Contract
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EXECUTION VERSION [[6067125]] Exhibit 2.1 STOCK AND ASSET PURCHASE AGREEMENT among XXXX XXXX TECHNOLOGIES CORPORATION, JBT AEROTECH CORPORATION and OSHKOSH CORPORATION _________________________________________________ Dated as of May 26, 2023 _________________________________________________ i [[6067125]] TABLE OF CONTENTS Page ARTICLE I PURCHASE AND SALE ............................................................................................1 SECTION 1.01 Purchase and Sale of the Shares and the Local Transferred Assets ...............................................................................................1 SECTION 1.02 Closing .............................................................................................2 SECTION 1.03 Estimated Statement.........................................................................3 SECTION 1.04 Post-Closing Adjustment .................................................................3 SECTION 1.05 Withholding .....................................................................................6 SECTION 1.06 Local Transfer Agreements ..............................................................6 ARTICLE II REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY..........................................................................................................................7 SECTION 2.01 Organization and Standing ...............................................................7 SECTION 2.02 Authority; Binding Effect ................................................................8 SECTION 2.03 No Conflicts; Consents ....................................................................8 SECTION 2.04 Capitalization ...................................................................................9 SECTION 2.05 Financial Statements ......................................................................10 SECTION 2.06 No Undisclosed Liabilities .............................................................11 SECTION 2.07 Taxes ..............................................................................................11 SECTION 2.08 Good and Valid Title to Assets ......................................................12 SECTION 2.09 Real Property .................................................................................13 SECTION 2.10 Intellectual Property .......................................................................14 SECTION 2.11 Contracts ........................................................................................16 SECTION 2.12 Permits ...........................................................................................19 SECTION 2.13 Proceedings ....................................................................................19 SECTION 2.14 Benefit Plans ..................................................................................19 SECTION 2.15 Absence of Changes or Events ......................................................22 SECTION 2.16 Compliance with Applicable Law .................................................22 SECTION 2.17 Environmental Matters...................................................................23 SECTION 2.18 Employee and Labor Matters .........................................................24 SECTION 2.19 Sufficiency of Assets .....................................................................25 SECTION 2.20 Material Customers and Material Suppliers ..................................26 SECTION 2.21 Privacy and Data Security. .............................................................26 SECTION 2.22 Anti-Corruption; Sanctions; Import and Export Control Laws. ..............................................................................................26 ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER .................................27 SECTION 3.01 Ownership of Shares and Local Transferred Assets ......................27 SECTION 3.02 Authority; Binding Effect ..............................................................28 SECTION 3.03 No Conflicts; Consents ..................................................................28 SECTION 3.04 Proceedings ....................................................................................29 SECTION 3.05 Brokers ...........................................................................................29 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PURCHASER ........................29 ii SECTION 4.01 Organization and Standing .............................................................30 SECTION 4.02 Authority; Binding Effect ..............................................................30 SECTION 4.03 No Conflicts; Consents ..................................................................30 SECTION 4.04 Proceedings ....................................................................................31 SECTION 4.05 No Registration ..............................................................................31 SECTION 4.06 Sufficient Funds .............................................................................32 SECTION 4.07 Solvency .........................................................................................32 SECTION 4.08 Brokers ...........................................................................................32 SECTION 4.09 No Other Representations or Warranties .......................................32 ARTICLE V COVENANTS OF SELLER AND THE COMPANY ............................................33 SECTION 5.01 Access ............................................................................................33 SECTION 5.02 Conduct of the Business.................................................................34 SECTION 5.03 Confidentiality ...............................................................................38 SECTION 5.04 Intercompany Arrangements ..........................................................38 SECTION 5.05 Resignations ...................................................................................38 SECTION 5.06 Release of Liens and Guarantees ...................................................39 SECTION 5.07 Company Internal Reorganization .................................................39 SECTION 5.08 Exclusivity .....................................................................................40 SECTION 5.09 R&W Insurance Policy Cooperation .............................................40 SECTION 5.10 Sale of Specified Property .............................................................40 SECTION 5.11 Intellectual Property Matters ..........................................................41 SECTION 5.12 Lender Consent ..............................................................................41 ARTICLE VI COVENANTS OF PURCHASER ..........................................................................41 SECTION 6.01 Confidentiality ...............................................................................41 SECTION 6.02 Replacement of Credit Support ......................................................41 SECTION 6.03 Securities Act .................................................................................42 SECTION 6.04 Insurance ........................................................................................42 SECTION 6.05 R&W Insurance Policy ..................................................................43 ARTICLE VII MUTUAL COVENANTS .....................................................................................43 SECTION 7.01 Efforts ............................................................................................43 SECTION 7.02 Further Action ................................................................................45 SECTION 7.03 Records ..........................................................................................46 SECTION 7.04 Wrong Pockets ...............................................................................46 SECTION 7.05 Publicity .........................................................................................47 SECTION 7.06 Tax Matters ....................................................................................48 SECTION 7.07 Non-Competition. ..........................................................................53 SECTION 7.08 Agreement Not to Solicit ...............................................................53 SECTION 7.09 Notifications ...................................................................................54 SECTION 7.10 Transition Services Agreement ......................................................54 SECTION 7.11 Intellectual Property License Agreement .......................................54 SECTION 7.12 Intellectual Property Matters ..........................................................54 ARTICLE VIII CONDITIONS TO CLOSING .............................................................................56 SECTION 8.01 Conditions to Obligation of Purchaser ...........................................56 iii SECTION 8.02 Conditions to Obligation of Seller .................................................57 SECTION 8.03 Frustration of Closing Conditions ..................................................58 ARTICLE IX TERMINATION .....................................................................................................59 SECTION 9.01 Termination ....................................................................................59 SECTION 9.02 Return of Confidential Information ...............................................60 SECTION 9.03 Consequences of Termination........................................................60 ARTICLE X EMPLOYEE MATTERS .........................................................................................61 SECTION 10.01 Continuation of Employment .........................................................61 SECTION 10.02 Continuation of Compensation and Benefits .................................61 SECTION 10.03 Severance Obligations ...................................................................62 SECTION 10.04 US Benefit Plan and COBRA Obligations ....................................62 SECTION 10.05 Service Credit .................................................................................63 SECTION 10.06 Accrued Vacation; Paid Time Off .................................................63 SECTION 10.07 Bonuses ..........................................................................................64 SECTION 10.08 Union Contracts .............................................................................65 SECTION 10.09 401(k) Plans ...................................................................................65 SECTION 10.10 U.S. Nonqualified Deferred Compensation Plans .........................66 SECTION 10.11 Qualified Defined Benefit Pension Plans ......................................66 SECTION 10.12 Equity Replacement Awards ..........................................................67 SECTION 10.13 Employee Communications ...........................................................68 SECTION 10.14 No Third-Party Beneficiaries .........................................................68 ARTICLE XI NO SURVIVAL; INDEMNIFICATION ...............................................................68 SECTION 11.01 No Survival of Representations and Warranties ............................68 SECTION 11.02 Indemnification by Seller ...............................................................69 SECTION 11.03 Indemnification by Purchaser ........................................................70 SECTION 11.04 Indemnification Procedures ...........................................................70 SECTION 11.05 Calculation of Losses; Mitigation ..................................................71 SECTION 11.06 Tax Treatment of Indemnification .................................................72 SECTION 11.07 Certain Waivers .............................................................................72 ARTICLE XII MISCELLANEOUS ..............................................................................................72 SECTION 12.01 Assignment ....................................................................................72 SECTION 12.02 No Third-Party Beneficiaries .........................................................73 SECTION 12.03 Expenses and Fees .........................................................................73 SECTION 12.04 Amendments; Waivers ...................................................................73 SECTION 12.05 Notices ...........................................................................................73 SECTION 12.06 Interpretation ..................................................................................74 SECTION 12.07 Disclosure Schedule .......................................................................75 SECTION 12.08 Counterparts ...................................................................................76 SECTION 12.09 Entire Agreement ...........................................................................76 SECTION 12.10 Severability ....................................................................................76 SECTION 12.11 Specific Performance; Limitation on Liability ..............................76 SECTION 12.12 Consent to Jurisdiction ...................................................................77 SECTION 12.13 WAIVER OF JURY TRIAL ..........................................................78
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iv SECTION 12.14 GOVERNING LAW ......................................................................78 SECTION 12.15 Conflicts .........................................................................................78 XXXXXXX* Annex A Definitions Annex B Accounting Principles Annex C Non-Eliminated Intercompany Arrangements Annex D Reference Balance Sheet EXHIBITS* Exhibit A Intellectual Property License Agreement Term Sheet Exhibit B Form of Transition Services Agreement Exhibit C Form of Limited Consent and Release ATTACHMENTS* Disclosure Schedule * Annex A included herewith; all other annexes, exhibits and attachments omitted pursuant to Item 601(a)(5) of Regulation S-K. 1 [[6067125]] STOCK AND ASSET PURCHASE AGREEMENT This STOCK AND ASSET PURCHASE AGREEMENT (this βAgreementβ), dated as of May 26, 2023, is made by and among XXXX XXXX TECHNOLOGIES CORPORATION, a Delaware corporation (βSellerβ), JBT AEROTECH CORPORATION, a Delaware corporation (the βCompanyβ), and OSHKOSH CORPORATION, a Wisconsin corporation (βPurchaserβ). Each of Seller, the Company and Purchaser is sometimes individually referenced herein as a βPartyβ, and all of Seller, the Company and Purchaser are sometimes collectively referenced herein as the βPartiesβ. Certain capitalized terms used herein have the applicable meanings set forth in Annex A. RECITALS WHEREAS, the Company, directly or indirectly through its Affiliates (including the Company Subsidiaries), is, and has been, engaged in the business of designing, manufacturing and servicing mobile aviation ground support equipment and software, including commercial and military cargo loading, aircraft deicing, aircraft towing, and aircraft ground power and cooling systems to airport authorities, airlines, airfreight and ground handling companies, military forces and defense contractors and other industries; fixed gate equipment and software for passenger boarding to airport authorities and airlines; and managed services for airport equipment, systems and facilities for airport authorities and airlines (the βBusinessβ); WHEREAS, Seller is the legal, beneficial and record owner of all of the issued and outstanding shares of capital stock of the Company (the βSharesβ) and owns, directly or indirectly, the Local Transferred Assets; and WHEREAS, Purchaser desires to acquire the Business by purchasing all of the Shares and the Local Transferred Assets from Seller and its applicable subsidiaries, and Seller desires to sell the Business by selling, or causing its applicable subsidiaries to sell, all of the Shares and the Local Transferred Assets to Purchaser and its applicable subsidiaries, in each case, on the terms and subject to the conditions set forth herein. NOW, THEREFORE, in consideration of the representations, warranties, covenants, agreements and undertakings contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows: ARTICLE I PURCHASE AND SALE SECTION 1.01 Purchase and Sale of the Shares and the Local Transferred Assets. Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, (a) (i) Seller shall sell, transfer, convey, assign and deliver to Purchaser, and Purchaser shall accept the sale, transfer, conveyance, assignment and delivery by Seller of, all of Sellerβs right, title and interest in, to and under the Shares, free and clear of all Liens (other than restrictions on transfer under applicable state or federal securities Laws), and (ii) Seller shall, and shall cause all of the Selling Entities to, sell, transfer, convey, assign and deliver to Purchaser or its designated 2 subsidiaries, and Purchaser shall, or shall cause its designated subsidiaries to, accept the sale, transfer, conveyance, assignment and delivery by each Selling Entity of, free and clear of any Liens (other than Permitted Liens), all of each such Selling Entityβs right, title and interest in, to and under the Local Transferred Assets, and (b) in exchange therefor, (i) Purchaser shall, or shall cause its designated subsidiaries to, assume the Local Assumed Liabilities, and (ii) Purchaser shall pay to Seller, and Seller shall accept the payment from Purchaser of, the Purchase Price, payable as set forth in Section 1.02(c)(i) and subject to adjustment as set forth in Section 1.04. SECTION 1.02 Closing. (a) The closing of the Transactions (the βClosingβ) shall be held at the offices of Xxxxxxxx & Xxxxx LLP, 000 Xxxxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, at 10:00 a.m., New York City time, or remotely via the electronic exchange of documents and signatures, on the third (3rd) Business Day following the satisfaction of the conditions set forth in Article VIII (or, to the extent permitted by applicable Law, waived) (other than those conditions that, by their nature, are to be satisfied by delivery of documents or are otherwise to be satisfied at the Closing and that would be so satisfied, but subject to the satisfaction (or, to the extent permitted by applicable Law, waiver) of such conditions at the Closing) (the date on which such conditions are satisfied or waived, the βClosing Condition Satisfaction Dateβ), or at such other place, time and date as shall be agreed between Purchaser and Seller; provided that, Purchaser may elect, by written notice to Seller within one (1) Business Day after the Closing Condition Satisfaction Date, to have the Closing occur instead on the first (1st) Business Day of the calendar month immediately following the calendar month in which the Closing Condition Satisfaction Date occurs; provided, further, that if Purchaser delivers the notice referred to in the foregoing proviso, notwithstanding anything in this Agreement to the contrary, if Seller thereafter delivers a certificate to Purchaser dated on or after the Closing Condition Satisfaction Date and signed by an authorized officer of Seller confirming the provisions of Section 8.01(a)(i) and Section 8.01(b)(i) (in each case, replacing references therein to the βClosingβ with the βClosing Condition Satisfaction Dateβ), the conditions set forth in Section 8.01(a)(i) and Section 8.01(b)(i) shall be deemed to have been irrevocably satisfied as of the date of delivery thereof, and the Closing shall not be subject to further satisfaction or waiver of such conditions on or prior to the Closing Date (and, for the avoidance of doubt, the certificates referred to in Section 8.01(a)(iii) and Section 8.01(b)(iii) shall be deemed to not require confirmation of the satisfaction of the conditions set forth in Section 8.01(a)(i) and Section 8.01(b)(i), as applicable). The date on which the Closing takes place is referred to in this Agreement as the βClosing Dateβ. The Closing shall be deemed to be effective as of 12:01 a.m., New York City time, on the Closing Date. (b) At the Closing, Seller shall deliver or cause to be delivered to Purchaser: (i) an IRS Form W-9 executed by Seller; (ii) the certificate required to be delivered pursuant to Section 8.01(a)(iii); (iii) the certificate required to be delivered pursuant to Section 8.01(b)(iii); and 3 (iv) counterparts of the Other Transaction Documents to which Seller or any of its Affiliates is a party, duly executed by Seller or such Affiliate, as applicable. (c) At the Closing, Purchaser shall deliver or cause to be delivered to Seller: (i) by wire transfer to a bank account designated in writing by Seller no later than two (2) Business Days prior to the Closing Date, immediately available funds in an amount equal to the Closing Date Purchase Price; (ii) the certificate required to be delivered pursuant to Section 8.02(a)(iii); and (iii) counterparts of the Other Transaction Documents to which Purchaser or any of its Affiliates is a party, duly executed by Purchaser or such Affiliate, as applicable. SECTION 1.03 Estimated Statement. No later than five (5) Business Days prior to the Closing, Seller shall deliver to Purchaser a written statement setting forth its good faith estimate of each of the following, in each case, determined and calculated in accordance with the Accounting Principles and the applicable definitions set forth herein: (i) Cash as of the Measurement Time (but giving effect to any subsequent cash dividends or distributions to Seller or its Subsidiaries (other than the Company Group), in each case after the Measurement Time but prior to the Closing), (ii) Funded Debt as of the Measurement Time (but giving effect to any subsequent incurrence of Funded Debt after the Measurement Time but prior to the Closing), (iii) Working Capital as of the Measurement Time and (iv) Unpaid Company Transaction Expenses incurred but not paid at or prior to the Closing, together with a calculation of the Closing Date Purchase Price (the βEstimated Statementβ). SECTION 1.04 Post-Closing Adjustment. (a) As soon as reasonably practicable following the Closing Date, and, in any event, no later than sixty (60) days thereafter, Purchaser shall prepare and deliver to Seller (i) an unaudited balance sheet of the Company as at the Closing (the βClosing Balance Sheetβ) and (ii) a statement (together with the Closing Balance Sheet, the βStatementβ) setting forth, in each case, a good faith calculation of (A) Cash as of the Measurement Time (but giving effect to any subsequent cash dividends or distributions to Seller or its Subsidiaries (other than the Company Group), in each case after the Measurement Time but prior to the Closing), (B) Funded Debt as of the Measurement Time (but giving effect to any subsequent incurrence of Funded Debt after the Measurement Time but prior to the Closing), (C) Working Capital as of the Measurement Time, and (D) Unpaid Company Transaction Expenses incurred but not paid at or prior to the Closing, together with a calculation of the Purchase Price based on such amounts and reasonable supporting detail, in the case of each of clauses (i) and (ii), based on the books and records of the Company and determined and calculated in accordance with the Accounting Principles, the applicable definitions set forth herein and, except as otherwise provided herein, without taking into account any changes in assets or liabilities as a result of purchase accounting adjustments or changes arising from change of control or ownership (except with respect to Funded Debt and Unpaid Company Transaction Expenses). Nothing in this Section 1.04 is intended to be used to adjust for errors or
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4 omissions that may be found with respect to the Financial Statements or any inconsistencies between the Accounting Principles, on the one hand, and GAAP, on the other hand. If Purchaser fails to timely deliver or cause to be delivered a Statement in accordance with this Section 1.04(a), then the Estimated Statement shall be deemed to be the Statement, and Seller may deliver a Notice of Disagreement with respect thereto in accordance with Section 1.04(b). (b) The Statement shall become final and binding upon Seller and Purchaser at 11:59 p.m., New York City time, on the date that is sixty (60) days following Sellerβs receipt thereof (the βDisagreement Deadlineβ), unless Seller gives written notice to Purchaser of its disagreement with the Statement and any item or calculation set forth therein (the βNotice of Disagreementβ) prior to such time, which Notice of Disagreement shall specify in reasonable detail each item or calculation subject to disagreement, the nature and basis of any such disagreement so asserted and, to the extent reasonably practicable, Sellerβs alternative calculation of each disputed item or calculation, and each item or calculation contained in the Statement that is not subject to the Notice of Disagreement shall become final and binding upon Seller and Purchaser; provided, however, that if Purchaser has not provided the access or information to Seller contemplated by Section 1.04(d), the Disagreement Deadline shall be automatically extended until the date that is five (5) Business Days after Purchaser provides such access or information pursuant to Section 1.04(d). If the Notice of Disagreement is delivered by Seller prior to the Disagreement Deadline, then the Statement (as revised in accordance with this Section 1.04) shall become final and binding upon Seller and Purchaser on the earlier of (A) the date Seller and Purchaser resolve in writing all differences they have with respect to the matters specified in the Notice of Disagreement and (B) the date all disputed matters are finally resolved in writing by the Accounting Firm pursuant to this Section 1.04. During the thirty (30)-day period following the delivery of the Notice of Disagreement (the βResolution Periodβ), Seller and Purchaser shall seek in good faith to resolve in writing any differences that they have with respect to the matters specified in the Notice of Disagreement and agree on a final and binding determination of such disputed items or calculations. If any matter specified in the Notice of Disagreement remains in dispute at the end of the Resolution Period, then Seller and Purchaser shall engage the dispute resolution group of Xxxxx Xxxxxxxx LLP or, if Xxxxx Xxxxxxxx LLP refuses such engagement, the dispute resolution group of an internationally recognized independent accounting firm mutually satisfactory to Seller and Purchaser (the βAccounting Firmβ), to resolve any and all such matters and, no later than five (5) days following such engagement, shall submit to the Accounting Firm in writing their respective positions with respect to any and all matters that remain in dispute and that were included in the Notice of Disagreement. Seller and Purchaser shall jointly instruct the Accounting Firm that it (1) shall act as an expert and not as an arbitrator, (2) shall review only the matters that were included in the Notice of Disagreement and that remain in dispute, (3) shall make its determination in accordance with the requirements of this Section 1.04 and based solely on the written submissions of Seller and Purchaser and their respective Representatives and not by independent review, (4) shall not assign a value for any item that remains in dispute that is greater than the greatest value or smaller than the smallest value set forth by either Party with respect to such item in their respective written submissions to the Accounting Firm as to the resolution of such item and (5) shall render its written decision as promptly as practicable, but in no event later than thirty (30) days after submission to the Accounting Firm of the last to be submitted of the Partiesβ respective written submissions as to the resolution of all matters in dispute. Each of Seller and Purchaser shall furnish to the Accounting Firm such Records and information relating to the disputed items as the Accounting Firm may reasonably request in connection with its 5 determination of such disputed items. A copy of all materials submitted to the Accounting Firm by Seller or Purchaser, as applicable, shall be provided to such other Party concurrently with the submission thereof to the Accounting Firm. For the avoidance of doubt, neither Seller nor Purchaser shall have any ex parte communications (whether written or oral) with the Accounting Firm. Judgment may be entered upon the determination of the Accounting Firm in any court having jurisdiction over the Party against which such determination is to be enforced. The scope of the disputes to be resolved by the Accounting Firm shall be limited to whether there were mathematical errors in the Statement and whether any component of Purchase Price as calculated in the Statement was calculated in accordance with the applicable definitions herein, the Accounting Principles and this Section 1.04, and the Accounting Firm is not authorized or permitted to make any other determination, including any determination as to whether the Accounting Principles were followed in calculating Target Working Capital or whether any inclusion in or omission from the Reference Balance Sheet is correct. Any determination by the Accounting Firm, and any work or analysis performed by the Accounting Firm in connection with its resolution of any dispute under this Section 1.04, shall not be admissible in evidence in any Proceeding between Seller and Purchaser, other than to the extent necessary to enforce any payment obligation under Section 1.04(c). Without limiting the generality of the foregoing, the Accounting Firm is not authorized or permitted to make any determination as to any matter contemplated by this Agreement, except as set forth in this Section 1.04. The Accounting Firmβs determination shall be accompanied by a certificate of the Accounting Firm that it reached its decision in accordance with the provisions of this Section 1.04(b). The certificate of the Accounting Firm shall be final, conclusive and binding on the Parties, absent manifest error or fraud. At any time, including following the Resolution Period, Seller and Purchaser may agree in writing to settle any disputed matter set forth in the Notice of Disagreement, including any disputed matter submitted to the Accounting Firm, which agreement shall be final and binding upon Seller and Purchaser; provided that, if such disputed matter has been submitted to the Accounting Firm, Seller and Purchaser shall jointly instruct the Accounting Firm not to resolve such disputed matter, it being agreed that if the Accounting Firm nonetheless resolves such disputed matter, the agreement of Seller and Purchaser with respect to such disputed matter shall control. The fees and expenses of the Accounting Firm in its capacity as such shall be borne by Seller and Purchaser in inverse proportion as the Parties may prevail on matters resolved by the Accounting Firm, which proportionate allocations shall be determined by the Accounting Firm at the time the determination of the Accounting Firm is rendered on the merits of the matters submitted. The fees, costs and expenses of Purchaser incurred in connection with its preparation of the Statement, its review of the Notice of Disagreement and its preparation of any written submission to the Accounting Firm shall be borne by Purchaser, and the fees, costs and expenses of Seller incurred in connection with its review of the Statement, its preparation of the Notice of Disagreement and its preparation of any written submission to the Accounting Firm shall be borne by Seller. (c) If the Closing Date Purchase Price is less than the Final Purchase Price, then Purchaser shall pay to an account designated in writing by Seller the amount of such difference by wire transfer of immediately available funds no later than five (5) Business Days after the Statement becomes final and binding on Seller and Purchaser pursuant to Section 1.04(b). If the Final Purchase Price is less than the Closing Date Purchase Price, then Seller shall pay to an account designated in writing by Purchaser the amount of such difference by wire transfer of immediately available funds no later than five (5) Business Days after the Statement becomes final and binding on Seller and Purchaser pursuant to Section 1.04(b). 6 (d) Purchaser agrees that, from and after the Closing and until the date on which the Statement shall become final and binding on the Parties pursuant to Section 1.04(b), (i) it shall preserve the accounting Records of the Company on which the Statement is to be based and shall not take any action with respect to such Records that would obstruct, prevent or otherwise affect the procedures or the results of the procedures set forth in this Section 1.04 and (ii) it shall afford and cause to be afforded to Seller and any Representative of Seller, in connection with the preparation of the Notice of Disagreement and any adjustment to the Purchase Price contemplated by this Section 1.04, access, upon reasonable notice and during normal business hours, to such properties, books, contracts, personnel (including personnel responsible for accounting and finance and senior management) and Records of the Company and Purchaserβs and its accountantsβ work papers as Seller may reasonably request if, and solely to the extent, relevant to the preparation of the Statement, the Notice of Disagreement or the adjustment contemplated by this Section 1.04, and shall provide Seller, upon Sellerβs reasonable request and at Sellerβs expense, with copies of any such books, contracts and Records; provided that any such access, books, contracts, Records or information provided pursuant to this Section 1.04(d) shall be used by Seller solely for purposes of determining any adjustment to the Purchase Price (including in preparing the Notice of Disagreement). (e) Any amounts paid pursuant to Section 1.04(c) will constitute an adjustment to the Purchase Price for all purposes hereunder (including U.S. federal and applicable state and local income tax purposes), unless otherwise required by applicable Law. SECTION 1.05 Withholding. Notwithstanding anything herein to the contrary, Purchaser and its Affiliates, on the one hand, and Seller and its Affiliates, on the other hand, shall be entitled to deduct and withhold from amounts payable to one another under this Agreement any amounts required to be deducted and withheld under applicable Tax Law; provided, the Parties acknowledge and agree that Purchaser and its Affiliates shall not deduct or withhold for any Taxes under U.S. federal (and applicable state and local) income Tax law unless Seller fails to deliver the form described in Section 1.02(b)(i), in which case Purchaser or its applicable Affiliate shall deduct and withhold for any such Taxes that it is required to deduct and withhold under applicable U.S. federal (and applicable state and local) income Tax law. If any of Purchaser and its Affiliates proposes to make any deduction or withholding for Taxes under this Agreement, then they shall (x) give Seller prior written notice of such intention at least 10 Business Days prior to making any such deduction or withholding, and (y) use commercially reasonable efforts to cooperate with any request by Seller to reduce or eliminate such proposed deduction or withholding. Any amounts so deducted and withheld and paid over to the appropriate Governmental Entity shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made. SECTION 1.06 Local Transfer Agreements. To the extent required or desirable (as reasonably determined by the Parties) under applicable foreign Law to effect the Transactions, the Parties shall execute and deliver or cause their respective Affiliates to execute and deliver such asset transfer agreements, bills of sale, deeds, assignments, assumptions and other documents and instruments of sale, conveyance, assignment, transfer and assumption (the βLocal Transfer Agreementsβ) as are necessary to effect any transfer of the Local Transferred Assets or any assumption of the Local Assumed Liabilities at the Closing (which transfers and assumptions shall, except as otherwise expressly set forth herein, be on an βas-isβ, βwhere-isβ basis, without 7 representation or warranty of any kind or nature). The Local Transfer Agreements shall be in form and substance reasonably agreed to by the Parties and as is customary in the applicable jurisdiction or required by applicable foreign Law; provided that the Parties agree and acknowledge that the Local Transfer Agreements are intended solely to effect the legal transfer of the applicable Local Transferred Assets, or the assumption of the Local Assumed Liabilities, and shall be, in all respects, consistent with the terms and conditions set forth in this Agreement. The Local Transfer Agreements shall not alter in any way the allocation of rights, obligations, benefits, costs and risks established between the parties in this Agreement. Without limiting the generality of the foregoing, Purchaser acknowledges and agrees, and shall cause the relevant subsidiary of Purchaser that is a party to the Local Transfer Agreement to acknowledge and agree, that Seller and any relevant subsidiary of Seller that is a party to a Local Transfer Agreement do not make or grant, and shall not be deemed to make or grant, in or in connection with the Local Transfer Agreements, any representations, warranties, guarantees, covenants or indemnities to Purchaser or the relevant subsidiary of Purchaser that is a party to the Local Transfer Agreement, other than, with respect to Seller, for the representations and warranties set forth in Article II and Article III and in the certificates contemplated by Section 8.01(a)(iii) and Section 8.01(b)(iii). In the event of any inconsistency between this Agreement and a Local Transfer Agreement, this Agreement shall control. For the avoidance of doubt, Purchaser may designate one or more of its subsidiaries to acquire the Local Transferred Assets or assume the Local Assumed Liabilities in each jurisdiction. ARTICLE II REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY Except as disclosed (i) with respect to the members of the Company Group or the Business in the Seller Public Filings, other than any risk factor disclosure in any such Seller Public Filing contained in any βRisk Factorsβ or similarly titled section thereof or other cautionary, forward-looking or predictive statements in any such Seller Public Filing (it being understood that any factual and/or historical statement contained within such sections shall not be excluded), or (ii) in the Disclosure Schedule (subject to Section 12.07), Seller and the Company hereby represent and warrant to Purchaser as follows: SECTION 2.01 Organization and Standing. (a) The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the requisite power and authority to conduct the Business as presently conducted. Each Company Subsidiary is an entity duly organized, validly existing and in good standing under the laws of its respective jurisdiction of incorporation, formation or organization and has the requisite power and authority to carry on its business as it is now being conducted. (b) Each member of the Company Group is duly qualified to do business and, where applicable, is in good standing under the laws of each state or other jurisdiction in which the ownership or use of the properties owned or used by it or the nature of the activities conducted by it requires such qualification, except, in each case, where the failure to be so qualified would not reasonably be expected to result in a Company Material Adverse Effect.
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28 Assets, free and clear of any Liens (other than Permitted Liens or those resulting from actions taken by Purchaser or its Affiliates), except as would not reasonably be expected to, individually or in the aggregate, be material to the Business or the Company Group, taken as a whole. SECTION 3.02 Authority; Binding Effect. (a) Seller is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the requisite corporate power and authority to execute and deliver this Agreement and each of the Other Transaction Documents to which it is specified to be a party and to consummate the transactions contemplated hereby and thereby and perform its other obligations hereunder and thereunder. Each other Selling Entity is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has the requisite power and authority to execute and deliver each Other Transaction Document to which it is specified to be a party and to consummate the transactions contemplated hereby and thereby and perform its other obligations hereunder and thereunder except as (x) would not reasonably be expected to be material to the Business or the Company Group, taken as a whole, and (y) would not reasonably be expected to prevent or materially delay the consummation of the Acquisition. The execution and delivery by each Selling Entity of this Agreement and each of the Other Transaction Documents to which it is specified to be a party and the consummation by each Selling Entity of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate or other organizational action, and no other approval, authorization or corporate or other organizational action on the part of such Selling Entity is necessary to authorize the Transaction Documents or the transactions contemplated thereby. (b) This Agreement has been duly executed and delivered by Seller and, prior to the Closing, each Selling Entity will have duly executed and delivered each of the Other Transaction Documents to which such Selling Entity is specified to be a party. (c) Assuming that this Agreement has been duly authorized, executed and delivered by the other Parties, this Agreement constitutes, and, upon the due authorization, execution and delivery by the other parties to each Other Transaction Document, each Other Transaction Document to which each Selling Entity is specified to be a party will constitute, a legal, valid and binding obligation of such Selling Entity, enforceable against such Selling Entity in accordance with its terms, subject to the Remedies Exception. SECTION 3.03 No Conflicts; Consents. (a) Assuming the delivery or receipt, as applicable, by Seller of the Consents set forth in Section 3.03(a) of the Disclosure Schedule, the execution and delivery by each Selling Entity of this Agreement and each of the Other Transaction Documents to which it is specified to be a party and the consummation by each Selling Entity and the Company of the transactions contemplated hereby and thereby and the performance by each Selling Entity and the Company of their respective other obligations hereunder and thereunder do not or will not, as applicable, conflict with, or result in any (i) violation or default by such Selling Entity or any of its applicable subsidiaries, (ii) termination, cancellation or acceleration of any right or obligation of such Selling Entity or any of its applicable subsidiaries, (iii) loss of any benefit of such Selling Entity or any of 29 its applicable subsidiaries or (iv) creation of any Lien (other than any Permitted Lien) upon any property or asset of such Selling Entity or any of its applicable subsidiaries or under any provision of, (A) the organizational documents of such Selling Entity or any of its applicable subsidiaries, (B) any material Contract of such Selling Entity or any of its applicable subsidiaries or (C) any Injunction or, subject to the Authorizations and Filings described in Section 3.03(b), applicable Law, other than, in the case of each of clauses (A) (with respect to organizational documents of the subsidiaries of Seller (other than the Company or the other Selling Entities)), (B) and (C), any such violation, default, termination, cancellation, acceleration, loss of benefit or creation of a Lien that (x) would not reasonably be expected to, individually or in the aggregate, result in a Company Material Adverse Effect and (y) would not reasonably be expected to prevent or materially delay the consummation of the Acquisition. (b) No Authorization or Filing is required to be obtained or made by or with respect to each Selling Entity in connection with the execution and delivery of this Agreement or the Other Transaction Documents to which it is specified to be a party, the consummation of the transactions contemplated hereby or thereby or the compliance by such Selling Entity with the terms and conditions hereof and thereof, other than (i) as may be required by the HSR Act or the notification to the NSIA, (ii) as may be required solely by reason of Purchaserβs or any of its Affiliatesβ participation in the transactions contemplated by any of the Transaction Documents, (iii) as may be required by the rules or regulations of any applicable securities exchange or listing authority and (iv) such Authorizations or Filings, the absence of which, or the failure of which to be made, (x) would not reasonably be expected to, individually or in the aggregate, result in a Company Material Adverse Effect and (y) would not reasonably be expected to prevent or materially delay the consummation of the Acquisition. SECTION 3.04 Proceedings. As of the date of this Agreement, (i) there is no Proceeding against Seller or any of its applicable subsidiaries and (ii) to the Knowledge of Seller, there is no investigation or inquiry by any Governmental Entity with respect to any actual or alleged non-compliance by Seller or any of its subsidiaries with any applicable Law, in the case of each of clauses (i) and (ii), that (A) is pending or, to the Knowledge of Seller, has been threatened in writing and (B) would reasonably be expected to, individually or in the aggregate, result in a Company Material Adverse Effect or prevent or materially delay the consummation of the Acquisition. SECTION 3.05 Brokers. Other than Xxxxxx Xxxxxxx and Centerview Partners, no broker, finder or investment banker is entitled to any brokerage fee, finderβs fee or similar fee or commission in connection with the Transactions as a result of any arrangement made by or on behalf of Seller or any of its Affiliates (including the Company Group and each other Selling Entity) for which Purchaser or any of its Affiliates (including the Company Group) would be liable after the Closing. Seller is solely responsible for the fees and expenses of Xxxxxx Xxxxxxx and Centerview Partners. ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PURCHASER Purchaser hereby represents and warrants to Seller and the Company as follows: 30 SECTION 4.01 Organization and Standing. (a) Purchaser is a corporation duly organized, validly existing and in good standing under the laws of Wisconsin and has the requisite power and authority to conduct its business as presently conducted. (b) Purchaser is duly qualified to do business as a foreign corporation and, where applicable, is in good standing under the laws of each state or other jurisdiction in which the ownership or use of the properties owned or used by it or the nature of the activities conducted by it requires such qualification, except where the failure to be so qualified would not reasonably be expected to, individually or in the aggregate, result in a Purchaser Material Adverse Effect. SECTION 4.02 Authority; Binding Effect. (a) Purchaser has the requisite corporate power and authority to execute and deliver this Agreement and each of the Other Transaction Documents to which it is specified to be a party and to consummate the transactions contemplated hereby and thereby and perform its other obligations hereunder and thereunder. The execution and delivery by Purchaser of this Agreement and each of the Other Transaction Documents to which it is specified to be a party and the consummation by Purchaser of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate or other organizational action, and no other approval, authorization or corporate or other organizational action on the part of Purchaser is necessary to authorize the Transaction Documents to which it is specified to be a party or the transactions contemplated thereby. (b) This Agreement has been duly executed and delivered by Xxxxxxxxx and, prior to the Closing, Purchaser will have duly executed and delivered each of the Other Transaction Documents to which it is specified to be a party. (c) Assuming that this Agreement has been duly authorized, executed and delivered by the other Parties, this Agreement constitutes, and, upon the due authorization, execution and delivery by the other parties to each Other Transaction Document, each Other Transaction Document to which Purchaser is specified to be a party will constitute, a legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, subject to the Remedies Exception. SECTION 4.03 No Conflicts; Consents. (a) The execution and delivery by Purchaser of this Agreement and each of the Other Transaction Documents to which it is specified to be a party and the consummation by Purchaser of the transactions contemplated hereby and thereby and the performance by Purchaser of its other obligations hereunder and thereunder do not or will not, as applicable, conflict with, or result in any (i) violation or default by Purchaser or any of its subsidiaries, (ii) termination, cancellation or acceleration of any right or obligation of Purchaser or any of its subsidiaries, (iii) loss of any benefit of Purchaser or any of its subsidiaries or (iv) creation of any Lien (other than any Permitted Lien) upon any property or asset of Purchaser or any of its subsidiaries of or under any provision of, (A) the organizational documents of Purchaser or any of its subsidiaries, (B) any material Contract of Purchaser or any of its subsidiaries or (C) any Injunction or, subject to the 31 Authorizations and Filings described in Section 4.03(b), applicable Law, other than, in the case of each of clauses (B) and (C), any such violation, default, termination, cancellation, acceleration, loss of benefit or creation of a Lien that would not reasonably be expected to, individually or in the aggregate, result in a Purchaser Material Adverse Effect. (b) No Authorization or Filing is required to be obtained or made by or with respect to Purchaser in connection with the execution and delivery of this Agreement or the Other Transaction Documents, the consummation of the transactions contemplated hereby or thereby or the compliance by Purchaser with the terms and conditions hereof and thereof, other than (i) as may be required by the HSR Act or the notification to the NSIA, (ii) as may be required solely by reason of Sellerβs or any of its Affiliatesβ (including the Company Groupsβ) participation in the transactions contemplated by any of the Transaction Documents, (iii) as may be required by the rules or regulations of any applicable securities exchange or listing authority and (iv) such Authorizations or Filings, the absence of which, or the failure of which to be made would not reasonably be expected to, individually or in the aggregate, result in a Purchaser Material Adverse Effect. Neither Purchaser nor any of its Affiliates owns any interest in any Person that derives a substantial portion of its revenues from products, services or lines of business within the Businessβ principal products, services or lines of business. SECTION 4.04 Proceedings. As of the date of this Agreement, (i) there is no Proceeding against Purchaser or any of its subsidiaries and (ii) to the knowledge of Purchaser, there is no investigation or inquiry by any Governmental Entity with respect to any actual or alleged non-compliance by Purchaser or any of its subsidiaries with any applicable Law, in the case of each of clauses (i) and (ii), that (A) is pending or, to the Knowledge of Seller, has been threatened in writing and (B) would reasonably be expected to, individually or in the aggregate, result in a Purchaser Material Adverse Effect. SECTION 4.05 No Registration. (a) Purchaser is acquiring the Shares for investment for its own account only and not with a view to, or for sale in connection with, any distribution thereof. Purchaser understands that the Shares may not be sold, transferred, pledged, hypothecated or otherwise disposed of, or offered for sale, transfer, pledge, hypothecation or disposition, without registration under the Securities Act or any state securities Law, except pursuant to an exemption from such registration available under the Securities Act or any such state security Law, and compliance with other securities Laws, in each case, to the extent applicable. (b) Purchaser is an βaccredited investorβ (as defined in Rule 501(a) of Regulation D promulgated under the Securities Act). (c) Purchaser has such knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating the merits and risks of its investment in the Shares and of making an informed investment decision with respect thereto, and can bear the economic risk of its investment in the Shares and afford a complete loss of such investment.
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76 information or other matter is required to be disclosed by the terms of this Agreement, (c) the Disclosure Schedule is qualified in its entirety by reference to specific provisions of this Agreement, (d) the Disclosure Schedule and the information and other matters contained therein are not intended to broaden or constitute, and shall not be construed as broadening or constituting, representations, warranties or covenants of any Party except as and to the extent provided in this Agreement, (e) disclosure of any item on the Disclosure Schedule shall not constitute or be deemed an admission or indication that such item or matter is material or would have a Company Material Adverse Effect, and shall not imply a measure for materiality for purposes of this Agreement, and (f) no disclosure on the Disclosure Schedule relating to a possible breach or violation of any Contract or Law shall be construed as an admission or indication that a breach or violation exists or has actually occurred. SECTION 12.08 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when each Party has executed such a counterpart and delivered it to the other Parties. Delivery by a Party of an executed signature page of this Agreement by facsimile, email or other electronic imaging means shall be as effective as delivery by such Party of a manually executed counterpart of this Agreement. SECTION 12.09 Entire Agreement. This Agreement, the Other Transaction Documents and the Confidentiality Agreement contain the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersede all prior agreements and understandings relating to such subject matter. SECTION 12.10 Severability. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is held to be invalid, illegal or incapable of being enforced under any applicable Law or public policy, all other provisions of this Agreement, and the application of such invalid, illegal or unenforceable provision to any Person or circumstance other than that with respect to whom or which it was held to be invalid, illegal or unenforceable, shall nonetheless remain in full force and effect so long as the economic and legal substance of the Transactions is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision, or the application thereof to any Person or any circumstance, is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the Transactions are consummated as originally contemplated to the fullest extent possible. SECTION 12.11 Specific Performance; Limitation on Liability. (a) The Parties acknowledge and agree that irreparable damage, for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that any Party does not perform its obligations under this Agreement (including by failing to take such actions as are required of it hereunder to consummate the Transactions) in accordance with the applicable terms and conditions hereof or otherwise breaches any provision hereof. (b) The Parties acknowledge and agree that, (i) prior to the valid termination of this Agreement in accordance with Article IX, each Party shall be entitled to an Injunction or 77 Injunctions, specific performance or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the courts described in Section 12.12(a), without proof of damages or otherwise, in addition to any other remedy to which it is entitled under this Agreement or at law or in equity, and (ii) the right of specific performance described in this Section 12.11(b) is an integral part of the Transactions and, without such right, no Party would have entered into this Agreement. Without limitation of the foregoing, the Parties hereby further acknowledge and agree that prior to the Closing, Seller and the Company shall be entitled to specific performance to enforce specifically the terms and provisions of, and to prevent or cure breaches of the covenants required to be performed by Purchaser under, this Agreement (including Section 7.01) and, subject to the terms, limitations and conditions in this Agreement (including the satisfaction (or waiver) of the conditions set forth in Article VIII), to cause Purchaser to consummate the Closing and to make the payments contemplated by this Agreement (including Article I), in addition to any other remedy to which Seller or the Company are entitled at law or in equity, including the Companyβs right to terminate this Agreement pursuant to Article IX. (c) Each Party agrees that it will not oppose the granting of an Injunction or Injunctions, specific performance or other equitable relief on the basis that such other Party has an adequate remedy at law or that an award of specific performance is not an appropriate remedy for any reason at law or in equity. (d) The Parties acknowledge and agree that any Party seeking an Injunction or Injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 12.11 shall not be required to post any bond or other security in connection with any such Injunction or Injunctions. (e) If, prior to the earlier to occur of (i) the Outside Date and (ii) the termination of this Agreement in accordance with Article IX, any Party brings any Proceeding in accordance with Section 12.12 to prevent any breach of this Agreement and to enforce specifically the provisions hereof, the Outside Date shall be automatically extended by (A) the amount of time during which such Proceeding is pending, plus twenty (20) Business Days or (B) such other time period established by the court presiding over such Proceeding, as the case may be. SECTION 12.12 Consent to Jurisdiction. (a) Each Party hereby (i) agrees that any Proceeding arising out of, under or relating to this Agreement or any of the Transactions, whether directly or indirectly, or for recognition or enforcement of any judgment rendered in such a Proceeding, will be heard and determined in the Chancery Court of the State of Delaware (and each Party agrees that no such Proceeding relating to this Agreement will be brought by it or any of its Affiliates except in such court), subject to any appeal; provided, that, if the Chancery Court of the State of Delaware lacks subject matter jurisdiction over such a Proceeding, then such Proceeding may be brought in any Delaware state court or any federal court located in the State of Delaware, (ii) irrevocably and unconditionally submits to the exclusive jurisdiction of any such court in any such Proceeding and (iii) agrees not to commence any Proceeding arising out of, under or relating to this Agreement or any of the Transactions in any jurisdiction or courts other than as provided herein. 78 (b) Each Party further agrees that service of any process, summons, notice or document by United States registered mail to such Partyβs address set forth in Section 12.05 shall be effective service of process on such Party for any Proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction in this Section 12.12. (c) Each Party, on behalf of itself and on behalf of each of its Affiliates, hereby (i) irrevocably and unconditionally waives any objection to the laying of venue of any Proceeding arising out of this Agreement or any of the Transactions in any court referenced in Section 12.12(a), (ii) irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such Proceeding brought in any such court has been brought in an inconvenient forum and (iii) agrees that a final judgment in any such Proceeding brought in any such court shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Xxx. SECTION 12.13 WAIVER OF JURY TRIAL. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS, WHETHER DIRECTLY OR INDIRECTLY. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12.13. SECTION 12.14 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF. SECTION 12.15 Conflicts. Recognizing that Xxxxxxxx & Xxxxx LLP has acted as legal counsel to Seller, its Affiliates and the members of the Company Group prior to the Closing, and that Xxxxxxxx & Xxxxx LLP intends to act as legal counsel to Seller and its Affiliates (which will no longer include the members of the Company Group) after the Closing, each of Purchaser and the Company hereby waives, on its own behalf and agrees to cause its Affiliates to waive, any conflicts that may arise in connection with Xxxxxxxx & Xxxxx LLP representing Seller and/or its Affiliates after the Closing, in each case, in connection with any dispute, Proceeding or obligation arising out of or relating to this Agreement or the Transactions. In addition, Xxxxxxxxx agrees that all communications prior to the Closing among Xxxxxxxx & Xxxxx LLP and Seller, its Affiliates or the Company Group and all attorney work product that in either case relate to the Transactions (collectively, the βProtected Informationβ), the attorney-client privilege, the expectation of client confidence, all attorney work product protections and all similar protections belong to Seller and may be controlled by Seller and shall not pass to or be claimed by Purchaser or the Company. The Protected Information is the property of Seller, and from and after the Closing, none of the Company, or any Person purporting to act on behalf of or through the Company, will seek to obtain 79 such communications or work product, whether by seeking a waiver of the attorney-client privilege or work product protection or through other means. The Protected Information may be used by Seller or any of its Affiliates in connection with any dispute that relates in any way to the Transactions and the Company and Purchaser shall have no right to use or rely on the Protected Information. Further, the Company shall not have access to any Protected Information, or to the files of Xxxxxxxx & Xxxxx LLP relating to its engagement, whether or not the Closing shall have occurred. Without limiting the generality of the foregoing, upon and after the Closing, (a) Seller and its Affiliates (and not the Company) shall be the sole holders of the attorney-client privilege, any attorney work product or any similar protections with respect to such engagement, and the Company shall not be a holder thereof, (b) to the extent that files of Xxxxxxxx & Xxxxx LLP in respect of such engagement constitute property of the client, only Seller and its Affiliates (and not the Company) shall hold such property rights and (c) Xxxxxxxx & Xxxxx LLP shall have no duty whatsoever to reveal or disclose any such attorney-client communications or files to the Company by reason of any attorney-client relationship between Xxxxxxxx & Xxxxx LLP and the Company or otherwise. [Remainder of page intentionally left blank.]
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[Signature Page to Stock and Asset Purchase Agreement] IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date first written above. XXXX XXXX TECHNOLOGIES CORPORATION By: /s/ Xxxxx X. Xxxx Name: Xxxxx X. Xxxx Title: President and Chief Executive Officer JBT AEROTECH CORPORATION By: /s/ Xxxxx X. Xxxxxxxx Name: Xxxxx X. Xxxxxxxx Title: President OSHKOSH CORPORATION By: /s/ Xxxxxxx X. Pack Name: Xxxxxxx X. Xxxx Title: Executive Vice President and Chief Financial Officer Annex A β 1 ANNEX A DEFINITIONS β$β means lawful money of the United States of America. βAccounting Principlesβ means the accounting methods, policies, practices, procedures, classifications, judgments, or methodologies set forth in Annex B. βAcquisitionβ means the sale by Seller and its applicable subsidiaries to Purchaser and its applicable subsidiaries, and the purchase by Purchaser and its applicable subsidiaries from Seller and its applicable subsidiaries, of all of the outstanding Shares and the Local Transferred Assets. βAffiliateβ means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, βcontrolβ, when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms βcontrollingβ and βcontrolledβ have meanings correlative to the foregoing. For the avoidance of doubt, each member of the Company Group (a) shall be an Affiliate of Seller, and shall not be considered an Affiliate of Purchaser, prior to the Closing and (b) shall be an Affiliate of Purchaser, and shall not be considered an Affiliate of Seller, from and after the Closing. βXxxxxx Propertyβ means that certain Owned Property owned by Xxxx Xxxx Technologies Spain S.L. and located at Ctra., Barcelona KM. 00,000, Xxxxxx xx Xxxxxxx, Xxxxxx, Xxxxx. βAntitrust Lawβ means any federal, state, provincial and foreign statutes, rules, regulations, orders, decrees, administrative and judicial doctrines and other Laws that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition through merger or acquisition. βAssumed Liabilitiesβ means all obligations and Liabilities to the extent arising out of, or relating to, the Business (including the ownership or operation thereof), whether any such Liability arises before or after the Closing, is known or unknown or is contingent or accrued; provided that, notwithstanding anything to the contrary herein, no liability for Taxes shall constitute an Assumed Liability; provided, further, that no obligations or Liabilities to the extent arising out of, or relating to, the Excluded Assets shall constitute Assumed Liabilities. For the avoidance of doubt, Assumed Liabilities shall (a) include (i) all obligations (other than Taxes) of the type included in the calculation of Funded Debt and Working Capital of the Company Group and (ii) the Local Assumed Liabilities and (b) exclude all Retained Liabilities. βBankruptcy Codeβ means the United States Bankruptcy Code, as amended, modified, succeeded or replaced from time to time. βBase Purchase Priceβ means $800,000,000. Annex A β 2 βBenefit Planβ means any βemployee pension benefit planβ (as defined in Section 3(2) of ERISA), any βemployee welfare benefit planβ (as defined in Section 3(1) of ERISA), in each case, whether or not subject to ERISA, and any other plan, program, policy or arrangement providing for severance or retention benefits, profit-sharing, bonuses, stock options, stock appreciation, stock purchase or other stock-related rights, incentive or deferred compensation, change-in-control benefits, paid time off benefits, health or medical benefits, dental benefits, disability benefits, post-employment or retirement benefits, in each case, that is sponsored or maintained by Seller or any of its Affiliates, or to which Seller or its Affiliates makes contributions or is required to make contributions, for the benefit of any Business Employee or Former Business Employee, but excluding any Multiemployer Plan and any plan, program or arrangement mandated by applicable Law or sponsored or maintained by a Governmental Entity. βBusiness Dayβ means any day, other than a Saturday or a Sunday, on which commercial banks are not required or authorized to close in New York City. βBusiness Employeeβ means each employee of Seller or any of its Affiliates (including any member of the Company Group) who spends at least 50% of his or her working time on the Business, in each case, including each such employee who, as of the Closing Date, is on short term disability, long term disability, military leave or an approved leave of absence. βCashβ means, as of any time of determination, and without duplication of any component, an amount equal to (a) the aggregate amount of cash, cash equivalents and marketable securities, in each case, held by the members of the Company Group (whether on hand or in deposit, checking, brokerage or other accounts of a financial institution) plus (b) the aggregate amount of checks, wires, transfers and drafts received or deposited for the account of the members of the Company Group, but only to the extent not included as a current asset in the calculation of Working Capital, minus (c) the aggregate amount of uncleared checks, wires, transfers and drafts issued by the members of the Company Group, but only to the extent not included as a current liability in the calculation of Working Capital, in each case determined and calculated in accordance with the Accounting Principles; provided, however, that βCashβ shall exclude (i) any Restricted Cash and (ii) any proceeds from the Specified Property Sale. For the avoidance of doubt, Xxxx shall not include any item to the extent included in the calculation of Working Capital. βCERCLAβ means the Federal Comprehensive Environmental Response, Compensation, and Liability Act of 1980. βClosing Date Purchase Priceβ means the Purchase Price calculated using the estimates included in the Estimated Statement. βCodeβ means the U.S. Internal Revenue Code of 1986. βCompany Benefit Planβ means each Benefit Plan (or portion thereof) sponsored or maintained by one or more members of the Company Group. βCompany Groupβ means the Company and each Company Subsidiary. βCompany Material Adverse Effectβ means any change, effect, event or occurrence that, individually or in the aggregate with all other changes, effects, events or occurrences, has, or Annex A β 3 would reasonably be expected to have, a material adverse effect on the assets, Liabilities, financial condition or results of operations of the Company Group, taken as a whole (excluding the Retained Business and the Retained Liabilities), or the Business; provided, however, that a βCompany Material Adverse Effectβ shall exclude any such change, effect, event or occurrence to the extent resulting from (i) any change, effect, event or occurrence in the credit, financial or capital markets or the economy in general, including changes in interest or exchange rates, (ii) any change in regulatory, legislative or political conditions, (iii) any change to applicable Law or applicable accounting regulations or principles, including GAAP, or the interpretation or enforcement of any of the foregoing, (iv) any change, effect, event or occurrence in general in any of the industries or geographic areas in which the Company operates, (v) the negotiation or execution and delivery of this Agreement or any Other Transaction Document, the consummation of the transactions contemplated hereby or thereby, the identity of, or any facts or circumstances relating to, Purchaser or its Affiliates or any action or inaction by Purchaser or its Affiliates, or the announcement or other publicity with respect to any of the foregoing (including the impact thereof on relationships, contractual or otherwise, with customers, suppliers, distributors, partners, employees, labor unions or regulators or any Proceedings resulting or arising therefrom); provided that this clause (v) shall not apply with respect to (1) any representation or warranty set forth in Section 2.03 or Section 3.03 or (2) any condition to Closing set forth in Article VIII related to the foregoing clause (v)(1); (vi) any act or threat of terrorism, sabotage, military action or war (whether or not declared) or any escalation or worsening of the foregoing, any hurricane, flood, tornado, earthquake or natural disaster, or any other force majeure event, whether or not caused by any Person, or any national or international calamity or crisis, (vii) COVID-19, the enactment of any Pandemic Measures or any other epidemic, pandemic, plague, outbreak of illness or public health event, (viii) the enactment of any Cybersecurity Measures, (ix) any action or inaction by Seller, the Company or any of their respective Affiliates, which action or inaction is required by this Agreement or any of the Other Transaction Documents (other than any action required by Section 5.02(a)), and any omission by Seller, the Company or any of their respective Affiliates of an action requiring Purchaserβs consent and which consent was not granted, (x) any failure of the Company to meet any internal or external projection, estimate, budget, prediction, plan, milestone or forecast (provided that any change, effect, event or occurrence or combination thereof underlying such failure may be taken into account in determining whether a Company Material Adverse Effect has or would reasonably be expected to occur (to the extent such change, effect, event or occurrence or combination thereof is not otherwise excluded from this definition of Company Material Adverse Effect)), or (xi) any actual or potential sequester, stoppage, shutdown, default or similar event or occurrence by or involving any Governmental Entity, except, in the case of each of clauses (i), (ii), (iii), (iv), (vi), (vii), (viii) and (xi), to the extent that the Company is disproportionately affected thereby as compared with other participants in the industry in which the Company operates (in which case, only the incremental disproportionate impact may be taken into account in determining whether there has been a Company Material Adverse Effect). βCompany Subsidiariesβ means each of the Companyβs subsidiaries. βCompetitive Businessβ means any business involving the provision of any of the products, services or offerings set forth in the definition of Business as conducted as of the date hereof in any country which the Business is conducted, operated or marketed as of the date hereof or as of the Closing.
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Annex A β 8 βLTD Employeeβ means each Business Employee who is receiving (i) long-term disability benefits as of the Closing Date or (ii) short-term disability benefits as of the Closing Date that are expected to continue for more than six months from the commencement of such benefits (as determined in good faith by Seller consistent with past practice), in the case of each of clauses (i) and (ii), pursuant to a Seller Benefit Plan. βMarksβ has the meaning set forth in the definition of Intellectual Property in this Annex A. βMaterial Customersβ means the twenty (20) largest customers of the Business, taken as a whole, in terms of revenue generated from each such customer during the twelve (12)- month period ended March 31, 2023. βMaterial Suppliersβ means the fifteen (15) largest vendors, suppliers or service providers of the Business, taken as a whole, in terms of purchases from or payments to (by value) such vendors in connection with the Business during the twelve (12)-month period ended March 31, 2023. βMeasurement Timeβ means 12:01 a.m., New York City time, on the Closing Date. βMultiemployer Planβ means a βmultiemployer planβ within the meaning of Section 3(37) of ERISA. βNSIAβ means the National Security and Investment Act 2021 (United Kingdom) and any regulations made or issued thereunder. βordinary course of businessβ means, with respect to any Person, in the ordinary course of such Personβs business consistent with past practice; provided, that for purposes of Section 5.02(a), βordinary course of businessβ means, with respect to the Business, in the ordinary course of business and shall not include βconsistent with past practice.β βOther Transaction Documentsβ means the Transaction Documents other than this Agreement. βPandemic Measuresβ shall mean any quarantine, βshelter in place,β βstay at home,β social distancing, shut down, closure, sequester, workforce reduction, safety or any other similar Law, order, directive, protocol, guidelines or recommendations by any applicable Governmental Entity, including the Centers for Disease Control and Prevention and the World Health Organization, in each case, in connection with or in response to COVID-19. βPermitβ means any license, certificate, permit, authorization, registration or approval issued or granted by a Governmental Entity, excluding any Environmental Permit. βPermitted Lienβ means any (i) mechanicsβ, carriersβ, workmenβs, repairmenβs, materialmenβs or other similar Lien arising or incurred in the ordinary course of business and not yet due and payable or that is being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP, (ii) Lien to secure the payment of any obligation in respect of workmenβs compensation, unemployment or other Annex A β 9 insurance, old-age pension or other social security Law, (iii) Lien to secure the performance of any bid, tender, lease, contract, public or statutory obligation, surety, stay or appeal bond or other similar obligation arising in the ordinary course of business, (iv) Lien arising under or with respect to any original purchase price conditional sales contract or equipment lease entered into in the ordinary course of business, (v) Lien for any Tax, assessment and other governmental charge that is not yet due and payable or that is being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP, (vi) non-exclusive license of Intellectual Property entered into in the ordinary course of business, (vii) Real Property Permitted Lien, (viii) Lien that will be released prior to or at the Closing, (ix) Lien described in any Disclosure Schedule (x) Lien arising from any provision of any Transaction Document or (xi) Lien that does not, individually or in the aggregate, materially impair the continued use and operation of the properties and assets to which such Lien relates in the conduct of the Business as presently conducted; provided, that this clause (xi) shall not apply to any Lien on Company Intellectual Property. βPersonβ means any individual, firm, corporation, partnership, limited liability company, trust, joint venture, Governmental Entity or other entity. βPersonal Dataβ means any (i) information that identifies, relates to, describes, is reasonably capable of being associated with, or could reasonably be linked, with a particular natural individual, or (ii) βnonpublic personal information,β or βpersonally identifiable information,β or βpersonal data,β as defined under applicable Data Protection Laws. βPre-Closing Tax Amountβ means the positive amount, if any, of accrued but unpaid Income Taxes (whether or not due or payable) of any member of the Company Group (A) for the taxable period (or portion thereof) ending on the Closing Date, and the immediately preceding taxable period if an Income Tax Return for such immediately preceding taxable period has not yet been filed, or (B) that result from the Company Internal Reorganization and either are allocable to the taxable period (or portion thereof) ending on the Closing Date or that are deferred to the taxable period (or portion thereof) beginning on the day after the Closing Date (such deferred Taxes, βCovered Re-Org Taxesβ) (but in the case of any such deferred Taxes, excluding, for the avoidance of doubt, any Taxes attributable to the utilization or disposition of any assets in the taxable period (or portion thereof) beginning on the day after the Closing Date) (but not including, in any case in this defined term and for the avoidance of doubt, any Taxes with respect to a Consolidated Tax Return); provided that, notwithstanding anything herein to the contrary, this definition shall be calculated (i) as of the end of the day on the Closing Date (after giving effect to the Closing), (ii) with respect to a Straddle Period, in accordance with Section 7.06(e), (iii) excluding all Tax attributes of any member of the Company Group which are not used in the taxable period (or portion thereof) ending on the Closing Date or the immediately preceding taxable period (except for any such Tax attributes that can be utilized against any Covered Re-Org Taxes), (iv) based on the historical practices and procedures of the applicable member of the Company Group (including any elections, methods of accounting, and other filing positions) and only in jurisdictions where the applicable member of the Company Group has historically filed Income Tax Returns, (v) by taking all Transaction Tax Deductions into account in Pre-Closing Tax Periods (to the extent allocable thereto at a βmore likely than notβ (or higher) level of confidence) and applying the seventy percent (70%) safe harbor election under Revenue Procedure 2011-29 to any βsuccess-based feesβ, (vi) by excluding any reserves for contingent Tax or Annex A β 10 uncertain Tax positions and by excluding any deferred Tax items, (vii) by excluding any Taxes attributable to Purchaserβs financing, (viii) by excluding any Taxes attributable to transactions occurring outside the ordinary course of business on the Closing Date and after the time of the Closing, and (ix) by taking into account all payments of Taxes (including for estimated Taxes) made by any member of the Company Group before the Closing. βPre-Closing Tax Periodβ means any taxable period ending on or before the Closing Date and, with respect to any Straddle Period, the portion of such Straddle Period through the end of the Closing Date. βPrivacy and Data Security Requirementsβ means, with respect to the Business, (i) any Data Protection Law, (ii) all obligations under all Contracts to which Seller or any of its subsidiaries is a party or is otherwise bound that relate to Personal Data or protection of Personal Data on its IT Systems and (iii) all publicly-posted policies (including if posted on the products and services provided by the Business) regarding the collection, use, disclosure, transfer, storage, maintenance, retention, deletion, disposal, modification, protection or processing of Personal Data. βProceedingβ means any lawsuit, claim, suit, action, arbitration or similar legal proceeding before a Governmental Entity having jurisdiction over the subject matter thereof and the parties thereto. βPurchase Priceβ means an amount equal to: (i) Base Purchase Price, plus (ii) Cash as of the Measurement Time (but giving effect to any subsequent cash dividends or distributions to Seller or its Subsidiaries (other than the Company Group) in each case after the Measurement Time but prior to the Closing), minus (iii) Funded Debt as of the Measurement Time (but giving effect to any subsequent incurrence of Funded Debt after the Measurement Time but prior to the Closing), minus (iv) Unpaid Company Transaction Expenses incurred but not paid at or prior to the Closing, minus (v) the amount, if any, by which Working Capital as of the Measurement Time is less than the Target Working Capital, plus (vi) the amount, if any, by which Working Capital as of the Measurement Time is greater than the Target Working Capital. βPurchaser Material Adverse Effectβ means any change, effect, event or occurrence that, individually or in the aggregate with all other changes, effects, events or occurrences, has, or would reasonably be expected to have, a material adverse effect on the ability of Purchaser to (a) consummate the Transactions or (b) perform its obligations under this Agreement or any of the Other Transaction Documents. Annex A β 11 βReal Property Permitted Lienβ means any (a) Lien that has been placed by any developer, landlord or other third party on any (i) Leased Property or (ii) property over which the Company has easement rights, in each case, together with any subordination or similar agreements relating thereto, (b) right of any landlord pursuant to any Lease, (c) applicable zoning or building code or other similar applicable Law imposed by a Governmental Entity, which are not violated by the use or occupancy or the operation of the Business as currently conducted thereon, (d) condition that would be shown by a current, accurate survey of any Real Property provided to Purchaser prior to the date of this Agreement, or (e) recorded or unrecorded easement, covenant, right-of-way or other similar non-monetary title defect affecting title to Real Property, in each case, which do not, individually or in the aggregate, materially impair the use or occupancy of the Real Property or the operation of the Business as currently conducted. βRecordsβ means all books, records and documents, in any form or medium, including (a) books of account, (b) ledgers, (c) general, financial and accounting records (d) files, (e) invoices, (f) lists of customers and suppliers, (g) other distribution lists, (h) billing records, (i) sales and promotional literature, (j) manuals and (k) correspondence, in each case, in any form or medium; provided, that this term shall not include any Tax Return of, or with respect to, any Seller Tax Group. βReleaseβ means any release, spill, emission, leaking, dumping, injection, pouring, disposal, deposit, discharge or leaching into or migration through the indoor or outdoor environment (including ambient air, surface water, groundwater, land surface or subsurface strata). βRepresentativeβ means, with respect to any specified Person, any officer, director, employee, attorney, auditor, financial or other advisor or other agent or representative of such specified Person. βRestricted Cashβ means cash, cash equivalents or marketable securities which are not freely usable or distributable by the members of the Company Group because it is subject to legal, contractual or other restrictions on use or distributions. βRestricted Periodβ means a period of three (3) years after the Closing Date. βRestrictive Covenant Agreementβ means for each Business Employee, any Benefit Plan or other Contract (or portion thereof) that contains non-competition, non-solicitation, confidentiality, non-disparagement, or similar restrictive covenant obligations. βRetained Businessβ means any business conducted by Seller and its Affiliates, whether undertaken prior to or after the date of this Agreement, other than the Business. βRetained Liabilitiesβ means all obligations and Liabilities (a) to the extent arising out of, or relating to, the Retained Business (including the ownership or operation thereof) or the Excluded Assets or (b) set forth on Schedule A-7 of the Disclosure Schedule, in each case, whether any such obligation or Liability arises before or after the Closing, is known or unknown or is contingent or accrued; provided that, notwithstanding anything to the contrary herein, except as set forth on Schedule A-7(1) of the Disclosure Schedule, no Liability for Taxes shall constitute a Retained Liability. For the avoidance of doubt, Retained Liabilities shall include all obligations (other than Taxes not set forth on Schedule A-7(1) of the Disclosure Schedule) of the type included
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Annex A β 12 in the definition of Funded Debt and Working Capital of Seller and its Affiliates (other than the Company Group). βR&W Insurance Policyβ means a buyer-side representations and warranties insurance policy to be issued to Purchaser in connection with this Agreement. βR&W Insurerβ means the insurers issuing the R&W Insurance Policy. βSanctioned Countryβ means any country or territory that is the target of a comprehensive trade embargo by the United States (presently, Cuba, Iran, North Korea, Syria, and the Crimea, so-called Donetsk Peopleβs Republic, and so-called Luhansk Peopleβs Republic regions of Ukraine). βSanctioned Personβ means any Person who is, or is owned or controlled by Persons that are (a) located, organized, or resident in a Sanctioned Country, (b) the subject of any sanctions administered or enforced by the U.S. Department of the Treasuryβs Office of Foreign Assets Control (βOFACβ), the U.S. Department of State, the United Nations Security Council, the European Union or any European Union member state, Her Majestyβs Treasury of the United Kingdom, or any other relevant Sanctions authority, or (c) otherwise the subject or target of Sanctions. βSanctionsβ means, with respect to any Person, any economic sanctions laws, regulations, embargoes, restrictive measures, lists of blocked or otherwise restricted persons, including those administered, enacted or enforced from time to time by the United States (including, without limitation, OFAC, the U.S. Department of State and U.S. Department of Commerce), the United Nations Security Council, the European Union or any European Union member state, Her Majestyβs Treasury of the United Kingdom, or any other jurisdiction in which such Person or any of its subsidiaries does business or is otherwise subject to jurisdiction. βSECβ means the United States Securities and Exchange Commission. βSecurities Actβ means the Securities Act of 1933, and the rules and regulations promulgated thereunder. βSeller Benefit Planβ means each Benefit Plan other than a Company Benefit Plan. βSeller Credit Agreementβ means that certain Amended and Restated Credit Agreement, dated as of December 14, 2021, by and among Seller, Xxxx Xxxx Technologies Europe B.V., Xxxxx Fargo Bank, N.A., as administrative agent, and the lenders from time to time party thereto. βSeller Credit Documentsβ means (a) the Seller Credit Agreement, (b) the US Collateral Agreement, dated as of June 19, 2018, executed by Seller and certain of its subsidiaries in favor of Xxxxx Fargo Bank, N.A., and (c) the other Collateral Documents (as defined in the Seller Credit Agreement) entered into in connection with the Seller Credit Agreement. Annex A β 13 βSeller Public Filingsβ means all documents or other materials filed with or furnished to the U.S. Securities and Exchange Commission by Seller or any of its predecessors and made publicly available since January 1, 2021. βSeller Retained Licensed Intellectual Propertyβ means any Intellectual Property (excluding registered Marks and Internet Properties) owned by Seller or any of its Affiliates as of the Closing that is used or practiced (or held for use or practice) in or in connection with the Business on or before the Closing Date. βSeller Tax Groupβ means any consolidated, combined, unitary or similar Tax group of which Seller or any of its Affiliates (other than the Company) is the common parent. βSeller Trading Priceβ means the average of the volume-weighted averages of the trading prices of a share of Seller common stock trading on the βregular wayβ basis on the New York Stock Exchange on each of the fifteen (15) consecutive trading days ending on (and including) the last trading day prior to the Closing Date. βSelling Entitiesβ means, collectively, Seller and all subsidiaries of Seller (other than the members of the Company Group) that own any Local Transferred Assets or that have obligations or liabilities in respect of any Local Assumed Liabilities, and βSelling Entityβ means any of the Selling Entities. βShare Assignment Agreementβ means a customary transfer and assignment agreement to be entered into by Seller and Purchaser with respect to the Shares, in form and substance reasonably satisfactory to Seller and Purchaser. βShared Contractβ means any Contract to which Seller or any of its Affiliates (including any member of the Company Group) is a party (or by which properties of any member of the Company Group or the Business are bound), on the one hand, and a third-party counterparty, on the other hand, that relates in any material respect to both the Business and the Retained Business. βSoftwareβ means all (a) computer programs, applications and other software in any form including object code, source code, middleware, firmware and embedded versions thereof and any and all software implementations of algorithms, models and methodologies, whether in source code or object code form, and (b) all documentation, including user manuals and other training documentation, related to any of the foregoing. βSolventβ means, as of any time of determination, and with respect to any specified Person, that (a) the aggregate value of the combined assets of such Person and its subsidiaries (determined and calculated in accordance with GAAP) will, as of such time, exceed the aggregate value of the combined liabilities of such Person and its subsidiaries (determined and calculated in accordance with GAAP) as of such time, (b) such Person and its subsidiaries have not, and do not intend or reasonably expect to incur, as of such time, combined liabilities (determined and calculated in accordance with GAAP) beyond their collective ability to pay such liabilities as such liabilities become absolute and mature and (c) such Person and its subsidiaries, on a consolidated basis, do not have, as of such time, an unreasonably small amount of capital and liquidity with which to conduct their business. Annex A β 14 βSpecified Assetsβ means the property of Seller and its Affiliates set forth or described on Schedule A-6 of the Disclosure Schedule. βStraddle Periodβ means a taxable period beginning on or before the Closing Date and ending after the Closing Date. βsubsidiaryβ means, with respect to any Person, another Person, an amount of the voting securities, other voting ownership or voting partnership interests of which is sufficient to elect at least a majority of such first Personβs board of directors or other analogous governing body (or, if there are no such voting securities or interests, fifty percent (50%) or more of the equity interests of which) is owned or controlled directly or indirectly by such first Person or by another subsidiary of such first Person. βTarget Working Capitalβ means $148,500,000. βTaxβ means any federal, state, provincial or local tax or similar duty, fee or charge or assessment thereof imposed by a Governmental Entity, in each case in the nature of a tax, including any interest, penalty or additional amount imposed with respect thereto. βTax Returnβ means any return, declaration, report, claim for refund, or information return or statement filed or required to be filed with any Governmental Entity with respect to Taxes, including any schedule or attachment thereto, and including any amendment thereof. βTaxing Authorityβ means any Governmental Entity responsible for the imposition of any Tax. βTrade Lawsβ means, with respect to any Person, all applicable customs, import and export Laws in jurisdictions in which such Person or any of its subsidiaries does business or is otherwise subject to jurisdiction, including but not limited to (i) all U.S. import, export, re-export and transfer of products, software, technical data, services and technologies Laws (including those Laws under the authority of U.S. Departments of Commerce, Homeland Security, State, and Treasury) and (ii) all comparable applicable Laws in each of the jurisdictions outside the U.S. in which the Business is or in the past has been conducted or in which any member of the Company Group does or in the past has done business directly or indirectly. βTransaction Documentsβ means (a) this Agreement, (b) the Intellectual Property License Agreement, (c) the Transition Services Agreement, (d) the Share Assignment Agreement, (e) each Transferred Asset Assignment and Assumption Agreement and Bill of Sale, (f) each Local Transfer Agreement (if any) and (g) the Employee Transfer Agreement. βTransaction Tax Deductionsβ means any loss or deduction, which is deductible for applicable Tax purposes, resulting from or attributable to (a) the payment of Unpaid Company Transaction Expenses; (b) the payment of fees, expenses and interest (including amounts treated as interest for Tax purposes and any breakage fees or accelerated deferred financing fees) incurred by the Company Group with respect to the payment of Funded Debt in connection with the transactions contemplated by this Agreement, to the extent such amounts are included in the determination of Funded Debt; and (c) any other transaction costs of the Company Group with Annex A β 15 respect to the transactions contemplated hereby that would have been included in clauses (a) or (b) but were paid prior to the Closing Date. βTransactionsβ means the Acquisition and the other transactions contemplated by this Agreement. βTransfer Dateβ means (i) for Business Employees (other than LTD Employees and Specified Employees), the Closing Date and (ii) for LTD Employees and Specified Employees, the date such employee commences employment with Purchaser or one of its Affiliates (including, following the Closing, any member of the Company Group). βTransfer Taxesβ means all transfer, documentary, sales, use, stamp, value-added, registration, and other similar Taxes (including all applicable real estate transfer Taxes). βTransferred Asset Assignment and Assumption Agreement and Bill of Saleβ means each Transferred Asset Assignment and Assumption Agreement and Bill of Sale for Local Transferred Assets and Local Assumed Liabilities to be entered into by a Selling Entity, on the one hand, and Purchaser or its designated subsidiaries, on the other hand, in each case, in form and substance reasonably satisfactory to Seller and Purchaser. βTransferred IPβ means all Intellectual Property set forth on Schedule A-6 of the Disclosure Schedule under the header βTransferred IPβ. βTransition Services Agreementβ means the transition services agreement to be entered into by Seller and the Company, in substantially the form of Exhibit B to this Agreement. βUnpaid Company Transaction Expensesβ means, without duplication, the aggregate amount of (i) all fees, costs, commissions, expenses (in each case, to the extent unpaid as of the Closing) incurred, payable or reimbursable by any member of the Company Group in connection with the negotiation, documentation and consummation, as applicable, of the Transaction Documents and the transactions contemplated thereby, including for counsel, brokers, accountants, advisors or other advisors or service providers, (ii) all change of control, bonus, retention, severance or other similar payments that are payable by the Company Group to any current or former officer, director, employee, consultant or contractor or any other third party as a result of the consummation of the Transactions (whether or not immediately due upon the Closing) (and, in each case, not conditioned upon any other event following the Closing), including the amount of the employer portion of any payroll, social security, unemployment or other similar employment Taxes payable in connection with such payments, and (iii) any Transfer Taxes allocated to Seller under Section 7.06(g). For the avoidance of doubt, Unpaid Company Transaction Expenses shall not include any item to the extent included in the calculation of Cash, Funded Debt or Working Capital. βWARN Actβ means the Workers Adjustment and Retraining Notification Act, as amended. βWillful Breachβ means an action or failure to act by one of the Parties that constitutes a material breach of this Agreement, and such action was taken or such failure occurred with such Partyβs knowledge or intention that such action or failure to act would reasonably be