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Title: |
Asset Purchase Agreement |
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Date: |
2004 |
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$61 |
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#1153027 |
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<SEQUENCE>2
<FILENAME>exhassetpuragmt.txt
<DESCRIPTION>EX. 10.1 - ASSET PURCHASE AGREEMENT
<TEXT>
ASSET PURCHASE AGREEMENT
BY AND AMONG
WILLIAM CORBIN
ROCCI J. DELLA MAGGIORE
NETWORK CATALYST, INC.
AND
MTM TECHNOLOGIES, INC.
DATED AS OF SEPTEMBER 17, 2004
<PAGE>
TABLE OF CONTENTS
Page
ARTICLE I. PURCHASE OF ASSETS..................................................1
1.1 Purchase and Sale of Assets.........................................1
1.2 Excluded Assets.....................................................3
1.3 Nonassignable Contracts, Insurance Contracts and Permits............4
ARTICLE II. ASSUMPTION OF LIABILITIES..........................................5
2.1 Assumed Liabilities.................................................5
2.2 Retained Liabilities................................................6
ARTICLE III. PURCHASE PRICE....................................................7
3.1 Purchase Price......................................................7
3.2 Additional Purchase Price...........................................8
3.3 Allocation of Purchase Price........................................9
3.4 Limitations on the Issuance of Purchaser Common Stock...............9
ARTICLE IV. THE CLOSING.......................................................10
4.1 Date of Closing....................................................10
ARTICLE V. REPRESENTATIONS AND WARRANTIES.....................................10
5.1 Representations and Warranties of Seller and the Shareholders......10
5.2 Representations and Warranties of Purchaser........................25
ARTICLE VI. RESERVED..........................................................28
ARTICLE VII. RESERVED.........................................................28
ARTICLE VIII. DOCUMENTS TO BE DELIVERED AT THE CLOSING........................28
8.1 Documents to be Delivered by the Shareholders and Seller...........28
8.2 Documents to be Delivered by Purchaser.............................29
ARTICLE IX. POST-CLOSING COVENANTS............................................30
9.1 Employees; Employee Benefits Plans.................................30
9.2 Discharge of Business Obligations..................................30
9.3 Maintenance of Books and Records...................................30
9.4 Payments Received..................................................31
9.5 Use of Name........................................................31
9.6 UCC Matters........................................................31
9.7 Financial Statements...............................................31
9.8 Covenant Not to Compete............................................32
9.9 Post-Closing Confidentiality.......................................33
9.10 Post-Closing Notifications.........................................33
9.11 Certain Tax Matters................................................33
9.12 Insurance..........................................................33
9.13 Subordination Agreements...........................................34
9.14 SEC Filings........................................................34
i
<PAGE>
9.15 Termination of Seller's Profit Sharing Plan........................34
9.16 California Sales Tax Payments......................................34
ARTICLE X. SURVIVAL AND INDEMNIFICATION.......................................35
10.1 Survival of Representations, Warranties, and Covenants.............35
10.2 Limitations on Liability...........................................35
10.3 Indemnification....................................................36
10.4 Defense of Claims..................................................37
10.5 Adjustment to Purchase Price.......................................38
ARTICLE XI. RESERVED..........................................................38
ARTICLE XII. MISCELLANEOUS PROVISIONS.........................................38
12.1 Specific Performance...............................................38
12.2 Notices............................................................38
12.3 Expenses...........................................................39
12.4 Successors and Assigns.............................................39
12.5 Waiver.............................................................40
12.6 Entire Agreement...................................................40
12.7 Amendments and Supplements.........................................40
12.8 Rights of the Parties..............................................40
12.9 Brokers............................................................40
12.10 Further Assurances.................................................41
12.11 Governing Law......................................................41
12.12 Severability.......................................................41
12.13 Counterparts.......................................................41
12.14 Titles and Headings................................................41
12.15 Passage of Title and Risk of Loss..................................41
12.16 Certain Interpretive Matters and Definitions.......................41
12.17 Bulk Sales.........................................................42
12.18 Spousal Consent....................................................42
ii
<PAGE>
EXHIBIT AND DISCLOSURE SCHEDULE LIST
------------------------------------
Exhibit A Form of Escrow Agreement
Exhibit B-1 Form of William Corbin Employment Agreement
Exhibit B-2 Form of Richard Wallace Employment Agreement
Exhibit B-3 Form of Stephen Urell Employment Agreement
Exhibit C Reserved
Exhibit D Form of Reseller Agreement
Exhibit E-1 Form of William Corbin Option Agreement
Exhibit E-2 Form of Richard Wallace Option Agreement
Exhibit E-3 Form of Stephen Urell Option Agreement
Exhibit E-4 Form of Heidi Reiland Option Agreement
Exhibit F Form of Subordination Agreement
Exhibit G Form of Waiver and Release Agreement
Schedule 1.1.1 Accounts Receivable
Schedule 1.1.3 Inventories
Schedule 1.1.4 Personal Property
Schedule 1.1.5 Warranties
Schedule 1.1.6 Intellectual Property
Schedule 1.1.8 Governmental Permits
Schedule 1.1.11 Prepaid Items
Schedule 1.1.14 Miscellaneous Assets
Schedule 1.2.8 Inter-Company Agreements
Schedule 1.2.10 Other Excluded Assets
Schedule 5.1.2 Qualified States
Schedule 5.1.4 Required Consents
Schedule 5.1.6 Non-GAAP Financial Statements
Schedule 5.1.7 Accounts Receivable
Schedule 5.1.9 Absence of Undisclosed Liabilities
Schedule 5.1.11(a) Contracts and Commitments
Schedule 5.1.11(b) Contracts and Commitments
Schedule 5.1.12 Title to Assets (Liens)
Schedule 5.1.13 Intellectual Property Liens/Actions/Claims
Schedule 5.1.15(b) Real Property Leases
Schedule 5.1.16 Insurance
Schedule 5.1.18 Customers and Suppliers
Schedule 5.1.19(a) Labor Agreements
Schedule 5.1.19(b) List of Employees and Compensation Agreements
Schedule 5.1.19(c) Union Matters
Schedule 5.1.19(d) Labor Matters, Employment Policies
Schedule 5.1.20(a) Employee Benefit Plans
Schedule 5.1.20(e) Employee Benefit Plans
Schedule 5.1.21 Litigation
Schedule 5.1.23 Environmental Matters
Schedule 5.1.24 Taxes
iii
<PAGE>
Schedule 5.1.25(b) Interested Transactions
Schedule 5.1.26 Guarantees and Warranties
Schedule 5.1.28 Interest in Other Entities
Schedule 5.1.29 Addresses of Business
Schedule 5.1.30 Commissions and Finder Fees
Schedule 5.2.3 Purchaser Governmental Consents
Schedule 5.2.7 Purchaser Options and Warrants
iv
<PAGE>
ASSET PURCHASE AGREEMENT
------------------------
This ASSET PURCHASE AGREEMENT (this "Agreement") is made and entered into
as of the 17th day of September, 2004, by and among William Corbin, a natural
person ("Corbin"), Rocci J. Della Maggiore, a natural person ("Maggiore" and
together with Corbin, each a "Shareholder" and collectively, the Shareholders"),
Network Catalyst, Inc., a California corporation ("Seller"), and MTM
Technologies, Inc., a New York corporation ("Purchaser").
WHEREAS, the Shareholders are the record and beneficial owners of all of
the issued and outstanding capital stock of Seller;
WHEREAS, Seller presently conducts a business of providing information
technology security, convergence and infrastructure (the "Business");
WHEREAS, on the terms and subject to the conditions contained in this
Agreement, Seller desires to sell, transfer, and assign to Purchaser, and
Purchaser desires to purchase from Seller, all of the Purchased Assets (as
hereinafter defined);
WHEREAS, on the terms and subject to the conditions contained in this
Agreement, Seller wishes to assign to Purchaser, and Purchaser is willing to
assume, the Assumed Liabilities (as hereinafter defined);
NOW, THEREFORE, in consideration of the premises and of the mutual
representations, warranties, promises, and covenants herein contained, the
parties hereto agree as follows:
ARTICLE I. PURCHASE OF ASSETS
------------------
1.1. Purchase and Sale of Assets. On the terms and subject to the
conditions hereof, at the Closing (as hereinafter defined), Seller will sell,
transfer, convey, assign, and deliver to Purchaser, and Purchaser will purchase
and accept, all right, title, and interest of Seller, in and to all rights,
properties, and assets of every kind, character, and description, wherever
located and whether tangible or intangible, real or personal, or fixed or
contingent, of Seller used or useful in connection with the conduct of the
Business or otherwise arising out of the conduct of the Business, in each case
free and clear of all mortgages, liens, pledges, security interests, charges,
claims, restrictions, and encumbrances of any nature, including licenses,
pledges, defect or objection liens, conditional and installment sales
agreements, easements, encroachments, or restrictions of any kind and other
title or interest retention arrangements, reservations, or limitations of any
nature whatsoever (collectively, "Liens") except Permitted Liens (as hereinafter
defined), including the rights, properties, and assets described in this Section
1.1 (collectively, the "Purchased Assets") but not including the Excluded
Assets:
1.1.1 Accounts Receivable. Subject to Section 1.2.2, all accounts or
notes receivable of, and any other amounts due to, Seller arising out of the
operation of the Business, including such of the foregoing as are listed on
Schedule 1.1.1;
1.1.2 Contract Rights. All rights and incidents of interest as of the
date hereof in and to all contracts, agreements, leases, licenses, joint
<PAGE>
ventures, purchase orders (as vendor or purchaser), commitments, and other
agreements and arrangements, whether oral or written of Seller used or useful in
the Business (collectively, "Contracts"), including such of the foregoing as are
described on Schedule 5.1.11(a);
1.1.3 Inventories and Stores and Supplies. All raw materials,
components, work-in-process, finished products, packaging materials, stores and
supplies, spare parts, and samples (collectively, "Inventories"), wherever
located, including such of the foregoing as are listed on Schedule 1.1.3;
1.1.4 Tangible Personal Property. All machinery and equipment,
maintenance parts, furniture, fixtures, vehicles, leasehold improvements, and
all other tangible personal property, wherever located, including the tangible
personal property listed on Schedule 1.1.4 (collectively, the "Tangible Personal
Property");
1.1.5 Manufacturers' and Vendors' Warranties. All rights under
manufacturers' and vendors' warranties relating to items included in the
Purchased Assets and all similar rights against third persons relating to items
included in the Purchased Assets, including such of the foregoing as are listed
on Schedule 1.1.5;
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