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Title: |
Asset Purchase Agreement |
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Date: |
2004 |
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Preview shows 26KB of 229KB total |
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$94 |
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ID: |
#1118701 |
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<TEXT>
<PAGE>
------------------------------------------------------
ASSET PURCHASE AGREEMENT
BY AND AMONG
INSTALLSHIELD SOFTWARE CORPORATION
("SELLER")
AND
MACROVISION CORPORATION ("PARENT"), MACROVISION EUROPE LIMITED AND
MACROVISION INTERNATIONAL HOLDINGS LP
(COLLECTIVELY WITH PARENT, "PURCHASER")
------------------------------------------------------
JUNE 16, 2004
------------------------------------------------------
<PAGE>
TABLE OF CONTENTS
1. SALE AND PURCHASE OF PURCHASED ASSETS......................................1
1.1 ASSETS TO BE PURCHASED AND SOLD..............................1
1.2 EXCLUDED ASSETS..............................................3
1.3 LIABILITIES..................................................4
1.4 CLOSING AND CLOSING DATE.....................................7
1.5 ACTIONS AT THE CLOSING.......................................7
1.6 POST-CLOSING ACTIONS.........................................8
2. PURCHASE PRICE; TERMS OF PAYMENT...........................................8
2.1 PURCHASE PRICE...............................................8
2.2 ALLOCATION OF PURCHASE PRICE................................13
3. REPRESENTATIONS AND WARRANTIES OF SELLER..................................13
3.1 CORPORATE...................................................13
3.2 TITLE TO PURCHASED ASSETS...................................15
3.3 CONTRACTS AND COMMITMENTS...................................16
3.4 DUE AUTHORITY; VALID AND BINDING AGREEMENTS.................18
3.5 NO CONFLICTS OR VIOLATIONS..................................18
3.6 NO VIOLATION OF LAW.........................................19
3.7 NO LITIGATION, ETC..........................................19
3.8 NO BROKERS OR FINDERS.......................................19
3.9 ASSIGNABILITY OF CONTRACTS..................................19
3.10 ENVIRONMENT, HEALTH, AND SAFETY.............................20
3.11 TAXES.......................................................20
<PAGE>
3.12 INTELLECTUAL PROPERTY ASSETS................................21
3.13 EMPLOYEES...................................................23
3.14 EMPLOYEE AND LABOR MATTERS..................................24
3.15 CUSTOMERS AND SUPPLIERS.....................................28
3.16 OUTSTANDING EQUITY & ECONOMIC INTERESTS.....................29
3.17 FINANCIAL STATEMENTS........................................29
3.18 UK SUBSIDIARY ACCOUNTS......................................29
3.19 PRODUCT WARRANTY AND PRODUCT LIABILITY......................30
3.20 INSURANCE...................................................30
3.21 ABSENCE OF CERTAIN CHANGES..................................31
3.22 ABSENCE OF UNDISCLOSED LIABILITIES..........................32
3.23 AFFILIATES' RELATIONSHIPS TO SELLER.........................33
3.24 DISCLOSURE..................................................33
3.25 MICROSOFT...................................................33
3.26 UK SUBSIDIARY CAPITALIZATION................................33
4. REPRESENTATIONS AND WARRANTIES OF PURCHASER...............................33
4.1 CORPORATE...................................................34
4.2 DUE AUTHORITY...............................................34
4.3 NO CONFLICTS OR VIOLATIONS..................................34
4.4 NO BROKERS OR FINDERS.......................................34
4.5 FINANCIAL CAPACITY..........................................35
5. FURTHER AGREEMENTS & COVENANTS............................................35
5.1 ESCROW AGREEMENT............................................35
5.2 ANNOUNCEMENTS...............................................35
5.3 CONFIDENTIAL INFORMATION....................................35
ii
<PAGE>
5.4 USE OF SELLER'S NAME........................................35
5.5 PERMITS.....................................................36
5.6 TAXES.......................................................36
5.7 MATERIAL AGREEMENTS.........................................36
5.8 CONDUCT OF BUSINESS.........................................36
5.9 EXCLUSIVE DEALING...........................................36
5.10 ACCESS TO INFORMATION.......................................37
5.11 EMPLOYEE MATTERS............................................37
5.12 SELLER'S FINANCIAL OBLIGATIONS..............................39
5.13 ASSIGNMENT OF CONTRACTS.....................................39
5.14 NOTICE OF DEVELOPMENTS......................................39
5.15 HART-SCOTT-RODINO FILINGS...................................39
5.16 NON-COMPETITION.............................................39
5.17 ACCOUNTS RECEIVABLE.........................................41
5.18 USE OF PROCEEDS.............................................41
5.19 UPDATING SCHEDULES..........................................41
5.20 WISE SOLUTIONS, INC.........................................41
5.21 HUISH MATTER................................................42
5.22 HELLE MATTER................................................42
5.23 UK SUBSIDIARY TAX REFUND....................................42
5.24 UK SUBSIDIARY NET ASSET ADJUSTMENT..........................43
6. CONDITIONS TO PURCHASER'S OBLIGATION TO CLOSE.............................44
6.1 WARRANTIES TRUE AS OF BOTH PRESENT DATE AND CLOSING DATE....44
6.2 COMPLIANCE WITH COVENANTS...................................44
6.3 NO MATERIAL ADVERSE CHANGE..................................44
iii
<PAGE>
6.4 THIRD PARTY CONSENTS, ASSIGNMENTS AND NOTICES...............44
6.5 KEY EMPLOYEES...............................................45
6.6 EMPLOYEES...................................................45
6.7 FOUNDERS' CERTIFICATE.......................................45
6.8 FOUNDER'S NON-COMPETITION AGREEMENT.........................45
6.9 APPROVALS...................................................45
6.10 RELEASE OF CLAIMS...........................................45
6.11 SELLER DOCUMENTS............................................45
6.12 HSR WAITING PERIOD..........................................45
6.13 CHANGES TO DISCLOSURE SCHEDULES.............................45
6.14 NO LITIGATION, ETC..........................................45
6.15 INTERIM FINANCIAL REPORTS...................................46
6.16 STOCK TRANSFER FORM.........................................46
7. CONDITIONS TO SELLER'S OBLIGATION TO CLOSE................................46
7.1 WARRANTIES TRUE AS OF BOTH PRESENT DATE AND CLOSING DATE....46
7.2 COMPLIANCE WITH COVENANTS...................................46
7.3 PURCHASE PRICE..............................................46
7.4 NO MATERIAL ADVERSE CHANGE..................................46
7.5 KEY EMPLOYEES...............................................46
7.6 EMPLOYEES...................................................46
7.7 APPROVALS...................................................47
7.8 PURCHASER DOCUMENTS.........................................47
7.9 HSR WAITING PERIOD..........................................47
7.10 NO LITIGATION, ETC..........................................47
iv
<PAGE>
8. TERMINATION...............................................................47
8.1 TERMINATION OF AGREEMENT....................................47
8.2 EFFECT OF TERMINATION.......................................48
9. COVENANTS FOLLOWING CLOSING...............................................48
9.1 SELLER'S EMPLOYEES..........................................48
9.2 POST-CLOSING COOPERATION....................................48
9.3 POST-CLOSING ACCESS TO INFORMATION AND PERSONNEL............48
9.4 UK TAX RETURNS..............................................49
10. SURVIVAL OF REPRESENTATIONS AND WARRANTIES...............................49
10.1 SURVIVAL....................................................49
11. INDEMNIFICATION..........................................................49
11.1 INDEMNIFICATION.............................................49
11.2 LIMITATIONS ON INDEMNIFICATION..............................50
11.3 MATTERS INVOLVING THIRD PARTIES.............................51
11.4 PROCEDURE FOR INDEMNIFICATION...............................52
11.5 NON-THIRD PARTY CLAIMS......................................52
11.6 EXCLUSIVE REMEDY............................................52
11.7 NO WAIVER...................................................53
11.8 NO MULTIPLE RECOVERIES......................................53
11.9 INDEMNIFICATION REPRESENTATIVE..............................53
12. MISCELLANEOUS............................................................53
12.1 FEES AND EXPENSES...........................................53
12.2 ENTIRE AGREEMENT; THIRD PARTY BENEFICIARIES.................53
12.3 AMENDMENTS AND MODIFICATIONS................................53
v
<PAGE>
12.4 NOTICES.....................................................53
12.5 ASSIGNMENT..................................................54
12.6 DISCLOSURE SCHEDULES AND EXHIBITS...........................54
12.7 GOVERNING LAW...............................................55
12.8 CAPTIONS....................................................55
12.9 ATTORNEYS' FEES.............................................55
12.10 NO WAIVER...................................................55
12.11 COUNTERPARTS................................................55
12.12 ARBITRATION.................................................55
12.13 FURTHER ASSURANCE...........................................57
12.14 SEVERABILITY................................................57
12.15 FORCE MAJEURE...............................................58
vi
<PAGE>
INDEX
-----
A Liability.........................................................4
Accountant.........................................................10
Accounts...........................................................30
Additional Contingent Payment......................................11
Additional Contingent Payment Date.................................11
Additional Contingent Payment Representative.......................12
Adjustment Schedule.................................................9
Adverse Consequences...............................................50
Affiliate...........................................................6
Agreement...........................................................1
Arbitrator Decision................................................57
Assigned Contracts..................................................2
Assignment and Assumption Agreement.................................8
Assumed Liabilities.................................................5
B Liability.........................................................5
Bankruptcy Event...................................................42
Benefits...........................................................23
Bill of Sale........................................................7
Business............................................................1
Change in Control Transaction......................................12
Claims.............................................................56
Closing.............................................................7
Closing Date........................................................7
COBRA..............................................................38
Code...............................................................13
Compete............................................................40
Competitor.........................................................40
Confidential Information...........................................36
Customers..........................................................29
Direct Claim.......................................................53
Disclosure Schedules...............................................13
Employment Regulations.............................................28
Environmental Laws.................................................20
ERISA..............................................................25
Escrow Agent........................................................8
Escrow Agreement....................................................8
Excluded Assets.....................................................3
Excluded Liabilities................................................6
Executive Team.....................................................16
Financial Statements...............................................30
Flex Plan..........................................................39
Force Majeure......................................................58
GAAP................................................................3
Geographical Area..................................................41
Government Entities.................................................6
vii
<PAGE>
Hazardous Substances...............................................20
Helle Matter.......................................................43
HSR Act............................................................19
Huish Matter.......................................................42
Indemnification Escrow Amount.......................................9
Indemnification Representative.....................................53
Indemnified Party..................................................52
Indemnifying Party.................................................52
Initial Purchase Price..............................................8
Intellectual Property Assets........................................2
Intellectual Property Liabilities...................................5
IRS................................................................26
JAMS...............................................................57
Key Employee Offer Letter..........................................38
Key Employees......................................................38
Knowledge..........................................................16
Laws................................................................6
Liability...........................................................4
Liens..............................................................16
Material Adverse Effect............................................14
May 2004 Financial Statements......................................30
Orders..............................................................6
Parent..............................................................1
Permitted Liens....................................................16
Pre-Closing Adjustments.............................................9
Pre-Closing Period.................................................36
Premises...........................................................20
Products...........................................................30
Purchase Price......................................................8
Purchased Assets....................................................1
Purchaser...........................................................1
Records............................................................35
Relief..............................................................4
Representation Termination Date....................................50
Seller..............................................................1
Seller 401(k) Plan.................................................26
Seller Arbitration Service.........................................57
Seller Benefit Plans...............................................25
Seller's Adjustment Notice..........................................9
Suppliers..........................................................29
Taxes..............................................................21
Third Party Claim..................................................52
UK Business........................................................27
UK Employees.......................................................27
UK Subsidiary.......................................................3
UK Subsidiary's Scheme.............................................29
viii
<PAGE>
UK Tax Liability....................................................4
Update Period......................................................42
Year- End Bonus Adjustment..........................................9
Year-End Bonus Adjustment Modifications.............................9
ix
<PAGE>
ASSET PURCHASE AGREEMENT
This Asset Purchase Agreement (the "AGREEMENT") is made as of
June 16, 2004, by and among InstallShield Software Corporation, a Delaware
corporation ("SELLER"), Macrovision Corporation, a Delaware corporation (the
"PARENT"), Macrovision Europe Limited, a company organized under the laws of
England and Wales, and Macrovision International Holdings LP, a limited
partnership organized under the laws of the Cayman Islands (collectively with
Parent, the "PURCHASER").
RECITALS
A. Seller and the UK Subsidiary are engaged in the business
of developing, marketing, licensing and selling software and services related to
the set-up, installation, re-packaging and updating of software applications
(the "BUSINESS").
B. Seller desires to sell to Purchaser, and Purchaser
desires to purchase from Seller, substantially all of the assets used in the
operation of the Business on the terms set forth in this Agreement.
NOW, THEREFORE, in consideration of the foregoing and the
respective agreements, representations, warranties, covenants and conditions
contained in this Agreement, and intending to be legally bound hereby, the
parties agree as follows:
1. SALE AND PURCHASE OF PURCHASED ASSETS
1.1 ASSETS TO BE PURCHASED AND SOLD. Subject to the terms
and conditions of this Agreement, at the Closing Seller agrees to sell, assign,
grant, transfer and deliver (or cause to be sold, assigned, granted, transferred
and delivered) to Purchaser, free and clear of all liens, claims, interests and
encumbrances (other than Permitted Liens), and Purchaser agrees to purchase from
Seller, all of Seller's rights, title and interest in and to substantially all
of Seller's assets other than the Excluded Assets (collectively, the "PURCHASED
ASSETS"), and Seller shall deliver good, clear and marketable (subject to any
contract assignment limitations) title to each and every Purchased Asset,
together with such bills of sale, assignments and other instruments of
conveyance as may be reasonably requested by Purchaser to permit such delivery.
Without limiting the foregoing, the Purchased Assets shall include the following
assets:
(a) All personal property and fixed assets listed on
SCHEDULE 1.1(A);
(b) All intellectual property rights associated with
the conduct of the Business listed on SCHEDULE 1.1(B), whether held by Seller as
owner or as licensee, including, without limitation, copyrights, trademarks,
patents, service marks, letters patent, licenses and any applications or
registrations thereof, income or royalties therefrom and infringement claims
related thereto, trade names, trade styles, trade secrets, know-how, processes,
formulae, computer source codes, programs and other software of Seller,
including all machine-readable code, printed listings of code, documentation and
related property and information of Seller, business and marketing plans,
worldwide marketing rights, all slogans used by Seller in the conduct of the
Business and all rights and licenses thereto and applications and registrations
<PAGE>
therefor, including, but not limited to, the right to use Internet domain names
used, owned or licensed by Seller (the "INTELLECTUAL PROPERTY ASSETS");
(c) All of Seller's rights in and to the contracts,
agreements, leases and other arrangements relating to the Business, Purchased
Assets and the Intellectual Property Assets (the "ASSIGNED CONTRACTS"),
including, but not limited to, those contracts, agreements, leases and other
arrangements listed on SCHEDULE 1.1(C), but excluding the contracts, agreements,
leases and other arrangements set out in SCHEDULE 1.2. To the extent that any
contract for which assignment to Purchaser is provided herein is not assignable
without the consent of another party, this Agreement shall not constitute an
assignment or an attempted assignment thereof if such assignment or attempted
assignment would constitute a breach thereof. Seller and Purchaser agree to use
their commercially reasonable efforts (without any requirement on the part of
Purchaser to pay any money or agree to any material change in the terms of any
such Assigned Contract) to obtain the consent of such other party to the
assignment of any such contract to Purchaser in all cases in which such consent
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