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Title: |
Sale and Purchase Agreement |
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Date: |
2001 |
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Preview shows 20KB of 197KB total |
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$59 |
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#1515179 |
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SALE AND PURCHASE AGREEMENT
by and between
HERCULES INCORPORATED
and
GEO SPECIALTY CHEMICALS, INC.
Dated as of March 27, 2001
___________________________________
Peroxides Division
========================================
<PAGE>
SALE AND PURCHASE AGREEMENT
TABLE OF CONTENTS
ARTICLE 1 - DEFINITIONS AND USE OF TERMS
<TABLE>
<S> <C>
1.1. Definitions....................................................... 1
1.2. Annexes........................................................... 1
1.3. Rules of Construction............................................. 1
1.4. Time of Day....................................................... 2
ARTICLE 2 - SALE AND PURCHASE
2.1. Sale and Purchase................................................. 2
2.2. Excluded Items.................................................... 4
2.3. Peroxides Business Items of Hercules Affiliates................... 5
2.4. Assumption of Liabilities......................................... 5
2.5. Retained Liabilities.............................................. 5
2.6. Beringen Option................................................... 6
2.7. Tolling Agreements................................................ 6
2.8. Plant Operating Agreement......................................... 6
2.9. Human Resources Agreement......................................... 6
2.10. Environmental Annex............................................... 6
2.11. Transition Services Agreement..................................... 6
2.12. Intercompany Accounts............................................. 6
2.13. Interim Operations................................................ 6
2.14. Ancillary Intellectual Property................................... 7
2.15. Commingled Items.................................................. 7
2.16. Amendment to Contracts............................................ 7
2.17. Peroxides Business Items Sold "As Is"............................. 8
2.18. Allocation; Taxes; Prorations..................................... 8
2.19. Third Persons..................................................... 8
ARTICLE 3 - PURCHASE PRICE
3.1. Purchase Price.................................................... 9
3.2. Post-Closing Adjustment........................................... 9
ARTICLE 4 - CLOSING
4.1. Time and Place.................................................... 9
4.2. Deliveries by Hercules............................................ 10
4.3. Deliveries by Buyer............................................... 11
4.4. Certain Assignments and Consents.................................. 12
ARTICLE 5 - REPRESENTATIONS AND WARRANTIES OF HERCULES
5.1. Representations and Warranties of Hercules........................ 13
5.2. Organization, Good Standing and Corporate Power................... 13
5.3. Hercules Peroxides Affiliates..................................... 14
5.4. Financial Statements.............................................. 14
5.5. Absence of Changes in the Peroxides Business...................... 14
5.6. Conflicting Agreements; Restrictions.............................. 15
</TABLE>
i
<PAGE>
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<S> <C>
5.7. Title............................................................. 15
5.8. Real Property..................................................... 15
5.9. Personal Property................................................. 16
5.10. Intellectual Property............................................. 17
5.11. Contracts and Agreements.......................................... 17
5.12. Inventories....................................................... 18
5.13. Accounts Receivable............................................... 19
5.14. [Intentionally Omitted.].......................................... 19
5.15. Customers......................................................... 19
5.16. Suppliers......................................................... 19
5.17. Consents.......................................................... 19
5.18. No Litigation..................................................... 19
5.19. Non-Environmental Laws; Permits................................... 19
5.20. Taxes............................................................. 20
5.21. Environmental Matters............................................. 20
5.22. Labor Matters..................................................... 20
5.23. Complete Purchased Assets......................................... 21
5.24. Insurance......................................................... 21
5.25. Disclosure........................................................ 21
ARTICLE 6 - REPRESENTATIONS AND WARRANTIES OF BUYER
6.1. Representations and Warranties of Buyer........................... 21
6.2. Organization, Good Standing and Corporate Power................... 22
6.3. Conflicting Agreements; Restrictions.............................. 22
6.4. Insurance......................................................... 22
6.5. Consents.......................................................... 22
6.6. No Litigation..................................................... 23
ARTICLE 7 - PRE-CLOSING AGREEMENTS
7.1. Best Efforts...................................................... 23
7.2. Conduct of Business; Affirmative Covenants........................ 23
7.3. Conduct of Business; Negative Covenants........................... 24
7.4. Public Announcements.............................................. 25
7.5. Required Notices.................................................. 25
7.6. Access............................................................ 25
7.7. Acquisition Proposals............................................. 25
7.8. Casualty Loss..................................................... 26
7.9. Real Estate Matters............................................... 26
7.9.2. Franklin Plant.................................................... 29
ARTICLE 8 - POST-CLOSING AGREEMENTS
8.1. Non-Competition................................................... 30
8.2. Accounts Receivable............................................... 31
8.3. Further Assurances................................................ 31
8.4. Confidentiality Obligations....................................... 31
8.5. Mail; Payments.................................................... 32
8.6. Name Change....................................................... 32
</TABLE>
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<S> <C>
8.7. Retention of Books and Records; Further Information.............. 32
8.8. Engineering Manuals.............................................. 33
8.9. Brokers.......................................................... 33
ARTICLE 9 - BUYER'S CONDITIONS TO CLOSING
9.1. Representations and Warranties................................... 34
9.2. Compliance With Obligations and Conditions....................... 34
9.3. No Claims or Orders Affecting Closing............................ 34
9.4. Approvals and Consents........................................... 34
9.5. Super Contract Consents.......................................... 34
9.6. Deliveries....................................................... 34
9.7. Ancillary Documents.............................................. 34
9.8. No Peroxides Material Adverse Effect............................. 34
9.9. Title and Survey................................................. 35
ARTICLE 10 - HERCULES' CONDITIONS TO CLOSING
10.1. Representations and Warranties................................... 35
10.2. Compliance with Obligations and Conditions....................... 35
10.3. No Claims or Orders Affecting Closing............................ 35
10.4. Approvals and Consents........................................... 35
10.5. Deliveries....................................................... 35
10.6. Ancillary Documents.............................................. 35
10.7. No Buyer Material Adverse Effect................................. 35
ARTICLE 11 -TERMINATION AND REMEDIES
11.1. Termination...................................................... 36
11.2. Effect of Termination............................................ 36
ARTICLE 12 - SURVIVAL AND INDEMNIFICATION
12.1. Survival of Representations, Warranties and Covenants............ 36
12.2. Indemnification by Hercules...................................... 37
12.3. Indemnification by Buyer......................................... 37
12.4. Procedure for Indemnification.................................... 389
12.5. Limitation on Indemnification.................................... 39
12.6. Payment.......................................................... 40
12.7. Ancillary Documents.............................................. 40
12.8. Subrogation...................................................... 40
12.9. Exclusive Remedy................................................. 40
ARTICLE 13 - RESOLUTION OF DISPUTES
13.1. Resolution Procedure............................................. 40
13.2. Resolution Panel................................................. 41
13.3. Exchange of Written Statements................................... 41
13.4. Good Faith Negotiations.......................................... 41
13.5. Determination of Resolution Panel................................ 41
13.6. Arbitration...................................................... 41
13.7. Injunctive Relief................................................ 42
</TABLE>
iii
<PAGE>
<TABLE>
<S> <C>
ARTICLE 14 - MISCELLANEOUS
14.1. Entire Agreement............................................. 42
14.2. Successors and Assigns; Third Party Beneficiaries............ 42
14.3. Headings..................................................... 43
14.4. Modification and Waiver...................................... 43
14.5. Expenses..................................................... 43
14.6. Notices...................................................... 43
14.7. Specific Performance and Other Remedies...................... 45
14.8. Governing Law................................................ 45
14.9. Bulk Sales Laws.............................................. 45
14.10. Counterparts................................................. 45
14.11. Severability................................................. 45
</TABLE>
iv
<PAGE>
Annexes, Exhibits and Schedules:
Annex I Definitions and Use of Terms
Annex II Human Resources Agreement
Annex III Environmental Annex
Exhibit A Form of Plant Operating Agreement
Exhibit B-1 Form of Tolling Agreement (Brunswick)
Exhibit B-2 Form of Tolling Agreement (Beringen)
Exhibit C Form of Transition Services Agreement
Schedule 1.1 Knowledge Officers; Permitted Encumbrances
Schedule 2.1(a)(i) Real Property
Schedule 2.1(c) Equipment
Schedule 2.1(e)(1) Bids
Schedule 2.1(e)(ii) Product Contracts
Schedule 2.1(e)(iii) Leases and Licenses - personal property
Schedule 2.1(e)(iv) Leases and Licenses - real property
Schedule 2.1(g) Trademarks and Service Marks
Schedule 2.2(c) Excluded Equipment
Schedule 2.2(d) Excluded Items
Schedule 2.3 Hercules Affiliates
Schedule 2.4(a) Assumed Liabilities
Schedule 2.6 Intellectual Property Transfers
Schedule 2.13 Permits
Schedule 2.18(d) Taxes Allocation
Schedule 5.3 Affiliates
Schedule 5.4 Financial Statements
Schedule 5.5(a) Absence of Changes
Schedule 5.6 Conflicting Agreements - Hercules
Schedule 5.7 Title to Purchased Assets
Schedule 5.8(a) Description of Real Property and Purchased Buildings
Schedule 5.8(b) Leased Real Property
Schedule 5.8(c) Real Property Compliance
Schedule 5.9(a) Personal Property Locations
Schedule 5.9(b) Leased Personal Property
Schedule 5.10(a) Intellectual Property
Schedule 5.10(b) Intellectual Property Compensation
Schedule 5.11(a) Material Contracts
Schedule 5.11(c) Material Contract Assignability
Schedule 5.12 Inventories
Schedule 5.13 Accounts Receivable
Schedule 5.14 Accounts Payable
Schedule 5.15 Hercules Consents
Schedule 5.16 Hercules Litigation
Schedule 5.17(b) Permit Exceptions
v
<PAGE>
Schedule 5.17(c) Permit Transferability
Schedule 5.21 Complete Purchased Assets
Schedule 6.3 Conflicting Agreements - Buyer
Schedule 6.5 Buyer Consents
Schedule 6.6 Buyer Litigation
Schedule 7.2(a) Conduct of Business
vi
<PAGE>
SALE AND PURCHASE AGREEMENT
THIS SALE AND PURCHASE AGREEMENT, dated as of March 27, 2001, is by
and between Hercules Incorporated, a Delaware corporation having offices at
Hercules Plaza, 1313 N. Market Street, Wilmington, Delaware 19894-0001
("Hercules"), and GEO Specialty Chemicals, Inc., an Ohio corporation, having
offices at 28601 Chagrin Boulevard, Suite 210, Cleveland, Ohio 44122 ("Buyer").
Hercules and Buyer are sometimes referred to herein individually as a "Party"
and collectively as the "Parties" to this Agreement. Hercules is entering into
this Agreement on behalf of itself and those of its Affiliates (as defined in
Annex I) possessing Peroxides Business Items (as defined in Annex I), and Buyer
------- -------
is entering into this Agreement on behalf of itself and any of its Affiliates
that will purchase such Peroxides Business Items.
WHEREAS, Buyer desires to purchase certain assets and assume certain
liabilities of the Hercules' Peroxides Business and Hercules desires to sell
such assets to Buyer, all upon the terms and subject to the conditions contained
in this Agreement and the other agreements described herein; and
WHEREAS, the Parties now desire to enter into this Agreement pursuant
to which, upon the terms and subject to the conditions contained in the
Definitive Agreements (as defined in Annex I), the Transactions (as defined in
-------
Annex I) will be effectuated;
-------
NOW, THEREFORE, in consideration of the mutual covenants and
agreements contained herein, the Parties, intending to be legally bound, hereby
agree as follows:
ARTICLE 1 - DEFINITIONS AND USE OF TERMS
1.1. Definitions. For all purposes of this Agreement, the capitalized
-----------
terms are defined as set forth in Annex I attached hereto.
1.2. Annexes. Exhibits, Schedules and Other References. References in
-------
this Agreement to any "Annex," "Exhibit" or "Schedule," unless otherwise
specified, refer to one of the Annexes, Exhibits or Schedules attached to this
Agreement, and references made to an "Article" or a "Section," unless otherwise
specified, refer to one of the Articles or Sections of this Agreement.
1.3. Rules of Construction. The plural form of any noun shall include
---------------------
the singular and the singular shall include the plural, unless the context
requires otherwise. Each of the masculine, neuter and feminine forms of any
pronoun shall include all such forms unless the context requires otherwise. The
terms "include", "includes", "including" and all other forms and derivations of
such term shall mean including without limitation. The terms "herein", "hereof",
"hereunder", "hereby", "hereto", "herewith" and words of similar import shall
refer to this Agreement as a whole and not to any particular article, section or
paragraph of this Agreement. The "(s)" shall mean any one or more.
1
<PAGE>
1.4. Time of Day. Unless otherwise provided herein, all references to
-----------
a fixed time of day shall mean Eastern Standard Time or Eastern Daylight Savings
Time, whichever is in effect on the date in question.
ARTICLE 2 - SALE AND PURCHASE
2.1. Sale and Purchase. Upon the terms and subject to the conditions
-----------------
contained in this Agreement, at the Closing, Hercules shall (subject to Sections
2.16 and 4.4) sell, transfer, convey, assign and deliver to Buyer, free and
clear of all Encumbrances other than Permitted Encumbrances, and Buyer shall
purchase, acquire and accept from Hercules all of Hercules' right, title and
interest in (including licensing interest) and to all of the assets and
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