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Title: |
Asset Contribution Agreement |
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Entities: |
3Com Corp.; Skadden, Arps, Slate, Meagher & Flom LLP; Wilson Sonsini Goodrich & Rosati |
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Date: |
2000 |
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Size: |
Preview shows 15KB of 93KB total |
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Price: |
$61 |
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ID: |
#1216329 |
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<DESCRIPTION>EXHIBIT 2.1
<TEXT>
<PAGE>
ASSET CONTRIBUTION AGREEMENT
between
3COM CORPORATION,
and
U.S. ROBOTICS CORPORATION
dated as of
June 5, 2000
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C> <C>
ARTICLE I 1
1.1 Definitions.........................................................................................1
ARTICLE II Transfer of Assets.........................................................................................5
2.1 Agreement to Transfer and Transfer of the Contributed Assets........................................5
2.2 Liabilities.........................................................................................6
2.3 Consideration for the Transfer......................................................................6
2.4 Cooperation.........................................................................................6
ARTICLE III Representations and Warranties of 3Com....................................................................6
3.1 Corporate Existence and Power.......................................................................6
3.2 Corporate Authorization.............................................................................6
3.3 Governmental Authorization..........................................................................7
3.4 Noncontravention....................................................................................7
3.5 Required Consents...................................................................................7
3.6 Absence of Certain Changes..........................................................................7
3.7 Material Contracts..................................................................................8
3.8 Licenses and Permits................................................................................9
3.9 Litigation..........................................................................................9
3.10 Properties.........................................................................................10
3.11 Taxes..............................................................................................11
3.12 Intellectual Property..............................................................................11
3.13 Labor Issues.......................................................................................12
3.14 Foreign Corrupt Practices Act......................................................................12
3.15 Product Warranties.................................................................................12
3.16 Finder's Fees......................................................................................12
3.17 ERISA Representations..............................................................................12
3.18 Financial Information..............................................................................13
ARTICLE IV Representations and Warranties of U.S. Robotics...........................................................13
4.1 Corporate Existence and Power......................................................................13
4.2 Corporate Authorization............................................................................13
4.3 Governmental Authorization.........................................................................13
4.4 Noncontravention...................................................................................14
4.5 Required Consents..................................................................................14
4.6 Financial Statements...............................................................................14
4.7 Litigation.........................................................................................14
4.8 Finders'Fees.......................................................................................14
4.9 WARN Act...........................................................................................14
4.10 Capitalization.....................................................................................14
</TABLE>
-i-
<PAGE>
TABLE OF CONTENTS
(CONTINUED)
<TABLE>
<CAPTION>
PAGE
----
<S> <C> <C>
ARTICLE V Covenants..................................................................................................15
5.1 Nonassignable Contracts and Permits................................................................15
5.2 Access to Information, Confidentiality.............................................................15
5.3 No Solicitation....................................................................................15
5.4 Reasonable Best Efforts; Further Assurances........................................................16
5.5 Certain Filings....................................................................................16
5.6 Public Announcements...............................................................................16
5.7 Required Consents..................................................................................16
5.8 Employees..........................................................................................16
5.9 Taxes..............................................................................................19
5.10 Incentive Program..................................................................................19
5.11 Additional Ancillary Agreements....................................................................19
5.12 General Cooperation................................................................................19
5.13 Tax Cooperation Rider..............................................................................19
ARTICLE VI 20
6.1 Master Services Agreement..........................................................................20
6.2 Assumed Liabilities................................................................................20
6.3 Cutover Date Contributed Assets....................................................................20
6.4 List of Contributed Assets.........................................................................20
6.5 Channel Inventory..................................................................................21
6.6 Additional Transition Services.....................................................................21
6.7 Effect of Cutover Date.............................................................................21
ARTICLE VII 21
7.1 Governing Law......................................................................................21
7.2 Third Party Beneficiaries..........................................................................22
7.3 Entire Agreement...................................................................................22
7.4 Successors and Assigns.............................................................................22
7.5 Further Assurances.................................................................................22
7.6 Amendment..........................................................................................22
7.7 Notices............................................................................................22
7.8 Counterparts.......................................................................................24
7.9 Representation by Counsel; Interpretation..........................................................24
7.10 Limitation of Liability............................................................................24
7.11 Consent to Jurisdiction............................................................................24
</TABLE>
-ii-
<PAGE>
ASSET CONTRIBUTION AGREEMENT
THIS ASSET CONTRIBUTION AGREEMENT (this "AGREEMENT") is entered into as
of June 5, 2000 (the "EFFECTIVE DATE"), between 3COM CORPORATION, a Delaware
corporation ("3COM"), and U.S. Robotics Corporation, a Delaware corporation
("U.S. ROBOTICS").
WHEREAS, 3Com intends to contribute certain assets to U.S. Robotics
associated with 3Com's sales, marketing and engineering activities, including
product testing and research and development, for analog modem products,
selected mobile (modem only) PC card products and ISDN modem products identified
in SCHEDULE 1.1 (s) to the Intellectual Property License Agreement (as defined
herein) (the "BUSINESS") in exchange for shares of U.S. Robotics Series A
Preferred Stock and other consideration provided for herein; and
WHEREAS, 3Com desires that such transfer of assets to U.S. Robotics
qualify as a tax free transfer of assets under Section 351 of the Internal
Revenue Code of 1986, as amended;
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the parties agree as follows:
ARTICLE I
DEFINITIONS
1.1 DEFINITIONS.
(a) The following terms, as used herein, have the
following meanings:
"ACCTON" means Accton Network (BVI) Co. Ltd., a company organized under
the laws of British Virgin Islands, which is the owner of approximately 41% of
the outstanding capital stock of U.S. Robotics as of the date hereof.
"ACQUIRED BUSINESS" means the Business, including the Contributed
Assets and the Assumed Liabilities.
"AFFILIATE" means, with respect to any Person, any other Person
directly or indirectly controlling, controlled by, or under common control with
such Person. For purposes of this definition, "control" when used with respect
to any Person, means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise;
the terms "controlling" and "controlled" have meanings correlative to the
foregoing.
"ANCILLARY AGREEMENTS" means the Intellectual Property License
Agreement, the Master Services Agreement, the Transition Services Agreement, the
Real Property License, the Real Property Assignment, the Consulting Agreement,
the bill of sale attached as EXHIBIT D and the
<PAGE>
assumption agreement attached as EXHIBIT E, and each other document or agreement
delivered by 3Com or U.S. Robotics in connection with this Agreement.
"ASSUMED CONTRACTS" means those contracts, agreements, leases,
commitments and sales and purchase orders of 3Com relating to the Acquired
Business listed on SCHEDULE 1.1-D to this Agreement.
"ASSUMED LIABILITIES" means those debts, obligations, contracts and
liabilities of 3Com related to or arising out of the conduct of the Acquired
Business listed on SCHEDULE 1.1-D to this Agreement. The Assumed Liabilities
include the Assumed Contracts.
"BUSINESS" has the meaning set forth in the Recitals to this Agreement.
"CLOSING DATE" means the date of the Closing.
"CODE" means the Internal Revenue Code of 1986, as amended from time to
time.
"COMPENSATION AND BENEFITS PLANS" means, collectively, each bonus,
deferred compensation, pension, retirement, profit-sharing, thrift, savings,
employee stock ownership, stock bonus, stock purchase, restricted stock, stock
option, employment, termination, severance, compensation, medical, health, or
other plan, agreement, policy or arrangement established, maintained or
contributed to by 3Com, its affiliates or any deemed affiliate or controlled
group as may be applicable under ERISA or the Code.
"CONTRIBUTED ASSETS" means the following assets as they may exist on
the Closing Date:
(i) tangible assets presently located at the Premises or at
3Com's Boulder, Colorado location that was formerly the site for the Euphonics
business and generally being used for or necessary to the Acquired Business,
consisting of lab equipment and supplies, office furniture and office equipment
and supplies and computer hardware;
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