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EXHIBIT 2.1
AGREEMENT FOR SALE AND PURCHASE OF STOCK
THIS AGREEMENT FOR SALE AND PURCHASE OF STOCK (the "Agreement") is made
between, on the one hand, those individuals identified below in subparagraph
1.a. as "Shareholders" ("Sellers"), and, on the other hand, INTERACTIVE GROUP,
INC., a Delaware corporation ("Buyer"), who agree as follows:
1. FACT RECITALS.
This Agreement is made with reference to the following facts:
a. Shares.
Sellers own and shall own at the Close (as defined in Section
7) 10,999 shares of GENIE PRODUCTIQUE/GESTION DE PRODUCTION ("GP2") and all of
the shares of SODRIV (such shares of GP2 and SODRIV being collectively referred
to as the [Shares]), as follows:
NO. OF NO. OF
GP2 SODRIV
SHAREHOLDERS SHARES SHARES
------------ ------ ------
Xxxxxx Xxxxxxx 7,121 150
Christian Depinoy 831 50
Xxxx-Xxxxxxxx Xxxxxxx 700
Xxxxxxxxx Xxxxxxx 700
Xxxx-Xxxxx Xxx 550 50
Xxxxxxx Xxxxxx 530
Xxxx Xxxxx 500
Xxxxxx Xxxxxx 67
Xxxxx Xxxxxxx 250
TOTAL : 10,999 500
GP2 and SODRIV, both French companies, are hereinafter sometimes referred to
individually as a "Company" and collectively as "Companies".
The remaining share of GP2 is owned by Xx. Xxxxxx Xxxxxxxx.
2. Intent of the Parties.
It is the intent of the parties that Sellers sell the Shares to
Buyer and that Buyer purchase the Shares from Sellers pursuant to the provisions
and conditions of this Agreement.
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3. PURCHASE AND SALE OF SHARES.
Sellers hereby agree to sell to Buyer and Buyer hereby agrees to
purchase from Sellers the Shares according to the provisions and conditions of
this Agreement.
a. Transfer of Shares.
At the Close, Sellers shall deliver to Buyer duly executed
share transfer instruments (ordres de mouvement and actes de cession de parts)
covering the Shares to complete the transfer of the Shares to Buyer.
b. Purchase Price.
The purchase price for the Shares shall be on an earnout
basis on the following provisions and conditions:
(1) Subject to Sellers' indemnity obligations set forth in
subparagraph c. of the numbered paragraph of this Agreement entitled "SELLERS'
OBLIGATIONS AFTER CLOSING," the minimum purchase price shall be Two Million Five
Hundred Thousand French Francs (2,500,000f) and the maximum purchase price shall
be Three Million Five Hundred Thousand French Francs (3,500,000f), including the
purchase price of the 500 SODRIV shares which shall be FRF 50,000 in the
aggregate.
(2) The earnout will be calculated in accordance with the
sample earnout attached hereto, marked Schedule "3-b(2)" and incorporated herein
by this reference; subject to the limitations set forth in subparagraph (1)
above, the actual earnout will be based on actual revenues earned by the
Companies in each of the respective revenue categories shown on Schedule
"3-(b)2."
(3) The earnout term will be three (3) years from the date
of this Agreement.
(4) The earnout payments will be calculated and paid
quarterly by Buyer based on receipt of customer payment (exclusive of VAT) for
qualified invoiced revenue on which the gross margins and related earnout are
calculated which will be no later than forty-five (45) days following the end of
the respective quarter.
(5) The quarterly payments will be paid directly to Sellers
in proportion to their respective shareholdings in GP2 and SODRIV, provided
however that no payment shall be made to Sellers for their GP2 shares until
after the FRF 50,000 purchase price for the SODRIV shares have been paid in
full. All payments shall be made by checks to the order of the appropriate
Sellers, or by wire transfer to such bank accounts as may be indicated by
Sellers.
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6) Earnout revenue shall also include any revenue booked
and received within ninety (90) days after the end of the three (3) year earnout
term.
(7) For purposes of earnout calculations, software license
revenue margins on Buyer's software (INFOFLO and JIT) will be assumed at
seventy-five percent (75%); for GPIC and Ordobox, one hundred percent (100%)
less any direct costs of goods.
(8) Recognition of JIT revenue will apply to pre-existing
GP2 customers only.
(9) Margins on hardware and third party software license
revenue will be net margins earned (sales revenue less direct cost of sales).
(10) Margins on services and maintenance revenue will be
assumed at one hundred percent (100%) (i.e. earnout percentage will be applied
to actual qualified revenue earned).
(11) If, during the earnout period, a total of Three
Million Five Hundred Thousand French Francs (3,500,000f) is paid, the earnout
payments will cease. If, at the end of the earnout period, a minimum of Two
Million Five Hundred Thousand French Francs (2,500,000f) has not then been paid,
the balance of the minimum purchase price will thereupon be paid.
In the event of a dispute between the parties as to the
amount of the purchase price calculated as set forth in Schedule 3-b(2) and this
subparagraph 3.b, the purchase price shall be finally determined by an
independent certified public accountant appointed by mutual agreement of the
parties or, if the parties are unable to agree, by the presiding judge of the
Commercial Court of Paris at the request of the most diligent party.
4. SELLERS' REPRESENTATIONS AND WARRANTIES.
Sellers, and each of them, jointly and severally represent and
warrant that, as of the date of this Agreement:
a. GP2 is a Societe Anonyme and SODRIV is a Societe a
Responsabilite Limitee both duly organized, validly existing, and in good
standing under the laws of the Country of France, each has all necessary
corporate powers to own its properties and to carry on its business, and neither
the ownership of the properties nor the nature of its business requires either
Company to be qualified in any jurisdiction other than the country of its
incorporation, and, in fact, neither Company is so qualified in any other
country.
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b. All of the issued and outstanding Shares are validly
issued, fully paid, and nonassessable. There are no outstanding subscriptions,
options, rights, warrants, convertible securities, investment certificates
(certificats d'investissment) or other agreements or commitments obligating
either Company to issue or to reissue any additional shares of either Company's
capital stock. Upon the consummation of the transaction contemplated in this
Agreement, Buyer shall have sole and absolute control over one hundred percent
(100%) of all issued and outstanding shares of both Companies and no other
person, entity or association will have any right to acquire any shares of
either Company. In addition, each Company and Sellers have complied with all
applicable securities laws in connection with the initial issuance and
subsequent transfers of all shares of each Company's stock.
c. All of the Shares are free and clear of all liens,
encumbrances, security agreements, equities, options, claims, charges, and
restrictions. Sellers each have full right, power and authority to transfer the
Shares to Buyer without obtaining the consent or approval of any other person or
governmental authority, except for such consents or approvals, including
approvals by the Board of Directors of GP2 and the shareholders' meeting of
SODRIV, as Sellers have obtained and delivered to Buyer prior to the execution
of this Agreement.
d. Neither Company owns, directly or indirectly, any interest
or investment, whether equity or debt, in any corporation, partnership,
business, trust or other entity, except as otherwise set forth on Schedule
"4-d."
x. Xxxxxxx have supplied to Buyer with balance sheets of each
Company and the related statements of income and expenses dated as of June 30,
1997, copies of which are attached hereto, marked Schedule "4-e" and
incorporated herein by reference (the "Financial Statements"). The Financial
Statements are interim reports, have been prepared in accordance with internal
accounting policies and procedures, consistently followed by each Company, and
fairly present the financial position of each Company as of June 30, 1997, and
the results of each Company's operations for the respective periods indicated.
Except as otherwise set forth in Schedule "4-e-1," since the date of the
Financial Statements there has not been any:
(1) Transaction by either Company except in the ordinary
course of business as conducted on that date;
(2) Capital expenditure by either Company exceeding Fifty
Thousand French Francs (50,000f);
(3) Material adverse change in the financial condition,
liabilities, assets, business, or prospects of either Company;
(4) Destruction, damage to, or loss of any asset of either
Company, whether or not covered by insurance, that materially and adversely
affects the financial condition, business, or prospects of either Company;
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(5) Labor trouble or other event or condition of any
character that has or might reasonably have a material and adverse effect on the
financial condition, business, assets, or prospects of either Company;
(6) Change in either Company's accounting methods or
practices, including, but not limited to, change in depreciating or amortization
policies or rates;
(7) Revaluation by either Company or any of its assets;
(8) Declaration, setting aside, or payment of a dividend or
other distribution in respect to the capital stock of either Company, or any
direct or indirect redemption, purchase, or other acquisition by either Company
of any of its shares of capital stock;
(9) Increase in the salary or other compensation payable or
to become payable by either Company to any of its officers, directors, or
employees, or the declaration, payment, commitment or obligation of any kind for
the payment, by either Company, of a bonus or other additional salary or
compensation to any such person;
(10) Sale or transfer of any asset of either Company,
except in the ordinary course of business;
(11) Amendment or termination of any contract, agreement,
or license to which either Company is a party, except in the ordinary course of
business;
(12) Loan by either Company to any person, entity or
association, or guaranty by either Company of any loan;
(13) Mortgage, pledge, or other encumbrance of any asset of
either Company;
(14) Waiver or release of any right or claim of either
Company, except in the ordinary course of business;
(15) Issuance or sale by either Company of any shares of
its capital stock or of any other security;
(16) Agreement by either Company to do any of the things
described in subparagraphs (1) through (15) above.
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f. Neither Company has any debt, liability, or obligation of
any nature, whether accrued, absolute, contingent, or otherwise, and whether due
or to become due, that is not reflected or reserved against in the Financial
Statements, except for those (1) that may have been incurred after the date of
the Financial Statements and (2) that are not required by generally accepted
accounting principles to be included in a balance sheet, and except as may be
set forth on Schedule "4-f." All debts, liabilities, or obligations incurred
after the date of the Financial Statements were incurred in the ordinary course
of each Company's business, and are usual and normal in amount, both
individually and in the aggregate.
g. Within the times and in the manner prescribed by law, each
Company has filed all national and local tax and social security and related
returns required by law and has paid all taxes, social security and related
contributions, assessments, and penalties due and payable. The provisions for
taxes and social security reflected in each Company's Financial Statements, are
adequate for any and all national and local taxes and social security for the
period ending on the date of those Financial Statements and for all prior
periods, whether or not disputed. There are no present disputes as to taxes or
social security of any nature payable by either Company. In the event of any
audit concerning any tax return filed on or before the Close (as hereinafter
defined), Sellers shall cooperate fully with Buyer and the taxing authority in
obtaining and presenting any required information.
h. The Financial Statements state an accurate account
receivable balance, liabilities, and bank account balance of each Company as of
the date of the Financial Statements. The accounts receivable arose from valid
sales in the ordinary course of each Company's business. One hundred percent
(100%) of the accounts receivable as set forth on the Financial Statements, as
shall be updated to the Close, shall be paid within six (6) months after the
Close. In the event that any of those accounts receivable are not paid in full
within that six (6) month period, Sellers shall pay to Buyer (or Buyer may
deduct from payments due to Sellers under subparagraph 3.b of this Agreement)
the face amount of the unpaid accounts receivable, in excess of the bad debt
reserve as set forth on the Financial Statements, and Buyer shall assign those
accounts receivable to Sellers for Sellers' collection at Sellers' sole cost and
expense.
i. Each Company has good and marketable title to all of its
assets and interest in its assets, whether real, personal, mixed, tangible or
intangible, which constitute all the assets and interest in assets that are used
in each Company's business. All the assets and interests in assets are free and
clear of restrictions on or conditions to transfer or assignment, and are free
and clear of mortgages, liens, pledges, charges, encumbrances, equities, claims,
easements, rights of way, covenants, conditions, or restrictions, except for (1)
those disclosed in the Financial Statements, (2) the lien of current taxes not
yet due and payable, and (3) except as otherwise set forth on Schedule "4-i,"
attached hereto and incorporated herein by reference. All of each Company's
tangible personal property is in good operating condition and repair, ordinary
wear and tear excepted. Each Company is in possession of all premises leased to
it from others. Neither Sellers, nor any officer, director, or employee of
either Company, nor any spouse, child, or other relative of any of these
persons, owns, or has any interest, directly or indirectly, in any of the real
or personal property owned by or leased to either Company or any copyrights,
patents,
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trademarks, trade names, or trade secrets licensed by either Company.
Neither Company occupies any real property in violation of any law, regulation,
or decree.
j. Except for interests in publicly traded stock, which
interests represent less than one percent (1%) of such corporations' currently
issued and outstanding stock, neither Sellers, nor any officer, director, or, to
the best of Sellers' knowledge, employee of either Company, nor any spouse or
child of any of them (as to spouse or child of employee, to the best of Sellers'
knowledge), has any direct or indirect interest in any competitor, supplier, or
customer of either Company or in any person from whom or to whom either Company
leases any real or personal property, or in any other person with whom either
Company is doing business.
k. Each Company has developed or otherwise owns certain
software as listed on Schedule "4-k," attached hereto and incorporated herein by
reference (the "Software").
(1) Each Company is the absolute owner of the Software with
full power and the only other person, entity or association who has any rights
in or to the Software are as set forth on Schedule "4-k(1)" attached hereto and
incorporated herein by this reference.
(2) Each Company has good, marketable and unencumbered
title to its Software.
(3) Company and the parties identified on Schedule
"4-k(3)," attached hereto and incorporated herein by this reference, have all
known copies of the source code(s) currently in existence for the Software and,
upon the Close, will transfer and deliver to Buyer a complete copy of the
current source code, including any operator or user manuals, training materials,
selling materials, specifications or any other document which describes or
relates to the design, development, operation, use, marketing, leasing,
licensing or sale of the Software.
(4) To the best of Seller's knowledge and belief, other
than errors or "bugs" of a type normally generated in the course of the
development and modification of software, the Software is free from programming
errors which materially interfere with, affect or impair the operation or use of
the Software.
(5) No notification has been received from any user,
dealer, customer, supplier or licensee of the Software and Products which
indicates the existence of any fact or circumstance which contradicts the
representations and warranties set forth in this subparagraph k.
(6) Schedule "4-k(6) sets forth the identity of all parties
who have, or who have had, a license in the Software; Sellers hereby represent
that they have provided Buyer with copies of all said licenses for its review.
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l. Schedule "4-l," attached hereto and incorporated herein by
reference, contains a description of all insurance policies held by each Company
concerning its business and properties. All of these policies are in the
respective principal amounts as set forth in Schedule "4-l," which principal
amounts cover, at minimum, the replacement value of the assets covered by the
insurance policies. Each Company has maintained and now maintains insurance on
all of its assets and operations of a type customarily insured, covering
property damage or other casualty, and a commercially reasonable amount of
insurance protecting against general public and product liability, and all other
liabilities, claims, and risks against which it is customary to insure.
m. Except as otherwise set forth on Schedule "4-m," neither
Company is a party to any distributor's or manufacturer's representative or
agency agreement, any output or requirements agreement, any agreement not
entered into in the ordinary course of business, any indenture, mortgage, deed
of trust, lease or any agreement that is unusual in nature, duration, or amount,
including, but not limited to, any agreement requiring performance by either
Company of any obligation for a period of time extending beyond one (1) year
after the Close. Neither Company has received notice that any party to any
agreement to which either Company is a party intends to cancel or terminate any
such agreement or to exercise or to not exercise any options of any such
agreement. There is no default or an event that with notice or lapse of time, or
both, would constitute a default by any party to any of these agreements. To the
best of Sellers' knowledge and belief, neither Company is a party to any
agreement that is materially adverse to the business, property, or financial
condition of either Company.
n. Each Company has complied with, and is not in violation of,
any applicable national or local statute, law, and/or regulation, including, but
not limited to, any applicable building, zoning, or other law, ordinance, or
regulation affecting each Company's properties or the operation of each
Company's business.
o. Schedule "4-o," attached hereto and incorporated herein by
reference, sets forth a complete and accurate legal description of each parcel
of real property leased by each Company. Neither Company owns real property nor
interest in real property. Except for leasehold interests set forth on Schedule
"4-o," neither Company leases any other real property. Schedule "4-o" also
contains a description of all buildings, fixtures, and other improvements
located on these real properties. All the leases listed in Schedule "4-o" are
valid and in full force, and there does not exist any default or event that with
notice or lapse of time, or both, would constitute a default under any of these
leases.
p. The zoning of each parcel of property described in Schedule
"4-o" permits the presently existing improvements and the continuation of the
business presently being conducted on such parcel.
q. Except as set forth on Schedule "4-q," attached hereto and
incorporated herein by reference, all trucks, automobiles, machinery, equipment,
furniture, supplies, tools, dies, jigs, molds, patterns, drawings, and all other
tangible personal property owned by, in the
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possession of, or used by either Company in connection with its business is
located on or at the real property identified on Schedule "4-o."
r. Schedule "4-r," attached hereto and incorporated herein by
reference, sets forth a schedule of all patents, applications for patents, trade
names, trademarks, service marks, and copyrights, and their registrations, owned
by either Company or in which either Company has any rights or licenses,
together with a brief description of each. Neither Company has infringed, and is
not now infringing, on any patents, trade names, trademarks, service marks, or
copyrights belonging to any other person, firm, or entity. Each Company owns, or
holds adequate licenses or other rights to use, all patents, trade names,
trademarks, service marks, and copyrights necessary for its business as now
conducted, and that such use does not conflict with, infringe on, or otherwise
violate any rights of others. The patents and applications for patents listed on
Schedule "4-r" are valid and in full force and effect and are not subject to any
taxes, maintenance fees, or actions falling due within ninety (90) days after
the Close.
s. Schedule "4-s," attached hereto and incorporated herein by
reference, sets forth a description of all employment contracts, collective
bargaining agreements, pension, bonus, profit-sharing, stock options, or other
agreements providing for employee remuneration or benefits to which either
Company is a party; Sellers hereby represent that they have provided copies of
all said documents to Buyer for its review. All of the foregoing are in full
force and effect, and neither Company, nor any other party, is in default under
them. There have been no claims or defaults and there are no facts or conditions
which have continued which shall result in a default under the foregoing
contracts or arrangements. There is no pending or threatened labor dispute,
strike, or work stoppage affecting either Company's business.
t. The consummation of the transaction contemplated by this
Agreement will not result in or constitute any of the following:
(1) A default or an event that, with notice or lapse of
time, or both, would be a default, breach, or violation of the Articles of
Incorporation or Bylaws of either Company, or any lease, license, promissory
note, conditional sales contract, commitment, indenture, mortgage, deed of
trust, or other agreement, instrument, or arrangement to which either Company is
a party or by which either Company is bound;
(2) An event that would permit any party to terminate any
agreement or to accelerate the maturity of any indebtedness or other obligation
of either Company; or
(3) The creation or imposition of any lien, charge, or
encumbrance on any of the assets of either Company.
u. Schedule "4-u," attached hereto and incorporated herein by
reference, lists the following:
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(1) The names and addresses of all persons holding a power
of attorney on behalf of either Company;
(2) The names, addresses, and account numbers of all banks
and other financial institutions in which either Company has an account,
deposit, or safe deposit box, as well as the names of all persons authorized to
draw on these accounts or deposits or to have access to these boxes; and
(3) The names and addresses of all of the officers and
directors of each Company.
v. Except as set forth in Schedule "4-v," attached hereto and
incorporated herein by reference, there is no, and for the five (5) year period
prior to the date of this Agreement there has been no, suit, action,
arbitration, or legal, administrative, or other proceedings, or governmental
investigation, pending or threatened against or affecting either Company or the
business, assets, or financial condition of either Company; the matters set
forth in Schedule "4-v," if decided adversely to either Company, shall not
result in a material adverse change in the business, assets, or financial
conditions of either Company; Sellers have furnished to Buyer copies of all
relevant court papers and other documents relating to the matters set forth in
Schedule "4-v." Except as set forth in Schedule "4-v," neither Company is in
default with respect to any order, writ, injunction, or decree of any national
or local court, department, agency, or instrumentality; except as set forth in
Schedule "4-v," neither Company is presently engaged in, and for the five (5)
year period prior to the date of this Agreement has not been engaged in, legal
action to recover monies due to it or damages sustained by either Company; there
are no claims or defects in any of the products (Software) or services supplied
or provided by either Company prior to the date of this Agreement or in any of
the products (Software) created by, licensed by or to or purchased by either
Company prior to the date of this Agreement which shall be eventually sold or
licensed after the date of this Agreement and which may result in claims being
made against either Company or for which either Company may become liable for or
responsible for in the course of its business after the date of this Agreement
in excess of those historically experienced by it in the ordinary course of
business.
x. Xxxxxxx have the right, power, legal capacity, and
authority to enter into, and perform their respective obligations under this
Agreement, and all approvals or consents of any persons required to consummate
the transaction contemplated in this Agreement have been obtained and copies of
such approvals or consents have been delivered to Buyer.
x. Sellers have furnished to Buyer for Buyer's examination (1)
copies of the Articles of Incorporation and Bylaws of each Company, and all
amendments thereto; (2) the minute book of each Company containing records of
all proceedings, consents, actions, and meetings of the shareholders and Board
of Directors of each Company; (3) all permits, orders, consents issued by any
governmental agency with respect to each Company or any of their securities, and
all applications for such permits, orders, and consents; and (4) the stock
transfer book of each Company setting forth all transfers of its capital stock.
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y. None of the representations and warranties made by Sellers,
or made in any certificate or memorandum or document furnished or to be
furnished by any of them, or on their behalf, contains or will contain any
untrue statement of a material fact, or omit any material fact, the omission of
which would be misleading.
z. Since Sellers first learned of Buyer's interest in
acquiring the Shares, Companies and Sellers have:
(1) Carried on their business and activities diligently and
in substantially the same manner as the business and activities had been carried
out prior to learning of such interest, and neither Company has made nor
instituted any unusual or novel methods of management, accounting, or operation
that would vary materially from the methods used by each Company when Sellers
first learned of Buyer's interest;
(2) Used their respective best efforts to preserve the
relationship between each Company and its suppliers, customers, and others
having a business relationship with each Company;
(3) Not done any of the following acts:
(a) Granted any increase in salaries payable or to
become payable by either Company to any officer, employee, agent, or
representative of either Company, other than such increases as may have been
mandatory under French law;
(b) Increased any benefits payable to any officer,
employee, agent, or representative of either Company under any bonus or pension
plan or other contract or commitment; or
(c) Modified any employment or collective bargaining
agreement to which either Company is a party or by which either Company may be
bound; or
(d) Modified, amended, cancelled, or terminated any of
their existing contracts or agreements, nor has either Company agreed to do any
of those acts.
aa. Sellers further represent and covenant that the
representations and warranties set forth in paragraphs a through z of this
section 4 will be true and accurate in all respects on the Close as if made or
given on the Close.
bb. In addition to the foregoing, M. Xxxxxx Xxxxxxx acknowledges
that Buyer has been induced to purchase the Shares based on his representation
that he would continue to work for the Companies and shall not resign or retire
from either of the Companies for a period of twenty-four (24) months following
the Close, except for reasons attributable to force majeure or to a condition of
disability preventing him from performing his duties.
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5. BUYER'S REPRESENTATIONS AND WARRANTIES.
Buyer represents and warrants that, as of the date of this
Agreement:
a. Buyer is a corporation duly organized, validly existing and
in good standing under the laws of the State of Delaware, has all necessary
corporate powers to own its property and to carry on its business. Buyer's stock
is publicly traded and listed on NASDAQ. The execution and delivery of this
Agreement and the consummation of the transaction contemplated herein by Buyer
has been duly authorized, and no further corporate authorization is necessary.
b. The transaction contemplated by this Agreement is in
accordance with all laws governing Buyer.
6. RESIGNATION.
At or before the signing of this Agreement, Sellers shall deliver
to Buyer, in a form acceptable to Buyer and Buyer's attorney, resignations of
all officers and positions on the Board of Directors of each Company, which
resignations shall be effective as of the Close.
7. THE CLOSE.
On July 25, 1997 at 3 PM or at such other date and time as may
be mutually agreed in writing by Sellers and Buyer (the "Close"), the following
shall occur at the offices of Sales Xxxxxxx & Associes at 00 Xxx xx Xxxxxxxx
Xxxxx-Xxxxxx, 00000 Xxxxx:
a. Sellers shall deliver to Buyer the following:
(1) Duly executed share transfer documents (ordres de
mouvement and actes de cessions de parts) covering the Shares in conformity with
subparagraph a. of the numbered paragraph of this Agreement entitled "PURCHASE
AND SALE OF SHARES." On submission of those ordres de mouvement to GP2, GP2
shall record the transfer in its Stock Transfer Book (registre de mouvements)
and shall issue to Buyer a copy of its Shareholder Account showing the GP2
shares, registered in the name of Buyer, as well as copies of the Shareholders
Accounts of the Sellers showing they no longer have any shares in GP2;
(2) The resignations of the officers and directors of each
Company as set forth in the numbered paragraph of this Agreement entitled
"RESIGNATIONS;"
(3) In the event Sellers, or any of them, are married, the
written consent of Sellers' spouses to the sale of the Shares as contemplated by
this Agreement;
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(4) All necessary agreements and consents in accordance
with subparagraph v. of the numbered paragraph of this Agreement entitled
"SELLERS' REPRESENTATIONS AND WARRANTIES, including Board of Directors' approval
of Buyer as the new shareholder;"
(5) An opinion dated as of the Close, in a form and
substance satisfactory to Buyer and its counsel, from Sellers' counsel that:
(a) Each Company is duly organized and validly existing
and in good standing under the laws of the state of its incorporation, and has
all necessary corporate power to own its properties as now owned and operate its
business as now operated;
(b) All outstanding shares of each Company's stock are
validly issued, fully paid, and nonassessable. To the best of counsel's
knowledge and belief, after examination of appropriate corporate books and
records and other documents in their possession, there are no outstanding
subscriptions, options, rights, warrants, convertible securities, investment
certificates (certificats d'investissement), or other agreements or commitments
obligating either Company to issue or transfer from treasury any additional
shares of its capital stock of any class;
(c) This Agreement has been duly and validly authorized
and, when executed and delivered by Sellers, shall be valid and binding on each
of them and enforceable in accordance with its terms, except as limited by
bankruptcy and insolvency laws and by other laws affecting the rights of
creditors generally;
(d) Sellers are the owners, beneficially and of record,
of all of the issued and outstanding shares of the capital stock of each
Company, and, to the best of counsel's knowledge and belief, after examination
of appropriate corporate books and records and other documents in their
possession, free and clear of all liens, encumbrances, equities, options,
claims, charges, and restrictions, and Sellers have full power to transfer the
Shares to Buyer without obtaining the consent or approval of any other person or
governmental authority;
In rendering their opinion, Sellers' counsel may rely
on certificates of officers and directors of each Company as to factual matters.
(6) The minute book, shareholder account book(s), share
transfer ledgers, and corporate seals of each Company;
(7) A Certificate (Extrait K-bis) dated within fourteen
(14) days of the date of this Agreement issued by the Registry of Commerce and
Companies of Cretcil for each Company;
13
14
(8) A copy of a letter of the statutory auditors of GP2
waiving prior notice for the meeting of shareholders of GP2 to be held on the
Close to acknowledge the resignation of the current directors and to elect new
directors.
(9) The original copies of the powers of attorney granted
by Messrs. Christian Depinoy, Xxxx-Xxxxxxxx Xxxxxxx, Xxxxx Xxxxxxx and Xxx.
Xxxxxxxxx Xxxxxxx to Xx. Xxxxxx Xxxxxxx and by Xx. Xxxxxxx Xxxxxx to Xx.
Xxxx-Xxxxx Xxx, in form acceptable to counsel for Buyer, confirming their
agreement to be bound in all respects by this Agreement and the schedules
thereto and authorizing Xx. Xxxxxx Xxxxxxx and Xx. Xxxx-Xxxxx Xxx to sign any
and all instruments and documents necessary for the transfer of the Shares at
the Close.
b. Buyer shall deliver to Sellers the following:
An opinion dated as of the Close, in a form and substance
satisfactory to Sellers and its counsel, from Buyer's counsel, Post Xxxxx Xxxxxx
& Sweat LLP of San Diego, California, that:
(1) Buyer is duly organized and validly existing and in
good standing under the laws of the state of its incorporation, and has all
necessary corporate power to own its property as now owned and operate its
business as now operated;
(2) This Agreement has been duly and validly authorized
and, when executed and delivered by Buyer, shall be valid and binding on Buyer
and enforceable in accordance with its terms, except as limited by bankruptcy
and insolvency laws and by other laws affecting the rights of creditors
generally; and
(3) To the best of counsel's knowledge and belief, after
examination of appropriate corporate books and records and other documents in
its possession, the transaction contemplated by this Agreement is in accordance
with all laws governing Buyer.
In rendering their opinion, Buyer's counsel may rely on
certificates of officers and directors of Buyer as to factual matters.
8. SELLERS' OBLIGATIONS AFTER CLOSING.
a. Covenant Not to Solicit.
Commencing upon the Close and continuing for a period of
five (5) years immediately following the Close, Sellers, and each of them, shall
not, directly or indirectly, under any circumstances whatsoever, solicit
business from or render services to any of the persons, firms, businesses,
partnerships, corporations, unincorporated associations, societies, governmental
bodies, or other entities that have been solicited or rendered services by Buyer
or either Company within the then immediate two (2) year period, nor shall they,
or any of them,
14
15
employ, solicit or otherwise induce any employee of either Company to leave his
or her employment with either Company, or Buyer, or any successor thereto.
b. Trade Secrets.
Except as necessary in connection with any of Sellers'
performance of services for Buyer or either Company, Sellers, and each of them,
shall not at any time, for any reason whatsoever, divulge, communicate, use to
the detriment of Buyer or either Company, or for the benefit of any other person
or persons, or misuse or abuse in any way, any confidential information or trade
secretes of Buyer or either Company, including, but not limited to, personnel
information and customer lists, which trade secrets Sellers acknowledge to be
the property of and owned exclusively by Buyer and/or each Company. This
covenant shall run without limitation as to time.
The purchase price for the Shares set forth above includes
the consideration for Sellers' covenants set forth in subparagraphs a. and b.
above.
c. Indemnity.
Sellers, jointly and severally, for themselves, and on
behalf of their respective spouses, heirs, executors, administrators,
successors, assigns, and each of them, shall indemnify and hold harmless Buyer
and Buyer's successors and assigns from and against any and all claims, demands,
liability, actions, causes of action, costs, expenses, attorneys' fees, and
losses which arise out of, or in any manner relate to, any breach of, or failure
by Sellers, or any of them, to perform any of their respective representations,
warranties, covenants, or agreements as set forth in this Agreement, or in any
schedule, certificate, exhibit, or other instrument furnished or to be furnished
by Sellers to Buyer under this Agreement, or which arise out of, or in any
manner relate to, any of Sellers' representations and warranties as set forth in
this Agreement not proving to be true and correct, or which arise out of or
relate to the period of time prior to the Close and was not otherwise disclosed
to Buyer. Buyer may offset amounts due hereunder against amounts otherwise due
to Sellers upon written notice to Sellers; provided, however, in all events,
Sellers' liability under this subparagraph c. shall not exceed amounts paid or
payable to Sellers hereunder. Notwithstanding the foregoing, with respect to
such loss or liability which will give rise to indemnification: (i) the loss or
liability shall be reduced by any insurance proceeds received by Buyer or the
Companies with respect to the foregoing; (ii) the loss or liability shall be
reduced by the value of any net tax benefit or tax savings realized by the
Companies as a result of or related to the foregoing; and (iii) a tax
reassessment which would lead to a transfer of taxable profit from one fiscal
year to another would be considered as an indemnifiable loss only for the actual
loss suffered by the Companies which may result in penalties imposed by the Tax
Administration. In addition, no indemnifiable loss will give rise to
indemnification unless and until the aggregate amount thereof exceeds FRF
50,000.
15
16
Notwithstanding the foregoing and the disclosures made by Sellers
pursuant to Section 4.v. of this Agreement, Sellers shall indemnify and hold
harmless Buyer and Buyer's successors and assigns from and against any and all
claims, demands, liability, actions, causes of action, costs, expenses,
attorneys' fees, and losses which arise out of, or in any manner relate to (i)
the tax audit referred to in Schedule [4.v.], subject only to the deductible of
FRF 50,000 referred to in the preceding paragraph and (ii) the Droguet
litigation referred to in said Schedule [4.v.]., subject only in the latter case
to a deductible of FRF 200,000 and to a cap of FRF 1,000,000, provided further
that the total amounts payable by Sellers to Buyer pursuant to this Section
shall be limited to the aggregate amount of the purchase price payable pursuant
to Section 3.b.
9. BUYER'S OBLIGATIONS AFTER CLOSING.
a. Indemnity.
Buyer, for itself, and on behalf of its successors and
assigns, shall indemnify and hold harmless Sellers and Sellers' spouses, heirs,
executors, administrators, successors, assigns, and each of them, from and
against any and all claims, demands, liability, actions, causes of action,
costs, expenses, attorneys' fees, and losses which arise out of, or in any
manner relate to, any breach of, or failure by Buyer to perform any of Buyer's
representations, warranties, covenants, or agreements as set forth in this
Agreement.
b. Employees.
(1) In General.
Buyer will offer continuous employment to all
employees of each Company under similar terms and conditions as they now have.
Buyer will perform a compensation review to set targets for 1997 and appropriate
benefits and bonuses.
(2) Xxxxxx Xxxxxxx.
Buyer will offer and M. Xxxxxx Xxxxxxx will accept
employment for an indefinite period of time following the Close. His title will
be Director of Operations and he will report to the President-Directeur General,
currently scheduled to be Xxxxx Xxxxx.
At the Close, Buyer and M. Xxxxxx Xxxxxxx shall
execute the Employment Agreement attached hereto as Schedule "9-b(2)."
(3) Xxxxxxxxx Xxxxxxx.
Xxxxxxxxx Xxxxxxx will be employed in her current role
under the same terms and conditions as currently employed.
16
17
10. COSTS.
The parties hereby represent and warrant to each other that
neither party has incurred any real estate broker's commission, business
opportunity broker commission, finder's fee, or any similar fee in connection
with the transaction contemplated by this Agreement. Each party shall and does
hereby indemnify and hold harmless the other party and its respective heirs,
executors, administrators, legal representatives, successors, assigns, partners,
officers, directors, shareholders, parent corporations, sister corporations,
subsidiaries, affiliates, co-venturers, and each of them, from and against any
and all claims, demands, liability, actions, causes of action, costs, expenses,
attorneys' fees, and obligations arising out of or in any way connected with any
obligation whatsoever by the other party or by any person to pay any real estate
broker's fee, business opportunity broker commission, finder's fee, or other
similar fee in connection with the transaction contemplated by this Agreement.
All parties to this Agreement shall bear their own costs and expenses in
connection with the preparation of this Agreement and their respective
performance under this Agreement.
11. REPRESENTATION BY COUNSEL.
The parties acknowledge and represent that they are signing this
Agreement after having had the opportunity to receive the full legal advice as
to their respective rights from independent legal counsel of their choice. The
parties further acknowledge that, although Buyer's counsel prepared this
Agreement, Sellers had the opportunity to have this Agreement fully reviewed and
approved by independent counsel. Therefore, the interpretation of this Agreement
shall not be construed against Buyer.
12. FULL UNDERSTANDING.
The parties certify that they have read the entirety of this
Agreement and that they fully understand all of this Agreement.
13. REMEDIES.
The parties acknowledge that their rights under this Agreement are
of a special, unique, and an extraordinary character. In the event of the breach
by any party of any provision of this Agreement, especially the provisions
contained in subparagraphs a. and b. of the numbered paragraph of this Agreement
entitled "SELLERS' OBLIGATIONS AFTER CLOSING," the nonbreaching party, in
addition to and as a supplement to such other rights and remedies as may exist
in its favor, may apply to any court of law or equity having jurisdiction to
enforce the specific performance of this Agreement, and/or may apply for
injunctive relief against any act which would violate any of the provisions of
this Agreement.
14. NOTICES.
17
18
Any notice from one party to another shall be delivered either
personally, via facsimile or via air courier (e.g. Federal Express, United
Parcel Service, DHL), postage fully prepaid, addressed as follows:
If to Sellers: Xxxxxx Xxxxxxx
8 Allee des Myosotis
93110 Rosny sous Bois
Who is hereby appointed by all Sellers as their agent for purposes of receiving
and giving notices hereunder;
With a copy to:
Antoine Lemetais, Esq.
C, L & A
0 xxx Xxxxxxx
00000 Xxxxx
Fax No. 00-0-00-00-00-00
If to Buyer: Interactive Group, Inc.
ATTENTION: Xxxxxx X. Xxxxxx, CEO
0000 Xxxxxx Xxxxxx Xxxx
Xxx Xxxxx, XX 00000
Fax No. (000) 000-0000
With a copy to:
Xxxx X. Xxxxxxxx, Esq.
Post Xxxxx Xxxxxx & Sweat LLP
000 Xxxx Xxxxxxxx, XxxxxX0000
Xxx Xxxxx, XX 00000-0000
Fax No. (000) 000-0000
Any notice being delivered shall be deemed delivered upon (a)
personal service, or (b) transmission via facsimile (with the original thereof
to be immediately sent via air courier, postage prepaid), or (c) forty-eight
(48) hours after the time of deposit with a air courier, postage prepaid, as the
case may be. In the event any party changes its address, such change of address
shall be communicated to the other party in the manner set forth in this
numbered paragraph.
15. AMENDMENT.
18
19
This Agreement shall be amended only by a writing signed by the
parties. If such a written amendment is entered into, such written amendment
shall modify only the provisions of this Agreement specifically modified and
shall be deemed to incorporate by reference, unchanged, all remaining provisions
of this Agreement.
16. ATTORNEYS' FEES.
In the event any party shall be required to commence any action or
proceeding against the other party by reason of any breach or claimed breach of
any provision of this Agreement, to commence any action or proceeding in any way
connected with this Agreement, or to seek a judicial declaration of rights under
this Agreement, the person prevailing in such action or proceeding shall be
entitled to recover from the other person, or to be reimbursed, the prevailing
person's actual attorneys' fees and costs including, but not limited to, expert
witness fees, witness fees, and any and all other fees and costs, whether or not
the proceeding or action proceeds to judgment.
17. SUCCESSORS AND ASSIGNS.
This Agreement shall be binding upon and inure to the benefit of
the parties and their respective heirs, executors, administrators, legal
administrators, legal representatives, successors and assigns.
18. CONSTRUCTION.
Whenever used in this Agreement as the context requires, the
singular number shall include the plural, the plural number shall include the
singular, the masculine gender shall include the feminine and neuter, the
feminine gender shall include the masculine and neuter, and the neuter gender
shall include the masculine and feminine.
19. HEADINGS AND CAPTIONS.
The headings and captions at the beginning of various paragraphs
and subparagraphs of this Agreement shall not be construed to be a substantive
part of this Agreement and shall not in any way define, limit, expand or affect
any provision of this Agreement.
20. FURTHER ACTS.
Each party shall perform any further acts and sign and deliver any
further documents that are reasonably necessary to carry out the provisions of
this Agreement.
21. GOVERNING LAW.
This Agreement shall be governed under the laws of France and
jurisdiction for any dispute shall lie in the courts of Paris, France.
19
20
22. ENTIRE AGREEMENT.
This Agreement contains the entire understanding between the
parties and supersedes any prior or contemporaneous written or oral agreements
between the parties, including, but not limited to, that written letter of
intent dated June 30, 1997. There are no representations, warranties,
agreements, arrangements, or understandings, oral or written, between the
parties relating to the subject matter of this Agreement.
23. COUNTERPARTS.
This Agreement has been signed in ten originals, one for each
party, on the dates and places shown below.
20
21
THE UNDERSIGNED ACKNOWLEDGE THAT THIS AGREEMENT WILL FIRST BE SIGNED BY ALL OF
THE SELLERS AND WILL THEN BE SIGNED AND BECOME EFFECTIVE ONCE EXECUTED BY BUYER
IN SAN DIEGO, CALIFORNIA, THE DATE OF THIS AGREEMENT BEING THE DATE OF EXECUTION
OF THIS AGREEMENT BY THE BUYER.
SELLERS: BUYER: San Diego, Ca., July ___, 0000
Xxxxx, Xxxxxx, July 17, 1997 INTERACTIVE GROUP, INC.,
a Delaware corporation
____________________ By: ________________________
Xxxxxx Xxxxxxx Xxxxxx X. Xxxxxx,
Chief Executive Officer
Paris, France, July 17, 1997
_______________________
Christian Depinoy
Paris, France, July 17, 1997
_______________________
Xxxx-Xxxxxxxx Xxxxxxx
Paris, France, July 17, 1997
_______________________
Xxxxxxxxx Xxxxxxx
Paris, France, July 17, 1997
_______________________
Xxxx-Xxxxx Xxx
00
00
Xxxxx, Xxxxxx, July 17, 1997
_______________________
Xxxxxxx Xxxxxx
Paris, France, July 17, 1997
_______________________
Xxxx Xxxxx
Paris, France, July 17, 1997
_______________________
Xxxxxx Xxxxxx
Paris, France, July 17, 1997
_______________________
Xxxxx Xxxxxxx
22
23
LIST OF SCHEDULES:
SCHEDULE 3.b.2 Calculation of the Purchase Price (Earn-out)
SCHEDULE 4.d Shareholdings in BICS
SCHEDULE 4.e Financial Statements - GP2 and SODRIV
SCHEDULE 4.e.1 Material Transactions Since the Financial Statement
SCHEDULE 4.f Debts and Liabilities
SCHEDULE 4.i Liens on Equipment
SCHEDULE 4.k List of Modules
SCHEDULE 4.k.1 Third Party Rights
SCHEDULE 4.k.3 List of Licenses with Source Codes
SCHEDULE 4.k.6 List of Licenses
SCHEDULE 4.l Insurance Policies
SCHEDULE 4.m Distribution Contracts
SCHEDULE 4.o Office Lease
SCHEDULE 4.q List of Tangible Properties
SCHEDULE 4.r Intellectual Property Rights
SCHEDULE 4.s List of Employees - Employment Contracts - Profit
Sharing Agreement
SCHEDULE 4.u Powers of Attorney, Bank Accounts and all Officer and
Director Names and Addresses
SCHEDULE 9.b.(2) M. Xxxxxx Xxxxxxx Employment Contract
24
SCHEDULE 3.b(2)
CALCULATION OF THE
PURCHASE PRICE
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EARNOUT CALCULATION RE GPIC - 1997 CURRENCY: FRENCH FRANCS French Franc Rate: 9
---------------------------------- --------- -------------
% TOTAL XXX0 XXX0 XXX0 XXX0
- ----- ---- ---- ---- ----
INFOFLO/JIT:
Hardware 3.00% 4,860 0 0 0 4,860
Third Party 3.00% 4,860 0 0 0 4,860
Infoflo (Intl) 6.25% 28,350 0 0 0 28,350
Infoflo 7.00% 31,752 0 0 0 31,752
69,822 0 0 0 69,822
CUSTOMER BASE:
Hardware 3.00% 2,430 0 0 1,215 1,215
Third Party 3.00% 2,160 0 0 1,080 1,080
Infoflo/JIT (preexisting) 3.00% 16,200 0 0 8,100 8,100
20,790 0 0 10,395 10,395
GPIC:
100% Margin 3.00% 8,370 0 0 3,510 4,860
8,370 0 0 3,510 4,860
MAINTENANCE:
Infoflo (on GPM) 3.00% 0 0 0 0 0
Third Party (on GPM) 3.00% 4,141 0 0 2,070 2,070
GPIC (on revenue) 3.00% 36,001 0 0 18,001 18,001
40,142 0 0 20,071 20,071
T&M:
Based on Revenue 3.00% 63,006 0 0 28,803 34,203
63,006 0 0 28,803 34,203
TOTALS 202,130 0 0 62,779 139,351
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EARNOUT CALCULATION RE GPIC - 1997 CURRENCY: FRENCH FRANCS
---------------------------------- --------- -------------
G.P.MARGIN
----------
% TOTAL XXX0 XXX0 XXX0 XXX0
- ----- ---- ---- ---- ----
INFOFLO/JIT:
Hardware 3.00% 162,000 0 0 0 162,000
Third Party 3.00% 162,000 0 0 0 162,000
Infoflo (Intl) 6.25% 453,600 0 0 0 453,600
Infoflo 7.00% 453,600 0 0 0 453,600
1,231,200 0 0 0 1,231,200
CUSTOMER BASE:
Hardware 3.00% 81,000 0 0 40,500 40,500
Third Party 3.00% 72,000 0 0 36,000 36,000
GPIC 3.00% 540,000 0 0 270,000 270,000
693,000 0 0 346,500 346,500
GPIC:
100% Margin 3.00% 279,000 0 0 117,000 162,000
279,000 0 0 117,000 162,000
MAINTENANCE:
Infoflo (on GPM) 3.00% 0 0 0 0 0
Third Party (on GPM) 3.00% 138,024 0 0 69,012 69,012
GPIC (on revenue) 3.00% 1,200,042 0 0 600,021 600,021
1,338,066 10 0 569,033 669,033
T&M:
Based on Revenue 3.00% 2,100,204 0 0 960,093 1,140,111
2,100,204 0 0 960,093 1,140,111
TOTAL 5,641,470 0 0 2,092,626 3,548,844
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--------------------
EARNOUT CALCULATION RE GPIC - 1998 CURRENCY: FRENCH FRANCS
---------------------------------- --------- -------------
% TOTAL XXX0 XXX0 XXX0 XXX0
- ----- ---- ---- ---- ----
INFOFLO/JIT:
Hardware 3.00% 19,440 2,430 4,860 4,860 7,290
Third Party 3.00% 19,440 2,430 4,860 4,860 7,290
Infoflo (Intl) 6.25% 85,050 0 28,350 28,350 28,350
Infoflo 7.00% 158,760 21,168 21,168 31,752 84,672
282,690 26,028 59,238 69,822 127,602
CUSTOMER BASE:
Hardware 3.00% 0 0 0 0 0
Third Party 3.00% 0 0 0 0 0
Infoflo/JIT (preexisting) 3.00% 27,216 2,268 9,072 11,340 4,536
27,216 2,268 9,072 11,340 4,536
GPIC:
100% Margin 3.00% 3,240 0 1,080 1,080 1,080
3,240 0 1,080 1,080 1,080
MAINTENANCE:
Infoflo (on GPM) 3.00% 18,590 3,062 4,046 4,702 6,780
Third Party (on GPM) 3.00% 12,555 2,531 2,936 3,341 3,746
GPIC (on revenue) 3.00% 77,624 19,406 19,406 19,406 19,406
108,768 24,999 26,388 27,449 219,932
T&M:
Based on Revenue 3.00% 256,924 48,284 58,915 69,547 80,178
256,924 48,284 58,915 69,547 80,178
TOTALS 678,838 101,579 154,694 179,238 243,328
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EARNOUT CALCULATION RE GPIC - 1998 CURRENCY: FRENCH FRANCS
---------------------------------- --------- -------------
G.P.MARGIN
----------
% TOTAL XXX0 XXX0 XXX0 XXX0
- ----- ---- ---- ---- ----
INFOFLO/JIT:
Hardware 3.00% 648,000 81,000 162,000 162,000 243,000
Third Party 3.00% 648,000 81,000 162,000 162,000 243,000
Infoflo (Intl) 6.25% 1,360,800 0 453,600 453,600 453,600
Infoflo 7.00% 2,268,000 302,400 302,400 453,600 1,209,600
4,924,800 464,400 1,080,000 1,231,200 2,149,200
CUSTOMER BASE:
Hardware 3.00% 0 0 0 0 0
Third Party 3.00% 0 0 0 0 0
GPIC 3.00% 907,200 75,600 302,400 378,000 151,200
907,200 75,600 302,400 378,000 151,200
GPIC:
100% Margin 3.00% 108,000 0 36,000 36,000 36,000
108,000 0 36,000 36,000 36,000
MAINTENANCE:
Infoflo (on GPM) 3.00% 619,650 102,060 134,865 156,735 225,990
Third Party (on GPM) 3.00% 418,500 84,375 97,875 111,375 124,875
GPIC (on revenue) 3.00% 2,587,464 646,866 646,866 646,866 646,866
3,625,614 833,301 879,606 914,976 997,731
T&M:
Based on Revenue 3.00% 8,564,130 1,609,470 1,963,845 2,318,220 2,672,595
8,564,130 1,609,470 1,963,845 2,318,220 2,672,595
TOTALS 18,129,744 2,982,771 4,261,851 4,878,396 6,006,726
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EARNOUT CALCULATION RE GPIC - 1999 CURRENCY: FRENCH FRANCS
---------------------------------- --------- -------------
% TOTAL XXX0 XXX0 XXX0 XXX0
- ----- ---- ---- ---- ----
INFOFLO/JIT:
Hardware 3.00% 29,160 4,860 7,290 7,290 9,720
Third Party 3.00% 29,160 4,860 7,290 7,290 9,720
Infoflo (Ind) 6.25% 113,400 0 28,350 28,350 56,700
Infoflo 7.00% 254,016 31,752 63,504 63,504 95,256
425,736 41,472 106,434 106,434 171,396
CUSTOMER BASE:
Hardware 3.00% 0 0 0 0 0
Third Party 3.00% 0 0 0 0 0
Infoflo/JIT (preexisting) 3.00% 40,824 2,268 9,072 11,340 18,144
40,824 2,268 9,072 11,340 18,144
GPIC:
100% Margin 3.00% 3,240 0 1,080 1,080 1,080
3,240 0 1,080 1,080 1,080
MAINTENANCE:
Infoflo, (on GPM) 3.00% 43,740 8,967 9,513 11,700 13,559
Third Party (on GPM) 3.00% 10,125 2,531 2,531 2,531 2,531
GPIC (on revenue) 3.00% 77,624 19,406 19,406 19,406 19,406
131,489 30,904 31,451 33,638 35,497
T&M:
Based on Revenue 3.00% 498,656 114,750 120,656 131,625 131,625
498,656 114,750 120,656 131,625 131,625
TOTALS 1,099,945 189,394 268,693 284,117 357,742
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EARNOUT CALCULATION RE GPIC - 1999 CURRENCY: FRENCH FRANCS
---------------------------------- --------- -------------
G.P.MARGIN
----------
% TOTAL XXX0 XXX0 XXX0 XXX0
- ----- ---- ---- ---- ----
INFOFLO/JIT:
Hardware 3.00% 972,000 162,000 243,000 243,000 324,000
Third Party 3.00% 972,000 162,000 243,000 243,000 324,000
Infoflo (Intl) 6.25% 1,814,400 0 453,600 453,600 907,200
Infoflo 7.00% 3,628,800 453,600 907,200 907,200 1,360,800
7,387,200 777,600 1,846,800 1,846,800 2,916,000
CUSTOMER BASE:
Hardware 3.00% 0 0 0 0 0
Third Party 3.00% 0 0 0 0 0
GPIC 3.00% 1,360,800 75,600 302,400 378,000 604,800
1,360,800 75,600 302,400 378,000 604,800
GPIC:
100% Margin 3.00% 108,000 0 36,000 36,000 36,000
108,000 0 36,000 36,000 36,000
MAINTENANCE:
Infoflo (on GPM) 3.00% 1,458,000 298,890 317,115 390,015 451,980
Third Party (on GPM) 3.00% 337,500 84,375 84,375 84,375 84,375
GPIC (on revenue) 3.00% 2,587,464 646,866 646,866 646,866 646,866
4,382,964 1,030,131 1,048,356 1,121,256 1,183,221
T&M:
Based on Revenue 3.00% 16,621,875 3,825,000 4,021,875 4,387,500 4,387,500
16,621,875 3,825,000 4,021,875 4,387,500 4,387,500
TOTALS 29,860,839 5,708,331 7,255,431 7,769,556 9,127,521
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EARNOUT CALCULATION RE GPIC CURRENCY: FRENCH FRANCS
--------------------------- --------- -------------
% TOTAL XXX0 XXX0 XXX0 XXX0
- ----- ---- ---- ---- ----
1997 202,130 0 0 62,779 139,351
1998 678,838 101,579 154,694 179,238 243,328
1999 1,099,945 189,394 268,693 284,117 357,742
2000 525,945 206,269 319,676 0 0
2,506,858 497,242 743,062 526,133 740,421
US Dollars 445,664
Sterling 278,540
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EARNOUT CALCULATION RE GPIC - 2000 CURRENCY: FRENCH FRANCS
---------------------------------- --------- -------------
% TOTAL XXX0 XXX0 XXX0 XXX0
- ----- ---- ---- ---- ----
INFOFLO/JIT:
Hardware 3.00% 38,880 4,860 9,720 9,720 14,580
Third Party 3.00% 38,880 4,860 9,720 9,720 14,580
Infoflo (Intl) 6.25% 56,700 0 0 28,350 28,350
Infoflo 7.00% 444,528 31,752 127,008 95,256 190,512
578,988 41,472 146,448 143,046 248,022
CUSTOMER BASE:
Hardware 3.00% 0 0 0 0 0
Third Party 3.00% 0 0 0 0 0
Infoflo/JIT (preexisting) 3.00% 54,432 2,268 9,072 20,412 22,680
54,432 2,268 9,072 20,412 22,680
GPIC:
100% Margin 3.00% 3,240 0 1,080 1,080 1,080
3,240 0 1,080 1,080 1,080
MAINTENANCE:
Infoflo (on GPM) 3.00% 43,740 8,967 9,513 11,700 13,559
Third Party (on GPM) 3.00% 10,125 2,531 2,531 2,531 2,531
GPIC (on revenue) 3.00% 77,624 19,406 19,406 19,406 19,406
131,489 30,904 31,451 33,638 35,497
T&M:
Based on Revenue 3.00% 526,500 131,626 131,625 131,625 131,625
526,500 131,625 131,625 131,625 131,625
TOTALS 1,294,649 206,269 319,676 329,801 438,904
33
7/1/97 EARNOUT3
INTERACTIVE (UK) LTD
--------------------
EARNOUT CALCULATION RE GPIC - 2000 CURRENCY: FRENCH FRANCS
---------------------------------- --------- -------------
G.P.MARGIN
----------
% TOTAL XXX0 XXX0 XXX0 XXX0
- ----- ---- ---- ---- ----
INFOFLO/JIT:
Hardware 3.00% 1,296,000 162,000 324,000 324,000 486,000
Third Party 3.00% 1,296,000 162,000 324,000 324,000 486,000
Infoflo (Intl) 6.25% 907,200 0 0 453,600 453,600
Infoflo 7.00% 6,350,400 453,600 1,814,400 1,360,800 2,721,600
9,849,600 777,600 2,462,400 2,462,400 4,147,200
CUSTOMER BASE:
Hardware 3.00% 0 0 0 0 0
Third Party 3.00% 0 0 0 0 0
GPIC 3.00% 1,814,400 75,600 302,400 680,400 756,000
1,814,400 75,600 302,400 680,400 756,000
GPIC:
100% Margin 3.00% 108,000 0 36,000 36,000 36,000
108,000 0 36,000 36,000 36,000
MAINTENANCE:
Infoflo (on GPM) 3.00% 1,458,000 298,890 317,115 390,015 451,980
Third Party (on GPM) 3.00% 337,500 84,375 84,375 84,375 84,375
GPIC (on revenue) 3.00% 2,587,464 646,866 646,866 646,866 646,866
4,382,964 1,030,131 1,048,356 1,121,256 1,183,221
T&M:
Based on Revenue 3.00% 17,550,000 4,387,500 4,387,500 4,387,500 4,387,500
17,550,000 4,387,500 4,387,500 4,387,500 4,387,500
TOTALS 33,704,964 6,270,831 8,236,656 8,687,556 10,509,921
34
SUMMARY OF SCHEDULE 4.o
The Lease Agreement is between Compagnie d'Investissement et de Gestion
Immobiliere and Societe Genie Productique et Gestion de Production SA("GP2").
Pursuant to the Lease Agreement, GP2 will lease property located at 00 xxx xx
Xxxx xxx Xxxxxx, Xxxxxx, Xxxxxx 00000, consisting of 385 square meters of
office space and 12 exterior parking places. The term of the Lease Agreement is
for nine years, commencing in August 1989 and terminating on July 31, 1998. The
lease amount is 310,600 Francs H.T. per year, payable in four equal payments on
the first day of each trimester.
35
SCHEDULE 4.o
-----------------
4.o
-----------------
===================
BAIL
===================
36
BAIL DE L'IMMEUBLE STRATEGIC
00 XXX XX XXXX XXX XXXXXX
00000 RUNGIS
37
C O M P A R U T I O N
---------------------
ENTRE LES SOUSSIGNES
--------------------
COMPAGNIE D'INVESTISSEMENT ET DE GESTION IMMOBILIERRE
dont le siege social est sis
00 xxx Xxxxxxxx - 00000 XXXXX
represente par son mandataire la Societe IMPAC
Administrateur de Biens dont le siege social est
a XXXXX 00000 - 6 rue Xxxx
xxxx-meme representee par son directeur General
Monsieur Xxxx-Xxxx XXXXX.
Ci-apres xxxxxxx le BAILLEUR
d'une part,
----------
ET
--
SOCIETE GENIE PRODUCTIQUE ET GESTION DE PRODUCTION
SA au Xxxxxxx xx 000 000 Xxxxxx ayant son siege
social 00 xxx xx Xxxx xxx Xxxxxx - XXXXXXXX-XX-XXX
00000 RUNGIS CEDEX.
representee aux presentes par son President Directeur
General Monsieur Xxxxxx XXXXXXX
Ci-apres xxxxxxx Le PRENEUR
d'autre part.
------------
38
CHAPITRE I
DESCRIPTION
-----------
ARTICLE 1 - OBJET
ARTICLE 1 - OBJET
-----------------
IL A ETE EXPOSE CE QUI SUIT :
Le BAILLEUR est proprietaire des locaux situes :
00 XXX XX XXXX XXX XXXXXX - 00000 RUNGIS
Ces locaux sont libres de toute occupation.
CECI EXPOSE, IL A ETE CONVENE CE QUI SUIT :
Par les presentes, le BAILLEUR fait bail et xxxxx x xxxxx, a titre
commercial, au PRENEUR, qui accepte, aux conditions habituelles et de droits
preveus par le decret no 53.960 du 30 septembre 1953, aux dispositions
des textes par lesquels il a ete complete et aux conditions particulieres
suivantes, les locaux dont la designation suit.
ARTICLE 2 - DESIGNATION
-----------------------
Un ensemble immobilier sis :
00 XXX XX XXXX XXX XXXXXX - 00000 RUNGIS
----------------------------------------
comprenant :
Au rez-xx-xxxxxxxx avec un acces direct dans les locaux, une surface de bureaux
de 385 m2, cloisonnes avec de nombreux placards, sanitaires.
12 emplacements de voiture exterieurs No 280 281 282 283 326 326 327 328
329 330 331 332 333
Le PRENEUR declarant parfaitement connaitre ces locaux pour les avois vus et
visites en vue des presentes, sans qu'il soit necessaire d'en faire plus ample
designation et les accepter dans l'etat ou ils se trouvent tels qu'ils existent,
s'etendent, se poursuivent et comportent avec toutes leurs dependances.
ARTICLE 3 - ETAT DES LIEUX
--------------------------
Un etat des lieux sera etabli contradictoirement par les parties a l'entree du
PRENEUR et sera annexe aux presentes. Aux cas ou pour une raison quelconque cet
etat des lieux ne serait pas ainsi dresse, et notamment si le PRENEUR faisait
defaut, les locaux seront consideres comme ayant ete loues en parfait etat.
39
ARTICLE 4 - DUREE
-----------------
Le present bail est consenti et accepte pour une duree de neuf annees
entieres et consecutives, qui commenceront a courrir le : 1er aout 1989 pour se
terminer le 31 juillet 1998.
Il cessera dans les conditions fixees par l'article 5 du decret du
30 septembre 1953.
Le PRENEUR aura la faculte xx xxxxxx conge a l'expiration de chaque periode
triennale, en avisant le BAILLEUR par acte extrajuridiciaire, effectue au plus
tard six mois avant chaque echeance triennale.
ARTICLE 5 - DESTINATION
-----------------------
Le PRENEUR xxxxx utiliser les locaux objet du present bail, dans le cadre
de son activite et a l'usage exclusif de : bureaux commerciaux pour la
conception, realisation et commercialisation de systemes informatiques destines
a la gestion des entreprises paisibilement et conformement aux articles 1728 et
1729 du Code Civil.
Le PRENEUR ne pourra changer cette destination sans l'accord expres et par
ecrit du BAILLEUR.
Tous travaux ou transformation de quelque nature que ce soit dans les
locaux loues qui seraient necessites par le changement d'exploitation ou pour
toute autre raison, ne pourront egalement etre executes sans l'accord expres et
par ecrit du BAILLEUR. Celui-ci ne pourra s'opposer a ces travaux de
transformation que pour des raisons serieuses et legitimes.
Le PRENEUR xxxxx, prealablement a toute expoloitation, obtenir les
autorisations administratives necessaires et se conformer expressement a toutes
prescriptions et reglements en vigueur concernant son exploitation.
*************
*********
*****
40
CHAPITRE II
CHARGES ET CONDITIONS
---------------------
Le present bail est consenti et accepte sous les charges et conditions
ordinaires et de droit et sous celles qui suivent, que le PRENEUR s'engage a
observer ou a subir, sans pouvoir reclamer ni resiliation ni diminution xx
xxxxx, ni dommages et interets.
Sa modification ne pourra resulter que d'un accord ecrit et circonstancie
des BAILLEUR et PRENEUR.
En consequence, toutes tolerances ou attitudes passives du BAILLEUR ne
devront jamais etre considerees comme un droit meme avec le temps, le BAILLEUR
pouvant toujours y mettre fin.
ARTICLE 6 - CONDITIONS GENERALES DE JOUISSANCE
----------------------------------------------
1er) Le PRENEUR prendra les locaux, objet du present bail, dans l'etat
ou ils se trouvent au moment de l'entree en jouissance, sans pouvoir exiger du
BAILLEUR, pendant toute xx xxxxx, aucune mise en etat, ni aucune reparation de
quelque nature ou de quelque importance que ce soit, y compris celles imposees
par l'autorite administrative, a la seule exception des grosses reparations,
xxxxxx que prevues par l'article 606 du Code Civil.
Par derogation aux articles 1719 et suivants du Code Civil, le BAILLEUR
n'est pas garant de la conformite des locaux a l'egard de l'application des
reglements administratifs et de Police.
2eme) Le PRENEUR xxxxx satisfaire a toutes les charges de ville, de
Police et de voierie dont les locataires sont ordinairement tenus, le tout de
maniere que le BAILLEUR ne puisse aucunement etre inquiete ni recherche a ce
sujet. En cas d'expropriation pour cause d'utilite publique, le PRENEUR ne
pourra rien reclamer au BAILLEUR, tous ses droit etant reserves contre
la partie expropriatrice.
Il xxxxx respecter les charges et conditions du reglement de copropriete,
s'il en existe un, et celles imposees par le syndicat des coproprietaires ou
tous autres organismes crees eventuellement entre proprietaires et/ou occupants
de l'immeuble et/ou des immeubles voisins.
3eme) Le PRENEUR xxxxx s'abstenir de tout ce qui pourrait nuire a
l'activite des autres locataires, veiller a ce que la tranquillite de l'immeuble
ne soit troublee en aucune maniere, de son fait, ou de celui de ses preposes et,
en assurer le bon ordre, la proprete, l'hygiene ou le service, notamment ne
faire aucun travail, ni quoi que ce soit qui puisse gener les autres locataires
ou coproprietaires.
41
4eme) Le Preneur ne pourra tenir en aucun cas pour responsable le Bailleur
en cas de suppression temporaire ou reduction des services collectifs tels que
gardiens, eau, gaz, electricite, telephone, chauffage, ascenseur, monte-charges
etc. . .
ARTICLE 7 - TRAVAUX - INSTALLATIONS - AMENAGEMENTS
--------------------------------------------------
Le PRENEUR xxxxx souffrir et laisser faire, sans pouvoir pretendre a aucune
indemnite, ni diminution xx xxxxx, tous travaux de reparation, reconstruction,
surelevation, agrandissement et autres, que le BAILLEUR serait amene a faire
executer en cours de bail dans xxx xxxxx loues, ainsi que dans l'immeuble dont
ils dependent, quelles qu'en soient la nature et la duree, cette derniere
excedat-elle quarante jours, et ce, par derogation expresse a l'article 1724 du
Code Civil.
Le PRENEUR xxxxx obligatoirement, pendant tout le cours du bail, conserver
en bon etat d'entretien lesdits locaux et tous les amenagements qu'il aura
apportes, en conformite avec les articles 1754 et 605 du Code Civil.
Le PRENEUR ne pourra effectuer dans xxx xxxxx loues de travaux qui puissent
changer la destination de l'immeuble ou nuire a sa solidite.
De meme, il ne pourra faire supporter aux planchers une charge superieure a
leur resistance sous xxxxx d'etre responsable de tous desordre au accidents.
Tous les travaux comportant changement de distribution, demolitions ou
percements de murs, de poutres ou de planchers, d'installation de machinerie
qu'elle qu'en soit la source d'energie, devront faire l'objet d'une autorisation
prealable et ecrite du Bailleur.
Pour obtenir celle-ci, le Preneur communiquera au BAILLEUR tous documents
relatifs aux travaux ou installations projetes tels que plans, notes techniques,
devis etc. . .
Les travaux devront etre executes aux frais, risques et perils du Preneur
et sous la surveillance d'un atchitecte ou d'un Bureau d'Etudes Techniques agree
par le BAILLEUR, et dont les honoraires seront supportes par le PRENEUR.
Le PRENEUR fera son affaire personnelle de toutes reclamations faites par
les autres occupants de l'immeuble, les voisins ou les tiers, notamment pour
bruits, odeurs, chaleur ou trepidations.
42
Le PRENEUR xxxxx, en fin de bail, de quelque maniere qu'elle arrive,
rendre les locaux loues ainsi que les additions apportees en parfait etat
d'entretien et de reparations. Tous les embellissements, ameliorations,
installations et decors quelconques qui seraient faits au cours du bail,
resteront, a la fin de celui-ci, de quelque maniere qu'elle arrive, la
propriete du BAILLEUR, sans aucune indemnite, a moins que celui-ci prefere
demander la retablissement des lieux dans leur etat primitif aux frais du
PRENUER, meme s'il a autorise ces travaux.
Le PRENEUR ne pourra poser, sans l'accord prealable ecrit du BAILLEUR,
ni plaque, ni enseigne, ni store, ou realiser une installation quelconque
interessant l'aspect exterieur de l'immeuble.
Le PRENEUR fera son afaire personnelle des autorisations administratives
exigees et du reglement des taxes qui pourraient etre dues de ce fait, de facon
a ce que le Bailleur ne soit jamais inquiete ni recherche a ce sujet.
Article 8 - ENTRETIEN
---------------------
Le PRENEUR xxxxx entretenir a ses frais tous equipements specifiques, tels
que climatisation, ventilation, installations electriques et telephoniques,
conformement aux normes en vigueur et les rendre en bon etat d'utilisation. A
cette fin, il souscrira tous contrats d'entretien.
Le PRENEUR xxxxx maintenir les fermetures, volets, xxxxxxx de fermeture en
bon etat de proprete, d'entretien et de fonctionnement. Il xxxxx, de la meme
facon, proceder a la refection de toutes les peintures, au moins tous les cinq
ans.
Enfin, il xxxxx entretenir les revetements de sols en parfait etat, et
notamment remedier a l'apparition de taches, brulures, dechirures, trous ou
decollements.
A defaut d'execution, le BAILLEUR pourra se substituer au Preneur et les
faire realiser par une entreprise de son choix, aux fraix exclusifs du PRENEUR,
sans prejudice de tous frais de remise en etat consecutifs a des dommages causes
par l'inobservation des dispositions de la presente clause.
Le PRENEUR ne xxxxx, en aucun cas, rien faire ou laisser faire qui puisse
deteriorer les locaux, et il xxxxx prevenir immediatement le BAILLEUR de toute
atteinte qui serait xxxxxx a la propriete, de toutes degradations ou
deteriorations qui viendraient a se produire dans les locaux loues, et qui
rendraient necessaires des travaux incombant au BAILLEUR.
43
Article 9 - VISITE ET SURVEILLANCE DES LOCAUX
---------------------------------------------
Le BAILLEUR aura le droit de faire visiter les locaux loues par son
architecte ou son mandataire, au moins une fois par an, pour s'assurer de
l'execution de tous travaux d'entretien, de reparation et de ravalement.
De meme, le PRENEUR xxxxx laisser au representant du BAILLEUR l'acces des
locaux loues chaque fois qu'il jugera utile et notamment en cas de travaux, et
xxxxxx xxx six derniers mois de jouissance.
Article 10 - CONTRIBUTIONS - IMPOTS - TAXES
-------------------------------------------
Le PRENEUR xxxxx xxxxx ses contributions personnelles, mobiliers, taxe
professionnelle, taxes locatives et autres de toute nature le concernant
particulierement ou relatives a son commerce, auxquelles les locataires sont ou
pourront etre assujettis, de supporter la taxe d'enlevement des ordures
menageres, la taxe de balayage, toutes nouvelles contributions, taxes
municipales ou autres et augmentations d'impots pouvant etre creees a la charge
des locataires, de toute nature et sous quelque denomination que ce puisse
etre, et de rembourser au BAILLEUR sur simple requete de sa part les sommes
avancees par lui a ce sujet, de supporter la charge d'impot foncier ou tout
nouvel impot sur les proprietes baties ou non baties pouvant lui etre
substitue.
De supporter, a compter du jour de la mise a disposition, toutes les
charges de ville et de police et de se soumettre a tous les reglements en
vigueur, et specialement, aux regles de sa profession.
Article 11 - RESPONSABILITE - RECOURS
-------------------------------------
Le PRENEUR assurera les risques propres a son exploitation. Il xxxxx en
particulier souscrire :
a) une police d'assurance responsabilite civile garantissant les
consequences pecuniaires de la responsabilite civile qu'il peut
encourir en raison des dommages corporels, materiels et immateriels
causes aux tiers.
b) une police d'assurance incendie, explosions, degats des eaux
garantissant :
- ses biens propres a concurrence de leur valeur d'assurances au jour
du sinistre,
- ses responsabilites d'occupant a l'egard des voisins et des tiers
en general.
La police d'assurance definie a l'alinea ci-dessus, devra comporter une
clause de renonciation a recours contre le BAILLEUR.
Le PRENEUR s'engage a rembourser au BAILLEUR tous frais d'assurances de
l'immeuble et toutes surprimes qui, en raison de son etat et de son fait,
seraient reclamee au BAILLEUR.
44
Il s'engage a aviser, par lettre recommandee, le BAILLEUR de toute cause de
risques aggravants (incendie, explosion, degats des eaux) pouvant resulter de la
creation de son commerce ou de toute modification de son activite, celui-ci ne
pouvant etre tenu pour avise de l'existence de risques aggravants que par le
reception de ladite lettre.
Les primes de ces differents contrats seront a la charge exclusive du
PRENEUR qui s'oblige a leur paiements; il justifiera du paiements de ces primes
et de l'existence d'une clause de renonciation a recours contre le BAILLEUR a
toute requisition, en produisant une attestation de ses assureurs precisant
egalement le montant des capitaux assures.
Le PRENEUR s'engage a renoncer a tout recours en responsabilite contre le
BAILLEUR, notamment :
a) en cas de vol, cambriolage ou tout acte delictueux ou criminel dont le
PRENEUR pourrait etre victime dans xxx xxxxx loues.
b) au cas ou xxx xxxxx viendraient a etre detruits en partie ou en totalite
ou expropries.
c) en cas de troubles apportes a la jouissance par le fait de tiers quelle
que soit leur qualite, le PRENEUR devant agir directement contre eux sans
pouvoir mettre en cause le BAILLEUR.
Le Preneur xxxxx proceder a l'installation d'extincteurs portatifs
conformement au reglement de l'assemblee pleniere des compagnies et des Societes
d'assurance contre l'incendie.
Il est expressement specifie que l'incendie ou la destruction pour tout
autre cause des constructions, totale ou partielle n'entrainera pas la
resiliation ni la suspension du present bail et le xxxxx xx-apres et aux epoques
convenues, sauf au PRENEUR de s'assurer des pertes et des dommages pouvant
resulter pour lui des sinistres.
Article 12 - CESSION DE BAIL - SOUS-LOCATION
--------------------------------------------
Le PRENEUR ne pourra ceder son droit au present bail sans le consentement
expres et par ecrit du Bailleur.
Toutefois, il pourra librement ceder ledit droit au bail a l'acquereur de
son fonds de commerce ou de son entreprise.
Toute cession xxxxx avoir lieu par acte notaire ou sous seing prive auquel
le BAILLEUR sera appele.
Les cessionnaires devront s'obliger solidairement avec le Preneur au
paiement des loyers et a l'execution des conditions du bail.
Quant au PRENEUR, il restera repondant solidaire de son successeur et de
tour successeurs successifs au paiement des loyers et de l'execution des
conditions du bail.
45
Une copie executoire de l'acte de cession ou un original enregistre xxxxx
etre remis au BAILLEUR, sans frais pour lui, le PRENEUR etant tenu de
respecter les regles de l'article 1690 du Code Civil.
En outre, tous ceux qui seront devenus successivement cessionnaires du bail
demeureront tenus envers le Bailleur, solidairement entre eux et avec le
PRENEUR, au paiement des loyers et a l'execution des conditions du bail pendant
toute la duree de celui-ci alors meme qu'ils ne seraient plus dans xxx xxxxx et
auraient meme cede leur droit.
Le PRENEUR s'interdit formellement, sous xxxxx de resiliation du bail :
- de sous-louer tout ou partie des locaux objet des presentes, sans le
consentement expres et par ecrit du BAILLEUR.
- de conceder la jouissance des lieux a qui que ce soit, meme a titre
gratuit ou precaire.
Toutefois, et par derogation, le BAILLEUR autorise la PRENEUR a sous-louer
a toutes filiales ou societes de son Groupe dans lesquelles il aurait une
participation directe ou indirecte au Capital Social, mais a la condition
expresse que la BAILLEUR n'ait jamais a connaitre, tant pour le paiement du
xxxxx que pour l'execution des clauses du present bail, que le PRENEUR qui en
demeurera seul responsable et que le PRENEUR rapporte, prealablement au
BAILLEUR la justification de la filiation du sous-locataire au sens de
l'article 145 du Code General des Impots.
Le PRENEUR xxxxx notifier au BAILLEUR les modifications des statuts de la
Societe preneuse (transformation, changement de denomination ou de raison
sociale, changement de Siege Social ...) dans le mois de la modification.
Le PRENEUR xxxxx signifier au BAILLEUR dans les formes prevues par
l'article 1690 du Code Civil toute fusion ou apport partiel d'actif. En cas
d'apport partiel d'actif, la Societe apporteuse restera garante et repondant
solidaire du beneficiaire de l'apport, du paiement des loyers et charges et de
l'execution des conditions du bail.
Article 13 - RESTITUTION DES LOCAUX
-----------------------------------
En fin de bail, le PRENEUR xxxxx, quinze jours a l'avance, informer le
BAILLEUR de la date a laquelle il demenagera et lui communiquer sa nouvelle
adresse.
Avant de demenager, le PRENEUR xxxxx, prealablement a tout enlevement,
meme partiel des mobiliers et materiels, avoir acquitte la totalite des termes
xx xxxxx et accessoires et justifier par presentation des acquits, du paiement
des contributions a sa charge tant pour les annees que pour l'annee en cours.
46
Le PRENEUR xxxxx, au plus tard le jour de l'expiration du bail, rendre
xxx xxxxx loues en bon etat de reparation, ce qui sera constate par un etat des
lieux a la suite duquel le PRENEUR xxxxx remettre les clefs au BAILLEUR. Cet
etat des lieux, dont la date sera determinee par lettre emanant du PRENEUR,
comportera s'il y a lieu le releve des reparations a effectuer.
A defaut, l'etat des lieux sera dresse le jour de l'expiration du bail ;
au cas ou le PRENEUR ne serait pas present au jour et heure fixes pour l'etat
des lieux, celui-ci sera etabli par un Huissier qui pourra se faire assister
d'un serrurier pour penetrer dans les locaux, les frais correspondants etant a
la charge du PRENEUR.
Si des reparations ou travaux s'averaient necessaires, le PRENEUR xxxxx,
dans xxx xxxx jours calendaires de la notification des devis etablis par un
Bureau d'Etudes Techniques ou des entreprises agreees par le BAILLEUR, xxxxxx
son accord sur lesdits devis.
Si le PRENEUR ne manifeste pas son intention dans le delai ci-dessus, xxx
xxxxx seront reputes agrees et le BAILLEUR pourra les faire executer par des
entreprises de son choix en en reclamant le montant au PRENEUR.
Si le PRENEUR manifeste son intention de les executer lui-meme, il xxxxx
s'engager, a titre de condition essentielle et determinante, a les faire
executer par des entreprises qualifiees et agreees par la BAILLEUR.
47
CHAPITRE III
OBLIGATIONS FINANCIERES
-----------------------
ARTICLE 14 - XXXXX
------------------
Le present bail est consenti et accepte moyennant un xxxxx XX principal
annuel, valeur de base dont le montant est de :
FRS 310 600. - H.T. (TROIS CENT XXX MILLE SIX CENTS FRANCS HT)
que le PRENEUR s'oblige a payer d'avance au BAILLEUR en quatre termes egaux, le
premier jour de chaque trimestre.
Le premier reglement devant intervenir le 1er aout 1989 et correspond a la
periode du : 1er aout 1989 au 31 aout 1989.
Le paiement mensuel se poursuivra jusqu'au 31 decembre 1989. Ensuite, le
paiement s'effectuera par trimestre et d'avance.
ARTICLE 15 - ACCESSOIRES DU XXXXX
---------------------------------
Le PRENEUR remoursera au BAILLEUR sa quote-parte des charges,
contributions, assurances, taxes et prestations au prorate du nombre de
milliemes de charges generales ou speciales affectees aux lots loues.
Ce remboursement s'effectuera par xxxxx d'une provision trimestrielle
versee par le PRENEUR en sus du xxxxx et en meme temps, dont le montant est fixe
a : 18.000.- Frs HT
Le BAILLEUR se reservant la faculte de modifier a tout moment le montant de
ladite provision pour tenir compte de la fluctation des charges.
A la cloture de chaque periode annuelle, le montant des provisions versees
sera regularise en plus ou en moins, en fonction du releve reel de l'ensemble
des charges.
ARTICLE 16 - TAXES ET DROITS
----------------------------
Xx xxxxx et ses accessoires ci-dessus mentionnes s'entendent hors taxes, le
BAILLEUR ayant opte pour l'assujetissement a la T.V.A. en application de
l'article 260-2 degre du C.G.I.
Le PRENEUR s'engage a acquitter entre xxx xxxxx du BAILLEUR le montant de
la T.V.A. ou toute autre taxe nouvelle ou de substitution, ou tout autre droit,
au taux legalement en vigueur au jour de chaque reglement.
48
ARTICLE 17 - CLAUSE DE REVISION DU XXXXX
----------------------------------------
De convention expresse entre les parties, sans quoi le present bail
n'aurait pas ete consenti, ladite clause etant une condition determinante, xx
xxxxx tel qu'il est defini ci-dessus est revisable tous les 1er juillet de
chaque annee et pour la premiere fois le 1er juillet 1990 en fonction de la
variation de l'Indice National INSEE France, entiere du cout de la construction.
Pour le calcul du xxxxx revise, l'indice INSEE a prendre en consideration
sera le dernier indice publie par le Ministere de l'Equipement et du Logement au
moment de la demande de revision.
La comparaison sera effectuee avec l'indice INSEE, reference dernier indice
publie au 4eme trimestre 1988, soit : 919.
Au cas ou l'indice mentionne ci-dessus ne serait plus publie, les parties
adopteront l'indice officiel de remplacement et utiliseront la formule de
raccordement adequate.
La presente indexation annuelle exclut et remplace la revision triennale
prevue par l'article 27 du decret du 30 decembre 1953.
Si l'indice vise au present article venait a cesser de faire l'objet d'une
publication par l'INSEE, les parties decident de se referer a toute autre
publication de l'indice retenu qui serait assuree par tel organisme public ou
prive des statistiques choisi par elles d'un commun accord, ou, faute d'accord,
designe par le President du Tribunal de Commerce de Paris.
ARTICLE 18 - MODALITE DE REGLEMENT
----------------------------------
Tous paiements auront lieu au domicile du BAILLEUR ou de son Mandataire,
par cheque ou virement ou prelevement bancaire.
En cas de non paiement a echeance du xxxxx du par le PRENEUR ou de toute
autre somme due en vertu du present bail, et qui n'aurait pas ete reglee dans
les delais requis, le BAILLEUR percevra de plein droit et huit jours apres, une
mise en demeure prealable demeuree infructueuse, un interet de retard a dater de
la date d'echeance calcule "prorata temporis" au taux de base bancaire majore de
quatre points, tout mois commence etant du en entier.
49
ARTICLE 19 - DEPOT DE GARANTIE
------------------------------
Pour garantir l'execution des obligations incombant au PRENEUR celui-ci
verse au BAILLEUR qui le reconnait une somme de 77 650.- correspondant a TROIS
MOIS de xxxxx X.X.
Le BAILLEUR pourra librement disposer du depot de garantie jusqu'a
l'expiration du bail, ledit depot etant affecte au reglement des indemnites que
le PRENEUR pourrait devoir au BAILLEUR a sa sortie des lieux.
De convention expresse, le depot de garantie ne sera pas productif
d'interets.
En cas de modification du montant du xxxxx, xx depot de garantie sera diminue
ou majore de maniere a correspondre toujours a trois mois xx xxxxx en
principal.
Dans le cas de resiliation du bail, comme il va etre dit plus loin, par suite
d'inexecution de l'une de ses conditions pour une cause quelconque imputable au
PRENEUR, le depot de garantie restera acquis au BAILLEUR, a titre des premiers
dommages et interets, sans prejudice de tous autres.
A l'expiration normale de la jouissance des xxxxx, xx depot sera restitue au
PRENEUR, apres demenagement et remise des clefs deduction faite de toutes
sommes dont le PRENEUR pourrait etre debiteur envers le BAILLEUR, etant observe
et convenu que le PRENEUR ne pourra jamais imputer des loyers, charges et
accessoires sur ces derniers mois des jouissance par compensation avec le depot
de garantie entre xxx xxxxx du BAILLEUR.
50
CHAPITRE IV
AUTRES OBLIGATIONS
------------------
ARTICLE 20 - CLAUSE RESOLUTOIRE
-------------------------------
Le PRENEUR xxxxx maintenir les locaux loues pendant tout le cours du bail,
constamment garnis de materiel et objets mobiliers en quantite et valeur
suffisantes pour repondre du paiement du xxxxx et de l'execution des conditions
du bail.
ARTICLE 21 - CLAUSE RESOLUTOIRE
-------------------------------
Il est expressement convenu qu'a defaut de paiement a son echeance d'un
seul terme xx xxxxx ou de tout rappel xx xxxxx consecutif a une augmentation de
celui-ci par application de la clause de revision, comme a defaut de
remboursement de frais, taxes locatives, impositions, charges de copropriete ou
prestations qui constituent l'accessoire ou, enfin, a defaut de l'execution de
l'une ou l'autre des conditions du bail ou du reglement de copropriete qui fera
egalement la convention des parties, et un mois apres un simple commandement de
payer ou une sommation d'executer la clause notee demeuree sans effet, le
present bail sera resilie de plein droit si bon semble au BAILLEUR sans qu'il
soit besoin de formuler une demande en justice.
Du jour de la resiliation du bail, le BAILLEUR rentrera immediatement, de
plein droit, dans la libre disposition des xxxxx xxxxx.
Dans le cas ou le PRENEUR se refuserait a evacuer xxx xxxxx de corps et de
biens, son expulsion ainsi que celle de tout occupant de son chef pourrait avoir
lieu sans delai en vertu d'une simple ordonnance de refere rendue par
Monsieur le President du Tribunal de Grande Instance a qui competence de
juridiction est expressement attribuee aux termes des presentes.
Cette ordonnance sera executoire par provison sur minute et avant
enregistrement nonobstant effet.
A defaut par le PRENEUR d'evacuer les locaux, il sera redevant au BAILLEUR
de plein droit, et sans auxcun preavis, d'une indemnite d'occupation fixee
d'ores et deja, pour chaque jour de retard, au double du xxxxx en cours, calcule
prorata temporis.
Tous les frais necessites par l'expulsion y compris les honoraires
d'avocat et ses suites, seront a la charge du PRENEUR.
51
ARTICLE 22 - FRAIS ET ENREGISTREMENT
------------------------------------
Le PRENEUR prendra a sa charge, tous les frais occasionnes par la prise a
bail des locaux faisant l'objet des presentes, a savoir :
- honoraires de Negociation et de Conseil de la Societe IMPAC Conseil en
Immobilier d'Entreprise.
- honoraires de redaction de bail
- droits de timbre et d'enregistrement (en cas d'enregistrement des
presentes) selon le decompte et les factures qui lui on ete precedemment
soumis.
ARTICLE 23 - ELECTION DE DOMICILE
---------------------------------
Pour l'execution des presentes et de leurs suites, les parties font
election de domicile en leur siege social respectif.
Tout litige concernant l'execution des presentes et de leurs suites sera
soumis aux tribunaux de Paris.
Fait a Paris,
Le 14 juin 1989
Mots xxxxx
En trois exemplaires Mots rajoutes
LE BAILLEUR LE PRENEUR
----------- ----------
Lu et approuve Lu et approuve
52
RESUMES DES CONDITIONS
PARTICULIERES
1 - DESIGNATION
-----------
- Immeuble = 00 XXX XX XXXX XXX XXXXXX 00000 RUNGIS
- Locaux loues = 385 m2 + 12 emplacements voiture exterieurs
2 - DATES DE REFERENCE
------------------
- Date d'effet du present bail = ler aout 1989
- Date de mise a disposition = ler aout 1989
- Date d'exigibilite du premier xxxxx = ler aout 1989
3 - DESTINATION
-----------
- Activites du PRENEUR = GENIE PRODUCTIQUE
GESTION DE PRODUCTION
- Usage = Bureaux a usage administratif
et commercial
4 - REGIME FISCAL T.V.A. a 18,60 %
------------------------------
5 - XXXXX XXXXXX DE BASE
--------------------
- Xxxxx xxxxxx de base hors taxes = 310 660,- Frs
- Taxes = 57 371,60 Frs
- Xxxxx xxxxxx de base T.T.C.
soit la somme de : = 368 371,60 Frs
Paiement du premier terme le = ler aout 1989
Prorata temporis jusqu'au = paiement mensuel jusgu'au
31 Decembre 1989
6 - PROVISION MINIMALES SUR CHARGES 18.000.- Frs
-------------------------------
7 - DEPOT DE GARANTIE 77.650.- Frs
-----------------
8 - INDICES DE REFERENCE 4eme trimestre 1988 : 919
--------------------
9 - AUTRES CONDITIONS PARTICULIERS
------------------------------
- Autorisation de sous-location a toutes filiales ou societes de son groupe
- Autorisation de cession sous reserve d'acceptation du Bailleur.
Xxxxx, xx 00 Xxxx 0000
Xx Xxxxxxxx Le Preneur
53
SUMMARY OF SCHEDULE 4.s
The attached exhibit contains the employment agreements of all employees of
Genie Productique et Gestion de Production ("GP2"). Each contract consists of
GP2's standard form of employment agreement. The employment agreements generally
cover job descriptions, duration of employment, place of work, compensation,
hours of work, paid holidays, notice requirement to terminate the contract,
exclusivity of employment and confidential information. Each employee is also
subject to GP2's profit sharing agreement. The profit sharing agreement provides
all employees with a minimum of six months of service, the opportunity to
participate in the net profits of the company as determined by the company's
chartered accountants. Under the terms of the agreement, employees are eligible
to share 20 percent of the company's net profits to a maximum of 10 percent of
the individual employees' annual base salaries allocated proportionately over
the company's total salary base. The profit sharing agreement has a three year
term expiring on December 31, 1997 and contains a three year renewal option.
54
SCHEDULE 4.s
============
-----------------
4.s
-----------------
===================================
LISTE DES SALARIES
CONTRAT D'INTERESSEMENT
====================================
55
[GENIE PRODUCTIQUE LOGO]
[GENIE PRODUCTIQUE LETTERHEAD]
LISTE DU PERSONNEL DE LA SOCIETE GP2
====================================
Xxxx XXXXX
Bruni ANZOLA
Xxxxxxxx XXXXXX
Celine BRETEAU
Xxxxxxxx XXXXX
Christian DEPINOY
Xxxxxxx DIVARE
Xxxxxxxxx DROCHON
Xxxxxx XXXXXX
Xxxxxxxx XXXXXX
Mohamed MHIRI
Xxxxxxxx XXXXXXX
Xxxxxxxxx XXXXXXX
Xxxxxx XXXXXXX
56
[GENIE PRODUCTIQUE LOGO]
[GENIE PRODUCTIQUE LETTERHEAD]
Rungis, le 10 Janvier 1994
Monsieur Xxxx XXXXX
0 Xxxxxx xx Xxxx
00000 XXXXXXXXXX
OBJET : CONTRAT DE TRAVAIL
----- (Application de la Directive Europeenne du 14 October 1991)
Monsieur,
Nous vous confirmons ci-apres, le conditions de votre engagement dans notre
societe qui annulent et remplacent tout autre contrat signe precedemment.
Vous avez ete embauche le 01/08/1982 par la societe SESA. Votre contrat de
travail a ete transfere de SESA a GP2 le 28/02/1985, dans le cadre d'une
cession partielle de fonds de commerce.
Votre anciennete au 01 Janvier 1994 est donc de 11 ans et 5 mois.
Le conditions de votre collaboration sont les suivantes :
ARTICLE 1 - STATUT
------------------
Vous etes employe en qualite de : Ingenieur Principal
Position repere : 3.1
Indice hierarchique : 170
57
ARTICLE 2 - DUREE DE L'ENGAGEMENT
---------------------------------
Le present contrat qui a pris effet au 01 Janvier 1994 est conclu pour une
duree indeterminee.
ARTICLE 3 - LIEU DE TRAVAIL
---------------------------
Vous serez base en nos bureaux de RUNGIS.
Vos fonctions impliquent des deplacements frequents en France et parfois a
l'Etranger.
En outre, notre societe se reserve le droit de modifier votre point d'attache
en region parisienne si la marche des affaires le rendait necessaire.
ARTICLE 4 - FONCTION
--------------------
Votre fonction d'Ingenieur Principal vous amenera a prendre la responsabilite,
en tant que chef de projet, de projets informatiques confies a l'entreprise.
Vous serez en outre membre du comite de direction de l'entreprise.
ARTICLE 5 - REMUNERATION
------------------------
Votre remuneration est fixee comme suite :
vos appointements mensuels seront de 22.800 Francs sur la base de 169 heures,
soit une remuneration annuelle fixe de 273.600 Francs.
Vous percevrez egalement une prime sur resultats, calculee trimestriellement
selon la formule definie en annexe.
ARTICLE 6 - FRAIS DE DEPLACEMENT
--------------------------------
Vous devez justifiez des frais de mission que vous aurez engages dans le cadre
de vos fonctions. Ces frais vous seront rembourses dans le limite legale en
vigueur, dans le cadre des modalites propres a la societe, et sur accord
prealable de votre Direction.
58
ARTICLE 7 - HORAIRES DE TRAVAIL
-------------------------------
La duree du travail est actuellement fixee a 39 heures par semaine sur cinq
jours.
ARTICLE 8 - CONGES XXXXX
------------------------
Vous aurez droit aux conges xxxxx xxxxxx, a prendre a des dates ayant recueilli
l'accord de votre hierarchie.
ARTICLE 9 - DUREE DES PREAVIS RECIPROQUES DE REPTURES
-----------------------------------------------------
La duree des preavis reciproques de rupture est celle prevue par la Convention
Collective citee a l'article 13.
ARTICLE 10 - EXCLUSIVITE
------------------------
Vous vous engagez, pendant la duree du present contrat, a consacrer
exclusivement votre activite a la societe.
ARTICLE 11 - SECRET PROFESSIONNEL
---------------------------------
Vous vous engagez a ne devoiler aucune des information confidentielles
concernant la societe, la clientele ou les tiers en relation avec elle dont vous
prendriez connaissance a l'occasion de votre travail, de quelque nature qu'elles
soient, et tant pendant la duree du contrat qu'apres sa cessation, et quelle
qu'en soit la raison.
ARTICLE 12 - FAUTE GRAVE
------------------------
Notre societe se reserve le droit de resilier le present contrat sans preavis ni
indemnite, en cas de faute grave.
Une faute grave est, en particulier, l'infraction a une quelconque des clauses
du present contrat, ainsi qu'une atteinte a la reputation de notre societe ou de
ses dirigeants.
59
ARTICLE 13 - CONVENTION COLLECTIVE
----------------------------------
Le present contrat est regi par la Convention Collective des Bureaux d'Etudes
Techniques, cabinets d'ingenieurs conseils, societe de conseil SYNTEC-CICF.
ARTICLE 14 - ATTRIBUTION DE JURIDICTION
---------------------------------------
Tous differends resultant de l'interpretation ou de l'execution du present
contrat seront soumis aux tribunaux du ressort du siege social de la societe.
Pour la bonne regle, vous voudrez bien nous retourner un exemplaire du present
contrat et de ses annexes revetu de votre signature precedee de la mention "Lu
et approuve", chaque page devant etre paraphee.
Veuillez agreer, Monsieur, l'expression de nos setiments distingues.
Lu et approuve
Xxxxxx XXXXXXX
President Directeur General
60
PRINCIPE DE REMUNERATION VARIABLE
=================================
1.- DEFINITIONS
===========
O = Objectif - R = Realisation
------------------------------
O est l'objectif de valeur ajoutee de l'annee
R est la valeur ajoutee realisee
Sont pris en compte UNIQUEMENT :
- les licences de progiciel GPIC et MULTIBADGE,
- la valeur ajoutee liee a la vente de materiels, d'autres logiciels ou de
prestations sous-traitees (prix vente - prix achat),
- la vente de prestations (formation, assistance, developpements de logiciel)
assurees par du personnel de GP2, qu'il s'agisse de prestations forfaitaires
ou en regie,
- la maintenance GPIC et MULTIBADGE,
- la valeur ajoutee liee a la maintenance UNIVERSE,
concernant l'ensemble de la societe.
Les objectifs sont fixes en debut d'annee pour l'annee par le comite de
direction. Ils ne sont pas revises en cours d'annee, sauf dans le cas
d'augmentation significative des effectifs.
Le calcul integre les ecritures "d'inventaire" (stock, prestations, de service
en-cours, produits constates d'avance, ...).
2.- CALCUL DE LA PRIME
==================
SF est le salaire fixe mensuel.
K est le coefficient de part variable, propre a chaque salarie.
Si R = O, la prime annuelle PT est egale a 12 x SF x X.
Xxxxx PT = 12 x SF x K x F (R/O)
ou
f (R/O) = 0 si (R/O) - 0,8
f (R/O) = 5 R/O - 4 si 0,8
