.15 Further Assurances.................................................25
iii
{PAGE}
EXHIBITS:
Exhibit A - Form of Certificate of Designation
Exhibit B - Form of Registration Rights Agreement
Exhibit C Form of Opinion
Exhibit D Form of Management Rights Agreement
SCHEDULES:
Schedule 2.2 - Information relating to the Purchasers
Schedule 4.2 - Primary and fully diluted ownership of Capital Stock
Schedule 4.3 - Company and Subsidiaries
Schedule 4.8 Actions or Proceedings
Schedule 4.10 - Intellectual Property
Schedule 4.12(a) - Employee Benefit Plans
Schedule 4.12(b) - Multi Employer Plans
Schedule 4.12(c) - Retiree Health and Life Benefits
Schedule 4.16 - Labor Matters
Schedule 4.17 - Brokerage Fees
{PAGE}
SECURITIES PURCHASE AGREEMENT
This SECURITIES PURCHASE AGREEMENT (this "AGREEMENT"), dated as
of August 8, 2006, among Geokinetics Inc. a Delaware corporation (the
"COMPANY"), Avista Capital Partners, L.P., a Delaware limited partnership
("AVISTA"), Avista Capital Partners (Offshore), L.P., a Delaware limited
partnership ("AVISTA OFFSHORE" and together with Avista the "AVISTA
PURCHASERS"), and Levant America, S.A., a Liberian corporation ("Levant and
together with the Avista Purchasers the "PURCHASERS").
RECITALS
WHEREAS, concurrently with the execution of this Agreement the
Company and the owners of all the capital stock of Grant Geophysical, Inc. (the
"ACQUIRED BUSINESS") have executed that certain Stock Purchase Agreement (the
"ACQUISITION AGREEMENT"), dated September 7, 2006, pursuant to which the Company
will acquire 100% of the issued and outstanding capital stock of the Acquired
Business (the "ACQUISITION");
WHEREAS, concurrently with the execution of this Agreement, for
the purposes of financing the Acquisition, Geokinetics Holdings, Inc., a
Delaware corporation and wholly-owned subsidiary of the Company, the Purchasers
and the Royal Bank of Canada have executed that certain Credit Agreement, dated
as of September 8, 2006 (the "SENIOR CREDIT AGREEMENT") and the Company and the
Purchasers have executed that certain Subordinated Credit Agreement dated as of
August __, 2006 (the "SUBORDINATED CREDIT AGREEMENT" and together with the
Senior Credit Agreement and the respective ancillary documents related thereto
the "AVISTA FACILITIES");
WHEREAS, in connection with the transactions contemplated hereby,
the Company desires to amend its Certificate of Incorporation, dated January 31,
1980, as amended (the "CHARTER"), in accordance with the General Corporation Law
of the State of Delaware (the "DGCL"), to create a new class of preferred stock
of the Company designated as The Series B Senior Convertible Preferred Stock,
par value $10.00 per share, having a liquidation preference of $250.00 per
share, (the "PREFERRED STOCK"), by filing a Certificate of Designation of the
Preferred Stock (the "CERTIFICATE OF DESIGNATION"), on the date hereof and in
the form attached hereto as Exhibit A, with the office of the Secretary of State
of the State of Delaware;
WHEREAS, on the terms and subject to the conditions hereinafter
set forth, for the purposes of financing the Acquisition, the Company desires to
issue and sell the Preferred Stock to Purchasers, and Purchasers desire to
purchase and acquire the Preferred Stock from the Company; and
WHEREAS, the Purchasers and the Company intend to enter into that
certain Registration Rights Agreement (as defined herein) which will set forth
certain registration rights with respect to the Preferred Stock.
NOW, THEREFORE, the parties hereto agree as follows:
{PAGE}
SECTION 1
DEFINITIONS AND ACCOUNTING TERMS
--------------------------------
1.1 Definitions. As used herein, defined terms used herein which
are defined in the Senior Credit Agreement shall have, except where otherwise
expressly set forth herein, the same respective meanings as such defined terms
have in the Senior Credit Agreement, and in addition terms shall have the
meanings specified herein unless the context otherwise requires:
"ACCREDITED INVESTOR" means any Person that is an "accredited
investor" within the meaning of Rule 501(a) under the Securities Act.
"ACQUIRED BUSINESS" is defined in the recitals.
"ACQUISITION" is defined in the recitals.
"ACQUISITION AGREEMENT" is defined in the recitals.
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