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Title: |
Stock Purchase Agreement |
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Date: |
2001 |
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Preview shows 15KB of 69KB total |
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$47 |
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ID: |
#818913 |
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VELOCITYHSI, INC.
SERIES A CONVERTIBLE PREFERRED
STOCK PURCHASE AGREEMENT
Dated as of April 23, 2001
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
SECTION 1: PURCHASE AND SALE OF THE SERIES A PREFERRED STOCK.......................................... 1
1.1 Authorization to Sell the Series A Preferred Stock......................................... 1
1.2 Closings................................................................................... 1
1.3 Deliveries at Closings..................................................................... 1
1.4 Definitions................................................................................ 2
SECTION 2: REPRESENTATIONS AND WARRANTIES OF THE COMPANY.............................................. 2
2.1 Organization and Qualification............................................................. 2
2.2 Due Authorization.......................................................................... 2
2.3 Subsidiaries............................................................................... 2
2.4 SEC Reports................................................................................ 2
2.5 Financial Statements....................................................................... 3
2.6 Actions Pending; Compliance with Laws...................................................... 3
2.7 Insurance.................................................................................. 3
2.8 Governmental Consents, etc................................................................. 3
2.9 Taxes...................................................................................... 3
2.10 Conflicting Agreements and Charter Provisions.............................................. 4
2.11 Capitalization............................................................................. 4
2.12 Issuance, Sale and Delivery of the Series A Preferred Stock................................ 4
2.13 Possession of Franchises, Licenses, Etc.................................................... 5
2.14 Environmental and Other Regulations........................................................ 5
2.15 Books and Records.......................................................................... 5
2.16 Transactions with Related Parties.......................................................... 5
2.17 Brokers.................................................................................... 5
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
2.18 Accuracy of Information.................................................................... 5
2.19 Offering of Series A Preferred Stock....................................................... 5
SECTION 3: REPRESENTATIONS AND WARRANTIES OF THE PURCHASER............................................ 6
3.1 Organization and Qualification............................................................. 6
3.2 Due Authorization.......................................................................... 6
3.3 Conflicting Agreements and Other Matters................................................... 6
3.4 Acquisition for Investment................................................................. 6
3.5 Brokers or Finders......................................................................... 7
3.6 Accredited Investor........................................................................ 7
3.7 Investment Experience; Economic Risk....................................................... 7
3.8 Disclosure of Information.................................................................. 7
SECTION 4: COVENANTS OF THE COMPANY................................................................... 7
4.1 Compliance with Laws....................................................................... 7
4.2 Insurance.................................................................................. 7
4.3 Payment of Taxes and Other Charges......................................................... 8
4.4 Financial Statements and Other Reports..................................................... 8
4.5 Lost, Stolen, Damaged and Destroyed Stock Certificates..................................... 8
4.6 Related Party Transactions................................................................. 9
4.7 Reservation of Shares...................................................................... 9
4.8 Notice of Limited Offering Exemption....................................................... 9
4.9 Further Rights............................................................................. 9
4.10 Notice of Breach........................................................................... 9
SECTION 5: COVENANTS OF THE PURCHASER................................................................. 9
5.1 Voting Rights.............................................................................. 9
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
SECTION 6: RESTRICTIONS ON TRANSFER................................................................... 10
SECTION 7: CONDITIONS................................................................................. 10
7.1 Conditions to Each Party's Obligations to Effect the Transactions Contemplated Hereby...... 10
7.2 Conditions to Purchaser's Obligations to Effect the Transactions Contemplated Hereby....... 11
7.3 Conditions to Company's Obligations to Effect the Transactions Contemplated Hereby......... 11
SECTION 8: INTERPRETATION............................................................................. 12
8.1 Definitions................................................................................ 12
8.2 Accounting Principles...................................................................... 13
SECTION 9: MISCELLANEOUS.............................................................................. 13
9.1 Severability............................................................................... 13
9.2 Specific Enforcement....................................................................... 13
9.3 Entire Agreement........................................................................... 14
9.4 Counterparts............................................................................... 14
9.5 Notices and other Communications........................................................... 14
9.6 Amendments................................................................................. 14
9.7 Cooperation................................................................................ 15
9.8 Successors and Assigns..................................................................... 15
9.9 Expenses and Remedies...................................................................... 15
9.10 Survival of Representations and Warranties................................................. 16
9.11 Transfer of Series A Preferred Stock....................................................... 16
9.12 Governing Law; Consent to Jurisdiction..................................................... 17
9.13 Publicity.................................................................................. 17
9.14 Signatures................................................................................. 17
{/TABLE}
iii
{PAGE}
TABLE OF EXHIBITS
Exhibit A - Form of Investor's Rights Agreement
Exhibit B - Form of Certificate of Designation
iv
{PAGE}
This Series A Convertible Preferred Stock Purchase Agreement, dated as of
April 23, 2001 (this "Agreement"), is made between VelocityHSI, Inc., a Delaware
corporation (the "Company") and Banc of America Mortgage Capital Corporation, a
North Carolina corporation (the "Purchaser").
WHEREAS, the Purchaser wishes to purchase from the Company, and the Company
wishes to sell to the Purchaser, an aggregate of 2,083,333 shares of the
Company's Series A Convertible Preferred Stock, par value $.01 per share (the
"Series A Preferred Stock"), at an aggregate purchase price of $2,500,000.00.
WHEREAS, in connection with the purchase and sale of the Series A Preferred
Stock, the Purchaser, and the Company will enter into an Investor's Rights
Agreement, substantially in the form attached hereto as Exhibit A (the
---------
"Investor's Rights Agreement").
WHEREAS, the Purchaser and the Company desire to provide for such purchase
and sale and to establish various rights and obligations in connection
therewith.
NOW, THEREFORE, in consideration of the premises and the mutual covenants
and agreements herein set forth and that certain Umbrella Resolution Agreement
being entered into concurrently herewith, the parties hereto agree as follows:
SECTION 1: Purchase And Sale of the Series A Preferred Stock.
1.1 Authorization to Sell the Series A Preferred Stock. Subject to the
terms and conditions of this Agreement, the Company has duly authorized the
issuance and sale of the Series A Preferred Stock.
1.2 Closings. The transactions contemplated hereby will take place on
April 23, 2001 (the "Closing") at the San Francisco offices of Gibson, Dunn &
Crutcher, LLP at 11:00 a.m., or at such place, date and time as shall be
mutually agreed by the Company and the Purchaser (the "Closing Date").
1.3 Deliveries at Closings.
At the Closing:
(i) Each of the Company and the Purchaser shall execute and
deliver an Investor's Rights Agreement in the form of Exhibit A hereto;
---------
(ii) Gibson, Dunn & Crutcher, LLP, counsel to the Company,
shall deliver to the Purchaser an opinion dated the Closing Date in a form
reasonably acceptable to the Purchaser;
(iii) the Company shall deliver to the Purchaser a stock
certificate representing the number of shares of Series A Preferred Stock
to be purchased by the Purchaser, as set forth under its signature on the
signature pages hereto, registered in the name of the Purchaser or its
designee or nominee; and
1
{PAGE}
(iv) the Purchaser shall pay to the Company, by wire transfer
of immediately available funds, the purchase price for the Series A
Preferred Stock being purchased by the Purchaser.
1.4 Definitions. Certain capitalized terms used in this Agreement are
defined in Section 8 hereof.
SECTION 2: Representations and Warranties of the Company.
The Company represents and warrants as follows, except as set forth on a
Schedule of Exceptions (the "Schedule of Exceptions") furnished to the Purchaser
prior to execution hereof and attached hereto as Schedule 1, identifying the
relevant subparagraph hereof, which exceptions shall be deemed to be part of the
representations and warranties as if made hereunder:
2.1 Organization and Qualification. The Company is a corporation duly
organized and existing in good standing under the laws of the jurisdiction in
which it is incorporated and has the power to own its respective property and to
carry on its respective business as now being conducted. The Company is duly
qualified as a foreign corporation to do business and in good standing in every
jurisdiction in which the nature of the respective business conducted or
property owned by it makes such qualification necessary and where the failure to
so qualify would have a material adverse effect on the Company.
2.2 Due Authorization. All corporate action on the part of the Company and
stockholders necessary for the authorization, execution and delivery of this
Agreement, the Investor's Rights Agreement and the Certificate of Designation,
and the issuance and sale of the Series A Preferred Stock by the Company and the
performance by the Company of all obligations of the Company under this
Agreement, the Investor's Rights Agreement and the Certificate of Designation
has been taken or will be taken prior to the Closing. This Agreement, and the
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