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Agreement and Plan of Merger

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Title:

Agreement and Plan of Merger

Entities:

K-Sea Transportation Partners LP

Date:

2007

Size:

183KB total

Price:

$59

ID:

#2967374

► Plans ► Agreements ► Agreements & Plans of Merger
► Transportation ► Water Transportation

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Execution Version

AGREEMENT AND PLAN OF MERGER
BY AND AMONG
K-SEA ACQUISITION1, LLC,
K-SEA TRANSPORTATION PARTNERS L.P.,
SMITH MARITIME, LTD.,
GO BIG CHARTERING, LLC,
GORDON L.K. SMITH,
THE GORDON L.K. SMITH TRUST,
BARBARA SMITH SML TRUST,
235LX, LLC
AND
THE OTHER PARTIES SIGNATORY HERETO

DATED AS OF JUNE 25, 2007

TABLE OF CONTENTS

ARTICLE I DEFINITIONS		7

ARTICLE II THE MERGERS
Section 2.1	The Mergers	12
Section 2.2	Effective Time	12
Section 2.3	Closing	12
Section 2.4	Effects of the Mergers	13
Section 2.5	Certificate of Formation; Limited Liability Company Agreement	13
Section 2.6	Managers	13
Section 2.7	Officers	13
Section 2.8	Conversion of Equity Interests	13

ARTICLE III REPRESENTATIONS AND WARRANTIES OF EACH SELLER PARTY
Section 3.1	Corporate Status and Good Standing; Citizenship	14
Section 3.2	Authorization	14
Section 3.3	Capitalization; Title to Membership Interests	15
Section 3.4	Non-Contravention	15
Section 3.5	Validity	16
Section 3.6	Broker Involvement	16
Section 3.7	Litigation	16
Section 3.8	Disclosure	17

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SMITH MARITIME, GO BIG, SMITH, THE GORDON TRUST AND 235LX
Section 4.1	Corporate Status and Good Standing; Citizenship	17
Section 4.2	Authorization	18
Section 4.3	Capitalization; Title to Equity Interests	18
Section 4.4	Non-Contravention	19
Section 4.5	Validity	20
Section 4.6	Broker Involvement	20
Section 4.7	Litigation	20
Section 4.8	Title to Assets	20
Section 4.9	Continuity Prior to the Closing Date	20
Section 4.10	Contracts and Commitments	22
Section 4.11	Trademarks, Trade Names and Intellectual Property	22
Section 4.12	Financial Statements; Budget	23
Section 4.13	Bank Relations; Powers of Attorney	24
Section 4.14	Condition of Assets; Eligibility for Coastwise Trade	24
Section 4.15	Absence of Undisclosed Liabilities	25
Section 4.16	Real Estate	26
Section 4.17	Accounts Receivable	26
Section 4.18	Inventory	26
Section 4.19	Employees and Related Matters	26
Section 4.20	Employee Benefits	27
Section 4.21	Compliance With Law	28

Section 4.22	Environmental	29
Section 4.23	Insurance	31
Section 4.24	Government Licenses and Permits	31
Section 4.25	Responsible Carriers Plan	31
Section 4.26	Taxes	31
Section 4.27	No Material Adverse Change	33
Section 4.28	Books and Records	33
Section 4.29	Safety Reports	34
Section 4.30	Transactions with Certain Persons	34
Section 4.31	Closing Date Balance Sheet	34
Section 4.32	Disclosure	34

ARTICLE V REPRESENTATIONS AND WARRANTIES OF BUYER AND THE PARTNERSHIP
Section 5.1	Status and Good Standing	35
Section 5.2	Authorization	35
Section 5.3	Non-Contravention	35
Section 5.4	Validity	35
Section 5.5	Broker Involvement	36
Section 5.6	Buyer?s Review	36
Section 5.7	Citizenship	36

ARTICLE VI COVENANTS
Section 6.1	Other Offers	36
Section 6.2	Conduct of Business Pending Closing	36
Section 6.3	Access	37
Section 6.4	Termination of Guarantees and Settlement of Intercompany Amounts	37
Section 6.5	Covenant Against Competition	37
Section 6.6	Further Assurances	39
Section 6.7	Governmental Filings	39
Section 6.8	Consents	39
Section 6.9	Public Announcements	39
Section 6.10	Tax Matters	39
Section 6.11	Closing Date Balance Sheet	41
Section 6.12	Employees	41
Section 6.13	Personal Property	42
Section 6.14	Financial Statements	42
Section 6.15	Notification	42
Section 6.16	Insurance	43
Section 6.17	Misdirected Payments	43
Section 6.18	Conversion of Smith Subsidiaries	43
Section 6.19	Transfer of Shares	43
Section 6.20	Hawaii Dislocated Workers Act	43