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Stock Purchase Agreement

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Title:

Stock Purchase Agreement

Entities:

Citibank, NA; Exxon Mobil Corp.; Pactiv Corp.; Pregis Innovative Packaging Inc.; Fried, Frank, Harris, Shriver & Jacobson

Date:

2006

Size:

Preview shows 72KB of 250KB total

Price:

$99

ID:

#2613701

► Purchase & Sale ► Purchase ► Stock Purchase Agreements
► Miscellany ► Fortune 100
► Financial
► Commodities ► Containers & Packaging
► Services ► Legal

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STOCK PURCHASE AGREEMENT

AMONG

PACTIV CORPORATION

and certain of its Affiliates,

as Sellers,

AND

PFP HOLDING II CORPORATION,

as Purchaser

Sale of Global Protective Packaging Business

and European Flexible Packaging Business

Dated as of June 23, 2005

TABLE OF CONTENTS


		Page

ARTICLE I SALE AND PURCHASE OF SHARES		1

1.1	Sale and Purchase of Shares	1
1.2	Purchaser Designees	2

ARTICLE II PURCHASE PRICE AND PAYMENT		2

2.1	Initial Purchase Price	2
2.2	Final Purchase Price and Working Capital Adjustment	3
2.3	Preparation of the Working Capital Statements	3
2.4	Payment of Initial Purchase Price and Working Capital Adjustment	4
2.5	Allocation of Final Purchase Price	5
2.6	Treatment of Cash and Indebtedness	5

ARTICLE III CLOSING		6

3.1	Closing Date	6

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SELLERS		6

4.1	Organization and Good Standing	6
4.2	Authorization of Agreement	7
4.3	Capitalization	7
4.4	Subsidiaries	8
4.5	Corporate Records	8
4.6	Conflicts; Consents of Third Parties	8
4.7	Ownership and Transfer of Shares	8
4.8	Financial Statements	8
4.9	No Undisclosed Material Liabilities	9
4.10	Absence of Certain Developments	9
4.11	Certain Tax Matters	10
4.12	Real Property	12
4.13	Tangible Personal Property	13
4.14	Technology and Intellectual Property	13
4.15	Material Contracts	15
4.16	Employee Benefits	16
4.17	Labor	20
4.18	Litigation	20
4.19	Compliance with Laws; Permits	21
4.20	Environmental Matters	21
4.21	Financial Advisors	22
4.22	INTENTIONALLY DELETED	22
4.23	Sufficiency of Assets	22
4.24	Accounts Receivable	22
4.25	Inventory	22
4.26	Questionable Payments	22
4.27	Insurance	22

-i-

TABLE OF CONTENTS

(continued)


		Page
4.28	Suppliers	23
4.29	No Other Representations or Warranties	23

ARTICLE V REPRESENTATIONS AND WARRANTIES OF PURCHASER		23

5.1	Organization and Good Standing	23
5.2	Authorization of Agreement	23
5.3	Conflicts; Consents of Third Parties	24
5.4	Litigation	24
5.5	Investment Intention	24
5.6	Financial Advisors	25
5.7	Sufficiency of Funds	25
5.8	Condition of the Companies	25
5.9	No Knowledge of Breach	25

ARTICLE VI COVENANTS		26

6.1	Access to Management	26
6.2	Conduct of Business Pending the Closing	26
6.3	Employee Matters	28
6.4	Preservation of Records; Cooperation	33
6.5	Publicity	34
6.6	Intercompany Agreements	34
6.7	Use of Name	34
6.8	Insurance	35
6.9	Cooperation	36
6.10	Governmental Filings and Approvals	37
6.11	Contacts with Suppliers, Employees and Customers	38
6.12	Third Party Consents	38
6.13	Ancillary Agreements	38
6.14	Certain Employment Matters	38
6.15	Waiver of Right of First Refusal	39
6.16	Updated Disclosure Schedules	39
6.17	Resin Purchasing	39
6.18	Defined Benefit Plan	40
6.19	Meyzieu Facility	40

ARTICLE VII CONDITIONS TO CLOSING		40

7.1	Conditions Precedent to Obligations of Purchaser	40
7.2	Conditions Precedent to Obligations of Sellers	41
7.3	Conditions to Each Partys Obligations	41

ARTICLE VIII DOCUMENTS TO BE DELIVERED		42

8.1	Documents to Be Delivered by Sellers	42
8.2	Documents to Be Delivered by Purchaser	43
8.3	Share Transfer Requirements	43

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TABLE OF CONTENTS

(continued)


		Page
ARTICLE IX INDEMNIFICATION		44

9.1	General Indemnification	44
9.2	Limitations on Indemnification for Breaches of Representations and Warranties	45
9.3	Survival of Representations and Warranties and Covenants	45
9.4	General Indemnification Procedures	46
9.5	Tax Matters	48
9.6	Remedial Actions	53
9.7	Exclusive Remedies	55
9.8	Adjustments for Insurance and Taxes	55
9.9	Treatment of Indemnity Payments	56
9.10	Duty to Mitigate	56

ARTICLE X TERMINATION		56

10.1	Termination of Agreement	56
10.2	Procedure Upon Termination	56
10.3	Effect of Termination	57

ARTICLE XI MISCELLANEOUS		57

11.1	Certain Definitions	57
11.2	Other Terms	65
11.3	Interpretation; Absence of Presumption	65
11.4	Expenses	66
11.5	Further Assurances	66
11.6	Governing Law	66
11.7	Submission to Jurisdiction; Consent to Service of Process	66
11.8	Entire Agreement; Amendments and Waivers	66
11.9	Incorporation of Exhibits and Schedules	67
11.10	Table of Contents and Headings	67
11.11	Notices	67
11.12	Severability	68
11.13	Binding Effect; No Third Party Beneficiaries; Assignment	68
11.14	Counterparts	69
11.15	This Agreement and English Language to Prevail	69
11.16	Guarantee	69

-iii-

TABLE OF SCHEDULES AND ANNEXES

Schedules


Schedule		Title
Schedule 2.3		Baseline Working Capital
Schedule 2.5		Allocation of Purchase Price
Schedule 2.6		Transferred Accounts
Schedule 4.6(a)		Conflicts
Schedule 4.6(b)		Sellers Consents
Schedule 4.8		Financial Statements
Schedule 4.9		No Undisclosed Liabilities
Schedule 4.10		Certain Developments
Schedule 4.11		Certain Tax Matters
Schedule 4.12(a)		Company Properties
Schedule 4.12(b)		Owned Property Liens
Schedule 4.13		Tangible Personal Property Liens
Schedule 4.14(a)		Patents, Trademarks, Service Marks, Copyrights, etc.
Schedule 4.14(b)		Software
Schedule 4.14(c)		Licenses and Corporate Licenses
Schedule 4.14(d)		Exceptions to Intellectual Property Representations
Schedule 4.15(a)		Material Contracts
Schedule 4.15(b)		Material Contracts Exceptions
Schedule 4.16(a)		Company Plans
Schedule 4.16(c)		Certain Employee Benefit Matters
Schedule 4.16(e)		Non-US Plan Exceptions
Schedule 4.16(f)		Additional Liabilities
Schedule 4.16(h)		Continuing Obligations
Schedule 4.17		Labor
Schedule 4.18		Litigation
Schedule 4.19		Compliance with Laws; Permits
Schedule 4.20		Environmental Matters
Schedule 4.21		Sellers Financial Advisors
Schedule 4.23		Sufficiency of Assets
Schedule 4.28		Suppliers
Schedule 5.3(b)		Purchaser Consents
Schedule 5.6		Purchasers Financial Advisors
Schedule 5.7		Financing Commitments
Schedule 6.2		Conduct of Business Pending the Closing
Schedule 6.3(b)		Transferred Employees
Schedule 6.3(c)(ii)		Employment-Related Agreements
Schedule 6.6		Intercompany Agreements
Schedule 6.8		Company Insurance Policies
Schedule 6.10		Government Approvals
Schedule 8.3		Share Transfer Requirements
Schedule 11.1(a)		Environmental Reports
Schedule 11.1(b)		Knowledge of Purchaser
Schedule 11.1(c)		Knowledge of Sellers

Annexes


Annex A		Companies and Ownership of Shares
Annex B		Terms of Trademark License Agreement
Annex C		Terms of Transition Services Agreement
Annex D		Terms of Lake Forest Lease
Annex E		Terms of UK Food Service Supply Agreement
Annex F		Terms of Shared I/P License Agreement
Annex G		Terms of Non-Competition Agreement

STOCK PURCHASE AGREEMENT

STOCK PURCHASE AGREEMENT dated as of June 23, 2005 (this Agreement), among Pactiv Corporation, a Delaware corporation (Pactiv), J&W Baldwin (Holdings) Ltd., a private limited company organized and existing under the laws of England and Wales (Baldwin), Pactiv International Holdings, Inc., a Delaware corporation (International), Pactiv Europe B.V., a private limited liability company organized and existing under the laws of The Netherlands, (Pactiv Europe), 798795 Ontario Limited, a corporation organized and existing under the laws of Ontario (Ontario), Pactiv Deutschland Holdings GmbH, a German private company (Pactiv Deutschland), Pactiv German Holdings, Inc., a Delaware corporation (PGH), Kobusch Folien Verwaltungs GmbH, a German private limited liability company (Kobusch Folien) Pactiv Mexico S de RL de CV; a Mexico limited liability company (Pactiv Mexico; Pactiv, Baldwin, International, Pactiv Europe, Ontario, Pactiv Deutschland, PGH, Kobusch Folien, and Pactiv Mexico are sometimes referred to individually herein as a Seller and collectively as the Sellers), and PFP Holding II Corporation, a Delaware Corporation (Purchaser).

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