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Title: |
Asset Acquisition Agreement |
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Date: |
2002 |
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Preview shows 20KB of 211KB total |
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$84 |
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ID: |
#1183549 |
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ASSET ACQUISITION AGREEMENT
__________________________________
DATED AS OF DECEMBER 21, 2001
among
Phoenix Technologies Ltd.,
StorageSoft, Inc.
StorageSoft Solutions, Inc.,
StorageSoft BV,
Steve Anderson,
Doug Anderson
and
Ramin Razavi
<PAGE>
TABLE OF CONTENTS
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ARTICLE I CERTAIN DEFINITIONS ........................................................... 1
SECTION 1.1. Certain Defined Terms .................................................. 1
ARTICLE II ACQUISITION OF ASSETS ......................................................... 4
SECTION 2.1. Assets to Be Acquired .................................................. 4
SECTION 2.2. Liabilities Assumed and Excluded ....................................... 4
SECTION 2.3. Purchase Price ......................................................... 6
SECTION 2.4. Closing ................................................................ 6
SECTION 2.5. Closing Deliveries by Seller and the Stockholders ...................... 6
SECTION 2.6. Closing Deliveries by Purchaser ........................................ 7
SECTION 2.7. Delivery of the Purchased Assets ....................................... 7
SECTION 2.8. Unassignable Assets .................................................... 7
SECTION 2.9. Adjustment to Purchase Price ........................................... 7
SECTION 2.10. Allocation of Purchase Price ........................................... 8
ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER AND THE STOCKHOLDERS ................. 9
SECTION 3.1. Organization and Good Standing of Seller ............................... 9
SECTION 3.2. Authorization and Validity ............................................. 9
SECTION 3.3. Capitalization ......................................................... 10
SECTION 3.4. No Conflict ............................................................ 10
SECTION 3.5. Consents ............................................................... 10
SECTION 3.6. Title to Purchased Assets .............................................. 11
SECTION 3.7. Seller Contracts ....................................................... 11
SECTION 3.8. Litigation ............................................................. 11
SECTION 3.9. Intellectual Property Assets ........................................... 12
SECTION 3.10. Compliance with Laws ................................................... 13
SECTION 3.11. Tax Matters ............................................................ 13
SECTION 3.12. Employees .............................................................. 15
SECTION 3.13. Pension and Employee Benefit Matters ................................... 15
SECTION 3.14. Brokers ................................................................ 17
SECTION 3.15. Insurance .............................................................. 17
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SECTION 3.16. Employee Confidentiality Agreements .................................... 18
SECTION 3.17. Financial Information .................................................. 18
SECTION 3.18. No Undisclosed Liabilities ............................................. 18
SECTION 3.19. Absence of Certain Changes ............................................. 18
SECTION 3.20. Accounts Receivable .................................................... 20
SECTION 3.21. Inventories ............................................................ 20
SECTION 3.22. Restrictions on Business Activities .................................... 20
SECTION 3.23. Interested Party Transactions .......................................... 20
SECTION 3.24. Fair Consideration; No Fraudulent Conveyance ........................... 21
SECTION 3.25. Provisions for Liabilities ............................................. 21
SECTION 3.26. Customers and Suppliers ................................................ 21
SECTION 3.27. No Commitments Regarding Future Products ............................... 21
SECTION 3.28. Representations Complete ............................................... 22
SECTION 3.29. Complete Copies of Materials ........................................... 22
SECTION 3.30. Shares Entirely for Own Account ........................................ 22
SECTION 3.31. General Solicitation ................................................... 22
SECTION 3.32. Disclosure of Information .............................................. 22
SECTION 3.33. Financial Sophistication ............................................... 22
SECTION 3.34. Exemption from Registration Requirements ............................... 22
SECTION 3.35. Restricted Securities .................................................. 23
SECTION 3.36. Further Limitations on Disposition ..................................... 23
SECTION 3.37. Legends ................................................................ 23
SECTION 3.38. Accredited Investor .................................................... 23
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS ............................... 23
SECTION 4.1. Power, Authorization and Validity ...................................... 23
SECTION 4.2. Title to Stock ......................................................... 24
SECTION 4.3. No Violation ........................................................... 24
SECTION 4.4. Acknowledgment ......................................................... 24
SECTION 4.5. Shares Entirely for Own Account ........................................ 25
</TABLE>
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SECTION 4.6. General Solicitation.............................. 25
SECTION 4.7. Disclosure of Information......................... 25
SECTION 4.8. Financial Sophistication; Economic Risk........... 25
SECTION 4.9. Title to Stock.................................... 25
SECTION 4.10. Exemption from Registration Requirements.......... 26
SECTION 4.11. Restricted Securities............................. 26
SECTION 4.12. Further Limitations on Disposition................ 26
SECTION 4.13. Legends........................................... 26
SECTION 4.14. Accredited Investor............................... 26
ARTICLE V REPRESENTATIONS AND WARRANTIES OF PURCHASER................. 27
SECTION 5.1. Organization and Good Standing of Purchaser....... 27
SECTION 5.2. Authorization and Validity........................ 27
SECTION 5.3. No Conflict....................................... 27
SECTION 5.4. Consents.......................................... 27
SECTION 5.5. Litigation........................................ 28
SECTION 5.6. Brokers........................................... 28
SECTION 5.7. Sufficient Assets................................. 28
SECTION 5.8. SEC Reports....................................... 28
SECTION 5.9. Purchaser Stock Validly Issued.................... 28
ARTICLE VI COVENANTS................................................... 29
SECTION 6.1. Conduct of Business Prior to the Closing.......... 29
SECTION 6.2. Consent of Third Parties.......................... 29
SECTION 6.3. Access to Information............................. 29
SECTION 6.4. Further Actions................................... 29
SECTION 6.5. Permits........................................... 29
SECTION 6.6. Public Announcements.............................. 29
SECTION 6.7. Books and Records................................. 30
SECTION 6.8. Certain Notifications............................. 30
SECTION 6.9. Commercially Reasonable Efforts................... 30
SECTION 6.10. Regulatory and Other Authorizations; Consents..... 30
</TABLE>
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SECTION 6.11. No Other Bids..................................... 30
SECTION 6.12. Tax Returns....................................... 30
SECTION 6.13. Post-Closing Access to Information................ 31
SECTION 6.14. Post-Closing Cooperation.......................... 31
SECTION 6.15. No Post-Closing Retention of Copies............... 31
SECTION 6.16. Post-Closing Actions.............................. 31
SECTION 6.17. Non-Competition Agreement......................... 31
SECTION 6.18. Maintenance of Insurance.......................... 33
SECTION 6.19. Bulk Sales........................................ 33
SECTION 6.20. Registration of Non-Escrow Shares................. 33
SECTION 6.21. Procedures for Sale of Shares Under
Registration Statement............................ 36
ARTICLE VII EMPLOYEE MATTERS............................................ 36
SECTION 7.1. Offers to Employees............................... 36
SECTION 7.2. Employee Obligations of Seller.................... 37
ARTICLE VIII TAX MATTERS................................................. 38
SECTION 8.1. Transaction Taxes................................. 38
SECTION 8.2. Other Taxes....................................... 38
SECTION 8.3. Straddle Period................................... 38
ARTICLE IX CONDITIONS TO PURCHASER'S OBLIGATIONS....................... 39
SECTION 9.1. Representations and Warranties True;
Performance; Certificate.......................... 39
SECTION 9.2. Consents.......................................... 39
SECTION 9.3. No Proceedings or Litigation...................... 39
SECTION 9.4. Documents......................................... 39
SECTION 9.5. Governmental Filings.............................. 40
SECTION 9.6. No Material Adverse Effect........................ 40
SECTION 9.7. Termination of Benefit Plans...................... 40
SECTION 9.8. Legal Opinions.................................... 40
SECTION 9.9. Board and Shareholder Approval.................... 40
SECTION 9.10. Escrow Agreement.................................. 40
</TABLE>
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SECTION 9.11. Employment Agreements .................................................. 40
SECTION 9.12. Acceptance of Employment ............................................... 40
SECTION 9.13. Non-Competition Agreements ............................................. 40
SECTION 9.14. Tax Certificate ........................................................ 41
SECTION 9.15. Gateway ................................................................ 41
SECTION 9.16. Line of Credit ......................................................... 41
ARTICLE X CONDITIONS TO SELLER'S OBLIGATIONS ............................................. 41
SECTION 10.1. Representations and Warranties True; Performance ....................... 41
SECTION 10.2. No Proceeding or Litigation ............................................ 41
SECTION 10.3. Documents .............................................................. 42
SECTION 10.4. Governmental Filings ................................................... 42
ARTICLE XI ESCROW AND INDEMNIFICATION ..................................................... 42
SECTION 11.1. Survival of Representations and Warranties ............................. 42
SECTION 11.2. Indemnification ........................................................ 42
SECTION 11.3. Third Party Claims ..................................................... 43
SECTION 11.4. Damages Threshold ...................................................... 44
SECTION 11.5. Escrow Period .......................................................... 45
SECTION 11.6. Claims Upon Escrow Fund ................................................ 45
SECTION 11.7. Exclusive Remedy ....................................................... 46
ARTICLE XII TERMINATION .................................................................... 47
SECTION 12.1. Termination of Agreement ............................................... 47
SECTION 12.2. Procedure and Effect of Termination .................................... 47
ARTICLE XIII GENERAL PROVISIONS ............................................................. 47
SECTION 13.1. Expenses ............................................................... 47
SECTION 13.2. Notices ................................................................ 47
SECTION 13.3. Headings; Disclosure ................................................... 48
SECTION 13.4. Severability ........................................................... 48
SECTION 13.5. Entire Agreement ....................................................... 49
SECTION 13.6. Assignment ............................................................. 49
SECTION 13.7. No Third-Party Beneficiaries ........................................... 49
</TABLE>
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SECTION 13.8. Amendment; Waiver ...................................................... 49
SECTION 13.9. Governing Law; Jurisdiction and Venue .................................. 49
SECTION 13.10. Counterparts ........................................................... 49
SECTION 13.11. Performance Guaranty by Stockholders ................................... 50
</TABLE>
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Exhibits and Schedules
Exhibits
--------
A Form of Assignment and Assumption Agreement and Bill of Sale
B Form of Escrow Agreement
C-1 Form of Employment Agreement
C-2 Form of Non-Competition Agreement
D-1 Form of Intellectual Property Assignment
D-2 Form of Patent Assignment
D-3 Form of Trademark Assignment
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