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Asset Purchase Agreement

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Title:

Asset Purchase Agreement

Entities:

AirNet Systems, Inc.; Vorys, Sater, Seymour and Pease LLP

Date:

2003

Size:

109KB total

Price:

$44

ID:

#877935

► Purchase & Sale ► Purchase ► Asset Purchase Agreements
► Transportation ► Air Courier
► Services ► Legal

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ASSET PURCHASE AGREEMENT

by and among

AIRNET SYSTEMS, INC.,

AIRNET MANAGEMENT, INC.

MERCURY BUSINESS SERVICES, INC.,

ANDREW R. COOKE,

PETER G. SALISBURY

and

CHRISTOPHER F. VALENTE

Dated: July 11, 2003

TABLE OF CONTENTS

ARTICLE I	DEFINITIONS

Section 1.01.	Definitions
Section 1.02.	Interpretation

ARTICLE II	PURCHASE AND SALE

Section 2.01.	Purchase and Sale of Purchased Assets
Section 2.02.	Assumed Contracts
Section 2.03.	Excluded Liabilities
Section 2.04.	Excluded Assets
Section 2.05.	Consideration
Section 2.06.	Estimated Closing Balance Sheet and Purchase Price Adjustment
Section 2.07.	Payment of Purchase Price
Section 2.08.	Tender of Shares Prior to Closing
Section 2.09.	Tender Procedures

ARTICLE III	CLOSING

Section 3.01.	Closing
Section 3.02.	Closing Date; Possession
Section 3.03.	Closing Deliveries of the Seller Parties
Section 3.04.	Closing Deliveries of the Buyer Parties
Section 3.05.	Allocation of Purchase Price

ARTICLE IV	REPRESENTATIONS AND WARRANTIES OF SELLER PARTIES

Section 4.01.	Due Organization; Authority; Enforceability
Section 4.02.	No Conflict
Section 4.03.	Title to Purchased Assets
Section 4.04.	Assumed Contracts; No Defaults
Section 4.05.	Taxes
Section 4.06.	Compliance With Legal Requirements; Licenses and Permits
Section 4.07.	Legal Proceedings
Section 4.08.	Intellectual Property
Section 4.09.	Seller Disclosure Documents
Section 4.10.	Brokers or Finders

ARTICLE V	REPRESENTATIONS AND WARRANTIES OF BUYER

Section 5.01.	Due Organization; Authority; Enforceability
Section 5.02.	No Conflict
Section 5.03.	Legal Proceedings
Section 5.04.	Brokers or Finders

ARTICLE VI	REPRESENTATIONS AND WARRANTIES OF SHAREHOLDERS

Section 6.01.	Capacity; Enforceability
Section 6.02.	No Conflict
Section 6.03.	Title to Shareholder Shares

Section 6.04.	Legal Proceedings

ARTICLE VII	COVENANTS

Section 7.01.	Operation of the Mercury Business
Section 7.02.	Due Diligence Investigations
Section 7.03.	Consents
Section 7.04.	No Negotiation
Section 7.05.	Notification
Section 7.06.	Non-competition
Section 7.07.	Retention of and Access to Records
Section 7.08.	Further Assurances
Section 7.09.	Payment of Taxes and Other Prorations
Section 7.10.	Employees and Employee Benefits
Section 7.11.	Confidential Information
Section 7.12.	Intentionally Omitted
Section 7.13.	Pricing of Services
Section 7.14.	Information Technology Services
Section 7.15.	Relationship Building; Shared Sales Representatives
Section 7.16.	Boston Lease Agreement

ARTICLE VIII	CONDITIONS PRECEDENT TO OBLIGATIONS OF THE BUYER PARTIES

Section 8.01.	Accuracy of Representations and Warranties
Section 8.02.	Seller Parties Performance
Section 8.03.	Additional Documents
Section 8.04.	No Proceedings
Section 8.05.	No Material Adverse Change

ARTICLE IX	CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SELLER PARTIES

Section 9.01.	Accuracy of Representations and Warranties
Section 9.02.	Buyer Parties Performance
Section 9.03.	Additional Documents
Section 9.04.	No Injunction
Section 9.05.	Board Approval
Section 9.06.	No Material Adverse Change

ARTICLE X	TERMINATION

Section 10.01.	Termination
Section 10.02.	Effect of Termination

ARTICLE XI	INDEMNIFICATION; REMEDIES

Section 11.01.	Definitions
Section 11.02.	Survival
Section 11.03.	Indemnification by Seller Parties
Section 11.04.

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