Exhibit 10.1
COOPERATION AGREEMENT
This Cooperation Agreement (this “Agreement”), dated as of March 31, 2023 (the “Effective Date”), is made by and among Ampco-Pittsburgh Corporation, a Pennsylvania corporation (the “Corporation”), and the entities and natural persons set forth under the “Ancora Parties” caption in the signature pages hereto and their Affiliates or Associates (as such terms are defined below) (collectively, the “Ancora Parties” and individually a “Member” of the Ancora Parties) (the Corporation and the Ancora Parties together, collectively, the “Parties”).
WHEREAS, the Ancora Parties beneficially own an aggregate of 1,068,531 shares of common stock, par value $1.00 (the “Common Stock”), of the Corporation and no Series A Warrants to purchase shares of Common Stock of the Corporation (the “Warrants”, and together with the Common Stock, the “Securities”) issued and outstanding on the date hereof;
WHEREAS, the Corporation and the Ancora Parties are party to that certain Cooperation Agreement dated February 10, 2022 (the “Prior Agreement”), pursuant to which the Corporation caused Fredrick D. DiSanto and Darrell L. McNair to be appointed to the Board of Directors of the Corporation (the “Corporation Board” or the “Board”);
WHEREAS, the Prior Agreement has terminated pursuant to its terms and the term of Mr. DiSanto and Mr. McNair as members of the Corporation Board shall expire at the 2023 annual meeting of shareholders of the Corporation (the “2023 Annual Meeting”);
WHEREAS, the Ancora Parties and the Corporation have discussed nominating Mr. DiSanto and Mr. McNair for election at the 2023 Annual Meeting class of directors having a term expiring at the 2026 Annual Meeting of the Corporation’s shareholders (the “2026 Annual Meeting”), subject to the terms of this Agreement; and
WHEREAS, the Parties have determined that it is in their respective best interests to come to an agreement with respect to the composition of the Board and certain other matters, as provided in this Agreement.
NOW, THEREFORE, in consideration of and reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows:
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of Common Stock pursuant to which, upon being offered an opportunity to purchase additional shares of Common Stock or other securities convertible into shares of Common Stock, the Ancora Parties do not purchase such securities. The Ancora Parties shall be obligated to promptly, but in no event, more than two (2) business days after crossing the Four Percent Threshold, inform in writing the Corporation’s Chief Executive Officer if the Ancora Parties’ Beneficial Ownership of Common Stock is less than Four Percent Threshold; and
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obtain confidential information of the Corporation and/or its subsidiaries from any Ancora Appointee, (iii) as soon as reasonably possible, send to the Chairperson of the Board and the Chief Executive Officer any written information or materials or a summary of any information received verbally related to the Corporation and/or its subsidiaries or their respective businesses received from third parties, and (iv) refer third party inquiries related to Corporation and/or its subsidiaries or their respective businesses, to the Chief Executive Officer or his or her designee.
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The foregoing provisions of this Section 2(a) shall not be deemed to prevent any Member of the Ancora Parties from (i) communicating privately with the Board or any of the Corporation’s executive officers regarding any matter, so long as such communications are not intended to, and would not reasonably be expected to, require the Corporation or any Member of the Ancora Parties to make public disclosure with respect thereto, (ii) communicating privately with shareholders of the Corporation and others in a manner that does not otherwise violate this Section 2(a), Section 3 hereof or any other provision of this Agreement or (iii) taking any action to the extent necessary to comply with any law, rule or regulation or any action required by any governmental or regulatory authority or stock exchange that has, or may have, jurisdiction over any Member of the Ancora Parties. Furthermore, for the avoidance of doubt, nothing in this Agreement shall be deemed to restrict in any way any Ancora Appointee in the exercise of his fiduciary duties under applicable law as a director of the Corporation.
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If to the Corporation:
Ampco-Pittsburgh Corporation
726 Bell Avenue, Suite 301
Carnegie, Pennsylvania 15106
Attention: Kimberly Knox
Corporate Corporate Secretary
Email: kknox@ampcopgh.com
with a copy, which will not constitute notice, to:
Cozen O’Connor
One Oxford Centre
301 Grant Street, 41st Floor
Pittsburgh, PA 15219
Attention: | Jeremiah G. Garvey |
| Seth Popick |
Email: | jgarvey@cozen.com |
| spopick@cozen.com |
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If to the Ancora Parties:
Ancora Holdings Inc.
6060 Parkland Boulevard, Suite 200
Cleveland, Ohio 44124
Attention: Jim Chadwick
Email: jchadwick@ancora.net
with a copy, which will not constitute notice, to:
Wilson Sonsini Goodrich & Rosati
1301 Avenue of the Americas
New York, New York 10019
Attention: | Sebastian Alsheimer |
| Douglas K. Schnell |
Email: | salsheimer@wsgr.com |
| dschell@wsgr.com |
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IN WITNESS WHEREOF, the Parties hereto have each executed this Agreement on the date first set forth above.
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| THE CORPORATION:
AMPCO-PITTSBURGH CORPORATION | ||||||||||
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| By: | /s/ J. Brett McBrayer | |||||||||
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| Name: | J. Brett McBrayer | ||||||||
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| Title: | Chief Executive Officer |
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| THE ANCORA PARTIES: | ||||||||||||||||||||||||||||||||||
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| ANCORA MERLIN, LP | ||||||||||||||||||||||||||||||||||
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| ANCORA MERLIN INSTITUTIONAL, LP | ||||||||||||||||||||||||||||||||||
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| ANCORA CATALYST, LP | ||||||||||||||||||||||||||||||||||
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| ANCORA CATALYST INSTITUTIONAL, LP | ||||||||||||||||||||||||||||||||||
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| By: | Ancora Alternatives LLC, | ||||||||||||||||||||||||||||||||||
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| By: | Ancora Holdings Group, LLC, | ||||||||||||||||||||||||||||||||||
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| By: | /s/ Fredrick DiSanto | ||||||||||||||||||||||||||||||||||
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| Name: | Fredrick DiSanto | |||||||||||||||||||||||||||||||||
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| Title: | Chairman and Chief Executive Officer | |||||||||||||||||||||||||||||||||
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| ANCORA ALTERNATIVES LLC | ||||||||||||||||||||||||||||||||||
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| By: | Ancora Holdings Group, LLC, | ||||||||||||||||||||||||||||||||||
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| By: | /s/ Fredrick DiSanto | ||||||||||||||||||||||||||||||||||
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| Name: | Fredrick DiSanto | |||||||||||||||||||||||||||||||||
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| Title: | Chairman and Chief Executive Officer | |||||||||||||||||||||||||||||||||
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| ANCORA HOLDINGS GROUP, LLC | ||||||||||||||||||||||||||||||||||
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| By: | /s/ Fredrick DiSanto | ||||||||||||||||||||||||||||||||||
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| Name: | Fredrick DiSanto | |||||||||||||||||||||||||||||||||
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| Title: | Chairman and Chief Executive Officer | |||||||||||||||||||||||||||||||||
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| /s/ Fredrick DiSanto | |||||||||||||||||||||||||||||||||||
| FREDRICK DISANTO |
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