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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2004 |
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Size: |
Preview shows 13KB of 66KB total |
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Price: |
$43 |
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ID: |
#1162682 |
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ASSET PURCHASE AGREEMENT
BETWEEN
HIFN, INC.
(AS "BUYER"),
AND
INTERNATIONAL BUSINESS MACHINES CORPORATION
(AS "SELLER")
DATED: DECEMBER 30, 2003
Asset Purchase Agreement 1 Execution Copy
Confidential.
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
<S> <C>
Article I. Purchase and Sale of Assets............................. 9
1.1. Transferred Assets...................................... 9
1.2. Excluded Assets......................................... 9
1.3. Consideration........................................... 9
1.4. Assumed Liabilities..................................... 10
Article II. Closing................................................. 10
2.1. Closing Date............................................ 10
2.2. Closing Statement....................................... 10
Article III. Tax Matters............................................. 11
3.1. Allocation of Purchase Price............................ 11
3.2. Filing of Returns and Payment of Taxes.................. 11
3.3. Refunds and Credits..................................... 12
3.4. Transfer Taxes.......................................... 12
Article IV. Additional Covenants and Agreements..................... 12
4.1. Consents, Novations and Subcontracted Work.............. 12
4.2. Intentionally Omitted................................... 13
4.3. Intentionally Omitted................................... 13
4.4. Further Action.......................................... 13
4.5. Assumed Liabilities..................................... 13
4.6. Post Closing Payments................................... 13
Article V. Representations and Warranties of Buyer................. 14
5.1. Incorporation........................................... 14
5.2. Authority............................................... 14
5.3. No Conflict............................................. 14
5.4. Governmental Consents................................... 15
5.5. No Broker............................................... 15
Article VI. Representations and Warranties of Seller................ 15
6.1. Incorporation........................................... 15
6.2. Authority............................................... 15
</TABLE>
Asset Purchase Agreement 2 Execution Copy
Confidential.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
6.3. No Conflict............................................. 15
6.4. Governmental Consents................................... 16
6.5. No Broker............................................... 16
6.6. Title to Personal Property.............................. 16
6.7. Litigation.............................................. 16
6.8. No Rights In Others To Transferred Assets............... 16
6.9. Contracts............................................... 17
6.10. Intentionally Omitted................................... 17
6.11. Warranties.............................................. 17
6.12. Tax Matters............................................. 17
Article VII. Conditions of Buyer's Obligations....................... 17
7.1. Representations and Warranties.......................... 17
7.2. Consents, Approvals and Injunctions..................... 18
7.3. Governmental Rule....................................... 18
7.4. Injunctions, Orders..................................... 18
7.5. Operative Agreements.................................... 18
7.6. Closing Documents....................................... 18
7.7. Proceedings............................................. 19
Article VIII.Conditions to Seller's Obligations....................... 19
8.1. Payment of Purchase Price............................... 19
8.2. Representations and Warranties.......................... 19
8.3. Consents, Approvals and Injunctions..................... 19
8.4. Operative Agreements.................................... 20
8.5. Injunction, Orders...................................... 20
8.6. Closing Documents....................................... 20
8.7. Intentionally Omitted................................... 20
8.8. Proceedings............................................. 20
Article IX. General Matters......................................... 20
9.1. Survival of Representations and Warranties.............. 20
9.2. Limitation of Liability................................. 21
9.3. Public Announcements.................................... 21
9.4. Costs .................................................. 22
9.5. Due Diligence........................................... 22
</TABLE>
Asset Purchase Agreement 3 Execution Copy
Confidential.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
9.6. Bulk Sales.............................................. 22
9.7. Modification and Waiver................................. 22
9.8. Governing Law........................................... 22
9.9. Notices................................................. 23
9.10. Assignment.............................................. 23
9.11. Counterparts............................................ 23
9.12. No Third Party Beneficiaries............................ 23
9.13. Entire Agreement........................................ 24
9.14. Headings................................................ 24
Exhibits:
Exhibit A Assignment and Assumption Agreement............. 25
Exhibit B Bill of Sale.................................... 29
Exhibit C Schedule of Disclosures and Exceptions.......... 30
Schedules:
Schedule A Additional Permitted Liens
Schedule 1.1. Transferred Assets
Schedule 1.4. Assumed Liabilities
Schedule 3.1. Allocation of Purchase Price
Schedule 4.4 Required Consents to Assignment/Novation
Schedule 6.7. Litigation
</TABLE>
Asset Purchase Agreement 4 Execution Copy
Confidential.
<PAGE>
ASSET PURCHASE AGREEMENT
THIS ASSET PURCHASE AGREEMENT, dated as of December 30, 2003 (the
"Agreement"), by and among HIFN, INC., a Delaware corporation ("Buyer"), and
INTERNATIONAL BUSINESS MACHINES CORPORATION, a New York corporation ("Seller" or
"IBM").
W I T N E S S E T H:
WHEREAS, Seller wishes to sell the Transferred Assets (as defined herein)
used in the development and sale of certain picoprocessor network processor
products; and
WHEREAS, Buyer wishes to purchase from Seller, and Seller wishes to sell
to Buyer, the Transferred Assets for the Purchase Price (as defined herein) and
subject to the terms and conditions hereinafter set forth; and
NOW, THEREFORE, in consideration of the premises set forth above and the
respective covenants, agreements, representations and warranties hereinafter set
forth, Buyer and Seller hereby agree as follows:
DEFINITIONS.
CERTAIN DEFINITIONS. As used in this Agreement, the following terms shall
have the meanings specified below:
"AFFILIATE" shall mean, as to any Person, any other Person that is
controlling, controlled by or under common control with such Person.
"ALLOCATION STATEMENTS" shall have the meaning set forth in Section 3.1.
"ASSUMED LIABILITIES" shall have the meaning set forth in Section 1.4.
"ASSUMPTION AGREEMENT" shall mean the Assignment and Assumption Agreement
in the form set out in Exhibit "A" to be entered into by Buyer and Seller on the
Closing Date and by which Buyer assumes the Assumed Liabilities.
"BILL OF SALE" shall mean the Bill of Sale in the form set out in Exhibit
"B" to be entered into by Buyer and Seller on the Closing Date.
"BURDENSOME CONDITION" shall mean any action taken, or credibly
threatened, by or before any Governmental Authority or other Person to challenge
the legality of the transactions contemplated by the Operative Agreements or
that would otherwise deprive a Party of the material benefit of any such
transaction, including (i) the
Asset Purchase Agreement 5 Execution Copy
Confidential.
<PAGE>
pendency of an investigation by a Governmental Authority (formal or informal),
(ii) the institution of any litigation, or threat thereof, (iii) an order by a
Governmental Authority of competent jurisdiction preventing consummation of the
transactions contemplated by the Operative Agreements or placing material
conditions or limitations upon such consummation, or (iv) the issuance of any
subpoena, civil investigative demand or other request for documents or
information relating to such transactions that is unreasonably burdensome in the
reasonable judgment of the applicable Person.
"CLOSING" shall have the meaning set forth in Section 2.1.
"CLOSING DATE" shall have the meaning set forth in Section 2.1.
"CLOSING STATEMENT" shall have the meaning set forth in Section 2.2.
"CODE" shall have the meaning set forth in Section 3.1.
"CONFIDENTIALITY AGREEMENT" shall mean that certain Confidentiality
Agreement between Seller and Buyer, regarding the transactions contemplated
herein entered into on the Date of Execution.
"CUSTOM SALES AGREEMENT" shall mean the agreement entitled Custom Sales
Agreement between the Seller and Buyer entered into as of the Closing Date,
including the attachments thereto.
"DATE OF EXECUTION" shall mean the date this Agreement and the other
Operative Agreements identified for signature on that date are signed.
"DISCLOSURE SCHEDULE" shall have the meaning set forth in the Schedule of
Disclosures and Exceptions to this Agreement.
"FINAL DETERMINATION" shall mean (i) in respect of U.S. Federal income
taxes a "determination" as defined in Section 1313(a) of the Code or the
execution of an Internal Revenue Service Form 870-AD, and (ii) in respect of
Taxes other than U.S. Federal income taxes, any final determination of liability
in respect of a Tax which determination, under applicable law, is not subject to
further appeal, review or modification through proceedings or otherwise
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