Document 4vyJpXaeeM27kvKy5gqNk03MR

AGREE* K NT This Agreement made this 1st day of April, 1970, by and between OWfcNS-COliNlNG PIBERCLAS CORPORATION, a Delaware corporation ("buyer"), ' and '.INAHCO INDUSTRIES, INC., an Illinois corporation ("Seller**): . WITNESSETH: Seller operates its Chembest Division in Bloomington, Illinois which Division manufactures and sells a variety of products including ttrvLhano foam, Unarcoboard, and asbestos products, and Buyer desires to *!,,?; Mid Seller desires to sell all of tne tangible and intangible jiuri.i's and assets employed in Seller's Chembest Division except as heroin -xpreuiUy provided and except for those of such properties and assets eupluyed cn7\ly in the manufacture and sale of asbestos products (the portion of the Chorniest Division which manufactures and soils asi<*;itws products is herein sometimes called the "Asbestos Department" ar.d the remainder of the oporat ions of the Chembest Division is herein sometimes called the "OCK-Chemi*est Division"). NOW, THEREFORE, in consideration of the mutual covenants and agru*;aifnts herein contained, the parties hereto mutually covenant and agree as follows: 3, (a) The Schedules, numbered 1 through tl, hereinafter doucril-.d iKivn l-:cn signal for identification purposes hy those signing this Agruumoot and each of such Schedules is hereby included herein ty reference* and made a part hereof except for Schedules b and j which will be prepared after the date hervof and will be signed for identification purposes by those signing this A|im nt at the time they are proper* .a if. affinitive form. . ' puffi CcP t* s fi'J ip/'i 1 (b) On the terms and subject to the conditions hr* rein repressed Seller hereby sella, convoy;*., transfers, as:;i,*;ns, sets over ;4fl delivers to buyer and buyer hereby purchases and accepts delivery of the following assets: _ (i) All of the tangible assets and properties, iueJ u*d ing all operating equipment, fixtures, office equipment, and properiles used in or relating to the operation of the OCl-'-Chemlesl Division ("Equipment") including all those described in Schedule 1 entitled " npij pir.cn t." (ii) All of the intangible assets and properties, i-tejud M'r. it any, all copyrights, trademarks (except the tracern rk "Hnarcul.>uixi"), trade names, iiccr.sos, contracts, patent:;, inter;1, applications, inventions, discoveries and improvements, ehop rights, processes and formulae, trade secrets, proprietary and technical information and know-how, used ir. or relating to the operation or the UCK-Chembost Division (including all those dcscrUwd in Schedule ?. untitled "Intangibles"). (lii) The leasehold estate createo hy `.he lease ("J.eaaeM) described in Schedule 3 entitled "l*s;*ce ul pJant site of Chumoesb Division in TtLoomingt'n, Illinois" and all buildings atul otli'd* .Improvements located on the real estate ("lioul Kstuto*) which is subject to the Lease described in Schedule 1 or Scheldt: 3, -2 - (iv) All business, manufacturing, sales .v*i otiicr records diz*ccily relating to the* UCF-Chearesl Division including all books and recozds listed in Schedule 2. ' (v) All of the* inventories of raw materials, work in process and finished goods of Seller as of the date hereof for use in or used In oz* produced in the operatives of the OCF-Chemi'cst Division ("'inventor!es"). (vi) Any and ail other assets and business utilized ... utlon with the operation l..e U;aLr.vss uf the OCF-Chontast ] vision, . (o) (Jn the terms arid subject to the conditions herein expressed Seller will, at the tine-.of delivery of hchedulo h entitled "Accounts and pro[iaid iterm of the OCF-Chemi^st Division" to buyer as provided in paragraph i(;*) hereof, sell, convey, transfer, assign, set ever and deliver to Uuyer th; accounts receivable oz' the OCf'-Chembest Division as oi' the date hereof (the "Accounts") and the prepaid items oi` the UCF-Chembest Division as of the date h`*r;uf, which will bo described In Dchodulc ^ and Uotlor will, at that time, execute ami deliver to fiuyer such instruments as aiy be requinxi to effect .such sale, conveyance, transfer, assignment ami delivery to Huyer; (d) All of the assets (wring and to ite sold to buyer pursuant to paragraphs l(b) and 1(c) above are heroin soir.otimes collectively called Ui; "Acquired Assets." -J- (*) It is understood and agreed that the Acquired Auu*-is altall not include cash on hand and in tanks and any assets 01' Seiler uucd exclusively in the opniatlons of the An be a tor. Department or t.he Ih.-derai SLainlosn Sink Division of U.NAHCO ("Sink Division"). 2. based upon the representations and warranties or' the 3*:iler contained herein and on the terms and subject to the conditions heroin expressed and in full consideration for the sale, conveyai.ee, transfer, i: . I.mim-> l and delivery to Buyer of the Acquired Assets and. of any other * i ! 1 *-f* pursuant to the tens nereof: (a) Buyer has delivered to Seller, and Seller acknowledges KMcipl >>l', a deposit to Seller's account of 193'Dt)0 in suen lank ;iU ;a. t* designated h,y Seiler. . (h) buyer stall deposit to Sel.i>'ir,s lank arooen:. wir.h t".v>- ('.>) days after the date of the delivery of Schedule and assifcrruuuf:4. cf s.ne Accounts to buyer a3 provided in paragraph (a) an a^rogato amount equal to the lessee of (i) 162,000 or (ii) the aj^re^att. face amount of the Ac;.>un i.r; plus Mu.* amount of the pru{>aid items as set berth on Schedule h, said deposit De wade in such Lank as may be designated hy Seller. (c) Ituyer slall deliver U. Soi3:r, wltlhn thirty (jO) nays after* the Removal Dale (as defined in paragraph 5(c) hereof), its certified or a cashier's check or chocks in the amount of $250,000, which aawmil. cU'tll Uj adjusted, if necessary, as required by paragraph 4 hereof. *f fir- reduction in itw purchase price is in ex.c: ^'Dv'.OOv. .r .;.;i -4- no later than Kay 31, 1970, deliver tu Jiuyer its certified or o.ujhior*;: chock or checks in the amount of such excess. 3, (a) Seller hereby assigns to Buyer, and buyer hereby assumes ami agree;; to perform all of Lhv: obligations arisirig on and after {he dalr hereof under- the presently outstanding leases, contracts and commitments of Seller relating to the operations of the OCf-ChembcsT. Division described In Schedules 2 and 3 and in Schedule 6 err,i Lied "C.awmiliaonts of OCK-Cheutost viui.n ," and huyor will indemnify ar.d hold harmless Seller against any 1 ' r. liabilities, claims, damages ar.d expanses (including rt.-u3w.n : 1 1 -ficys' 1 eon) incuiTed or suffered by Seller resulting: from luyer's 1 . lur : |h.-i r.jrm any of such on.l igai 1 oms in accordance with the term:-; .' r.ueh lear.es, contracts and 003.5.; i.er.t o. In each case where any of r.neh contractual rights oh Seller an. not assignunlc t>y Seller to buyer wilhout Liu- coti;;.-nl. o 1 * the oLher contracting ;..ir'.y 5.j l.-r iak our.ujned the wriiLe:i consent of such other contracting party tc the assignment of 3uch rights to buyer and Seller has herewith delivered such consents to Buyer, (l) Anything in the Agreement to tho contrary notwithstanding, buyer does n>t hereby and shall riot assume any liability or obligation of any kind or nature of the Seller oxct.pt as expressly provided in paragraph j(a}. All jfe;/:.i>:nt3 wade eitht.r tieforo -.-r after tho date hereof which relate Lo the operations of tho OCF-Chembnst Division by Seller up to the date hereof ami by Buyer after the date hereof shall It; prorated tatweeu buyer and I h r. - *i - 4. The regular employees of the OCK-Chttfibecf Division will take the inventory of the OCF-Chembest Division as of the close of busings 0Tl the day ixdore the date toreof and they will prepare and deliver to buyer and Seller as promptly as possible after the date hereof a schedule of U.e Inventory (Sctw'dulc 'j entitled " inventory of the OCj,'-,.,,hemf>oot Division"). Schedule ') shall sot forth in reasonable detail tho quantities of each class of friverii.wry and the values thereof at the loner of cost or market (including costs of labor actually expended and costs of overhead) determined aoc i lunce with accounting principles applied on a basic consistent w'.t.r, id in the preparation of audited financial reports of Seller. .ii,ri* .vm: lunLirif, principles shall be applied only if they are generally accepted accounting- principles, foln ouyer and Seller siiali have Luc r'u.ht to have representatives present at the taking oi* such inventory and Arthur Andersen Co, sliall lx? requested to he present at the taking of sues I:.ur.i.o Arthur Attderscn k Co., together- with swon representative of buyer arid :b .lior shall have access to all requisite accounting and other records and physical facilities requested by them in connection with the taking of thw Inventory and ru-vinw of Schedule In the event I'uyer and Seller shall disagree with respect to any matter set forth on Schedule 5 they shall within thirty (jo) days after the delivery of such Schedule rj to them as hereinabove provided fu.Lily Arthur Auuvrs>*n k Co. of the details of such disa^i'cemcnt, and U.c dele ruination by Arthur Andersen & Co. oi* all such matters* In di.spule nhall lie final and binding on both Buyer and Seller and such uliangcs as may 1*: required U.-cuuse of such final determination shall to made to Schedule buyer and Seller Giial1 each pay one-half tne fees and or Arif. i; r Andorc'.-n & Co, incurred under this pa/vi-waph in tho event the asgrr^-at.o value (au so Uctorainod) of the Inventory shall i*.* Iocs Uian f-M9,000, tho payment to bo made by buyer to Seller pursuant to paragraph 2(b) hercuf r.lmll Us (ViluccJ by au amount equal to <.he excess oi' rA.Vi.bOO ^vor rnoh a*V-,nor.ate value of the Inventory. 5. (a) Seller will deliver to Buyer within 5 days after Up date hereof Schedule fc, together with the instalments cl* assignment referred in p.r raph 1(c) above, and t'.ib r h-reby warrants and represents to add *................. . buyer, its successors ariu aus.gnu, tua; aJu of the Aocwurhs a* ue in the ordinary course of business of the OCF-Cnembest bivisior. Util Bcncdulo n will correctly identify each Account by the name of the Account d'.Ltor, will set forth the da:^ each AccmiuI arose, and will ; accurately the amount due Seiler as of tne date hereof on each such Account. Seller /'Uaratitoes that the amount du-' or. each of t..c Accounts a n SciK.-du.lu h will be fully paid to Buyer on or before March jl, lyyi, i-uyer i may, on April 1, 1971> or on such earlier date or dates as Seller may allow, reur.fi if arid deliver to Seller all or *uy portion of tho Accounts then ifiitaiiiin*' unpaid and Seller stiail on the date of unci; ixjasuiu*'un:rt pay U buyer by Its certified or a cashier's check or check3 tne agg.re.'.ale amount then remaini.rir, unpaid on the Accounts au. reassitfied lo Seller, in the event any amount is Tecoived by Seller after the da'e hereof from any of the debtors on any of the Accounts, Seller shulj promptly {uy ever to buyer such .amount so received until tho total amount dins on such Amount is f'uj.iy paid* (b) Seller warrants ana -eprescnts to and covenants With buyer that it-has not pi*oduced since March 31 1970, and will not. produce after the da In hereof asbestos products on the* heal batata* that il has removed all asbestos, asbestos products and asbestos residue from the heal Kniute and Seller has deactivated and prepared all of the tangiiilc personal properties used In the operations of the Asbestos .Department, and not Included in the Acquired Assets, for removal from said Real Estate. Seller agrees to remove all of such tangible personal properties from the Heal it*.- j: promptly as possible, hit r- ev.nt lai'-r than Say 31 197*. S (c) Seller agrees that the operations of tne Sink Division *i. i.h*. u. .ft Instate will be confined to the area of suen j<eal Estate now ot:**upl.;U by l.h: Sink Division as shown on Schedule S entitled "Plant lliur'am," th-it the oisolations of the Sink Division on the iu:ui JtslaU; writ be stopped as soon as practical after the date hereof and that all of the properlJos and assets used in suet* operations, and not included in the Acquired Assets, will be removed from the Heal Estate as promptly as possible thereafter, but not later than March 31 1971* The date on which all of such proport.i<s and onsets are so removed and the space now occupied by the- opera tions of the Sink Division is available and in condition for the exclusive occupancy and use by buyer is herein sometimes called the "Removal Hate." Seiler agrees that from arid after the dat hereof all inventories arid other assets for use In or used in the operations of the Sink Division will be confined to the area now occupied by the Sink Division referred to above* - P. - 6. The fr'llcr warrants and rrpmsnuts to and oevmiAids w.t;, ftu.yor, its successors and assigns that: (a) Seller is a corporation duly organized, validly exist itu' and In sfa;idih<; under the Jaws of tl,o State* of iJllriois, and has the fi.-.ht, power and all required licenses to ovm and operate the properties used in and to carry on the business of the OCr-Chernl-est Division* (b) Seller has good and rr-arketalio title to all of the * ;ui -..d Arscts subject to no movt-a^os, pledges, Jiens, encumbrances or ' < ~ i' any kind and has the ri iit arid power to transfer such Assn.:; to fuyer pursuant hereto sueject to no mortices, pWlrec, i <-ns, . ; urJ ounces or other charges si" ur:y kind, except such as rany iwr/e l*.en f:I* ij by huyer, (e) There is r.s litl^aties at law or in equity, and ne |r;>cc*';diit.s bei'oro any eojrjn.isai'.h or other administrative or regulatory anthuri ty, pend in;:, or to the knowledge of Seller threatened, against or aiTootln*; the Ac'ini red Assets or the business or property of th* iJCi'-Chomicr.t division or i i;; r i ;! 11. to carry n'. the luslnesa of the OCi'-Chnnibesl Division an conducted on lie; date hereof ur its r.i,ht to consummate this Arveuiuont. (d) rinci? December 'j3 , V)b) Seller has operated the uOK-ChemUisl Division in the ordinary and usual course, no material adverse edianc<- ha:; occurred lit the business of the GCl*'-CTe*mbcst Division and Seiler fta: linfd Its herd. (Torts to preserve the pood will and that of the suppliers and customer:; .1 ill-, -i4h;l::h- ;jl Division and <:h**rs htj;d:-;SS 1*5 i ai. i> .ush ' jr. with if. -o- Roller will !.* responsible for the* payment of all sulc.ris and wj4--= s, y.,~ vjdinr all employee benefits, making, appropriate deductions and payments with rcv.tvitl to all l-ederal and :lta:e income tax withholding r< qui rc'u. :u:- and other simllaz* 1 t(--ms with respect U all employe,;;; of the Ummbost ' }J* v Is j o/i and ! ir Dink Division bp to t:** date hereof ar.d with r sj>* oi. to ' ujl employees of the Sink Division ar.d cl the Cherntt-ist Pivisi.r. e*mpi c-yce In the At;cestor: Department after the date horeo.., it ctinf~ a{.:eeu by .`ever and Siller that Seller's responsibility shall cease as of the date hereev ly i'i those employees listed or. S h^djie 7 entitled "Fmployeor. ol' !.h*.- ' ' hi vision," (e) Seller has used its ocsl efforts to kenp available to ; .y*:r, . od will cooperate wilr buyer after the date; hor.oi i* retain for lu:y- i the services of the present employe's:; of Seiler employed U.*; OCI-'-h`!:`i.it.er.f Division and listed or. lehcdjlt ? (f) boiler is not in ar.y default, under or ir. ary fn-aor. o. the I., = cc#: or c;hftd i Mons of any contract, ayi'eement, commitment or ar>&.v*.m*. t tn which }t is a party which is disclosed on Schedules 2, 3 or (< or whi-d, ai'l'-'ots the* Acquired Assets whether or not disr.losol on raid .lehcdule: . (tr.) Tli' Equipment list'd on Schcduli* 1 is a true and eecurule J'v.iTij)tion of all the physical personal properties .,r.d assets used in the i|* ral inr.s of the* MK-Chembor.t Division, except for the* Inventories, :r:d ih r is no maluriaJ asset or properly used or required oy l!cj le*r ir, the condJof <*f* the business of the OCK-Chimbe.st Division Which is not either owiu.ii by it and linked on one of the ScInsdiUca '( leased t.> ii under c;r:* oi i.i,e listed on one of the Schedules, and ax'. ci` assets and properties arc in ft*od aruJ norma) operating condition and repair, normal wear and tear oxc-pUni and except for the high pressure boiler in the heat^n,.* system listed under it*!io ?t` on the. Mat or Leasehold improvements -u Ceheduio 1, (n) Tlic execution and delivery of this Arroc.-nont and the n. nsu.Mr.ation of the transactions contemplated hereby do not conflict wi'.i, r.-'ruit in a breach of any of the terms, provisions or conditions oi tho i'-ii-.. .1 incorporation or by-laws of teller or any statute, re^ulaLK:. or n, -i .uiMinistrative order or process, or any agreement or instrumeiit to i.;! i'.*r is a party or cy which t .is bound or constitute a default there . Yne business ox' the OCr-Chr-mbesl. Division is not conducted in vioiati of an;/ 'Jaw, ordinance ox* rejiulatien of any ^rovt.-rumen tal entity. ^ (i) f.ijjer will pay all C.-StS a?.d eXpeiiCeC ( i i,t t .idi l:.;, tation, its attorneys' and accounting fees, Federal documentary st.vpn, and transfer, use and ;iaJrs taxes) incurred in connection wiLh this L and the transactions contemplated herein including, without limitation, * hn trunci'nr oi' tho Acquired Assets to buyer. (j) To the knowledge of Seller none of the buildings, structures and improvements located on the Hcai i-^talu enervat'd; on adjoining riUl i.-sUite, and aJ.I such buildings, structures and `improvement;*, a re lewiLcd and constructed in conformity with all "setback" lines, casement:, or ol .or r'uutrictlvii:: . r rights of record or1 Luai liuve u.-eu t*slold ishod l> an applies: zonilij 07' building ordinancet al'.d thor* 07`O no '.-nef'i u r5 t. il upvt, * .; l; .'-ii Kslate by buildings, structures cr i.!.pr<'\*e.'nt.-r:f s i.en^nl upon udjoia*nr :*.ki estate or any easements, restrictions i.-r rights or record which iid*::'..* MiUi the >nr of the heal Kstate. - (k) The improvements joe-led orj the real an: noi inr subject of any cdYicial ccnplair.t or notice of violation cf any appiIcai j.o /.ontn,' ordinance or tui'dir.^ code and u: sue!, violation is know:; to ex: si ;md there is r.o zoning ordinance or building code or use or occupancy ;;i * ' ,,r condemnation proceed < n.;u pending f . the knowledge ei ircatinod, wnich would preclude cr 1 r- t:,c* use of ouch ueui ..jo;.:.-, r tin; improvenents thereon by Seller or buyer, as tu<* case may A*, for i no purpose for wide:, they are presently used. (i) :J.iler isus laker; ail requisit* co-poruit: ;ifl.i.m iiut.i;r: /.i: . i. :ii appro.e this A. re .: .-.r,,. th-V wf liK Aoqui n-d L-* buyer as contemplated in this Agreement, and Seller has full power, rip:.' ami authority to make this Ay. icemen l and to transfer the Acquired Assets as pro Wind heroin. (m) Seller is the only party in prs3eGsi.cn, or with a r to possession, of the heal estate .nd Equipment, and the contract:-: and agree- Kj.nt:* l-i-iny assigned to buyer pursuant hereto in full and 'iYi.it a>ki hindiny on II.parties thereto and Seller has complied with al 1 obi ipati on:: d upon it thereunder. The bout*. is in fuil. force and effect arid Snlior lhi:t .jt.Uiti:d a deem,.- of the b,-,urt of ile-le;in County, Illinois permit: in- t : . and a i j l'.-.. .'i I. r-;i 1 : .. uy-.r. `IpJiMW (n) A true and complete uchcduJo C1 n-r forth .J ! i trademarks, ttadu names, licenses, contracts, patents, kt'ti patent nppj leafier.:; and setting forth the Identification end location oj' a!3 looks and records containing all inventions, discoveries and improvements, shop rights, processv and formulae, trade secrets, proprietary ana technical ?:j Viral ued kr...whow used in or relating to the operation of U.c* U0i'V!ho2..nosl division is contained in fchcdul'2, N'o licenses, sublicensee, Ci-'/ena.na or a.".Mi*'tr,:; have neon panted or entered into by Seller in respect of any copyrights, 4- rademc'-ks, t7ade names, licenses, contracts, patents, patent applications, UK, discoveries or impx`ove.T.e:.ts, shop rights, processes or forM.iac, ao- ...cjets, proprietary or technical information or know-now used U. wr ..ii i- ; to the operation of the OCr-Dhembest Division; Seller has the right to ure without payment of any separate royalty, ice charge thrt.*iV,r all tl.'- ]'; arid they arc ail free and clear of'all .1 1cm is and oucun. i-rai..:.;; .!' every nature and are not currently be5.:.*.; challenged In any way and are a*.', involved in any pending or threatened or interlereuco proceedings. Tire operations of the OCF-Chembest Division, the manufacture, use* and sale by it oi its products, Lho use by jt oi' i is m&cninerv, equipment and processes, Ue nut.- i.d' It:; products ty it:; cu::U.a;r.; fur U,? purpose I'ur which s.li, au-i thj use of the patents, trademarks, trade names, brand names, .inventu-ns, applications, licenses and advertising, technical or other literature of the iHvision do not involve infringement or claimed iiiirii.^euicnt of any proprietary right, patent, Uadomark, trade name or copyright wf other*; (o) Upon 7*equo:;t of Ui/cr at any Urne *r times Col lew In?; tin. iicrmtl m i P IV.vtl.rfi U, iiXc.;iiit: and d'Oiv-.r such furlr.-: i ikh ru:.:.i: ** i" i i' miih : 111., 1 r.iiinl'er, cenveyanc.*, , direct:.-tl r an'.!. . r: ;*.V. . . - r> - as J.uyftr or j us counsel may reasonably 2>;qut3. .:* order per* v<; l. *.ic of buyer, `its successors and assigns, in and In the Acquired Assets prV/ ded U l< transferred by Seller to r-uyer hereunder. 7. ;.uyer has been furr. Lshod i.hth an o^lniwr sat: j ; uc'-.-r, i,> :. and Mr, counsel of Scnnor.schein, Levi ns or., Carlin, bath a* ros-:-n ton"! , dat'd tin; date of Inis Agreement, ar.d addressed to the buyer, to the ofn-ct that: 1 > (a) Seller is a corporation duly organized nud vaLidiy exist in.;: od standing under tr.e lavs oi the Stat% of 'htiinjis; (b) the execution and delivery of this A.\--of\.cn i. : ;US f -Cl.'-. i . J j an i.ot'i/.i.'d arid th j s Ap / cohort r.as : ecu dulyexecuted and ic > i vo r* m hi. II- r anil 1.. i * j ncl i ri . up>n low in ancurdanco will, its i <; t mo. . (c) the Seller has power to sell, o. nvt.-y, i rar.s* orl iiidh/rr tii*: Acquired Ao-jotr. arid to d- so does not require any act;-.. :-y :.hc hoi.'.n'a si .'chiioldoro arid uo*;3 not violate tr.e provisions of the Seiler':; dc-rt i i i o.-i- r>r Itnorporn11 on or* i-y-Laws, o: t.no provisions ci any note of w.h.c.n ;.i,o in I.ih. maker, >>? of any indenture, arreonent uc '<nut:-.u.c:*.l l.. w.ni . . S'rlt'.'j' kU a jarty; (d) The Xieasc is in full force and effect and may te auay.nod to ri.yt.r jjui when &SKi,ud to uuyr will vest in buyer all ri-hla vu.ttcd in Seller prior to transfer to buyer; and k*;..;-,. : : t '>d (o) tin.- i nst rumcni.: *.X'-cuted atm del i to lra:.::i'"r 1 : 1 t.ran;*. fr ri'tu pura'.a:1. Li. In'j A,* n-emu n` are "a. hi 'n - id - vc Td.iuce *`th their terms and effectively vest Liti.. i.j the Aerpi-; ; r.d A..ado in buyer Jrf.-c and clear of any liabilities, obligations, lions and er;n;i..braneo.t. 3. (a) Seller agrees to indemnify and hold harmless I'.uyer against an./ and ail lenses, 1 Iaii-itiec, claims, damages and expanses ^ . nr I nd.*,*' t<)i.uoi,atlo attorneys' loon) incurred or sul'lered i-y buyer in /e*:p n:ot ii.o liabilities and obligations ox the Seller not assumed by buyer pursuant to this Agreement, and in respect of the failure of the Seller to perforin r.ho li. -ji no undertaken by it pursuant to this A^rce..tut. (b) Without limitinj one generality of the iVnr^inf, Sctlor ... re..; > indemnify and hold harmless the buyer from and against any ar.d uii I iaI. i I i tier., claims, damages and expenses (inolud.Lny, reus* .-no; 1 e uitv'iiH'yu' l (.n;:*.) incurred or Guffei'ud by buyer r-.suit.in,. from v i ) any i n-i :u > -j in nr- hnach of any n. L!;' r< - pru.lt.n l.a t m.:;, A a ru . ,iO.: >. v i.irm' . mail', b.y Seller hwre.in, (ii) any operations of the dhnmuost Division on nr prior I.,. Mu: date hereof and any operations oi' the Sink division prior- i.u <>/ < mi ui- aft.r the date hereof, (iij) any activities of fjol'Jur iii ra.-nnuci. > on with l.h-- removal uJ' the propo rt i os and assets oi' the Asbestos )> parfH.'-ni .i ui th** Sink Division from the Real Estate contemplated by the terms hereof and (iv) any action brought. ayainst t!.e ruyer to tut? extent, that it in ia.v.oi on a claim that any of the Acquired Assets infringes a 'iniied Stares fopyripht, pit tent or trademark. (c) Upon obtaining knowledge thereof, buyer shall promptly i ! i ,, i >. J i. i , j r i nr .. i:*.", > f o :. _i i.. " v .b r a., i <. . u',-r' J O' - i:> - ;':ivu ri.-x- to ;t t i 4.! j t. of i nde...i;i I i etoft ; r: .... ; und-'f . i J` r.uoh a. cl a i in or dc/uand relates to a claim or- .U;,,a:\t csce? tr.J ); a titi/u (JCirl>- 'a*'aUis;l. myor then Sailer shall have U < r:L;.:l i.- employ counsel dolcnd lit''/ uch claim or demand assorted ap-ai net u. < r and payer .;hui I huye !...< / 1 ;* 11. l-o cooperate arid par-; c: pate in the d|,:i.:.c- .a an, said c,--u.. shall. make available to Seller or its ro preset". .at Lv-'S all records arid * Lt.or r-iatcrlals requicod by it for its use in conte?tirc ar.y such I ' a:-i i\\. 9. Without limiting ari_. ot: e; provision i.c-r^v.;, Sutler email ; - le ; or: (a) I lie return or replacement, for any reason, c,J produces J I; M. Oiifri.ilAUit mvicion priv.r ; 'he da^o '..-ru.:; ('..) Any liability ;< tiii:d p^rs-...:,, rms .-r c.-r;*.. at i aririny out <>r I.Ih: salt: of" a ..y preclude :..ar.uia . v.: . y i-h.* dtic.. lesion prior u< i.hi; date li<'/vvh{ and (c) Sailer agrees to i naomtij fy, ;;a..: and nalcl i uwr iani.ii.es ;;uy and all Workiiieij ' s Compensation claims arisirf-; out wh injury i;r.:ur: in/; prwr to April 1, 1970, even l.hciyh cue, claim:, :i.atx, !>.t.n or after April 1, 1970, and Seller agrees to indemnify, cave and hojri Payer Itarn. 1 rcn against ail claims arising out eh the ooritraolinp. oh accost u:j)s, omphysoma, or other respiratory ailments prior to April 1, ll//0 where u.<; eonl.motuitf of such asbostosis, einpnysoma or other rospi ratory ai 1 mcito t(-il from exposure to Seller's materials or products prior to Aprii l, 3970, 'Vi.ii 1.! ( -1 Ir' 11 SUCH ( 1 /i i I,u; may Lt; a.'.ii1o; Led ci ct <ii;>;r April i, ly'/o, pt-.v h:-.-.|, however, that this indemnity shall no;. apply to claim.; i-nof-d :;p*>n i;;<> con tract in.; >!' asLostosis, emphysema cr other rersp: '-ai..`Ty ailment;; in those iMSiia wJkti: the claimant was also cxpv>;;<d, prior to AprjJ .1, 17/0, to products ,-jnf] materials of the buyer, and this icdomnHy shall not apply to any claim:: ,l,i<:b art; Luc; subject of lith'aUon pending or lnro<iL'.ned a.gainsi t LI, ,u/<.- and duller on April I, 19?b. With respect to all 1 i \. iga L j or. based uprti tne claimed ccntraeting of asbestosls, emphysema or other r-espi ralory ailint.*nt.s in which the Seller alone or both the buyer and Seller are parties, ,;uyer in-.>. moke available to St.-Hex- all files, documents, and other materials i, . -r^uired fYcm Seiler which Seller renewsf*-r use In preparation ih' i- i etisc of such litigation, ar.d buyer agrees to make reasonably avai.lai.ic l u Jellei- all employees who were lor;:ierly Sol .`lur'd employc-o.i lor Ooii;;u I l-'i I, i on ;ifwj the riving of evidence in such liti; ii.iou, In Liu- event l.hot huyn-f and Seller snould elect to prosecute or defend c rouse lu ims a: .a i i ijui>;h - > 11 in- r .'} n such litigation, ti.o cooperation with Coller of uyoi alun.ti..ned employees (who had previously neon Seller's employees.' shall not h*-^ deemed disloyalty tv buyer nor work to Ue prejudice- of such e.'i.pl<y<:er ifi tneir !'. j 11 i >/m* -n I w i l.i i l-iiyi r. lo, buyer- warrants and represents to and covenants with tidier, its sufeessiirs and assigns that: (a) buyer is a corporation duly organised, validly exist in;-, and in goorl standing under the laws of the Stai.e oi' JJolawaro and duly mini j lied lo do huslner.: and .in good standing as a foreign corporation undo/- the laws of ft..I >' j' I i 1 i 11:11 , (b) buyer tios taken aJ i roquisAto corporal o action t,o ."iu i,-.,., rl /.( and appxove this Agreement. (c) buyer will pay all costs and expenses (including, without ] 3 ml fat i on, its attorneys' and accounting Joes) incurred by it. in connecti on with this Agreement and the transactions contemplated herein, except, j'or ;h>se expanses payable by Seller as provided in paragraph 6(i). II. Seller has been furnished with an opinion satisfactory to it l outisol of Allen 3. Person, Special Counsel for buyer, dated the . .. A. reo.-nent, and addressed to .i.e toiler, to the oj J>ot that: (a) buyer is*a corporation duly organized, validly existing ami in go^d standing under the laws of the State of Delaware, arid duly qualified to do business and in good standing as a foro.gn corporation under the laws of the State of Illinois? (b) )<uyor has taker, ail requisite corporate action to autnurizo and approve this Agreement. J2. The; representations and warranties of th*; Seller anil tin* nuyt.-r shall survive the closing of this transaction and shall survive the sale, conveyance:, transfer and delivery of the assets and properties hereunder. 1'3. Within a period of five (i) years from t.hc date hereof, buyer will not destroy or otherwise dispose oj* any of the books and records of duller acquired hy buyer hereunder unless otherwise consented to in writing h.y Seller without first c-11 cr; n, to surrundw Such cooks and n.Ovrrls of a>> p.-rtion f hi!':>f which buyer may intend tc destroy or disps''Oe of tu 'Jellur and i ji.f - 18 - Shall altoft Jo J It'f and iLS C'CprOiiefita L i VOS , attorneys a rut acCOim L.'ui L; ace-ss to .:.jcr, looks and records upon reasonable ratio* arid durin,-*. buyer's normal business hours J`or exam j nat ion and/or cc-pyin?;, ilo.ller agrees with ouytv tnat it wil.l n.-;. jja i f i ci fiute d i f **;: 1.1 y w indirectly in any business (either financially or as an employee, officer, {iTi.ii.nef, independent. contractor or owner, or in any other capacity cal lire; i\.r the rendition oi' personal services or acts of management, operation or control) -i 11 rtiiy respect competitive witn tne business conducted by the fO . 1 r. at Li.e date hereof, w .> t.. i; the r.-.phj cal area In which n !au . i> ;,s is now conducted, (excluding Johnson County, Illinois) lor . yriod c l.jinn; (j) .yarn after l.ho ual.o hereof, A hi each of the covenant and an.rc-omen l sot forth in LI.is paragraph wit! r-.;uil in irrepara 1.1 {. and Cwnti.nui;i" da tisane to buyer for which buy r will luivt- n:. ud'Xpifc* .<. remedy at law, and in the event of tiny t-rcach of such cuvi.-n.-tr,: arid a./ronmenf, buyer and Its successors arid assigns will t>c ontil.J/d to i r; jin.of i vo relief arid such ether and further relief ars may he proper .in the pn ii, i , .I t, ifach party hereto represents and warrants to the other party h*r.o.r. Uki> i.nis A{;/cement was not induced or procured through ariy person, fin., or c*/ poraf ion acting as broker or- tinder for such party. lh. This Agreement may he executed in two or more counterparts each of which slYilJ i* deemed an original but all of which together snail * i : i h - .'md ' j, S<du' A;'te'i;!iu"il, - i`l - IV. I'M a Agreement contains the entire arree;i.eut hotwcei, i]:. parties* * itt. AJ1 the ternis of this /V;reeneut sitall u.- bindin;;. upon and , niM-f i ho l. of and lx.* cnf. rc.-Hhlc by the successors of in*: ;jari. ics hereto, lv, Unless otherwise notified .in writing* to trie contrary > any required or p*.r;r;ittftd by the terms hereof snal.i be effectively i/ i w ail purpose-: upon deposit In tr.c United dates i:.a.i 1, ?..stare ,..v .1, . . vi.tested to Seller, properly addressed to it, at 3jb b. Vicriysn tin':, i;)-ju*;o, Illinois, Attention: hdw&rd h. Hokiu, with copies thereof add i' ;0' >1 arid mailed to liouner.scho i r., aevinson, darlin, Natn ^ . joir.Mal , West War;!. i nrlon l-lvci., Ohira.-'o, !i!itn-is, Attention: hohort hranl.; .ini il directed to buyer properly addressed to it at Kitc/v ia; Tower, I'.1-, .x VdJ , Tiuwi'i, uhio djnOI, Attention; bahes .J, Your^., or to such otin-r adr; or addresses as the parties hereto say fro/'i tite to ti;r.c designate in writi: ?0. This Ap.roejitunt is heitip. aoiivcxed in dhiear.j, Illinois, and uh.iii ! c..i,ntmrd ace'<rd i to the laws >d' that sl.ato. !! Wfi'Ni-JSS WilithiiOi'', the parties hereto have duly executed thin A/'.'-i ;j,,..n I. .,i; l.hn day and year first cibove written* (Sisai.) Am:: ;t; dWliNS-CUliN I Nd ldhi-iiaihAS :oiilUI;AT luN Ey UiiAuwo ity.i.