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Agreement and Plan of Merger [Amendment No. 2]

 

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Title:

Agreement and Plan of Merger [Amendment No. 2]

Entities:

CarrAmerica Realty Corp.; FrontLine Capital Group

Date:

2000

Size:

Preview shows 3KB of 8KB total

Price:

$41

ID:

#255046

 

 

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               SECOND AMENDMENT TO AGREEMENT AND PLAN OF MERGER


THIS SECOND AMENDMENT TO AGREEMENT AND PLAN OF MERGER (this
"Amendment") is entered into as of May 31, 2000 by and among VANTAS
Incorporated, a Nevada corporation ("VANTAS"), and FrontLine Capital Group, a
Delaware corporation (formerly known as Reckson Services Industries, Inc.)
("RSI"), on the one hand, and HQ Global Workplaces, Inc., a Delaware corporation
(the "Company"), and CarrAmerica Realty Corporation, a Maryland corporation
("CarrAmerica"), on the other hand.

W I T N E S S E T H
- - - - - - - - - -

WHEREAS, VANTAS and RSI, on the one hand, and the Company and
CarrAmerica, on the other hand, have executed the Agreement and Plan of Merger
dated as of January, 20, 2000 and as amended as of April 29, 2000 (such
agreement, as heretofore, hereby or hereafter amended, the "Merger Agreement")
pursuant to which VANTAS is to merge with and into the Company, with the Company
being the Surviving Corporation;

WHEREAS, the parties hereto intend to amend the Merger Agreement as
provided herein; and

WHEREAS, capitalized terms used but not otherwise defined herein shall
have the meanings ascribed to such terms in the Merger Agreement.

NOW, THEREFORE, in consideration of the aforesaid and the respective
representations, warranties, covenants and agreements hereinafter set forth, the
parties, intending to be legally bound, agree as follows:

1. The form of Indemnification and Escrow Agreement attached to the
Merger Agreement as Exhibit E is hereby amended and restated in its entirety as
---------
the form of Indemnification and Escrow Agreement attached hereto as Exhibit A.

2. Schedule 1(e) to the Merger Agreement is hereby amended by
deleting such Schedule in its entirety and replacing it with a new Schedule 1(e)
attached to this Amendment.

3. Schedule 5(c) to the Merger Agreement is hereby amended by adding
the following at the end thereto:

". With respect to the above-described Credit Agreement, such
agreement contains certain financial covenants, one of which
requires VANTAS not to exceed a maximum ratio of consolidated
indebtedness to consolidated earnings before interest, income
taxes, depreciation and amortization. There are also other
covenants pertaining to additional
{PAGE}

financial ratios and limitations on capital expenditures. At
March 31, 2000, VANTAS did not meet certain of its financial
covenants."

4. Schedule 5(d) to the Merger Agreement is hereby amended by
replacing the words ". 2,677,158 Series E Convertible Preferred Stock" in their
entirety under the caption "Number of Shares Issued and Outstanding" and
replacing the same with the words ". __________ Series E Convertible Preferred

 

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