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Title: |
Securities Purchase Agreement |
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Entities: |
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Date: |
2000 |
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Size: |
Preview shows 13KB of 106KB total |
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$44 |
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ID: |
#1705556 |
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FIRST SCIENTIFIC, INC.
SECURITIES PURCHASE AGREEMENT
Dated as of May 16, 2000
<PAGE>
TABLE OF CONTENTS
Page
Article I - DEFINITIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.1 Definitions; Interpretation . . . . . . . . . . . . . . . . . . . 1
Article II - ISSUANCE AND SALE OF THE SECURITIES . . . . . . . . . . . . . . 6
2.1 Authorization of the Securities . . . . . . . . . . . . . . . . . 6
2.2 Issuance and Sale of the Securities . . . . . . . . . . . . . . . 6
2.3 Additional Issuances and Sales of the Securities. . . . . . . . . 6
Article III - CLOSING; CLOSING DELIVERIES. . . . . . . . . . . . . . . . . . 7
3.1 Closing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
3.2 Payment for and Delivery of the Securities. . . . . . . . . . . . 8
Article IV - REPRESENTATIONS AND WARRANTIES OF THE COMPANY . . . . . . . . . 8
4.1 Existence; Qualification; Subsidiaries. . . . . . . . . . . . . . 8
4.2 Authorization and Enforceability; Issuance of the Securities, the
Conversion Shares and the Warrant Shares. . . . . . . . . . . 8
4.3 Capitalization. . . . . . . . . . . . . . . . . . . . . . . . . . 9
4.4 Private Sale. . . . . . . . . . . . . . . . . . . . . . . . . . .10
4.5 Financial Statements; Disclosure. . . . . . . . . . . . . . . . .10
4.6 Absence of Certain Changes. . . . . . . . . . . . . . . . . . . .11
4.7 Litigation. . . . . . . . . . . . . . . . . . . . . . . . . . . .12
4.8 Licenses, Compliance with Law, Other Agreements, Etc. . . . . . .12
4.9 Third-Party Approvals . . . . . . . . . . . . . . . . . . . . . .13
4.10 No Undisclosed Liabilities . . . . . . . . . . . . . . . . . . .13
4.11 Tangible Assets. . . . . . . . . . . . . . . . . . . . . . . . .13
4.12 Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . .13
4.13 Owned Real Property. . . . . . . . . . . . . . . . . . . . . . .13
4.14 Real Property Leases . . . . . . . . . . . . . . . . . . . . . .13
4.15 Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . .13
4.16 Intellectual Property. . . . . . . . . . . . . . . . . . . . . .14
4.17 Employees. . . . . . . . . . . . . . . . . . . . . . . . . . . .14
4.18 Transactions With Affiliates . . . . . . . . . . . . . . . . . .15
4.19 Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
4.20 Other Investors. . . . . . . . . . . . . . . . . . . . . . . . .15
4.21 Investment Company . . . . . . . . . . . . . . . . . . . . . . .15
4.22 Certain Fees . . . . . . . . . . . . . . . . . . . . . . . . . .15
4.23 Solicitation Materials . . . . . . . . . . . . . . . . . . . . .16
4.24 Registration Rights; Rights of Participation . . . . . . . . . .16
4.25 Seniority. . . . . . . . . . . . . . . . . . . . . . . . . . . .16
4.26 Reservation of Common Stock. . . . . . . . . . . . . . . . . . .16
4.27 Covenant as to Common Stock. . . . . . . . . . . . . . . . . . .16
4.28 Payment of Series 2000-A Preferred Stock . . . . . . . . . . . .17
4.29 Stay, Extension and Usury Laws . . . . . . . . . . . . . . . . .17
4.30 Continued Existence. . . . . . . . . . . . . . . . . . . . . . .17
4.31 Further Assurances . . . . . . . . . . . . . . . . . . . . . . .17
4.32 Restricted Payments. . . . . . . . . . . . . . . . . . . . . . .17
4.33 Successors . . . . . . . . . . . . . . . . . . . . . . . . . . .17
Article V - REPRESENTATIONS AND WARRANTIES OF THE PURCHASER. . . . . . . . .17
5.1 Authorization and Enforceability. . . . . . . . . . . . . . . . .17
5.2 Purchaser's Ability to Perform. . . . . . . . . . . . . . . . . .18
Article VI - COMPLIANCE WITH SECURITIES LAWS . . . . . . . . . . . . . . . .18
6.1 Investment Intent of the Purchaser. . . . . . . . . . . . . . . .18
6.2 Status of Securities. . . . . . . . . . . . . . . . . . . . . . .18
6.3 Accredited Investor Status. . . . . . . . . . . . . . . . . . . .18
6.4 Access to Information . . . . . . . . . . . . . . . . . . . . . .18
6.5 Transfer of Securities, Conversion Shares and Warrant Shares. . .18
6.6 Right of First Refusal. . . . . . . . . . . . . . . . . . . . . .19
Article VII - CONDITIONS PRECEDENT . . . . . . . . . . . . . . . . . . . . .19
7.1 Conditions Precedent. . . . . . . . . . . . . . . . . . . . . . .19
7.2 Closing Deliveries to the Company . . . . . . . . . . . . . . . .21
Article VIII - COVENANTS OF THE COMPANY. . . . . . . . . . . . . . . . . . .22
8.1 Restricted Actions. . . . . . . . . . . . . . . . . . . . . . . .22
8.2 Required Actions. . . . . . . . . . . . . . . . . . . . . . . . .22
8.3 Reservation of Common Stock . . . . . . . . . . . . . . . . . . .24
8.4 Payments Free of Withholding. . . . . . . . . . . . . . . . . . .25
Article IX - REGISTRATION RIGHTS . . . . . . . . . . . . . . . . . . . . . .25
9.1 Registration Rights . . . . . . . . . . . . . . . . . . . . . . .25
9.2 Piggyback Registration Rights . . . . . . . . . . . . . . . . . .25
Article X - SURVIVAL . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
10.1 Survival . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
Article XI - INDEMNIFICATION . . . . . . . . . . . . . . . . . . . . . . . .26
11.1 Indemnification. . . . . . . . . . . . . . . . . . . . . . . . .26
Article XII - ARBITRATION. . . . . . . . . . . . . . . . . . . . . . . . . .27
12.1 Arbitration. . . . . . . . . . . . . . . . . . . . . . . . . . .27
Article XIII - GENERAL PROVISIONS. . . . . . . . . . . . . . . . . . . . . .27
13.1 Governing Law. . . . . . . . . . . . . . . . . . . . . . . . . .27
13.2 Consent to Jurisdiction; Service of Process And Venue. . . . . .27
13.3 Entire Agreement . . . . . . . . . . . . . . . . . . . . . . . .27
13.4 Headings . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
13.5 Amendment and Waiver . . . . . . . . . . . . . . . . . . . . . .27
13.6 Severability . . . . . . . . . . . . . . . . . . . . . . . . . .28
13.7 Successors and Assigns . . . . . . . . . . . . . . . . . . . . .28
13.8 No Third Party Beneficiaries . . . . . . . . . . . . . . . . . .28
13.9 Notices. . . . . . . . . . . . . . . . . . . . . . . . . . . . .28
13.10 Purchaser Fees and Expenses . . . . . . . . . . . . . . . . . .29
13.11 Remedies Cumulative . . . . . . . . . . . . . . . . . . . . . .30
13.12 Timeliness. . . . . . . . . . . . . . . . . . . . . . . . . . .30
13.13 Counterparts. . . . . . . . . . . . . . . . . . . . . . . . . .30
SCHEDULES
Schedule 4.1 Subsidiaries
Schedule 4.2 Existing Indebtedness
Schedule 4.3 Capitalization
Schedule 4.6(a) Certain Changes
Schedule 4.6(c) Places of Business
Schedule 4.7 Litigation
Schedule 4.13 Owned Real Property
Schedule 4.16 Intellectual Property
Schedule 4.18 Transactions with Affiliates
Schedule 4.19 Taxes
Schedule 4.20 Other Investors
Schedule 4.25 Registration Rights
EXHIBITS
Exhibit A Certificate of Designation of Series 2000-A Preferred
Stock
Exhibit B Form of Warrant
<PAGE>
SECURITIES PURCHASE AGREEMENT
SECURITIES PURCHASE AGREEMENT (this "Agreement"), dated as of May 16,
2000, by and between FIRST SCIENTIFIC, INC.(the "Company"), a Delaware
corporation with an address at 1877 West 2800 South, Suite 200, Ogden, Utah
84401; and ASPEN CAPITAL RESOURCES, LLC or its assigns (the "Purchaser"), a
Utah limited liability company with an address at 8989 South Schofield
Circle, Sandy, Utah 84093.
The Company desires to issue to the Purchaser and the Purchaser
desires to purchase from the Company, upon the terms and subject to the
conditions set forth herein, (i) the Series 2000-A Preferred Stock (as
defined herein) of the Company and (ii) the Warrants (as defined herein) of
the Company.
In consideration of the mutual promises, representations, warranties,
covenants and conditions set forth in this Agreement, the parties hereto
agree as follows:
Article I - DEFINITIONS
1.1 Definitions; Interpretation. For purposes of this Agreement, the
following terms have the indicated meanings:
"Affiliate" of a Person means any officer, director or employee of
the Company and any other Person that directly, or indirectly through one or
more intermediaries, controls, is controlled by, or is under common control
with such Person. For purposes of this definition, "control" of a Person
means the power, directly or indirectly, either (i) to vote 10% or more of
the Capital Stock having ordinary voting power for the election of directors
of such Person or (ii) to direct or cause the direction of the management
and policies of such Person whether by contract or otherwise.
"Capital Stock" of any Person shall mean any and all shares,
interests (including membership and economic interests in a limited
liability company), rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such
Person, but excluding any debt securities convertible into such equity prior
to such conversion.
"Capitalized Lease" means any lease which is required under GAAP to
be capitalized on the balance sheet of the lessee.
"Capitalized Lease Obligation" means obligations for the payment of
rent for any Capitalized Lease; for purposes hereof, the amount of any such
obligation shall be the capitalized amount thereof determined in accordance
with GAAP.
"Certificate of Designation" mean the Certificate of Designation of
Series 2000-A Preferred Stock of the Company, set forth as Exhibit A hereto,
as the same may be amended from time to time.
"Code" means the Internal Revenue Code of 1986, as amended.
"Common Stock" means, collectively, the Company's Common Stock, $.001
par value per share, and any Capital Stock of any class of the Company
hereafter authorized which is not limited to a fixed sum or percentage of
par or stated value in respect to the rights of the holders thereof to
participate in dividends or in the distribution of assets upon any
liquidation, dissolution or winding up of the Company.
"Confidential Information" means any proprietary information
concerning the Company's business other than information that (i) was
already known to the Person having a duty to keep confidential such
information on a nonconfidential basis prior to the time of disclosure, (ii)
is or becomes generally available to the public through no act or omission
of such Person or (iii) becomes available to such Person on a
nonconfidential basis from a source other than any party hereto (or any
agent or representative thereof) if such source was not under a prohibition
against disclosing the information or otherwise bound by a confidentiality
agreement with respect thereto.
"Conversion Shares" means shares of Common Stock issued or issuable
upon conversion of the Preferred Shares, whether or not a Preferred Share is
presently convertible; provided, that if there is a change such that the
securities issuable upon conversion of the Preferred Shares are issued by an
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