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Title: |
Asset Purchase Agreement |
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Date: |
2007 |
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Preview shows 19KB of 124KB total |
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$62 |
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#2896119 |
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ASSET PURCHASE AGREEMENT
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BY AND BETWEEN
LYNCH SYSTEMS, INC.
(AS THE "SELLER)
AND
OLIVOTTO GLASS TECHNOLOGIES S.P.A.
(AS THE "BUYER")
MAY 17, 2007
ARTICLE I. ASSETS TO BE PURCHASED.........................................................1
Section 1.1. Description of Assets.......................................................1
Section 1.2. Non-Assignment of Certain Property..........................................2
ARTICLE II. ASSUMPTION OF LIABILITIES AND OBLIGATIONS......................................3
ARTICLE III. PURCHASE PRICE.................................................................3
Section 3.1. Purchase Price..............................................................3
Section 3.2. Deposit.....................................................................4
Section 3.3. Closing Payment.............................................................4
Section 3.4. Calculation of Estimated Closing Date Net Asset Value.......................4
Section 3.5. Allocation of Purchase Price................................................6
Section 3.6. Consignment of Certain Items................................................6
ARTICLE IV. CLOSING........................................................................6
ARTICLE V. REPRESENTATIONS AND WARRANTIES.................................................6
Section 5.1. Representations and Warranties of Buyer.....................................6
Section 5.2. Representations and Warranties of Seller....................................8
Section 5.3. Effect of Disclosures on Schedules.........................................17
Section 5.4. Disclaimer of Other Warranties.............................................17
Section 5.5. Closing Date Effect........................................................17
ARTICLE VI. COVENANTS.....................................................................17
Section 6.1. Covenant Against Disclosure................................................17
Section 6.2. Covenant Against Competition...............................................17
Section 6.3. Injunctive Relief..........................................................17
Section 6.4. Access to Records..........................................................17
Section 6.5. Transition of Customers....................................................18
Section 6.6. Operate Business in the Ordinary Course....................................18
Section 6.7. Certain Negative Covenants.................................................18
Section 6.8. Update Disclosure..........................................................18
Section 6.9. Severability...............................................................18
Section 6.10. Further Assurances........................................................19
Section 6.11. Announcements.............................................................19
Section 6.12. Employees of Seller.......................................................19
ARTICLE VII. CLOSING DELIVERIES............................................................19
Section 7.1. Deliveries by Seller.......................................................19
Section 7.2. Deliveries by Buyer........................................................20
ARTICLE VIII. CONDITIONS PRECEDENT TO CLOSING...............................................21
Section 8.1. Conditions to Obligation of Each Party to Effect the Transaction...........21
Section 8.2. Additional Conditions to Obligations of Buyer..............................21
Section 8.3. Additional Conditions to Obligations of Seller.............................22
ARTICLE IX. TERMINATION, AMENDMENT AND WAIVER..............................................22
Section 9.1. Termination................................................................22
Section 9.2. Effect of Termination......................................................23
Section 9.3. Waiver.....................................................................23
ARTICLE X. INDEMNIFICATION...............................................................23
Section 10.1. Survival of Representations, Warranties and Agreements....................23
Section 10.2. Indemnification...........................................................24
Section 10.3. Limitations on Indemnification............................................25
i
Section 10.4. Procedure for Indemnification with Respect to Third-Party Claims..........26
Section 10.5. Procedure for Indemnification with Respect to Non-Third-Party Claims......27
Section 10.6. Cooperation in the Defense of Claims......................................27
ARTICLE XI. MISCELLANEOUS PROVISIONS......................................................27
Section 11.1. Notices...................................................................27
Section 11.2. Entire Agreement..........................................................28
Section 11.3. Binding Effect; Assignment................................................28
Section 11.4. Captions..................................................................28
Section 11.5. Expenses of Transaction...................................................28
Section 11.6. Waiver; Consent...........................................................28
Section 11.7. No Third Party Beneficiaries..............................................29
Section 11.8. Counterparts..............................................................29
Section 11.9. Remedies of Buyer.........................................................29
Section 11.10. Bulk Sales Laws..........................................................29
Section 11.11. Governing Law; Consent to Jurisdiction...................................29
Section 11.12. Exhibits and Schedules...................................................30
Section 11.13. Knowledge................................................................30
TABLE OF DEFINED TERMS
Term Section
---- -------
Accounts Payable........................................................................2.1(a)
Accrued Liabilities.....................................................................2.1(b)
Actual Closing Date Net Asset Value.....................................................3.4(b)
Adjusted Carrying Value.................................................................3.4(a)
Adjustment Report.......................................................................3.4(b)
Allocation Certificate.....................................................................3.5
Arbiter.................................................................................3.4(d)
Assignments and Assumptions.............................................................7.1(b)
Assumed Liabilities..........................................................................2
Business...............................................................Introductory Paragraphs
Business Day............................................................................3.4(a)
Buyer..................................................................Introductory Paragraphs
Certificate of Assumed Liabilities......................................................7.1(f)
Closing......................................................................................4
Closing Date.................................................................................4
Closing Payment............................................................................3.3
Code...............................................................................5.2(n)(iii)
Consigned Items............................................................................3.6
Contest Notice............................................................................10.5
Contracts...............................................................................1.1(f)
Contracts Liabilities...................................................................2.1(c)
Damages................................................................................10.2(a)
Deposit....................................................................................3.2
Employee Benefit Plans...............................................................5.2(n)(i)
ii
Employee Severance Payments.............................................................5.2(t)
Encumbrances...............................................................................1.1
Environmental Laws..................................................................5.2(l)(ii)
Environmental Permits..............................................................5.2(l)(iii)
ERISA................................................................................5.2(n)(i)
Escrow Agent...............................................................................3.2
Escrow Agreement...........................................................................3.2
Estimated Closing Date Net Asset Value..................................................3.4(a)
Excluded Liabilities.........................................................................2
Execution Date.........................................................Introductory Paragraphs
Financial Statements....................................................................5.2(e)
GAAP....................................................................................3.4(a)
Governmental Authority..................................................................5.1(c)
Hazardous Material..................................................................5.2(l)(ii)
Indemnifiable Claim....................................................................10.2(a)
Indemnification Notice....................................................................10.4
Indemnified Party......................................................................10.3(d)
Indemnifying Party.....................................................................10.3(d)
Inventory...............................................................................1.1(g)
Knowledge................................................................................11.13
Lease...................................................................................7.1(i)
Losing Party............................................................................3.4(e)
Material Adverse Effect.................................................................5.2(a)
Miscellaneous Assets....................................................................1.1(i)
Non-Third Party Claim Indemnification Notice..............................................10.5
Objection Notice........................................................................3.4(c)
Permits.................................................................................1.1(c)
Personal Property.......................................................................1.1(a)
Preliminary Statement...................................................................3.4(a)
Prevailing Party........................................................................3.4(e)
Property...................................................................................1.1
Personal Property.......................................................................1.1(b)
Personal Property Leases................................................................1.1(e)
Premises................................................................................7.1(h)
Proprietary Rights......................................................................1.1(d)
Purchase Price.............................................................................3.1
Real Property..............................................................................1.1
Receivables.............................................................................1.1(b)
Seller.................................................................Introductory Paragraphs
Severance Contribution.....................................................................3.1
Warranty Liabilities....................................................................2.1(d)
SCHEDULES
Schedule 1.1(a) - Personal Property
Schedule 1.1(b) - Receivables
iii
Schedule 1.1(c) - Permits
Schedule 1.1(d) - Proprietary Rights
Schedule 1.1(e) - Personal Property Leases
Schedule 1.1(f) - Contracts
Schedule 1.1(g) - Inventory
Schedule 1.1(h) - Miscellaneous Assets
Schedule 1.1(l) - Excluded Assets
Schedule 1.1(m) - Real Property
Schedule 2.1(a) - Accounts Payable
Schedule 2.1(b) - Accrued Liabilities
Schedule 3.4(a) - Adjusted Carrying Value
Schedule 5.2(b) - Authorization
Schedule 5.2(c) - Conflicts
Schedule 5.2(f) - Changes
Schedule 5.2(g) - Liabilities
Schedule 5.2(h) - Taxes
Schedule 5.2(i) - Liens
Schedule 5.2(j) - Insurance
Schedule 5.2(k) - Litigation
Schedule 5.2(l) - Compliance with Laws
Schedule 5.2(n) - Employee Benefit Plans
Schedule 5.2(o) - Labor Matters
Schedule 5.2(p) - Encumbrances
Schedule 5.2(q) - Contracts and Commitments
Schedule 5.2(r) - Receivables
Schedule 5.2(s) - Non-GAAP Inventory
Schedule 5.2(t) - Employees
EXHIBITS
Exhibit A...Escrow Agreement
Exhibit B...Bill of Sale
Exhibit C...Assignments and Assumptions
Exhibit D...Assignment of Proprietary Rights
Exhibit E...Certificate of Assumed Liabilities
Exhibit F...Lease
iv
ASSET PURCHASE AGREEMENT
THIS AGREEMENT dated May 17, 2007 (the "Execution Date"), is by and
between OLIVOTTO GLASS TECHNOLOGIES S.P.A., an Italian corporation ("Buyer"),
and LYNCH SYSTEMS, INC., a South Dakota corporation ("Seller").
W I T N E S S E T H:
WHEREAS, Seller, INTER ALIA, designs, develops, manufactures and
markets a broad range of manufacturing equipment for the electronic display and
consumer glass industries (the "Business"); and
WHEREAS, Buyer desires to purchase, and Seller desires to sell,
certain of Seller's operating assets relating to the Business, upon the terms
and subject to the conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the premises and the mutual
promises herein contained, Buyer and Seller hereby agree as follows:
ARTICLE I. ASSETS TO BE PURCHASED
SECTION 1.1. DESCRIPTION OF ASSETS. Upon the terms and subject to
the conditions set forth in this Agreement, Seller hereby agrees to convey,
sell, transfer, assign and deliver to Buyer, and Buyer hereby agrees to purchase
from Seller, on the Closing Date (as defined below), free and clear of all
liens, security interests, claims, pledges, charges, encumbrances, equities,
rights of use, levies, taxes, imposts and restrictions (the "Encumbrances"), all
right, title and interest of Seller in and to the assets, properties and rights
(contractual or otherwise) of Seller that are used in connection with the
Business set forth below:
(a) All machinery, equipment, tooling, parts, furniture, supplies,
and other tangible personal property used in conducting the Business
listed on Schedule 1.1(a) (the "Personal Property");
(b) All accounts receivable relating to or arising out of the
operation of the Business listed on Schedule 1.1(b) (the "Receivables");
(c) All franchises, licenses, permits, consents, authorizations,
approvals and certificates of any Governmental Authority (as hereinafter
defined) used in conducting the Business listed on Schedule l.l(c) (the
"Permits");
(d) Subject to clause (xi) of the final paragraph of this Section
1.1, all patents, inventions, trade secrets, processes, proprietary
rights, proprietary knowledge, know-how, design archives, computer
software, URLs, web sites including content and coding, trademarks, names,
service marks, trade names, copyrights, symbols, logos, franchises and
permits owned by Seller and used in conducting the Business and all
applications therefor, registrations thereof and licenses, sublicenses or
agreements in respect thereof, that Seller owns or has the right to use or
to which Seller is a party and all filings, registrations or issuances of
1
any of the foregoing with or by any federal, state, local or foreign
Governmental Authority and all related goodwill as set forth on Schedule
1.1(d) (collectively, the "Proprietary Rights");
(e) All leases of equipment or other tangible personal property used
in conducting the Business listed on Schedule 1.1(e) (the "Personal
Property Leases");
(f) All contracts, agreements, contract rights, license agreements,
third party guaranties, indemnifications, arrangements, and
understandings, whether oral or written, to which Seller is a party which
relate to the License Agreements listed on Schedule 1.1(f) (the
"Contracts");
(g) All inventories of materials, work-in-process, finished goods
and supplies listed on Schedule 1.1(g) (the "Inventory");
(h) All security deposits, prepaid expenses and other miscellaneous
assets of the Business listed on Schedule 1.1(h) (the "Miscellaneous
Assets");
(i) All books of account, customer lists, client lists, files,
papers, records and telephone numbers used in conducting the Business;
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