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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2003 |
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Preview shows 12KB of 131KB total |
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$46 |
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ID: |
#1089070 |
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3 file002.txt FORM OF ASSET PURCHASE AGREEMENT
ASSET PURCHASE AGREEMENT
BETWEEN
GEVITY HR, INC.
AND
TEAMSTAFF, INC.
November 14, 2003
TABLE OF CONTENTS
1.0 DEFINITIONS..............................................................................................1
2.0 BASIC TRANSACTION........................................................................................1
2.01 Purchase and Sale of Assets...........................................................................1
2.02 Assumption of Assumed Liabilities.....................................................................1
2.03 Purchase Price and Payment............................................................................1
2.04 The Closing...........................................................................................2
2.05 Deliveries at the Closing.............................................................................2
2.06 Allocation............................................................................................4
2.07 Apportionments........................................................................................4
2.08 Designated Employees..................................................................................4
2.09 Sublease and Lease Assignments........................................................................5
2.10 Marketing and Referral Agreements.....................................................................5
3.0 REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SUBSIDIARIES........................................5
3.01 Organization and Capitalization of the Seller and the Subsidiaries....................................6
3.02 Authorization of Transaction..........................................................................6
3.03 Non-contravention.....................................................................................6
3.04 Brokers' Fees.........................................................................................7
3.05 Title to Assets.......................................................................................7
3.06 RESERVED..............................................................................................7
3.07 Financial Statements..................................................................................7
3.08 Events Subsequent to the Balance Sheet Date...........................................................7
3.09 Undisclosed Liabilities...............................................................................7
3.10 Legal Compliance......................................................................................7
3.11 Tax Matters...........................................................................................8
3.12 Powers of Attorney....................................................................................8
3.13 Insurance Contracts...................................................................................8
3.14 Litigation............................................................................................9
3.15 Client Service Agreements.............................................................................9
3.16 Worksite Employees; Designated Employees..............................................................9
3.17 Assumed Employee Plans...............................................................................10
3.18 Environment, Health, and Safety......................................................................12
3.19 Disclosure...........................................................................................13
4.0 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.........................................................13
4.01 Organization of the Purchaser........................................................................13
4.02 Authorization of Transaction.........................................................................13
4.03 Non-contravention....................................................................................13
4.04 Brokers' Fees........................................................................................14
5.0 COVENANTS OF SELLER PRIOR TO CLOSING....................................................................14
5.01 Access and Investigation.............................................................................14
5.02 Operation of the Business of the Seller..............................................................14
5.03 Required Approvals...................................................................................15
5.04 Notification.........................................................................................15
5.05 No Negotiation.......................................................................................15
6.0 COVENANTS OF THE PURCHASER PRIOR TO CLOSING.............................................................15
7.0 CONDITIONS PRECEDENT TO THE PURCHASER'S OBLIGATIONS TO CLOSE............................................15
7.01 Accuracy of Representations..........................................................................16
7.02 Performance by Seller and Subsidiaries...............................................................16
7.03 No Proceedings.......................................................................................16
7.04 No Material Adverse Effect...........................................................................16
-i-
8.0 CONDITIONS PRECEDENT TO THE OBLIGATION OF SELLER AND SUBSIDIARIES TO CLOSE..............................16
8.01 Accuracy of Representations..........................................................................16
8.02 Purchaser's Performance..............................................................................16
9.0 TERMINATION OF AGREEMENT................................................................................16
10.0 POST-CLOSING COVENANTS..................................................................................17
10.01 General..............................................................................................17
10.02 Litigation Support...................................................................................18
10.03 Transition...........................................................................................18
10.04 Confidentiality......................................................................................18
10.05 Covenant Not to Compete..............................................................................18
10.06 Tax Matters..........................................................................................19
11.0 REMEDIES FOR BREACHES OF THIS AGREEMENT.................................................................19
11.01 Survival of Representations, Warranties, Covenants and Agreements....................................19
11.02 Indemnification Provisions for Benefit of the Purchaser..............................................20
11.03 Indemnification Provisions for Benefit of the Seller.................................................21
11.04 Matters Involving Third Parties......................................................................22
11.05 Other Indemnification Provisions.....................................................................23
12.0 MISCELLANEOUS...........................................................................................23
12.01 Employee Matters.....................................................................................23
12.02 Press Releases and Public Announcements..............................................................23
12.03 No Third Party Beneficiaries.........................................................................23
12.04 Entire Agreement.....................................................................................23
12.05 Succession and Assignment............................................................................24
12.06 Counterparts.........................................................................................24
12.07 Headings.............................................................................................24
12.08 Notices..............................................................................................24
12.09 Governing Law........................................................................................25
12.10 Amendments and Waivers...............................................................................25
12.11 Severability.........................................................................................25
12.12 Expenses.............................................................................................25
12.13 Construction.........................................................................................25
12.14 Incorporation of Exhibits and Schedules..............................................................26
12.15 Specific Performance.................................................................................26
LIST OF EXHIBITS AND SCHEDULES
Exhibit A - List of Subsidiaries
Exhibit B - Matters to be Covered by Opinion of Seller's Counsel
Exhibit C - Matters to be Covered by Opinion of Purchaser's Counsel
Exhibit D - Form of Transition Services Agreement
Exhibit E - Form of Escrow Agreement
Exhibit F - Apportionment Schedule
Disclosure Schedule
Initial Schedule of Transferred Clients, List of Clients, Annual
Administrative Fee, Number of Worksite Employees and Other Information
Schedule of Additional Liabilities Not Assumed
ASSET PURCHASE AGREEMENT
This Asset Purchase Agreement (this "Agreement") is made and entered
into as of November 14, 2003, by and among Gevity HR, Inc., a Florida
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