Agreement and Plan of Merger (2018)Full Document 

Start of Preview

Execution Version

AGREEMENT AND PLAN OF MERGER

dated as of

October 7, 2018

by and among

NAVIOS MARITIME ACQUISITION CORPORATION,

NMA SUB LLC,

NAVIOS MARITIME MIDSTREAM PARTNERS L.P.,

and

NAVIOS MARITIME MIDSTREAM PARTNERS GP LLC


TABLE OF CONTENTS

Page

ARTICLE I.

DEFINITIONS

SECTION 1.1

Definitions 2

SECTION 1.2

Rules of Construction 10

ARTICLE II.

MERGER

SECTION 2.1

Closing of the Merger 11

SECTION 2.2

Exchange of NAP Public Units 14

SECTION 2.3

Election Procedures 17

SECTION 2.4

Plan of Reorganization 19

ARTICLE III.

REPRESENTATIONS AND WARRANTIES OF NAP

SECTION 3.1

Organization and Existence 19

SECTION 3.2

Authority and Approval 19

SECTION 3.3

No Conflict; Consents 20

SECTION 3.4

Capitalization 21

SECTION 3.5

SEC Documents; Internal Controls 22

SECTION 3.6

Financial Statements; Undisclosed Liabilities 23

SECTION 3.7

Litigation; Laws and Regulations 23

SECTION 3.8

No Adverse Changes 24

SECTION 3.9

Taxes 24

SECTION 3.10

Licenses; Permits 25

SECTION 3.11

Contracts 26

SECTION 3.12

Insurance 26

SECTION 3.13

Condition of Assets 26

SECTION 3.14

Investment Company Act 26

SECTION 3.15

Brokerage Arrangements 26

SECTION 3.16

Opinion of Financial Advisor 27

SECTION 3.17

Information Supplied 27

SECTION 3.18

Waivers and Disclaimers 27

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES OF PARENT

SECTION 4.1

Organization and Existence 28

SECTION 4.2

Authority and Approval 28

SECTION 4.3

No Conflict; Consents 29

SECTION 4.4

Capitalization 30

SECTION 4.5

SEC Documents; Internal Controls 30

i


SECTION 4.6

Financial Statements; Undisclosed Liabilities 31

SECTION 4.7

Litigation; Laws and Regulations 32

SECTION 4.8

No Adverse Changes 32

SECTION 4.9

Taxes 33

SECTION 4.10

Licenses; Permits 34

SECTION 4.11

Contracts 34

SECTION 4.12

Insurance 35

SECTION 4.13

Condition of Assets 35

SECTION 4.14

Investment Company Act 35

SECTION 4.15

Brokerage Arrangements 35

SECTION 4.16

Information Supplied 35

SECTION 4.17

Waivers and Disclaimers 36

ARTICLE V.

ADDITIONAL AGREEMENTS, COVENANTS, RIGHTS AND OBLIGATIONS

SECTION 5.1

Conduct of Parties 36

SECTION 5.2

Certain Filings; No Solicitation; Recommendation of Merger; Commitment to Vote 38

SECTION 5.3

Commercially Reasonable Efforts; Further Assurances 40

SECTION 5.4

Public Announcement 40

SECTION 5.5

Expenses 41

SECTION 5.6

Regulatory Issues 41

SECTION 5.7

Tax Opinion 41

SECTION 5.8

D&O Insurance 42

SECTION 5.9

Dividends and Distributions 43

SECTION 5.10

Litigation 43

SECTION 5.11

Conflicts Committee 44

SECTION 5.12

Listing of Parent Series E Preferred Stock 44

ARTICLE VI.

CONDITIONS TO CLOSING

SECTION 6.1

Conditions to Each Party’s Obligations 44

SECTION 6.2

Conditions to the Parent Parties’ Obligations 45

SECTION 6.3

Conditions to NAP’s Obligations 45

SECTION 6.4

Frustration of Conditions 46

ARTICLE VII.

TERMINATION

SECTION 7.1

Termination by Mutual Consent 46

SECTION 7.2

Termination by NAP or Parent 46

SECTION 7.3

Termination by NAP 47

SECTION 7.4

Termination by Parent 47

SECTION 7.5

Effect of Certain Terminations 47

SECTION 7.6

Expenses 48

ii


End of Preview

SECTION 7.7

Survival

48

SECTION 7.8

Enforcement of this Agreement

48

SECTION 7.9

No Waiver Relating to Claims for Fraud/Willful Misconduct

48

ARTICLE VIII.

MISCELLANEOUS

SECTION 8.1

Notices 49

SECTION 8.2

Governing Law; Jurisdiction; Waiver of Jury Trial

50

SECTION 8.3

Entire Agreement; Amendments, Consents and Waivers