<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
CARRIAGE SERVICES, INC.
- -------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 PAR VALUE
- -------------------------------------------------------------------------------
(Title of Class of Securities)
143905107
------------------
(CUSIP Number)
Copy to: Stephen A. Cohen, Esq.
Applewood Associates, L.P. Morrison Cohen Singer & Weinstein, LLP
68 Wheatley Road 750 Lexington Avenue
Brookville, NY 11545 New York, New York 10022
Telephone (516) 626-3070 Telephone (212) 735-8600
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
August 8, 1996
- -------------------------------------------------------------------------------
(Date of Event which Requires Filing 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
space .
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).
(Continued on following page(s))
<PAGE>
CUSIP No. 143905107 13D
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons.
S.S. or I.R.S. Identification Nos. of Above Person
Applewood Associates, L.P.
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
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(4) Source of Funds*
WC
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
/ /
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(6) Citizenship or Place of Organization
New York
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned 4,222,220 shares 8.7%
by Each Reporting (Represents 422,222 shares of the Issuer's
Person With Class B Common Stock which are entitled to
10 votes per share)
--------------------------------------------------
(8) Shared Voting Power
0 shares 0%
--------------------------------------------------
(9) Sole Dispositive Power
422,222 shares 5.3%
--------------------------------------------------
(10) Shared Dispositive Power
0 shares 0%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
422,222 shares
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
5.3%
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(14) Type of Reporting Person*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 143905107 13D
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons.
S.S. or I.R.S. Identification Nos. of Above Person
Barry Rubenstein
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC,PF
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(5) Check if Disclosure of Legal Proceedings is Required
/ /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
United States
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned 0 shares 0%
by Each Reporting
Person With --------------------------------------------------
(8) Shared Voting Power
4,555,550 shares 9.4%
(Represents 455,555 shares of the Issuer's
Class B Common Stock which are entitled to
10 votes per share)
--------------------------------------------------
(9) Sole Dispositive Power
0 shares 0%
--------------------------------------------------
(10) Shared Dispositive Power
455,555 shares 5.8%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
455,555 shares
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
5.8%
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(14) Type of Reporting Person*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 143905107 13D
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons.
S.S. or I.R.S. Identification Nos. of Above Person
Irwin Lieber
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC,PF
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
/ /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
New York
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned 333,330 shares 0.7%
by Each Reporting (Represents 33,333 shares of the Issuer's
Person With Class B Common Stock which are entitled to
10 votes per share)
--------------------------------------------------
(8) Shared Voting Power
4,222,220 shares 8.7%
(Represents 422,222 shares of the Issuer's
Class B Common Stock which are entitled to
10 votes per share)
--------------------------------------------------
(9) Sole Dispositive Power
33,333 shares 0.4%
--------------------------------------------------
(10) Shared Dispositive Power
422,222 shares 5.3%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
455,555 shares
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
5.8%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 143905107 13D
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons.
S.S. or I.R.S. Identification Nos. of Above Person
Barry Fingerhut
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC,PF
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
/ /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
United States
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Number of Shares (7) Sole Voting Power
Beneficially Owned 877,590 shares 1.8%
by Each Reporting (Includes 84,259 shares of the Issuer's
Person With Class B Common Stock which are entitled to
10 votes per share)
--------------------------------------------------
(8) Shared Voting Power
4,360,660 shares 9.0%
(Represents 436,666 shares of the Issuer's
Class B Common Stock which are entitled to
10 votes per share)
--------------------------------------------------
(9) Sole Dispositive Power
119,258 shares 1.5%
--------------------------------------------------
(10) Shared Dispositive Power
436,666 shares 5.5%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
555,924 shares
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
7.0%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 143905107 13D
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons.
S.S. or I.R.S. Identification Nos. of Above Person
Applewood Capital Corp.
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
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(4) Source of Funds*
WC
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
/ /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
New York
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned 0 shares 0%
by Each Reporting
Person With --------------------------------------------------
(8) Shared Voting Power
4,222,220 shares 8.7%
(Represents 422,222 shares of the Issuer's
Class B Common Stock which are entitled to
10 votes per share)
--------------------------------------------------
(9) Sole Dispositive Power
0 shares 0%
--------------------------------------------------
(10) Shared Dispositive Power
422,222 shares 5.3%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
422,222 shares
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
5.3%
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(14) Type of Reporting Person*
CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 143905107 13D
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons.
S.S. or I.R.S. Identification Nos. of Above Person
Seth Lieber
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC,PF
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
/ /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
United States
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned 27,770 shares 0%
by Each Reporting (Represents 2,777 shares of the Issuer's
Person With Class B Common Stock which are entitled to
10 votes per share)
--------------------------------------------------
(8) Shared Voting Power
4,222,220 shares 8.7%
(Represents 422,222 shares of the Issuer's
Class B Common Stock which are entitled to
10 votes per share)
--------------------------------------------------
(9) Sole Dispositive Power
2,777 shares 0%
--------------------------------------------------
(10) Shared Dispositive Power
422,222 shares 5.3%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
424,999 shares
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
5.4%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 143905107 13D
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons.
S.S. or I.R.S. Identification Nos. of Above Person
Jonathan Lieber
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC,PF
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
/ /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
United States
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned 33,330 shares 0%
by Each Reporting (Represents 3,333 shares of the Issuer's
Person With Class B Common Stock which are entitled to
10 votes per share)
--------------------------------------------------
(8) Shared Voting Power
4,222,220 shares 8.7%
(Represents 422,222 shares of the Issuer's
Class B Common Stock which are entitled to
10 votes per share)
--------------------------------------------------
(9) Sole Dispositive Power
3,333 shares 0%
--------------------------------------------------
(10) Shared Dispositive Power
422,222 shares 5.3%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
425,555 shares
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
5.4%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
This statement, dated August 8, 1996, constitutes Amendment No. 1 to the
Schedule 13D, dated August 8, 1996, regarding the reporting persons'
ownership of certain securities of Carriage Services, Inc. (the "Issuer").
The Schedule 13D is hereinafter referred to as the "Schedule". All
capitalized terms used herein and otherwise undefined shall have the meanings
ascribed thereto in the Schedule.
This Amendment No. 1 to the Schedule is filed in accordance with Rule 13d-2
of the Securities Exchange Act of 1934, as amended, by the reporting persons.
It shall refer only to information which has materially changed since the filing
of the Schedule.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
(a) The reporting persons have agreed not to transfer any shares of
Class A Common Stock or any securities convertible into or exchanged for
Class A Common Stock (including Class B Common Stock and Series D Preferred
Stock) until February 5, 1997 without the prior written consent of the
underwriter. The Issuer has agreed to register up to 4,444,436 shares of
Class A Common Stock issuable upon conversion of the Class B Common Stock and
has granted certain registration rights to the holders of Series D Preferred
Stock. These registration rights have been waived in connection with the IPO.
(b) Pursuant to a voting agreement (the "Voting Agreement") dated
effective as of August 8, 1996, Applewood, Barry Rubenstein, Barry Fingerhut
and Irwin Lieber (and their respective spouses) and certain other
stockholders of the Issuer (the "Stockholders"), have agreed not to (i)
transfer, assign, sell, gift, pledge, hypothecate or create any other
encumbrance or dispose of any Class A Common Stock, Class B Common Stock or
Preferred Stock held by them or acquired by them to any "competitor" (as that
term is defined in the Voting Agreement) of the Issuer, without the prior
written consent of the holders of at least 80% of Common Stock subject to the
terms of the Voting Agreement, or (ii) vote their shares in favor of certain
corporate actions of the Issuer unless the Stockholders constituting at least
80% of the votes entitled to be cast on such action are in favor of such
action.
(c) Except for the circumstances discussed or referred to in
paragraphs (a) and (b) above, there are no contracts, arrangements,
understandings, or relationships with respect to the securities of the Issuer
among any of the persons reporting in this Schedule 13D.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT B - Voting Agreement, dated effective as of August 8, 1996,
among certain stockholders of the Issuer.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, correct and
complete.
APPLEWOOD ASSOCIATES, L.P.
By: /s/ IRWIN LIEBER
------------------------------------
Irwin Lieber, General Partner
APPLEWOOD CAPITAL CORP.
By: /s/ BARRY RUBENSTEIN
------------------------------------
Barry Rubenstein, President
/s/ BARRY RUBENSTEIN
------------------------------------
Barry Rubenstein
/s/ IRWIN LIEBER
------------------------------------
Irwin Lieber
/s/ BARRY FINGERHUT
------------------------------------
Barry Fingerhut
/s/ SETH LIEBER
------------------------------------
Seth Lieber
/s/ JONATHAN LIEBER
------------------------------------
Jonathan Lieber
Date: December 20 , 1996
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
<PAGE>
VOTING AGREEMENT
This Voting Agreement ("Agreement"), dated effective as of August 8, 1996 is
among those stockholders of Carriage Service, Inc., a Delaware corporation
("Corporation") whose signatures appear on the signature pages of this
Agreement under the caption "Stockholders" (referred to herein individually
as a "Stockholder" and collectively as the "Stockholders") and, where
applicable, the respective spouses of the Stockholders.
1. INTRODUCTION. The Corporation and the Stockholders believe that it
is in the best interests of each, respectively, to restrict transfers of the
Stock of the Corporation and adopt certain voting restrictions on shares of
the Stock. Accordingly, in consideration of the mutual promises contained
herein, and subject to the terms and conditions herein set forth, the parties
have entered into this Agreement.
2. CERTAIN DEFINITIONS. As used in this Agreement:
2.1. The Term "Board" means the Board of Directors of the Corporation
and any duly authorized committee thereof. All determinations by the Board
required pursuant to the terms of this Agreement to be made by the Board
shall be binding and conclusive.
2.2. The Term "Competitor" means any person or entity who is
engaged in the funeral service, cemetery, crematory or related lines of
business that, at the time of any proposed Disposition (or at any time within
the twelve-month period preceding the date of the proposed Disposition), has
any operations within a 50-mile radius of any locations of the Corporation or
its Affiliates; and includes any other person or entity who directly, or
indirectly through one or more intermediaries, controls, is controlled by or
is under common control with any such person or entity.
2.3. The term "Disposition" shall mean any direct or indirect
transfer, assignment, sale, gift, pledge, hypothecation or other encumbrance,
or any other disposition, of Stock (or any interest therein or right thereto)
or of all or part of the voting power (other than the granting of a revocable
proxy) associated with the Stock (or any interest therein) whatsoever, or any
other transfer of beneficial ownership of Stock whether voluntary or
involuntary, including, without limitation (a) as part of any liquidation of
the Stockholder's assets or (b) as a part of any reorganization of a
Stockholder pursuant to the United States or other bankruptcy law or other
similar debtor relief laws.
2.4. The term "Stock" means (a) all shares of Class A Common Stock,
$.01 par value, and Class B Common Stock, $.01 par value, of the Corporation
owned by each of the Stockholders on the date hereof, (b) all shares of either
Class A or Class B Common Stock hereafter issued by the Corporation to or
acquired by any Stockholder, whether in connection with a purchase,
issuance, grant, stock split, stock dividend, reorganization, warrant, option,
convertible security, right to acquire or otherwise, (c) all shares of
preferred stock, $.01 par value, of the Corporation ("Preferred Stock") owned
by each of the Stockholders on the date hereof, and (d) all securities of the
Corporation or any other corporation or entity which any Stockholder acquires
in respect of his, her or its shares of either Class A or Class B Common Stock
in connection with any exchange, merger, recapitalization, consolidation,
reorganization or other transaction to which the Corporation is a party. All
references herein to Stock owned by a Stockholder include the community
interest or similar marital property interest, if any, of the spouse of such
Stockholder in such Stock.
<PAGE>
3. DISPOSITIONS TO COMPETITORS. Notwithstanding anything in this
Agreement to the contrary, no Stockholder shall, without the prior written
consent of Stockholders holding Stock constituting at least 80% of the votes
of all Stock subject to this Agreement, make any Disposition to any
Competitor. Any Disposition in violation of this Section 3 shall be null and
void. If such Stockholders approve any such Disposition, then all of the
provisions of this Agreement (including this Section 3) shall apply to any
subsequent transaction by the transferee of such Stock or any interests
therein (except as expressly excluded by the other terms in this Agreement).
4. VOTING RESTRICTIONS. The Stockholders agree that no Stockholder
shall vote its shares of Stock (or any other securities of the Corporation
having voting rights) in favor of any of the following actions unless
Stockholders holding Stock constituting at least 80% of the votes entitled to
be cast on such action are in favor of such action:
(a) a merger, consolidation or other similar corporate action
involving the Corporation or one of its Subsidiaries, on the one hand,
and a Competitor on the other other hand, other than in connection with
acquisitions of funeral homes or cemeteries by the Corporation that are
structured as mergers or consolidations wherein the Corporation is the
surviving entity or owns more than 50% of the surviving entity's capital
stock;
(b) the sale, lease, exchange or other disposition of all or
substantially all of the assets and properties of the Corporation and
its Subsidiaries to a Competitor; or
(c) any amendment to Article V, VI or VII of the Company's Amended
and Restated Certificate of Incorporation.
5. MISCELLANEOUS PROVISIONS.
5.1. The Corporation shall pay all expenses incident to the
negotiation (prior to its execution) and preparation of this Agreement
including fees to legal counsel.
5.2. This Agreement shall be construed by, subject to and governed
in accordance with the internal laws of the State of Delaware without giving
effect to conflict-of-laws or other principles which may result in the
application of laws other than the internal laws of the State of Delaware.
5.3. Whenever the context requires, the gender of all words used
herein shall include the masculine, feminine and neuter, and the number of
all words shall include the singular and plural.
5.4. This Agreement shall be binding upon the Corporation, the
Stockholders, any spouses of the Stockholders, and their respective heirs,
executors, administrators and permitted successors and assigns.
5.5. This Agreement may be amended or waived from time to time by an
instrument in writing signed by the Corporation and Stockholders holding
Stock constituting at least
-2-
<PAGE>
80% of the votes of all Stock subject to this Agreement at the time of such
amendment, and such instrument shall be designated on its face as an
"Amendment" to this Agreement; PROVIDED, HOWEVER, that any amendment which
has the effect of making the restrictions on the disposition of Stock
materially more onerous shall require the vote of all Stockholders affected
by such amendment; and PROVIDED, FURTHER, that this Agreement may be amended
by the Corporation without the consent of any Stockholder to cure any
ambiguity or to cure, correct or supplement any defective provisions
contained herein, or to make any other provision with respect to matters or
questions hereunder as the Corporation may deem necessary or advisable;
PROVIDED that such action shall not affect adversely the interest of any
Stockholder.
5.6. This Agreement shall terminate automatically upon the earlier
of (a) the dissolution of the Corporation, (b) the occurrence of any event
which reduces the number of Stockholders to one in accordance with the terms
hereof, (c) the written approval of Stockholders holding Stock constituting
at least 80% of the votes of all Stock subject to this Agreement, or (d) ten
years from the date of this Agreement.
5.7. Any Stockholder who disposes of all his Stock in conformity
with the terms hereof shall cease to be a party to this Agreement and shall
have no further rights or obligations hereunder.
5.8. The spouses of the individual Stockholders are fully aware of,
understand and fully consent and agree to the provisions of this Agreement
and its binding effect upon any community property interests or similar
marital property interests in the Stock they may now or hereafter own, and
agree that the termination of their marital relationship with any Stockholder
for any reason shall not have the effect of removing any Stock of the
Corporation otherwise subject to this Agreement from the coverage hereof and
that their awareness, understanding, consent and agreement are evidenced by
their signing this Agreement.
5.9. This Agreement may be executed in multiple counterparts, any
one of which need not contain the signature of more than one party, but all
of which counterparts taken together shall constitute one and the same
instrument.
5.10. If any portion of this Agreement is declared by a court of
competent jurisdiction to be invalid or unenforceable, such declaration shall
not affect the validity of the remaining provisions.
5.11. This Agreement sets forth the entire agreement of the parties
hereto as to the subject matter hereof and supersedes all previous agreements
among all or some of the parties hereto, whether written, oral or otherwise.
Without limiting the generality of the foregoing, the Stockholders agree that
this Agreement shall replace and supersede the Stockholders Agreement dated
September 25, 1995 (together with the Voting Agreement of even date herewith
among the Stockholders and certain holders of the Corporation's Series C
Preferred Stock and options to purchase Stock), which shall be deemed
terminated effective as of the effective date of this Agreement.
-3-
<PAGE>
5.12. No person or entity not a party to this Agreement shall have
rights under this Agreement, as a third party beneficiary or otherwise.
5.13. If, and as often as, there are any changes in the Stock by way
of stock split, stock dividend, combination or reclassification, or through
merger, consolidation, reorganization or recapitalization, or by any other
means, appropriate adjustment shall be made in the provisions hereof, as may
be required, so that the rights, privileges, duties and obligations hereunder
shall continue with respect to the Stock as so changed.
-4-
<PAGE>
This Agreement is executed by each Stockholder and spouse of a
Stockholder to be effective as of the date first above written.
STOCKHOLDERS
/s/ C. BYRON SNYDER
-----------------------------------
C. Byron Snyder, individually and as
General Partner of the 1996 Snyder
Family Partnership, Ltd.
/s/ MARTHANNE G. SNYDER
-----------------------------------
Marthanne G. Snyder, Spouse
/s/ MELVIN C. PAYNE
-----------------------------------
Melvin C. Payne, individually and as
General Partner of the 1996 Payne
Family Partnership, Ltd.
/s/ KAREN P. PAYNE
-----------------------------------
Karen P. Payne, Spouse
/s/ MARK W. DUFFEY
-----------------------------------
Mark W. Duffy, individually and as
Trustee of the Melvin C. Payne 1996
Truste and the Karen P. Payne 1996
Trust
/s/ CINDY C. DUFFEY
-----------------------------------
Cindy C. Duffey, Spouse
/s/ REID A. MILLARD
-----------------------------------
Reid A. Millard
-5-
<PAGE>
APPLEWOOD ASSOCIATES, L.P.
By: /s/ BARRY K. FINGERHUT
-----------------------------------
Barry K. Fingerhut, General Partner
/s/ BARRY K. FINGERHUT /s/ JONATHAN LIEBER
- ------------------------------------- -------------------------------------
Barry K. Fingerhut Jonathan Lieber
/s/ [illegible] FINGERHUT /s/ CAROL ROSE LIEBER
- ------------------------------------- -------------------------------------
Spouse Spouse
/s/ IRWIN LIEBER /s/ HANNAH C. STONE
- ------------------------------------- -------------------------------------
Irwin Lieber Hannah C. Stone
/s/ Madeline Lieber ----
- ------------------------------------- -------------------------------------
Spouse Spouse
/s/ MICHAEL J. MAROCCO /s/ SETH LIEBER
- ------------------------------------- -------------------------------------
Michael J. Marocco Seth Lieber
/s/ [illegible] J. MAROCCO ----
- ------------------------------------- -------------------------------------
Spouse Spouse
LONGBOAT KEY ASSOCIATES
By: /s/ Barry K. Fingerhut
-----------------------------------
Barry K. Fingerhut, General Partner
WOODLAND AND PARTNERS
By: /s/ BARRY RUBENSTEIN
-----------------------------------
Barry Rubenstein, General Partner
-6-
<PAGE>
/s/ STUART W. STEDMAN Betty Ann Stedman Trust
- -------------------------------------
Stuart W. Stedman
By: /s/ [illegible]
----------------------------------
Trustee
/s/ ELIZA F. STEDMAN By: /s/ [illegible]
- ------------------------------------- ----------------------------------
Eliza F. Stedman Trustee
By: /s/ [illegible]
----------------------------------
/s/ BETTY ANN STEDMAN Trustee
- -------------------------------------
Betty Ann Stedman
Wesley West Descendants Trust
/s/ CLARE STEDMAN By: /s/ [illegible]
- ------------------------------------- ----------------------------------
Clare Stedman Trustee
By: /s/ BETTY ANN WEST STEDMAN
----------------------------------
/s/ LYNN STEDMAN MEAGHER Trustee
- ------------------------------------
Lynn Stedman Meagher
Courtney Lynn Meagher Trust
By: /s/ [illegible]
----------------------------------
Evan Everett Meagher 1989 Trust Trustee
By: /s/ [illegible] By: /s/ [illegible]
---------------------------------- ----------------------------------
Trustee Trustee
By: /s/ [illegible]
---------------------------------- Wesley West Stedman 1987 Trust
Trustee
By: /s/ BETTY ANN WEST STEDMAN
----------------------------------
Trustee
-7-
