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Title: |
Asset Purchase Agreement |
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Entities: |
Legg Mason Wood Walker, Inc.; Lehman Brothers Inc.; Northwestern Mutual Life Insurance Co.; Reuters Group plc; Instinet Group Inc.; Cleary, Gottlieb, Steen & Hamilton; Schulte Roth & Zabel LLP; Reuters America Inc. |
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Date: |
2002 |
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Size: |
Preview shows 16KB of 125KB total |
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Price: |
$48 |
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ID: |
#137757 |
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ASSET PURCHASE AGREEMENT
BETWEEN
REUTERS AMERICA INC.
AND
INSTINET GROUP INCORPORATED
DATED
DECEMBER 18, 2001
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE I
THE CLOSING
1.1 Purchase and Sale of the Assets....................................... 1
1.2 Assumption of Liabilities............................................. 3
1.3 Consideration......................................................... 3
1.4 Closing Date Payments................................................. 3
1.5 Payments; Ledger...................................................... 4
1.6 Payment Dispute Resolution............................................ 5
1.7 Closing Deliveries.................................................... 6
1.8 Allocation of Purchase Price.......................................... 6
1.9 Further Assurances.................................................... 6
ARTICLE II
REPRESENTATIONS AND WARRANTIES OF THE SELLER
2.1 Organization.......................................................... 7
2.2 Authority; Enforceability............................................. 7
2.3 No Breach............................................................. 7
2.4 Financial Statements.................................................. 7
2.5 Consents.............................................................. 8
2.6 Actions and Proceedings............................................... 8
2.7 Title to Property; Sufficiency........................................ 8
2.8 Intellectual Property................................................. 8
2.9 Compliance with Legal Requirements.................................... 9
2.10 Employment Matters.................................................... 9
2.11 Contracts............................................................. 10
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
3.1 Organization; Authority and Enforceability............................ 10
3.2 No Breach............................................................. 10
3.3 Consents.............................................................. 11
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
ARTICLE IV
COVENANTS
4.1 Employee Matters...................................................... 11
4.2 Ancillary Agreements.................................................. 12
4.3 Account Receivables................................................... 12
4.4 Certain Customer Arrangements......................................... 13
4.5 Insurance Claims...................................................... 13
4.6 Taxes................................................................. 13
4.7 Migration............................................................. 13
ARTICLE V
PRE-CLOSING COVENANTS AND OTHER AGREEMENTS
5.1 Conduct of the Business Pending the Closing........................... 13
5.2 Public Announcements; Communications with Customers................... 14
5.3 Third Party Consents.................................................. 14
5.4 Further Actions....................................................... 14
5.5 Proprietary Information............................................... 15
ARTICLE VI
CONDITIONS PRECEDENT
6.1 Conditions Precedent to the Obligations of the Parties................ 15
ARTICLE VII
TERMINATION
7.1 General............................................................... 16
7.2 No Liabilities in Event of Termination................................ 16
ARTICLE VIII
INDEMNIFICATION
8.1 Indemnification by the Seller......................................... 17
8.2 Indemnification by the Purchaser...................................... 17
8.3 Method of Asserting Claims............................................ 17
8.4 Survival.............................................................. 19
8.5 Method of Satisfying Claims........................................... 19
8.6 Limitation of Liability............................................... 19
8.7 Sole and Exclusive Remedy............................................. 19
8.8 Consequential Damages................................................. 20
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
8.9 Coordination of Indemnification Rights................................ 20
ARTICLE IX
MISCELLANEOUS
9.1 Costs and Expenses.................................................... 20
9.2 Notices............................................................... 20
9.3 Entire Agreement...................................................... 21
9.4 Governing Law......................................................... 21
9.5 No Third Party Rights; Assignment..................................... 21
9.6 Waivers and Amendments................................................ 22
9.7 Additional Definitions................................................ 22
9.8 Resolution of Disputes; Consent to Jurisdiction....................... 23
9.9 Counterparts.......................................................... 23
9.10 Bulk Sales............................................................ 23
9.11 Disclosure Schedule................................................... 23
{/TABLE}
SCHEDULES
1.1(a)(i) Equipment
1.1(a)(ii) Contracts
1.1(a)(iv) Intellectual Property
1.1(b) Excluded Assets
1.2 Assumed Liabilities
1.4 Pre-Closing Expenses
2.1 Organization
2.2 Authority; Enforceability
2.3 No Breach
2.4 Pro Forma Financial Information
2.5 Consents
2.6 Actions and Proceedings
2.7 Title to Property
2.8 Intellectual Property
2.9 Permits
2.10 Seller Plans
2.11 Contracts
3.1 Organization; Authority and Enforceability
3.2 No Breach
3.3 Consents
4.1 Transferred Employees
Exhibits
A Form of Mutual Services Agreement
B Form of Intellectual Property License
iii
{PAGE}
ASSET PURCHASE AGREEMENT (this "Agreement"), dated December 18,
2001, between INSTINET GROUP INCORPORATED, a Delaware corporation (the "Seller")
and REUTERS AMERICA INC., a Delaware corporation (the "Purchaser") (each of the
Purchaser and the Seller, are individually referred to herein as a "Party" and
collectively referred to herein as the "Parties").
WHEREAS, on September 28, 2001, certain affiliates of the Parties
entered into an agreement whereby (1) the Seller agreed to sell to the
Purchaser, and the Purchaser agreed to purchase from the Seller, effective as of
September 28, 2001 (the "Effective Date"), the assets, rights, claims and
contracts used by the Seller in the business of development, sales, marketing,
support and distribution of the U.S. equity market research/real-time financial
market data platform currently marketed by Seller as the "Research and
Analytics" ("R&A") product (the "Business") and (2) the Purchaser agreed to
assume certain liabilities and obligations of the Business effective as of the
Effective Date, in the case of each of clause (1) and (2) as more fully set
forth herein;
WHEREAS, the Purchaser and the Seller agreed to provide certain
services related to the Business to each other; and
WHEREAS, the Purchaser and the Seller agreed to memorialize their
agreements in definitive documentation, consisting of this Asset Purchase
Agreement and the ancillary agreements attached hereto or referred to herein.
NOW, THEREFORE, in consideration of the mutual promises hereinafter
set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree as follows:
ARTICLE I
THE CLOSING
On the date hereof, the closing of the transactions provided for in
this Agreement (the "Closing") shall be held (but only if all of the conditions
set forth in Article VI shall have been satisfied or waived prior to the
Closing) at the offices of the Seller, Three Times Square, New York, New York
10036, or at such other place or on such other date as may be agreed to in
writing by the Seller and the Purchaser (the "Closing Date"). The Closing may
occur by facsimile counterparts. Each of the Parties hereby agrees that the
following actions shall occur simultaneously at the Closing and shall be
effective as of the Effective Date.
1.1 Purchase and Sale of the Assets. (a) Upon the terms set forth
in this Agreement, the Seller shall sell, transfer, convey, assign and deliver,
or cause to be sold, transferred, conveyed, assigned and delivered, to Reuters
Research & Analytics, LLC, a Delaware limited liability company ("Reuters R&A")
or such other affiliate of the Purchaser as directed by the Purchaser, and the
Purchaser shall cause to be purchased, acquired and accepted, from the Seller,
all right, title and interest, free and clear of all Liens, other than Permitted
Liens (as defined in Section 9.7), in the following properties, assets, rights,
claims and contracts, but excluding the Excluded Assets (as defined in Section
1.1(b)) (the "Assets"):
{PAGE}
(i) all of the computer hardware, machinery, equipment and tangible
personal property listed on Schedule 1.1(a)(i) (the "Equipment");
(ii) all rights in and under the contracts, agreements, licenses or
other arrangements, in each case, relating to the Business to the extent
such contracts, agreements, licenses or other arrangements relate to the
Business and arising, accruing or payable from and after the Effective
Date, including those rights relating to contracts, agreements, licenses,
other arrangements and account receivables listed on Schedule 1.1(a)(ii)
(the "Contracts") and all rights to receive payment for products and
services sold (billed and unbilled) and to receive goods and services
purchased pursuant to such Contracts and to assert claims and take other
actions in respect of breaches or other violations thereof;
(iii) to the extent not covered in (ii) above, all accounts
receivable relating exclusively to the Business arising or accruing from
and after the Effective Date;
(iv) all trade secrets and confidential and proprietary business
information, whether patentable or nonpatentable and whether or not
reduced to practice, know-how, research and development information,
published and unpublished works of authorship, whether copyrightable or
not, copyrights therein and thereto, and registrations and applications
therefor, and all renewals, extensions, restorations and reversions
thereof, inventions, know-how, patents, patent applications, registrations
and applications for patent registrations, including divisions,
continuations, continuations-in-part and renewal applications, and
including renewals, extensions and reissues, software, source code,
manuals, instructions, existing software development in progress, data and
information, trademarks, trade, fictitious and assumed names, product and
brand names, service marks, Internet domain names, logos, symbols, trade
dress, and other indicia of origin, all applications and registrations for
all of the foregoing, and all goodwill associated therewith and symbolized
thereby, including all extensions, modifications and renewals of same and
all other intellectual property assets, including the goodwill associated
therewith, in each case developed for or used exclusively in the Business
and owned by the Seller or any of its subsidiaries, and all other
proprietary rights relating to any of the foregoing (including remedies
against infringements, misappropriations or other violations thereof and
rights of protection of interest thereon under the laws of all
jurisdictions) and copies and tangible embodiments thereof (collectively,
the "Intellectual Property Assets"), including, without limitation, those
intellectual property assets listed on Schedule 1.1(a)(iv);
(v) copies of all books of account, records, files and invoices,
including files relating to the Transferred Employees (as defined in
Section 4.1(a) below), accounting records, sales and sales promotional
data, advertising materials, customer lists, cost and pricing information,
supplier lists, business plans, catalogs, quality control records and
manuals, research and development files, patent disclosures,
correspondence and any other corporate records and operating data used in
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