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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2002 |
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Size: |
Preview shows 19KB of 162KB total |
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Price: |
$45 |
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ID: |
#932921 |
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================================================================================
ASSET PURCHASE AGREEMENT
BY AND AMONG
STEPIC CORPORATION,
HORIZON MEDICAL PRODUCTS, INC.
AND
ARROW INTERNATIONAL, INC.
DATED: AUGUST 23, 2002
================================================================================
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
Article I. DEFINITIONS............................................................................................1
Article II. SALE OF ASSETS........................................................................................7
2.1 Sale of Assets; Assumption of Liabilities...............................................................7
2.2 Purchase Price; Payment...............................................................................10
2.3 Closing Date Net Assets Value: Definitive Purchase Price Adjustment...................................11
2.4 Conveyance and Transfer, Assumption....................................................................14
2.5 Closing Date...........................................................................................14
2.6 Allocation of Purchase Price...........................................................................15
Article III. REPRESENTATIONS AND WARRANTIES OF SELLER AND HMP....................................................15
3.1 Authority..............................................................................................15
3.2 Title to Assets........................................................................................15
3.3 Existence, Good Standing and Authority.................................................................15
3.4 Financial Statements...................................................................................16
3.5 No Material Changes....................................................................................16
3.6 Books and Records......................................................................................17
3.7 Real Property and Leases...............................................................................17
3.8 Material Contracts.....................................................................................18
3.9 No Conflict............................................................................................19
3.10 Litigation.............................................................................................20
3.11 Tax Returns and Payments...............................................................................20
3.12 Liabilities............................................................................................21
3.13 Insurance..............................................................................................21
3.14 Intellectual Property..................................................................................21
3.15 Compliance with Laws; Governmental Authorizations......................................................21
3.16 Employees..............................................................................................21
3.17 Labor Relations........................................................................................22
3.18 Employee Benefit Plans.................................................................................22
3.19 Broker's or Finder's Fees..............................................................................22
3.20 Environmental and Health and Safety Matters............................................................22
3.21 Relationships with Related Persons.....................................................................23
3.22 Inventories............................................................................................23
3.23 Customers and Suppliers................................................................................24
3.24 Seller Products........................................................................................24
3.25 Accuracy...............................................................................................24
Article IV. REPRESENTATIONS OF PURCHASER.........................................................................24
4.1 Existence and Good Standing of Purchaser...............................................................24
4.2 Power and Authority....................................................................................24
4.3 Broker's or Finder's Fees..............................................................................25
4.4 No Conflict............................................................................................25
4.5 Litigation.............................................................................................25
Article V. PRE-CLOSING COVENANTS.................................................................................25
</TABLE>
<PAGE>
<TABLE>
<S> <C>
5.1 Full Access............................................................................................25
5.2 Reasonable Best Efforts................................................................................26
5.3 Notices, Consents and Approvals........................................................................26
5.4 Operation of the Business..............................................................................26
5.5 Notice of Developments.................................................................................28
5.6 Exclusivity............................................................................................28
5.7 Cooperation............................................................................................29
5.8 Prior Knowledge........................................................................................29
5.9 Publicity..............................................................................................29
5.10 No Solicitation by Purchaser...........................................................................30
Article VI. POST-CLOSING COVENANTS...............................................................................30
6.1 Cooperation............................................................................................30
6.2 Employees..............................................................................................30
6.3 Non-Competition........................................................................................31
6.4 Use of Name; Change of Name............................................................................32
6.5 Confidentiality........................................................................................32
6.6 Retained Liabilities; Assumed Liabilities..............................................................32
6.7 Tax Matters............................................................................................33
6.8 Books and Records......................................................................................33
6.9 Collection of Accounts.................................................................................33
6.10 Supplemental Disclosure................................................................................33
6.11 Submission of Purchase Orders..........................................................................33
6.12 Consent to Assignment of Customer Contract.............................................................33
Article VII. CONDITIONS TO PURCHASER'S OBLIGATIONS...............................................................34
7.1 Truth of Representations and Warranties................................................................34
7.2 Covenants and Agreements of Seller.....................................................................34
7.3 Good Standing and Tax Certificates.....................................................................34
7.4 Secretary's Certificate................................................................................34
7.5 No Material Adverse Change.............................................................................34
7.6 No Litigation Threatened...............................................................................34
7.7 Approvals, Filings.....................................................................................34
7.8 Opinion of Counsel.....................................................................................35
7.9 Lien Releases..........................................................................................35
7.10 Sale and Assignment Documents, Etc.....................................................................35
7.11 Lock Box Agreement with LaSalle........................................................................35
Article VIII. CONDITIONS TO SELLER'S OBLIGATIONS.................................................................35
8.1 Truth of Representations and Warranties................................................................35
8.2 Covenants and Agreements of Purchaser..................................................................36
8.3 Good Standing Certificates.............................................................................36
8.4 Secretary's Certificate................................................................................36
8.5 No Litigation Threatened...............................................................................36
8.6 Opinion of Counsel.....................................................................................36
8.7 Deliveries.............................................................................................36
Article IX. INDEMNIFICATION, REMEDIES............................................................................36
9.1 Survival; Right to Indemnification Not Affected by Investigation.......................................36
</TABLE>
<PAGE>
<TABLE>
<S> <C>
9.2 Indemnification by Seller..............................................................................37
9.3 Indemnification by Purchaser...........................................................................37
9.4 Defense of Third Party Actions.........................................................................38
9.5 Limitations on Seller's Indemnification................................................................39
9.6 Procedure for Indemnification--Other Claims............................................................39
9.7 Claims Period..........................................................................................39
9.8 Exclusivity............................................................................................40
9.9 Set-off................................................................................................40
Article X. MISCELLANEOUS.........................................................................................40
10.1 Termination............................................................................................40
10.2 Procedure and Effect of Termination....................................................................41
10.3 Arbitration............................................................................................42
10.4 Expenses...............................................................................................42
10.5 Governing Law..........................................................................................42
10.6 Enforcement; Remedies..................................................................................42
10.7 Investigation by Purchaser.............................................................................42
10.8 Captions; References...................................................................................43
10.9 Variation in Pronouns..................................................................................43
10.10 Notices.............................................................................................43
10.11 Parties in Interest.................................................................................44
10.12 Counterparts........................................................................................44
10.13 Entire Agreement....................................................................................44
10.14 Amendments..........................................................................................45
10.15 Severability........................................................................................45
10.16 Third Party Beneficiaries...........................................................................45
10.17 Joint Preparation...................................................................................45
10.18 Waiver..............................................................................................45
</TABLE>
<PAGE>
ASSET PURCHASE AGREEMENT
THIS ASSET PURCHASE AGREEMENT ("Agreement") is entered into as of
August 23, 2002, by and among STEPIC CORPORATION, a New York corporation
("Seller"), HORIZON MEDICAL PRODUCTS, INC., a Georgia corporation ("HMP"), and
ARROW INTERNATIONAL, INC., a Pennsylvania corporation ("Purchaser").
WITNESSETH:
WHEREAS, HMP is the owner of all of the outstanding shares of capital
stock of Seller;
WHEREAS, Seller is engaged in the business of the sale and distribution
of specialty medical products and devices, representing multiple critical care
and intera-operative manufacturers, primarily on an exclusive basis within
certain designated territories (the "Business");
WHEREAS, Seller and HMP have agreed that Seller shall sell, and
Purchaser has agreed that Purchaser shall purchase, certain of the assets of
Seller under the terms and conditions contained herein;
NOW, THEREFORE, in consideration of the premises and mutual
representations, warranties, covenants and agreements of the parties hereinafter
contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound,
the parties hereby agree as follows:
ARTICLE I. DEFINITIONS
"Acquisition Documents" means this Agreement, all Exhibits and
Schedules hereto, and all agreements contemplated herein.
"Affiliate" is used in this Agreement to indicate a relationship with
one or more persons and when used shall mean any corporation, limited liability
company or other organization of which such person is an executive officer,
manager, director, member or partner or is directly or indirectly the beneficial
owner of five percent (5%) or more of any class of equity securities or
financial interest therein; or person that directly, or indirectly through one
or more intermediaries, controls or is controlled by, or is under common control
with, the person specified.
"Agreement" has the meaning set forth in the preamble of this
Agreement.
"Assumed Contracts" has the meaning set forth in Section 2.1(a)(vi).
"Assumed Employees" has the meaning set forth in Section 6.2(c).
"Assumed Liabilities" has the meaning set forth in Section 2.1(c)(i).
<PAGE>
"Balance Sheets" has the meaning set forth in Section 3.4.
"Base Price" has the meaning set forth in Section 2.2(a)(i).
"Business" has the meaning set forth in the recitals.
"Challenge Notice" has the meaning set forth in Section 2.3(c).
"Claim" has the meaning set forth in Section 2.1(c)(ii).
"Claim Notice" has the meaning set forth in Section 9.6.
"Claims Period" means the period during which a claim for
indemnification may be asserted under this Agreement by an Indemnified Person.
"Closing" has the meaning set forth in Section 2.5.
"Closing Date" has the meaning set forth in Section 2.5.
"Closing Date Net Assets Value" has the meaning set forth in Section
2.2(a)(ii).
"Closing Date Payment" has the meaning set forth in Section 2.2(c).
"Code" means the Internal Revenue Code of 1986 or any successor law,
and regulations issued by the IRS pursuant to the Internal Revenue Code or any
successor law.
"Competing Business" has the meaning set forth in Section 3.21.
"Confidentiality Agreement" means the confidentiality agreement between
HMP and Purchaser, dated as of June 26, 2002.
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