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Asset Purchase Agreement

 

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Title:

Asset Purchase Agreement

Entities:

QualMark Corp.

Date:

2006

Size:

Preview shows 6KB of 84KB total

Price:

$57

ID:

#1133787

 

 

► Purchase & Sale ► Purchase ► Asset Purchase Agreements
► Technology ► Scientific & Technical Instruments

 

 

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<SEQUENCE>4

<FILENAME>d34619exv10w35.txt
<DESCRIPTION>ASSET PURCHASE AGREEMENT
<TEXT>
<PAGE>

EXHBIT 10.35

ASSET PURCHASE AGREEMENT

DATED DECEMBER 13, 2005

BETWEEN

SATCON POWER SYSTEMS, INC.,
SELLER

AND

QUALMARK LING CORPORATION,
BUYER

<PAGE>

TABLE OF CONTENTS


<TABLE>
<CAPTION>
Exhibits Page
-------- ----
<S> <C>
Exhibit A - Bill of Sale
Exhibit B - Instrument of Assumption
Exhibit C - Cross Receipt
Exhibit D - Confidentiality and Non-Disclosure Agreement
</TABLE>

<TABLE>
<CAPTION>
Schedules
---------
<S> <C>
Schedule 1.1(b) - Excluded Assets
Schedule 1.5 - PM10 Designs
Schedule 2.1 - Organization
Schedule 2.3 - Non-Contravention
Schedule 2.5(a) - Acquired Assets
Schedule 2.5(c) - Security Interests
Schedule 2.6(a) - Intellectual Property
Schedule 2.7 - Inventory
Schedule 2.8 - Contracts
Schedule 2.10 - Warranties
</TABLE>

<PAGE>

ASSET PURCHASE AGREEMENT

This Asset Purchase Agreement is entered into as of December , 2005 by and
between Qualmark Ling Corporation, a Colorado corporation (the "Buyer"), and
SatCon Power Systems, Inc., a Delaware corporation (the "Seller").

This Agreement contemplates a transaction in which the Buyer will purchase
certain of the assets and assume certain of the liabilities of the Seller
related to its Ling Shaker and Amplifier business.

Capitalized terms used in this Agreement shall have the meanings ascribed
to them in Article IX.

In consideration of the representations, warranties and covenants herein
contained, the Parties agree as follows.

ARTICLE I

THE ASSET PURCHASE

1.1 Purchase and Sale of Assets.

(a) Upon and subject to the terms and conditions of this Agreement,
the Buyer shall purchase from the Seller, and the Seller shall sell, transfer,
convey, assign and deliver to the Buyer, at the Closing, for the consideration
specified below in this Article I, all right, title and interest in, to and
under the Acquired Assets.

(b) Notwithstanding the provisions of Section 1.1(a), the Acquired
Assets shall not include the Excluded Assets.

1.2 Assumption of Liabilities.

(a) Upon and subject to the terms and conditions of this Agreement,
the Buyer shall assume and become responsible for, from and after the Closing,
the Assumed Liabilities.

(b) Notwithstanding the terms of Section 1.2(a) or any other provision
of this Agreement to the contrary, the Buyer shall not assume or become
responsible for, and the Seller shall remain liable for, the Retained
Liabilities.

1.3 Purchase Price.

(a) The Purchase Price to be paid in full in cash by the Buyer for the
Acquired Assets at the Closing shall be $2,325,000, subject to adjustment as set
forth in Section 1.3(b) below.

(b) Prior to Closing Seller and Buyer shall, jointly and in good
faith, make an evaluation of any changes in the inventory of Seller as reflected
in Schedule 2.7. Any reduction in such inventory shall result in a concomitant
reduction in the Purchase Price to be paid at closing, and any increase in such
inventory shall result in a concomitant increase in the Purchase Price to be
paid at closing. The amount of such reduction or increase, if any, shall be
agreed upon in writing by Seller and Buyer immediately prior to closing, and
such written document will constitute an amendment to this Agreement.

1.4 Allocation. Seller and Buyer agree to the allocated fair market value
of the Acquired Assets as follows:

<PAGE>

<TABLE>
<S> <C>
Inventory $1,842,749
Furniture, Fixtures and Equipment $ 68,000
Vendor Tooling $ 240,000
Ling name and trademark $ 171,251
----------
TOTAL $2,325,000
==========
</TABLE>

Such allocation shall be binding on Buyer and Seller for all federal, state
and local tax purposes. Buyer and Seller shall file with their respective
federal income tax returns forms that shall reflect such allocation. In the
event that the Purchase Price is adjusted pursuant to Section 1.3(b) above, the
allocation of the Purchase Price among the Acquired Assets shall be
appropriately modified to reflect increases or decreases in the inventory.

1.5 PM10 Designs and Amplifiers. At the Closing, Seller will transfer to
Buyer and Seller joint ownership of Seller's PM 10 Power Module designs listed

 

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