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Asset Purchase Agreement |
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2007 |
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PART II. ITEM 6(a) EXHIBITS EXHIBIT (10)
ASSET PURCHASE AGREEMENT
DATED AS OF MAY 3, 1996
BY AND AMONG
COPY USA, INC.,
CPI CORP.,
CONSUMER PROGRAMS INCORPORATED
AND
TEXAS PORTRAITS, L.P.
{PAGE}
{TABLE}
TABLE OF CONTENTS
{CAPTION}
Page
{S} {C} {C}
ARTICLE I. PURCHASE OF ASSETS. . . . . . . . . . 1
1.1. Purchase and Sale of Assets. . . . . . . . . . . . . . 1
1.1.1. [Intentionally Omitted] . . . . . . . . . . . . . . . 2
1.1.2. Accounts Receivable . . . . . . . . . . . . . . . . . 2
1.1.3. Contract Rights . . . . . . . . . . . . . . . . . . . 2
1.1.4. Inventories and Stores and Supplies . . . . . . . . . 2
1.1.5. Tangible Personal Property. . . . . . . . . . . . . . 2
1.1.6. Manufacturers' and Vendors' Warranties. . . . . . . . 2
1.1.7. Intellectual Property . . . . . . . . . . . . . . . . 2
1.1.8. Real Property . . . . . . . . . . . . . . . . . . . . 2
1.1.9. Governmental Licenses, Permits and Approvals. . . . . 3
1.1.10. Books and Records. . . . . . . . . . . . . . . . . . 3
1.1.11. Seller's Name. . . . . . . . . . . . . . . . . . . . 3
1.1.12. Prepaid Items. . . . . . . . . . . . . . . . . . . . 3
1.1.13. Miscellaneous Assets . . . . . . . . . . . . . . . . 3
1.2. Excluded Assets. . . . . . . . . . . . . . . . . . . . 3
1.2.1. Ordinary Course of Business Dispositions. . . . . . . 3
1.2.2. Contracts Terminated in the Ordinary Course of Business 3
1.2.3. Corporate Documents . . . . . . . . . . . . . . . . . 4
1.2.4. Employee Benefit Plans. . . . . . . . . . . . . . . . 4
1.2.5. Other Scheduled Assets. . . . . . . . . . . . . . . . 4
1.2.6. Home Office Equipment . . . . . . . . . . . . . . . . 4
1.3. Nonassignable Contracts, Permits . . . . . . . . . . . 4
1.3.1. Nonassignability . . . . . . . . . . . . . . . . . . 4
1.3.2. Seller to Use Best Efforts. . . . . . . . . . . . . . 4
1.3.3. If Waivers or Consents Cannot Be Obtained . . . . . . 5
ARTICLE II. ASSUMPTION OF LIABILITIES . . . . . . 5
2.1. Assumed Liabilities. . . . . . . . . . . . . . . . . . 5
2.2. Retained Liabilities. . . . . . . . . . . . . . . . . . 6
ARTICLE III. PURCHASE PRICE. . . . . . . . . . . . 7
3.1. Purchase Price . . . . . . . . . . . . . . . . . . . . 7
3.2. Purchase Price Adjustment. . . . . . . . . . . . . . . 8
3.3. Allocation of Purchase Price . . . . . . . . . . . . . 9
ARTICLE IV. THE CLOSING . . . . . . . . . . . . . 10
4.1. Date of Closing. . . . . . . . . . . . . . . . . . . . 10
ARTICLE V. REPRESENTATIONS AND WARRANTIES . . . . 10
5.1. Representations and Warranties of Seller and Parent. . 10
5.1.1. Organization and Good Standing. . . . . . . . . . . . 10
5.1.2. Authorization of Agreement; Binding Obligation. . . . 10
5.1.3. Intentionally Omitted . . . . . . . . . . . . . . . . 11
5.1.4. No Restrictions on Seller or Parent; Required Consents 11
5.1.5. No Third Party Options. . . . . . . . . . . . . . . . 11
{/TABLE}
{PAGE}
{TABLE}
TABLE OF CONTENTS (continued)
{CAPTION}
Page
{S} {C} {C}
5.1.6. Financial Statements. . . . . . . . . . . . . . . . . 11
5.1.7. Accounts Receivable . . . . . . . . . . . . . . . . . 12
5.1.8. Inventory . . . . . . . . . . . . . . . . . . . . . . 12
5.1.9. Absence of Undisclosed Liabilities. . . . . . . . . . 12
5.1.10. Books of Account . . . . . . . . . . . . . . . . . . 13
5.1.11. Contracts. . . . . . . . . . . . . . . . . . . . . . 13
5.1.12. Title to Assets. . . . . . . . . . . . . . . . . . . 15
5.1.13. Intellectual Property. . . . . . . . . . . . . . . . 15
5.1.14. [Intentionally Omitted]. . . . . . . . . . . . . . . 16
5.1.15. Condition of Assets. . . . . . . . . . . . . . . . . 16
5.1.16. Real Property. . . . . . . . . . . . . . . . . . . . 16
5.1.17. Insurance. . . . . . . . . . . . . . . . . . . . . . 17
5.1.18. Conduct of the Business Since the Interim Balance Sheet
Date . . . . . . . . . . . . . . . . . . . . . . . 17
5.1.19. [Intentionally Omitted]. . . . . . . . . . . . . . . 19
5.1.20. Personnel Information. . . . . . . . . . . . . . . . 19
5.1.21. Employee Benefit Plans . . . . . . . . . . . . . . . 20
5.1.22. Litigation; Decrees. . . . . . . . . . . . . . . . . 21
5.1.23. Compliance With Law; Permits . . . . . . . . . . . . 21
5.1.24. Environmental Matters. . . . . . . . . . . . . . . . 22
5.1.25. Taxes. . . . . . . . . . . . . . . . . . . . . . . . 25
5.1.26. Commissions or Finders Fees. . . . . . . . . . . . . 26
5.1.27. [Intentionally Omitted]. . . . . . . . . . . . . . . 26
5.1.28. [Intentionally Omitted]. . . . . . . . . . . . . . . 26
5.2. Representations and Warranties of Purchaser . . . . . 26
5.2.1. Corporate Organization. . . . . . . . . . . . . . . . 26
5.2.2. Authorization and Effect of Agreement . . . . . . . . 26
5.2.3. No Restrictions Against Purchase of the Assets. . . . 26
5.2.4. Financing Arrangements. . . . . . . . . . . . . . . . 27
ARTICLE VI. PRE-CLOSING COVENANTS . . . . . . . . 27
6.1. Access to Information . . . . . . . . . . . . . . . . 27
6.2. Conduct of Business . . . . . . . . . . . . . . . . . 27
6.3. Financial Statements. . . . . . . . . . . . . . . . . 29
6.4. Notification. . . . . . . . . . . . . . . . . . . . . 29
6.5. Cooperation . . . . . . . . . . . . . . . . . . . . . 29
6.6. No Inconsistent Action. . . . . . . . . . . . . . . . 29
6.7. Satisfaction of Conditions. . . . . . . . . . . . . . 30
6.8. Injunctions . . . . . . . . . . . . . . . . . . . . . 30
6.9. Filings . . . . . . . . . . . . . . . . . . . . . . . 30
6.10. Publicity . . . . . . . . . . . . . . . . . . . . . . 30
6.11. Acquisition Proposals . . . . . . . . . . . . . . . . 30
6.13. Transition Services Agreement . . . . . . . . . . . . 31
6.14. Leases. . . . . . . . . . . . . . . . . . . . . . . . 31
6.15. Master Contracts, Etc . . . . . . . . . . . . . . . . 31
{/TABLE}
{PAGE}
{TABLE}
TABLE OF CONTENTS (continued)
{CAPTION}
Page
{S} {C} {C}
ARTICLE VII. CONDITIONS TO CLOSING . . . . . . . 31
7.1. Conditions Precedent to Obligations of Purchaser. . . . 31
7.1.1. Representations, Warranties and Covenants . . . . . . 32
7.1.2. Closing Documents . . . . . . . . . . . . . . . . . . 32
7.1.3. Governmental Consents and Approvals . . . . . . . . . 32
7.1.4. No Adverse Proceedings. . . . . . . . . . . . . . . . 32
7.1.5. Third Party Consents. . . . . . . . . . . . . . . . . 32
7.1.6. Funding . . . . . . . . . . . . . . . . . . . . . . . 32
7.1.7. Employment Arrangement. . . . . . . . . . . . . . . . 33
7.2. Conditions Precedent to Obligations of Seller . . . . . 33
7.2.1. Representations, Warranties and Covenants . . . . . . 33
7.2.2. Closing Documents . . . . . . . . . . . . . . . . . . 33
7.2.3. Consents or Approvals . . . . . . . . . . . . . . . . 33
7.2.4. No Adverse Proceedings. . . . . . . . . . . . . . . . 33
7.2.5. Purchase Price. . . . . . . . . . . . . . . . . . . . 33
ARTICLE VIII. DOCUMENTS TO BE DELIVERED AT THE CLOSING . . 34
8.1. Documents to be Delivered by Seller . . . . . . . . . . 34
8.1.1. Transfer Documents. . . . . . . . . . . . . . . . . . 34
8.1.2. Certified Resolutions . . . . . . . . . . . . . . . . 34
8.1.3. Seller's Certificate. . . . . . . . . . . . . . . . . 34
8.1.4. [Intentionally Omitted] . . . . . . . . . . . . . . . 34
8.1.5. Good Standing Certificates. . . . . . . . . . . . . . 34
8.1.6. Receipts. . . . . . . . . . . . . . . . . . . . . . . 34
8.1.7. Lien Searches . . . . . . . . . . . . . . . . . . . . 34
8.1.8. Other Documents . . . . . . . . . . . . . . . . . . . 34
8.2. Documents to be Delivered by Purchaser. . . . . . . . . 35
8.2.1. Purchase Price. . . . . . . . . . . . . . . . . . . . 35
8.2.2. Certified Resolutions . . . . . . . . . . . . . . . . 35
8.2.3. Officer's Certificate . . . . . . . . . . . . . . . . 35
8.2.4. [Intentionally Omitted] . . . . . . . . . . . . . . . 35
8.2.5. Good Standing Certificates. . . . . . . . . . . . . . 35
8.2.6. Other Documents . . . . . . . . . . . . . . . . . . . 35
ARTICLE IX. POST-CLOSING COVENANTS . . . . . . . 35
9.1. Employee Benefits . . . . . . . . . . . . . . . . . . . 35
9.2. Severance and Non-Solicitation. . . . . . . . . . . . . 37
9.3. Discharge of Business Obligations . . . . . . . . . . . 37
9.4. Maintenance of Books and Records. . . . . . . . . . . . 37
9.5. Payments Received . . . . . . . . . . . . . . . . . . . 38
9.6. [Intentionally Omitted] . . . . . . . . . . . . . . . . 38
9.7. UCC Matters . . . . . . . . . . . . . . . . . . . . . . 38
9.8. Covenant Not to Compete . . . . . . . . . . . . . . . . 38
9.9. Post-Closing Notifications. . . . . . . . . . . . . . . 39
9.10. Certain Tax Matters . . . . . . . . . . . . . . . . . . 39
9.11. Insurance . . . . . . . . . . . . . . . . . . . . . . . 39
{/TABLE}
{PAGE}
{TABLE}
TABLE OF CONTENTS (continued)
{CAPTION}
Page
{S} {C} {C}
ARTICLE X. SURVIVAL AND INDEMNIFICATION . . . . . 40
10.1. Survival of Representations, Warranties and Covenants. 40
10.2. Definitions; Limitations on Liability. . . . . . . . . 40
10.3. Indemnification. . . . . . . . . . . . . . . . . . . . 41
10.4. Defense of Claims. . . . . . . . . . . . . . . . . . . 42
ARTICLE XI. TERMINATION . . . . . . . . . . . . . 44
11.1. Termination. . . . . . . . . . . . . . . . . . . . . . 44
ARTICLE XII. MISCELLANEOUS PROVISIONS . . . . . . 45
12.1. Specific Performance . . . . . . . . . . . . . . . . . 45
12.2. Notices. . . . . . . . . . . . . . . . . . . . . . . . 45
12.3. Intentionally Omitted. . . . . . . . . . . . . . . . . 46
12.4. Expenses . . . . . . . . . . . . . . . . . . . . . . . 46
12.5. Successors and Assigns . . . . . . . . . . . . . . . . 46
12.6. Waiver . . . . . . . . . . . . . . . . . . . . . . . . 47
12.7. Entire Agreement . . . . . . . . . . . . . . . . . . . 47
12.8. Amendments and Supplements . . . . . . . . . . . . . . 47
12.9. Rights of the Parties. . . . . . . . . . . . . . . . . 48
12.10. Brokers . . . . . . . . . . . . . . . . . . . . . . . 48
12.11. Further Assurances. . . . . . . . . . . . . . . . . . 48
12.12. Transfers . . . . . . . . . . . . . . . . . . . . . . 48
12.13. Bulk Sales. . . . . . . . . . . . . . . . . . . . . . 48
12.14. Governing Law . . . . . . . . . . . . . . . . . . . . 48
12.15. Severability. . . . . . . . . . . . . . . . . . . . . 48
12.16. Execution in Counterparts . . . . . . . . . . . . . . 49
12.17. Titles and Headings . . . . . . . . . . . . . . . . . 49
12.18. Passage of Title and Risk of Loss . . . . . . . . . . 49
12.19. Certain Interpretive Matters and Definitions. . . . . 49
12.20. No Recourse . . . . . . . . . . . . . . . . . . . . . 49
12.21. Schedules and Exhibits. . . . . . . . . . . . . . . . 49
{/TABLE}
{PAGE}
{TABLE}
{CAPTION}
Exhibits
{S} {C}
Exhibit 6.13 Transition Services Agreement
{/TABLE}
{TABLE}
{CAPTION}
Schedules
{S} {C}
Schedule 1.1.3 Contract Rights
Schedule 1.1.5 Tangible Personal Property
Schedule 1.1.7 Intellectual Property
Schedule 1.1.8 Real Property
Schedule 1.1.9 Permits
Schedule 1.1.13 Miscellaneous Assets
Schedule 1.2.5 Other Scheduled Assets
Schedule 3.3 Allocation of Purchase Price
Schedule 5.1.1 Certificates of Good Standing
Schedule 5.1.4 Restrictions on the Seller/No Consents
Schedule 5.1.6(a) Unaudited Balance Sheets of Seller
Schedule 5.1.6(b) Unaudited Statements of Income
Schedule 5.1.11 Contracts
Schedule 5.1.12 Title to Assets
Schedule 5.1.13 Intellectual Property
Schedule 5.1.16(a) Leased Real Property
Schedule 5.1.16(b) Leased Real Property Exceptions
Schedule 5.1.17 Insurance
Schedule 5.1.18(d) Amendments to Material Contracts
Schedule 5.1.18(g) Capital Expenditures
Schedule 5.1.20(a) Employee Arrangements
Schedule 5.1.20(b) Employees
Schedule 5.1.20(d) ERISA
Schedule 5.1.21 Employee Benefit Plans
Schedule 5.1.22 Litigation; Decrees
Schedule 5.1.23 Compliance with Law; Permits
Schedule 5.1.24 Environmental Matters
Schedule 5.1.25 Taxes
Schedule 6.15 Master Contracts
Schedule 9.1 At-Will Employees
Schedule 9.2(c) Seller's Employees
Schedule 12.19 Individuals with Knowledge
{/TABLE}
{PAGE}
{TABLE}
{CAPTION}
{S} {C}
Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . 1
CPI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Parent. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Purchaser . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Business. . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Accounts Receivable . . . . . . . . . . . . . . . . . . . . . 2
Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . 2
Tangible Personal Property. . . . . . . . . . . . . . . . . . 2
Intellectual Property . . . . . . . . . . . . . . . . . . . . 2
Real Property Leases. . . . . . . . . . . . . . . . . . . . . 2
Leased Real Property. . . . . . . . . . . . . . . . . . . . . 2
Real Property . . . . . . . . . . . . . . . . . . . . . . . . 2
Permits . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Excluded Assets . . . . . . . . . . . . . . . . . . . . . . . 3
Assumed Liabilities . . . . . . . . . . . . . . . . . . . . . 5
Retained Liabilities. . . . . . . . . . . . . . . . . . . . . 6
Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Governmental Entity . . . . . . . . . . . . . . . . . . . . . 7
Tentative Allocation. . . . . . . . . . . . . . . . . . . . . 9
Closing Allocation. . . . . . . . . . . . . . . . . . . . . . 9
Closing . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Closing Date. . . . . . . . . . . . . . . . . . . . . . . . . 10
GAAP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Interim Balance Sheet . . . . . . . . . . . . . . . . . . . . 12
Interim Balance Sheet Date. . . . . . . . . . . . . . . . . . 12
liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 13
Liens . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Permitted Liens . . . . . . . . . . . . . . . . . . . . . . . 15
Intellectual Property . . . . . . . . . . . . . . . . . . . . 15
Permits . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Real Property Leases. . . . . . . . . . . . . . . . . . . . . 16
Leased Real Property. . . . . . . . . . . . . . . . . . . . . 16
Material Adverse Change . . . . . . . . . . . . . . . . . . . 18
Employee Arrangements . . . . . . . . . . . . . . . . . . . . 19
ERISA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Employee Plans. . . . . . . . . . . . . . . . . . . . . . . . 20
Pension Plans . . . . . . . . . . . . . . . . . . . . . . . . 20
Code. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Environmental Claim . . . . . . . . . . . . . . . . . . . . . 23
Environmental Costs and Liabilities . . . . . . . . . . . . . 23
Environmental Law . . . . . . . . . . . . . . . . . . . . . . 24
Environmental Permit. . . . . . . . . . . . . . . . . . . . . 24
Hazardous Material. . . . . . . . . . . . . . . . . . . . . . 24
Release . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Remedial Action . . . . . . . . . . . . . . . . . . . . . . . 24
foreign person. . . . . . . . . . . . . . . . . . . . . . . . 25
Code. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
{/TABLE}
{PAGE}
{TABLE}
{CAPTION}
{S} {C}
Tax Returns . . . . . . . . . . . . . . . . . . . . . . . . . 25
Financing . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Supplemental Financial Statements . . . . . . . . . . . . . . 29
Acquisition Proposal. . . . . . . . . . . . . . . . . . . . . 30
Indemnity Payment . . . . . . . . . . . . . . . . . . . . . . 40
Indemnitee. . . . . . . . . . . . . . . . . . . . . . . . . . 40
Indemnifying Party. . . . . . . . . . . . . . . . . . . . . . 40
Indemnifiable Losses. . . . . . . . . . . . . . . . . . . . . 40
Third Party Claim . . . . . . . . . . . . . . . . . . . . . . 40
Direct Claim. . . . . . . . . . . . . . . . . . . . . . . . . 44
Subsidiary. . . . . . . . . . . . . . . . . . . . . . . . . . 49
Affiliate . . . . . . . . . . . . . . . . . . . . . . . . . . 49
{/TABLE}
{PAGE}
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT (this "Agreement") is made and
entered into as of the 3rd day of May, 1996, by and among
Consumer Programs Incorporated, a Missouri corporation ("CPI"),
Texas Portraits, L.P., a Texas limited partnership ("TPLP" and,
together with CPI, "Seller"), CPI Corp., a Delaware corporation
("Parent"), and Copy USA, Inc., a Delaware corporation
("Purchaser").
RECITALS:
A.Seller presently conducts the business (the "Business") of
operating a chain of copy stores under the names "CopyMat" and
"Copy USA"; and
B.Seller desires to sell and Purchaser desires to purchase, the
assets, rights and properties of Seller used or useful in the
operation of the Business and, in connection with such purchase
and sale, Purchaser is willing to assume certain obligations
and liabilities relating to the Business, all on the terms and
subject to the conditions set forth in this Agreement.
NOW, THEREFORE, the parties hereto agree as follows:
ARTICLE I. PURCHASE OF ASSETS
1.1. Purchase and Sale of Assets. On the terms and subject to
the conditions hereof and subject to Sections 1.2 and 1.3, at
the Closing (as defined in Section 4.1), Seller will sell,
transfer, convey, assign and deliver, and Purchaser will
purchase and accept, all right, title and interest of Seller in
and to all rights, properties and assets of Seller used or
useful in connection with the Business (collectively, the
"Assets"), free and clear of all mortgages, liens, pledges,
security interests, charges, claims, restrictions and
encumbrances of any nature whatsoever except Permitted Liens
(as defined in Section 5.1.12), including without limitation
all of Seller's right, title and interest in and to the rights,
properties and assets described in this Section 1.1:
1.1.1. [Intentionally Omitted].
1.1.2. Accounts Receivable. All accounts receivable and any
notes receivable arising out of the operation of the Business
(the "Accounts Receivable");
{PAGE}
1.1.3. Contract Rights. All rights and incidents of interest
as of the Closing in and to all leases, agreements and other
contracts and legally binding contractual rights and
obligations relating to the Business (collectively,
"Contracts"), including without limitation such of the
foregoing as are described on Schedule 1.1.3;
1.1.4. Inventories and Stores and Supplies. All raw materials,
components, work-in-process, finished products, packaging
materials, stores and supplies, spare parts and samples
relating to the Business (collectively, "Inventories");
1.1.5. Tangible Personal Property. All machinery and equipment,
tools, spare and maintenance parts, furniture, vehicles and all
other tangible personal property relating to the Business and
located on the Real Property (as hereinafter defined),
including without limitation, the tangible personal property
listed on Schedule 1.1.5 (collectively, the "Tangible Personal
Property");
1.1.6. Manufacturers' and Vendors' Warranties. All rights under
manufacturers' and vendors' warranties relating to items
included in the Assets and all similar rights against third
parties relating to items included in the Assets;
1.1.7. Intellectual Property. All right, title and interest in
and to all domestic and foreign letters patent, patents, patent
applications, patent licenses, software licenses and know-how
licenses, trade names, trademarks, registered copyrights,
service marks, trademark registrations and applications,
service mark registrations and applications and copyright
registrations and applications owned or used by Seller in the
operation of the Business and all trade secrets, technical
knowledge, know-how and related ownership, use and other rights
of Seller used in the operation of the Business, including but
not limited to those listed or described on Schedule 1.1.7
(collectively, the "Intellectual Property");
1.1.8. Real Property. The rights and incidents of interests of
Seller in and to all real property leases (the "Real Property
Leases") relating to the operations of the Business, including
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