SEC Info - KAR Auction Services, Inc. - ‘10-K’ for 12/31/20

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KAR Auction Services, Inc. – ‘10-K’ for 12/31/20 – ‘EX-10.37B’

On: Thursday, 2/18/21, at 9:00am ET · For: 12/31/20 · Accession #: 1395942-21-6 · File #: 1-34568

Previous ‘10-K’: ‘10-K’ on 2/19/20 for 12/31/19 · Next: ‘10-K’ on 2/23/22 for 12/31/21 · Latest: ‘10-K’ on 2/21/24 for 12/31/23 · 48 References:

  As Of               Filer                 Filing    For·On·As Docs:Size

 2/18/21  KAR Auction Services, Inc.        10-K       12/31/20  105:14M

Annual Report — Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Form 10-K for the Year Ended December 31, 2020      HTML   1.75M 
 2: EX-10.1E    Exhibit 10.1E - Technical Amendment                 HTML     37K 
 5: EX-10.30    Exhibit 10.30 - Form of Nq Stock Option Agreement   HTML     52K 
 6: EX-10.37B   Exhibit 10.37B - Assignment and Assumption          HTML     36K 
                Agreement                                                        
 3: EX-10.6     Exhibit 10.6 - Employment Agreement                 HTML     75K 
 4: EX-10.8     Exhibit 10.8 - Aip Summary of Terms 2021            HTML     39K 
 7: EX-21.1     Exhibit 21.1 - List of Subsidiaries                 HTML     44K 
 8: EX-23.1     Exhibit 23.1 - Consent of Independent Registered    HTML     27K 
                Public Accounting Firm                                           
 9: EX-31.1     Exhibit 31.1 - CEO Sox 302 Certification            HTML     30K 
10: EX-31.2     Exhibit 31.2 - CFO Sox 302 Certification            HTML     30K 
11: EX-32.1     Exhibit 32.1 - CEO Sox 906 Certification            HTML     27K 
12: EX-32.2     Exhibit 32.2 - CFO Sox 906 Certification            HTML     27K 
19: R1          Document and Entity Information Cover               HTML     91K 
20: R2          Consolidated Statements of Income                   HTML    121K 
21: R3          Consolidated Statements of Comprehensive Income     HTML     48K 
                (Loss)                                                           
22: R4          Consolidated Balance Sheets                         HTML    163K 
23: R5          Consolidated Statements of Stockholders' Equity     HTML     99K 
24: R6          Consolidated Statements of Cash Flows               HTML    146K 
25: R7          Organization and Other Matters                      HTML     40K 
26: R8          Summary of Significant Accounting Policies          HTML     93K 
27: R9          Acquisitions                                        HTML     38K 
28: R10         IAA Separation and Discontinued Operations          HTML     65K 
29: R11         Stock and Stock-Based Compensation Plans            HTML     95K 
30: R12         Net Income (Loss) from Continuing Operations Per    HTML     51K 
                Share                                                            
31: R13         Allowance for Credit Losses and Doubtful Accounts   HTML     54K 
32: R14         Finance Receivables and Obligations Collateralized  HTML     64K 
                by Finance Receivables                                           
33: R15         Goodwill and Other Intangible Assets                HTML     80K 
34: R16         Property and Equipment                              HTML     46K 
35: R17         Self Insurance and Retained Loss Reserves           HTML     40K 
36: R18         Long-Term Debt                                      HTML     63K 
37: R19         Financial Instruments                               HTML     50K 
38: R20         Convertible Preferred Stock                         HTML     36K 
39: R21         Leases                                              HTML     79K 
40: R22         Income Taxes                                        HTML    124K 
41: R23         Employee Benefit Plans                              HTML     32K 
42: R24         Commitments and Contingencies                       HTML     32K 
43: R25         Accumulated Other Comprehensive Loss                HTML     35K 
44: R26         Segment Information                                 HTML    133K 
45: R27         Quarterly Financial Data (Unaudited)                HTML     94K 
46: R28         Summary of Significant Accounting Policies          HTML    166K 
                (Policies)                                                       
47: R29         Summary of Significant Accounting Policies          HTML     39K 
                (Tables)                                                         
48: R30         IAA Separation and Discontinued Operations          HTML     66K 
                (Tables)                                                         
49: R31         Stock and Stock-Based Compensation Plans (Tables)   HTML     96K 
50: R32         Net Income (Loss) from Continuing Operations Per    HTML     48K 
                Share (Tables)                                                   
51: R33         Allowance for Credit Losses and Doubtful Accounts   HTML     57K 
                (Tables)                                                         
52: R34         Finance Receivables and Obligations Collateralized  HTML     55K 
                by Finance Receivables (Tables)                                  
53: R35         Goodwill and Other Intangible Assets (Tables)       HTML     80K 
54: R36         Property and Equipment (Tables)                     HTML     45K 
55: R37         Self Insurance and Retained Loss Reserves (Tables)  HTML     38K 
56: R38         Long-Term Debt (Tables)                             HTML     57K 
57: R39         Financial Instruments (Tables)                      HTML     44K 
58: R40         Leases (Tables)                                     HTML     83K 
59: R41         Income Taxes (Tables)                               HTML    125K 
60: R42         Accumulated Other Comprehensive Loss (Tables)       HTML     34K 
61: R43         Segment Information (Tables)                        HTML    128K 
62: R44         Quarterly Financial Data (Unaudited) (Tables)       HTML     94K 
63: R45         Organization and Other Matters (Details)            HTML     71K 
64: R46         Summary of Significant Accounting Policies          HTML    114K 
                (Details)                                                        
65: R47         Acquisitions (Details)                              HTML     74K 
66: R48         IAA Separation and Discontinued Operations          HTML    120K 
                (Details)                                                        
67: R49         Stock and Stock-Based Compensation Plan Summary     HTML     49K 
                (Details)                                                        
68: R50         KAR Auction Services, Inc. Stock-Based              HTML     94K 
                Compensation Plans (Details)                                     
69: R51         Service and Exit Options (Details)                  HTML     96K 
70: R52         Employee Stock Purchase Plan (Details)              HTML     40K 
71: R53         Share Repurchase Plan (Details)                     HTML     43K 
72: R54         Net Income (Loss) from Continuing Operations Per    HTML     76K 
                Share (Details)                                                  
73: R55         Allowance for Credit Losses and Doubtful Accounts   HTML     39K 
                (Details)                                                        
74: R56         Allowance for Credit Losses and Doubtful Accounts   HTML     34K 
                (Details 2)                                                      
75: R57         Finance Receivables and Obligations Collateralized  HTML     85K 
                by Finance Receivables (Details)                                 
76: R58         Goodwill and Other Intangible Assets (Details)      HTML     53K 
77: R59         Goodwill and Other Intangible Assets (Details 2)    HTML     47K 
78: R60         Goodwill and Other Intangible Assets (Details 3)    HTML     67K 
79: R61         Property and Equipment (Details)                    HTML     68K 
80: R62         Self Insurance and Retained Loss Reserves           HTML     46K 
                (Details)                                                        
81: R63         Long-Term Debt Summary and Future Principle         HTML     85K 
                Payments (Details)                                               
82: R64         Credit Facilities (Details)                         HTML    141K 
83: R65         Senior Notes (Details)                              HTML     31K 
84: R66         Other Debt (Details)                                HTML     47K 
85: R67         Financial Instruments (Details)                     HTML     70K 
86: R68         Financial Instruments (Details 2)                   HTML     41K 
87: R69         Convertible Preferred Stock (Details)               HTML     85K 
88: R70         Components of Lease Expense (Details)               HTML     36K 
89: R71         Leases Supplemental Cash Flow Information Related   HTML     40K 
                to Leases (Details)                                              
90: R72         Leases Supplemental Balance Sheet Information       HTML     65K 
                Related to Leases (Details)                                      
91: R73         Leases Maturities of Lease Liabilities (Details)    HTML     67K 
92: R74         Leases Prior Year Leases Under ASC 840 (Details)    HTML     27K 
93: R75         Income Taxes (Details)                              HTML    170K 
94: R76         Income Taxes (Details 2)                            HTML     32K 
95: R77         Income Taxes (Details 3)                            HTML     48K 
96: R78         Employee Benefit Plans (Details)                    HTML     34K 
97: R79         Commitments and Contingencies (Details)             HTML     29K 
98: R80         Accumulated Other Comprehensive Loss (Details)      HTML     36K 
99: R81         Segment Information (Details)                       HTML    124K 
100: R82         Segment Information (Details 2)                     HTML     47K  
101: R83         Quarterly Financial Data (Unaudited) (Details)      HTML     86K  
103: XML         IDEA XML File -- Filing Summary                      XML    184K  
18: XML         XBRL Instance -- kar-20201231_htm                    XML   3.42M 
102: EXCEL       IDEA Workbook of Financial Reports                  XLSX    153K  
14: EX-101.CAL  XBRL Calculations -- kar-20201231_cal                XML    311K 
15: EX-101.DEF  XBRL Definitions -- kar-20201231_def                 XML    979K 
16: EX-101.LAB  XBRL Labels -- kar-20201231_lab                      XML   2.53M 
17: EX-101.PRE  XBRL Presentations -- kar-20201231_pre               XML   1.58M 
13: EX-101.SCH  XBRL Schema -- kar-20201231                          XSD    237K 
104: JSON        XBRL Instance as JSON Data -- MetaLinks              550±   806K  
105: ZIP         XBRL Zipped Folder -- 0001395942-21-000006-xbrl      Zip    672K

‘EX-10.37B’ — Exhibit 10.37B – Assignment and Assumption Agreement

This Exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

<! C: C:

Document

Exhibit 10.37b

ASSIGNMENT AND ASSUMPTION AGREEMENT

ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) dated as of June 9, 2020 by and between Periphas Capital GP, LLC, a Delaware limited liability company (the “Assignor”), and Periphas Kanga Holdings, LP, a Delaware limited partnership (the “Assignee”).

WHEREAS, the Assignor is a party to that certain Investment Agreement, dated as of May 26, 2020, by and between KAR Auction Services, Inc., a Delaware corporation (“KAR”), and the Assignor (the “Investment Agreement”);

WHEREAS, capitalized terms used but not defined herein shall have the meanings ascribed to them in the Investment Agreement;

WHEREAS, pursuant to and subject to the terms and conditions of Section 2.01 of the Investment Agreement, the Assignor (i) has the right to, or to cause its designee to, purchase and acquire from the Company, an aggregate of 20,000 shares of Series A Preferred Stock (the “Initial Purchase Right”) and (ii) has the option to, or to cause its designee to, purchase and acquire from the Company, an aggregate of up to such number of shares of Series A Preferred Stock specified in the Exercise Notice, but not more than 30,000 shares of Series A Preferred Stock (the “Supplemental Purchase Right,” and together with Initial Purchase Right, the “Assigned Rights”);

WHEREAS, pursuant to and subject to the conditions of Section 8.03 of the Investment Agreement, Assignor may assign its rights, interests and obligations under the Investment Agreement, in whole or in part, (including, without limitation, solely the right to purchase the Initial Acquired Shares at the Initial Closing or the Supplemental Acquired Shares at the Second Closing, as applicable, in accordance with Section 2.02 of the Investment Agreement), to one or more Permitted Transferees;

WHEREAS, the Assignee is a Permitted Transferee; and

WHEREAS, the Assignor now desires to transfer and assign to the Assignee the Assigned Rights, and the Assignee now desires to accept such transfer and assignment.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereto hereby covenant and agree as follows:

1.Assignment and Assumption. The Assignor hereby transfers and assigns to the Assignee the Assigned Rights and the Assignee hereby accepts the transfer and assignment of the Assigned Rights and the obligations related thereto. The Assignee agrees to be bound by the provisions of the Investment Agreement, including the rights and interests of the Assigned Rights and the obligations related thereto (provided, that such transfer and assignment of the Assigned Rights and assumption of the obligations related thereto do not relieve the Assignor of its obligations under the Investment Agreement prior to the Initial Closing or the Second Closing).

2.Entire Agreement. This agreement represents the entire agreement between the parties hereto relating to the subject matter hereof and supersedes all prior understandings, oral or written, between the Assignor and the Assignee.

3.Further Assurances. Each of the parties hereto shall execute and cause to be delivered to the other party hereto such instruments and other documents, and shall take such other actions, as such other party may reasonably request for the purpose of carrying out or evidencing any of the transactions contemplated by this agreement.

4.Amendments. This agreement may not be amended, modified, altered or supplemented, other than by means of a written instrument duly executed and delivered on behalf of each of the parties hereto.

5.Governing Law and Jurisdiction. Section 8.06 of the Investment Agreement shall also apply to this Agreement, mutatis mutandis, and all rights and obligations arising hereunder.

6.WAIVER OF JURY TRIAL. Section 8.08 of the Investment Agreement shall also apply to this Agreement, mutatis mutandis, and all rights and obligations arising hereunder.

7.No Third Party Beneficiaries. Section 8.05(b) of the Investment Agreement shall also apply to this Agreement, mutatis mutandis, and all rights and obligations arising hereunder. Notwithstanding anything to the contrary herein, the Company shall be a third party beneficiary of this Agreement.

8.Specific Enforcement. Section 8.07 of the Investment Agreement shall also apply to this Agreement, mutatis mutandis, and all rights and obligations arising hereunder.

9.Miscellaneous. This agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. This agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which shall be one and the same document.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the date first above written.


ASSIGNOR:

PERIPHAS CAPITAL GP, LLC

By:			*SKM, LLC*
			its managing member

By:			/s/ *Sanjeev Mehra*
			Name: Sanjeev Mehra
			Title: Investment Manager


ASSIGNEE:

PERIPHAS KANGA HOLDINGS, LP

By:			*PERIPHAS KANGA HOLDINGS GP, LLC*
			its general partner

By:			*SKM, LLC*
			its managing member

By:			/s/ *Sanjeev Mehra*
			Name: Sanjeev Mehra
			Title: Investment Manager

[Signature Page to Assignment and Assumption Agreement]

Dates Referenced Herein and Documents Incorporated by Reference

This ‘10-K’ Filing	Date	Other Filings

Filed on:	2/18/21	S-3ASR
For Period end:	12/31/20
	6/9/20	8-K
	5/26/20	8-K
		List all Filings

16 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/22/24  OPENLANE, Inc.                    S-3ASR      2/22/24    4:426K
 2/21/24  OPENLANE, Inc.                    10-K       12/31/23  112:14M
11/02/23  OPENLANE, Inc.                    10-Q        9/30/23   68:7.4M
 8/03/23  OPENLANE, Inc.                    10-Q        6/30/23   66:7.3M
 5/03/23  OPENLANE, Inc.                    10-Q        3/31/23   60:6.8M
 3/22/23  OPENLANE, Inc.                    10-Q/A      9/30/22   62:7.2M
 3/22/23  OPENLANE, Inc.                    10-Q/A      6/30/22   61:7M
 3/22/23  OPENLANE, Inc.                    10-Q/A      3/31/22   61:6.1M
 3/09/23  OPENLANE, Inc.                    10-K       12/31/22  111:15M
11/02/22  OPENLANE, Inc.                    10-Q        9/30/22   62:9.3M
 8/03/22  OPENLANE, Inc.                    10-Q        6/30/22   58:7.4M
 5/04/22  OPENLANE, Inc.                    10-Q        3/31/22   59:6.4M
 2/23/22  OPENLANE, Inc.                    10-K       12/31/21  110:15M
11/03/21  OPENLANE, Inc.                    10-Q        9/30/21   57:6.9M
 8/04/21  OPENLANE, Inc.                    10-Q        6/30/21   55:6.8M
 5/05/21  OPENLANE, Inc.                    10-Q        3/31/21   57:5.6M

32 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/04/20  OPENLANE, Inc.                    10-Q        9/30/20   68:9.7M
 9/08/20  OPENLANE, Inc.                    8-K:1,8,9   9/02/20   13:1.2M                                   Toppan Merrill/FA
 8/05/20  OPENLANE, Inc.                    10-Q        6/30/20   67:8.8M
 6/29/20  OPENLANE, Inc.                    8-K:1,3,9   6/29/20   13:498K
 6/10/20  OPENLANE, Inc.                    8-K:1,3,5,9 6/09/20   14:1M
 6/01/20  OPENLANE, Inc.                    8-K:1,9     5/29/20   13:468K
 5/27/20  OPENLANE, Inc.                    8-K:1,3,8,9 5/26/20   13:2M                                     Broadridge Fin’l So… Inc
 5/07/20  OPENLANE, Inc.                    10-Q        3/31/20   62:6.7M
 3/13/20  OPENLANE, Inc.                    8-K:5,9     3/09/20   14:503K
 2/19/20  OPENLANE, Inc.                    10-K       12/31/19  108:15M
11/06/19  OPENLANE, Inc.                    10-Q        9/30/19   68:9.1M
 9/20/19  OPENLANE, Inc.                    8-K:1,2,9   9/19/19   11:2.6M                                   Broadridge Fin’l So… Inc
 8/07/19  OPENLANE, Inc.                    10-Q        6/30/19   65:8.7M
 6/28/19  OPENLANE, Inc.                    8-K:1,2,5,8 6/28/19    6:1.3M                                   Broadridge Fin’l So… Inc
 2/21/19  OPENLANE, Inc.                    10-K       12/31/18  104:14M
 2/21/18  OPENLANE, Inc.                    10-K       12/31/17  101:14M
 5/31/17  OPENLANE, Inc.                    8-K:1,2,9   5/31/17    3:2.9M                                   Toppan Merrill/FA
 2/24/17  OPENLANE, Inc.                    10-K       12/31/16  102:19M
 8/03/16  OPENLANE, Inc.                    10-Q        6/30/16   55:7.1M
 3/09/16  OPENLANE, Inc.                    8-K:1,2,9   3/09/16    2:1.8M                                   Toppan Merrill/FA
 2/18/16  OPENLANE, Inc.                    10-K       12/31/15  106:14M
11/04/14  OPENLANE, Inc.                    8-K:5,9    11/04/14    2:279K
 4/29/14  OPENLANE, Inc.                    DEF 14A     6/10/14    1:1.3M                                   Toppan Merrill-FA
 3/12/14  OPENLANE, Inc.                    8-K:1,2,9   3/11/14    3:1.7M                                   Donnelley … Solutions/FA
12/17/13  KAR Auction Services, Inc.        8-K:5,9    12/11/13    6:418K                                   Toppan Merrill/FA
 2/28/12  KAR Auction Services, Inc.        10-K       12/31/11   54:7.9M                                   Toppan Merrill-FA
 8/04/10  KAR Auction Services, Inc.        10-Q        6/30/10    9:1.4M                                   Donnelley … Solutions/FA
12/10/09  KAR Auction Services, Inc.        S-1/A                  6:6.4M                                   Donnelley … Solutions/FA
12/04/09  KAR Auction Services, Inc.        S-1/A                 14:883K                                   Donnelley … Solutions/FA
11/13/08  KAR Auction Services, Inc.        10-Q        9/30/08    7:1.5M                                   Donnelley … Solutions/FA
 9/09/08  KAR Auction Services, Inc.        8-K:1,9     9/04/08   20:3.2M                                   Donnelley … Solutions/FA
 1/25/08  IAA Acquisition Corp.             S-4                  167:19M                                    Donnelley … Solutions/FA

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Filing Submission 0001395942-21-000006 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)