企业合并协议2.docx

企业合并协议2.docx

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企业合并协议2

AMENDMENTTOAGREEMENTANDPLANOFMERGERAMENDMENT,datedasofMay21,2007（this“Amendment”）,amongKangarooHoldings,Inc.,aDelawarecorporation（“Parent”）,KangarooAcquisition,Inc.,aDelawarecorporationandadirectwhollyownedsubsidiaryofParent（“MergerSub”）,andOSIRestaurantPartners,Inc.,aDelawarecorporation（the“Company”）,totheAgreementandPlanofMerger,datedasofNovember5,2006（the“MergerAgreement”）,amongParent,MergerSubandtheCompany.UnlessotherwisespecificallydefinedinthisAmendment,eachcapitalizedtermusedinthisAmendmentshallhavethemeaningassignedtosuchtermintheMergerAgreement.

WHEREAS,Section8.11oftheMergerAgreementprovidesthattheMergerAgreementmaybeamendedinawritingsignedbytheCompany（actingthroughtheSpecialCommittee）,ParentandMergerSub;

WHEREAS,theSpecialCommitteehasdetermined,andtheBoardofDirectorshasdetermined,thatitisinthebestinterestsoftheCompanyanditsstockholders,anddeclareditadvisable,toenterintothisAmendment,andeachoftheSpecialCommitteeandtheBoardofDirectorshas,asofthedateofthisAmendment,approvedandadoptedthisAmendment,andrecommendedadoptionoftheMergerAgreement,asamendedbythisAmendment,bythestockholdersoftheCompany;

WHEREAS,theboardofdirectorsofMergerSubhasapprovedandadoptedthisAmendment;

WHEREAS,theboardofdirectorsofParent,andParent,asthesolestockholderofMergerSub,ineachcase,haveapprovedandadoptedthisAmendment;andWHEREAS,Parent,MergerSubandtheCompanydesiretoamendtheMergerAgreementassetforthbelow.

NOW,THEREFORE,inconsiderationoftheforegoingandtherepresentations,warrantiesandagreementscontainedinthisAmendment,andintendingtobelegallybound,Parent,MergerSubandtheCompanyagreeasfollows:

1.

AmendmenttoSection1.2.Section1.2oftheMergerAgreementisamendedbyrestatingSection1.2initsentiretytoreadasfollows:

“TheclosingoftheMerger（the“Closing”）shalltakeplaceattheofficesofWachtell,Lipton,Rosen&Katz,51West52ndStreet,NewYork,NewYorkat9:

00a.m.,localtime,onadatetobespecifiedbytheparties（the“ClosingDate”）whichshallbenolaterthantheseventhbusinessdayafterthesatisfactionorwaiver（totheextentpermittedbyapplicableLaw）oftheconditionssetforthinArticleVI（otherthanthoseconditionsthatbytheirnaturearetobesatisfiedattheClosing,butsubjecttothesatisfactionorwaiverofsuchconditions）（the“SatisfactionDate”）,oratsuchotherplace,dateandtimeastheCompanyandParentmayagreeinwriting.”

2.

AmendmenttoSection2.1（a）.Section2.1（a）oftheMergerAgreementisamendedbyreplacingthephrase“$40.00incash（the“MergerConsideration”）”withthephrase“$41.15incash（the“MergerConsideration”）”.

3.

AmendmenttoSection3.17.Section3.17oftheMergerAgreementisamendedbyrestatingSection3.17initsentiretytoreadasfollows:

“OnNovember5,2006,theSpecialCommitteereceivedtheseparateopinionsofWachoviaSecuritiesLLCandPiperJaffray&Co.（the“Advisors”）totheeffectthat,asofsuchdate,the$40perShareincashtobereceivedbytheholdersoftheCompanyCommonStock（otherthanParticipatingHolders）pursuanttotheMergerAgreement（asineffectonNovember5,2006）wasfairtosuchholdersfromafinancialpointofview.OnMay21,2007,theSpecialCommitteereceivedanopinionofWachoviaSecuritiesLLCtotheeffectthat,asofsuchdate,the$41.15perShareincashtobereceivedbytheholdersoftheCompanyCommonStock（otherthanParticipatingHolders）pursuanttotheMergerAgreement（upongivingeffectthisAmendment）isfairtosuchholdersfromafinancialpointofview.AnexecutedcopyofeachsuchopinionhasbeenmadeavailabletoParent.TheCompanyhasbeenauthorizedbytheAdvisorstopermittheinclusioninfullofeachsuchopinionintheProxyStatement（includinganysupplement）.AsofthedateofthisAgreement,nosuchopinionhasbeenwithdrawn,revokedormodified.”

4.

AmendmenttoSection6.1（a）.Section6.1（a）oftheMergerAgreementisamendedbyrestatingSection6.1（a）initsentiretytoreadasfollows:

“TheCompanyshallhaveobtainedboth（i）theCompanyStockholderApprovaland（ii）theaffirmativevoteoftheholders,asoftherecorddate,ofamajorityofthenumberofsharesofCompanyCommonStockheldbyholdersthatarenotParticipatingHolders,votingtogetherasasingleclass,toadopttheAgreementandtheMerger.”

5.

AmendmenttoSection7.1（b）.Section7.1（b）oftheMergerAgreementisamendedbyreplacingthephrase“onorbeforeApril30,2007（the“EndDate”）”withthephrase“onorbefore5:

00p.m.NewYorkCitytimeonJune19,2007（the“EndDate”）”.

6.

AmendmenttoSection7.1（h）.Section7.1（h）oftheMergerAgreementisamendedbyrestatingSection7.1（h）initsentiretytoreadasfollows:

“bytheCompany,ifParentdoesnot（i）satisfytheconditionsetforthinSection6.2（d）withinseven（7）businessdaysafternoticebytheCompanytoParentthattheconditionssetforthinSections6.1and6.3aresatisfied（or,uponanimmediateClosing,wouldbesatisfiedasofsuchClosing）and（ii）proceedimmediatelythereaftertogiveeffecttoaClosing;provided,however,thattheCompanyshallnotdeliversuchnoticepriortoJune8,2007;”

7.

Dividend.NotwithstandinganythinginSection5.1（b）（i）（B）oftheMergerAgreementtothecontrary,fromthedateofthisAmendmentthroughtheearlieroftheClosingDateandtheEndDate,theCompanyagreesthatitshallnotdeclare,announceorpayaregularquarterlycashdividendontheCompanyCommonStock.

8.

Financing.ParenthasdeliveredtotheCompanytheexecutedamendmenttotheDebtCommitmentLetterattachedasAnnexA,andtheCompanyconsentstosuchamendmentoftheDebtCommitmentLetter.TheDebtCommitmentLetter,assoamended,shallbedeemedtobethe“DebtCommitmentLetter”referredtointheMergerAgreementandthecommitmentofthepartiestheretotoprovidetheamountofdebtfinancingsetforththereintoParentshallbedeemedtobethe“DebtFinancing”referredtointheMergerAgreement.Fortheavoidanceofdoubt,Sections4.5and5.11oftheMergerAgreementshallapplymutatismutandistothisAmendment,theDebtCommitmentLetterandDebtFinancing,andtheMergerAgreementasamendedbythisAmendment.

9.

MiscellaneousProvisions.

（a）CompanyShareholderMeeting.ThepartiesacknowledgeandagreethattheCompanyMeetingshallbeconvenedonMay25,2007,butshallatsuchtimebeadjourneduntilJune5,2007toprovideOSI’sstockholderswithadditionaltimetoconsiderthemodificationstotheMergerandtheMergerAgreementeffectuatedbythisAmendment,includingtherevisedMergerConsideration.

（b）NoFurtherAmendment.ExceptasexpresslyamendedbythisAmendment,theMergerAgreementisinallrespectsratifiedandconfirmedandalltheterms,conditions,representations,warranties,covenantsandprovisionsthereofshallremaininfullforceandeffectinaccordancewiththeirrespectiveterms.ThisAmendmentislimitedpreciselyaswrittenandshallnotbedeemedtobeanamendmenttoanyothertermorconditionoftheMergerAgreementoranyofthedocumentsreferredtothereinortheCompanyDisclosureLetteroranyofthedocumentsreferredtothereinorotherwiseaffectoroperateasawaiverorrelinquishmentofanyoftherightsofanypartyunderanyofthem.ExceptasexpresslyamendedbythisAmendment,thisAmendmentdoesnotconstituteawaiverofanyconditionorotherprovisionoftheMergerAgreement.

（c）EffectofAmendment.ThisAmendmentshallformapartoftheMergerAgreementforallpurposes,andParent,MergerSubandtheCompanyshallbeboundbythisAmendment.FromandaftertheexecutionofthisAmendmentbyParent,MergerSubandtheCompany,anyreferencetotheMergerAgreementortheCompanyDisclosureLettershallbedeemedareferencetotheMergerAgreementortheCompanyDisclosureLetterasamended,respectively,bythisAmendment.

（d）RepresentationsandWarrantiesoftheCompany.TheCompanyrepresentsandwarrantsthat（i）ithasthecorporatepowerandauthoritytoexecuteanddeliverthisAmendmentand,subjecttothereceiptoftheCompanyStockholderApproval,toperformitsobligationshereunder;（ii）theexecution,deliveryandperformancebytheCompanyofthisAmendmenthavebeendulyandvalidlyauthorizedbyallnecessarycorporateactiononthepartoftheCompany,andnoothercorporateproceedingsotherthanthosepreviouslytakenorconductedonthepartoftheCompanyarenecessarytoapproveandauthorizethisAmendment;（iii）theexecutionanddeliveryofthisAmendmentandtheconsummationofthetransactionscontemplatedherebydoesnot（exceptasdescribedinSection3.3（b）oftheMergerAgreement）conflictwithorresultintheviolationof（x）anyprovisionofthecertificateofincorporationorequivalentorganizationaldocument,ineachcase,asamendedoftheCompanyoritsSubsidiariesor（y）conflictwithorviolateanyapplicableLaws,exceptinthecaseofclause（y）anysuchviolationorconflictthatwouldnothave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect;and（iv）theSpecialCommitteehasunanimouslydetermined,andtheBoardofDirectorshasdetermined,thatitisinthebestinterestsoftheCompanyanditsstockholders,anddeclareditadvisable,toenterintothisAmendment,andeachoftheSpecialCommitteeandtheBoardofDirectorshas,asofthedateofthisAmendment,approvedandadoptedthisAmendment,andrecommendedadoptionoftheMe