<TABLE>
<S> <C>
-------------------------
OMB APPROVAL
-------------------------
UNITED STATES OMB Number: 3235-0145
SECURITIES AND EXCHANGE COMMISSION Expires: October 31, 1997
Washington, D.C. 20549 Estimated average burden
hours per response: 14.90
-------------------------
</TABLE>
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Chesapeake Utilities Corporation
-------------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.4867 PER SHARE
-------------------------------------------------------
(Title of Class of Securities)
16503 10 8
-------------------------------------------------------
(CUSIP Number)
Walter J. Mostek, Jr.
Drinker Biddle & Reath
1000 Westlakes Drive
Suite 300
Berwyn, PA 19312
(610) 993-2200
-------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 31, 1996
-------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement / /, (A fee is
not required only if the reporting person (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
SEC 1746 (12-91)
<PAGE>
SCHEDULE 13D
- -------------------------- ------------------------
CUSIP No. 16503 10 8 Page 2 of 22 Pages
- -------------------------- ------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Superior Group, Inc.
E.I. #23-2189013
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
214,251
---------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY EACH -0-
REPORTING PERSON ---------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
214,251
---------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
214,251
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- --------------------------- -----------------------
CUSIP No. 16503 10 8 Page 3 of 22 Pages
- --------------------------- -----------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cawsl Enterprises, Inc.
E.I. #51-0280973
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
---------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY EACH 214,251
REPORTING PERSON ---------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
10 SHARED DISPOSITIVE POWER
214,251
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
214,251
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- --------------------------- -----------------------
CUSIP No. 16503 10 8 Page 4 of 22 Pages
- --------------------------- -----------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SGI Investor Partners
E.I. #23-2871446
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
214,251
---------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY -0-
OWNED BY EACH ---------------------------------------------
REPORTING PERSON 9 SOLE DISPOSITIVE POWER
WITH
214,251
---------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
214,251
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- --------------------------- -------------------------
CUSIP No. 16503 10 8 Page 5 of 22 Pages
- --------------------------- -------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SGI Holdings, Inc.
E.I. #51-0356596
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
---------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES 214,251
BENEFICIALLY ---------------------------------------------
OWNED BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING PERSON
WITH -0-
---------------------------------------------
10 SHARED DISPOSITIVE POWER
214,251
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
214,251
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- --------------------------- -------------------------
CUSIP No. 16503 10 8 Page 6 of 22 Pages
- --------------------------- -------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
William G. Warden, III
S.S. ####-##-####
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
230,799
---------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY -0-
OWNED BY EACH ---------------------------------------------
REPORTING PERSON 9 SOLE DISPOSITIVE POWER
WITH
230,799
---------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
230,799
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
THIS AMENDMENT NO. 2 to the Schedule 13D (the "Original
Schedule 13D") dated December 24, 1986 and amended as of October 10, 1990, filed
with the Securities and Exchange Commission by Superior Group, Inc., a
Pennsylvania corporation, with respect to ownership of Common Stock (as herein
defined) of Chesapeake Utilities Corporation, which stock is beneficially owned
by Superior through SGI Investor Partners, a Pennsylvania general partnership
which Superior controls through two wholly-owned subsidiaries, Cawsl
Enterprises, Inc., a Delaware Corporation and SGI Holdings, Inc., a Delaware
corporation, which are the general partners of SGI Investor Partners, is amended
and restated as follows:
Item 1. Security and Issuer
This statement relates to the common stock, par value $0.4867 per share
("Common Shares") of Chesapeake Utilities Corporation, a Delaware Corporation
(the "Issuer"). The principal executive offices of the Issuer are located at 909
Silver Lake Boulevard, Dover, Delaware 19904.
Item 2. Identity and Background
The person filing this statement is Superior Group, Inc. a Pennsylvania
Corporation ("Superior") with a principal business and office address at 3
Radnor Corporate Center, Suite 400, Radnor, Pennsylvania 19087-8760. Superior is
a diversified holding company whose subsidiaries manufacture and distribute
among other things metal tubing.
The directors of Superior are William G. Warden, III, William G.
Warden, IV, Thomas L. Sandor, William M. Goldstein and Louis T. Cullen. The
executive officers of Superior are William G. Warden, III, Chairman of the
Board, Thomas L. Sandor, President and Chief Executive Officer, John A. Sanders,
Vice President, Treasurer and Assistant Secretary, Peter J, Kiernan, Vice
President, William G. Warden, IV, Vice President, Andrew M. Howley, Vice
President, William K. Grant, Vice President, and John A. Kenney, Jr., Secretary
and Corporate Counsel.
Superior beneficially owns the Common Shares through its control of the
record holder of the Common Shares, SGI Investor Partners. Superior is the sole
shareholder of the two general partners of SGI Investor Partners, Cawsl
Enterprises, Inc. and SGI Holdings, Inc.
Cawsl Enterprises, Inc., a Delaware corporation, ("Cawsl"), is a
wholly-owned subsidiary of Superior with a principal place of business and
office address at 204D Weldin Building, 3411 Silverside Road, Wilmington,
Delaware 19810. Cawsl is a diversified holding company whose subsidiaries
manufacture and distribute, among other things, metal tubing. Cawsl is the
indirect parent of Improvement Leasing Corporation, a Delaware corporation, from
whom the Common Shares of Chesapeake Utilities Corporation were originally
received.
The directors of Cawsl are William G. Warden, III, William G. Warden,
IV and Thomas L. Sandor. The executive officers of
-7-
<PAGE>
Cawsl are Thomas L. Sandor, President and Chief Executive Officer, William G.
Warden, IV, Vice President and Secretary, William G. Warden, III, Vice
President, John A. Sanders, Treasurer, Peter J. Kiernan, Assistant Secretary,
John A. Kenney, Jr., Assistant Secretary, and George P. Warren, Jr., Assistant
Secretary.
SGI Holdings, Inc., a Delaware corporation ("SGI Holdings"), is a
wholly-owned subsidiary of Superior. SGI Holdings' principal place of business
and office address is 204D Weldin Building, 3411 Silverside Road, Wilmington,
Delaware 19810. SGI Holdings is principally engaged in the business of
purchasing and selling securities for investment purposes.
The directors of SGI Holdings are Thomas L. Sandor, William G. Warden,
III, William G. Warden, IV. The executive officers of SGI Holdings are Thomas L.
Sandor, President and Chief Executive Officer, William G. Warden, IV, Vice
President and Secretary, William G. Warden, III, Vice President, John A.
Sanders, Treasurer, Peter J. Kiernan, Assistant Secretary, John A. Kenney, Jr.,
Assistant Secretary, and George P. Warren, Jr., Assistant Secretary.
SGI Investor Partners, a Pennsylvania general partnership, has its
principal place of business and office address at 3 Radnor Corporate Center,
Suite 400, Radnor, Pennsylvania. The business of SGI Investor Partners is the
purchase and sale of securities for investment purposes, including, without
limitation, common and preferred shares, debt obligations, mutual fund shares,
interests in private investment partnerships, and to take all such actions as my
be incident thereto, including financing of the purchase of the securities and
using the securities as collateral for such financing.
The partnership is managed by its two general partners, Cawsl and SGI
Holdings.
William G. Warden, III ("Warden"), through his ownership, individually
and as co-trustee under two trusts, of a majority of Superior's outstanding
common stock, may be deemed to control Superior. Mr. Warden is a citizen of the
United States of America.
On December 31, 1996, Superior caused the Common Shares to be sold by
Cawsl to SGI Investor Partners for $3,615,485.63 pursuant to a Stock Purchase
Agreement attached hereto as Exhibit A.
Set forth in Schedules I - IV hereto is the name of each Reporting
Person and the information required by Item 2 of Schedule 13D about the identity
and background of that Reporting Person and its partners, directors, executive
officers and controlling persons, if any, supplied by such Reporting Person.
During the last five years, none of the above individuals or
corporations or partnerships have been convicted in a criminal proceeding or was
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of
-8-
<PAGE>
such proceeding was or is subject to judgment, decree or final order enjoining
future violations of or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
The Common Shares of Chesapeake Utilities Corporation were acquired by
purchase from Cawsl for $3,615,485.63 on December 31, 1996. SGI Investor
Partners used working capital funds to acquire the Common Shares.
Item 4. Purpose of Transaction.
The shares of the Issuer were transferred to and are held by SGI
Investor Partners for investment purposes.
Item 5. Interest in Securities of the Issuer.
(a) and (b) As of the date hereof, Superior may be deemed to beneficially own
214,541 Common Shares (5.7% of outstanding Common Shares) of the Issuer as the
parent of each of the two general partners of the record holder of the Common
Shares, SGI Investor Partners. Superior has sole voting and dispositive power
with regard to the Common Shares. In addition, each of Cawsl and SGI Holdings
may be deemed to beneficially own 214,541 Common Shares (5.7% of outstanding
Common Shares) of the Issuer as the two general partners of SGI Investor
Partners. Pursuant to the SGI Investor Partners Agreement of Partnership, Cawsl
and SGI Holdings share voting and dispositive power with regard to the Common
Shares. As record holder of the shares, SGI Investor Partners beneficially owns
214,541 Common Shares (5.7% of outstanding Common Shares) of the Issuer and has
sole voting and dispositive power with regard to the Common Shares. As
controlling shareholder of Superior, Warden may be deemed to beneficially own
214,541 Common Shares (5.7% of outstanding Common Shares) in addition to 1,286
Common Shares of the Issuer he owns directly and an additional 15,262 Common
Shares of the Issuer he may be deemed to beneficially own. Warden has sole
voting and dispositive power with regard to these 230,799 Common Shares (6.1% of
the outstanding Common Shares).
(c) and (d) The response to Item 2 is incorporated herein by reference.
(e) Not Applicable.
Item 6. Contracts, Arrangements, Understandings or
Relationships With Respect to Securities of the Issuer.
The Stock Purchase Agreement is included as Exhibit A to this Schedule
13D and is incorporated herein by reference. See Items 2 and 5.
Mr. Warden is a director of the Issuer.
-9-
<PAGE>
Item 7. Material to be Filed as Exhibits.
Exhibit A Stock Purchase Agreement dated as of December 31, 1996
among Cawsl Enterprises, Inc. and SGI Investor Partners Inc.
Exhibit B Agreement Regarding Joint Filing.
Schedule I - Identity and Background of Superior Group, Inc.
Schedule II - Identity and Background of Cawsl Enterprises, Inc.
Schedule III - Identity and Background of SGI Holdings, Inc.
Schedule IV - Identity and Background of SGI Investor Partners
-10-
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 17, 1997
Superior Group, Inc.
By: /s/ William G. Warden, III
----------------------------------------
Name: William G. Warden, III
Title: Chairman of the Board
-11-
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 17, 1997
Cawsl Enterprises, Inc.
By: /s/ Thomas L. Sandor
----------------------------------------
Name: Thomas L. Sandor
Title: President and Chief Executive Officer
-12-
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 17, 1997
SGI Holdings, Inc.
By: /s/ Thomas L. Sandor
----------------------------------------
Name: Thomas L. Sandor
Title: President and Chief Executive Officer
-13-
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 17, 1997
SGI Investor Partners
By: Cawsl Enterprises, Inc.,
its General Partner
By: /s/ Thomas L. Sandor
----------------------------------------
Name: Thomas L. Sandor
Title: President and Chief Executive Officer
By: SGI Holdings, Inc.
its General Partner
By: /s/ Thomas L. Sandor
----------------------------------------
Name: Thomas L. Sandor
Title: President and Chief Executive Officer
-14-
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 17, 1997
/s/ William G. Warden, III
--------------------------------------------
William G. Warden, III
-15-
<PAGE>
EXHIBIT A
STOCK PURCHASE AGREEMENT
STOCK PURCHASE AGREEMENT, dated as of December 31, 1996, between Cawsl
Enterprises, Inc. a Delaware corporation ("Seller"), and SGI Investor Partners,
a Pennsylvania general partnership ("Buyer").
WHEREAS, Seller owns, beneficially and of record, 214,251 shares of
common stock , $.48 2/3 par value per share (the "Shares"), of Chesapeake
Utilities Corporation, (the "Company"); and
WHEREAS, Seller has requested that buyer purchase, and buyer has agreed
to purchase, all of such Shares (the "Acquired Shares").
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants herein contained, and intending to be legally bound hereby, the
parties hereto agree as follows:
Sale of Acquired Shares. Subject to the terms and conditions set forth
herein, at the Closing (as hereinafter defined), Seller shall sell to Buyer and
Buyer shall acquire from Seller the Acquired Shares for an aggregate purchase
price of $3,615,485.63 (the "Purchase Price").
Closing. The closing of the purchase and sale of the Acquired Shares
hereunder, (the "Closing") shall take place on December 31, 1996 at 10 a.m. at
the offices of Seller. At the Closing, Seller shall deliver to Buyer one or more
certificates evidencing the Acquired Shares, duly endorsed in blank, or
accompanied by stock powers duly endorsed in blank, against payment to Seller of
the Purchase Price.
Representations of Seller and Buyer. Seller and Buyer represent and
warrant to each other as follows:
a. At the Closing, Seller will be the record and beneficial owner of
all of the Acquired Shares, free and clear of any liens or encumbrances, and
upon delivery of certificates representing the Acquired Shares to Buyer in
accordance with Section 2 hereof, Buyer will acquire good and valid title
thereto, free and clear of any liens and encumbrances.
b. Buyer acknowledges that William G. Warden III, an affiliate and
controlling person of Seller, is a director of the Company and, as such,
possesses material nonpublic information concerning the business, prospects and
financial condition of the Company.
c. Buyer has been advised by Seller that the Company is presently
contemplating engaging in a possible transaction that has not been fully
disclosed to the public, consisting of the acquisition of a business through the
acquisition of the stock of another corporation.
d. Buyer acknowledges that the information concerning the Company
disclosed to it pursuant to this Agreement and otherwise communicated to it
orally in connection herewith (the "Nonpublic Information") constitutes material
nonpublic information and that Buyer may not sell any of the Acquired Shares at
any time prior to the disclosure of such information to the public by the
Company.
e. Buyer shall not disclose any Nonpublic Information to the public
without the prior written consent of the Company.
-16-
<PAGE>
Expenses. Each party shall bear its own costs and expenses incurred in
connection with this Agreement and the transactions contemplated hereby.
Notices. All notices required or permitted hereunder shall be in
writing and shall be deemed to be properly given when personally delivered to
the party entitled to receive the notice or when sent by certified or registered
mail, postage prepaid, properly addressed to the party entitled to receive such
notice at the address stated below:
If to Seller:
Cawsl Enterprises, Inc.
103 Springer Building
3411 Silverside Road
Wilmington, DE 19810
If to Buyer:
SGI Investor Partners
3 Radnor Corporate Center
Suite 400
P.O. Box 6760
Radnor, PA 19087-8760
6. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective executors,
administrators, heirs, successors and assigns.
7. Governing Law. This Agreement shall be governed by and construed
under the laws of the Commonwealth of Pennsylvania without regard to the
conflicts of laws provisions otherwise applicable therein.
IN WITNESS WHEREOF, the parties hereto have duly executed this Stock
Purchase Agreement as of the date first above written.
SGI INVESTOR PARTNERS
By: SGI Holdings, Inc.,
General Partner
By: /s/ Thomas L. Sandor
-------------------------------
CAWSL ENTERPRISES, INC.
By: /s/ William G. Warden, III
-------------------------------
17
<PAGE>
EXHIBIT B
The undersigned agree, to the extent required by Rule 13d-l(f), that this
statement is being filed on behalf of each of them.
SGI INVESTOR PARTNERS
By: CAWSL ENTERPRISES, INC.,
its General Partner
By: /s/ Thomas L. Sandor
----------------------------------------
Name: Thomas L. Sandor
Title: President and Chief Executive Officer
By SGI HOLDINGS, INC.
its General Partner
By: /s/ Thomas L. Sandor
----------------------------------------
Name: Thomas L. Sandor
Title: President and Chief Executive Officer
CAWSL ENTERPRISES, INC.
By: /s/ Thomas L. Sandor
----------------------------------------
Name: Thomas L. Sandor
Title: President and Chief Executive Officer
SGI HOLDINGS, INC.
By: /s/ Thomas L. Sandor
----------------------------------------
Name: Thomas L. Sandor
Title: President and Chief Executive Officer
SUPERIOR GROUP, INC.
By: /s/ William G. Warden, III
----------------------------------------
Name: William G. Warden, III
Title: Chairman of the Board
By: /s/ William G. Warden, III
----------------------------------------
William G. Warden, III
Dated: January 17, 1997
-18-
<PAGE>
SCHEDULE I - CAWSL ENTERPRISES, INC.
<TABLE>
<CAPTION>
Name, Business or Ownership of Shares of
Residence Addresses* Principal Occupation Common Stock of the Issuer
- -------------------- -------------------- --------------------------
<S> <C> <C>
William G. Warden, III Chairman of the Board of 230,799**
Superior and a Director of Issuer
John A. Sanders Treasurer 0
Peter J. Kiernan Assistant Secretary 0
John A. Kenney, Jr. Assistant Secretary 0
George P. Warren, Jr. Assistant Secretary 0
======================================================================================================
</TABLE>
* If not otherwise indicated, the business address of each person is
3 Radnor Corporate Center, Suite 400, Radnor, Pennsylvania 19087-8760.
** Mr. Warden may be deemed to beneficially own 214,251 Common Shares
through his control of Superior, the parent of each of the general
partners of SGI Investor Partners.
-19-
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE II - SUPERIOR GROUP, INC.
Name, Business or Ownership of Shares of
Residence Addresses* Principal Occupation Common Stock of the Issuer
- -------------------- -------------------- --------------------------
<S> <C> <C>
William G. Warden, III Chairman of the Board of 230,799**
Superior and a Director of Issuer
John A. Sanders Vice President, Treasurer and Assis- 0
tant Secretary
Peter J. Kiernan Vice President 0
Andrew M. Howley Vice President 0
William K. Grant Vice President 0
John A. Kenney, Jr. Secretary and Corporate Counsel 0
=====================================================================================================
</TABLE>
* If not otherwise indicated, the business address of each person is
3 Radnor Corporate Center, Suite 400, Radnor, Pennsylvania 19087-8760.
** Mr. Warden may be deemed to beneficially own 214,251 Common Shares
through his control of Superior, the parent of each of the general
partners of SGI Investor Partners.
-20-
<PAGE>
SCHEDULE III - SGI HOLDINGS, INC.
<TABLE>
<CAPTION>
Name, Business or Ownership of Shares of
Residence Addresses* Principal Occupation Common Stock of the Issuer
- -------------------- -------------------- --------------------------
<S> <C> <C>
William G. Warden, III Chairman of the Board of 230,799**
Superior and a Director of Issuer
John A. Sanders Treasurer 0
Peter J. Kiernan Assistant Secretary 0
John A. Kenney, Jr. Assistant Secretary 0
George P. Warren, Jr. Assistant Secretary 0
=====================================================================================================
</TABLE>
* If not otherwise indicated, the business address of each person is
3 Radnor Corporate Center, Suite 400, Radnor, Pennsylvania 19087-8760.
** Mr. Warden may be deemed to beneficially own 214,251 Common Shares
through his control of Superior, the parent of each of the general
partners of SGI Investor Partners.
-21-
<PAGE>
SCHEDULE IV - SGI INVESTOR PARTNERS
<TABLE>
<CAPTION>
Name, Business or Ownership of Shares of
Residence Addresses* Principal Occupation Common Stock of the Issuer
- -------------------- -------------------- --------------------------
<S> <C> <C>
William G. Warden, III Chairman of the Board of 230,799**
Superior and a Director of Issuer
Cawsl Enterprises, Inc. 214,251***
SGI Holdings, Inc. 214,251***
==================================================================================================================================
</TABLE>
* If not otherwise indicated, the business address of each person is
3 Radnor Corporate Center, Suite 400, Radnor, Pennsylvania 19087-8760.
** Mr. Warden may be deemed to beneficially own 214,251 Common Shares
through his control of Superior, the parent of each of the general
partners of SGI Investor Partners.
*** Each of Cawsl and SGI Holdings may be deemed to beneficially own the
Common Shares as the general partners of SGI Investor Partners.
-22-
