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Underwriting Agreement
Underwriting Agreement (183K)
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{DOCUMENT}
{TYPE}EX-1
{SEQUENCE}2
{FILENAME}ex1-1form8k716.txt
{DESCRIPTION}EXHIBIT 1.1
{TEXT}
EXHIBIT 1.1
UNDERWRITING AGREEMENT
{PAGE}
7,200,000 SHARES
UNIVERSAL AMERICAN FINANCIAL CORP.
COMMON STOCK
UNDERWRITING AGREEMENT
DATED JULY 12, 2001
{PAGE}
TABLE OF CONTENTS
PAGE
----
Section 1. Representations and Warranties of the Company......................2
A. REPRESENTATIONS AND WARRANTIES OF THE COMPANY...........................2
(a) Compliance with Registration Requirements.......................2
(b) Offering Materials Furnished to Underwriters....................2
(c) Distribution of Offering Material by the Company................3
(d) The Underwriting Agreement......................................3
(e) Authorization of the Common Shares..............................3
(f) No Applicable Registration or Other Similar Rights..............3
(g) No Material Adverse Change......................................3
(h) Independent Auditors............................................3
(i) Preparation of the Financial Statements.........................4
(j) Incorporation and Good Standing of the Company and
its Subsidiaries ...............................................4
(k) Capitalization and Other Capital Stock Matters..................4
(l) Stock Exchange Listing..........................................5
(m) Non-Contravention of Existing Instruments; No Further
Authorizations or Approvals Required............................5
(n) No Material Actions or Proceedings..............................6
(o) Intellectual Property Rights....................................6
(p) All Necessary Permits, etc......................................6
(q) Title to Properties.............................................6
(r) Tax Law Compliance..............................................6
(s) Company Not an "Investment Company".............................7
(t) Insurance.......................................................7
(u) No Price Stabilization or Manipulation..........................7
(v) Related Party Transactions......................................7
(w) No Unlawful Contributions or Other Payments.....................7
(x) Company's Accounting System.....................................8
(y) ERISA Compliance................................................8
(z) Insurance Regulations...........................................8
(aa) Statutory Financial Statements..................................9
(bb) Reinsurance.....................................................9
(cc) Shareholders' Agreement.........................................9
(dd) Brokers Fees....................................................9
(ee) Changes in Law.................................................10
B. REPRESENTATIONS AND WARRANTIES OF THE SELLING SHAREHOLDERS.............10
(a) The Underwriting Agreement.....................................10
(b) The Power of Attorney and Custody Agreement....................10
(c) Title to Common Shares to be Sold; All Authorizations Obtained.10
(d) Delivery of the Common Shares to be Sold.......................11
(e) Non-Contravention; No Further Authorizations or
Approvals Required ............................................11
(f) No Registration or Other Similar Rights........................11
(g) Disclosure Made by Such Selling Shareholder in the Prospectus..11
(h) No Price Stabilization or Manipulation.........................12
(i) Broker's Fees..................................................12
(i)
{PAGE}
Section 2. Purchase, Sale and Delivery of the Common Shares..................12
(a) The Firm Common Shares.........................................12
(b) The First Closing Date.........................................12
(c) The Optional Common Shares; the Second Closing Date............13
(d) Public Offering of the Common Shares...........................13
(e) Payment for the Common Shares..................................14
(f) Delivery of the Common Shares..................................14
(g) Delivery of Prospectus to the Underwriters.....................14
Section 3. Covenants of the Company..........................................15
A. COVENANTS OF THE COMPANY...............................................15
(a) Representatives' Review of Proposed Amendments and Supplements.15
(b) Securities Act Compliance......................................15
(c) Amendments and Supplements to the Prospectus and
Other Securities Act Matters ..................................15
(d) Copies of any Amendments and Supplements to the Prospectus.....16
(e) Blue Sky Compliance............................................16
(f) Use of Proceeds................................................16
(g) Transfer Agent.................................................16
(h) Earnings Statement.............................................16
(i) Periodic Reporting Obligations.................................16
(j) Agreement Not To Offer or Sell Additional Securities...........17
(k) Future Reports to the Representatives..........................17
B. COVENANTS OF THE SELLING SHAREHOLDERS..................................17
(a) Agreement Not to Offer or Sell Additional Securities...........17
(b) Delivery of Forms W-8 and W-9..................................17
Section 4. Payment of Expenses...............................................18
Section 5. Conditions of the Obligations of the Underwriters.................18
(a) Auditors' Comfort Letter.......................................19
(b) Compliance with Registration Requirements; No Stop Order;
No Objection from NASD ........................................19
(c) No Material Adverse Change or Ratings Agency Change............19
(d) Opinion of Counsel for the Company.............................20
(e) Opinion of Counsel for the Underwriters........................20
(f) Officers' Certificate..........................................20
(g) Bring-down Comfort Letter......................................20
(h) Opinion of Counsel for the Selling Shareholders................20
(i) Selling Shareholders' Certificate..............................21
(j) Selling Shareholders' Documents................................21
292396
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UAF
As referenced in this Underwriting Agreement:
UNIVERSAL AMERICAN FINANCIAL CORP – EX-1
{SEQUENCE}2
{FILENAME}ex1-1form8k716.txt
{DESCRIPTION}EXHIBIT 1.1
{TEXT}
EXHIBIT 1.1
UNDERWRITING AGREEMENT
{PAGE}
7,200,000 SHARES
UNIVERSAL AMERICAN FINANCIAL CORP .
COMMON STOCK
UNDERWRITING AGREEMENT
DATED JULY 12, 2001
{PAGE}
TABLE OF CONTENTS
PAGE
----
Section 1. Representations and Warranties of the Company......................2
_____________
Universal American Financial Corp – Representatives of the Several Underwriters
c/o BANC OF AMERICA SECURITIES LLC
600 Montgomery Street
San Francisco, California 94111
Ladies and Gentlemen:
INTRODUCTORY. Universal American Financial Corp ., a New York
corporation (the "Company), proposes to issue and sell to the several
underwriters named in SCHEDULE A (the "Underwriters") an
_____________
Universal American Financial Corp – P.
125 West 55th Street
New York, NY 10019
Facsimile: (212) 424-8500
Attention: Michael Groll, Esq.
26
{PAGE}
If to the Company:
Universal American Financial Corp .
Six International Drive, Suite 190
Rye Brook, New York 10573
Facsimile: (914) 934-2949
Attention: Robert A. Waegelein, Chief Financial Officer
If
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – copies hereof, whereupon this instrument, along with all counterparts
hereof, shall become a binding agreement in accordance with its terms.
Very truly yours,
UNIVERSAL AMERICAN FINANCIAL CORP .
By: /s/ Richard Barasch
---------------------------------------
Name: Richard Barasch
Title: Chief Executive Officer
{PAGE}
SELLING SHAREHOLDERS:
J.P. MORGAN PARTNERS (BHCA) L.P.
By: /
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – As Representatives of the Several Underwriters
c/o BANC OF AMERICA SECURITIES
LLC 9 West 57th Street, 25th Floor
New York, NY 10019
UNIVERSAL AMERICAN FINANCIAL CORP .
Ladies and Gentlemen:
We have acted as special counsel to Universal American
Financial Corp., a New York corporation (the "Company"), in connection
_____________
dt 231247
;
 BofA Securities
As referenced in this Underwriting Agreement:
BANC OF AMERICA SECURITIES LLC – of the Selling Shareholders to
Sell and Deliver Common Shares ..................................31
Section 18. General Provisions...............................................31
(iii)
{PAGE}
UNDERWRITING AGREEMENT
July 12, 2001
BANC OF AMERICA SECURITIES LLC
Raymond James & Associates, Inc.
As Representatives of the Several Underwriters
c/o BANC OF AMERICA SECURITIES LLC
600 Montgomery Street
San Francisco,
_____________
BANC OF AMERICA SECURITIES LLC – PAGE}
UNDERWRITING AGREEMENT
July 12, 2001
BANC OF AMERICA SECURITIES LLC
Raymond James & Associates, Inc.
As Representatives of the Several Underwriters
c/o BANC OF AMERICA SECURITIES LLC
600 Montgomery Street
San Francisco, California 94111
Ladies and Gentlemen:
INTRODUCTORY. Universal American Financial Corp., a New York
corporation (the "Company), proposes
_____________
Banc of America
Securities LLC – Firm
Common Shares and, if and to the extent such option is exercised, the Optional
Common Shares are collectively called the "Common Shares". Banc of America
Securities LLC ("BAS") and Raymond James & Associates, Inc. ("Raymond James")
have agreed to act as representatives of the several Underwriters (in such
capacity, the "
_____________
Banc of America Securities LLC – be in
writing and shall be mailed, hand delivered or telecopied and confirmed to the
parties hereto as follows:
If to the Representatives:
Banc of America Securities LLC
600 Montgomery Street
San Francisco, California 94111
Facsimile: (415) 913-5558
Attention: Equity Capital Markets
with copies to:
Banc of America Securities
_____________
Banc of America Securities LLC – Banc of America Securities LLC
600 Montgomery Street
San Francisco, California 94111
Facsimile: (415) 913-5558
Attention: Equity Capital Markets
with copies to:
Banc of America Securities LLC
9 West 57th Street
New York, NY 10019
Facsimile: (212) 583-8567
Attention: Isaac Osaki, Esq.
LeBoeuf, Lamb, Greene & MacRae, L.L.
_____________
dt 252043
;
Chase Manhattan
As referenced in this Underwriting Agreement:
Chase Manhattan Bank, – any property or assets of the Company or any of its subsidiaries pursuant to,
(A) the Company's Revolving Credit Facility with The Chase Manhattan Bank, as
lender, or (B) to our knowledge, any other material Existing Instrument; or (iv)
to our knowledge, will not result in any
_____________
dt 245560
;
|
Raymond James
As referenced in this Underwriting Agreement:
Raymond James & Associates, – Sell and Deliver Common Shares ..................................31
Section 18. General Provisions...............................................31
(iii)
{PAGE}
UNDERWRITING AGREEMENT
July 12, 2001
BANC OF AMERICA SECURITIES LLC
Raymond James & Associates, Inc.
As Representatives of the Several Underwriters
c/o BANC OF AMERICA SECURITIES LLC
600 Montgomery Street
San Francisco, California 94111
Ladies
_____________
Raymond James & Associates, – the extent such option is exercised, the Optional
Common Shares are collectively called the "Common Shares". Banc of America
Securities LLC ("BAS") and Raymond James & Associates, Inc. ("Raymond James")
have agreed to act as representatives of the several Underwriters (in such
capacity, the "Representatives") in connection with the
_____________
RAYMOND JAMES & ASSOCIATES, – confirmed and
accepted by the Representatives in New York, New York as of the date first above
written.
BANC OF AMERICA SECURITIES LLC
RAYMOND JAMES & ASSOCIATES, INC.
Acting as Representatives of the several Underwriters named in the attached
Schedule A.
BY: BANC OF AMERICA SECURITIES LLC
By: /s/
_____________
Raymond James & Associates, – Title: Managing Director
{PAGE}
SCHEDULE A
NUMBER OF
FIRM COMMON
SHARES
UNDERWRITERS TO BE PURCHASED
Banc of America Securities LLC ................. 5,414,400
Raymond James & Associates, Inc. ............... 1,353,600
Ryan, Beck & Co., Inc. ......................... 144,000
Sanders Morris Harris .......................... 144,000
Sandler O'Neill & Partners L.P. ................ 144,
_____________
RAYMOND JAMES & ASSOCIATES, – PAGE}
EXHIBIT A-1
[OPINION OF PAUL, WEISS, RIFKIND, WHARTON & GARRISON
COUNSEL FOR THE COMPANY]
July __, 2001
BANC OF AMERICA SECURITIES LLC
RAYMOND JAMES & ASSOCIATES, INC.
As Representatives of the Several Underwriters
c/o BANC OF AMERICA SECURITIES
LLC 9 West 57th Street, 25th Floor
New York,
_____________
dt 244475
;
 LeBoeuf Lamb
As referenced in this Underwriting Agreement:
LeBoeuf, Lamb – DATE. Delivery of the Firm Common Shares
to be purchased by the Underwriters and payment therefor shall be made
at the offices of LeBoeuf, Lamb , Greene & MacRae, L.L.P., 125 West 55th
Street, New York, NY 10019 (or such other place as may be agreed to
_____________
LeBoeuf, Lamb – THE UNDERWRITERS. On each of the
First Closing Date and the Second Closing Date the Representatives
shall have received the favorable opinion of LeBoeuf, Lamb , Greene &
MacRae, L.L.P., counsel for the Underwriters, dated as of such Closing
Date, with respect to the matters as the
_____________
LeBoeuf, Lamb – copies to:
Banc of America Securities LLC
9 West 57th Street
New York, NY 10019
Facsimile: (212) 583-8567
Attention: Isaac Osaki, Esq.
LeBoeuf, Lamb , Greene & MacRae, L.L.P.
125 West 55th Street
New York, NY 10019
Facsimile: (212) 424-8500
Attention: Michael Groll, Esq.
26
{
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dt 234613
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