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Title: |
Asset Purchase Agreement |
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Entities: |
Forgent Networks, Inc.; Glowpoint, Inc.; JPMorgan Chase Bank; Morrison & Foerster |
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Date: |
2003 |
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Size: |
Preview shows 20KB of 179KB total |
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Price: |
$73 |
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ID: |
#342538 |
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ASSET PURCHASE AGREEMENT
Between
WIRE ONE TECHNOLOGIES, INC.
as Seller
and
GORES TECHNOLOGY GROUP
as Buyer
Dated as of June 10, 2003
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
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{S} {C} {C}
ARTICLE I DEFINITIONS................................................................................................1
SECTION 1.1. Certain Defined Terms............................................................1
ARTICLE II PURCHASE AND SALE.........................................................................................8
SECTION 2.1. Purchase and Sale................................................................8
SECTION 2.2. Consideration for Sale and Conveyance...........................................11
SECTION 2.3. Minimum Net Assets..............................................................12
SECTION 2.4. Closing.........................................................................13
SECTION 2.5. Post-Closing Additional Payments................................................14
ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER................................................................15
SECTION 3.1. Organization and Authority of Seller............................................15
SECTION 3.2. Power and Authority.............................................................16
SECTION 3.3. No Conflict.....................................................................16
SECTION 3.4. Governmental Consents and Approvals.............................................16
SECTION 3.5. Financial Statements............................................................17
SECTION 3.6. Receivables.....................................................................17
SECTION 3.7. Inventory.......................................................................17
SECTION 3.8. Unfulfilled Sales Order Schedule................................................18
SECTION 3.9. Title to Properties; Absence of Encumbrances....................................18
SECTION 3.10. No Undisclosed Liabilities......................................................18
SECTION 3.11. Absence of Certain Changes or Events............................................18
SECTION 3.12. Litigation......................................................................20
SECTION 3.13. Compliance with Law.............................................................20
SECTION 3.14. Material Contracts..............................................................21
SECTION 3.15. Intellectual Property...........................................................22
SECTION 3.16. Real Property...................................................................23
SECTION 3.17. Customers.......................................................................24
SECTION 3.18. Suppliers.......................................................................24
SECTION 3.19. Employee Benefit Matters........................................................24
SECTION 3.20. Labor Matters...................................................................25
{/TABLE}
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SECTION 3.21. Employees.......................................................................25
SECTION 3.22. Taxes...........................................................................25
SECTION 3.23. Agreements and Transactions with Affiliates.....................................26
SECTION 3.24. Licenses and Permits............................................................26
SECTION 3.25. Environmental, Health and Safety Matters........................................27
SECTION 3.26. Restrictive Documents and Territorial Restrictions..............................27
SECTION 3.27. Insurance.......................................................................27
SECTION 3.28. Brokers.........................................................................27
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER..................................................................28
SECTION 4.1. Organization and Authority of Buyer.............................................28
SECTION 4.2. No Conflict.....................................................................28
SECTION 4.3. Governmental Consents and Approvals.............................................29
SECTION 4.4. Litigation......................................................................29
SECTION 4.5. Brokers.........................................................................29
ARTICLE V ADDITIONAL AGREEMENTS.....................................................................................29
SECTION 5.1. Conduct of Business Prior to the Closing........................................29
SECTION 5.2. Access to Information...........................................................30
SECTION 5.3. Confidentiality.................................................................30
SECTION 5.4. Regulatory and Other Authorizations; Notices and Consents.......................31
SECTION 5.5. Stockholder Approval; Preparation of Proxy Statement............................32
SECTION 5.6. Stockholder Meeting.............................................................33
SECTION 5.7. No Solicitation or Negotiation; Breakup Fee.....................................33
SECTION 5.8. Seller Covenant Not to Compete..................................................34
SECTION 5.9. Buyer Covenant Not to Compete...................................................35
SECTION 5.10. Bulk Transfer Laws..............................................................36
SECTION 5.11. Tax Matters.....................................................................36
SECTION 5.12. Further Action..................................................................37
SECTION 5.13. Use of Intellectual Property....................................................37
SECTION 5.14 Transition Period...............................................................38
{/TABLE}
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(continued)
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SECTION 5.15 Sales to New Customers of Seller's Network Business During Transition
Period..........................................................................38
ARTICLE VI EMPLOYEE MATTERS.........................................................................................41
SECTION 6.1. Employment Offers...............................................................41
SECTION 6.2. Access to Employees.............................................................41
SECTION 6.3. Benefits........................................................................41
SECTION 6.4. Benefits Liabilities............................................................42
ARTICLE VII CONDITIONS TO CLOSING...................................................................................42
SECTION 7.1. Conditions to Obligations of Seller.............................................42
SECTION 7.2. Conditions to Obligations of Buyer..............................................43
ARTICLE VIII INDEMNIFICATION........................................................................................44
SECTION 8.1. Survival of Representations and Warranties......................................44
SECTION 8.2. Indemnification.................................................................44
SECTION 8.3. Limits on Indemnification.......................................................46
ARTICLE IX TERMINATION AND WAIVER...................................................................................46
SECTION 9.1. Termination.....................................................................46
SECTION 9.2. Notice of Termination; Effect of Termination....................................48
SECTION 9.3. Fees and Expenses...............................................................48
SECTION 9.4. Waiver..........................................................................48
ARTICLE X MISCELLANEOUS.............................................................................................49
SECTION 10.1. Notices.........................................................................49
SECTION 10.2. Public Announcements............................................................50
SECTION 10.3. Further Assurances and Cooperation..............................................50
SECTION 10.4. Headings........................................................................50
SECTION 10.5. Severability....................................................................50
SECTION 10.6. Entire Agreement................................................................51
SECTION 10.7. Assignment......................................................................51
SECTION 10.8. No Third Party Beneficiaries....................................................51
SECTION 10.9. Amendment.......................................................................51
{/TABLE}
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TABLE OF CONTENTS
(continued)
{TABLE}
{CAPTION}
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{S} {C} {C}
SECTION 10.10. Governing Law...................................................................51
SECTION 10.11. Jurisdiction and Venue..........................................................52
SECTION 10.12. Counterparts....................................................................52
SECTION 10.13. Rules of Construction...........................................................52
{/TABLE}
-iv-
{PAGE}
ASSET PURCHASE AGREEMENT
ASSET PURCHASE AGREEMENT, dated as of June 10, 2003, between WIRE ONE
TECHNOLOGIES, INC., a Delaware corporation ("Seller"), and GORES TECHNOLOGY
GROUP, a California corporation ("Buyer").
W I T N E S S E T H:
WHEREAS, Seller is engaged in the Business (as defined below)); and
WHEREAS, Seller desires to sell to Buyer, and Buyer desires to purchase
from Seller, all right, title and interest of Seller in and to certain
properties and assets of the Business, and in connection therewith Buyer is
willing to pay certain consideration and assume certain liabilities of Seller
relating thereto, all upon the terms and subject to the conditions set forth
herein;
NOW, THEREFORE, in consideration of the premises and the mutual
agreements and covenants hereinafter set forth, and intending to be legally
bound hereby, Buyer and Seller hereby agree as follows:
ARTICLE I
DEFINITIONS
SECTION 1.1. Certain Defined Terms.
Unless the context otherwise requires, the following terms, when used
in this Agreement, shall have the respective meanings specified below:
"Accountants" shall have the meaning specified in Section 2.3(c).
"Acquisition Documents" shall mean this Agreement, the Ancillary
Agreements, and any certificate, instrument, report or other document delivered
pursuant to this Agreement or in connection with the transactions contemplated
hereby.
"Action" shall mean any claim, action, suit, arbitration, inquiry,
proceeding or investigation by or before any Governmental Authority.
"Affiliate" shall mean, with respect to any specified Person, any other
Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, such specified
Person.
"Affirmative Recommendation" shall mean the affirmative recommendation
of the Board of Directors of Seller to the Seller's stockholders in favor of the
adoption of this Agreement and the approval of the transactions contemplated
hereby.
{PAGE}
"Agreement" shall mean this Asset Purchase Agreement, dated as of June
10, 2003, between Seller and Buyer (including the Exhibits and Schedules hereto
and the Disclosure Schedule) and all amendments, modifications or supplements
hereto made in accordance with the provisions of Section 10.9.
"Ancillary Agreements" shall mean the Bill of Sale, the Assumption
Agreement, the Real Estate Agreements, the Transition Services Agreement and the
Glowpoint Sales Agency Agreement.
"Assets" shall have the meaning specified in Section 2.1(a).
"Assumed Liabilities" shall have the meaning specified in Section
2.2(d).
"Assumption Agreement" shall mean the Assumption Agreement to be
executed by Buyer and Seller on the Closing Date, substantially in the form of
Exhibit 1.1(a).
"Bill of Sale" shall mean the General Assignment and Bill of Sale to be
executed by Seller on the Closing Date, substantially in the form of Exhibit
1.1(b).
"Business" shall mean the business of marketing, distributing, selling,
installing, maintaining and supporting videoconferencing hardware products
(which products may also (i) embody associated enabling software and (ii) carry
audio transmissions) conducted at various locations in the United States, and,
through independent subcontractors engaged from time to time, other countries.
The Business expressly excludes Seller's Network Business (as defined in Section
2.1(b)(ii)).
"Business Day" shall mean any day that is not a Saturday, a Sunday or
other day on which banks are required or authorized by Law to be closed in The
City of New York.
"Business Financial Statements" shall have the meaning specified in
Section 3.5(a)(ii).
"Business Intellectual Property" shall mean any and all material
Intellectual Property primarily used in or necessary to conduct the Business in
the manner currently conducted, but expressly excluding all Intellectual
Property used in or necessary to conduct the business associated with the
Excluded Assets.
"Buyer" shall have the meaning specified in the recitals to this
Agreement.
"Buyer Indemnified Party" shall have the meaning specified in Section
8.2(a).
"Cash Payment" shall have the meaning specified in Section 2.2(a).
"Closing" shall have the meaning specified in Section 2.4(a).
"Closing Cash Adjustment" shall have the meaning specified in Section
2.3(a).
"Closing Date" shall have the meaning specified in Section 2.4(a).
-2-
{PAGE}
"Closing Statement" shall have the meaning specified in Section 2.3(a).
"Closing Time" shall mean 12:01 a.m. on the Closing Date,
"Code" shall mean the Internal Revenue Code of 1986, as amended through
the date hereof.
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