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Stock Purchase Agreement

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Title:

Stock Purchase Agreement

Entities:

J.C. Penney Corp. Inc.

Date:

2001

Size:

Preview shows 5KB of 263KB total

Price:

$79

ID:

#1217286

► Purchase & Sale ► Purchase ► Stock Purchase Agreements
► Retail ► Department & Discount

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                           STOCK PURCHASE AGREEMENT





                                     among





                       COMMONWEALTH GENERAL CORPORATION,



                          J. C. PENNEY COMPANY, INC.





                                      and





                 J. C. PENNEY DIRECT MARKETING SERVICES, INC.



                           dated as of March 7, 2001





--------------------------------------------------------------------------------

<PAGE>



                               TABLE OF CONTENTS



<TABLE>

<CAPTION>

                                                                                                         Page

<S>                                                                                                      <C>

ARTICLE I        PURCHASE AND SALE OF THE SHARES........................................................    2



     Section 1.1     Purchase and Sale of the Shares....................................................    2

     Section 1.2     Unadjusted Purchase Price..........................................................    2

     Section 1.3     Estimated Purchase Price...........................................................    2

     Section 1.4     Final Purchase Price...............................................................    3

     Section 1.5     Closing............................................................................    6

     Section 1.6     Deliveries at the Closing..........................................................    6

     Section 1.7     Settlement of Intercompany Obligations.............................................    8

     Section 1.8     Retained Assets....................................................................    9

     Section 1.9     Nonassignable Contracts............................................................   10

     Section 1.10    Assumed Liabilities and JCPIIG Liabilities.........................................   11

     Section 1.11    Delivery of Other Assets and JCPIIG Assets.........................................   11

ARTICLE II       REPRESENTATIONS AND WARRANTIES OF THE PARENT AND THE SELLER............................   11



     Section 2.1     Representations and Warranties Regarding the Parent and the Seller.................   11

     Section 2.2     Representations and Warranties Regarding the DMS Companies and the DMS Subsidiaries   14

ARTICLE III      REPRESENTATIONS AND WARRANTIES OF THE PURCHASER........................................   30



     Section 3.1     Organization, Standing and Corporate Power.........................................   30

     Section 3.2     Authority; Noncontravention........................................................   30

     Section 3.3     Consents and Approvals.............................................................   31

     Section 3.4     Investment Intent..................................................................   31

     Section 3.5     Sophistication of the Purchaser....................................................   31

     Section 3.6     Brokers............................................................................   31

ARTICLE IV       COVENANTS..............................................................................   32



     Section 4.1     Conduct of Business................................................................   32

     Section 4.2     Acquisition Proposals; Inconsistent Activities.....................................   34

     Section 4.3     Access to Information; Confidentiality.............................................   35

     Section 4.4     Commercially Reasonable Efforts; Regulatory Matters................................   35

     Section 4.5     Public Announcements; Communications with Business Partners........................   36

     Section 4.6     Tax Matters........................................................................   36

     Section 4.7     Employee Benefit Matters...........................................................   47

     Section 4.8     Use of J. C. Penney Name...........................................................   50

     Section 4.9     Internet-Related Matters...........................................................   51

     Section 4.10    Non-Competition....................................................................   51

     Section 4.11    Further Assurances.................................................................   52

End of Preview

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