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Exhibit 2.2
FIRST AMENDMENT TO
ASSET PURCHASE AGREEMENT
THIS FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT ("Amendment"),
is
entered into and effective as of June 15, 2005, by and between The
Boeing
Company, a Delaware corporation ("Seller"), and Mid-Western
Aircraft Systems,
Inc., a Delaware corporation ("Buyer"), with respect to the
following facts:
WITNESSETH
A. Seller and Buyer are parties to that certain Asset Purchase
Agreement dated as of February 22, 2005 (the "Asset Purchase
Agreement"). All
capitalized terms used herein shall have the meanings ascribed to
such terms in
the Asset Purchase Agreement, unless otherwise defined herein.
B. Section 11.8 of the Asset Purchase Agreement provides that
the
Asset Purchase Agreement may be amended only by a written
instrument signed by
each of the parties thereto.
C. Pursuant to the terms of Section 11.8 of the Asset Purchase
Agreement, Seller and Buyer now desire to amend the Asset Purchase
Agreement on
the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual representations,
covenants and agreements hereinafter set forth and other good and
valuable
consideration, the receipt and sufficiency of which is
acknowledged, it is
hereby agreed between Buyer and Seller as follows:
1. List of Schedules and Exhibits. The list of Schedules and
Exhibit
is hereby amended by deleting the reference to Schedule 1.1(a)(xvi)
- Included
Spares Inventory.
2. Section 1.1(a)(ii). Section 1.1(a)(ii) is hereby deleted in
its
entirety and is replaced with the following:
"The entire inventory of the Business, including, but not
limited
to, all materials and supplies, all work in process and all
finished
products primarily related to the Business, but excluding any
inventory that has been delivered FOB the Facilities or is in
transit
to another business unit of Seller on or prior to the Closing
Date
that is not part of the Business and excluding Spares Inventory
(the
"Inventory");"
3. Section
1.1(a)(xvi). Section 1.1(a)(xvi) is hereby deleted in its
entirety.
4. Section 1.1(b)(xix). The parenthetical in Section 1.1(b)(xix)
is
hereby deleted.
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5. New Section 1.1(b)(xxix). A new Section 1.1(b)(xxix) of the
Asset
Purchase Agreement will be added to read as follows:
"1.1(b)(xxix) The Spares Inventory."
6. Amendment to Section 1.3(c). The second sentence of Section
1.3(c)
is hereby deleted in its entirety to delete the reference to Spares
Inventory
and is replaced with the following:
"The Tentative Purchase Price shall be the sum of (x) the book
value of the Assets as reflected on the Audited Interim
Financial
Statements (reduced by the amount of capitalized interest
reflected
therein) plus (y) One Hundred Ninety-Two Million Four Hundred
Thousand
($192,400,000), as adjusted as follows:"
7. Amendment to Section 3.3(a). The first sentence of Section
3.3(a)
of the Asset Purchase Agreement is hereby amended and restated in
its entirety
as follows:
"(a) Schedule 3.3(a) sets forth (i) an unaudited statement of
assets to be acquired and liabilities to be assumed of the Business
as
of December 31, 2001, 2002, 2003 and 2004, and the related
statement
of products shipped and operating expenses of the Business for
the
fiscal years then ended (the "Unaudited Annual Financial
Statements")
and (ii) an unaudited statement of assets to be acquired and
liabilities to be assumed of the Business as of the Interim Date
and
related statement of products shipped and operating expenses of
the
Business for the nine (9) month period then ended (the
"Unaudited
Interim Financial Statements" and, collectively, with the
Unaudited
Annual Financial Statements, the "Unaudited Financial
Statements")."
8. Amendment to Section 3.24. The second sentence of Section 3.24
is
hereby deleted in its entirety to delete the reference to Spares
Inventory and
is replaced with the following:
"All Inventory is in the possession or control of Seller at the
locations listed under paragraph (a) of Schedule 3.24 except for
items
that are in the possession or control of suppliers set forth on
Schedule 3.23(c)."
9. Section 5.11. The third and fourth sentences of Section 5.11
are
hereby deleted in their entirety.
10. Amendment to Section 6.2 (f). The first two paragraphs of
Section
6.2(f) of the Asset Purchase Agreement are hereby amended and
restated in their
entirety as follows:
"(f) Pension Benefits. Effective immediately following the
Closing Date, Buyer shall establish or maintain (i) a defined
benefit
pension plan ("Buyer's Union Pension Plan I") for the benefit of
Hired
Employees who are covered by the collective bargaining
agreements
listed
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in Schedule 6.2(f) (other than those employees represented by
the
International Association of Machinists and Aerospace Workers)
as
participating groups in The Boeing Company Employee Retirement