Exhibit 4.6
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
FIRST AMENDMENT
TO
AMENDED AND RESTATED OPERATING AGREEMENT
OF
VAN DER MOOLEN SPECIALISTS USA, LLC
Dated: December 30, 2004
FIRST AMENDMENT, dated December 30, 2004 (the "Amendment"), to the
Amended and Restated Operating Agreement, dated December 1, 2004, (the
"Operating Agreement"), of Van der Moolen Specialists USA, LLC, a New York
limited liability company (the "Company"), by and among the entity and
individuals listed on Schedule A hereto (each, a "Member" and collectively, the
"Members").
WHEREAS, the Company has issued $20,000,000 8% Senior Subordinated
Notes, due December 30, 2004 (the "Notes");
WHEREAS, the Notes are governed by the terms and provisions of that
certain Amended and Restated Note Purchase Agreement, dated August 3, 2001, as
amended by that certain First Amendment to Note Purchase Agreement, dated March
1, 2002 (as so amended and restated the "Note Purchase Agreement");
WHEREAS, pursuant to the Note Purchase Agreement, the Company is
required to repay $5 million in Notes on the date hereof;
WHEREAS, in connection with the foregoing repayment, the Members deem
it desirable to increase the Company's Stated Capital from $* to $*;
WHEREAS, in connection with the foregoing increase of the Company's
stated capital, each Member shall make a contribution to the capital of the
Company in an amount equal to such Member's Profit & Loss Percentage multiplied
by $*, except that MBIV shall make a further capital contribution of *%
multiplied by $* to fund the Float;
WHEREAS, the Members wish to provide for the appointment to the
Company's Management Committee of persons other than Members of the Company;
WHEREAS, the Members wish to amend the Operating Agreement of the
Company to (i) reflect the Company's Stated Capital being increased from $* to
$*, and (ii) effect certain other changes as set forth herein.
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
NOW, THEREFORE, in consideration of the foregoing premises and the
terms and conditions set forth in this Amendment, the Members hereby agree as
follows:
1. Capitalized terms used but not defined herein shall have the
meanings ascribed to such terms in the Operating Agreement.
2. Each Member agrees to make, and on the date hereof shall make, a
contribution to the capital of the Company in the amount set forth opposite its,
his or her name below:
----------------------- -----------------
Required Capital
Member Contribution
----------------------- -----------------
Mill Bridge IV, LLC *
----------------------- -----------------
Jason N. Blatt *
----------------------- -----------------
Nicholas Brigandi *
----------------------- -----------------
Robert J. Burke *
----------------------- -----------------
Terence P. Burns *
----------------------- -----------------
James J. Campanella *
----------------------- -----------------
Matthew C. Cebulski *
----------------------- -----------------
James P. Cleaver, Jr. *
----------------------- -----------------
Forrest Close, II *
----------------------- -----------------
Christopher Dearborn *
----------------------- -----------------
James E. DeMaira, Jr. *
----------------------- -----------------
Charles P. Dolan *
----------------------- -----------------
John F. X. Dolan *
----------------------- -----------------
Robert B. Fagenson *
----------------------- -----------------
2
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
----------------------- -----------------
Required Capital
Member Contribution
----------------------- -----------------
----------------------- -----------------
Paul D. Frankel *
----------------------- -----------------
Andrew J. Grabowski *
----------------------- -----------------
Robert W. Grahame *
----------------------- -----------------
Stephen R. Green *
----------------------- -----------------
Thomas M. Greenhill *
----------------------- -----------------
Steven Grossman *
----------------------- -----------------
Mark A. Innaimo *
----------------------- -----------------
Philip T. Keating *
----------------------- -----------------
M. Andica Kunst *
----------------------- -----------------
Kevin J. Lyden *
----------------------- -----------------
Mark J. Mazzella *
----------------------- -----------------
Scott E. Mazzella *
----------------------- -----------------
Michael J. McDonnell *
----------------------- -----------------
Scott E. McMahon *
----------------------- -----------------
James L. Miller *
----------------------- -----------------
David A. Miranda *
----------------------- -----------------
Irwin Misshula *
----------------------- -----------------
John D. Monahan *
----------------------- -----------------
Daniel Morrisey *
----------------------- -----------------
Nicholas R. Orlando *
----------------------- -----------------
Eric B. Osher *
----------------------- -----------------
Thomas Perry *
----------------------- -----------------
Steven M. Rubinstein *
----------------------- -----------------
Edward J. Scavone *
----------------------- -----------------
James J. Scavone *
----------------------- -----------------
Stephen M. Scavone *
----------------------- -----------------
Thomas E. Scavone *
----------------------- -----------------
Thomas H. Shafer *
----------------------- -----------------
Stephan J. Sherman *
----------------------- -----------------
Christopher C. Smith *
----------------------- -----------------
Gregg Sorrentino *
----------------------- -----------------
Robert M. Spiegelberg *
----------------------- -----------------
Louis J. Spina *
----------------------- -----------------
Martin B. Steinthal III *
----------------------- -----------------
Glen R. Surnamer *
----------------------- -----------------
Joseph A. Talento *
----------------------- -----------------
Joseph V. Talento *
----------------------- -----------------
Albert Veenstra *
----------------------- -----------------
Thomas J. Verdiglione *
----------------------- -----------------
Mark E. Wagner *
----------------------- -----------------
Gregory R. Wertz *
----------------------- -----------------
Harold Yosco *
----------------------- -----------------
TOTAL *
----------------------- -----------------
3
3. Section 5.2(a) of the Operating Agreement is hereby amended to read
in its entirety as follows:
"The Management Committee shall consist of not less than three nor more
than eight members, the exact number of which shall be determined from
time to time by resolution adopted by Supermajority Vote. If any member
of the Management Committee ceases to be a Member or employee of the
Company for any reason, such person's membership on the Management
Committee shall terminate automatically, in the case of Management
Committee member who is a Member of the Company, upon his Termination
Date or, in the case of a Management Committee member who is an
employee of the Company, upon the effective date of termination of such
employee. A member of the Management Committee may resign at any time
by notice to the other members of the Management Committee, and the
Management Committee may remove a member of the Management Committee by
notice to such member; such resignation or removal shall be effective
at the time specified in the notice. The resignation or removal of a
member of the Management Committee shall not, in and of itself, affect,
in the case of Management Committee member who is a Member of the
Company, the interest of such Member in the Company or, in the case of
a Management Committee member who is an employee of the Company, his
employment status with the Company. Any vacancy in the Management
Committee, whether by a member of the Management Committee ceasing to
be such a member or by an increase in the size of the Management
Committee, shall be filled by a Supermajority."
4. Schedule A to the Operating Agreement is hereby deleted and Schedule
A annexed to this Amendment shall be substituted therefor.
5. In all other respects the Operating Agreement is hereby ratified and
confirmed in its entirety.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGES FOLLOW]
IN WITNESS WHEREOF, the Members have executed this Amendment as of the
date and year first written above.
MILL BRIDGE IV, LLC
By:
---------------------------- --------------------------------
Name: JASON N. BLATT
Title: Manager
- -------------------------------- --------------------------------
NICHOLAS R. BRIGANDI ROBERT J. BURKE
- -------------------------------- --------------------------------
TERRENCE P. BURNS JAMES J. CAMPANELLA
- -------------------------------- --------------------------------
MATTHEW C. CEBULSKI JAMES P. CLEAVER, JR.
- -------------------------------- --------------------------------
FORREST CLOSE, II CHRISTOPHER S. DEARBORN
- -------------------------------- --------------------------------
JAMES E. DEMAIRA, JR. CHARLES P. DOLAN
- -------------------------------- --------------------------------
JOHN F. X. DOLAN ROBERT B. FAGENSON
- -------------------------------- --------------------------------
PAUL D. FRANKEL ANDREW J. GRABOWSKI
- -------------------------------- --------------------------------
ROBERT W. GRAHAME STEPHEN R. GREEN
- -------------------------------- --------------------------------
THOMAS M. GREENHILL STEVEN GROSSMAN
- -------------------------------- --------------------------------
MARK A. INNAIMO PHILIP T. KEATING
- -------------------------------- --------------------------------
M. ANDICA KUNST KEVIN J. LYDEN
- -------------------------------- --------------------------------
MARK J. MAZZELLA SCOTT E. MAZZELLA
- -------------------------------- --------------------------------
MICHAEL J. MCDONNELL SCOTT E. MCMAHON
- -------------------------------- --------------------------------
JAMES L. MILLER DAVID A. MIRANDA
- -------------------------------- --------------------------------
IRWIN MISSHULA JOHN D. MONAHAN
- -------------------------------- --------------------------------
DANIEL P. MORRISEY NICHOLAS S. ORLANDO
- -------------------------------- --------------------------------
ERIC B. OSCHER THOMAS PERRY
- -------------------------------- --------------------------------
STEVEN M. RUBINSTEIN EDWARD J. SCAVONE
- -------------------------------- --------------------------------
JAMES J. SCAVONE STEPHEN M. SCAVONE
- -------------------------------- --------------------------------
THOMAS E. SCAVONE THOMAS H. SHAFER
- -------------------------------- --------------------------------
STEPHEN J. SHERMAN CHRISTOPHER C. SMITH
- -------------------------------- --------------------------------
GREGG F. SORRENTINO ROBERT M. SPIEGELBERG
- -------------------------------- --------------------------------
LOUIS J. SPINA MARTIN B. STEINTHAL, III
- -------------------------------- --------------------------------
GLEN R. SURNAMER JOSEPH A. TALENTO
- -------------------------------- --------------------------------
JOSEPH V. TALENTO ALBERT VEENSTRA
- -------------------------------- --------------------------------
THOMAS J. VERDIGLIONE MARK E. WAGNER
- -------------------------------- --------------------------------
GREGORY R. WERTZ HAROLD YOSCO
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
Schedule A
----------
to
AMENDED AND RESTATED OPERATING AGREEMENT
of
VAN DER MOOLEN SPECIALISTS USA, LLC
-----------------------------------
Dated: December 30, 2004
- ---------------------------------------------------------------------------------------------------
MEMBERS
- ---------------------------------------------------------------------------------------------------
Stated Profit and Loss
Name Address Capital ($) Percentage (%)
---- ------- ----------- --------------
Mill Bridge IV, LLC 45 Broadway, 29th Fl. * 75.0000
New York, NY 10006
- --------------------------------- ----------------------- ------------------ ----------------------
Jason N. Blatt * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Nicholas Brigandi * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Robert J. Burke * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Terence P. Burns * * *
- --------------------------------- ----------------------- ------------------ ----------------------
James J. Campanella * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Matthew C. Cebulski * * *
- --------------------------------- ----------------------- ------------------ ----------------------
James P. Cleaver, Jr. * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Forrest Close, II * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Christopher S. Dearborn * * *
- --------------------------------- ----------------------- ------------------ ----------------------
James E. DeMaira, Jr. * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Charles P. Dolan * * *
- --------------------------------- ----------------------- ------------------ ----------------------
John F. X. Dolan * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Robert B. Fagenson * * *
- --------------------------------- ----------------------- ------------------ ----------------------
i
- --------------------------------- ----------------------- ------------------ ----------------------
Paul D. Frankel * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Andrew J. Grabowski * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Robert W. Grahame * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Stephen R. Green * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Thomas M. Greenhill * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Steven Grossman * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Mark A. Innaimo * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Philip T. Keating * * *
- --------------------------------- ----------------------- ------------------ ----------------------
M. Andica Kunst * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Kevin J. Lyden * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Mark J. Mazzella * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Scott E. Mazzella * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Michael J. McDonnell * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Scott E. McMahon * * *
- --------------------------------- ----------------------- ------------------ ----------------------
James L. Miller * * *
- --------------------------------- ----------------------- ------------------ ----------------------
David A. Miranda * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Irwin Misshula * * *
- --------------------------------- ----------------------- ------------------ ----------------------
John D. Monahan * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Daniel Morrisey * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Nicholas R. Orlando * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Eric B. Osher * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Thomas Perry * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Steven M. Rubinstein * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Edward J. Scavone * * *
- --------------------------------- ----------------------- ------------------ ----------------------
James J. Scavone * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Stephen M. Scavone * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Thomas E. Scavone * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Thomas H. Shafer * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Stephan J. Sherman * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Christopher C. Smith * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Gregg Sorrentino * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Robert M. Spiegelberg * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Louis J. Spina * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Martin B. Steinthal III * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Glen R. Surnamer * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Joseph A. Talento * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Joseph V. Talento * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Albert Veenstra * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Thomas J. Verdiglione * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Mark E. Wagner * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Gregory R. Wertz * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Harold Yosco * * *
- --------------------------------- ----------------------- ------------------ ----------------------
Float Percentage * *
- --------------------------------- ----------------------- ------------------ ----------------------
TOTAL * 100,000%
- --------------------------------- ----------------------- ------------------ ----------------------
ii