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Stock Purchase Agreement

 

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Title:

Stock Purchase Agreement

Entities:

FactSet Research Systems Inc.

Date:

2004

Size:

Preview shows 70KB of 272KB total

Price:

$58

ID:

#1231285

 

 

► Purchase & Sale ► Purchase ► Stock Purchase Agreements
► Technology ► Computer Services

 

 

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FACTSET RESEARCH SYSTEMS INC.,

 

FACTSET EUROPE S.R.L.

 

SELLERS STOCKHOLDER REPRESENTATIVE NAMED WITHIN

 

and

 

DECISION DATA LUXEMBOURG S.A.

 

 

STOCK PURCHASE AGREEMENT

 

 

LOGO

ALLEN & OVERY LLP

NEW YORK

Table of Contents

CONTENTS

 

Section
         Page
1.   Purchase and Sale of Shares; Closing    1
    1.1    Purchase and Sale of the Shares    1
    1.2    Closing Date    3
    1.3    Transactions to be Effected at the Closing    3
    1.4    Purchase Price Adjustment    5
    1.5    Sellers Stockholder Representative    6
2.   Representations and Warranties Regarding Seller, Sellers Stockholder Representative and the Shares    7
    2.1    Authority; Execution and Delivery; Enforceability    7
    2.2    No Conflicts; Consents    7
    2.3    Brokers    8
    2.4    The Shares    8
    2.5    Restricted Securities    9
    2.6    Purchase Entirely for Own Account    9
    2.7    Disclosure of Information    9
    2.8    Investment Experience    10
    2.9    General Solicitation    10
    2.10    Reliance    10
    2.11    Further Limitations on Disposition    10
    2.12    Legends    10
3.   Representations and Warranties Regarding the Company and the Subsidiaries    11
    3.1    Organization and Standing; Books and Records    11
    3.2    Capital Stock of the Company and the Subsidiaries    12
    3.3    Consents    13
    3.4    Financial Statements    13
    3.5    Assets Other than Real Property Interests    14
    3.6    Real Property    14
    3.7    Intellectual Property    15
    3.8    Contracts    17
    3.9    Receivables    19
    3.10    Permits    19
    3.11    Insurance    19
    3.12    Taxes    20
    3.13    Proceedings    22
    3.14    Benefit Plans    23
    3.15    Absence of Changes or Events    24
    3.16    Compliance with Applicable Laws    25
    3.17    Employee and Labor Matters    26
    3.18    Transactions with Affiliates    28
    3.19    Disclosure    28
    3.20    Customers    28
    3.21    Private Offering    28
    3.22    Corrupt Practices    29
    3.23    Accounting Practices    29

Table of Contents
4.    Representations and Warranties of Purchaser and Parent    30
     4.1    Organization; Standing and Power    30
     4.2    Authority, Execution and Delivery, Enforceability    30
     4.3    No Conflicts, Consents    30
     4.4    Litigation    31
     4.5    Securities Act    31
     4.6    Brokers    31
     4.7    Availability of Funds    31
     4.8    Investigation by Parent; Sellers Liability    31
     4.9    Disclosure of Information    32
5.    Covenants    32
     5.1    Covenants Relating to Conduct of Business    32
     5.2    No Solicitation    34
     5.3    Access to Information    35
     5.4    Confidentiality    35
     5.5    Commercially Reasonable Efforts    35
     5.6    Expenses, Transfer Taxes    36
     5.7    Tax Matters    36
     5.8    Supplemental Disclosure    38
     5.9    Post-Closing Cooperation    39
     5.10    Publicity    39
     5.11    Records    40
     5.12    Agreement Not To Compete    40
     5.13    Certain Licenses and Permits    41
     5.14    Further Assurances    41
     5.15    Insurance    41
6.    Conditions Precedent    42
     6.1    Conditions to Each Partys Obligation    42
     6.2    Conditions to Obligation of the Purchaser    43
     6.3    Conditions to Obligation of Seller    46
     6.4    Frustration of Closing Conditions    46
7.    Termination, Amendment and Waiver    46
     7.1    Termination    46
     7.2    Effect of Termination    47
     7.3    Amendments and Waivers    48
8.    Indemnification    48
     8.1    Tax Indemnification    48
     8.2    Other Indemnification by Seller and Sellers Stockholder Representative    48
     8.3    Purchaser Indemnification    49
     8.4    Calculation of Losses; Satisfaction from Escrowed Funds    49
     8.5    Termination of Indemnification    50
     8.6    Procedures    50
     8.7    Survival of Representations    53
     8.8    No Recourse against the Company or any Subsidiary    53
9.    General Provisions    54
     9.1    Assignment    54
     9.2    No Third-Party Beneficiaries    54
     9.3    Expenses    54
     9.4    Notices    54
     9.5    Interpretation; Exhibits and Schedules; Certain Definitions    55

Table of Contents
     9.6    Counterparts    57
     9.7    Entire Agreement    57
     9.8    Severability    57
     9.9    Consent to Jurisdiction    57
     9.10    Governing Law    57
     9.11    Waiver of Jury Trial    58
     9.12    Guaranty    58

 

Exhibit

 

1.    Escrow Agreement    60
2.    Employment Agreement    70
3.    Deed of Transfer    91
4.    Balance Sheet Principles    93
5.    MKY Intellectual Property Deed of Assignment    94

Table of Contents

STOCK PURCHASE AGREEMENT

 

STOCK PURCHASE AGREEMENT (together with the Schedules and Exhibits hereto, this Agreement) dated as of June 29, 2004 (Execution Date)

 

AMONG:

 

(1) FACTSET RESEARCH SYSTEMS INC., a Delaware corporation (Parent);

 

(2) FACTSET EUROPE S.R.L., a private limited liability company organized under the laws of Luxembourg and an indirect wholly-owned subsidiary of Parent (Purchaser);

 

(3) JACQUES CHAHINE (Sellers Stockholder Representative); and

 

(4) DECISION DATA LUXEMBOURG S.A., a limited liability company organized under the laws of Luxembourg (Seller).

 

WHEREAS:

 

(A) Seller owns all of the issued and outstanding shares of capital stock of Decision Data System B.V., a limited liability company organized under the laws of the Netherlands (the Company), consisting of 9,000 common shares, par value ten euro (10) per share, and 1,000 preference shares, par value ten euro (10) per share (collectively, the Shares);

 

(B) Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller, all of the Shares, on the terms and subject to the conditions set forth herein; and

 

(C) Purchaser and Parent would not enter into this Agreement but for the willingness of Jacques Chahine, Eric Morlot, Jean-Michel Voldoire and Jason Panzer (the Key Employees) to enter into employment and non-compete agreements with Parent, which agreements shall become effective as of the Closing (as defined in Section 1.2).

 

NOW, THEREFORE, in consideration of and subject to the premises and the mutual agreements, terms and conditions herein contained, the benefits to be derived therefrom and other good and valuable consideration, the receipt and the sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1. PURCHASE AND SALE OF SHARES; CLOSING

 

1.1 Purchase and Sale of the Shares

 

(a) On the terms and subject to the conditions of this Agreement, at the Closing, Seller shall sell, assign, transfer and deliver or cause to be sold, assigned, transferred and delivered to Purchaser, and Purchaser shall purchase from Seller, legal and beneficial ownership of the Shares, free and clear of all liens, claims, charges, security interests, pledges, reversions, preferential arrangements, conditions, restrictions (including any restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership), equities and encumbrances of any kind (Encumbrances). The purchase and sale of the Shares is referred to in this Agreement as the Acquisition. For the avoidance of doubt, the Acquisition shall not include the asset management businesses (the Asset Management Business) of the Subsidiaries (as defined in Section 3.2(b)).

 

1

Table of Contents
(b) The aggregate purchase price (the Purchase Price) for the Shares shall consist of the following:

 

  (i) 38,000,000 in cash, subject to adjustment as provided in Section 1.4 (the Cash Consideration); and

 

  (ii) 257,067 fully paid, validly issued and non-assessable shares of common stock, par value $0.01 per share, of Parent (Parent Common Stock).

 

(c) In addition to the Purchase Price set forth in Section 1.1(b), Purchaser shall pay to Seller, as additional consideration for the Shares, the applicable amount specified in Clause (i) or (ii) below (the Applicable Earn-Out Amount) if earned in accordance with the provisions specified below. Purchaser shall pay to Seller the Applicable Earn-Out Amount if, and only if, one of the two minimum client subscription targets separately agreed between the parties is satisfied during the period beginning on the date on which Sellers and the Subsidiaries database acquired pursuant to this Agreement is first made available by Parent or its affiliates to its clients (on which date, Parent shall give notice of such availability in writing to Sellers Stockholder Representative), and ending on the second anniversary of such date (the Earn-Out Period) and continues to be satisfied on the last date of such period:

 

  (i) The Applicable Earn-Out Amount shall be 2,000,000 if, during the Earn-Out Period, the lower minimum subscription target separately agreed between the parties is achieved; or

 

  (ii) The Applicable Earn-Out Amount shall be 5,000,000 if, during the Earn-Out Period, the higher minimum subscription target separately agreed between the parties is achieved.

 

The Applicable Earn-Out Amount, if any, will be payable in cash to Seller on the last day of the Earn-Out Period.

 

Notwithstanding the foregoing, no Applicable Earn-Out Amount will be or become payable (i) if on the last day of the Earn-Out Period, Seller or Sellers Stockholder Representative or any of their respective affiliates is in violation of Section 5.12 of this Agreement, or (ii) if on the last day of the Earn-Out Period, Seller has not paid to any Purchaser Indemnitee the full amount of any Loss for which any such Purchaser Indemnitee is entitled to receive indemnification from Seller and Sellers Stockholder Representative pursuant to Section 8 of the Stock Purchase Agreement or Section 3(b) of the Escrow Agreement and, if Purchaser Indemnitees rights to receive such claimed indemnification is being disputed by Seller, Parent shall be entitled to hold the portion of such Applicable Earn-Out Amount equal to the amount claimed for any Loss in escrow pending resolution of such dispute.

 

For the avoidance of doubt, under no circumstances will Seller be entitled to more than one Applicable Earn-Out Amount payment (i.e. Seller may be entitled to receive payment described in Clause (i) or Clause (ii) above, but not both).

 

The parties hereto acknowledge that this provision has been negotiated by the parties based on their inability to agree as to the valuation of the Company and the Subsidiaries as of the Closing Date, and the Applicable Earn-Out Amount is intended by the parties to be treated as part of the consideration for the Shares. The parties hereby agree not to take any position, including, without limitation, for federal, state, foreign or local tax purposes, that is inconsistent with the intent expressed in this letter.


 

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