Stock Purchase Agreement (2009)Full Document 

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STOCK PURCHASE AGREEMENT
By and Among
ASTRONICS CORPORATION,
D M E CORPORATION
and
THE SHAREHOLDERS OF D M E CORPORATION
SIGNATORY HERETO
Dated as of January 28, 2009
 

 

 


 

TABLE OF CONTENTS
         
ARTICLE I DEFINITIONS
    1  
Section 1.1 Defined Terms
    1  
Section 1.2 Construction
    9  
Section 1.3 Schedules and Exhibits
    9  
Section 1.4 Knowledge
    9  
 
       
ARTICLE II SALE OF SHARES
    9  
Section 2.1 Sale of Shares
    9  
Section 2.2 Consideration
    10  
Section 2.3 Reserved
    10  
Section 2.4 Closing
    10  
 
       
ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE SHAREHOLDERS
    10  
Section 3.1 Ownership of Shares
    10  
Section 3.2 Existence and Good Standing
    11  
Section 3.3 Authority and Enforceability
    11  
Section 3.4 Consents and Approvals; No Violations
    11  
Section 3.5 Capitalization
    12  
Section 3.6 Subsidiaries and Investments
    12  
Section 3.7 Financial Statements
    13  
Section 3.8 Liabilities
    13  
Section 3.9 Tangible Personal Property
    13  
Section 3.10 Books and Records
    14  
Section 3.11 Owned Real Property
    14  
Section 3.12 Leased Real Property
    14  
Section 3.13 Contracts
    14  
Section 3.14 Litigation
    15  
Section 3.15 Taxes
    15  
Section 3.16 Insurance
    17  
Section 3.17 Intellectual Property
    17  
Section 3.18 Compliance with Laws
    19  
Section 3.19 Accounts Receivable; Accounts Payable; Accrued Liabilities
    19  
Section 3.20 Inventory
    19  
Section 3.21 Suppliers and Customers
    19  
Section 3.22 Personnel
    20  
Section 3.23 Employee Benefit Plans
    20  
Section 3.24 Environmental Matters
    22  
Section 3.25 Affiliate Transactions
    22  
Section 3.26 Bank Account; Powers of Attorney
    22  
Section 3.27 Permits
    22  
Section 3.28 Absence of Changes
    23  
Section 3.29 Brokers’ or Finders’ Fees
    24  
Section 3.30 Product Warranties
    24  
Section 3.31 Export Control Regulations
    25  
Section 3.32 Full Disclosure
    26  

 

 


 

         
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
    26  
Section 4.1 Existence and Good Standing
    26  
Section 4.2 Authority and Enforceability
    26  
Section 4.3 Consents and Approvals; No Violations
    26  
Section 4.4 Brokers’ or Finders’ Fees
    27  
Section 4.5 Purchaser Shares, Promissory Notes and Contingent Promissory Notes
    27  
Section 4.6 Full Disclosure
    27  
 
       
ARTICLE V COVENANTS
    27  
Section 5.1 Public Announcements
    27  
Section 5.2 Investigation by the Purchaser
    27  
Section 5.3 Notifications, Consents and Approvals
    28  
Section 5.4 Conduct Pending Closing
    28  
Section 5.5 Notification of Certain Matters
    29  
Section 5.6 Access to Records and Personnel
    29  
Section 5.7 Further Assurances
    29  
Section 5.8 No Negotiation
    30  
Section 5.9 Tax Matters
    30  
Section 5.10 Warranty Obligations
    31  
Section 5.11 Confidentiality
    31  
Section 5.12 Update of Schedules
    32  
Section 5.13 Section 338(h)(10) Election
    32  
Section 5.14 Indebtedness
    33  
 
       
ARTICLE VI CONDITIONS TO PURCHASER’S OBLIGATIONS
    33  
Section 6.1 Representations and Warranties
    33  
Section 6.2 Agreements and Covenants
    33  
Section 6.3 Good Standing Certificate
    33  
Section 6.4 No Material Adverse Change
    33  
Section 6.5 No Litigation
    33  
Section 6.6 Delivery of Shares
    34  
Section 6.7 No Claim Regarding Share Ownership or Proceeds
    34  
Section 6.8 Consents and Approvals
    34  
Section 6.9 Statutes; Orders
    34  
Section 6.10 Proceedings
    34  
Section 6.11 Minute Book and Stock Records
    34  
Section 6.12 Pay-Off Letters
    34  
Section 6.13 Satisfactory Due Diligence
    34  
Section 6.14 Resignations

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