<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. __________)*
Bitstream Inc.
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(Name of Issuer)
Class A Common Stock, par value $.01 per share
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(Title of Class of Securities)
091736 10 8
(CUSIP Number)
Paul A. Gajer, Esq., Rubin Baum Levin Constant & Friedman
30 Rockefeller Plaza, 29th Floor
New York, New York 10112
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
October 30, 1996
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [ ]. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.
See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO. 091736 10 8 PAGE 2 OF 19
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SCHEDULE 13D
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
PRIVEST II N.V.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
NONE (ITEM 3)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
NETHERLANDS ANTILLES
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NUMBER OF
SHARES 7 SOLE VOTING POWER 665,244 (1)
BENEFICIALLY --------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH --------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER 665,244 (1)
PERSON --------------------------------------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
665,244 (1)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.8%
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14 TYPE OF REPORTING PERSON*
CO
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</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE AND THE SIGNATURE ATTESTATION.
(1) INCLUDES 650,801 OUTSTANDING SHARES OF BITSTREAM INC. CLASS A COMMON STOCK
AND 14,443 SHARES ISSUABLE TO PRIVEST II N.V. UPON THE EXERCISE OF
WARRANTS.
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<TABLE>
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CUSIP NO. 091736 10 8 PAGE 3 OF 19
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<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
PREMIER RESOURCES, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
NONE
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
COMMONWEALTH OF THE BAHAMAS
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NUMBER OF 7 SOLE VOTING POWER (ITEMS 2 AND 5)
SHARES -----------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -----------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER (ITEMS 2 AND 5)
REPORTING -----------------------------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(ITEMS 2 AND 5)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
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14 TYPE OF REPORTING PERSON*
CO
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</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE AND THE SIGNATURE ATTESTATION.
<PAGE> 4
<TABLE>
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CUSIP NO. 091736 10 8 PAGE 4 OF 19
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<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
ANTONIO SALADINO
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
NONE
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
SWITZERLAND
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NUMBER OF 7 SOLE VOTING POWER (ITEMS 2 AND 5)
SHARES --------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY --------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER (ITEMS 2 AND 5)
REPORTING --------------------------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(ITEMS 2 AND 5)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
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14 TYPE OF REPORTING PERSON*
IN
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</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE AND THE SIGNATURE ATTESTATION.
<PAGE> 5
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CUSIP NO. 091736 10 8 PAGE 5 OF 19
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ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D relates to the Class A Common Stock, par
value $.01 per share (the "Common Stock"), of Bitstream Inc., a Delaware
corporation ("Bitstream"). The principal executive offices of Bitstream are
located at 215 First Street, Cambridge, Massachusetts 02142.
ITEM 2. IDENTITY AND BACKGROUND
The information set forth below is given with respect to (i) Privest II
N.V., a corporation organized under the laws of the Netherlands Antilles
("Privest II") and (ii) Premier Resources, Ltd. ("Premier"), a corporation
organized under the laws of the Commonwealth of the Bahamas and Mr. Antonio
Saladino, a citizen of Switzerland, and each director and executive officer
thereof, if applicable, on Annexes 2A and 2B, respectively. On each of Annexes
2A and 2B, column (a) indicates the name of each person; column (b) indicates
the address of the principal business and the address of the principal office
of each entity or the business address of each natural person; column (c)
indicates each such entity's principal business or such natural person's present
principal occupation or employment and the name, principal business and address
of any corporation or other organization in which such employment is conducted
as applicable; column (d) indicates whether or not, during the last five years,
such person, or any executive officer, director or controlling person of such
person, has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) and, if so, the dates, nature of conviction,
name and location of court, and penalty imposed, or other disposition of the
case; column (e) indicates whether or not, during the last five years, such
person, or any executive officer, director or controlling person of such person,
was a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws, and, if so, identifies and describes
such proceedings and summarizes the terms of such judgment, decree or final
order; and column (f) indicates, in the case of any natural person, the
citizenship of such person.
This Schedule 13D is being filed by Privest II, Premier and Mr. Saladino
(collectively, the "Reporting Persons"). Privest II is the record holder and may
be deemed "beneficial owner," within the meaning of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), of the Common Stock covered hereby.
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CUSIP NO. 091736 10 8 PAGE 6 OF 19
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Caribbean Management Company N.V., a corporation organized under the laws of the
Netherlands Antilles, is managing director of Privest II but acts only in a
ministerial capacity at the direction of Premier. Premier serves as an
investment advisor to Privest II and has been delegated the authority to vote or
direct the vote or to dispose or direct the disposition of shares of Common
Stock held by Privest II. Accordingly, Premier may be regarded as the
"beneficial owner," within the meaning of the Exchange Act, of the Common Stock
held by Privest II. Premier is indirectly controlled by Mr. Saladino.
Accordingly, Mr. Saladino may be deemed to be the "beneficial owner," within the
meaning of the Exchange Act, of the Common Stock held by Privest II to the
extent that Premier is delegated the authority to vote or direct the vote or to
dispose of such Common Stock.
The Reporting Persons do not admit they constitute a "group" for purposes
of Section 13(d) under the Exchange Act.
<PAGE> 7
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CUSIP NO. 091736 10 8 PAGE 7 OF 19 PAGES
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Annex 2A
PRIVEST II N.V.
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<CAPTION>
(a) (b) (c) (d) (e) (f)
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<S> <C> <C> <C> <C> <C>
Privest II N.V. c/o Caribbean Management Privest II N.V. is engaged in the business of No No Not Applicable
Company N.V. making private equity investments.
14, John B. Gorsiraweg
Curacao, Netherland Antilles
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</TABLE>
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<TABLE>
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CUSIP NO. 091736 10 8 PAGE 8 OF 19 PAGES
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Annex 2B
PREMIER RESOURCES, LTD.
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<CAPTION>
(a) (b) (c) (d) (e) (f)
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<S> <C> <C> <C> <C> <C>
Premier Resources, Ltd. IBM House - East Bay Street Premier Resources, Ltd. ("Premier") is No No Not Applicable
Nassau, Bahamas engaged in the business of providing
investment advisory services.
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Antonio Saladino Via Adamini, 10a Mr. Saladino is a director and President No No Switzerland
Lugano, Switzerland of Premier. Mr. Saladino's principal
employer is Gesfid S.A. ("Gesfid"), a
corporation established under the laws of
Switzerland, which has a principal place
of business at Via Adamini, 10a,
Lugano, Switzerland, of which he is
President. Gesfid is principally engaged
in the business of providing investment
advisory, fiduciary and investment banking
services.
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Beat Wernli IBM House - East Bay Street Mr. Wernli is a director and Secretary of No No Switzerland
Nassau, Bahamas Premier. Mr. Wernli's principal employer
is the Nassau branch of the Gotthard Bank,
a banking institution organized under the
laws of Switzerland, of which he is a
member of management. Gotthard Bank,
Nassau branch, has a principal place of
business at IBM House - East Bay Street,
Nassau, Bahamas.
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Allan M. Rosenbloom, 30 Rockefeller Plaza Mr. Rosenbloom is a director and Vice No No United States
Esq. New York, New York 10012 President of Premier. Mr. Rosenbloom is a
partner at the law firm of Rubin Baum Levin
Constant & Friedman, which has a principal
place of business at 30 Rockefeller Plaza,
New York, New York.
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</TABLE>
<PAGE> 9
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CUSIP NO. 091736 10 8 PAGE 9 OF 19
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
No funds were used by Privest II to acquire the shares of Common Stock
covered hereby. Such shares of Common Stock were issued to Privest II on the
conversion of shares of Bitstream's Class A Convertible Preferred Stock, par
value $.01 per share (the "Preferred Stock"), held by Privest II. See Item 4.
The funds necessary for the acquisition of the Preferred Stock held by Privest
II were obtained from cash on hand.
ITEM 4. PURPOSE OF TRANSACTION
On October 30, 1996 Privest II acquired the Common Stock reported hereby
upon the automatic conversion of 633,333 shares of Preferred Stock into an equal
number of shares of Common Stock upon the effectiveness of a registration
statement on Form S-1 filed by Bitstream in connection with its initial public
offering of Common Stock (the "IPO"). Pursuant to Bitstream's Certificate of
Incorporation, all outstanding Preferred Stock, including shares held of record
by Privest II, were automatically converted into an equal number of shares of
Common Stock on the effective date of the IPO.
The Reporting Persons may purchase additional shares of Common Stock in the
open market or in privately negotiated transactions, and may sell shares of
Common Stock from time to time in open market or in privately negotiated
transactions. The Reporting Persons may also enter into short sales or other
hedging transactions with broker-dealers or other financial institutions.
Transactions in respect of the shares of Common Stock may be effected from time
to time based upon the capital requirements of any of the Reporting Persons and
the market price of the shares.
Except as set forth in this Item 4, none of the Reporting Persons have any
present plans or proposals that relate to or would result in: (i) the
acquisition by any person of additional securities of Bitstream, or the
disposition of securities of Bitstream; (ii) an extraordinary corporate
transaction, such as a merger, reorganization or liquidation, involving
Bitstream or any of its subsidiaries; (iii) a sale or transfer of a material
amount of assets of Bitstream or any of its subsidiaries; (iv) any change in the
present Board of Directors or management of Bitstream, including any plans or
proposals to change the number or term of Director or to fill any vacancies on
the Board; (v) any material change in the present capitalization or dividend
policy of Bitstream; (vi) any other change in Bitstream's business or corporate
structure; (vii) changes in Bitstream's Certificate of Incorporation, By-laws or
instruments corresponding thereto or other actions which may impede the
acquisition of control of Bitstream by any person; (viii) causing a class of
securities to be delisted from a national securities exchange or
<PAGE> 10
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CUSIP NO. 091736 10 8 PAGE 10 OF 19
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to cease to be registered national securities association; (ix) a class of
equity securities of Bitstream becoming eligible for termination of registration
pursuant to Section 12(g)(4) of the Exchange Act; or (x) any action similar to
those enumerated above.
Each of the Reporting Persons reserves the right to determine in the future
whether to change the purpose or purposes described above or whether to adopt
plans or proposals of the type specified above.
Privest II is party to an agreement (a "Lock-Up Agreement"), pursuant to
which it has agreed not to sell or dispose of certain shares of its Common Stock
for 180 days after the effective date of the IPO. (See Item 6 below for a
description of the Lock-Up Agreement.)
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
According to the Registration Statement, upon consummation of the IPO,
Bitstream would have 5,171,221 shares of Common Stock issued and outstanding.
Privest II holds of record and may be deemed to "beneficially own," within the
meaning of Exchange Act, 665,244 shares of Common Stock, including 14,443 shares
of Common Stock issuable upon the exercise of warrants, representing "beneficial
ownership," within the meaning of the Exchange Act, of approximately 12.8% of
the total Common Stock outstanding.
As of the consummation of the IPO, all of the persons listed in response to
Item 2 above, other than the Reporting Persons, "beneficially own," within the
meaning of the Exchange Act, zero shares of Common Stock.
Privest II has sole power to vote, dispose of and direct the disposition of
all of the shares of Common Stock held by Privest II. Premier has, however, been
delegated the authority to vote or direct the vote or to dispose of or direct
the disposition of shares of Common Stock held by Privest II. Accordingly,
Premier may be deemed the "beneficial owner," within meaning of the Exchange
Act, of the Common Stock held by Privest II. Premier is indirectly controlled by
Mr. Saladino. Accordingly, Mr. Saladino may be deemed to be the beneficial owner
of the Common Stock held by Privest II to the extent Premier is delegated the
authority to vote or dispose of the Common Stock held by Privest II. (See Item
2)
During the sixty (60) days prior to the effective date of the IPO, none
of the persons listed in response to Item 2 above effected any transaction in
shares of Common Stock.
No entity other than Privest II is known to have the right to receive or
the power to direct the receipt of dividends from or
<PAGE> 11
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CUSIP NO. 091736 10 8 PAGE 11 OF 19
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the proceeds from the sale of the shares of Common Stock covered by this
Schedule 13D.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
Privest II is party to a Lock-Up Agreement, pursuant to which it has agreed
not to offer, sell, contract to sell, make any short sale, pledge, or otherwise
dispose of, directly or indirectly, any of the shares of Common Stock or other
securities convertible into or exchangeable for, or any rights to purchase or
acquire Common Stock beneficially owned by them (the "Lock-Up Securities"), or
enter into any swap or other agreement with respect to Lock-Up Securities that
transfers, in whole or part any of the economic consequences of ownership for a
period of 180 days following the effective date of the IPO, without the prior
written consent of Volpe, Welty & Company, the representative of the
underwriters in the IPO, except for the sale of shares of Common Stock purchased
in the open market after the effective date of the IPO or the conversion of
outstanding options, warrants or convertible securities.
Privest II is one of two private equity investments funds to which Premier
serves as an investment advisor. The other such fund is Privest I N.V. ("Privest
I"), a corporation organized under the laws of the Netherlands Antilles which
has a principal place of business at 14, John B. Gorsiraweg, Curacao,
Netherlands Antilles. Privest I and Privest II receive identical advice from
Premier with respect to their common investments and generally purchase, hold,
vote or dispose of their equity securities in the same manner on the basis of
such advice. Privest I holds of record and may be deemed to "beneficially own,"
within the meaning of the Exchange Act, 668,417 shares of Common Stock,
representing "beneficial ownership," within the meaning of the Exchange Act, of
approximately 12.9% of the outstanding Common Stock. Privest I and Privest II do
not, however, have identical investment portfolios and do not have an agreement
between them to hold, vote or dispose of their equity securities, including,
without limitation, their shares of Common Stock, together. Privest I and
Privest II therefore do not believe that they are acting together as a "group"
for the purposes of Section 13(d) under the Exchange Act and are not required to
attribute to each other the "beneficial ownership" of the Common Stock
"beneficially owned" by the other corporation within the meaning of Rule 13d-5
promulgated under the Exchange Act.
<PAGE> 12
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CUSIP NO. 091736 10 8 PAGE 12 OF 19
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ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibits are filed as part of this statement on Schedule 13D:
Exhibit A: Joint Filing Agreement dated November 14, 1996 among
Premier Resources, Ltd., Privest II N.V. and Antonio Saladino.
Exhibit B: Lock-up Agreement dated June 24, 1996 between Bitstream
Inc. and Privest II N.V.
<PAGE> 13
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CUSIP NO. 091736 10 8 PAGE 13 OF 19
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SIGNATURE
---------
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned does hereby certify that the information set forth
in this statement is true, complete and correct.
Dated: November 14, 1996
PRIVEST II N.V.
By: Caribbean Management Company N.V.,
Managing Director
By: /s/ Sisulawatie Antonius-Soedhoe
--------------------------------------
Name: Sisulawatie Antonius-Soedhoe
Title: Holder of procuration
By: /s/ Germaine M. A. Sprock
--------------------------------------
Name: Germaine M. A. Sprock
Title: Holder of procuration
<PAGE> 14
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CUSIP NO. 091736 10 8 PAGE 14 OF 19
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SIGNATURE
---------
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned does hereby certify that the information set forth
in this statement is true, complete and correct.
Dated: November 14, 1996
PREMIER RESOURCES, LTD.
By: /s/ B. Wernli
----------------------------------
Name: B. Wernli
Title: Secretary
By: /s/ F. Tuletta
----------------------------------
Name: F. Tuletta
Title: Authorized Signatory
<PAGE> 15
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CUSIP NO. 091736 10 8 PAGE 15 OF 19
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SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned does hereby certify that the information set forth
in this statement is true, complete and correct.
Dated: November 14, 1996
/s/ Antonio Saladino
---------------------------------
Antonio Saladino
<PAGE> 16
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CUSIP NO. 091736 10 8 PAGE 16 OF 19
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EXHIBIT A
---------
JOINT FILING AGREEMENT
----------------------
In accordance with Rule 13d-1(f) under the Securities Exchange Act of 1934,
as amended, the undersigned hereby agree to the joint filing on behalf of each
of them of a statement on Schedule 13D (including amendments thereto) with
respect to the Class A Common Stock, par value $0.01 per share of Bitstream Inc.
and that this Agreement be included as an Exhibit to such joint filing. This
Agreement may be executed in any number of counterparts all of which taken
together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this 14th
day of November, 1996.
PREMIER RESOURCES, LTD.
By: /s/ B. Wernli By: /s/ Antonio Saladino
-------------------------------------- --------------------------
Name: B. Wernli Antonio Saladino
Title: Secretary
By: /s/ F. Tuletta
--------------------------------------
Name: F. Tuletta
Title: Authorized Signatory
PRIVEST II N.V.
By: Caribbean Management Company
N.V., Managing Director
By: /s/ Sisulawatie Antonius-Soedhoe
--------------------------------------
Name: Sisulawatie Antonius-Soedhoe
Title: Holder of procuration
By: /s/ Germaine M. A. Sprock
--------------------------------------
Name: Germaine M. A. Sprock
Title: Holder of procuration
<PAGE> 17
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CUSIP NO. 091736 10 8 PAGE 17 OF 19
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EXHIBIT B
---------
June 24, 1996
Volpe, Welty & Company
as Representative of the
Several Underwriters
One Maritime Plaza, 11th Floor
San Francisco, CA 94111
Ladies and Gentlemen:
The undersigned is an officer, director or holder of securities of
Bitstream Inc. (the "Company"), and wishes to facilitate the public offering
(the "Offering") of shares of the Company's Class A Common Stock, $.01 par value
per share (the "Class A Common Stock") to be underwritten by Volpe, Welty &
Company ("Volpe, Welty") and several other underwriters (collectively with
Volpe, Welty, the "Underwriters"). The undersigned recognizes that such Offering
and the public market for shares of the Company's Class A Common Stock created
thereby will be of benefit to the undersigned.
In consideration of the foregoing and in order to induce you to act as
underwriters of the Offering, the undersigned hereby irrevocably agrees that he,
she or it will not, without the prior written approval of Volpe, Welty,
commencing on the date hereof and ending on the date one hundred eighty (180)
days after the date the Form S-1 Registration Statement filed on behalf of the
Company in connection with the Offering becomes effective (the "Effective
Date"), (i) offer, sell, contract to sell, make any short sale (including
without limitation a short against the box), pledge or otherwise dispose of,
directly or indirectly, any shares of the Company's Class A Common Stock or
Class B Common Stock (collectively, "Common Stock"), options to acquire Common
Stock or securities convertible into or exchangeable for, or any other rights to
purchase or acquire, the Company's Common Stock beneficially owned by the
undersigned (as determined in accordance with the rules and regulations of the
Securities and Exchange Commission) (collectively "Restricted Securities") or
(ii) enter into any swap or other agreement that transfers, in whole or in part,
any of the economic consequences of ownership of Common Stock; whether any such
transaction described in (i) or (ii) is to be settled by delivery of Common
Stock or such other securities, in cash or otherwise. The lock-up restrictions
of the foregoing sentence shall not apply to (A) the shares to be sold to the
Underwriters pursuant to the Offering (including shares sold solely to cover
over-allotments, if any), (B) the sale of shares purchased in the open market
after the Effective Date or (C) the exercise or conversion of outstanding
options, warrants or convertible securities during any such period (but such
lockup restrictions do apply to any subsequent sale of shares received upon such
exercise or conversion). The foregoing lock-up restriction is expressly agreed
to preclude the holder of Restricted Securities
<PAGE> 18
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CUSIP NO. 091736 10 8 PAGE 18 OF 19
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from engaging in any hedging or other transaction that is designed to or could
reasonably be expected to lead to, or result in, a disposition of Restricted
Securities during the applicable lock-up period even if such Securities would be
disposed of by the undersigned subsequent to the applicable lock-up period or by
someone other than the undersigned.
Notwithstanding the foregoing, any transfer of Restricted Securities which
either (i) constitutes a pro rata distribution of a partnership or a corporation
to its partners or its stockholders, respectively, or (ii) constitutes a bona
fide gift of such shares, will not require your consent; PROVIDED, that the
transferee enters into a lock-up agreement in substantially the form hereof
covering the remainder of the lock-up period under this Agreement.
The undersigned confirms that he, she or it understands that the
Underwriters and the Company will rely upon the undertakings set forth in this
Agreement in proceeding with the Offering. The undersigned understands that this
Agreement is irrevocable and shall be binding on the undersigned and his, her or
its respective successors, heirs, personal representatives and assigns. The
undersigned agrees and consents to the entry of stop transfer instructions with
the Company's transfer agent against the transfer of Restricted Securities of
the Company held by the undersigned except in compliance with this Agreement.
No waiver of any of the restrictions applicable to the undersigned
contained herein shall be valid unless in a writing signed by Volpe, Welty. The
approval of any waiver of any of the restrictions applicable to the undersigned
contained herein shall not create any obligation on the part of Volpe, Welty to
provide any other waiver, or notice of any such waiver, to any other party bound
under a similar agreement. The approval of any waiver of any of the restrictions
applicable to any other party pursuant to any similar agreement shall not create
any obligation on the part of Volpe, Welty to provide any waiver, or notice of
any such waiver, to the undersigned. The approval of any waiver of any of the
restrictions contained herein or in any similar agreement shall be in the sole
discretion of Volpe, Welty.
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<PAGE> 19
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CUSIP NO. 091736 10 8 PAGE 19 OF 19
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Notwithstanding anything else herein, if the Offering does not become
effective on or prior to December 31, 1996 the terms and provisions of this
Agreement shall be of no further force or effect.
PRIVEST II N.V.
By: Caribbean Management Company N.V.
Managing Director
/s/ Sisulawatie Antonius-Soedhoe
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/s/ Germaine M.A. Sprock
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Holders of procuration
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(Title)
Signed in Curacao, Netherlands Antilles, this 24th day of June 1996.
