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Title: |
Asset Purchase Agreement |
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2003 |
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$70 |
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document, which information has been separately filed with the Commission and
the appropriate Section marked with a [*].]
ASSET PURCHASE AGREEMENT
BY AND BETWEEN
MIDBAR TECH (1998) LTD.
AND
MACROVISION EUROPE LTD.
NOVEMBER 4, 2002
<PAGE>
CONFIDENTIAL
ASSET PURCHASE AGREEMENT
TABLE OF CONTENTS
Page
----
1 PURCHASE AND SALE OF ASSETS...............................................1
1.1 ASSETS TO BE TRANSFERRED............................................1
1.2 EXCLUDED ASSETS.....................................................3
2 ASSUMPTION OF LIABILITIES.................................................4
2.1 LIABILITIES TO BE ASSUMED...........................................4
2.2 LIABILITIES NOT TO BE ASSUMED.......................................5
3 PURCHASE PRICE - PAYMENT..................................................6
3.1 PURCHASE PRICE......................................................6
3.2 PAYMENT OF PURCHASE PRICE...........................................7
3.3 SALE OF THE AUDIO BUSINESS..........................................8
4 REPRESENTATIONS AND WARRANTIES OF SELLER..................................9
4.1 CORPORATE...........................................................10
4.2 AUTHORITY...........................................................10
4.3 NO VIOLATION........................................................10
4.4 FINANCIAL STATEMENTS................................................11
4.5 TAX MATTERS.........................................................11
4.6 ABSENCE OF CERTAIN CHANGES..........................................13
4.7 ABSENCE OF UNDISCLOSED LIABILITIES..................................14
4.8 NO LITIGATION.......................................................14
4.9 COMPLIANCE WITH LAWS AND ORDERS.....................................14
4.10 TITLE TO AND CONDITION OF PROPERTIES................................15
4.11 INSURANCE...........................................................16
4.13 LABOR MATTERS.......................................................18
4.14 EMPLOYEE BENEFIT AND STOCK OPTION PLANS.............................19
4.15 EMPLOYMENT COMPENSATION.............................................19
4.16 TRADE RIGHTS........................................................20
4.17 MAJOR CUSTOMERS AND SUPPLIERS.......................................21
4.18 PRODUCT WARRANTY AND PRODUCT LIABILITY..............................22
4.19 AFFILIATES' RELATIONSHIPS TO SELLER.................................22
4.20 SHAREHOLDER LIST....................................................22
4.21 ASSETS NECESSARY TO BUSINESS........................................22
4.22 NO BROKERS OR FINDERS...............................................23
4.23 DISCLOSURE..........................................................23
i
<PAGE>
5 REPRESENTATIONS AND WARRANTIES OF BUYER...................................23
5.1 CORPORATE..........................................................23
5.2 AUTHORITY..........................................................23
5.3 NO BROKERS OR FINDERS..............................................24
5.4 LITIGATION.........................................................24
5.5 DISCLOSURE.........................................................24
6 OTHER MATTERS.............................................................24
6.1 ESCROW AGREEMENT...................................................24
6.2 CONFIDENTIAL INFORMATION...........................................24
6.3 USE OF SELLER'S NAME...............................................25
6.4 SALES TAX MATTERS..................................................25
6.5 NON-COMPETITION....................................................25
6.6 ...................................................................25
COVENANTS OF BUYER........................................................25
7 FURTHER COVENANTS OF SELLER...............................................26
7.1 ACCESS TO INFORMATION AND RECORDS..................................26
7.2 CONDUCT OF BUSINESS PENDING THE CLOSING............................26
7.3 CHANGE OF CORPORATE NAME...........................................27
7.4 EMPLOYEES..........................................................27
7.5 CONSENTS...........................................................28
7.7 OTHER ACTION.......................................................29
7.8 DISCLOSURE.........................................................29
7.9 USE OF PROCEEDS....................................................29
8 CONDITIONS PRECEDENT TO BUYER'S OBLIGATIONS...............................29
8.1 REPRESENTATIONS AND WARRANTIES TRUE ON THE CLOSING DATE............29
8.2 COMPLIANCE WITH AGREEMENT..........................................30
8.3 ABSENCE OF LITIGATION..............................................30
8.4 CONSENTS AND APPROVALS.............................................30
9 CONDITIONS PRECEDENT TO SELLER'S OBLIGATIONS..............................31
9.1 REPRESENTATIONS AND WARRANTIES TRUE ON THE CLOSING DATE............31
9.2 COMPLIANCE WITH AGREEMENT..........................................31
9.3 ABSENCE OF LITIGATION..............................................31
9.4 TAX RULING
10 INDEMNIFICATION...........................................................31
10.1 BY SELLER..........................................................31
10.2 BY BUYER...........................................................32
10.3 INDEMNIFICATION OF THIRD-PARTY CLAIMS..............................32
10.4 INDEMNIFICATION FOR REIMBURSEMENT THAT DOES NOT INVOLVE A
THIRD PARTY CLAIM..................................................33
10.5 PROCEDURE FOR INDEMNIFICATION......................................34
10.6 NO WAIVER..........................................................34
ii
<PAGE>
11 CLOSING...................................................................34
11.1 ITEMS TO BE DELIVERED BY SELLER....................................34
11.2 ITEMS TO BE DELIVERED BY BUYER.....................................36
12 TERMINATION...............................................................38
12.1 RIGHT OF TERMINATION WITHOUT BREACH................................38
12.2 TERMINATION FOR BREACH.............................................38
13 MISCELLANEOUS.............................................................39
13.1 DISCLOSURE SCHEDULE................................................39
13.2 FURTHER ASSURANCE..................................................39
13.3 DISCLOSURES AND ANNOUNCEMENTS......................................39
13.4 ASSIGNMENT; PARTIES IN INTEREST....................................39
13.5 EQUITABLE RELIEF...................................................40
13.6 LAW GOVERNING AGREEMENT............................................40
13.7 AMENDMENT AND MODIFICATION.........................................40
13.8 NOTICE.............................................................40
13.9 EXPENSES...........................................................41
13.10 SEVERABILITY.......................................................42
13.11 FORCE MAJEURE......................................................42
13.12 ENTIRE AGREEMENT...................................................42
13.13 COUNTERPARTS.......................................................43
13.14 HEADINGS...........................................................43
13.15 GLOSSARY OF TERMS..................................................43
iii
<PAGE>
DISCLOSURE SCHEDULE
Schedule 1.1(a) - Leased Real Property
Schedule 1.1(b) - Personal Property
Schedule 1.1(d) - Personal Property Leases
Schedule 1.1(f) - Assumed Contracts
Schedule 3.2(d) - Allocation of Purchase Price
Schedule 4.1(b) - Officers and Directors
Schedule 4.1(c) - Foreign Corporation Qualification
Schedule 4.1(d) - Subsidiaries
Schedule 4.3(b) - Government Consent
Schedule 4.3(c) - Violation, Conflict, Default
Schedule 4.4 - Financial Statements
Schedule 4.6(c) - Increases in Compensation
Schedule 4.6(e) - Commitments Other than in the Ordinary Course
Schedule 4.6(h) - Indebtedness
Schedule 4.6(j) - Contract Amendments
Schedule 4.6(k) - Loans and Advances
Schedule 4.6(n) - Unusual Events
Schedule 4.7 - Off-Balance Sheet Liabilities
Schedule 4.8 - Litigation Matters
Schedule 4.9(a) - Orders
Schedule 4.9(b) - Licenses and Permits
Schedule 4.9(c) - Investment Center Approvals
Schedule 4.10(a) - Marketable Title
Schedule 4.10(b) - Condition of Properties
Schedule 4.10(c) - Condemnation and Expropriation
Schedule 4.11(a) - Insurance Policies
Schedule 4.11(b) - Insurance Claims
Schedule 4.12(a) - Real Property Leases
Schedule 4.12(b) - Personal Property Leases
Schedule 4.12(e) - Contracts for Services
Schedule 4.12(f) - Power of Attorney
Schedule 4.12(g) - Collective Bargaining Agreement
Schedule 4.12(h) - Loan Agreements
Schedule 4.12(i) - Guarantees
Schedule 4.12(k) - Burdensome or Restrictive Agreements
Schedule 4.12(l) - Material Contracts
Schedule 4.12(m) - Defaults
Schedule 4.13 - Labor Matters
Schedule 4.14(a) - Employee Equity and Options
Schedule 4.15 - Employment Compensation
Schedule 4.16(a) - Trade Rights List
Schedule 4.16(b)(i) - Proprietary Information and Confidentiality Agreement
iv
<PAGE>
Schedule 4.16(b)(ii) - Non-Disclosure Agreement
Schedule 4.16(c) - Interest in Trade Rights
Schedule 4.16(d) - Infringement
Schedule 4.16(e) - Licenses, Assignments and Third Party Compensation
Schedule 4.16(g) - Governmental Entity Grant
Schedule 4.17(a) - Major Customers
Schedule 4.17(b) - Dealers and Distributors
Schedule 4.18(a) - Product Warranty
Schedule 4.18(b) - Liability Claims
Schedule 4.19(a) - Contracts with Affiliates
Schedule 4.19(c) - Obligations of and to Affiliates
Schedule 4.20 - Shareholder List
Schedule 4.22 - Brokers or Finders
Schedule 7.4(a) - Transferred Employees
Exhibit A - Escrow Agreement
Exhibit B - Seller Non-Competition Agreement
Exhibit C - Opinion of Counsel of Seller
Exhibit D - Joint Defense Agreement
Exhibit E - Employee Waiver and Consent
Exhibit F - Bills of Sale
v
<PAGE>
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT (the "Agreement") is made as of the 4th day of
November, 2002 (the "Effective Date"), by and between MACROVISION EUROPE LTD., a
corporation organized under the laws of the United Kingdom ("Buyer"), having its
principal place of business at Woodley House, Crockhamwell Road, Woodley,
Reading, Berkshire, United Kingdom RG5 3JP, telephone number +44-118961111,
facsimile number +44-1189691161, and MIDBAR TECH (1998) LTD., an Israeli
corporation ("Seller"), having its principal place of business at 34 Kibbutz
Galuyot Street, Tel Aviv, Israel 66550, telephone number +972-3-518-6666, fax
number +972-3-518-6677.
RECITALS
A. Seller designs, develops, markets and licenses technological
solutions that protect copyright material from unauthorized and illegal
duplication and copyright infringement ("Seller's Business").
B. Seller desires to sell to Buyer, and Buyer desires to purchase from
Seller substantially all of the assets related to Seller's Business on the terms
set forth in this Agreement.
NOW THEREFORE, in consideration of the foregoing and the respective
representations, warranties, covenants, agreements and conditions hereinafter
set forth, and intending to be legally bound hereby, the parties hereto agree as
follows.
1 PURCHASE AND SALE OF ASSETS
1.1 ASSETS TO BE TRANSFERRED.
Subject to the terms and conditions of this Agreement, on the Closing Date (as
defined in Section 11 hereof) Seller shall sell, transfer, convey, assign, and
deliver to Buyer, and Buyer shall purchase and accept from Seller, free and
clear of any Liens (as defined in Section 4.10 hereof), all of the assets used
to conduct the Seller's Business, including, without limitation, the property
identified in Schedule 1.1 hereto, other than the Excluded Assets (as defined in
Section 1.2 hereof) (collectively the "Purchased Assets"). The Purchased Assets
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