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Title: |
Asset Purchase Agreement |
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Date: |
2003 |
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Preview shows 16KB of 222KB total |
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$50 |
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#1236090 |
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<SEQUENCE>8
<FILENAME>dex1034.txt
<DESCRIPTION>ASSET PURCHASE AGREEMENT DATED AS OF AUGUST 18, 2003
<TEXT>
<PAGE>
Exh 10.34
ASSET PURCHASE AGREEMENT
Dated as of August 18, 2003
by and among
PORT STOCKTON FOOD DISTRIBUTORS, INC.,
a California Corporation
and
AMERICAN FOODSERVICE DISTRIBUTORS,
a California Corporation
and
SMART & FINAL INC.,
a Delaware Corporation
and
SYSCO CORPORATION,
a Delaware Corporation
<PAGE>
TABLE OF CONTENTS
ARTICLE I PURCHASE AND SALE OF PURCHASED ASSETS...........................2
1.1 Purchased Assets................................................2
1.2 Excluded Assets.................................................2
1.3 No Liens or Encumbrances........................................4
ARTICLE II PURCHASE PRICE; ASSUMPTION OF LIABILITIES.......................4
2.1 Purchase Price..................................................4
2.2 Assumed Liabilities.............................................4
2.3 Closing.........................................................6
2.4 Estimated Purchase Price and Purchase Price True-Up.............6
ARTICLE III OTHER COVENANTS AND AGREEMENTS..................................8
3.1 Employee Matters................................................8
3.2 Consents.......................................................10
3.3 Business Information...........................................11
3.4 Noncompetition/Non-Solicitation Agreements.....................11
3.5 Conduct of Business by Seller Pending the Closing..............11
3.6 No Negotiations................................................12
3.7 Expenses.......................................................12
3.8 Notification of Certain Matters................................13
3.9 Confidentiality and Public Announcements.......................13
3.10 Tax Matters....................................................14
3.11 Collection of Accounts Receivables.............................15
3.12 Purchase Price Allocation......................................15
3.13 Transition Services Agreement..................................16
3.14 Vendor Receivables.............................................16
3.15 Preservation of Minute Books and Corporate Records.............16
3.16 Bulk Sales.....................................................16
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SELLER PARTIES...............16
4.1 Organization and Authority of Seller...........................17
4.2 Corporate Power and Authority; Due Authorization...............17
4.3 Title to Purchased Assets......................................17
4.4 No Conflict; Required Consents.................................17
4.5 Ownership of Stock.............................................18
4.6 Compliance with Law............................................18
4.7 Accounts Receivable............................................18
4.8 Taxes..........................................................18
4.9 Inventory......................................................19
4.10 Assumed Contracts..............................................20
4.11 Litigation; Judgments..........................................20
i
<PAGE>
4.12 Insurance......................................................21
4.13 Employees; Union; Labor........................................21
4.14 Brokers Fees and Expenses......................................21
4.15 Absence of Material Changes....................................21
4.16 Liens..........................................................22
4.17 Cost-Plus Contract Claims; Most Favored Nation.................22
4.18 Certain Transfers; Preferences.................................22
ARTICLE V REPRESENTATIONS AND WARRANTIES OF..............................23
5.1 Organization of Purchaser......................................23
5.2 Corporate Power and Authority; Due Authorization...............23
5.3 No Conflict; Consents..........................................23
ARTICLE VI INDEMNIFICATION................................................24
6.1 Indemnification by Seller and the Shareholders.................24
6.2 Indemnification by Purchaser...................................24
6.3 Provisions Regarding Indemnification...........................25
6.4 Survival.......................................................25
6.5 Limitations....................................................25
ARTICLE VII CONDITIONS TO OBLIGATIONS OF PURCHASER TO CLOSE................26
7.1 Representations and Warranties True............................26
7.2 Obligations Performed..........................................26
7.3 Consents.......................................................26
7.4 Closing Deliveries.............................................26
7.5 No Investigations..............................................27
7.6 No Material Adverse Effect.....................................27
7.7 Revised Schedules..............................................27
7.8 Regulatory Matters.............................................27
7.9 Marketing Associates...........................................27
7.10 Payment of Retention Bonuses...................................28
7.11 No Challenge...................................................28
7.12 Legality.......................................................28
ARTICLE VIII CONDITIONS TO SELLER'S AND SHAREHOLDERS' OBLIGATIONS...........28
8.1 Representations and Warranties True............................28
8.2 Obligations Performed..........................................28
8.3 Closing Deliveries.............................................28
8.4 No Challenge...................................................29
8.5 Regulatory Matters.............................................29
8.6 Legality.......................................................29
ARTICLE IX TERMINATION....................................................30
9.1 Termination....................................................30
ii
<PAGE>
9.2 Effects of Termination.........................................30
ARTICLE X DEFINITIONS....................................................30
ARTICLE XI MISCELLANEOUS PROVISIONS.......................................31
11.1 Risk of Loss...................................................31
11.2 Severability...................................................31
11.3 Modification and Waiver........................................31
11.4 Assignment, Survival and Binding Agreement.....................31
11.5 Counterparts...................................................31
11.6 Notices........................................................32
11.7 Entire Agreement; No Third Party Beneficiaries.................33
11.8 Further Assurances.............................................33
11.9 Construction...................................................33
11.10 Choice of Law..................................................33
11.11 Dispute Resolution.............................................33
11.12 Definition of Days.............................................34
11.13 Schedules, Revised Schedules and Exhibits......................34
11.14 Time of Essence................................................34
iii
<PAGE>
SCHEDULES
Schedule 1.1(b) C&H Common Customers
Schedule 1.1(d) Assumed Contracts
Schedule 1.2 Selected Excluded Assets
Schedule 3.1(h) Absent Employees
Schedule 3.11 Account Receivable Practices
Schedule 3.12 Allocation
Schedule 4.1 Qualified to do Business
Schedule 4.4 Consents; No Conflicts
Schedule 4.8 Taxes
Schedule 4.9 Methodology for Determining "Obsolete" Inventory
Schedule 4.11 Litigation
Schedule 4.13 Employee Matters
Schedule 4.15 Absence of Material Changes
Schedule 4.17 Cost-Plus Contract Claims
Schedule 5.3 Purchaser Consents; No Conflicts
Schedule 7.9(a) Certain Marketing Associates
Schedule 7.9(b) Certain Marketing Associates and Sales Management
iv
<PAGE>
EXHIBITS
Exhibit 2.1(b) Holdback Escrow Agreement
Exhibit 3.1(f)(i) MA Retention Bonus Plan
Exhibit 3.1(f)(ii) Non-MA Retention Bonus Plan
Exhibit 3.1(g) Marketing Associate Non-Solicitation Agreement
Exhibit 3.4 Noncompetition/Non-solicitation Agreement
Exhibit 3.13 Transition Services Agreement
Exhibit 7.4(a)(i) Bill of Sale
Exhibit 7.4(a)(ii) Assumption Agreement
v
<PAGE>
ASSET PURCHASE AGREEMENT
THIS ASSET PURCHASE AGREEMENT ("Agreement") is dated as of August 18, 2003,
by and among PORT STOCKTON FOOD DISTRIBUTORS, INC., a California corporation
d/b/a "Smart & Final Foodservice Distributors" ("Seller"), AMERICAN FOODSERVICE
DISTRIBUTORS, a California corporation and the sole shareholder of Seller
("AFD"), SMART & FINAL INC., a Delaware corporation and the sole shareholder of
AFD ("S&F", together with AFD, referred to as the "Shareholders" and, together
with AFD and Seller, the "Seller Parties" ), and SYSCO CORPORATION, a Delaware
corporation ("Purchaser"). Capitalized terms used but not otherwise defined
herein, shall have the meanings set forth in Article X hereof.
W I T N E S S E T H:
WHEREAS, S&F is in the business of selling food, foodservice products and
professional quality culinary equipment through warehouse stores, wholesale
stores and broadline foodservice distribution businesses (the "S&F Business");
WHEREAS, AFD, through various subsidiaries and divisions, operates the
broadline foodservice distribution business in northern California and Florida
(the "Foodservice Segment") of the S&F Business;
WHEREAS, Seller operates the Foodservice Segment within northern California
(the "California Foodservice Business");
WHEREAS, Seller is also engaged in the business of produce processing
through its "Davis Lay" division (the "Produce Processing Division") and meat
processing through its "Craig and Hamilton" division (the "Meat Processing
Division"); and
WHEREAS, Purchaser desires to purchase from Seller and Seller desires to
sell to Purchaser, all right, title and interest in and to certain of the assets
of Seller used solely in connection with the California Foodservice Business and
certain of the assets of Seller used solely in connection with the Meat
Processing Division (together, the California Foodservice Business and the Meat
Processing Division are referred to herein as the "Purchased Business"); and
WHEREAS, Purchaser is willing to assume, and Seller desires to assign to
Purchaser, all of the Assumed Liabilities.
NOW, THEREFORE, in consideration of the mutual representations, warranties
and covenants herein contained, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:
<PAGE>
ARTICLE I.
PURCHASE AND SALE OF PURCHASED ASSETS
1.1 Purchased Assets. Subject to and upon the terms and conditions set
forth herein, Seller agrees to sell to Purchaser and Purchaser agrees to
purchase from Seller at the Closing (as hereinafter defined), all right, title
and interest in and to the following tangible and intangible assets of Seller
used or held for use solely in the Purchased Business, excluding the Excluded
Assets (defined in Section 1.2 below) (collectively, the "Purchased Assets"):
(a) Inventory. All Salable (as defined in Section 4.9 below) inventory
held for sale in the Purchased Business as of the Closing (the "Inventory");
(b) Accounts Receivable. Subject to Sections 2.4 and 3.11 hereof, all
trade accounts receivable with respect to (i) the California Foodservice
Business and (ii) those customers of the Meat Processing Division that are
listed on Schedule 1.1(b) attached hereto ("Common Customers"), all of which are
customers of both the California Foodservice Business and the Meat Processing
Division, both as reflected on the Final Accounts Receivable Statement
(excluding all intercompany receivables, and all receivables from Seller's
employees or the Shareholders or other affiliates of Seller) ("Accounts
Receivable") as of the Closing;
(c) Books and Records. Originals or true and correct duplicate copies
of all written financial, accounting and operating data and records of Seller
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