Document:

exv10w24

 

EXHIBIT 10.24

STOCK PURCHASE AGREEMENT

by and among

TRW AUTOMOTIVE HOLDINGS CORP.,

NORTHROP GRUMMAN CORPORATION

and

RICHMOND U.K. INC.

 

 

STOCK PURCHASE AGREEMENT

          This STOCK PURCHASE AGREEMENT (“Agreement”) is made this 6th day of November, 2006, by
and among TRW AUTOMOTIVE HOLDINGS CORP., a Delaware corporation (the “Company”), NORTHROP
GRUMMAN CORPORATION, a Delaware corporation (“Northrop Grumman”), and RICHMOND U.K. INC., a
Delaware corporation (together with Northrop Grumman, “Seller”).

RECITALS

          WHEREAS, Seller desires to sell to the Company 9,743,500 shares (the “Shares”) of
common stock, par value $0.01 per share, of the Company (the “Common Stock”) pursuant to
the terms of this Agreement; and

          WHEREAS, the Company desires to purchase the Shares pursuant to the terms of this Agreement;

          NOW, THEREFORE, in order to consummate said transactions and in consideration of the mutual
agreements set forth herein and for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as follows:

          ARTICLE 1. SALE OF SHARES; PURCHASE PRICE.

               Section 1.1   Sale of Shares. On the terms and subject to the conditions set forth in
this Agreement and on the basis of the representations, warranties, covenants and agreements herein
contained, Seller shall sell, transfer, convey and deliver to the Company, and the Company shall
purchase, on the Closing Date (as defined below), the Shares.

               Section 1.2   Consideration; Closing Date Cash Payment.

     (a) The purchase price to be paid for the Shares and for the agreements set forth
herein shall be $208,575,720 (the “Purchase Price”).

     (b) On the Closing Date:

          (i) Seller shall deliver to the Company a certificate or certificates representing the
Shares duly endorsed in blank, or accompanied by stock powers duly executed in blank, in
proper form for transfer free and clear of any mortgage, claim, lien, encumbrance,
conditional sales or other title retention agreement, right of first refusal, preemptive
right, pledge, option, charge, security interest or other similar interest, easement,
judgment or imperfection of title of any nature whatsoever (each, an “Encumbrance”).
Seller will instruct the transfer agent to cause the certificate or certificates
representing the Shares to be faxed to the Company at least twenty-four hours prior to the
Closing Date and, prior to the Closing

 

 

Date, will have delivered executed stock powers transferring such Shares to the Company
effective upon the completion of the transactions contemplated by this Agreement.

          (ii) The Company shall pay the Purchase Price to Seller by wire transfer of Federal
(same-day) funds to the account specified in writing by Seller to the Company prior to the
Closing (as defined below).

               Section 1.3   Closing. Subject to the satisfaction or waiver of the conditions
specified herein, the closing of the purchase and sale of the Shares (the “Closing”) shall
take place at the offices of the Company by November 10, 2006, or at such other time and place as
shall be mutually agreeable to the parties hereto. The date of the Closing is referred to herein
as the “Closing Date.” The Closing shall be deemed to be effective as of the close of
business on the Closing Date. Either Seller or the Company may terminate this Agreement if the
Closing has not occurred by November 30, 2006 without incurring any additional liability provided
that the terminating party has in writing (a) satisfied all of its conditions to Closing as set
forth herein and (b) complied with all of its obligations under this Agreement.

          ARTICLE 2. REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE COMPANY.

A. Representations and Warranties of Seller.

          Seller hereby represents and warrants to the Company as follows:

               Section 2.1   Authority. Seller has the full right, power and authority to enter into
this Agreement and to sell, transfer and deliver the Shares to be sold by Seller hereunder. The
execution and delivery of this Agreement and the sale and delivery of the Shares to be sold by
Seller and the consummation of the transactions contemplated herein and compliance by Seller with
its obligations hereunder have been duly authorized by Seller and do not and will not, whether with
or without the giving of notice or passage of time or both, conflict with or constitute a breach
of, or default under, or result in the creation or imposition of any tax, lien, charge or
Encumbrance upon the Shares to be sold by Seller or any property or assets of Seller pursuant to
any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, license, lease or
other agreement or instrument to which Seller is a party or by which Seller may be bound, or to
which any of the property or assets of Seller is subject, nor will such action result in any
violation of the provisions of the Charter or By-laws or other organizational instrument of Seller
or any applicable treaty, law, statute, rule, regulation, judgment, order, writ or decree of any
government, government instrumentality or court, domestic or foreign, having jurisdiction over
Seller or any of its properties.

               Section 2.2   Holder of Shares; Title to Shares. Seller holds and will hold at the
Closing the Shares to be sold by Seller hereunder, free and clear of any Encumbrance of any kind,
other than pursuant to this Agreement; such Shares are certificated and are not held in any
securities account or by or through any securities intermediary within the meaning of the Uniform
Commercial Code as in effect in the State of New York (“NYUCC”); Seller has, and, at the Closing
will have, full

 

 

right, power and authority to hold, sell, transfer and deliver the Shares to be sold by Seller
pursuant to this Agreement, and upon delivery of such Shares and payment of the Purchase Price
therefor as herein contemplated, assuming the Company has no written notice of any adverse claim,
the Company will be a protected purchaser (as defined in the NYUCC) with respect to the Shares
purchased by it from Seller, and the Company will acquire the interest of Seller in such Shares
free and clear of any Encumbrance.

               Section 2.3   Absence of Further Requirements. No filing with, or consent, approval,
authorization, order, registration, qualification or decree of, any court or governmental authority
or agency, domestic or foreign, is necessary or required for the performance by Seller of its
obligations hereunder, or in connection with the sale and delivery of the Shares hereunder or the
consummation of the transactions contemplated by this Agreement.

B. Representations and Warranties of the Company.

          The Company hereby represents and warrants to Seller as follows:

               Section 2.4   Authority. The Company has the full right, power and authority to enter
into this Agreement and to purchase the Shares to be sold by Seller hereunder. The execution and
delivery of this Agreement and the purchase of the Shares to be sold by Seller and the consummation
of the transactions contemplated herein and compliance by the Company with its obligations
hereunder have been duly authorized by the Company and do not and will not, whether with or without
the giving of notice or passage of time or both, conflict with or constitute a breach of, or
default under, or result in the creation or imposition of any tax, lien, charge or Encumbrance upon
the Shares to be purchased by the Company or any property or assets of the Company pursuant to any
contract, indenture, mortgage, deed of trust, loan or credit agreement, note, license, lease or
other agreement or instrument to which the Company is a party or by which the Company may be bound,
or to which any of the property or assets of the Company is subject, nor will such action result in
any violation of the provisions of the Second Amended and Restated Certificate of Incorporation or
Third Amended and Restated By-laws of the Company or any applicable treaty, law, statute, rule,
regulation, judgment, order, writ or decree of any government, government instrumentality or court,
domestic or foreign, having jurisdiction over the Company or any of its properties.

               Section 2.5   Restricted Securities. The Shares have not been registered under the
Securities Act and may not be offered or sold in the United States or to, or for the account or
benefit of, U.S. Persons (within the meaning of the Securities Act) except pursuant to registration
under the Securities Act or an exemption from or in a transaction not subject to, the registration
requirements of the Securities Act.

          ARTICLE 3. CONDITIONS TO CLOSING

               Section 3.1   Conditions of the Company. The obligations of the Company to consummate
the transactions contemplated hereby shall be subject to the fulfillment, at or prior to the
Closing Date, of the following conditions:

 

 

     (a) The representations and warranties of Seller contained in this Agreement shall be
true and correct in all respects at and as of the Closing Date as if made at and as of such
date.

     (b) The New York Stock Exchange shall have approved the Company’s application for the
listing on such exchange of 6,743,500 shares of newly-issued common stock and the
underwriter (as described in the Underwriting Agreement) shall have made any required
filings with or obtained any required approvals from the National Association of Securities
Dealers, Inc., in connection with the sale of such shares.

     (c) The sale of 6,743,500 shares of newly-issued common stock contemplated by the
Underwriting Agreement, dated as of November 6, 2006, between the Company and Lehman
Brothers (the “Underwriting Agreement”) shall have been completed.

     (d) The waiver, dated the date hereof, relating to potential conflicts under the
Stockholders Agreement, by and among the Company, the Seller, and Automotive Investors
L.L.C., shall have been executed.

               Section 3.2   Conditions of Seller. The obligations of Seller to consummate the
transactions contemplated hereby shall be subject to the fulfillment, at or prior to the Closing
Date, of the following conditions:

     (a) The representations and warranties of the Company contained in this Agreement shall
be true and correct in all respects at and as of the Closing Date as if made at and as of
such date.

     (b) The New York Stock Exchange shall have approved the Company’s application for the
listing on such exchange of 6,743,500 shares of newly-issued common stock and the
underwriter (as described in the Underwriting Agreement) shall have made any required
filings with or obtained any required approvals from the National Association of Securities
Dealers, Inc., in connection with the sale of such shares.

     (c) The sale of 6,743,500 shares of newly-issued common stock contemplated by the
Underwriting Agreement shall have been completed.

     (d) The waiver, dated the date hereof, relating to potential conflicts under the
Stockholders Agreement (as defined below), by and among the Company, the Seller, and
Automotive Investors L.L.C., shall have been executed.

          ARTICLE 4. MISCELLANEOUS.

               Section 4.1   Expenses. The Company, on the one hand, and Seller, on the
other hand, shall each bear the expenses incurred by it in connection with the
transactions contemplated herein.

 

 

               Section 4.2 Notices. All notices, requests, demands and other communications
hereunder shall be in writing (including telecopy or similar writing) and shall be given,

If to Seller:

Northrop Grumman Corporation

1840 Century Park East

Los Angeles, California

90067

Attention: Corporate Vice President and General Counsel

Facsimile No.: (310) 556-4558

and

Richmond U.K. Inc.

c/o Northrop Grumman Corporation

1840 Century Park East

Los Angeles, California 90067

Attention: Corporate Vice President and General Counsel

Facsimile No.: (310) 556-4558

If to Company:

TRW Automotive Holdings Corp.

12001 Tech Center Drive

Livonia, Michigan 48150

Attention: Executive Vice President and General Counsel

Facsimile: (734) 855-2473

or to such other address or telecopy number and with such other copies as such party may hereafter
specify for the purpose of notice to the other party.

          Section 4.3 Assignability; Parties in Interest. This Agreement shall not be
assignable by any of the parties hereto unless mutually agreed to in writing by the parties hereto,
provided that no such assignment shall relieve the assignor of its obligations hereunder. This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and permitted assigns. This Agreement is for the sole and exclusive benefit of the
parties to this Agreement and their successors and assigns and nothing in this Agreement is
intended to confer, expressly or by implication, upon any other person any legal or equitable
rights, remedies or claims under or by reason of this Agreement.

               Section 4.4 Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York.

 

 

               Section 4.5   Counterparts. This Agreement may be executed simultaneously in one or
more counterparts, each of which shall be deemed an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. This Agreement shall become
effective when each party shall have received a counterpart signed by the other party.

               Section 4.6   Publicity. The Company and Seller agree that press releases and other
announcements (including to employees of, and any entities or persons having business dealings
with, the Company) with respect to the transactions contemplated hereby shall be subject to mutual
agreement; provided, however, that either party may make such announcements as, on the advice of
its counsel, such party is required to make pursuant to applicable law or the requirements of a
stock exchange or other applicable self-regulatory organization, but in such event such party
shall, to the extent practicable, give the other party reasonable prior notice and an opportunity
to comment on the proposed announcement.

               Section 4.7   Complete Agreement. This Agreement and the documents delivered pursuant
hereto or referred to herein contain the entire agreement between the parties hereto with respect
to the transactions contemplated herein and supersede all previous negotiations, commitments and
writings.

               Section 4.8   Amendments and Waivers. The Company and Seller may (a) extend the time
for the performance of any of the obligations or other acts of the parties hereto, (b) waive any
inaccuracies in the representations and warranties contained in this Agreement or in any or
documents delivered pursuant hereto, (c) waive compliance with any of the covenants or agreements
contained in this Agreement or (d) amend this Agreement, if and only, in the case of an extension
or amendment, if such action is set forth in a written agreement signed by both parties that
specifically refers to the provision of this Agreement to be extended or amended, or, in the case
of a waiver, if such waiver is signed by the party against whom the waiver is to be effective and
the writing specifically refers to the provision of this Agreement to be waived.

               Section 4.9   Further Assurances. Each party hereto agrees, to the extent reasonable,
to execute any and all documents and to perform such other acts as may be necessary or expedient to
further the purposes of this Agreement and the transactions contemplated hereby.

               Section 4.10 Nature of Obligations. All obligations of Seller under this Agreement
are joint and several obligations of Northrop Grumman and Richmond U.K. Inc.

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective duly authorized officers as of the date first above written.

	 	 	 	 	 
	 	NORTHROP GRUMMAN CORPORATION

 	 
	 	By:  	     /s/ Mark Rabinowitz
 	 
	 	 	Name:  	Mark Rabinowitz 	 
	 	 	Title:  	Vice President and Assistant Treasurer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	RICHMOND U.K. INC.

 	 
	 	By:  	       /s/ Mark Rabinowitz
 	 
	 	 	Name:  	Mark Rabinowitz 	 
	 	 	Title:  	Vice President and Assistant Treasurer 	 
	 
	 	TRW AUTOMOTIVE HOLDINGS CORP.

 	 
	 	By:  	        /s/ Joseph S. Cantie
 	 
	 	 	Name:  	Joseph S. Cantie 	 
	 	 	Title:  	Executive Vice President and Chief  Financial 	 
	 	 	Officerexv10w54

 

EXHIBIT 10.54

SECOND AMENDMENT TO THE

JOHN C. PLANT SUPPLEMENTAL RETIREMENT PLAN

          TRW Automotive Inc. (the “Company”) hereby adopts this Second Amendment to the Executive
Supplemental Retirement Plan (the “Second Amendment”) established for John C. Plant (effective as
of February 28, 2003) as amended through the date hereof (the “Plan”).

RECITALS

A. The Company adopted and maintains the Plan for the benefit of John C. Plant, its Chief Executive
Officer (the “Executive”).

B. The Company desires to amend the Plan to provide that for purposes of the reduction described in
Section 2.01(a)(5) of the Plan, the benefits Executive is entitled to receive under the
UK Scheme shall be determined without regard to any postretirement cost-of-living inflation
adjustments.

          NOW, THEREFORE, the Plan is hereby amended, effective as of the date hereof, as follows:

	 	1.	 	Section 2.01(a) is amended by eliminating the following sentences:

“Specifically for purposes of reflecting that benefits paid under the UK Scheme are
indexed with inflation, the amount calculated under Section 2.01(a)(5) shall be
determined on the basis of the following assumptions:

          (i) Rate(s) of future pension indexation assumed in the most recent actuarial
valuation of the UK Scheme; and

          (ii) Rates of mortality and interest prescribed in the US Qualified Plan for
purposes of determining amounts of monthly payment options.”

          and by replacing such sentences with the following:

“Notwithstanding anything to the contrary herein, the amount calculated under Section
2.01 (a)(5) shall be determined without regard to any postretirement cost-of-living
inflation adjustments to the benefits payable under the UK Scheme.”

	 	2.	 	Exhibit A. Exhibit A to the Plan is replaced with Exhibit A to this Second
Amendment.

 

 

	 	3.	 	No Other Amendments; Effectiveness. Except as set forth in this Second
Amendment, the Plan is ratified and confirmed in all respects. This Second Amendment
shall be effective as of the date hereof
	 
	 	4.	 	Governing Law. This Second Amendment shall be governed by and construed in
accordance with the laws of the State of New York, without regard to conflicts of laws
principles thereof.

EXECUTED this  27th day of November,
2006.

	 	 	 	 	 	 	 
	 	 	TRW Automotive Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Its:
	 	/s/ David L. Bialosky
 

EVP and General Counsel
	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	PARTICIPANT	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John C. Plant	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	John C. Plant

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