Benzinga | Sep 25, 2020 08:32AM EDT

Spirit Aerosystems Announces Agreement With Related Parties To Terminate Asco Purchase Agreement; Parties Also Agreed To Release Each Other From Any And All Claims, Rights Of Action

From Co. filing:

Item 1.01 Entry into a Material Definitive Agreement.



The disclosure set forth below under Item 1.02 of this Current Report on Form 8-K is incorporated by reference herein.



Item 1.02 Termination of a Material Definitive Agreement.



As previously disclosed, on May 1, 2018, Spirit AeroSystems Holdings, Inc. (the "Company") and its wholly-owned subsidiary Spirit AeroSystems Belgium Holdings BVBA ("Spirit Belgium") entered into a definitive agreement (as amended, the "Asco Purchase Agreement") with certain private sellers (the "Sellers") providing for the purchase by Spirit Belgium of all of the issued and outstanding equity of S.R.I.F. N.V., the parent company of Asco Industries N.V., subject to certain customary closing adjustments, including foreign currency adjustments.



On September 25, 2020, the Company, Spirit Belgium and the Sellers entered into an amendment to the Asco Purchase Agreement (the "Termination Agreement") pursuant to which the parties agreed to terminate the Asco Purchase Agreement, including all schedules and annexes thereto (other than certain confidentiality agreements) (collectively with the Asco Purchase Agreement, the "Transaction Documents"), effective as of September 25, 2020. Under the Termination Agreement, the parties also agreed to release each other from any and all claims, rights of action, howsoever arising, of every kind and nature, in connection with, arising out of, based upon or related to, directly or indirectly, the Transaction Documents, including any breach, non-performance, action or failure to act under the Transaction Documents.



The foregoing description of the Termination Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Termination Agreement, which is filed herewith as Exhibit 10.1 and incorporated by reference herein.