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Title: |
Asset Purchase and Software License Agreement |
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Date: |
2006 |
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Preview shows 14KB of 100KB total |
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$36 |
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#2631306 |
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REDACTED COPY
ASSET PURCHASE AND SOFTWARE LICENSE AGREEMENT
By and between
WILDFORM, INC.
(Seller)
and
ON2 TECHNOLOGIES, INC.
(Buyer)
Dated as of April 4, 2005
NOTE: Confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission with a request for
confidential treatment pursuant to Rule 24b-2. The location of each omitted
portion is indicated by the phrase "**CONFIDENTIAL TREATMENT REQUESTED**" in
lieu of the confidential portion (see Sections 8.4, 9.2(b), 9.2(d) and 9.2(e)).
{PAGE}
TABLE OF CONTENTS
Page
ARTICLE 1 DEFINITIONS..........................................................1
ARTICLE 2 SALE AND PURCHASE OF PURCHASED ASSETS; LICENSE OF LICENSED
ASSETS...............................................................7
2.1. Purchased Assets.............................................7
2.2. Retained Assets..............................................7
ARTICLE 3 LIABILITIES..........................................................7
3.1. Assumed Liabilities. ........................................7
3.2. Retained Liabilities.........................................8
ARTICLE 4 PRICE ...............................................................8
4.1. Purchase Price...............................................8
4.2. Payment of Purchase Price....................................8
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF SELLER.............................9
5.1. Organization; Power and Authority............................9
5.2. Due Authorization and Execution; Effect of Agreement.........9
5.3. Financial Information........................................9
5.4. Title to Purchased Assets....................................9
5.5. Contracts....................................................9
5.7. Litigation...................................................9
5.8. Taxes.......................................................10
5.10. Permits. ...................................................10
5.11. Sufficiency of Purchased Assets and Licensed IP.............11
5.12. Flix Intellectual Property..................................11
5.13. No Conflict.................................................11
5.14. Absence of Certain Changes. Except as disclosed in
Schedule 5.14, since December 31, 2004, there has
been no change or event that has had or could
reasonably be expected to have a Material Adverse
Effect. ....................................................11
5.15. Disclosure....................................................
ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF BUYER.............................11
6.1. Organization; Power and Authority...........................11
6.2. Due Authorization and Execution; Effect of Agreement........11
-i-
{PAGE}
ARTICLE 7 COVENANTS OF SELLER.................................................12
7.1. Cooperation by Seller.......................................12
7.2. Pre-Closing Access to Information...........................12
7.3. Conduct of Business.........................................13
7.4. Non-Transferability.........................................13
7.5. Further Assurances..........................................13
7.6. Governmental Matters........................................13
7.8. No Solicitation of Other Offers.............................13
7.9. Advice of Changes...........................................13
7.10. Books and Records; Personnel................................13
7.11. Satisfaction of Retained Liabilities........................
ARTICLE 8 COVENANTS OF BUYER..................................................14
8.1. Cooperation by Buyer........................................14
8.2. Further Assurances..........................................14
ARTICLE 9 SELLER LICENSES.....................................................15
9.1. Flix Engine Intellectual Property...........................15
ARTICLE 10 CONDITIONS PRECEDENT TO CLOSING....................................19
10.1. Conditions Precedent to Buyer's Obligations.................19
10.2. Conditions Precedent to Seller's Obligations................20
ARTICLE 11 CLOSING............................................................21
11.1. Time and Place..............................................21
11.2. Items to be Delivered by Seller.............................21
11.3. Items to be Delivered by Buyer..............................21
ARTICLE 12 TERMINATION PRIOR TO CLOSING DATE..................................22
12.1. Termination.................................................22
12.2. Effect of Termination.......................................22
ARTICLE 13 INDEMNIFICATION AND PROCEDURES.....................................22
13.1. Indemnification by Seller...................................22
13.2. Indemnification by Buyer....................................23
13.3. Notice and Resolution of Claim..............................23
13.4. Non Third-Party Claims......................................24
13.5. Payment and Assignment of Claims; Rights of Offset..........24
13.6. Limits on Indemnification...................................25
13.7. Indemnity Payments..........................................26
-ii-
{PAGE}
ARTICLE 14 RESTRICTIVE COVENANT...............................................26
14.1. Covenants Not to Compete....................................26
14.2. Obligations Not to Compete as Inducement and
Consideration to Buyer......................................26
14.3. Enforceability..............................................27
ARTICLE 15 MISCELLANEOUS......................................................27
15.1. Enforceability..............................................27
15.2. Successors and Assigns......................................27
15.3. Counterparts................................................28
15.4. Headings....................................................28
15.5. Waiver......................................................28
15.6. Brokers' Fees...............................................28
15.7. Sales and Transfer Taxes....................................28
15.8. No Third-Party Beneficiaries................................28
15.9. Expenses....................................................28
15.10. Notices. ...................................................29
15.11. Bulk Sales Laws.............................................29
15.12. Governing Law...............................................29
15.13. Public Announcements........................................29
15.14. Exclusive Jurisdiction and Consent to Service of Process....30
15.15. Entire Agreement; Amendment.................................30
-iii-
{PAGE}
Page
List of Schedules
Schedule 1.42 Licensed E-Commerce Software
Schedule 1.43 Licensed Flix Software
Schedule 1.57 Purchased Flix Software
Schedule 5.10(a) Purchased Intellectual Property
Schedule 5.9(b) Third Party Intellectual Property
Exhibits
Exhibit A Form of Escrow Agreement
Exhibit B Form of Flix Agreement
Exhibit C Intentionally Omitted.
Exhibit D Form of Registration Rights Agreement
Exhibit E Form of EULA
-iv-
{PAGE}
ASSET PURCHASE AND SOFTWARE LICENSE AGREEMENT
THIS ASSET PURCHASE AND SOFTWARE LICENSE AGREEMENT is made and
entered into as of this 4th day of April, 2005, by and between Wildform, Inc., a
corporation organized and existing under the laws of the State of California,
and On2 Technologies, Inc., a corporation organized and existing under the laws
of the State of Delaware. Unless otherwise defined herein, terms the first
letter of which are capitalized herein shall have the meanings ascribed to them
in Article 1.
W I T N E S S E T H:
WHEREAS, Seller develops and sells licenses to certain computer
software products that encode video in the Flash format; and
WHEREAS, Seller desires to sell and assign to Buyer, and Buyer
desires to purchase and assume from Seller, the Purchased Assets and the Assumed
Liabilities and to receive a license to the Licensed Intellectual Property,
subject to all of the terms and conditions hereof; and
WHEREAS, Seller desires to continue to develop and sell licenses to
New Products.
NOW, THEREFORE, Buyer and Seller, in consideration of the
representations, warranties and covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and subject to the terms and conditions hereinafter set forth, and
intending to be legally bound, do hereby agree as follows:
ARTICLE 1
DEFINITIONS
For purposes of this Agreement:
1.1. "Action" means any action, suit, arbitration, inquiry,
proceeding or investigation by or before any court, governmental or other
regulatory or administrative agency or commission or other tribunal, including
without limitation any arbitrator.
1.2. "Affiliate" means, with respect to any Entity, any other Entity
directly or indirectly controlling, controlled by, or under common control with
such other Entity. For purposes of the immediately preceding sentence, the term
"control" (including, with correlative meanings, the terms "controlled by" and
"under common control with" as used with respect to any Entity) means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Entity whether through
ownership of voting securities, by contract or otherwise.
1
{PAGE}
1.3. "Agreement" means this Asset Purchase And Software License
Agreement.
1.4. "Assignment and Assumption Agreement" shall have the meaning
set forth in Section 11.2(d).
1.5. "Assumed Liabilities" shall have the meaning set forth in
Section 3.1.
1.6. "Attorneys' Fees" means all reasonable outside attorneys' fees
and out-of-pocket expenses.
1.7. "Autodesk" means Autodesk, Inc., a corporation organized under
the laws of Delaware.
1.8. "Blank" means Jonathan Blank, an individual with the following
mailing address: c/o Wildform, Inc., 8725 Venice Boulevard, Los Angeles,
California 90034.
1.9. "Books and Record Event" means the occurrence of any of the
following two events: (a) On2 being required under applicable SEC rules to
conduct an audit of historical financial information relating to the Purchased
Assets or Licensed Assets or (b) a claim asserted against Buyer or any other
member of Buyer Group by a third party for which Buyer or any other member of
Buyer Group is entitled to indemnification from Seller pursuant to Section 13.1
hereof.
1.10. "Buyer" means On2 Technologies, Inc., with its principal place
of business located at 21 Corporate Drive, Suite 103, Clifton Park, New York.
1.11. "Buyer Group" shall have the meaning set forth in Section
13.1.
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