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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:

187KB total

Price:

$47

ID:

#2967375

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

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Execution Version

AGREEMENT AND PLAN OF MERGER

BY AND AMONG

SEA COAST TRANSPORTATION LLC,

K-SEA TRANSPORTATION PARTNERS L.P.,

SIRIUS MARITIME, LLC,

RCD MARITIME ENTERPRISES, LLC,

SMITH MARITIME, LLC,

WS MARITIME PACIFIC, LLC

AND

THE OTHER PARTIES SIGNATORY HERETO

DATED AS OF JUNE 25, 2007

TABLE OF CONTENTS

ARTICLE I DEFINITIONS		7

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

ARTICLE III REPRESENTATIONS AND WARRANTIES OF EACH SELLER AND ITS MEMBER		14
Section 3.1	Limited Liability Company 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	Investment Representations	17
Section 3.9	Disclosure	18

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SIRIUS AND THE SELLER PARTIES		18
Section 4.1	Limited Liability Company Status and Good Standing; Citizenship	19
Section 4.2	Authorization	19
Section 4.3	Capitalization; Title to Membership Interests	19
Section 4.4	Non-Contravention	20
Section 4.5	Validity	20
Section 4.6	Broker Involvement	20
Section 4.7	Litigation	21
Section 4.8	Title to Assets	21
Section 4.9	Continuity Prior to the Closing Date	21
Section 4.10	Contracts and Commitments	22
Section 4.11	Trademarks, Trade Names and Intellectual Property	23
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	25
Section 4.15	Absence of Undisclosed Liabilities	26
Section 4.16	Real Estate	26
Section 4.17	Accounts Receivable	26
Section 4.18	Inventory	26
Section 4.19	Employees and Related Matters	27

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	32
Section 4.28	Books and Records	33
Section 4.29	Safety Reports	33
Section 4.30	Transactions with Certain Persons	33
Section 4.31	Closing Date Balance Sheet	33
Section 4.32	Disclosure	34

ARTICLE V REPRESENTATIONS AND WARRANTIES OF BUYER AND THE PARTNERSHIP		34
Section 5.1	Status and Good Standing	34
Section 5.2	Authorization	34
Section 5.3	Non-Contravention	34
Section 5.4	Validity	35
Section 5.5	Broker Involvement	35
Section 5.6	Valid Issuance	35
Section 5.7	Exchange Act Reports	35
Section 5.8	Buyer?s Review	35
Section 5.9	Citizenship	35

ARTICLE VI COVENANTS		35
Section 6.1	Other Offers	35
Section 6.2	Conduct of Business Pending Closing	36
Section 6.3	Access	36
Section 6.4	Termination of Guarantees and Settlement of Intercompany Amounts	37
Section 6.5	Covenant Against Competition	37
Section 6.6	Further Assurances	38
Section 6.7	Governmental Filings	38
Section 6.8	Consents	38
Section 6.9	Public Announcements	38
Section 6.10	Tax Matters	38
Section 6.11	Closing Date Balance Sheet	41
Section 6.12	Employees	42
Section 6.13	Vehicle Purchase Option	42
Section 6.14	Financial Statements	42
Section 6.15	Notification	43
Section 6.16	Insurance	43
Section 6.17	Misdirected Payments	43
Section 6.18	Restrictions on Transfer; Legends	43