Document:

exv10wxby

 

Exhibit 10(b)

STOCK PURCHASE AGREEMENT

     This Stock Purchase Agreement (“Agreement”) is made and entered into
on April 19, 2004, by and between Citicorp Venture Capital. Ltd., a Delaware
corporation (“Seller”) and Titan International, Inc., an Illinois
corporation (“Purchaser”).

     WHEREAS, Seller is a corporation organized and incorporated under the
laws of the state of Delaware having its principal place of business at
399 Park Avenue, New York, New York;

     WHEREAS, Purchaser is a corporation organized and incorporated under the
laws of the
state of Illinois having its principal place of business at 2701 Spruce
Street, Quincy, Illinois; and

     WHEREAS, Seller desires to sell to Purchaser and Purchaser desires to
purchase from
Seller 4,917,464 shares of the Common Stock (the “Shares”), no par
value per share, of Purchaser for the consideration and on the terms
and conditions set forth herein;

     NOW, THEREFORE. the parties, intending to be legally bound, hereby
agree as follows:

     1. Shares. Subject to the terms and conditions of the Agreement, at the
Closing Seller will sell and transfer the Shares to Purchaser, and Purchaser will
purchase the Shares from
Seller.

     2. Purchase Price.

     (a) The purchase price (“Purchase Price”) for the shares will be fifteen
million dollars ($15.000,000.00).

     (b) Purchaser agrees that if it prevails in its appeal of Vehicular
Technologies Corporation vs. Titan Wheel International Inc. and Dyneer
Corporation. Civil Action No. BC263739, originally filed in Los Angeles
Superior Court (“the Vehicular Technologies Suit”), and a final
non-appealable order becomes effective, Purchaser will pay to Seller an
additional five million dollars ($5,000,000) (the “Additional
Consideration’’).

     3. Closing. Unless this Agreement shall have been terminated and the
transactions herein contemplated shall have been abandoned pursuant to
Section 17, the purchase and sale (the “Closing”) provided for in this
Agreement will take place within two (2) business days after the satisfaction
of the conditions set forth in Section 5, at the offices of Purchaser or at
such other time and place as the parties may agree.

 

 

     4. Closing Obligations. At Closing:

     (a) Seller will deliver to Purchaser certificates representing the
Shares duly endorsed (or accompanied by duly executed stock powers).

     (b) Purchaser will deliver to Seller fifteen million dol1ars ($15,000,000.00) by
wire transfer.

     5. Conditions to Closing.

     (a) Conditions to the Obligations of Seller. (i) The representations and
warranties of the Purchaser set forth in Section 7 of this Agreement shall be
true and correct in all respects on and as of the day of Closing; (ii) there
shall be no threatened or pending action by or before any governmental
authority or arbitrator seeking to restrain, prohibit or invalidate the
transactions contemplated hereby or seeking monetary relief against Purchaser
by reason of the consummation of such transactions, and there shall not be in
effect any injunction, order or decree which has such effect; and (iii)
Purchaser shall have received approval from its “Credit Facility Group” for
this transaction.

     (b) Conditions to the Obligations of Purchaser. (i) The representations
and warranties of the Seller set forth in Section 6 this Agreement shall be
true and correct in all respects on and as of the day of Closing; and (ii)
there shall be no threatened or pending action by or before any
governmental authority or arbitrator seeking to restrain, prohibit or
invalidate the transactions
contemplated hereby or seeking monetary relief against Seller by reason of
the consummation of
such transactions, and there shall not be in effect any injunction, order
or decree which has such
effect.

     6. Representations and Warranties of Seller.

     (a) Seller represents and warrants to Purchaser that Seller is the owner
of, and has good and marketable title to, all of the Shares, free and clear
of all claims, liens, security interests and other encumbrances and that
Seller has the unqualified right to sell the same.

     (b) Seller represents and warrants to Purchaser that it is a corporation
duly organized, validly existing, and in good standing under the laws of the
jurisdiction of its incorporation. Seller has full corporate power and
authority to enter into this Agreement and to consummate the transactions
contemplated herein. This Agreement, upon execution and delivery, will
constitute the legal, valid and binding obligation of the Seller, enforceable
against the Seller in accordance with its terms. The execution, delivery and
performance by the Seller of this Agreement and the consummation of the
transactions contemplated herein will not violate any provision of Seller’s
charter or bylaws, or violate, breach or constitute a default under any
agreement to which Seller is bound.

     7. Representations and Warranties of Purchaser. Purchaser represents
and warrants to Seller that it is a corporation duly organized, validly
existing, and in good standing under the laws of the jurisdiction of its
incorporation. Purchaser has full corporate power and authority to enter
into this Agreement and to consummate the transactions contemplated herein.
This

 

 

Agreement, upon execution and delivery, will constitute the legal, valid and
binding obligation of the Purchaser, enforceable against the Purchaser in
accordance with its terms. The execution, delivery and performance by the
Purchaser of this Agreement and the consummation of the transactions
contemplated herein will not violate any provision of Purchaser’s charter or
bylaws, or violate, breach or constitute a default under any agreement to
which Purchaser is bound.

     8. Releases

     (a) As a material inducement to enter into this Stock Purchase
Agreement, and for good and valuable consideration described herein,
Purchaser, for its assigns, its officers, its directors, its employees, its
shareholders, its subsidiaries, its agents and its affiliates (collectively
“Purchaser Releasors”), hereby irrevocably and unconditionally releases and
forever discharges Seller, its assigns, its directors, its officers, its
subsidiaries, its agents, its affiliates, and any director, officer or
employee of Dyneer Corporation, Tractech Inc. (“Tractech”) or Ballantrae
Corporation (collectively “Seller Releases”), from any and all claims,
liabilities, promises, controversies, damages, actions, causes of action,
suits, charges, investigations, demands, costs, losses, debts and expenses of
any kind or nature whatsoever, which exist or may exist on the effective date
of the Agreement, whether based in tort, fraud, contract, statute, common
law, or any other legal theory and whether Purchaser possesses them now or
they become known in the future. Purchaser expressly acknowledges that this
is a final and general release including any
claims related to the purchase of Dyneer Corporation, sale of Tractech to
an affiliate of Seller or
the Vehicular Technologies Suit (other than the Additional Consideration).
Notwithstanding anything to the contrary herein, (i) this release shall
not include any ordinary course transaction among Purchaser or its
subsidiaries on the one hand and portfolio companies of Seller or its
affiliates on the other hand; and (ii) Purchaser shall remain obligated
pursuant to Section
8. 1 (a)(i)(C) (relating to the Vehicular Technologies Suit) and Section 8. 1
(a) (i) (D) (relating to other liabilities never assumed by Seller in that
section) of the Asset Purchase Agreement by and among Titan Wheel
International, Inc., Dyneer Corporation, Tractech Limited and Tractech Inc.,
dated September 30,1996, as amended.

     (b) As a material inducement to enter into this Stock Purchase Agreement, and
for good and valuable consideration described herein, Seller, for its assigns,
and its subsidiaries (collectively “Seller Releasors”), hereby irrevocably and
unconditionally releases and forever discharges Purchaser, its assigns, its
officers, its directors, its employees, its shareholders, its subsidiaries,
its agents and its affiliates, (collectively “Purchaser Releasees”), from any
and all claims, liabilities, promises, controversies, damages, actions, causes
of action, suits, charges, investigations, demands, costs, losses, debts and
expenses of any kind or nature whatsoever, which exist or may exist on the
effective date of the Agreement, whether based in tort, fraud, contract,
statute, common law, or any other legal theory and whether Seller possesses
them now or they become known in the future. Seller expressly acknowledges
that this is a final and general release including any claims related to the
purchase of Dyneer Corporation, sale of Tractech to an affiliate of Seller, or
the Vehicular Technologies Suit (other than the Additional Consideration).
Notwithstanding anything to the contrary herein, (i) this release shall not
include any ordinary course transaction among Purchaser or its subsidiaries on
the one hand and portfolio companies of Seller or its affiliates on the other
hand; and (ii) Purchaser shall remain

 

 

obligated pursuant to Section 8.1(a)(i)(C) (relating to the Vehicular
Technologies Suit) and Section 8.1(a)(i)(D) (relating to other liabilities
never assumed by Seller in that section) of the Asset Purchase Agreement by
and among Titan Wheel International, Inc., Dyneer Corporation, Tractech Limited
and Tractech Inc., dated September 30, 1996, as amended.

     9. Certain Understandings. Each of the parties hereto hereby acknowledges
that
(a) there are no representations or warranties by or on behalf of any party
hereto or any of its respective representatives other than those expressly set
forth in this Agreement and (b) the parties’ respective rights and obligations
with respect to this Agreement and the events giving rise thereto will be
solely as set forth in this Agreement. The Seller and its assigns, its
officers, its directors, its subsidiaries, its agents and its affiliates will
not have or be subject to any liability to Purchaser, or any other person,
resulting from the distribution to Purchaser, or Purchaser’s use of, any
information not contained in this Agreement

     10. Further Assurances. The parties agree to execute and deliver to each
other such other documents and to do such other acts and things, all as the
other party may reasonably request for the purpose of carrying out the intent
of this Agreement.

     11. Governing Law. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of New York, without regard to
any choice of law principles which would require the application of law of any other jurisdiction.

     12. Jurisdiction. Purchaser hereby expressly consents to the personal
jurisdiction of the state and federal courts located in Manhattan, New York
City for purposes of any action brought by Seller to enforce the provisions of
Agreement, and waives the assertion of any defense regarding such jurisdiction
before such courts.

     13. Entire Agreement. This Agreement sets forth the entire understanding
among the parties relating to the subject matter hereof, and supersedes all
prior agreements, arrangements, understandings, negotiations or discussions.

     14. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors
and assigns.

 

 

     15. Notices. All notices and other communications pursuant to this
Agreement will be in writing and will be deemed to have been duly given or
made if delivered personally, sent by a nationally-recognized overnight air
courier service or mailed by registered or certified mail (postage prepaid,
return receipt requested), to the parties at the following addresses (or at
such other address for a party as may be specified by like change of address)
or sent by electronic transmission to the telecopier number specified below:

	 	 	 
	To Seller:

	 	Citicorp Venture Capital, Ltd.
	

	 	399 Park Avenue
	

	 	New York, NY 10043
	

	 	Attention:

	 	 	 
	

	 	Telecopier No.:
	 
	 	 
	With a copy to:

	 	Dechert LLP
	

	 	4000 Bell Atlantic Tower
	

	 	1717 Arch Street
	

	 	Philadelphia, PA 19103
	

	 	Attention: Craig Godshall
	

	 	Telecopier No.: 215.994.2491
	 
	 	 
	To Purchaser:

	 	Titan International, Inc.
	

	 	2701 Spruce St.
	

	 	Quincy, IL 62301
	

	 	Attention:
	

	 	Telecopier No.:
	 
	 	 
	With a copy to:

	 	Cheri T. Holley
	

	 	Titan International, Inc.
	

	 	2701 Spruce Street
	

	 	Quincy, IL 62301
	

	 	Telecopier No.: 217.228.3040

     16. Counterparts: Facsimile Transmission. This Agreement may be executed
in one or more counterparts, each of which will be deemed to be an original
of this Agreement, and all
of which, when taken together, shall be deemed to constitute one and the same
agreement. This Agreement may be executed and delivered by facsimile
transmission with the same effect as if a mutually signed original were
personally delivered.

     17. Termination. This Agreement will be automatically terminated if the
Closing has not occurred prior to May 31, 2004.exv4w6

 

[S P E C I M E N]

Exhibit 4.6

	SHARE CERTIFICATE

	 	 	 	 	 
	 	ORDINARY SHARES
	 	PAR VALUE $3.00
	 
	 
	 	 	 	 

	 NUMBER
	 	 	 	 SHARES

	IS	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
	 	 	 	

	Intelsat®

	 	 	 	 	 
	 	 	 	 	THIS CERTIFICATES IS TRANSFERABLE

      IN THE CITY OF NEW YORK, NY 
	 	 	 	 	 
	Intelsat, Ltd.	 	 	CUSIP G4803J 10 2

	INCORPORATED UNDER THE LAWS OF BERMUDA	 	SEE REVERSE FOR IMPORTANT
      INFORMATION
	 	 	 
	 

	THIS CERTIFIES THAT	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	IS THE REGISTERED
      OWNER OF	 	 
	 

	FULLY PAID AND NONASSESSABLE
        ORDINARY SHARES OF

	 	 	 
	Intelsat, Ltd. (the
“Company”)
        transferable on the books of the Company by the registered owner hereof
        in person or by duly authorized attorney, upon surrender of this Certificate
        properly endorsed and in accordance with the Memorandum of Association
        of the Company and the Bye-laws of the Company and any
amendments thereto.
        This Certificate and the shares represented hereby are issued and shall
        be held subject to all of the provisions of the Memorandum of Association
        of the Company and the Bye-laws of the Company and any amendments thereto.
        This Certificate is not valid unless countersigned and registered by the
        Transfer Agent and Registrar. 

	 
	         In
      Witness Whereof, the Company has caused this Certificate to be executed
      on its behalf under the common seal of the Company by its duly authorized
      officers.
	 
	        Witness
      the facsimile seal of the Company and the facsimile signatures of its duly
      authorized officers.
	Dated:	 	 
	 	 	 
	[Intelsat, Ltd.

        BERMUDA

        1999 SEAL]
	 	 

	 	 	 
	/s/ Richard B.
Nash
	
	/s/ Conny
Kullman

	 	 	 
	SECRETARY
	
	CHIEF EXECUTIVE OFFICER

	

	 	 	 	 	 	 
	COUNTERSIGNED AND REGISTERED:
	 	THE BANK OF NEW YORK
	 	 	TRANSFER AGENT AND REGISTRAR
	 	BY	 	 	 	 
	 	 	 	[SIG]
	 
	 	 	 	 	AUTHORIZED SIGNATURE
	 	 	 	 	 	 

 

 

[SPECIMEN]

     The Company will furnish, without charge, to any shareholder making a
written request therefor, a copy of the Company’s Memorandum of Association and
Bye-laws and a written statement of the designations, relative rights,
preferences and limitations applicable to each of the Company’s authorized
classes of share capital. Requests for such written statement may be directed
to the Secretary of the Company, at the Company’s principal executive offices
located at North Tower, 2nd Floor, 90 Pitts Bay Road, Pembroke HM 08, Bermuda.

     From the Record Time (as defined in the Rights Agreement referred to
below), until the Separation Time (as defined in the Rights Agreement) this
certificate also evidences and entitles the holder hereof to certain Rights as
set forth in a Member Protection Rights Agreement, dated as of July 18, 2001
(as such may be amended from time to time, the “Rights Agreement”), between
Intelsat, Ltd. (the “Company”) and The Bank of New York, as Rights Agent, the
terms of which are hereby incorporated herein by reference and a copy of which
is on file at the principal executive offices of the Company. Under certain
circumstances, as set forth in the Rights Agreement, such Rights may be
redeemed, may become exercisable for securities or assets of the Company or
securities of another entity, may be exchanged for Shares (as defined in the
Rights Agreement) or other securities or assets of the Company, may expire, may
become void (if they are “Beneficially Owned” by an “Acquiring Person” or an
“Affiliate” or “Associate” thereof, as such terms are defined in the Rights
Agreement, or by any transferee of any of the foregoing) or may be evidenced by
separate certificates and may no longer be evidenced by this certificate. The
Company will mail or arrange for the mailing of a copy of the Rights Agreement
to the holder of this certificate without charge after the receipt of a written
request therefor.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

    	TEN
            COM 
	 	— 	 	as tenants in common 	 	UNIF GIFT MIN ACT —
        	 ___________________
          Custodian _____________________
	TEN ENT
          
	 	— 	 	as tenants by the entireties 	 	 	(Cust)	(Minor)
	JT TEN
          
	 	— 	 	as joint tenants with right of 	 	 	under Uniform Gifts to Minors
	 
	 	 	 	survivorship and not as tenants 	 	 	Act ________________________________________________
	 
	 	 	 	in common 	 	 	(State)
	 
	 	 	 	 	 	UNIF TRF MIN ACT — 	__________________ Custodian
          (until age _________________)
	 
	 	 	 	 	 	 	(Cust)	 	 	 
	 
	 	 	 	 	 	 	________________________________
          under Uniform Transfers
	 
	 	 	 	 	 	 	(Minor)	 	 
	 
	 	 	 	 	 	 	to Minors Act _________________________________________
	 
	 	 	 	 	 	 	 	 	(State)	 

Additional abbreviations may also be used though not in the above list.

     FOR VALUE RECEIVED,                                  hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

         IDENTIFYING NUMBER OF ASSIGNEE

	 	 	 
	

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 
	

	 
	

	 
	
	  Ordinary Shares
	represented by the within Certificate
and do hereby irrevocably constitute and appoint
	 
	
	  Attorney
	to transfer the said Ordinary Shares on the books
of the within named Company with full power of substitution in the premises.

	 
	Dated 

	 	 	 	 	 
	

	 	X
	 	

	 
	

	 	X
	 	

	

	 	NOTICE:
	 	THE SIGNATURE(S) TO THIS ASSIGNMENT
MUST CORRESPOND WITH THE
 NAME(S) AS
WRITTEN UPON THE FACE OF THE CERTIFICATE
IN EVERY PARTICULAR, WITHOUT ALTERATION
OR ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed

    	By
	 	 
	 
	 	

	THE SIGNATURE(S) MUST BE GUARANTEED
          BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND
          LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE
          GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

In the presence of:

	 	 	 
	

	 	

	(Witness)
	 	(Transferee)

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