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Title: |
Acquisition Agreement |
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Entities: |
Bookham Technology plc; Citibank, NA; Cleary, Gottlieb, Steen & Hamilton; Hale and Dorr LLP; Nortel Networks Corporation; Bookham Technology plc |
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Date: |
2002 |
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Size: |
Preview shows 27KB of 326KB total |
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Price: |
$96 |
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ID: |
#137148 |
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Start of Preview |
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ACQUISITION AGREEMENT
dated as of October 7, 2002
between
NORTEL NETWORKS CORPORATION
and
BOOKHAM TECHNOLOGY PLC
{PAGE}
TABLE OF CONTENTS
Page
----
ARTICLE I
DEFINITIONS
Section 1.01. Certain Defined Terms.........................................1
Section 1.02. Other Defined Terms..........................................13
Section 1.03. Terms Generally..............................................15
Section 1.04. Effectiveness of this Agreement..............................15
ARTICLE II
PURCHASE AND SALE OF THE ASSETS
Section 2.01. Purchase and Sale of Assets; Exclusion of Excluded Assets....16
Section 2.02. Assumption of Assumed Liabilities; Retention of Retained
Liabilities..................................................19
Section 2.03. Purchase Price; Allocation of Purchase Price;
Reimbursement of Expenses....................................22
Section 2.04. Inventory Adjustment.........................................23
Section 2.05. Closing......................................................25
Section 2.06. Closing Deliveries by the Seller.............................25
Section 2.07. Closing Deliveries by the Purchaser..........................25
Section 2.08. Accounting...................................................26
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE SELLER
Section 3.01. Organization and Good Standing; Solvency and Fraudulent
Conveyance...................................................26
Section 3.02. Authority....................................................27
Section 3.03. No Conflict; Consents and Approvals..........................27
Section 3.04. Financial Information; Accounting and Financial Matters......28
Section 3.05. Absence of Certain Changes or Events.........................28
Section 3.06. Absence of Litigation........................................28
Section 3.07. Compliance with Laws.........................................29
Section 3.08. Governmental Licenses and Permits............................29
Section 3.09. The Assets...................................................29
Section 3.10. Real Property................................................29
Section 3.11. Seller Employee Plans........................................32
Section 3.12. Employee Matters.............................................33
Section 3.13. Environmental Matters........................................35
Section 3.14. Seller Contracts.............................................36
Section 3.15. Brokers......................................................36
Section 3.16. Intellectual Property........................................37
Section 3.17. Residence....................................................38
Section 3.18. Tax Matters..................................................38
Section 3.19. Customers and Suppliers......................................39
Section 3.20. Securities Laws..............................................39
Section 3.21. EXCLUSIVITY OF REPRESENTATIONS AND WARRANTIES................39
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
Section 4.01. Organization and Good Standing; Solvency and Fraudulent
Conveyance; Principal Purchaser Subsidiaries.................40
Section 4.02. Authority....................................................40
Section 4.03. No Conflict; Consents and Approvals..........................41
Section 4.04. Capitalization...............................................42
Section 4.05. Purchaser Reports; Undisclosed Liabilities...................42
Section 4.06. Absence of Certain Changes or Events.........................43
Section 4.07. Absence of Litigation........................................43
Section 4.08. [Reserved]...................................................43
Section 4.09. Compliance with Laws.........................................43
Section 4.10. Governmental Licenses and Permits............................43
Section 4.11. Purchaser Contracts..........................................44
Section 4.12. Brokers......................................................44
Section 4.13. Purchaser Employee Plans.....................................44
Section 4.14. Employee Matters.............................................45
Section 4.15. Accounting and Financial Matters.............................46
Section 4.16. Environmental Matters........................................47
Section 4.17. Intellectual Property........................................47
Section 4.18. Tax Matters..................................................48
Section 4.19. EXCLUSIVITY OF REPRESENTATIONS AND WARRANTIES................48
ARTICLE V
COVENANTS
Section 5.01. Conduct of Business Prior to the Closing.....................48
Section 5.02. Access to Information........................................50
Section 5.03. Confidentiality..............................................51
Section 5.04. Regulatory and Other Authorizations; Consents................52
Section 5.05. Bulk Sales...................................................53
Section 5.06. Insurance....................................................53
Section 5.07. Certain Services and Benefits Provided by Affiliates.........53
Section 5.08. Further Action...............................................53
Section 5.09. Ancillary Agreements.........................................56
Section 5.10. Maintenance of Records.......................................56
Section 5.11. Obtaining Consents...........................................57
Section 5.12. Deletion of Non-Transferred Software.........................57
Section 5.13. Equipment Leases.............................................57
Section 5.14. Product Warranty.............................................58
Section 5.15. Agreement Restricting Transfer of Assets or Business to
Certain Persons..............................................58
Section 5.16. Notice of Certain Events.....................................59
Section 5.17. Lock-up......................................................59
Section 5.18. Standstill...................................................60
Section 5.19. Listing......................................................61
Section 5.20. Securities Laws..............................................61
Section 5.21. Shareholder Circular; Purchaser Shareholders' Meeting;
Board Recommendation of Purchaser Shareholder Resolutions....61
Section 5.22. Additional Intellectual Property Rights......................62
Section 5.23. Non-competition..............................................62
Section 5.24. Option Termination Notice....................................63
Section 5.25. Register of Members..........................................64
ARTICLE VI
EMPLOYEE MATTERS
Section 6.01. Transfers of Employees.......................................64
Section 6.02. Cooperation with respect to Transferring Employees...........65
Section 6.03. Communications with Employees................................65
Section 6.04. Updated Employee Information; Status of Information..........65
Section 6.05. Provisions Applicable to Certain Jurisdictions...............66
ARTICLE VII
TAX MATTERS
Section 7.01. Transfer Taxes...............................................66
Section 7.02. Elections and Exemptions.....................................67
Section 7.03. VAT..........................................................68
Section 7.04. Treatment of Indemnity Payments..............................70
Section 7.05. Tax Obligations..............................................70
Section 7.06. GST..........................................................71
Section 7.07. Cooperation; Access to Records...............................71
Section 7.08. Registration Numbers.........................................72
ARTICLE VIII
CONDITIONS TO CLOSING
Section 8.01. Conditions to Obligations of the Seller......................72
Section 8.02. Conditions to Obligations of the Purchaser...................73
ARTICLE IX
TERMINATION, AMENDMENT AND WAIVER
Section 9.01. Termination..................................................74
Section 9.02. Effect of Termination........................................75
Section 9.03. Waiver.......................................................75
Section 9.04. Security Deposit.............................................75
ARTICLE X
INDEMNIFICATION
Section 10.01. Indemnification by the Purchaser.............................76
Section 10.02. Indemnification by the Seller................................76
Section 10.03. Limitations on Indemnification...............................77
Section 10.04. Notification of Claims.......................................78
Section 10.05. Exclusive Remedies...........................................78
ARTICLE XI
GENERAL PROVISIONS
Section 11.01. Survival.....................................................79
Section 11.02. Expenses; Currency...........................................79
Section 11.03. Notices......................................................79
Section 11.04. Public Announcements.........................................80
Section 11.05. Headings.....................................................80
Section 11.06. Disclosure Schedules.........................................81
Section 11.07. Severability.................................................81
Section 11.08. Entire Agreement.............................................81
Section 11.09. Assignment...................................................81
Section 11.10. No Third-Party Beneficiaries.................................81
Section 11.11. Amendment....................................................81
Section 11.12. Governing Law................................................81
Section 11.13. Counterparts.................................................82
Section 11.14. No Presumption...............................................82
{PAGE}
Exhibits
--------
Exhibit A...................Form of Assignment and Assumption Agreement
Exhibit B...................Form of Bill of Sale
Exhibit C...................Form of Employee Loan Agreement
Exhibit D...................Form of Intellectual Property License Agreement
Exhibit E...................Form of Joint Development Agreement
Exhibit F...................Form of Patent Assignment
Exhibit G...................Form of Purchaser Shareholder Resolutions
Exhibit H...................Forms of Real Estate Agreements and Assignments
Exhibit I...................Form of Registration Rights Agreement
Exhibit J...................Form of Relationship Deed
Exhibit K...................Form of U.S. Security Agreement
Exhibit L...................Form of Supply Agreement
Exhibit M...................Form of Trademark Assignment
Exhibit N...................Form of Trademark License Agreement
Exhibit O...................Form of Transition Services Agreement
Exhibit P...................Form of U.K. Supplementary Agreement
Exhibit Q...................Form of Warrant Instrument
Exhibit R...................Form of Series A Note
Exhibit S...................Form of Series B Note
Schedules
---------
Seller Disclosure Schedule
Employee Matters Schedule
Purchaser Disclosure Schedule
Sections of the Seller Disclosure Schedule
------------------------------------------
Section 1.01(a).............Knowledge of the Seller or Seller's Knowledge
Section 1.01(b).............Certain Permitted Liens
Section 1.01(c).............Products
Section 1.01(d).............Certain Restricted Patents
Section 1.01(e).............Certain Third Party Licenses
Section 1.01(f).............Transferred Other Intellectual Property
Section 1.01(g).............Transferred Passive Patents
Section 1.01(h).............Transferred Patents
Section 1.01(i).............Transferred Software
Section 2.01(a)(i)..........Owned Real Property
Section 2.01(a)(ii).........Real Property Leases
Section 2.01(a)(iii)........Owned Equipment
Section 2.01(a)(iv).........Equipment Leases and Related Buy-Out Values
Section 2.01(a)(vii)........Third Party Licenses Exclusive to the Business
Section 2.01(a)(viii).......Other Seller Contracts
Section 2.01(a)(ix).........Certain Rights Under Retained Contracts
Section 2.01(a)(x)..........Certain Governmental Permits
Section 2.01(a)(xi).........Licenses Relating to Business Software
Section 2.01(a)(xiv)........Other Seller IP Contracts
Section 2.01(a)(xv).........Certain Other Specified Assets
Section 2.01(b)(xiii).......Certain Other Specified Excluded Assets
Section 2.02(a)(i)..........Certain Liabilities in Respect of the Owned
Real Property and the Seller Contracts
Section 2.02(a)(ii).........Certain Liabilities Under Retained Contracts
Section 2.02(a)(vii)........Certain Other Specified Assumed Liabilities
Section 2.02(b)(i)..........Certain Liabilities in Respect of the Owned
Real Property and the Seller Contracts
Section 2.02(b)(xi).........Certain Other Specified Retained Liabilities
Section 2.03(c).............Allocation of Purchase Price and the Assumed
Liabilities
Section 2.04(a).............Post-Closing Inventory Statement
Section 3.03(a).............Certain Consents, Approvals and Waivers
Section 3.04................Seller Financial Statements and Related
Disclosures
Section 3.05................Certain Changes or Events Since June 30, 2002
Section 3.06................Certain Actions
Section 3.08................Licenses and Permits
Section 3.09(a).............Certain Disclosures Regarding the Assets
Section 3.09(b).............Title to and Validity of Interests in the
Assets
Section 3.10(a).............Certain Disclosures Regarding the Leased Real
Property
Section 3.10(b).............Certain Encumbrances Relating to the Owned Real
Property
Section 3.10(c).............Certain Disclosures Regarding the Owned Real
Property Located in the U.K.
Section 3.10(d).............Certain Disclosures Regarding the Owned Real
Property and the Real Property Leases
Section 3.11(a).............Seller Employee Plans
Section 3.11(b).............Audits and Investigations with Respect to
Seller Employee Plans
Section 3.11(c).............Commitments to Amend Seller Employee Plans
Section 3.11(d).............Notices of Claims under Seller Employee Plans
Section 3.11(e).............Certain Actions Relating to Seller Employee
Plans
Section 3.12(a).............Employee Information
Section 3.12(b).............Work Stoppages, Strikes, Picketings and
Slowdowns
Section 3.12(c).............Compliance with Employment Laws
Section 3.12(e).............Complaints, Proceedings, Levies
Section 3.12(f).............Collective Bargaining Agreements or
Understandings
Section 3.12(g).............U.K. Employees Notice Periods
Section 3.12(h).............Certain Employee Resignations and Terminations
Section 3.13................Environmental Matters
Section 3.14(a).............Certain Matters Relating to Seller Contracts
Section 3.14(b).............Seller Contracts Not Provided to the Purchaser
Section 3.16(a).............Title to Intellectual Property
Section 3.16(d).............Intellectual Property Claims
Section 3.16(g).............Third Party Infringement of Transferred
Intellectual Property
Section 3.18(e).............Certain Tax Matters
Section 3.19................Customers and Suppliers
Section 5.01(a).............Conduct of Business Prior to Closing
Section 5.09(f).............Provision of TIA Chips
Section 5.14................Product Warranty
Section 5.15(a).............Prohibited Transferees
Section 5.19(c).............Certain Information Provided for U.K. Listing
Particulars and Shareholder Circular
Section 6.01(b).............Certain Employees
Sections of the Purchaser Disclosure Schedule
---------------------------------------------
Section 1.01(a).............Knowledge of the Purchaser or the Purchaser's
Knowledge
Section 1.01(b).............Principal Purchaser Subsidiaries
Section 4.03(a).............Certain Consents, Approvals and Waivers
Section 4.03(b).............Certain Governmental Permits
Section 4.04................Capitalization
Section 4.06................Certain Changes or Events Since June 30, 2002
Section 4.07................Certain Actions
Section 4.11................Purchaser Contracts
Section 4.13(a).............Purchaser Employee Plans
Section 4.13(b).............Audits and Investigations Relating to Purchaser
Employee Plans
Section 4.13(c).............Non-Standard Form Employment Agreements
Section 4.13(d).............Commitments to Amend Purchaser Employee Plans
Section 4.13(e).............Notices of Claims under Purchaser Employee
Plans
Section 4.13(f).............Timely Payment of Contribution
Section 4.14(a).............Work Stoppages, Strikes, Picketings and
Slowdowns
Section 4.14(b).............Compliance with Employment Related Laws
Section 4.14(c).............Complaints, Proceedings, Levies
Section 4.14(d).............Collective Bargaining Agreements or
Understandings
Section 4.15................Off-Balance Sheet Special Purpose Entities and
Financial Arrangements
Section 4.16................Environmental Matters
Section 4.17(b).............Intellectual Property Claims
Section 4.17(d).............Infringements and Misappropriations
Section 5.01(b).............Conduct of Business Prior to Closing
Section 5.17................Prohibited Transferees
{PAGE}
ACQUISITION AGREEMENT
This ACQUISITION AGREEMENT is dated as of October 7, 2002,
between Nortel Networks Corporation, a Canadian corporation (the "Seller"), and
Bookham Technology plc, a public limited company incorporated under the laws of
England and Wales (the "Purchaser").
W I T N E S S E T H:
WHEREAS, the Seller and the Selling Subsidiaries (as defined
below) own and operate the Business (as defined below);
WHEREAS, the Seller wishes to transfer (and wishes to cause
the Selling Subsidiaries to transfer) to the Purchaser and the Purchasing
Subsidiaries (as defined below), and the Purchaser wishes to purchase and assume
(and wishes to cause the Purchasing Subsidiaries to purchase and assume) the
Assets and the Assumed Liabilities (each as defined below), as the case may be,
from the Seller and the Selling Subsidiaries, all upon the terms and subject to
the conditions set forth herein; and
WHEREAS, certain principal shareholders of the Purchaser, who
or which collectively beneficially own shares of the Purchaser's share capital
representing in excess of 29% of the votes entitled to be cast at the Purchaser
Shareholders' Meeting (as defined herein), have entered into voting undertakings
dated as of the date hereof with the Seller pursuant to which such principal
shareholders have committed, inter alia, on the terms set forth in such
agreements, to vote their shares of capital stock of the Purchaser at the
Purchaser Shareholders' Meeting in favor of the adoption of the Purchaser
Shareholder Resolutions (as defined herein).
NOW, THEREFORE, in consideration of the premises and the
mutual representations, warranties, covenants and agreements contained herein,
the parties agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01. Certain Defined Terms. As used in this
Agreement, the following terms shall have the following meanings:
"Action" means any claim, litigation, action, suit,
originating application to an employment tribunal, arbitration, inquiry,
proceeding or investigation.
"Administrative Services" means any ancillary corporate
services currently being provided, or provided prior to the Closing Date, to or
in support of the Business (by the Seller, its Affiliates or any other Person),
including treasury services, legal services, information technology services,
tax services, human resources services, employee benefits services, risk
management services, finance services, group purchasing services, logistics
services, property management services, environmental support services and
customs and excise services, in each case including services relating to the
provision of access to design tools and databases, and any computer software
used in connection therewith.
"Affiliate" means, with respect to any specified Person, any
other Person who or that, directly or indirectly through one or more
intermediaries, Controls, is Controlled by or is under common Control with such
specified Person.
"Agreement" means this Agreement, including the Seller
Disclosure Schedule, the Employee Matters Schedule, the Purchaser Disclosure
Schedule, all other Schedules hereto and all Exhibits hereto and thereto, and
all amendments hereto made in accordance with Section 11.12.
"Ancillary Agreements" means the Assignment and Assumption
Agreement, the Bill of Sale, the Employee Loan Agreement, the Intellectual
Property License Agreement, the Notes, the Patent Assignment, the Real Estate
Agreements and Assignments, the Registration Rights Agreement, the Relationship
Deed, the Joint Development Agreement, the Security Agreements, the Supply
Agreement, the Trademark Assignment, the Trademark License Agreement, the
Transition Services Agreement and the U.K. Supplementary Agreement.
"Assignment and Assumption Agreement" means the Assignment and
Assumption Agreement to be executed by the parties thereto on the Closing Date,
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