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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2002 |
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Preview shows 22KB of 145KB total |
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Price: |
$62 |
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ID: |
#866886 |
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ASSET PURCHASE AGREEMENT
BY AND AMONG
WEYCO GROUP, INC.
FLORSHEIM GROUP INC.
AND
THE OTHER SELLERS IDENTIFIED HEREIN
DATED AS OF MARCH 3, 2002
<PAGE>
TABLE OF CONTENTS
PAGE
----
ARTICLE I DEFINITIONS.....................................................1
1.1 Accounts........................................................2
1.2 Accrued Expenses................................................2
1.3 Affiliate.......................................................2
1.4 Agreement.......................................................2
1.5 Agreement Sections..............................................2
1.6 Assumed Liabilities.............................................3
1.7 Bill of Sale....................................................3
1.8 Business Day....................................................4
1.9 Buyer...........................................................4
1.10 Buyer Closing Certificate.......................................4
1.11 Closing.........................................................4
1.12 Closing Date....................................................4
1.13 Closing Inventory Value.........................................4
1.14 Code............................................................4
1.15 Cure Costs......................................................4
1.16 Disclosure Schedule.............................................4
1.17 Escrow Agent....................................................4
1.18 Escrow Agreement................................................4
1.19 ERISA...........................................................4
1.20 Excluded Store Inventory........................................5
1.21 Excluded Stores.................................................5
1.22 Existing Insurance Policies.....................................5
1.23 Existing Permits................................................5
1.24 Financial Information...........................................5
1.25 Financial Statements............................................5
1.26 Florsheim.......................................................5
1.27 GAAP............................................................5
1.28 Golf Inventory..................................................5
1.29 Information Assets..............................................5
1.30 Inventory.......................................................5
1.31 Inventory Purchase Agreement....................................6
1.32 Inventory Value.................................................6
1.33 John Deere Inventory............................................6
1.34 Knowledge of Sellers............................................6
1.35 Law.............................................................6
1.36 Lien............................................................6
1.37 Material Adverse Change.........................................6
1.38 Miscellaneous Assets............................................7
1.39 Person..........................................................7
1.40 Prepaid Expenses................................................7
i
<PAGE>
TABLE OF CONTENTS
(continued)
PAGE
----
1.41 Purchase Price..................................................7
1.42 Purchased Assets................................................7
1.43 Purchased Contracts.............................................8
1.44 Purchased Equipment.............................................8
1.45 Purchased Leases................................................8
1.46 Purchased Stores................................................8
1.47 Records.........................................................8
1.48 Retained Assets.................................................8
1.49 Retained Liabilities............................................9
1.50 SAP and Other Computer Assets...................................9
1.51 Seller or Sellers...............................................9
1.52 Sellers Closing Certificate.....................................9
1.53 Store Assets....................................................9
1.54 Trademarks......................................................9
1.55 Transition Services Agreement...................................9
ARTICLE II PURCHASE AND SALE...............................................9
2.1 Purchase and Sale...............................................9
2.2 Final Inventory Value; Payment at Closing......................10
ARTICLE III OTHER AGREEMENTS...............................................11
3.1 Access.........................................................11
3.2 Disclosure Schedule............................................11
3.3 Duties Concerning Consents; Conditions.........................12
3.4 Deliveries of Information; Consultation........................12
3.5 Acquisition Proposals..........................................12
3.6 Public Announcements...........................................13
3.7 Retained Liabilities...........................................13
3.8 Referrals and Deliveries.......................................13
3.9 Allocation of Purchase Price...................................14
3.10 Prorations.....................................................14
3.11 Transaction Taxes..............................................14
3.12 Risk of Loss...................................................14
3.13 Employee Matters...............................................15
3.14 Access to Records..............................................15
3.15 Effective Time of Closing......................................16
3.16 Pacific Rim Assets; Other International Assets.................16
3.17 Florsheim 401(k) Plan Assumption...............................17
3.18 Purchased Equipment............................................18
ii
<PAGE>
TABLE OF CONTENTS
(continued)
PAGE
----
3.19 Bankruptcy Matters.............................................18
3.20 Financing Commitments..........................................20
3.21 Purchase Orders................................................20
3.22 Use of Name....................................................20
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE SELLERS..................20
4.1 Organization; Business.........................................20
4.2 Authorization; Enforceability..................................21
4.3 No Violation or Conflict.......................................21
4.4 Assets.........................................................21
4.5 Litigation.....................................................22
4.6 Financial Information..........................................22
4.7 Absence of Certain Changes.....................................22
4.8 Store Assets...................................................23
4.9 Purchased Contracts............................................23
4.10 Performance of Purchased Contracts.............................23
4.11 Intentionally Omitted..........................................24
4.12 No Violation of Law............................................24
4.13 Brokers........................................................24
4.14 Taxes..........................................................24
4.15 Purchased Stores...............................................24
4.16 Consents; Approvals............................................24
4.17 No Pending Acquisitions........................................24
4.18 Labor Matters..................................................25
4.19 Permits........................................................25
4.20 Inventory......................................................25
4.21 Information Assets.............................................25
4.22 Environmental Protection.......................................26
4.23 Accounts.......................................................27
4.24 Customers and Suppliers........................................27
4.25 Insurance......................................................27
ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE BUYER....................27
5.1 Organization; Business.........................................27
5.2 Authorization; Enforceability..................................28
5.3 No Violation or Conflict.......................................28
5.4 Brokers........................................................28
iii
<PAGE>
TABLE OF CONTENTS
(continued)
PAGE
----
5.5 Consents; Approvals............................................28
5.6 Litigation.....................................................28
5.7 Financing Commitments..........................................28
5.8 Due Diligence..................................................28
5.9 No Further Representations.....................................29
ARTICLE VI CONDUCT OF BUSINESS PENDING THE CLOSING........................29
6.1 Carry on in Ordinary Course....................................29
6.2 Use of Purchased Assets........................................29
6.3 No Default.....................................................29
6.4 Existing Insurance Policies....................................30
6.5 Employment Matters.............................................30
6.6 Contracts and Commitments......................................30
6.7 Preservation of Relationships..................................30
6.8 Compliance with Laws...........................................30
ARTICLE VII CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE BUYER...........30
7.1 Compliance with Agreement......................................30
7.2 Proceedings and Instruments Satisfactory.......................30
7.3 No Litigation..................................................30
7.4 Representations and Warranties of the Sellers..................31
7.5 No Material Adverse Change, Etc................................31
7.6 Bankruptcy Matters.............................................31
7.7 Deliveries at Closing..........................................31
7.8 Other Deliveries...............................................31
7.9 HSR............................................................31
7.10 Other Closings.................................................31
ARTICLE VIII CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE SELLERS.........32
8.1 Compliance with Agreement......................................32
8.2 Proceedings and Instruments Satisfactory.......................32
8.3 No Litigation..................................................32
8.4 Representations and Warranties of the Buyer....................32
8.5 Deliveries at Closing..........................................32
8.6 Other Documents................................................32
8.7 Delivery of Purchase Price.....................................33
iv
<PAGE>
TABLE OF CONTENTS
(continued)
PAGE
----
8.8 Letters of Credit..............................................33
8.9 Bankruptcy Matters.............................................33
8.10 Other Closings.................................................33
8.11 Letters of Credit..............................................33
ARTICLE IX TERMINATION; MISCELLANEOUS.....................................33
9.1 Termination....................................................33
9.2 Rights on Termination..........................................34
9.3 Waiver of Conditions...........................................35
9.4 Survival of Representations and Warranties.....................35
9.5 Entire Agreement; Amendment....................................35
9.6 Expenses.......................................................35
9.7 Governing Law; Venue...........................................35
9.8 Assignment.....................................................36
9.9 Notices........................................................36
9.10 Counterparts; Headings.........................................37
9.11 Interpretation.................................................37
9.12 Severability...................................................37
9.13 No Reliance....................................................37
9.14 Exhibits and Disclosure Schedule...............................37
9.15 Income Tax Position............................................37
9.16 Further Assurances.............................................37
v
<PAGE>
SIGNATURES....................................................................39
EXHIBITS:*
1. List of Miscellaneous Assets
2. Prepaid Expenses
3. Reserves for Accounts
4. List of Purchased Contracts
5. List of Purchased Leases
6. List of Purchased Stores
7. List of Retained Vehicles and Other Assets
8. Other Computer Assets
9. Allocation of Purchase Price
10. Inventory of Agreements
11. Permitted Liens
ANNEXES:
A. Form of Bill of Sale
B. Form of Buyer Closing Certificate
C. Form of Escrow Agreement
D. Form of Inventory Purchase Agreement
E. Form of Sellers Closing Certificate
F. Form of Transition Services Agreement
G. Intentionally Omitted
H. Intentionally Omitted
*These items are not material to an investment decision and, therefore, are not
included in this Exhibit 2.1 to Form 10-K. Copies will be furnished to the
Commission upon request.
vi
<PAGE>
ASSET PURCHASE AGREEMENT [U.S.]
THIS ASSET PURCHASE AGREEMENT is made as of this 3rd day of March,
2002 between and among WEYCO GROUP, INC., a Wisconsin corporation, FLORSHEIM
GROUP INC., a Delaware corporation, and those subsidiaries of Florsheim Group
Inc. that are identified as a Seller on the signature pages hereto.
RECITALS
WHEREAS, following the date hereof, each of the Sellers intends to
file voluntary petitions under Chapter 11 of the Bankruptcy Code (collectively,
the "Bankruptcy Case") before the United States Bankruptcy Court for the
Northern District of Illinois (the "Bankruptcy Court"); and
WHEREAS, the Buyer (or its permitted assigns as provided in Section
9.8 hereof) desires to purchase all of the Sellers' right, title and interest in
and to the Purchased Assets and assume the Assumed Liabilities from the Sellers,
and the Sellers desire to sell, convey, assign and transfer to the Buyer (or its
permitted assigns as provided in Section 9.8 hereof) all of the Sellers' right,
title and interest in and to the Purchased Assets together with the Assumed
Liabilities, all in the manner and subject to the terms and conditions set forth
in this Agreement and in accordance with Sections 105, 363 and 365 and other
applicable sections of the Bankruptcy Code; and
WHEREAS, subsequent to the execution of this Agreement, Florsheim,
certain subsidiaries of Florsheim and the Buyer shall enter into the
International Asset Purchase Agreement (as hereinafter defined); and
WHEREAS, if Florsheim and Florsheim Pacific (each as hereinafter
defined) exercise the Pacific Rim Option (as hereinafter defined) subsequent to
the date of this Agreement, subject to certain terms and conditions of this
Agreement and the terms and conditions of the Pacific Rim Asset Purchase
Agreement (as hereinafter defined), the Buyer shall purchase and assume, as
applicable, from Florsheim Pacific the Pacific Rim Assets and Liabilities (as
hereinafter defined);
NOW, THEREFORE, in consideration of the Recitals and of the mutual
covenants, conditions and agreements set forth in this Agreement and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, it is hereby agreed that:
ARTICLE I
DEFINITIONS
When used in this Agreement, the following terms shall have the
meanings specified:
1
<PAGE>
1.1 Accounts. "Accounts" shall mean all accounts receivable, notes
and associated rights owned by any Seller, the categories of which are set forth
on the Disclosure Schedule, but excluding such accounts receivable, notes and
rights specifically related to Florsheim's license with John Deere & Company and
any intercompany accounts, accounts receivable, notes and associated rights
reflecting amounts owed to a Seller by another Seller or a an Affiliate of any
other Seller.
1.2 Accrued Expenses. "Accrued Expenses" shall mean the liabilities
and obligations of any Seller under or with respect to the Purchased Contracts,
Purchased Leases, Existing Permits and any other assets included in the
Purchased Assets arising or accruing after the filing of the Bankruptcy Case and
prior to the Closing Date and which Buyer agrees to assume and which are listed
on an update to the Disclosure Schedule delivered to Buyer at least two (2)
Business Days prior to Closing but only to the extent that: (i) such liabilities
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