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Title: |
Asset Purchase Agreement |
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Entities: |
Fleet National Bank; Lico Steel Inc ; Bryan Cave; Phillips, Lytle, Hitchcock, Blaine & Huber |
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Date: |
2002 |
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Size: |
Preview shows 16KB of 156KB total |
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Price: |
$58 |
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ID: |
#2115785 |
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ASSET PURCHASE AGREEMENT
by and among
AUTOMATIC SYSTEMS, INC.,
COLUMBUS McKINNON CORPORATION
and
ASI ACQUISITION CORP.
Dated as of May 10, 2002
{PAGE}
TABLE OF CONTENTS
PAGE
----
ARTICLE 1 DEFINITIONS........................................................1
1.1 DEFINITIONS....................................................1
ARTICLE 2 SALE AND PURCHASE OF ASSETS........................................5
2.1 PURCHASE AND SALE..............................................5
2.2 EXCLUDED ASSETS................................................6
2.3 ASSUMED OBLIGATIONS............................................7
2.4 EXCLUDED LIABILITIES...........................................7
2.5 PURCHASE PRICE AND PAYMENT FOR ASSETS..........................7
ARTICLE 3 CLOSING AND TERMINATION............................................8
3.1 CLOSING........................................................8
3.2 CLOSING DELIVERIES.............................................8
3.3 TERMINATION....................................................9
ARTICLE 4 FINAL BALANCE SHEET...............................................10
4.1 PREPARATION OF FINAL BALANCE SHEET............................10
4.2 CM ADJUSTMENT.................................................10
4.3 FAILURE TO RESOLVE DISPUTES...................................10
4.4 CM ADVANCES...................................................10
4.5 RECEIPTS FROM SPECIAL RECEIVABLES.............................11
4.6 REPAYMENT OF CM...............................................11
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF THE SELLER......................11
5.1 ORGANIZATION OF THE SELLER AND THE SUBSIDIARY; AUTHORITY......11
5.2 CAPITALIZATION OF THE SELLER; AUTHORITY.......................11
5.3 SUBSIDIARY....................................................11
5.4 ABILITY TO CARRY OUT THE AGREEMENT............................12
5.5 FINANCIAL STATEMENTS..........................................12
5.6 TITLE TO PROPERTIES; ABSENCE OF LIENS.........................13
5.7 LITIGATION....................................................13
5.8 COMPLIANCE WITH LAW...........................................14
5.9 CONTRACTS.....................................................14
5.10 BROKERS AND INTERMEDIARIES....................................15
5.11 TAX MATTERS...................................................15
5.12 EMPLOYEE BENEFITS.............................................16
5.13 INTELLECTUAL PROPERTY.........................................16
5.14 ENVIRONMENTAL MATTERS.........................................17
5.15 ABSENCE OF CERTAIN CHANGES....................................18
5.16 EMPLOYEES, LABOR MATTERS, ETC.................................19
5.17 ACCOUNTS RECEIVABLE...........................................20
5.18 MAJOR CUSTOMERS; BACKLOG......................................20
5.19 AFFILIATE TRANSACTIONS........................................21
- i -
{PAGE}
5.20 INVENTORIES...................................................21
5.21 INSURANCE.....................................................21
5.22 BOOKS AND RECORDS.............................................21
5.23 CONDITION AND SUFFICIENCY OF ASSETS...........................21
5.24 GENERAL REPRESENTATION AND WARRANTY...........................22
5.25 DISCLAIMER OF OTHER REPRESENTATIONS AND WARRANTIES;
KNOWLEDGE; DISCLOSURE...................................22
ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF THE BUYER.......................23
6.1 ORGANIZATION AND AUTHORITY OF THE BUYER.......................23
6.2 ABILITY TO CARRY OUT THE AGREEMENT............................23
6.3 FINANCIAL ABILITY TO PERFORM..................................23
6.4 BROKERS AND INTERMEDIARIES....................................23
6.5 INFORMATION...................................................24
ARTICLE 7 CERTAIN COVENANTS AND AGREEMENTS OF THE SELLER AND THE BUYER.....24
7.1 ACCESS AND INFORMATION........................................24
7.2 REGULATORY FILINGS............................................24
7.3 CONDUCT OF BUSINESS; INTERCOMPANY ACCOUNTS....................24
7.4 EMPLOYEE MATTERS..............................................25
7.5 TAX MATTERS...................................................27
7.6 NON-SOLICITATION..............................................28
7.7 BOOKS AND RECORDS.............................................28
7.8 ANNOUNCEMENT..................................................29
7.9 EFFORTS.......................................................29
7.10 EXCLUSIVE DEALING.............................................29
7.11 NON-COMPETITION...............................................29
7.12 CONSENTS......................................................30
7.13 STAY PAY AGREEMENTS...........................................30
7.14 ANCILLARY AGREEMENTS..........................................30
7.15 CERTAIN CONSENTS..............................................30
7.16 CHANGE OF NAME................................................30
7.17 CONFIDENTIALITY...............................................31
7.18 CM OBLIGATIONS................................................31
7.19 BUYER OBLIGATIONS.............................................31
7.20 REMITTANCE....................................................31
ARTICLE 8 CONDITIONS PRECEDENT OF THE SELLER................................31
8.1 REPRESENTATIONS AND WARRANTIES................................31
8.2 AGREEMENTS....................................................32
8.3 BUYER CERTIFICATE.............................................32
8.4 NO INJUNCTION.................................................32
8.5 CONSENTS......................................................32
8.6 LENDERS ACTION; RELEASE OF SECURITY INTERESTS.................32
8.7 MISCELLANEOUS CLOSING DELIVERIES..............................32
ARTICLE 9 CONDITIONS PRECEDENT OF THE BUYER.................................32
9.1 REPRESENTATIONS AND WARRANTIES................................33
9.2 AGREEMENTS....................................................33
9.3 THE SELLER'S CERTIFICATE......................................33
ii
{PAGE}
9.4 NO INJUNCTION.................................................33
9.5 CONSENTS......................................................33
9.6 NO MATERIAL ADVERSE CHANGE....................................33
9.7 RELEASE OF SECURITY INTERESTS.................................33
9.8 FINAL BALANCE SHEET...........................................33
9.9 MISCELLANEOUS CLOSING DELIVERIES..............................33
9.10 RELEASE OF NONCOMPETITION AND ASSIGNMENT......................34
9.11 AVAILABLE FINANCING...........................................34
9.12 ENVIRONMENTAL.................................................34
ARTICLE 10 SURVIVAL OF REPRESENTATIONS AND WARRANTIES.......................34
ARTICLE 11 INDEMNIFICATION..................................................34
11.1 INDEMNIFICATION OF THE BUYER AND ITS AFFILIATES...............34
11.2 INDEMNIFICATION OF THE SELLER AND ANY AFFILIATE
OF THE SELLER.............................................35
11.3 REMEDIES......................................................37
11.4 CERTAIN LIMITATIONS...........................................37
11.5 SURVIVAL......................................................38
ARTICLE 12 MISCELLANEOUS....................................................39
12.1 FURTHER ASSURANCES; COOPERATION...............................39
12.2 EXPENSES......................................................39
12.3 APPLICABLE LAW................................................39
12.4 NOTICES.......................................................39
12.5 ENTIRE AGREEMENT..............................................40
12.6 AMENDMENTS....................................................40
12.7 HEADINGS; REFERENCES..........................................40
12.8 COUNTERPARTS..................................................41
12.9 PARTIES IN INTEREST; ASSIGNMENT...............................41
12.10 SEVERABILITY; ENFORCEMENT.....................................41
12.11 WAIVER........................................................41
12.12 RELATIONSHIP BETWEEN THE PARTIES..............................41
12.13 WAIVER OF CONSEQUENTIAL DAMAGES AND JURY TRIAL................42
12.14 ARBITRATION...................................................42
12.15 WAIVER OF CERTAIN CONFLICTS...................................43
12.16 RISK OF LOSS..................................................43
12.17 CM SUPPLY CONTRACTS...........................................43
iii
{PAGE}
ASSET PURCHASE AGREEMENT
ASSET PURCHASE AGREEMENT dated as of May 10, 2002 (herein, together
with the Schedules attached hereto, referred to as the "AGREEMENT") by and among
AUTOMATIC SYSTEMS, INC., a Missouri corporation (the "SELLER"), COLUMBUS
McKINNON CORPORATION, a New York corporation ("CM"), and ASI ACQUISITION CORP.,
a Missouri corporation (the "BUYER").
W I T N E S S E T H :
WHEREAS, CM is the record and beneficial owner of all the authorized,
issued and outstanding shares of capital stock of the Seller;
WHEREAS, upon the terms and conditions hereinafter set forth, the
Seller desires to sell and the Buyer desires to purchase substantially all of
the assets of Seller;
NOW, THEREFORE, in reliance upon the representations and warranties
made herein and in consideration of the mutual agreements herein contained, the
Buyer and the Seller hereby agree as follows:
ARTICLE 1
DEFINITIONS
1.1 DEFINITIONS. For purposes of this Agreement, the following terms
shall have the meanings set forth below; other terms used in this Agreement are
defined in the context in which they occur:
"ACCOUNTING PRINCIPLES" means the accounting principles, policies and
procedures set forth on SCHEDULE 1.1.
"ACCOUNTS RECEIVABLE" means trade receivables, retention receivables
and revenue in excess of billings and any other accounts receivable of Seller
and the Subsidiary.
"AFFILIATE" means, with respect to any Person, any other Person
directly or indirectly Controlling, Controlled by, or under common Control with,
such other Person.
"AGREEMENT" shall have the meaning set forth in the forepart of this
Agreement.
"ASSETS" shall have the meaning set forth in Section 2.1.
"ASSIGNMENT AND ASSUMPTION AGREEMENT" shall have the meaning set forth
in Section 3.2(a)(ii).
"ASSUMED OBLIGATIONS" shall have the meaning set forth in Section 2.3.
"ASSUMED PORTION" means the amount due to the employees of Seller
under the Stay Pay Agreement for post Closing service with the Buyer, up to
$775,000.
{PAGE}
"BRYAN CAVE" shall mean Bryan Cave LLP, legal counsel to the Buyer.
"BUYER INDEMNITEE" and "BUYER INDEMNITEES" shall have the respective
meanings set forth in Section 11.1.
"CLOSING" shall have the meaning set forth in Section 3.1.
"CLOSING DATE" shall have the meaning set forth in Section 3.1.
"CM" shall have the meaning set forth in the preamble to this
Agreement.
"CODE" means the Internal Revenue Code of 1986, as amended or, if
appropriate, any predecessor statute.
"CONFIDENTIALITY AGREEMENT" means the confidentiality agreement dated
August 14, 2001 between ABN AMRO Incorporated, on behalf of CM and George K.
Baum Merchant Banc LLC.
"CONFIDENTIAL INFORMATION MEMORANDUM" shall have the meaning set forth
in Section 5.25.
"CONTRACTS" means written contracts or other binding agreements.
"CONTROL" (including, with correlative meanings, the terms "controlled
by" and "under common control with"), as used with respect to any Person, means
the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through
ownership of voting securities, by contract or otherwise.
"COSTS" shall have the meaning set forth in Section 11.1.
"DAMAGES" shall have the meaning set forth in Section 11.1.
"DISCLOSED INTELLECTUAL PROPERTY" shall have the meaning set forth in
Section 5.13(a).
"EARNOUT" shall have the meaning set forth in Section 2.5(b).
"EARNOUT AGREEMENT" shall have the meaning set forth in Section
2.5(b).
"ENCUMBRANCES" shall have the meaning set forth in Section 5.6.
"ENVIRONMENTAL LAW" means any federal, state or local statute, law or
regulation, in effect on the date hereof relating to pollution or protection of
the environment.
"ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.
"ESCROW AGENT" shall mean Fleet National Bank.
2
{PAGE}
"ESCROW AGREEMENT" shall mean the Escrow Agreement in the form
attached hereto as Schedule 3.2(a).
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