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Title: |
Master Sale and Purchase Agreement |
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Entities: |
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Date: |
2005 |
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Preview shows 13KB of 72KB total |
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$48 |
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ID: |
#1030594 |
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MASTER SALE AND PURCHASE AGREEMENT
BETWEEN
JOHNSON CONTROLS, INC.
AND
DELPHI CORPORATION
JUNE 30, 2005
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
1. CONVEYANCE OF THE COMBINED BUSINESS..................................................................... 8
1.1. Sale Securities................................................................................ 8
1.2. Asset Transactions............................................................................. 8
1.2.1. US Acquired Assets.................................................................... 8
1.2.2. Other IAM Activities.................................................................. 8
1.3 Post-Closing Asset Deliveries.................................................................. 9
2. PURCHASE PRICE ......................................................................................... 9
2.1. Purchase Price................................................................................. 9
2.1.1. Purchase Price........................................................................ 9
2.1.2. Purchase Price Adjustments and Reimbursement.......................................... 9
2.2. Allocation of Purchase Price................................................................... 10
2.3 Preparation of Closing Balance Sheet........................................................... 10
2.4 Purchase Price Adjustment and Reimbursement.................................................... 12
3. REPRESENTATIONS, WARRANTIES AND INDEMNITIES............................................................. 12
4. CONDITIONS TO CLOSING................................................................................... 13
4.1. Conditions to Obligations of Purchaser......................................................... 13
4.1.1. Accuracy of Warranties................................................................ 13
4.1.2. Performance of Covenants.............................................................. 13
4.1.3. No Suits.............................................................................. 13
4.1.4. Approvals............................................................................. 13
4.1.5. GM Supply Agreement................................................................... 13
4.2. Conditions to Obligations of Seller............................................................ 13
4.2.1. Accuracy of Warranties................................................................ 13
4.2.2. Performance of Covenants.............................................................. 13
4.2.3. No Suits.............................................................................. 14
4.2.4. Approvals............................................................................. 14
5. CLOSING ................................................................................................ 14
5.1. The Closing.................................................................................... 14
5.2. Ancillary Agreements........................................................................... 14
5.3. Seller's Obligations........................................................................... 15
5.4. Purchaser's Obligations........................................................................ 16
6. CERTAIN ADDITIONAL COVENANTS............................................................................ 16
6.1. Post-Closing Covenants......................................................................... 16
6.2. Further Assurances............................................................................. 16
7. MISCELLANEOUS .......................................................................................... 16
7.1. Bulk Sales Laws................................................................................ 16
7.2. Notices ....................................................................................... 16
7.3. Assignment..................................................................................... 17
7.4. Entire Agreement............................................................................... 17
7.5. Waiver ........................................................................................ 17
7.6. Severability................................................................................... 17
7.7. Amendment...................................................................................... 18
7.8. Expenses ...................................................................................... 18
7.9. Third Parties.................................................................................. 18
7.10. Headings ...................................................................................... 18
7.11. Counterparts................................................................................... 18
</TABLE>
i
<PAGE>
<TABLE>
<S> <C>
7.12. Governing Law.................................................................................. 18
7.13. Public Announcements........................................................................... 18
7.14. Sales or Transfer Taxes........................................................................ 18
7.15. Other Tax Matters.............................................................................. 19
</TABLE>
LIST OF EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
DESIGNATION DESCRIPTION
----------- -----------
<S> <C>
2.2.1 Allocation of Initial Purchase Price
2.3.1 Post-Closing Balance Sheet True-Ups Procedural Memo
A Seller's Knowledge
</TABLE>
ii
<PAGE>
LIST OF SCHEDULES
<TABLE>
<CAPTION>
SCHEDULE SCHEDULE
DESIGNATION DESCRIPTION
----------- -----------
<S> <C>
1 Details of Sellers and Purchasers
3 Representations, Warranties and Indemnifications
5.2.6 Invoices for the Sale of Aftermarket Inventory
6.1 Additional Post Closing Covenants
</TABLE>
iii
<PAGE>
MASTER SALE AND PURCHASE AGREEMENT
THIS MASTER SALE AND PURCHASE AGREEMENT (this "AGREEMENT") dated JUNE
30, 2005, by and between JOHNSON CONTROLS, INC., a Wisconsin corporation
("PURCHASER") and DELPHI CORPORATION, a Delaware corporation ("SELLER").
R E C I T A L S:
WHEREAS, Seller, directly or through one or more of its Affiliates and
JV Companies, is engaged in the manufacture, development and sale of starting,
lighting and ignition lead-acid ("SLI") batteries.
WHEREAS, Purchaser, directly or through one or more of its Affiliates,
desires to purchase substantially all of the Combined Business (as hereinafter
defined), and Seller desires to sell the Combined Business to Purchaser, on the
terms and subject to the conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the premises, mutual promises,
representations, warranties and covenants contained in this Agreement, the
Parties agree:
DEFINITIONS
The following terms, as used in this Agreement, shall have the
following meanings whether used in the singular or plural (other terms are
defined in Sections or Schedules to which they pertain):
"ACQUIRED ASSETS" means the US Acquired Assets and the Inventory of
the IAM Activities of the Business referred to in Section 1.2.2.
"AFFILIATE" means with respect to any Party any business or other
entity directly or indirectly controlling, controlled by or under common control
with such specified entity. For purposes of this definition, control means
ownership of more than fifty percent (50%) of the shares or other equity
interest having power to elect directors or persons performing a similar
functions.
"AGREEMENT" means this Master Sale and Purchase Agreement, including
its Schedules and Exhibits.
"ALLOCATION" means allocation of the Purchase Price, as described in
Section 2.2.
"ANCILLARY AGREEMENTS" means the agreements referred to in Section 5.2.
"ARBITER" shall have the meaning set forth in Section 2.3.3.
"ASSET PURCHASERS" means the Purchaser Affiliates set forth on Schedule
1, with respect to the Inventory or Acquired Assets set forth opposite their
name.
1
<PAGE>
"ASSET SELLER(S)" means Seller Affiliates set forth on Schedule 1, with
respect to the Inventory assets set forth opposite their name.
"ASSUMED LIABILITIES" means the obligations of the US Business assumed
by Purchaser as referred to in the US Transfer Agreement.
"BENEFIT PLANS" means any pension, thrift, savings, profit sharing,
retirement, bonus, incentive, health, dental, accident, disability, stock
purchase, stock option, stock appreciation, stock bonus, executive or deferred
compensation, hospitalization, "parachute", severance, vacation, sick leave,
fringe or welfare benefits policies or practices.
"BRAZILIAN CO." means Slila Industria, Comercio e Servicos de Auto
Pecas Ltda. a new corporation formed by Seller under the Laws of Brazil in order
to facilitate transfer of the relevant Business in Brazil to JCI.
"BUSINESS" means Seller's global SLI battery business, except for the
Excluded Assets, and excluding the JV Companies.
"CA-LE" means Empresas Ca-Le Tlaxcala, S.A. de C.V., a corporation
organized under Mexican law.
"CLOSING" shall have the meaning set forth in Section 5.1.
"CLOSING BALANCE SHEET" means the unaudited, pro forma, unconsolidated
balance sheet of the Combined Business which: (i) will be dated as of the
Closing Date; (ii) will be prepared in accordance with US GAAP consistent with
the Pre-Closing Statements; and (iii) will separately set forth the relevant
balance sheet information for the JV Companies and the Business.
"CLOSING DATE" means the date of Closing set forth in Section 5.1
"COMBINED BUSINESS" means the Business and Seller's ownership interest
in the JV Companies.
"CONTRACTS" mean purchase orders, sales agreements, service contracts,
distribution agreements, sales representative agreements, leases, product
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