Initial Public Offering (IPO): Registration Statement (General Form) — Form S-1
Filing Table of Contents
Document/Exhibit Description Pages Size
1: S-1 Registration Statement (General Form) 117 564K
10: EX-10.10 Amendment #1 Stock Option Plan 4 23K
11: EX-10.11 Amendment #2 Stock Option Plan 1 9K
12: EX-10.12 Amendment #3 Stock Option Plan 2 13K
13: EX-10.13 Loan Agreement 22 71K
14: EX-10.14 Amendment #1 Loan Agreement 2 13K
15: EX-10.15 Amendment #2 Loan Agreement 2 14K
16: EX-10.16 Credit Agreement 141 486K
17: EX-10.17 Amendment #1 Credit Agreement 21 35K
18: EX-10.18 Amendment #2 Credit Agreement 4 17K
2: EX-10.2 Stock Purchase Agreement 45 213K
19: EX-10.20 Saturn Membership Regulations 38 131K
20: EX-10.21 Amendment #1 Membership Regulations 1 10K
21: EX-10.22 Amendment #2 Membership Regulations 4 21K
22: EX-10.23 Amendment #3 Membership Regulations 1 10K
23: EX-10.24 Amendment #4 Membership Regulations 1 11K
24: EX-10.25 Sublease 8 35K
25: EX-10.26 Amendment to Sublease 1 12K
3: EX-10.3 Methuen Division 21 100K
4: EX-10.4 Stock Purchase Agreement 6 31K
5: EX-10.5 Agreement and Plan of Merger 44 222K
6: EX-10.6 Split Dollar Agreement 12 40K
7: EX-10.7 Independent Contractor 6 26K
8: EX-10.8 Amendment to Independent Contractor 1 11K
9: EX-10.9 Saturn Stock Option Plan 12 46K
26: EX-23.1 Consent Pricewaterhousecoopers LLP 1 9K
27: EX-23.2 Consent Ernst & Young 1 9K
28: EX-27.1 Financial Data Schedule 1 11K
EXHIBIT 10.17
AMENDMENT NO. 1 TO CREDIT AGREEMENT
AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of September 24, 1999
(this "Amendment No. 1"), to the Credit Agreement dated as of August 24,1999
(the "Credit Agreement"), among Comerica Bank and the other financial
institutions from time to time parties thereto (individually, a "Bank", and
collectively, "Banks"), Comerica Bank, as Agent for the Banks (in such capacity,
"Agent"), and Saturn Electronics & Engineering, Inc., Saturn Manufacturing Co.,
and Smartflex Systems, Inc., successor in interest to SSI Acquisition Corp.
by reason of merger ("Borrowers").
W I T N E S S E T H:
WHEREAS, the Banks, the Agent and the Borrowers are parties to the
Credit Agreement; and
WHEREAS, Newco has merged with and into Smartflex pursuant to the
Merger Agreement, and the Borrowers, the Agent and the Banks wish to amend
certain of the Schedules, to the Credit Agreement to reflect the Merger and the
substitution of Smartflex for Newco as a Borrower;
NOW, THEREFORE, in consideration of the mutual agreements contained
herein, it is hereby agreed as follows:
ARTICLE I -- DEFINITIONS AND AMENDMENTS
1.1 Defined Terms. Capitalized terms used herein which are defined in
the Credit Agreement are used herein with such defined meanings.
1.2 Substitution of Schedules. Schedules 6.3(b), 6.4, 7.9, 7.12, 7.13,
7.16, 7.18, 7.19, 7.20, 7.23, 9.1, 9.2, 9.3 and 9.8 are amended to read in their
entirety as provided in the attached schedules.
ARTICLE II -- REPRESENTATIONS AND WARRANTIES;
CONDITIONS PRECEDENT
2.1 Representations; No Default. On and as of the effective date hereof
and after giving effect to this Amendment No. 1 and to the transactions
contemplated hereby, each Borrower hereby (i) confirms, reaffirms and restates
the representations and warranties set forth in Section 7 of the Credit
Agreement, except to the extent that such representations and
warranties relate solely to an earlier date in which case each Borrower hereby
confirms, reaffirms and restates such representations and warranties on and as
of such earlier date, provided that the references to the Credit Agreement
therein shall be deemed to be references to the Credit Agreement as amended by
this Amendment No. 1, and (ii) represents and warrants that no Default or Event
of Default has occurred and is continuing.
2.2 Effective Date. This Amendment No. 1 shall become effective when
Agent shall have received counterpart originals of this Amendment No. 1, in each
case duly executed and delivered by Borrowers, the Banks and the Guarantors, in
form satisfactory to Agent and the Banks.
ARTICLE III -- MISCELLANEOUS
3.1 Limited Effect. Except as expressly amended hereby, all of the
provisions, covenants, terms and conditions of the Credit Agreement shall
continue to be, and shall remain, in full force and effect in accordance with
its terms.
3.2 Expenses. The Company shall reimburse the Agent for all its
reasonable costs and expenses including, without limitation, legal expenses
incurred in connection with the preparation, execution and delivery of this
Amendment No. 1.
3.3 Governing Law. This Amendment No. 1 shall be governed by, and
construed and interpreted in accordance with, the law of the State of Michigan.
3.4 Counterparts. This Amendment No. 1 may be executed by one or more
parties hereto on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.
3.5 Guarantors. By its execution hereof, each Guarantor consents to the
foregoing amendments and reaffirms and ratifies all of its obligations to the
Agent and the Banks under the Guaranty.
2
IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to be executed and delivered by their proper and duly authorized officers or
other representatives as of the date first above written.
BORROWERS:
SATURN ELECTRONICS &
ENGINEERING, INC.
By: /s/ Donald J. Cowie
---------------------------------
Its: Chief Financial Officer
---------------------------------
SATURN MANUFACTURING CO.
By: /s/ Donald J. Cowie
---------------------------------
Its: Chief Financial Officer
---------------------------------
SMARTFLEX SYSTEMS, INC.
By: /s/ Donald J. Cowie
---------------------------------
Its: Chief Financial Officer
---------------------------------
AGENT AND BANKS:
COMERICA BANK, as Agent and as a Bank
By: /s/ Jason L. Stoecker
---------------------------------
Its: AVP
---------------------------------
3
GUARANTORS:
SMARTFLEX NEW JERSEY INC.
By: /s/ Donald J. Cowie
---------------------------------
Its: Chief Financial Officer
---------------------------------
LOGICAL SYSTEMS INC.
By: /s/ Donald J. Cowie
---------------------------------
Its:
Chief Financial Officer
---------------------------------
SMARTFLEX FREMONT INC.
By: /s/ Donald J. Cowie
---------------------------------
Its: Chief Financial Officer
---------------------------------
SMARTFLEX NEW ENGLAND INC.
By: /s/ Donald J. Cowie
---------------------------------
Its: Chief Financial Officer
---------------------------------
4
SCHEDULE 6.3(b)
JURISDICTION OF UCC FILINGS
I. The Company
a. Michigan Secretary of State
b. North Carolina Secretary of State
c. Nash County, North Carolina
d. Oakland County, Michigan
e. Ottawa County, Michigan
VI. Manufacturing
a. Ohio Secretary of State
b. Mississippi Secretary of State
c. Quitman County, MS
IV. Newco
a. Delaware Secretary of State
b. Michigan Secretary of State
After the Smartflex Acquisition
II. Smartflex
a. California Secretary of State
b. Orange County, California
c. Santa Clara County California
d. Alameda County, California
V. Logical Services Incorporated
a. California Secretary of State
b. Santa Clara County, California
III. Smartflex Freemont, Inc.
a. California Secretary of State
b. Orange County, California
c. Santa Clara County, California
d. Alameda County, California
V. Smartflex New England, Inc.
a. New Hampshire Secretary of State
b. Hudson County, New Hampshire
c. Hillsborough County, New Hampshire
IV. Smartflex New Jersey, Inc.
a. New Jersey Secretary of State
b. Monmouth County, New Jersey
SCHEDULE 6.4
LEASED PROPERTY
1. 2119 Austin
Rochester Hills, Michigan
2. 255 Rex Blvd.
Auburn Hills, Michigan
3. 1098 Second Street
Marks, Mississippi
SCHEDULE 7.9
COMPLIANCE WITH LAWS
NONE
SCHEDULE 7.12
LITIGATION
None
SCHEDULE 7.13
CONSENTS, APPROVALS, FILINGS
The respective Boards of Directors of the Borrowers have approved this Agreement
and the other Loan Documents.
SCHEDULE 7.16
PENSION PLANS SUBJECT TO TITLE IV OF ERISA
None
SCHEDULE 7.18
ENVIRONMENTAL MATTERS
None
SCHEDULE 7.19
SUBSIDIARIES OF THE COMPANY
1. Saturn Manufacturing Co., an Ohio corporation
2. SSI Acquisition Corp., a Delaware corporation
3. Saturn Electronics Texas, L.L.C., a Texas limited liability company.
4. Saturn Electronics de Juarez, S.A. de C.V., a Mexican corporation.
5. Saturn de Monterrey, S.A. de C.V., a Mexican corporation
6. Saturn Electronics (Barbados), Inc., a Barbados corporation
7. Beijing Saturn Electronics Co., Ltd., a Chinese corporation
SCHEDULE 7.20
CONTINGENT OBLIGATIONS
A component provided by the Company has experienced some failures. The
Company currently estimates that the cost to address this matter could range
from $200,000 to $1,500,000.
SCHEDULE 7.23
OWNERSHIP INTERESTS; RIGHTS TO PURCHASE
OWNERSHIP INTERESTS
1. Saturn Electronics & Engineering, Inc.
Owners of Class A Voting Stock
Wallace K. Tsuha Trust dated Oct. 14, 1991 63.75%
MascoTech, Inc. 36.25%
Owners of Class B Nonvoting Stock
Tsuha Trusts 63.75%
MascoTech, Inc. 36.25%
2. Saturn Manufacturing Co.
Owned 100% by Saturn Electronics & Engineering, Inc.
3. SSI Acquisition Corp.
Owned 100% by Saturn Electronics & Engineering, Inc.
4. Saturn Electronics Texas, L.L.C.
Owners of Voting Interests
Saturn Electronics & Engineering, Inc. 55%
Lear Corporation (formerly United Technologies
Automotive, Inc.) 45%
Owners of Non-Voting Interests
Roland Lartigue 100%
(2% total Interests)
5. Saturn Electronics de Juarez, S.A. de C.V.
Series B-1
Saturn Electronics Texas, L.L.C. 99.9%
Saturn Electronics & Engineering, Inc. .1%
Series B-2
Saturn Electronics Texas, L.L.C. 100%
6. Saturn de Monterrey, S.A. de C.V.
Series B-1
Saturn Manufacturing Co. 99.9%
Wallace K. Tsuha, Jr. .1%
Series B-2
Saturn Manufacturing Co. 100%
7. Saturn Electronics (Barbados), Inc.
Saturn Electronics & Engineering, Inc. 100%
8. Beijing Saturn Electronics Co., Ltd.
Saturn Electronics & Engineering, Inc. 57%
Beinei Group Corporation 38%
China Modernization Institute, Inc. 5%]
OUTSTANDING RIGHTS
1. Under the 1995 Management Stock Option Program, certain directors,
officers and executive personnel of Saturn Electronics & Engineering,
Inc. and its subsidiaries are eligible to receive stock options to
acquire stock in Saturn Electronics & Engineering, Inc.
9. Under the Stockholders Agreement dated March 21, 1995, as amended, the
stockholders of Saturn Electronics & Engineering, Inc. have pre-emptive
rights in accordance with Section 343 of the Michigan Business
Corporation Act as specified in such agreement.
10. Under the Membership Interest Agreement dated February, 28, 1999
between Saturn Electronics Texas, L.L.C. (Saturn/Texas) and Roland E.
Lartigue, Mr. Lartigue has been granted a one percent Non-Voting
percentage interest in Saturn/Texas which will vest on February 28,
2000 if Mr. Lartigue is employed by Saturn/Texas on this date. In
addition, Mr. Lartigue is eligible to receive an additional one percent
Non-Voting percentage interest in Saturn/Texas on February 28, 2000,
which will vest on February 28, 2001 if Mr. Lartigue is employed by
Saturn/Texas on this date.
SCHEDULE 9.1
INDEBTEDNESS
There are currently outstanding loans owed to Comerica Bank pursuant to the
Credit Agreement dated as of September 20, 1995, as amended, with Saturn
Electronics & Engineering, Inc. and Saturn Manufacturing Co.
SCHEDULE 9.2
LIENS
[Enlarge/Download Table]
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Jurisdiction Date File # Secured Party Debtor
-------------------------------------------------------------------------------------------------------------------
Michigan Secretary of 4/12/99 D502002 Rockford Saturn Electronics &
State Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
Michigan Secretary of 4/12/99 D502001 Rockford Saturn Electronics &
State Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
Michigan Secretary of 11/10/98 D442187 IBM Credit Saturn Electronics &
State Corporation Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
Michigan Secretary of 3/17/98 D350413 IKON Office Saturn Electronics &
State Solutions Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
Michigan Secretary of 12/10/97 D314025 Advance Acceptance Saturn Electronics &
State Corporation Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
Michigan Secretary of 5/9/97 D230741 IBM Credit Saturn Electronics &
State Corporation Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
Michigan Secretary of 12/9/96 80742B Octel Capital Saturn Electronics &
State Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
Michigan Secretary of 5/16/96 D096611 Dougherty Saturn Electronics &
State Equipment Company, Engineering, Inc.
Inc.
-------------------------------------------------------------------------------------------------------------------
Michigan Secretary of 9/16/96 D138646 Clarklift of Saturn Electronics &
State Detroit, Inc. Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
Michigan Secretary of 9/16/96 D131112 Clarklift of Saturn Electronics &
State Detroit, Inc. Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
North Carolina, 4/5/99 1990033088 Rockford Saturn Electronics &
Secretary of State Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
North Carolina, 4/5/99 1990033087 Rockford Saturn Electronics &
Secretary of State Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
North Carolina, 12/30/97 001534530 Mellon First Saturn Electronics &
Secretary of State United Leasing Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
North Carolina, 5/16/96 1340915 Dougherty Saturn Electronics &
Secretary of State Equipment Company, Engineering, Inc.
Inc.
-------------------------------------------------------------------------------------------------------------------
North Carolina, Nash 4/5/99 99-848 Rockford Saturn Electronics &
County Industries, Inc. Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
North Carolina, Nash 4/5/99 99-847 Rockford Saturn Electronics &
County Industries, Inc. Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
North Carolina, Nash 5/14/96 961515 Dougherty Saturn Electronics &
County Equipment Company, Engineering, Inc.
Inc.
-------------------------------------------------------------------------------------------------------------------
Mississippi, 4/2/99 1309588 Rockford Saturn Electronics &
Secretary of State Industries, Inc. Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
Mississippi, 4/2/99 1309584 Rockford Saturn Electronics &
Secretary of State Industries, Inc. Engineering, Inc.
-------------------------------------------------------------------------------------------------------------------
Mississippi, 1/8/99 1284082 Associates Saturn Electronics &
Secretary of State Commercial Engineering, Inc.
Corporation (a/k/a AND
AT&T Commercial Saturn Manufacturing Co.
Corporation)
-------------------------------------------------------------------------------------------------------------------
SCHEDULE 9.3
GUARANTEE OBLIGATIONS
None
SCHEDULE 9.8
INVESTMENTS
Investments in all existing subsidiaries of Saturn Electronics &
Engineering, Inc.
Dates Referenced Herein
| Referenced-On Page |
|---|
| This ‘S-1’ Filing | | Date | | First | | Last | | | Other Filings |
|---|
| |  |
| | 2/28/01 | | 17 | | | | | None on these Dates |
| Filed on: | | 3/29/00 |
| | 2/28/00 | | 17 |
| | 9/24/99 | | 1 |
| | 9/20/95 | | 18 |
| | 3/21/95 | | 17 |
| List all Filings |
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