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Share Name | Share Symbol | Market | Type |
---|---|---|---|
P and F Industries Inc | NASDAQ:PFIN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.995 | 12.99 | 13.01 | 0 | 01:00:00 |
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| Annexes | | | | | | | |
| Annex A — Agreement and Plan of Merger | | | | | | | |
| Annex B — Opinion of East Wind Securities, LLC | | | | | | | |
| Annex C — Section 262 of the General Corporation Law of the State of Delaware | | | | | | | |
Bidder
|
| |
Initial Bids
(Enterprise Value)(1)(2) |
| |
Revised Bids
Through 7/12/2023(1)(2) |
| |||
ShoreView
|
| | | $ | 47 – $57 | | | |
$53(3)
|
|
Bidder A
|
| | | $ | 45 – $47 | | | |
Declined
|
|
Bidder B
|
| | | $ | 30 – $32 | | | |
NA
|
|
Bidder C
|
| | | $ | 24 – $26 | | | |
NA
|
|
| | | | | | | | |
Exit Multiple Methodology
|
| |||||||||||||||||||||||||||
| | | | | | | | |
Discount Rate
|
| |||||||||||||||||||||||||||
| | | | | | | | |
16%
|
| |
17%
|
| |
18%
|
| |
19%
|
| |
20%
|
| |||||||||||||||
Exit Multiple
|
| | | | 8.0x | | | | | $ | 49,439 | | | | | $ | 48,024 | | | | | $ | 46,666 | | | | | $ | 45,361 | | | | | $ | 44,107 | | |
| | | 7.5x | | | | | $ | 47,293 | | | | | $ | 45,951 | | | | | $ | 44,662 | | | | | $ | 43,424 | | | | | $ | 42,234 | | | ||
| | | 7.0x | | | | | $ | 45,147 | | | | | $ | 43,878 | | | | | $ | 42,658 | | | | | $ | 41,487 | | | | | $ | 40,360 | | | ||
| | | 6.5x | | | | | $ | 43,002 | | | | | $ | 41,804 | | | | | $ | 40,654 | | | | | $ | 39,549 | | | | | $ | 38,487 | | | ||
| | | 6.0x | | | | | $ | 40,856 | | | | | $ | 39,731 | | | | | $ | 38,650 | | | | | $ | 37,612 | | | | | $ | 36,613 | | |
| | | | | | | | |
Perpetual Growth Rate Methodology
|
| |||||||||||||||||||||||||||
| | | | | | | | |
Discount Rate
|
| |||||||||||||||||||||||||||
| | | | | | | | |
16%
|
| |
17%
|
| |
18%
|
| |
19%
|
| |
20%
|
| |||||||||||||||
Growth Rate
|
| | | | 4.0% | | | | | $ | 39,589 | | | | | $ | 36,781 | | | | | $ | 34,369 | | | | | $ | 32,274 | | | | | $ | 30,437 | | |
| | | 3.5% | | | | | $ | 38,610 | | | | | $ | 35,969 | | | | | $ | 33,688 | | | | | $ | 31,696 | | | | | $ | 29,943 | | | ||
| | | 3.0% | | | | | $ | 37,706 | | | | | $ | 35,215 | | | | | $ | 33,052 | | | | | $ | 31,155 | | | | | $ | 29,478 | | | ||
| | | 2.5% | | | | | $ | 36,869 | | | | | $ | 34,513 | | | | | $ | 32,457 | | | | | $ | 30,646 | | | | | $ | 29,039 | | | ||
| | | 2.0% | | | | | $ | 36,092 | | | | | $ | 33,857 | | | | | $ | 31,899 | | | | | $ | 30,167 | | | | | $ | 28,625 | | |
| | |
Price Per Share Reconciliation Based off of
|
| |||||||||
| | |
Exit
Multiple Methodology |
| |
Perpetual Growth
Rate Methodology |
| ||||||
Low
|
| | | $ | 8.55 | | | | | $ | 5.83 | | |
High
|
| | | $ | 10.50 | | | | | $ | 7.45 | | |
| | |
Enterprise Value /
|
| |||||||||||||||
Company
|
| |
LTM Revenue
|
| |
LTM EBITDA
|
| |
LTM EBIT
|
| |||||||||
The L.S. Starrett Company
|
| | | | 0.3x | | | | | | 2.3x | | | | | | 2.8x | | |
The Eastern Company
|
| | | | 0.6x | | | | | | 9.2x | | | | | | 14.9x | | |
Coventry Group Ltd
|
| | | | 0.5x | | | | | | 14.1x | | | | | | 18.6x | | |
Cominix Co.,Ltd.
|
| | | | 0.3x | | | | | | 7.0x | | | | | | 9.1x | | |
KPT Industries Limited
|
| | | | 1.0x | | | | | | 8.0x | | | | | | 9.1x | | |
Halcyon Technology
|
| | | | 0.6x | | | | | | 3.0x | | | | | | 7.8x | | |
| | |
Enterprise Value /
|
| |||||||||||||||
| | |
LTM Revenue
|
| |
LTM EBITDA
|
| |
LTM EBIT
|
| |||||||||
25th Percentile
|
| | | | 0.4x | | | | | | 4.0x | | | | | | 8.1x | | |
Har. Mean
|
| | | | 0.5x | | | | | | 5.0x | | | | | | 7.3x | | |
75th Percentile
|
| | | | 0.6x | | | | | | 8.8x | | | | | | 13.4x | | |
Merger Consideration
|
| | | | 0.9x | | | | | | 14.0x | | | | | | 46.2x | | |
| | |
Price Per Share Reconciliation Based off of
|
| |||||||||||||||
| | |
LTM Revenue
|
| |
LTM EBITDA
|
| |
LTM EBIT
|
| |||||||||
25th Percentile
|
| | | $ | 3.63 | | | | | $ | 1.24 | | | | | | nm | | |
75th Percentile
|
| | | $ | 7.61 | | | | | $ | 6.91 | | | | | $ | 1.28 | | |
| | |
Enterprise Value /
|
| |||||||||
Company
|
| |
LTM Revenue
|
| |
LTM EBITDA
|
| ||||||
Toyo Knife Co., Ltd.
|
| | | | 0.4x | | | | | | 5.3x | | |
East Chicago Machine Tool Corporation
|
| | | | NA | | | | | | 6.7x | | |
General Tools & Instruments LLC
|
| | | | NA | | | | | | 7.9x | | |
Nubco Pty Ltd.
|
| | | | 0.9x | | | | | | 6.2x | | |
WSI Industries, Inc.
|
| | | | 0.7x | | | | | | 8.7x | | |
AWC Frac Valves, Inc.
|
| | | | NA | | | | | | 9.7x | | |
NII FPG Company
|
| | | | NA | | | | | | 8.2x | | |
Hardinge Inc.
|
| | | | 0.7x | | | | | | 8.7x | | |
| | |
Enterprise Value /
|
| |||||||||
| | |
LTM Revenue
|
| |
LTM EBITDA
|
| ||||||
25th Percentile
|
| | | | 0.6x | | | | | | 6.5x | | |
Har. Mean
|
| | | | 0.7x | | | | | | 7.4x | | |
75th Percentile
|
| | | | 0.8x | | | | | | 8.7x | | |
Merger Consideration
|
| | | | 0.9x | | | | | | 14.0x | | |
| | |
Price Per Share Reconciliation Based off of
|
| |||||||||
| | |
LTM Revenue
|
| |
LTM EBITDA
|
| ||||||
25th Percentile
|
| | | $ | 8.01 | | | | | $ | 4.21 | | |
75th Percentile
|
| | | $ | 11.06 | | | | | $ | 6.76 | | |
| | |
All Companies
|
| |||||||||||||||
| | |
Stock Price Premium Based off Stock Price
|
| |||||||||||||||
| | |
1 Day Prior
|
| |
1 Week Prior
|
| |
1 Month Prior
|
| |||||||||
25th Percentile
|
| | | | 13% | | | | | | 15% | | | | | | 18% | | |
Har. Mean
|
| | | | 27% | | | | | | 31% | | | | | | 36% | | |
75th Percentile
|
| | | | 53% | | | | | | 57% | | | | | | 63% | | |
Merger Consideration
|
| | | | 97% | | | | | | 91% | | | | | | 94% | | |
| | |
Industrial Companies
|
| |||||||||||||||
| | |
Stock Price Premium Based off Stock Price
|
| |||||||||||||||
| | |
1 Day Prior
|
| |
1 Week Prior
|
| |
1 Month Prior
|
| |||||||||
25th Percentile
|
| | | | 11% | | | | | | 14% | | | | | | 18% | | |
Har. Mean
|
| | | | 25% | | | | | | 29% | | | | | | 34% | | |
75th Percentile
|
| | | | 50% | | | | | | 52% | | | | | | 58% | | |
Merger Consideration
|
| | | | 97% | | | | | | 91% | | | | | | 94% | | |
| | |
Small Cap Companies
|
| |||||||||||||||
| | |
Stock Price Premium Based off Stock Price
|
| |||||||||||||||
| | |
1 Day Prior
|
| |
1 Week Prior
|
| |
1 Month Prior
|
| |||||||||
25th Percentile
|
| | | | 14% | | | | | | 17% | | | | | | 20% | | |
Har. Mean
|
| | | | 35% | | | | | | 38% | | | | | | 42% | | |
75th Percentile
|
| | | | 69% | | | | | | 74% | | | | | | 79% | | |
Merger Consideration
|
| | | | 97% | | | | | | 91% | | | | | | 94% | | |
| | |
Fiscal Year Ending December 31,
|
| |||||||||
($ in thousands)
|
| |
2022
|
| |
2023
|
| ||||||
Net Revenue
|
| | | $ | 59,051 | | | | | $ | 58,215 | | |
Cost of Sales
|
| | | | (40,087) | | | | | | (36,257) | | |
Gross Profit
|
| | | | 18,964 | | | | | | 21,958 | | |
SG&A
|
| | | | (20,460) | | | | | | (21,194) | | |
Operating Income
|
| | | | (1,496) | | | | | | 764 | | |
Operating Margin
|
| | |
|
(2.5)%
|
| | | |
|
1.3%
|
| |
D&A
|
| | | | 2,745 | | | | | | 2,771 | | |
EBITDA
|
| | | | 1,249 | | | | | | 3,535 | | |
Addbacks
|
| | | | | | | | | | | | |
Total Corporate Addbacks
|
| | | | 5,292 | | | | | | 5,788 | | |
Rent Adjustment
|
| | | | (340) | | | | | | (390) | | |
Elimination of PTG(1)
|
| | | | 930 | | | | | | (628) | | |
Non-Cash Inventory Write-down
|
| | | | 305 | | | | | | — | | |
Automation Equipment Investment
|
| | | | — | | | | | | 300 | | |
Change of President
|
| | | | 108 | | | | | | | | |
Impact of Price Increases
|
| | | | 1,035 | | | | | | | | |
Total Miscellaneous Addbacks
|
| | | | 2,378 | | | | | | (328) | | |
EBITDA Adjustments
|
| | | | 7,330 | | | | | | 5,070 | | |
Adjusted EBITDA
|
| | | | 8,579 | | | | | | 8,605 | | |
| | |
Florida Pneumatic Projections
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Fiscal Year Ending December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||
($ in millions)
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| ||||||||||||||||||||||||
Revenue
|
| | | $ | 38.3 | | | | | $ | 41.5 | | | | | $ | 41.4 | | | | | $ | 39.9 | | | | | $ | 40.6 | | | | | $ | 42.2 | | | | | $ | 43.8 | | | | | $ | 45.5 | | |
EBITDA
|
| | | $ | 3.5 | | | | | $ | 4.3 | | | | | $ | 6.5 | | | | | $ | 6.8 | | | | | $ | 7.2 | | | | | $ | 7.5 | | | | | $ | 7.8 | | | | | $ | 8.2 | | |
EBITDA Margin
|
| | | | 9% | | | | | | 10% | | | | | | 16% | | | | | | 17.0% | | | | | | 17.7% | | | | | | 17.8% | | | | | | 17.8% | | | | | | 18.0% | | |
| | |
Hy-Tech Projections
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Fiscal Year Ending December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||
($ in millions)
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| ||||||||||||||||||||||||
Revenue
|
| | | $ | 8.6 | | | | | $ | 9.3 | | | | | $ | 12.0 | | | | | $ | 13.1 | | | | | $ | 14.0 | | | | | $ | 15.4 | | | | | $ | 16.2 | | | | | $ | 17.0 | | |
EBITDA
|
| | | $ | -1.0 | | | | | $ | 1.3 | | | | | $ | 1.4 | | | | | $ | 2.6 | | | | | $ | 3.0 | | | | | $ | 3.5 | | | | | $ | 3.9 | | | | | $ | 4.2 | | |
EBITDA Margin
|
| | | | (-11.6)% | | | | | | 14% | | | | | | 12% | | | | | | 19.8% | | | | | | 21.4% | | | | | | 22.7% | | | | | | 24.1% | | | | | | 24.7% | | |
| | |
PTG Projections
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Fiscal Year Ending December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||
($ in millions)
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| ||||||||||||||||||||||||
Revenue
|
| | | $ | 2.3 | | | | | $ | 2.8 | | | | | $ | 5.6 | | | | | $ | 7.2 | | | | | $ | 7.5 | | | | | $ | 8.3 | | | | | $ | 9.1 | | | | | $ | 10.0 | | |
EBITDA
|
| | | $ | -1.1 | | | | | $ | -0.8 | | | | | $ | -1.1 | | | | | $ | 0.5 | | | | | $ | 0.9 | | | | | $ | 1.5 | | | | | $ | 2.0 | | | | | $ | 2.5 | | |
EBITDA Margin
|
| | | | (-47.8)% | | | | | | (-28.6)% | | | | | | (-19.6)% | | | | | | 6.9% | | | | | | 12.0% | | | | | | 18.1% | | | | | | 22.0% | | | | | | 25.0% | | |
| | |
Fiscal Year ending December 31,
|
| |||||||||||||||||||||||||||
($ in thousands, except Earnings per Share)
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |||||||||||||||
Revenue
|
| | | $ | 60,901 | | | | | $ | 63,007 | | | | | $ | 67,295 | | | | | $ | 70,565 | | | | | $ | 74,113 | | |
(-) COGS
|
| | | | 39,279 | | | | | | 38,482 | | | | | | 40,453 | | | | | | 41,938 | | | | | | 43,556 | | |
Gross Profit
|
| | | | 21,622 | | | | | | 24,526 | | | | | | 26,842 | | | | | | 28,626 | | | | | | 30,558 | | |
% Margin
|
| | | | 36% | | | | | | 39% | | | | | | 40% | | | | | | 41% | | | | | | 41% | | |
Operating Expenses
|
| | | | 21,565 | | | | | | 22,042 | | | | | | 23,042 | | | | | | 23,906 | | | | | | 24,804 | | |
EBIT
|
| | | | 57 | | | | | | 2,484 | | | | | | 3,800 | | | | | | 4,720 | | | | | | 5,754 | | |
D&A
|
| | | | 2,697 | | | | | | 2,751 | | | | | | 2,849 | | | | | | 2,972 | | | | | | 3,116 | | |
EBITDA
|
| | | | 2,754 | | | | | | 5,236 | | | | | | 6,649 | | | | | | 7,693 | | | | | | 8,870 | | |
Taxes
|
| | | | (17) | | | | | | (745) | | | | | | (1,140) | | | | | | (1,416) | | | | | | (1,726) | | |
NOPAT
|
| | | | 40 | | | | | | 1,739 | | | | | | 2,660 | | | | | | 3,304 | | | | | | 4,028 | | |
Interest Expense
|
| | | | 389 | | | | | | 240 | | | | | | 102 | | | | | | 6 | | | | | | — | | |
Net Income
|
| | | | (349) | | | | | | 1,499 | | | | | | 2,558 | | | | | | 3,298 | | | | | | 4,028 | | |
| | |
Fiscal Year ending December 31,
|
| |||||||||||||||||||||||||||
($ in thousands, except Earnings per Share)
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |||||||||||||||
Earnings per Share
|
| | | $ | (0.11) | | | | | $ | 0.47 | | | | | $ | 0.80 | | | | | $ | 1.03 | | | | | $ | 1.26 | | |
Inc. / (Dec.) in NWC
|
| | | | (3,262) | | | | | | 1,358 | | | | | | 1,051 | | | | | | 840 | | | | | | 911 | | |
Capex
|
| | | | 2,144 | | | | | | 1,920 | | | | | | 1,520 | | | | | | 1,694 | | | | | | 1,860 | | |
Free Cash Flow
|
| | | | (2,669) | | | | | | 3,928 | | | | | | 5,040 | | | | | | 5,422 | | | | | | 6,195 | | |
Name
|
| |
Shares
Held (#) |
| |
Shares
Held ($) |
| |
Options
Held (#) |
| |
Options
Held ($)(1) |
| |
Restricted
Stock Held (#)(2) |
| |
Restricted
Stock Held ($) |
| |
Total
($) |
| |||||||||||||||||||||
Richard A. Horowitz.
|
| | | | 1,445,041 | | | | | | 18,785,533 | | | | | | 30,000 | | | | | | 177,300 | | | | | | — | | | | | | — | | | | | | 18,962,833 | | |
Joseph A. Molino
|
| | | | 86,971 | | | | | | 1,130,623 | | | | | | 25,000 | | | | | | 147,750 | | | | | | 15,000 | | | | | | 195,000 | | | | | | 1,473,373 | | |
Howard B. Brownstein
|
| | | | 21,898 | | | | | | 284,674 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 284,674 | | |
Jeffrey D. Franklin
|
| | | | 11,998 | | | | | | 155,974 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 155,974 | | |
Kenneth M. Scheriff
|
| | | | 11,098 | | | | | | 144,274 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 144,274 | | |
Mitchell A. Solomon
|
| | | | 11,998 | | | | | | 155,974 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 155,974 | | |
Golden Parachute Compensation
|
| ||||||||||||||||||||||||
Name
|
| |
Cash
($)(1) |
| |
Equity
($)(2) |
| |
Perquisites/Benefits
($)(3) |
| |
Total
($) |
| ||||||||||||
Richard A. Horowitz.
|
| | | $ | 3,525,000 | | | | | | — | | | | | $ | 93,600 | | | | | $ | 3,618,600 | | |
Joseph A. Molino
|
| | | $ | 965,000 | | | | | $ | 195,000 | | | | | $ | 101,700 | | | | | $ | 1,261,700 | | |
| | |
Market Price
|
| | | | | | | |||||||||
| | |
High
|
| |
Low
|
| |
Dividend Paid
|
| |||||||||
2021 | | | | | | | | | | | | | | | | | | | |
First Quarter (ending March 31, 2021)
|
| | | $ | 7.45 | | | | | $ | 5.61 | | | | | | | | |
Second Quarter (ending June 30, 2021)
|
| | | $ | 9.70 | | | | | $ | 6.00 | | | | | | | | |
Third Quarter (ending September 30, 2021)
|
| | | $ | 7.45 | | | | | $ | 6.14 | | | | | | | | |
Fourth Quarter (ending December 31, 2021)
|
| | | $ | 7.10 | | | | | $ | 5.65 | | | | | | | | |
2022 | | | | | | | | | | | | | | | | | | | |
First Quarter (ending March 31, 2022)
|
| | | $ | 7.29 | | | | | $ | 5.22 | | | | | | | | |
Second Quarter (ending June 30, 2022)
|
| | | $ | 6.31 | | | | | $ | 5.21 | | | | | | | | |
Third Quarter (ending September 30, 2022)
|
| | | $ | 6.19 | | | | | $ | 5.14 | | | | | $ | 0.05 | | |
Fourth Quarter (ending December 30, 2022)
|
| | | $ | 5.72 | | | | | $ | 4.90 | | | | | $ | 0.05 | | |
2023 | | | | | | | | | | | | | | | | | | | |
First Quarter (ending March 31, 20223)
|
| | | $ | 5.65 | | | | | $ | 5.01 | | | | | $ | 0.05 | | |
Second Quarter (ending June 30, 2023)
|
| | | $ | 6.65 | | | | | $ | 5.06 | | | | | $ | 0.05 | | |
| | |
Market Price
|
| | | | | | | |||||||||
| | |
High
|
| |
Low
|
| |
Dividend Paid
|
| |||||||||
Third Quarter (ending September 29, 2023)
|
| | | $ | 7.95 | | | | | $ | 6.22 | | | | | $ | 0.05 | | |
Fourth Quarter (through October 24, 2023)
|
| | | $ | 12.80 | | | | | $ | 6.60 | | | | | | | | |
Beneficial Owner
|
| |
Amount and
Nature of Beneficial Ownership |
| |
Percent of
Class |
| ||||||
Howard Brod Brownstein
|
| | | | 21,898 | | | | | | * | | |
Jeffrey D. Franklin
|
| | | | 11,998 | | | | | | * | | |
Richard A. Horowitz
|
| | | | 1,475,041(1) | | | | | | 45.7% | | |
Joseph A. Molino, Jr.
|
| | | | 126,971(2) | | | | | | 3.9% | | |
Kenneth M. Scheriff
|
| | | | 11,098 | | | | | | * | | |
Mitchell A. Solomon
|
| | | | 11,998 | | | | | | * | | |
Lawndale Capital Management, LLC
|
| | | | 236,927(3) | | | | | | 7.4% | | |
All directors and executive officers as a group (6 persons)
|
| | | | 1,659,004(4) | | | | | $ | 51.1% | | |
|
ARTICLE I
|
| |||
|
DEFINITIONS
|
| |||
| | | | ||
|
ARTICLE II
|
| |||
|
HE MERGER
|
| |||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|
ARTICLE III
|
| |||
|
EFFECT OF THE MERGER ON CAPITAL STOCK; EXCHANGE OF CERTIFICATES
|
| |||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|
ARTICLE IV
|
| |||
|
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
|
| |||
| | | | ||
| | | | ||
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| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|
ARTICLE V
|
| |||
|
REPRESENTATIONS AND WARRANTIES OF PARENT AND ACQUISITION SUB
|
| |||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|
ARTICLE VI
|
| |||
|
COVENANTS AND AGREEMENTS
|
| |||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | | | ||
| | | | ||
|
ARTICLE VII
|
| |||
|
CONDITIONS TO THE MERGER
|
| |||
| | | | ||
| | | | ||
| | | | ||
|
ARTICLE VIII
|
| |||
|
TERMINATION, AMENDMENT AND WAIVER
|
| |||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|
ARTICLE IX
|
| |||
|
GENERAL PROVISIONS
|
| |||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| Acceptable Confidentiality Agreement | | |
51
|
|
| Acquisition Sub | | |
1
|
|
| Action | | |
1
|
|
| Adverse Recommendation Change | | |
51
|
|
| Aggregate Merger Consideration | | |
1
|
|
| Agreed Reimbursement Amount | | |
1
|
|
| Agreement | | |
1
|
|
| Antitrust Laws | | |
1
|
|
| ARSCO | | |
6
|
|
| Articles of Merger | | |
2
|
|
| BIS | | |
31
|
|
| Blue Sky Laws | | |
1
|
|
| Bonanza | | |
6
|
|
| Book Entry Shares | | |
4
|
|
| Business Day | | |
1
|
|
| Capital One | | |
6
|
|
| CERCLA | | |
5
|
|
| Certificates | | |
4
|
|
| Closing | | |
2
|
|
| Closing Date | | |
2
|
|
| Code | | |
2
|
|
| Company | | |
1
|
|
| Company Benefit Plan | | |
16
|
|
| Company Bylaws | | |
9
|
|
| Company Charter | | |
9
|
|
| Company Common Stock | | |
3
|
|
| Company Data | | |
2
|
|
| Company Debt | | |
63
|
|
| Company Disclosure Letter | | |
2
|
|
| Company Equity Awards | | |
2
|
|
| Company Intellectual Property Rights | | |
21
|
|
| Company Material Adverse Effect | | |
2
|
|
| Company Material Contract | | |
26
|
|
| Company Option | | |
3
|
|
| Company Permits | | |
13
|
|
| Company Privacy Policies | | |
3
|
|
| Company Recommendation | | |
4
|
|
| Company Related Parties | | |
71
|
|
| Company Restricted Shares | | |
4
|
|
| Company SEC Documents | | |
13
|
|
| Company Software | | |
21
|
|
| Company Stock Plan | | |
4
|
|
| Company Stockholder Advisory Vote | | |
11
|
|
| Competing Proposal | | |
53
|
|
| Confidentiality Agreement | | |
4
|
|
| Consent | | |
12
|
|
| Continental | | |
6
|
|
| Continuing Employees | | |
57
|
|
| Contract | | |
4
|
|
| control | | |
4
|
|
| Countrywide | | |
6
|
|
| COVID Measures | | |
4
|
|
| COVID-19 | | |
4
|
|
| D&O Indemnified Parties | | |
54
|
|
| Data Processor | | |
5
|
|
| Debt Commitment Letter | | |
37
|
|
| Debt Financing | | |
37
|
|
| Debt Financing Sources | | |
5
|
|
| Debt Payoff Amount | | |
64
|
|
| DGCL | | |
1
|
|
| Dissenting Shares | | |
8
|
|
| East Wind | | |
32
|
|
| EEA | | |
12
|
|
| Effective Time | | |
2
|
|
| Embassy | | |
6
|
|
| Environmental Laws | | |
5
|
|
| Environmental Permits | | |
30
|
|
| Equity Commitment Letter | | |
37
|
|
| Equity Financing | | |
37
|
|
| ERISA | | |
6
|
|
| ERISA Affiliate | | |
18
|
|
| EU GDPR | | |
12
|
|
| Exchange Act | | |
6
|
|
| Exchange Fund | | |
4
|
|
| Exhaust | | |
6
|
|
| Existing Credit Agreement | | |
6
|
|
| Existing D&O Insurance Policies | | |
55
|
|
| Expenses | | |
7
|
|
| Financing | | |
37
|
|
| Financing Agreements | | |
61
|
|
| Financing Commitments | | |
37
|
|
| Financing Sources | | |
7
|
|
| Foreign Plan | | |
7
|
|
| GAAP | | |
8
|
|
| Government Contract | | |
8
|
|
| Governmental Authority | | |
8
|
|
| Grant Date | | |
10
|
|
| Green Manufacturing | | |
6
|
|
| Guarantor | | |
37
|
|
| Guaranty | | |
1
|
|
| Hazardous Materials | | |
8
|
|
| Heisman | | |
7
|
|
| Horowtiz Employment Agreement | | |
8
|
|
| Hy-Tech | | |
6
|
|
| Hy-Tech Illinois | | |
7
|
|
| Improvements | | |
29
|
|
| Information Security Program | | |
8
|
|
| Intellectual Property Rights | | |
9
|
|
| Intervening Event | | |
53
|
|
| IRS | | |
9
|
|
| IT Systems | | |
9
|
|
| Jiffy | | |
6
|
|
| Knowledge | | |
9
|
|
| Law | | |
9
|
|
| Lease | | |
29
|
|
| Leased Real Property | | |
29
|
|
| Lien | | |
9
|
|
| Malicious Code | | |
10
|
|
| Material Customer | | |
33
|
|
| Material Supplier | | |
33
|
|
| Merger | | |
1
|
|
| Merger Consideration | | |
4
|
|
| Molino Employment Agreement | | |
10
|
|
| Notice of Adverse Recommendation | | |
52
|
|
| Notice of Superior Proposal | | |
52
|
|
| OFAC | | |
13
|
|
| Open Source Software | | |
10
|
|
| Option Cash Payment | | |
7
|
|
| Order | | |
10
|
|
| Owned Real Property | | |
28
|
|
| Pacific Stair | | |
6
|
|
| Parent | | |
1
|
|
| Parent Disclosure Letter | | |
11
|
|
| Parent Material Adverse Effect | | |
11
|
|
| Parent Organizational Documents | | |
11
|
|
| Parent Related Parties | | |
70
|
|
| Paying Agent | | |
4
|
|
| Paying Agent Agreement | | |
4
|
|
| Permitted Lien | | |
11
|
|
| Person | | |
11
|
|
| Personal Data | | |
11
|
|
| Post-Closing Plans | | |
58
|
|
| Post-Closing Welfare Plans | | |
58
|
|
| Privacy Requirements | | |
12
|
|
| Process | | |
12
|
|
| Processed | | |
12
|
|
| Processing | | |
12
|
|
| Proxy Statement | | |
14
|
|
| Real Property | | |
13
|
|
| Release | | |
13
|
|
| Representatives | | |
49
|
|
| Requisite Stockholder Approval | | |
31
|
|
| Reverse Termination Fee | | |
13
|
|
| Sanctioned Country | | |
13
|
|
| Sanctioned Party | | |
13
|
|
| Sanctions | | |
13
|
|
| SEC | | |
13
|
|
| SEC Clearance Date | | |
46
|
|
| Securities Act | | |
14
|
|
| Security Incident | | |
14
|
|
| Solvent | | |
39
|
|
| SOX | | |
13
|
|
| Stockholder Support Agreement | | |
1
|
|
| Stockholders’ Meeting | | |
46
|
|
| Subsidiary | | |
14
|
|
| Superior Proposal | | |
54
|
|
| Surviving Corporation | | |
2
|
|
| Takeover Statute | | |
12
|
|
| Tax | | |
14
|
|
| Tax Returns | | |
14
|
|
| Taxes | | |
14
|
|
| Termination Date | | |
67
|
|
| Termination Fee | | |
15
|
|
| Third Party | | |
15
|
|
| Trade Controls | | |
15
|
|
| Treasury Regulation | | |
15
|
|
| Union | | |
19
|
|
| WARN Act | | |
15
|
|
| WILP | | |
6
|
|
| Woodmark | | |
6
|
|
|
East Wind Securities, LLC
810 7th Avenue | 35th floor | New York, NY 10019 Tel: 646-202-1500 |
| |
|
|
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