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Title: |
Stock Purchase Agreement |
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Entities: |
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Date: |
2008 |
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Size: |
Preview shows 27KB of 275KB total |
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Price: |
$70 |
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ID: |
#3290115 |
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EXECUTION VERSION
STOCK PURCHASE AGREEMENT
BY AND AMONG
INSURANCE AUTO AUCTIONS, INC.,
THE SHAREHOLDERS OF SALVAGE DISPOSAL COMPANY OF GEORGIA,
JANET L. COVEY, AS SHAREHOLDERS? REPRESENTATIVE,
AND, SOLELY FOR PURPOSES OF SECTION 6.11 AND ARTICLE XI,
VERASTAR, LLC
DATED JANUARY 11, 2008
TABLE OF CONTENTS
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ARTICLE I. PURCHASE OF SUBJECT SECURITIES |
2 | |
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Section 1.01. Purchase and Sale |
2 | |
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Section 1.02. Subsequent Documentation |
2 | |
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ARTICLE II. PURCHASE PRICE |
2 | |
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Section 2.01. Purchase Price |
2 | |
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Section 2.02. Earn-Out Payments |
3 | |
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Section 2.03. Pre-Closing Payables; True-Up with Prepaids Amount |
7 | |
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Section 2.04. Excluded Assets and Excluded Liabilities |
8 | |
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Section 2.05. 338(h)(10) Gross-Up |
8 | |
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ARTICLE III. CLOSING |
8 | |
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Section 3.01. Closing Date |
8 | |
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Section 3.02. Deliveries by the Shareholders |
9 | |
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Section 3.03. Deliveries by Purchaser |
10 | |
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ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS |
11 | |
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Section 4.01. Organization; Power |
11 | |
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Section 4.02. Authorization and Validity of Agreement |
11 | |
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Section 4.03. No Conflict or Violation |
12 | |
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Section 4.04. Capitalization |
12 | |
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Section 4.05. Consents and Approvals |
13 | |
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Section 4.06. Financial Statements |
13 | |
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Section 4.07. Absence of Certain Changes or Events |
13 | |
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Section 4.08. Tax Matters |
14 | |
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Section 4.09. Material Contracts |
15 | |
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Section 4.10. Real Property |
16 | |
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Section 4.11. Vehicle Warranties |
18 | |
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Section 4.12. Equipment and Machinery |
18 | |
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Section 4.13. Intellectual Property and Software |
18 | |
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Section 4.14. Uncollected Funds |
19 | |
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Section 4.15. ERISA |
19 | |
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Section 4.16. Labor Relations |
21 | |
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Section 4.17. Environmental Compliance |
23 | |
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Section 4.18. Licenses and Permits |
25 | |
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Section 4.19. Insurance; Bonds |
25 | |
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Section 4.20. Suppliers |
25 | |
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Section 4.21. Compliance with Law |
26 | |
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Section 4.22. Litigation |
26 | |
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Section 4.23. Absence of Certain Business Practices |
26 | |
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Section 4.24. No Other Agreements to Sell Subject Securities |
26 | |
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Section 4.25. Broker?s and Finder?s Fees |
26 | |
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Section 4.26. No Untrue Statement of Material Fact |
27 | |
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Section 4.27. Absence of Undisclosed Liabilities |
27 | |
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Section 4.28. Towing Schedules |
27 | |
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Section 4.29. Affiliate Transactions |
27 | |
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Section 4.30. Books and Records |
27 | |
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ARTICLE V. REPRESENTATIONS AND WARRANTIES OF PURCHASER |
28 | |
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Section 5.01. Organization; Power |
28 | |
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Section 5.02. Authorization and Validity of Agreement |
28 | |
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Section 5.03. No Conflict or Violation |
28 | |
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Section 5.04. Approvals and Consents |
28 | |
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Section 5.05. Broker?s and Finder?s Fees |
28 | |
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Section 5.06. Purchase for Own Account |
28 | |
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Section 5.07. Financing |
28 | |
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ARTICLE VI. COVENANTS OF THE SHAREHOLDERS |
29 | |
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Section 6.01. Regulatory and Other Approvals |
29 | |
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Section 6.02. Conduct of Business |
29 | |
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Section 6.03. Affirmative Covenants |
29 | |
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Section 6.04. Certain Restrictions |
30 | |
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Section 6.05. Operational Reports Meetings; Notification of Certain Matters |
32 | |
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Section 6.06. Termination of Certain Agreements |
33 | |
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Section 6.07. Real Estate Matters |
34 | |
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Section 6.08. Notice from Suppliers |
34 | |
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Section 6.09. Fulfillment of Conditions |
35 | |
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Section 6.10. No Solicitation |
35 | |
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Section 6.11. Trademarks |
35 | |
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Section 6.12. Freezing of 401(k) Plan |
36 | |
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ARTICLE VII. COVENANTS OF PURCHASER |
36 | |
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Section 7.01. Regulatory and Other Approvals |
36 | |
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Section 7.02. Access |
37 | |
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Section 7.03. Fulfillment of Conditions |
39 | |
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Section 7.04. Waiver of Conflicts Regarding Representation; Confidentiality and Privilege |
39 | |
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Section 7.05. Non-Disclosure |
39 | |
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Section 7.06. No Indemnification of Directors and Officers |
40 | |
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ARTICLE VIII. CONDITIONS TO OBLIGATIONS OF PURCHASER |
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