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Title: |
Asset Purchase Agreement |
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Date: |
2002 |
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Size: |
Preview shows 16KB of 145KB total |
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$59 |
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ID: |
#1156074 |
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ASSET PURCHASE AGREEMENT
BY AND BETWEEN
QUANTUM PERIPHERALS (M) SDN.BHD.
AND
JABIL CIRCUIT SDN.BHD.
Dated as of August 29, 2002
<PAGE>
TABLE OF CONTENTS
-----------------
<TABLE>
<CAPTION>
Page
----
<S> <C>
ARTICLE I DEFINITIONS ......................................................... 2
1.01 Definitions .......................................................... 2
ARTICLE II PURCHASE AND SALE OF ASSETS ........................................ 6
2.01 Purchased Assets ..................................................... 6
2.02 Assigned Contracts ................................................... 7
2.03 Procedures for Assets not Transferable ............................... 7
2.04 Excluded Assets ...................................................... 7
2.05 Assumption of Liabilities ............................................ 8
2.06 Excluded Liabilities ................................................. 9
2.07 Purchase Price ....................................................... 9
2.08 Net Asset Value Calculation and Purchase Price Adjustment ............ 9
2.09 Closing .............................................................. 11
ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLER ...................... 12
3.01 Existence ............................................................ 12
3.02 Authorization and Effect of Agreement ................................ 12
3.03 Governmental or Other Authorization ................................. 12
3.04 Non-Contravention .................................................... 13
3.05 Litigation ........................................................... 13
3.06 Contracts ............................................................ 13
3.07 Title ................................................................ 13
3.08 Assets ............................................................... 14
3.09 Inventory ............................................................ 14
3.10 Permits .............................................................. 14
3.11 No Third-Party Options ............................................... 14
3.12 Books and Records .................................................... 14
3.13 Compliance with Applicable Laws ...................................... 14
3.14 Advisory Fees ........................................................ 14
3.15 Certain Business Relationships with Seller ........................... 14
</TABLE>
i
<PAGE>
<TABLE>
<S> <C>
3.16 Certain Business Practices ............................................ 15
3.17 Labor and Employment Matters .......................................... 15
3.18 Product Liability ..................................................... 16
3.19 Product Warranty ...................................................... 16
3.20 Environment, Health, and Safety ....................................... 16
3.21 Disclosure ............................................................ 17
3.22 Financial Statements .................................................. 17
3.23 Events Subsequent to Most Recent Fiscal Month End ..................... 17
3.24 Undisclosed Liabilities ............................................... 19
3.25 Tax Matters ........................................................... 19
3.26 Powers of Attorney .................................................... 20
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE PURCHASER ..................... 20
4.01 Existence ............................................................. 20
4.02 Authorization and Effect of Agreement ................................. 20
4.03 Governmental or Other Authorization ................................... 20
4.04 Non-Contravention ..................................................... 20
4.05 Available Funds ....................................................... 21
4.06 Advisory Fees ......................................................... 21
4.07 Receipt of Information ................................................ 21
ARTICLE V COVENANTS OF THE SELLER .............................................. 21
5.01 Access to Information ................................................. 21
5.02 Operation of the Facility ............................................. 22
5.03 Exclusivity ........................................................... 23
5.04 Seller Nonsolicitation ................................................ 23
ARTICLE VI COVENANTS OF THE PURCHASER AND THE SELLER ........................... 23
6.01 Notification .......................................................... 23
6.02 Commercially Reasonable Efforts and Certain Filings ................... 24
6.03 Satisfaction of Conditions ............................................ 24
6.04 Confidentiality ....................................................... 25
6.05 Publicity ............................................................. 25
6.06 Employee Matters ...................................................... 25
</TABLE>
ii
<PAGE>
<TABLE>
<S> <C>
6.07 Compliance With Terms of Governmental Approvals and Consents ................ 26
6.08 Use of Marks ................................................................ 26
6.09 Further Assurances .......................................................... 26
6.10 Tax Matters ................................................................. 27
6.11 Purchase Orders ............................................................. 28
6.12 Purchaser Nonsolicitation ................................................... 28
ARTICLE VII TERMINATION .............................................................. 28
7.01 Termination ................................................................. 28
7.02 Effect of Termination ....................................................... 29
ARTICLE VIII CONDITIONS TO CLOSING ................................................... 29
8.01 Conditions to Obligations of Purchaser ...................................... 29
8.02 Conditions to Obligations of Seller ......................................... 31
ARTICLE IX INDEMNIFICATION ........................................................... 32
9.01. General Survival ............................................................ 32
9.02. Indemnification ............................................................. 32
9.03. Manner of Indemnification ................................................... 34
9.04. Third-Party Claims .......................................................... 34
9.05. Exclusive Remedy ............................................................ 35
ARTICLE X MISCELLANEOUS ......................................... .................... 36
10.01 Notices ..................................................................... 36
10.02 Amendments; Waivers ......................................................... 37
10.03 Expenses .................................................................... 38
10.04 Successors and Assigns ...................................................... 38
10.05 Governing Law ............................................................... 38
10.06 Counterparts; Effectiveness ................................................. 38
10.07 Entire Agreement ............................................................ 38
10.08 Interpretive Matters ........................................................ 39
10.09 Severability ................................................................ 39
10.10 Construction ................................................................ 39
10.11 Dispute Resolution .......................................................... 39
</TABLE>
iii
<PAGE>
<TABLE>
<S> <C>
10.12 Meaning of Include and Including ...................................... 40
10.13 Cumulative Remedies ................................................... 40
10.14 Third Party Beneficiaries ............................................. 40
10.15 Specific Performance .................................................. 40
10.16 Survival .............................................................. 40
10.17 Time .................................................................. 40
</TABLE>
iv
<PAGE>
EXHIBITS
Exhibit A Acquired Operations
Exhibit B Definition of Products
Exhibit C Form of Master Supply and Intellectual Property License Agreement
Exhibit D Form of Repair Services Agreement
Exhibit E Form of Lease Agreement
Exhibit F Form of Transition Services Agreement
Exhibit G Accounting Rules and Closing Balance Sheet Procedures
Exhibit H Prepaid Items
Exhibit I Purchased Assets
Exhibit J Assigned Contracts
Exhibit K Certain Excluded Assets
Exhibit L Seller Wiring Instructions
Exhibit M Operation of Facility
Exhibit N Form of QC Guarantee
Exhibit O Form of JC Guarantee
v
<PAGE>
ASSET PURCHASE AGREEMENT
THIS ASSET PURCHASE AGREEMENT, dated as of August 29, 2002 (this
"Agreement"), is entered into by and between Quantum Peripherals (M) Sdn. Bhd.
(Company No. 267908-V), a corporation organized under the laws of Malaysia and
having its registered office at Plot 21(A), Bayan Lepas FIZ IV, 11900 Penang,
Malaysia (the "Seller"), and Jabil Circuit Sdn. Bhd. (Company No. 336537-M), a
corporation organized under the laws of Malaysia and having its registered
office at 56, Hilir Sungai Keluang 1, Bayan Lepas FIZ IV, 11900 Penang, Malaysia
(the "Purchaser"). All capitalized terms used in this Agreement shall have the
meanings ascribed to such terms in Article I or as otherwise defined in this
Agreement.
W I T N E S S E T H:
WHEREAS, the Seller desires to sell to the Purchaser, and the Purchaser
desires to purchase from the Seller, substantially all of the operations located
at the Facility conducted by the Seller at the Facility as described on Exhibit
A to this Agreement (the "Acquired Operations"), which such Acquired Operations
include, but are not limited to, the assembly and fulfillment operations of the
products set forth on Exhibit B (the "Products") and the Purchaser is willing to
assume certain obligations relating to the Acquired Operations, all upon the
terms and conditions set forth in this Agreement;
WHEREAS, simultaneous with, and as a condition to, Closing, Quantum
Corporation, a Delaware corporation ("QC") and Jabil Circuit, Inc., a Delaware
corporation ("JC"), desire to enter into that certain Master Supply and
Intellectual Property License Agreement (the "Master Supply Agreement"), the
form of which is attached to this Agreement as Exhibit C;
WHEREAS, simultaneous with, and as a condition to, Closing, QC and Quantum
Peripherals Europe, S.A., a Swiss corporation and Jabil Global Services, Inc. a
Florida corporation and wholly owned subsidiary of JC, desire to enter into that
certain Repair Services Agreement (the "Repair Services Agreement"), the form of
which is attached to this Agreement as Exhibit D; and
WHEREAS, simultaneous with, and as a condition to, Closing, the Seller and
the Purchaser desire to enter into that certain Lease (the "Lease"), the form of
which is attached to this Agreement as Exhibit E, and that certain Transition
Services Agreement (the "Transition Services Agreement"), the form of which is
attached to this Agreement as Exhibit F.
NOW, THEREFORE, in consideration of the foregoing premises, the mutual
representations, warranties, covenants and agreements set forth below, and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement agree as follows:
<PAGE>
ARTICLE I
DEFINITIONS
1.01 Definitions. The following terms, as used in this Agreement, have the
following meanings:
"Accounting Rules and Closing Balance Sheet Procedures" means the rules and
procedures set forth in Exhibit G.
"Accounts Receivable" means all trade and non-trade receivables which in
any case are payable as a result of goods sold or services provided for the
operation of the Facility.
"Acquired Inventory" means each of the items of Inventory on hand at the
Facility or at a facility of one or more of the Seller's suppliers located in
Penang, Malaysia or Lafe, China that is usable in the Ordinary Course of
Business during the 90 day period immediately following the Closing Date, based
on the forecasted need for such Inventory during such 90 day period set forth in
the Master Supply Agreement.
"Acquisition Documents" means this Agreement, the Repair Services
Agreement, the Lease, the Master Supply Agreement, the Transition Services
Agreement, the JC Guarantee, the QC Guarantee and any other document or
agreement executed in connection with any of the foregoing documents, together
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