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Title: |
Asset Purchase Agreement |
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Date: |
2001 |
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Size: |
Preview shows 19KB of 116KB total |
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$60 |
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ID: |
#1211611 |
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ASSET PURCHASE AGREEMENT
among
PETSMART.COM, INC.,
PETS.COM, INC.
and
P-SUB CORPORATION
Dated as of December 20, 2000
================================================================================
<PAGE> 2
TABLE OF CONTENTS
ARTICLE 1.
PURCHASE AND SALE; NO LIABILITIES
<TABLE>
<CAPTION>
PAGE
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<S> <C> <C>
1.1. Acquired Assets................................................................................................2
1.2. No Liabilities Assumed.........................................................................................2
ARTICLE 2.
PURCHASE PRICE AND PAYMENT
2.1. Payment of Purchase Price......................................................................................3
2.2. Allocation of Purchase Price...................................................................................3
ARTICLE 3.
REPRESENTATIONS AND WARRANTIES OF SELLER
3.1. Due Incorporation..............................................................................................3
3.2. Due Authorization..............................................................................................4
3.3. Title to Acquired Assets.......................................................................................4
3.4. No Defaults or Violations......................................................................................5
3.5. Litigation.....................................................................................................5
3.6. Brokers........................................................................................................5
3.7. Accuracy of Statements.........................................................................................5
3.8. Limitation of Warranties.......................................................................................5
ARTICLE 4.
REPRESENTATIONS AND WARRANTIES OF PURCHASER
4.1. Due Incorporation..............................................................................................6
4.2. Due Authorization; Consents; No Violations.....................................................................6
4.3. Litigation.....................................................................................................6
4.4. Brokers........................................................................................................7
4.5. Accuracy of Statements.........................................................................................7
</TABLE>
<PAGE> 3
TABLE OF CONTENTS
(continued)
<TABLE>
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<S> <C> <C>
ARTICLE 5.
COVENANTS OF SELLER
5.1. Implementing Agreement.........................................................................................7
5.2. Consents and Approvals.........................................................................................7
5.3. Compliance with State Tax Laws.................................................................................7
5.4. Access to Information..........................................................................................7
5.5. Preservation of Acquired Assets................................................................................8
5.6. Supplemental Information.......................................................................................8
5.7. Exclusivity....................................................................................................8
5.8. Confidentiality................................................................................................8
5.9. Domain Name Server Control.....................................................................................8
5.10. Schedule 1.1...................................................................................................9
ARTICLE 6.
COVENANTS OF PURCHASER
6.1. Implementing Agreement........................................................................................10
6.2. Confidentiality...............................................................................................10
6.3. Electronic Mail...............................................................................................10
ARTICLE 7.
CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER
7.1. Seller Shareholder Approval...................................................................................10
7.2. Warranties True...............................................................................................10
7.3. Documents.....................................................................................................10
7.4. Actions or Proceedings........................................................................................10
ARTICLE 8.
CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER
8.1. Seller Shareholder Approval...................................................................................11
8.2. Warranties True...............................................................................................11
8.3. Documents.....................................................................................................11
</TABLE>
-ii-
<PAGE> 4
TABLE OF CONTENTS
(continued)
<TABLE>
<CAPTION>
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<S> <C> <C>
8.4. Actions or Proceedings........................................................................................11
ARTICLE 9.
CLOSING
9.1. Closing.......................................................................................................12
9.2. Deliveries by Seller..........................................................................................12
9.3. Deliveries by Purchaser.......................................................................................12
ARTICLE 10.
TERMINATION
10.1. Termination...................................................................................................13
10.2. Effect of Termination.........................................................................................13
ARTICLE 11.
SURVIVAL AND REMEDY; INDEMNIFICATION; LIMITATION OF LIABILITY
11.1. Survival......................................................................................................14
11.2. Indemnification by Purchaser..................................................................................14
11.3. Indemnification by Seller.....................................................................................14
11.4. Limitation of Liability.......................................................................................14
ARTICLE 12.
MISCELLANEOUS
12.1. Expenses......................................................................................................15
12.2. Amendment.....................................................................................................15
12.3. Notices.......................................................................................................15
12.4. Consent to Jurisdiction.......................................................................................15
12.5. Amounts in United States Dollars..............................................................................16
12.6. Waivers.......................................................................................................16
12.7. Counterparts..................................................................................................16
12.8. Interpretation................................................................................................16
12.9. Applicable Law................................................................................................16
12.10. Assignment....................................................................................................16
12.11. No Third Party Beneficiaries..................................................................................16
</TABLE>
-iii-
<PAGE> 5
TABLE OF CONTENTS
(continued)
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<S> <C> <C>
12.12. Publicity.....................................................................................................17
12.13. Tax Matters...................................................................................................17
12.14. Further Assurances............................................................................................17
12.15. Severability..................................................................................................17
12.16. Remedies Cumulative...........................................................................................17
12.17. Entire Understanding..........................................................................................17
</TABLE>
-iv-
<PAGE> 6
SCHEDULES
Schedule 1.1 Third Party Rights
Schedule 2.1 Bank Wire Transfer Instructions
Schedule 3.3 Title to Acquired Assets
ATTACHMENTS
Attachment A Domain Name List
Attachment B Trademark Asset Summary
EXHIBITS
Exhibit A Form of Domain Name Assignment
Exhibit B Form of Trademark Assignment
<PAGE> 7
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT is made as of December 20, 2000, among, on
the one hand, PETSMART.COM, INC., a Delaware corporation ("Purchaser") and, on
the other hand, PETS.COM, INC., a Delaware corporation ("Pets.com"), and P-SUB
CORPORATION, a Delaware corporation (collectively with Pets.com, referred to as
"Seller").
In consideration of the mutual covenants, agreements and warranties
herein contained, it is agreed that Purchaser shall acquire from Seller all of
the Acquired Assets (as defined herein) upon the terms and conditions
hereinafter set forth.
DEFINITIONS
Unless otherwise defined in this Agreement, the following terms shall
have the meanings herein ascribed to such terms:
"Acquired Assets" shall have the meaning provided in Section 1.1.
"Affiliate" of any Person shall mean any corporation, proprietorship,
firm, partnership, trust or other entity which, directly or indirectly, owns or
controls, is under common ownership or control with, or is owned or controlled
by, such Person.
"Agreement" shall mean this Asset Purchase Agreement, including all
schedules exhibits and attachments hereto, as may be amended from time to time
as set forth in Section 12.2.
"Bulk Sales Laws" shall mean the Laws of any jurisdiction relating to
bulk sales that are applicable to the sale of the Acquired Assets by Seller
hereunder.
"Business Day" shall mean any day of the year (other than any Saturday
or Sunday) on which the Federal Reserve Bank is open for business in Los
Angeles, California.
"Closing" shall mean the consummation of the transactions contemplated
herein in accordance with Article 9.
"Closing Date" shall have the meaning provided in Section 9.1.
"Code" shall mean the United States Internal Revenue Code of 1986, as
amended.
"Contract" shall mean any contract, lease, commitment, agreement,
indenture, mortgage, note, bond, instrument, plan, permit or license.
"Governmental Authority" shall mean the government of the United States
or any foreign country or any state or political subdivision thereof and any
entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, and other quasi-governmental entities
established to perform such functions.
"Hakan" shall have the meaning provided in Section 5.10(b).
"Law" shall mean any law, statute, regulation, ordinance, rule, order,
decree, judgment, consent decree, settlement agreement or governmental
requirement enacted, promulgated, entered into, agreed or imposed by any
Governmental Authority.
"Licensee Agreements" shall have the meaning provided in Section 5.10.
<PAGE> 8
"Lien" shall mean any mortgage, lien (except for any lien for taxes not
yet due and payable), charge, restriction, pledge, assessment, security
interest, option, lease or sublease, claim, right of any third party, easement,
encroachment or encumbrance.
"Losses" shall mean all liabilities, losses, costs, damages, penalties
or expenses (including attorneys' fees and expenses and costs of investigation
and litigation).
"Person" shall mean any individual, corporation, proprietorship, firm,
partnership, trust or other entity.
"Purchase Price" shall have the meaning provided in Section 2.1.
"Purchaser" shall have the meaning provided in the Preamble.
"Related Agreements" shall mean any Contract that is to be executed by
Seller at, or in connection with, the Closing, or any other Contract otherwise
contemplated by this Agreement.
"Seller" shall have the meaning provided in the Preamble.
"Seller's Knowledge" means the knowledge of: (1) Seller's employees as
of the date of this Agreement with respect to the truth, accuracy and
completeness of the representations and warranties as of the date hereof, and
(2) Seller's employees as of the Closing Date with respect to the truth,
accuracy and completeness of the representations and warranties as of the date
thereof.
"Seller Shareholder Approval" shall have the meaning provided in Section
3.1.
ARTICLE 1.
PURCHASE AND SALE; NO LIABILITIES
1.1. ACQUIRED ASSETS. Subject to the terms and conditions of this
Agreement, at the Closing, Seller shall sell, assign, transfer, convey and
deliver to Purchaser, and Purchaser shall purchase, acquire and take assignment
and delivery of, all right, title and interest of Seller in and to the
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