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Title: |
Share Exchange Relationship Agreement |
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Date: |
2000 |
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Preview shows 15KB of 185KB total |
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Price: |
$72 |
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ID: |
#1291341 |
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SHARE EXCHANGE RELATIONSHIP AGREEMENT
AMONG
MICROSOFT HOLDINGS V, INC.,
MICROSOFT CORPORATION,
ITOCHU CORPORATION,
TOSHIBA CORPORATION,
SUMITOMO CORPORATION
LIBERTY JUPITER, INC.,
LIBERTY JAPAN, INC.,
AND
LIBERTY MEDIA CORPORATION.
DATED JUNE 27, 2000
<PAGE> 2
TABLE OF CONTENTS
RECITAL...................................................................... 1
ARTICLE I CERTAIN DEFINITIONS................................................ 2
1.1 Specific Definitions................................................... 2
1.2 Other Definitional Provisions.......................................... 9
1.3 Treatment of Certain Shares of TITUS................................... 9
1.4 Covenants to Cause TITUS or Jupiter to Take Actions.................... 9
ARTICLE II CLOSING........................................................... 10
2.1 Time and Place of Closing.............................................. 10
2.2 Deliveries by TITUS Shareholder........................................ 10
2.3 Deliveries by Jupiter Shareholder...................................... 11
ARTICLE III REPRESENTATIONS AND WARRANTIES OF TITUS
SHAREHOLDERS................................................................. 11
3.1 Corporate Organization of TITUS Shareholders........................... 11
3.2 Authority Relative to this Agreement and the Transaction Documents..... 11
3.3 Consents and Approvals; No Violations.................................. 13
3.4 Shares of TITUS Capital Stock.......................................... 14
3.5 Capitalization of TITUS; Dividends..................................... 15
3.6 Finders' Fees.......................................................... 16
3.7 Corporate Organization of TITUS; Authority............................. 16
3.8 No Violations of Obligations........................................... 16
3.9 TITUS Subsidiaries..................................................... 17
3.10 Financial Statements................................................... 17
3.11 Absence of Changes..................................................... 17
3.12 Compliance with Law; Government Licenses............................... 18
3.13 No Undisclosed Liabilities............................................. 18
3.14 Litigation............................................................. 18
3.15 Taxes.................................................................. 19
3.16 Contracts.............................................................. 19
3.17 Properties; Title to Properties........................................ 19
3.18 Intellectual Property.................................................. 20
3.19 Employee Benefits...................................................... 20
3.20 Sufficiency of the Assets.............................................. 20
3.21 Rights to Provide Service.............................................. 20
3.22 Environmental Matters.................................................. 21
3.23 Cable Systems and Subscribers.......................................... 21
3.24 Hart-Scott-Rodino...................................................... 22
3.25 No Other Representations or Warranties................................. 23
<PAGE> 3
<TABLE>
<CAPTION>
<S> <C>
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF JUPITER SHAREHOLDERS........................ 23
4.1 Corporate Organization of Sumitomo and the Liberty Group...................... 23
4.2 Authority Relative to this Agreement and the Transaction Documents............ 23
4.3 Consents and Approvals; No Violations......................................... 24
4.4 Shares of Jupiter Common Stock................................................ 25
4.5 Capitalization of Jupiter; Dividends.......................................... 26
4.6 Finders' Fees................................................................. 26
4.7 Corporate Organization of Jupiter; Authority.................................. 26
4.8 No Violations of Obligations.................................................. 27
4.9 Jupiter Subsidiaries.......................................................... 27
4.10 Financial Statements.......................................................... 28
4.11 Absence of Changes............................................................ 28
4.12 Compliance with Law; Government Licenses...................................... 28
4.13 No Undisclosed Liabilities.................................................... 29
4.14 Litigation.................................................................... 29
4.15 Taxes......................................................................... 29
4.16 Contracts..................................................................... 30
4.17 Properties; Title to Properties............................................... 30
4.18 Intellectual Property......................................................... 31
4.19 Employee Benefits............................................................. 31
4.20 Sufficiency of the Assets..................................................... 31
4.21 Rights to Provide Service..................................................... 31
4.22 Environmental Matters......................................................... 31
4.23 Cable Systems and Subscribers................................................. 32
4.24 Hart-Scott-Rodino............................................................. 33
4.25 Technology.................................................................... 33
4.26 Reorganization................................................................ 34
4.27 No Other Representations or Warranties........................................ 35
ARTICLE V COVENANTS OF THE PARTIES....................................................... 35
5.1 Conduct of TITUS.............................................................. 35
5.2 Conduct of Jupiter............................................................ 36
5.3 Access to Information......................................................... 38
5.4 Consents and Approvals........................................................ 38
5.5 Filings....................................................................... 38
5.6 Efforts to Consummate......................................................... 39
5.7 Transaction Documents......................................................... 39
5.8 Termination of Agreements..................................................... 39
5.9 Jupiter Shareholders Agreement................................................ 39
5.10 Initial Public Offering....................................................... 39
5.11 Employees; Management......................................................... 39
</TABLE>
2
<PAGE> 4
<TABLE>
<CAPTION>
<S> <C> <C>
5.12 Business Plan.......................................................... 40
5.13 No Sales of Capital Stock.............................................. 40
5.14 Conversion............................................................. 41
5.15 Shareholders Meetings.................................................. 41
5.16 Extensions of Share Exchange Agreement................................. 42
5.17 Further Assurances..................................................... 42
ARTICLE VI CONDITIONS TO PERMIT SHARE EXCHANGE................................. 42
6.1 Conditions of Microsoft, Sumitomo and Liberty Media.................... 42
6.2 Conditions of the Jupiter Shareholders................................. 43
6.3 Conditions of the TITUS Shareholders................................... 44
ARTICLE VII INDEMNIFICATION AND RELATED MATTERS................................ 45
7.1 Survival............................................................... 45
7.2 Indemnification........................................................ 45
7.3 Limitations on Indemnification......................................... 45
7.4 Indemnification Procedures............................................. 46
7.5 Computation of Losses.................................................. 48
7.6 Mitigation of Damages.................................................. 48
ARTICLE VIII TERMINATION....................................................... 48
8.1 Termination............................................................ 48
8.2 Procedure and Effect of Termination.................................... 49
ARTICLE IX MISCELLANEOUS PROVISIONS............................................ 49
9.1 Amendment and Modification............................................. 49
9.2 Extension; Waiver...................................................... 49
9.3 Entire Agreement; Assignment........................................... 50
9.4 Severability........................................................... 50
9.5 Notices................................................................ 50
9.6 GOVERNING LAW.......................................................... 53
9.7 Mediation; Arbitration................................................. 53
9.8 Publicity.............................................................. 54
9.9 Descriptive Headings................................................... 54
9.10 Counterparts........................................................... 54
9.11 Fees and Expenses...................................................... 54
9.12 Parties in Interest.................................................... 54
9.13 Guarantees............................................................. 55
9.14 Liberty Media.......................................................... 55
</TABLE>
3
<PAGE> 5
<TABLE>
<S> <C>
Annex A......................................................................... i
Annex B......................................................................... ii
Annex C.........................................................................iii
Annex D......................................................................... iv
Annex E......................................................................... v
Annex F......................................................................... vi
Annex G.........................................................................vii
</TABLE>
4
<PAGE> 6
SHARE EXCHANGE RELATIONSHIP AGREEMENT
This SHARE EXCHANGE RELATIONSHIP AGREEMENT (the "AGREEMENT") is entered
into as of June 27, 2000, among Microsoft Holdings V, Inc., a Nevada
corporation (together with its successors and permitted assigns, "MICROSOFT"),
Itochu Corporation, a company organized under the laws of Japan (together with
its successors and permitted assigns, "ITOCHU"), Toshiba Corporation, a company
organized under the laws of Japan (together with its successors and permitted
assigns, "TOSHIBA") (Microsoft, Itochu and Toshiba are referred to herein
collectively as the "TITUS SHAREHOLDERS"), Sumitomo Corporation, a company
organized under the laws of Japan (together with its successors and permitted
assigns, "SUMITOMO"), Liberty Jupiter, Inc., a Delaware corporation ("LJ"),
Liberty Japan, Inc., a Delaware corporation ("LIBERTY JAPAN") (LJ and Liberty
Japan together with their respective successors and permitted assigns are
referred to herein collectively as, "LIBERTY MEDIA") Sumitomo and Liberty Media
are referred to herein collectively as the "JUPITER SHAREHOLDERS"), solely for
purposes of Section 5.11 and 9.13, Liberty Media Corporation, a Delaware
corporation and the Parent of Liberty Media ("LMC"), Microsoft Corporation, a
Washington corporation and the Parent of Microsoft ("MICROSOFT CORP.").
RECITALS
WHEREAS, the TITUS Shareholders own on a fully diluted basis 97%, and by
virtue of Section 1.3 are deemed to own all, of the shares of capital stock of
TITUS Communications Corporation, a corporation organized under the laws of
Japan ("TITUS");
WHEREAS, the Jupiter Shareholders are the owners of all of the shares of
capital stock of Jupiter Telecommunications Co., Ltd., a corporation organized
under the laws of Japan ("JUPITER");
WHEREAS, the TITUS Shareholders desire to cause TITUS to be transferred to
Jupiter, and the Jupiter Shareholders wish to cause Jupiter to become the owner
of all the issued and outstanding shares of capital stock of TITUS; and
WHEREAS, the TITUS Shareholders and the Jupiter Shareholders are causing
TITUS and Jupiter concurrently herewith to enter into a Stock-for-Stock
Exchange Agreement in the form set forth as ANNEX A hereto (the "SHARE EXCHANGE
AGREEMENT"), which provides for a stock for stock exchange transaction between
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