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Separation and Distribution Agreement

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Title:

Separation and Distribution Agreement

Entities:

MOD-PAC Corp.

Date:

2002

Size:

Preview shows 12KB of 128KB total

Price:

$60

ID:

#364745

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SEPARATION AND DISTRIBUTION AGREEMENT

BY AND BETWEEN

ASTRONICS CORPORATION

AND

MOD-PAC CORP.

As of December 7, 2002

TABLE OF CONTENTS

ARTICLE I   DEFINITIONS

Section 1.1   Defined Terms   1

ARTICLE II   THE SEPARATION

Section 2.1   Transfer of Assets and Assumption of Liabilities   9

Section 2.2   Termination of Agreements   10

Section 2.3   Documents relating to Transfers of Assets and Assumption of Liabilities   11

Section 2.4   Ancillary Agreements   11

Section 2.5   Disclaimer of Representations and Warranties   11

Section 2.6   Governmental Approvals and Consents   12

Section 2.7   Assignment of Additional MOD-PAC Liabilities   13

ARTICLE III   THE DISTRIBUTION

Section 3.1   Actions Prior to the Distribution   13

Section 3.2   Conditions Precedent to Consummation of the Distribution   14

Section 3.3   The Distribution   16

Section 3.4   Fractional Shares   16

ARTICLE IV   MUTUAL RELEASES; INDEMNIFICATION

Section 4.1   Release of Pre-Distribution Claims   17

Section 4.2   Indemnification by MOD-PAC   19

Section 4.3   Indemnification by Astronics   19

Section 4.4   Indemnification Amounts Net of Insurance Proceeds   20

Section 4.5   Procedures for Indemnification of Third Party Claims   20

Section 4.6   Additional Matters   22

Section 4.7   Remedies Cumulative   23

Section 4.8   Survival of Indemnities   23

ARTICLE V   CONTINGENT GAINS AND CONTINGENT LIABILITIES

Section 5.1   Definitions Relating to Contingent Gains and Contingent Liabilities   23

Section 5.2   Contingent Gains   26

Section 5.3   Exclusive Contingent Liabilities   27

Section 5.4   Shared Contingent Liabilities   27

Section 5.5   Payments   27

Section 5.6   Termination of Certain Provisions   28

ARTICLE VI   INSURANCE AND CERTAIN OTHER MATTERS

Section 6.1   Insurance Matters   28

Section 6.2   Certain Business Matters   29

Section 6.3   Late Payments   29

ARTICLE VII   EXCHANGE OF INFORMATION; CONFIDENTIALITY

Section 7.1   Agreement for Exchange of Information   29

Section 7.2   Ownership of Information   30

Section 7.3   Compensation for Providing Information   30

Section 7.4   Record Retention   30

Section 7.5   Limitations of Liability   31

Section 7.6   Other Agreements Providing for Exchange of Information   31

Section 7.7   Production of Witnesses; Records; Cooperation   31

Section 7.8   Confidentiality   32

Section 7.9   Protective Arrangements   33

ARTICLE VIII   DISPUTE RESOLUTION

Section 8.1   Agreement to Arbitrate   33

Section 8.2   Best Efforts to Resolve Disputes   34

Section 8.3   Demand for Arbitration   34

Section 8.4   Arbitration Panel   34

Section 8.5   Commencement and Place of Arbitration   35

Section 8.6   Arbitration Hearings   35

Section 8.7   Arbitration Decision   35

Section 8.8   Discover and Related Matters   35

Section 8.9   Arbitration Panel's Authority   36

Section 8.10   Confidentiality   36

Section 8.11   Certain Additional Matters   36

Section 8.12   Continuity of Performance and Remaining Obligations   37

Section 8.13   Non-Applicability of Article   37

ARTICLE IX   FURTHER ASSURANCES AND ADDITIONAL COVENANTS

Section 9.1   Further Assurances   37

Section 9.2   Qualification as Tax-Free distribution   38

Section 9.3   Changes in MOD-PAC Ownership Following the Distribution   39

ARTICLE X   TERMINATION

Section 10.1   Termination   39

Section 10.2   Effect of Termination   40

ARTICLE XI   MISCELLANEOUS

Section 11.1   Counterparts; Entire agreement; Corporate Power   40

Section 11.2   Governing Law   41

Section 11.3   Assignability   41

Section 11.4   Third Party Beneficiaries   41

Section 11.5   Notices   41

Section 11.6   Severability   42

Section 11.7   Force Majeure   42

Section 11.8   Publicity   43

Section 11.9   Expenses   43

Section 11.10   Headings

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ARTICLE I	DEFINITIONS
Section 1.1	Defined Terms	1
ARTICLE II	THE SEPARATION
Section 2.1	Transfer of Assets and Assumption of Liabilities	9
Section 2.2	Termination of Agreements	10
Section 2.3	Documents relating to Transfers of Assets and Assumption of Liabilities	11
Section 2.4	Ancillary Agreements	11
Section 2.5	Disclaimer of Representations and Warranties	11
Section 2.6	Governmental Approvals and Consents	12
Section 2.7	Assignment of Additional MOD-PAC Liabilities	13
ARTICLE III	THE DISTRIBUTION
Section 3.1	Actions Prior to the Distribution	13
Section 3.2	Conditions Precedent to Consummation of the Distribution	14
Section 3.3	The Distribution	16
Section 3.4	Fractional Shares	16
ARTICLE IV	MUTUAL RELEASES; INDEMNIFICATION
Section 4.1	Release of Pre-Distribution Claims	17
Section 4.2	Indemnification by MOD-PAC	19
Section 4.3	Indemnification by Astronics	19
Section 4.4	Indemnification Amounts Net of Insurance Proceeds	20
Section 4.5	Procedures for Indemnification of Third Party Claims	20
Section 4.6	Additional Matters	22
Section 4.7	Remedies Cumulative	23
Section 4.8	Survival of Indemnities	23
ARTICLE V	CONTINGENT GAINS AND CONTINGENT LIABILITIES
Section 5.1	Definitions Relating to Contingent Gains and Contingent Liabilities	23
Section 5.2	Contingent Gains	26
Section 5.3	Exclusive Contingent Liabilities	27
Section 5.4	Shared Contingent Liabilities	27
Section 5.5	Payments	27
Section 5.6	Termination of Certain Provisions	28
ARTICLE VI	INSURANCE AND CERTAIN OTHER MATTERS
Section 6.1	Insurance Matters	28
Section 6.2	Certain Business Matters	29
Section 6.3	Late Payments	29
ARTICLE VII	EXCHANGE OF INFORMATION; CONFIDENTIALITY
Section 7.1	Agreement for Exchange of Information	29
Section 7.2	Ownership of Information	30
Section 7.3	Compensation for Providing Information	30
Section 7.4	Record Retention	30
Section 7.5	Limitations of Liability	31
Section 7.6	Other Agreements Providing for Exchange of Information	31
Section 7.7	Production of Witnesses; Records; Cooperation	31
Section 7.8	Confidentiality	32
Section 7.9	Protective Arrangements	33
ARTICLE VIII	DISPUTE RESOLUTION
Section 8.1	Agreement to Arbitrate	33
Section 8.2	Best Efforts to Resolve Disputes	34
Section 8.3	Demand for Arbitration	34
Section 8.4	Arbitration Panel	34
Section 8.5	Commencement and Place of Arbitration	35
Section 8.6	Arbitration Hearings	35
Section 8.7	Arbitration Decision	35
Section 8.8	Discover and Related Matters	35
Section 8.9	Arbitration Panel's Authority	36
Section 8.10	Confidentiality	36
Section 8.11	Certain Additional Matters	36
Section 8.12	Continuity of Performance and Remaining Obligations	37
Section 8.13	Non-Applicability of Article	37
ARTICLE IX	FURTHER ASSURANCES AND ADDITIONAL COVENANTS
Section 9.1	Further Assurances	37
Section 9.2	Qualification as Tax-Free distribution	38
Section 9.3	Changes in MOD-PAC Ownership Following the Distribution	39
ARTICLE X	TERMINATION
Section 10.1	Termination	39
Section 10.2	Effect of Termination	40
ARTICLE XI	MISCELLANEOUS
Section 11.1	Counterparts; Entire agreement; Corporate Power	40
Section 11.2	Governing Law	41
Section 11.3	Assignability	41
Section 11.4	Third Party Beneficiaries	41
Section 11.5	Notices	41
Section 11.6	Severability	42
Section 11.7	Force Majeure	42
Section 11.8	Publicity	43
Section 11.9	Expenses	43
Section 11.10	Headings