UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 8)*
PERINI CORPORATION
------------------
(Name of Issuer)
Common Stock
-----------------------------------------------
(Title of Class of Securities)
713-839108
----------
(CUSIP Number)
Murray A. Indick
Blum Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 19, 2003
-----------------
(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 [ ].
*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).
Page 1 of 10
CUSIP NO. 713-839108 SCHEDULE 13D Page 2 of 10
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1. NAME OF REPORTING PERSON PB CAPITAL PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3248865
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]**
(b) [x]**
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* WC
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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 Delaware
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7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 5,485,324**
BENEFICIALLY
OWNED BY EACH
PERSON WITH
-----------------------------------------------------------
9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 5,485,324**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,485,324**
------------------------------------------------------------------------------
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) 24.0%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 713-839108 SCHEDULE 13D Page 3 of 10
------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3205364
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]**
(b) [x]**
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* Not Applicable
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 5,485,324**
BENEFICIALLY
OWNED BY EACH
PERSON WITH
-----------------------------------------------------------
9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 5,485,324**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,485,324**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 24.0%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN, IA
------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 713-839108 SCHEDULE 13D Page 4 of 10
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1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-2967812
------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]**
(b) [x]**
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3. SEC USE ONLY
------------------------------------------------------------------------------
4. SOURCE OF FUNDS* Not Applicable
------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 5,485,324**
BENEFICIALLY
OWNED BY EACH
PERSON WITH
-----------------------------------------------------------
9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 5,485,324**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,485,324**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 24.0%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 713-839108 SCHEDULE 13D Page 5 of 10
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1. NAME OF REPORTING PERSON RICHARD C. BLUM
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]**
(b) [x]**
------------------------------------------------------------------------------
3. SEC USE ONLY
------------------------------------------------------------------------------
4. SOURCE OF FUNDS* Not Applicable
------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A.
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 5,485,324**
BENEFICIALLY
OWNED BY EACH
PERSON WITH
-----------------------------------------------------------
9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 5,485,324**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,485,324**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 24.0%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON IN
------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 713-839108 SCHEDULE 13D Page 6 of 10
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1. NAME OF REPORTING PERSON THE COMMON FUND FOR NONPROFIT ORGANIZATIONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 23-7037968
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]**
------------------------------------------------------------------------------
3. SEC USE ONLY
------------------------------------------------------------------------------
4. SOURCE OF FUNDS* WC
------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION New York
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 1,162,348**
BENEFICIALLY
OWNED BY EACH
PERSON WITH
-----------------------------------------------------------
9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,162,348**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,162,348**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.1%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 713-839108 SCHEDULE 13D Page 7 of 10
Item 1. Security and Issuer
----------------------------
This Amendment No. 8 amends the Statement on Schedule 13D (the "Schedule 13D")
filed with the Securities and Exchange Commission (the "Commission") on
November 21, 2003 by PB Capital Partners, L.P., a Delaware limited partnership
("PB Capital"), Blum Capital Partners, L.P., a California limited partnership
("Blum L.P."); Richard C. Blum & Associates, Inc., a California corporation
("RCBA Inc."); Richard C. Blum, the Chairman and a substantial shareholder of
RCBA Inc.; and The Common Fund for Nonprofit Organizations, a New York
nonprofit corporation ("The Common Fund") (collectively, the "Reporting
Persons"). This Amendment No. 8 relates to shares of Common Stock, $1.00 par
value (the "Common Stock") of Perini Corporation, a Massachusetts corporation
(the "Issuer"). The principal executive office and mailing address of the
Issuer is 73 Mt. Wayte Avenue, Framingham, Massachusetts 01701. The following
amendments to the Schedule 13D are hereby made. Unless otherwise defined
herein, all capitalized terms shall have the meanings ascribed to them in the
Schedule 13D.
Item 2. Identity and Background
--------------------------------
Item 2 of the Schedule 13D is hereby amended as follows:
Since the filing of Amendment No. 7 to Schedule 13D, there have been changes
to the executive officers and directors of Blum L.P. and RCBA Inc.
The principal business office address of Blum L.P. and RCBA Inc. is 909
Montgomery Street, Suite 400, San Francisco, California 94133. The names of
the executive officers and directors of Blum L.P. and RCBA Inc., their
addresses, citizenship and principal occupations are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- --------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
President & Suite 400 Blum L.P.
Chairman San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. Norway Managing Partner,
Managing Partner Suite 400 Blum L.P.
& Director San Francisco, CA 94133
John C. Walker 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Jose S. Medeiros 909 Montgomery St. Brazil Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
CUSIP NO. 713-839108 SCHEDULE 13D Page 8 of 10
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- --------------------
Kerry L. Nelson 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Jeffrey A. Cozad 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Partner, Chief Suite 400 Financial Officer,
Financial Officer, San Francisco, CA 94133 Blum L.P.
Assistant Secretary
& Director
Murray A. Indick 909 Montgomery St. USA Partner and
Partner, General Suite 400 General Counsel,
Counsel & Secretary San Francisco, CA 94133 Blum L.P.
To the best knowledge of the Reporting Persons, none of the entities or
persons identified in this Item 2 has, during the past five years, been
convicted of any criminal proceeding (excluding traffic violations or similar
misdemeanors), nor been 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.
Item 4. Purpose of Transaction
--------------------------------
Item 4 of the Schedule 13D is hereby amended as follows:
On December 1, 2003, the Issuer, Blum L.P., PB Capital and The Common Fund,
entered into an Agreement (the "Agreement"), whereby the Issuer agreed to
provide Blum L.P., PB Capital and The Common Fund with a demand registration
right under certain circumstances and on the terms and conditions provided in
the Agreement, including a requirement that a registered offering be declared
effective. A copy of the executed Agreement is attached hereto as Exhibit B
and incorporated by reference herein.
On December 18, 2003, Blum L.P., PB Capital and The Common Fund, entered into
an Agreement (the "Letter Agreement") whereby Blum L.P., PB Capital and The
Common Fund agreed not to sell shares of the Issuer's common stock for a
period commencing on the date of the Letter Agreement and expiring as provided
therein. A copy of the executed Letter Agreement is attached hereto as
Exhibit C and incorporated by reference herein.
CUSIP NO. 713-839108 SCHEDULE 13D Page 9 of 10
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
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Item 6 to the Schedule 13D is hereby amended to add the following information:
As described in Item 4 above, Blum L.P., PB Capital and The Common Fund,
entered into the agreements, attached hereto as Exhibits B and C, with the
Issuer.
Item 7. Material to be Filed as Exhibits
-----------------------------------------
Exhibit A Joint Filing Undertaking.
Exhibit B Agreement
Exhibit C Letter Agreement
CUSIP NO. 713-839108 SCHEDULE 13D Page 10 of 10
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
December 23, 2003
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its general partner
By: /s/ Murray A. Indick By: /s/ Murray A. Indick
------------------------------- -----------------------------------
Murray A. Indick Murray A. Indick
Partner and General Counsel Partner and General Counsel
PB CAPITAL PARTNERS, L.P.
By: Blum Capital Partners, L.P.,
its general partner
By: Richard C. Blum & Associates, Inc.,
its general partner RICHARD C. BLUM
By: /s/ Murray A. Indick By: /s/ Murray A. Indick
------------------------------- ------------------------
Murray A. Indick By: Murray A. Indick
Partner and General Counsel Attorney-in-Fact
THE COMMON FUND FOR NON-PROFIT ORGANIZATIONS
By: Blum Capital Partners, L.P.,
its investment advisor
By: Richard C. Blum & Associates, Inc.
its general partner
By: /s/ Murray A. Indick
-------------------------------
Murray A. Indick
Partner and General Counsel
CUSIP NO. 713-839108 SCHEDULE 13D Page 1 of 1
Exhibit A
Joint Filing Undertaking
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to the Schedule 13D to evidence the agreement of the
below-named parties, in accordance with the rules promulgated pursuant to the
Securities Exchange Act of 1934, to file this Schedule jointly on behalf of
each such party.
December 23, 2003
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its general partner
By: /s/ Murray A. Indick By: /s/ Murray A. Indick
------------------------------- -----------------------------------
Murray A. Indick Murray A. Indick
Partner and General Counsel Partner and General Counsel
PB CAPITAL PARTNERS, L.P.
By: Blum Capital Partners, L.P.,
its general partner
By: Richard C. Blum & Associates, Inc.,
its general partner RICHARD C. BLUM
By: /s/ Murray A. Indick By: /s/ Murray A. Indick
------------------------------- ------------------------
Murray A. Indick By: Murray A. Indick
Partner and General Counsel Attorney-in-Fact
THE COMMON FUND FOR NON-PROFIT ORGANIZATIONS
By: Blum Capital Partners, L.P.,
its investment advisor
By: Richard C. Blum & Associates, Inc.
its general partner
By: /s/ Murray A. Indick
-------------------------------
Murray A. Indick
Partner and General Counsel
CUSIP NO. 713-839108 SCHEDULE 13D Page 1 of 3
Exhibit B
Demand Registration Agreement
December 1, 2003
Reference is made to that certain Registration Rights Agreement dated as
of March 29, 2000 by and among Perini Corporation, a Massachusetts corporation
(the "Company"), Blum Capital Partners, L.P., a California limited partnership
("Blum"), PB Capital Partners, L.P., a Delaware limited partnership ("PB
Capital"), The Common Fund for Non-Profit Organizations, a New York non-profit
corporation ("The Common Fund" and together with Blum and PB Capital, the
"Blum Holders"), and the other parties thereto (the "Registration Rights
Agreement"). Capitalized terms used and not defined herein shall have the
meanings ascribed thereto in the Registration Rights Agreement.
WHEREAS, pursuant to the Registration Rights Agreement, the Blum Holders
collectively have the right to request one Demand Registration;
WHEREAS, pursuant to that certain letter dated September 10, 2003 from
the Blum Holders to the Company, the Blum Holders have requested their one
Demand Registration (the "Current Registration");
WHEREAS, in order to facilitate an orderly sale of Registrable Securities
by the Blum Holders pursuant to the Current Registration, the Blum Holders
have agreed to request registration of only a portion of the Registrable
Securities held by some of them and, in consideration of such agreement, the
Company has agreed to provide the Blum Holders with an additional demand
registration right on the terms and conditions provided in this Agreement.
NOW THEREFORE, in consideration of the foregoing and other valuable
consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
At any time during the period commencing after the sale of Registrable
Securities pursuant to the Current Registration and ending on the date on
which the Blum Holders no longer hold any Registrable Securities, the Blum
Holders may collectively request in writing that the Company file a
Registration Statement under the Securities Act covering the registration of
all or a portion of the Registrable Securities then held by the Blum Holders
(a "Blum Registration"). The Blum Holders are entitled to one Blum
Registration under this Agreement, and shall retain all other rights and
obligations under the Registration Rights Agreement, including without
limitation, their rights under Section 2.3 of the Registration Rights
Agreement. The parties hereto agree that their rights and obligations with
respect to the Blum Registration will consist of those set forth in (i)
Sections 2.2(a), 2.2(b), 2.2(d), 2.2(e) and 2.2 (f) of the
Registration Rights Agreement, which provisions are incorporated herein by
reference (treating such Blum Registration as if it were a Demand Registration
and treating the Blum Holders as Demand Holders), (ii) the applicable
provisions of Articles IV, V, VI VII and VIII of the Registration Rights
Agreement, which provisions are incorporated herein by reference, and (iii)
the provisions (except for Sections 9.11, 9.12, 9.14 and 9.15(a)) contained
in Article IX of the Registration Rights Agreement, which provisions are
incorporated herein by reference.
The Blum Holders acknowledge and agree that (i) any exercise of the Blum
Registration will give rise to piggyback registration rights under Section 2.3
CUSIP NO. 713-839108 SCHEDULE 13D Page 2 of 3
of the Registration Rights Agreement and (ii) any Blum Registration to be
effected on an underwritten basis will be subject to the cutback provisions
contained in Section 3.1(b) of the Registration Rights Agreement.
This Agreement shall not become effective and the Blum Holders shall have
no right to the Blum Registration unless and until the Registration Statement
relating to the Current Registration has become effective and the Current
Registration constitutes the Blum Holders' one Demand Registration under the
Registration Rights Agreement. If by March 31, 2004, either (i) the
Registration Statement relating to the Current Registration has not become
effective or (ii) the Blum Holders are not deemed to have exercised their one
Demand Registration under the Registration Rights Agreement, then this
Agreement shall terminate without becoming effective and shall be of no force
or effect.
No provision of this Agreement may be amended or modified except by an
instrument in writing signed by the Company and each of the Blum Holders. The
parties represent and warrant to each other that this Agreement constitutes a
valid and binding obligation of each party, has been appropriately authorized,
and is enforceable in accordance with its terms.
END OF TEXT
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first set forth above.
PERINI CORPORATION
By: /s/ Robert Band
Name: Robert Band
Title: President
BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.,
its general partner
By: /s/ Murray A. Indick
Name: Murray A. Indick
Title: Partner, General Counsel
and Secretary
CUSIP NO. 713-839108 SCHEDULE 13D Page 3 of 3
PB CAPITAL PARTNERS, LP
By: Blum Capital Partners, L.P.,
its general partner
By: Richard C. Blum & Associates, Inc.,
its general partner
By: /s/ Murray A. Indick
Name: Murray A. Indick
Title: Partner, General Counsel
and Secretary
THE COMMON FUND FOR NON-PROFIT
ORGANIZATIONS
By: Blum Capital Partners, L.P.,
its investment advisor
By: Richard C. Blum & Associates, Inc.,
its general partner
By: /s/ Murray A. Indick
Name: Murray A. Indick
Title: Partner, General Counsel
and Secretary
CUSIP NO. 713-839108 SCHEDULE 13D Page 1 of 3
EXHIBIT C
EXECUTION COPY
December 18, 2003
Perini Corporation
73 Mt. Wayte Avenue
Framingham, Massachusetts 01701
Credit Suisse First Boston LLC
D.A. Davidson & Co.
Morgan Joseph & Co. Inc.
c/o Credit Suisse First Boston LLC
Eleven Madison Avenue
New York, NY 10010-3629
Dear Sirs:
As an inducement to the Underwriters to execute the Underwriting
Agreement, pursuant to which an offering will be made that is
intended to result in an orderly market for the common stock,
par value $1.00 (the "Common Stock") of Perini Corporation, and any
successor (by merger or otherwise) thereto, (the "Company"), the
undersigned hereby agrees that from the date hereof and until
90 days after the public offering date set forth on the final
prospectus used to sell the shares of Common Stock (the
"Public Offering Date") pursuant to the Underwriting Agreement
to which you expect to become parties, the undersigned will not
offer, sell, contract to sell, pledge or otherwise dispose of,
directly or indirectly, any shares of Common Stock or securities
convertible into or exchangeable or exercisable for any shares
of Common Stock, enter into a transaction which would have the
same effect, or enter into any swap, hedge or other arrangement
that transfers, in whole or in part, any of the economic consequences
of ownership of the Common Stock, whether any such aforementioned
transaction is to be settled by delivery of the Common Stock or
such other securities, in cash or otherwise, or publicly disclose
the intention to make any such offer, sale, pledge or disposition,
or to enter into any such transaction, swap, hedge or other arrangement,
without, in each case, the prior written consent of Credit Suisse
First Boston LLC ("CSFB"). In addition, the undersigned agrees that,
without the prior written consent of CSFB, it will not, during the
period commencing on the date hereof and ending 90 days after the
Public Offering Date, make any demand for or exercise any right with
respect to, the registration of any Common Stock or any security
convertible into or exercisable or exchangeable for the Common Stock.
Any Common Stock received upon exercise of options granted to the
undersigned will also be subject to this Agreement. Notwithstanding
the foregoing, the restrictions contained in the previous paragraph
shall not apply to (A) the shares of Common Stock proposed to be sold
by the undersigned pursuant to the Underwriting Agreement, (B)
transactions by any person relating to shares of Common Stock or
other securities of the Company acquired in open market transactions
after the Public Offering Date; (C) transfers of shares of Common Stock
CUSIP NO. 713-839108 SCHEDULE 13D Page 2 of 3
or any security convertible into or exercisable or exchangeable for Common
Stock of the Company as a bona fide gift or gifts; (D) transfers or
distributions of shares of Common Stock or any security convertible into or
exercisable or exchangeable into Common Stock of the Company to affiliates
(as defined in Rule 405 under the Securities Act); (E) if the undersigned
hereto is a partnership or corporation, a distribution to the partners or
shareholders thereof, or (F) transfers by the undersigned or its
distributee or transferee of Common Stock or securities convertible into
or exercisable or exchangeable for Common Stock of the Company to a family
member of the undersigned or such distributee or transferee or trust
created for the benefit of the undersigned or such distributee or
transferee or family member of the undersigned or such distributee or
transferee; provided, that in the case of any transfer or distribution
pursuant to clauses (C) through (F) above, such transferee or distributee
shall execute and deliver to CSFB an agreement to be bound by the
restrictions set forth above prior to such transfer or distribution,
as the case may be.
In furtherance of the foregoing, the Company and its transfer agent and
registrar are hereby authorized to decline to make any transfer of
shares of Common Stock prior to the expiration or earlier termination
date of this Agreement if such transfer would constitute a violation
or breach of this Agreement.
This Agreement shall be binding on the undersigned and the successors,
heirs, personal representatives and assigns of the undersigned. This
Agreement shall lapse and become null and void on the earlier of the
following two events: (i) March 31, 2004 if the Public Offering Date
shall not have occurred on or before March 31, 2004, or (ii) the date the
Registration Statement on Form S-1 relating to the proposed offering is
withdrawn.
CUSIP NO. 713-839108 SCHEDULE 13D Page 3 of 3
Very truly yours,
BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.,
its general partner
By: /s/ Murray A. Indick
Name: Murray A. Indick
Title: Partner, General Counsel and Secretary
PB CAPITAL PARTNERS, L.P.
By: Blum Capital Partners, L.P., its general partner
By: Richard C. Blum & Associates, Inc.,
its general partner
By: /s/ Murray A. Indick
Name: Murray A. Indick
Title: Partner, General Counsel and Secretary
THE COMMON FUND FOR NON-PROFIT ORGANIZATIONS
By: Blum Capital Partners, L.P., its investment advisor
By: Richard C. Blum & Associates, Inc.,
its general partner
By: /s/ Murray A. Indick
Name: Murray A. Indick
Title: Partner, General Counsel and Secretary