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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 5, 1999
GLOBAL INDUSTRIAL TECHNOLOGIES, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 005-42674 09265-04802
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(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
2121 San Jacinto Street, Suite 2500, Dallas, Texas 75201
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Address of Principal Executive Offices
Registrant's telephone number, including area code : (214) 953-4500
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GLOBAL INDUSTRIAL TECHNOLOGIES, INC.
By: /s/ Jeanette H. Quay
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Name: Jeanette H. Quay Title: Vice President,
General Counsel and Secretary
Dated: April 5, 1999
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Exhibit 20
THIRD AMENDMENT TO STOCK PURCHASE AGREEMENT
This THIRD AMENDMENT TO STOCK PURCHASE AGREEMENT (the "Amendment") is
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made and entered into as of April 1, 1999 among GLOBAL INDUSTRIAL TECHNOLOGIES,
INC., a Delaware corporation ("Global"), A.P. GREEN INDUSTRIES, INC., a Delaware
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corporation and wholly-owned subsidiary of Global ("Seller"), and CHEMICAL LIME
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COMPANY, a Nevada corporation ("Purchaser").
WITNESSETH:
WHEREAS, Global, Seller, and Purchaser entered into a Stock Purchase
Agreement dated as of March 8, 1999, as amended on March 26, 1999 and March 31,
1999 (the "Agreement"); and
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WHEREAS, the parties desire to amend certain sections of the
Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and
undertakings contained herein, and subject to and on the terms and conditions
set forth herein and in the Agreement, the parties hereto agree as follows:
1. Amendments to the Stock Purchase Agreement. The Agreement is
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hereby amended as follows:
(a) The words "one hundred twenty-six million three hundred thousand
dollars ($126,300,000)" are hereby inserted in replacement for
the words "one hundred thirty million three hundred thousand
dollars ($130,300,000)" in Section 2.1.
(b) The number "$1,530,000" is hereby inserted in replacement for the
number "$1,020,000" in Section 6.14(b).
(c) The following text is hereby added as Section 10.6:
"Indemnification for Certain Capital Expenditures. (a) To the
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extent that Purchaser incurs Environmental Costs (as defined
herein) in the first 12 months following the Closing Date (the
"Review Period"), Seller shall reimburse Purchaser for (i) 90% of
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the first $2,000,000 of such Environmental Costs and (ii) 95% of
such Environmental Costs in excess of $2,000,000 up to a maximum
aggregate reimbursement amount of $5,267,500; provided, however,
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that such reimbursement is subject to that maximum amount
specified in Section 10.1(b)(iii) and any amounts paid by Seller
pursuant to this clause shall be taken into account when
determining the maximum amount of Losses under Section
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10.1(b)(iii)."(b) Each of Seller and Purchaser shall engage an
environmental consultant during the Review Period to review the
Company's facilities and equipment. The term "Environmental
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Costs" shall mean the amount of costs to be incurred by the
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Purchaser that is agreed as necessary to bring the Company's
facilities and equipment into conformity with Environmental Laws
existing as of the Closing Date by each of Seller's and
Purchaser's environmental consultants; provided, however, that if
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Seller's and Purchaser's environmental consultants disagree over
such costs, such disagreements shall be referred to an
independent environmental consultant selected jointly by Seller's
and Purchaser's environmental consultants (the "Independent
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Consultant"), who shall determine and report to Seller and
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Purchaser the amount of such Environmental Costs. The
determination of the Independent Consultant as to the amount of
the Environmental Costs shall be final and binding on each of the
parties hereto."
(c) Each of Seller and Purchaser shall be responsible for the
costs of its environmental consultant engaged to review the
Company's facilities and equipment. Seller and Purchaser will
share equally the costs of the Independent Consultant.
(d) The word "or" completing Section 10.1(a)(i) is hereby deleted.
(e) The punctuation mark ";" is hereby inserted in replacement for
the punctuation mark "." in Section 10.1(a)(ii).
(f) The following text is hereby added as Section 10.1(a)(iii):
"(iii) 90% of the first $1,000,000 of any fines or penalties
assessed within five years after the Closing Date resulting from
breaches of or non-compliance at the Company's facilities prior
to the Closing Date with Environmental Laws and 95% of the amount
of such fines and penalties in excess of $1,000,000; provided,
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however, that such indemnification is subject to that maximum
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amount specified in Section 10.1(b)(iii) and any amounts paid by
Global pursuant to this clause shall be taken into account when
determining the maximum amount of Losses under Section
10.1(b)(iii); or"(g) The following text is hereby added as
Section 10.1(a)(iv): "(iv) any litigation, claim or other action
brought by SCANA Corporation, the party that is the Company's
partner in the Subsidiary, or its Affiliates (collectively,
"SCANA") within six months after completion of the First Phase
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for any facts or circumstances relating to the Subsidiary arising
prior to the Closing Date; provided, however, that such
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indemnification is subject to that maximum amount specified in
Section 10.1(b)(iii) and any amounts paid by Global pursuant to
this clause shall be taken into account when determining the
maximum
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amount of Losses under Section 10.1(b)(iii)."
(h) The following text is hereby added as Section 10.1(d): "In order
to be indemnified for any Losses arising under Section
10.1(a)(iv), the Indemnified Parties (i) may not act as co-
plaintiff with, or aid or assist SCANA in such action and (ii)
must have acted in good faith and not have initiated, encouraged
or assisted SCANA in the bringing of such action; provided,
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however, that any act taken by Indemnified Parties that is
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required by applicable law, regulation or legal process shall not
be deemed to aid or assist SCANA under clauses (i) and (ii)."
(i) The following text is hereby added as Section 10.1(e): "In
determining whether there have been any breaches of Section 3.16,
none of the items referred to in Section 10.1(a)(iii) and Section
10.6 shall be taken into account."
(j) Section 8.1(c) is amended and restated in its entirety to be and
read as follows: "(c) by Purchaser, upon the occurrence after
December 31, 1997 of a Material Adverse Effect; provided,
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however, that none of the items referred to in this Amendment
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shall be taken into account in determining whether a Material
Adverse Effect has occurred for purposes of this clause (c)."
(k) The words "or Affiliates" are hereby inserted in Section 11.5
after the words "wholly owned subsidiaries."
2. The Agreement, as amended by this Amendment, is and shall continue
to be in full force and effect and is hereby in all respects ratified and
confirmed. Nothing in this Amendment shall waive or be deemed to waive or
modify (except as expressly set forth herein) any rights or obligations of any
of the parties under the Agreement.
3. This Amendment shall be governed by, and construed in accordance
with, the laws of the State of New York without reference to the choice of law
principles thereof.
4. This Amendment may be executed in one or more counterparts each of
which shall be deemed to be an original by the parties executing such
counterpart, but all of which shall be considered one and the same instrument.
5. Notwithstanding anything to the contrary in Section 9.1 of the
Agreement, delivery of a Due Diligence Termination Notice shall not prejudice
Purchaser's rights provided in this Amendment..
IN WITNESS WHEREOF, this Amendment has been signed on behalf of each of the
parties hereto as of the date first written above.
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GLOBAL INDUSTRIAL TECHNOLOGIES, INC.
By:
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Name:
Title:
A.P. GREEN INDUSTRIES, INC.
By:
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Name:
Title:
CHEMICAL LIME COMPANY
By:
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Name:
Title:
