Business & Related Assets Purchase Agreement - Short Form - Equitable Law

8/19/2019 Business & Related Assets Purchase Agreement - Short Form - Equitable Law

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DATED ………………………………………………………….. 20….

BUSINESS & RELATED ASSETS PURCHASE AGREEMENT

Between

[SELLER]

and

[BUYER]

Dan .Johnson @EquitableLaw.com

Principal & Business Law Solicitor

+44 (0) !! "# $! (%.. 'ellular obile *elepone)

*e Pri,ate -ice / 4 Bemis 1oad / London / S2$" $3 / %nited in5dom

*el. +44 (0) 0 !!0 ##$6 / e78a9. +44 (0) !$ :4 6"$"

http://www.linkedin.com/in/danrjohnsonhttp://www.linkedin.com/in/danrjohnsonhttp://www.linkedin.com/in/danrjohnsonhttp://www.linkedin.com/in/danrjohnsonhttp://www.linkedin.com/in/danrjohnsonhttp://www.linkedin.com/in/danrjohnsonhttp://www.linkedin.com/in/danrjohnson


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CONTENTS

CLAUSE

$. ;nterpretation $. er $#

6. ?alue added ta9$4

$0. *e emplo>ees $"

$$. *e 'ontracts $:

$. Boo 3ebts $

$#. 3ata protection $6

$4. 1estrictions on te Seller $6

$". 'onidentialit> and announcements 0

$:. 8urter assurance 0

$.


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Part ". *ranser o 8reeold Properties #$

Part :. *ransers and assi5nments o Leaseold Properties #$

S'CE3%LE : 2 and ;* #!

$. ;ntellectual propert> #!

. ;* #6

Part #. Pensions #6

Part 4. Propert> 40

Part ". En,ironment and ealt and saet> 40

Part :. *a9ation 4$

$. Stamp dut> and S3L* 4$

. ?


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THIS AGREEMENT is dated A3 te Business

(comprisin5 te in tis

a5reement.

A!!"u#$% Ate audited inancial statements o te Seller as at te


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DPA te 3ata Protection ollowin5 te e9ecution o tis a5reement -1

close o business on te 'ompletion 3ateF.

E-+l"yee% te emplo>ees o te Business at te Eecti,e *ime wose

details are set out in Scedule 4.

E#!u-r'#!e an> interest or equit> o an> person (includin5 an> ri5t to

acquireG option or ri5t o pre7emption) or an> mort5a5eG car5eG pled5eG lienG

assi5nmentG >potecationG securit> interestG title retention or an> oter

securit> a5reement or arran5ement.

E#)*r"#-e#$ te natural and man7made en,ironment includin5 all or an> o

te ollowin5 media air (includin5 air witin buildin5s and oter natural or

man7made structures abo,e or below te 5round)G waterG landG and an>

ecolo5ical s>stems and li,in5 or5anisms (includin5 man) supported b> tose

media.

EHS L'3% all applicable lawsG statutesG re5ulationsG subordinate le5islationG

b>e7lawsG common law and oter nationalG internationalG ederalG European

%nionG state and local lawsG =ud5mentsG decisions and in=unctions o an> court

or tribunal and le5all> bindin5 codes o practice and 5uidance notes to te

e9tent tat te> relate to or appl> to te En,ironment or to te ealt and

saet> o an> person.

EHS M'$$er% all matters relatin5 to

(a) pollution or contamination o te En,ironmentH

(b) te presenceG disposalG releaseG spilla5eG depositG escapeG discar5eG

leaG mi5ration or emission o CaIardous Substances or 2asteH

(c) te e9posure o an> person to CaIardous Substances or 2asteH

(d) te ealt and saet> o an> personG includin5 an> accidentsG in=uriesG

illnesses and diseasesH

(e) te creation or e9istence o an> noiseG ,ibrationG odourG radiationG

common law or statutor> nuisance or oter ad,erse impact on te

En,ironmentH or

(f) te conditionG protectionG maintenanceG remediationG reinstatementG

restoration or replacement o te En,ironment or an> part o it.

EHS Per-*$% an> permitsG licencesG consentsG certiicatesG re5istrationsG

notiications or oter autorisations required under an> ECS Laws or te

operation o te Business or in relation to an> o te Properties

E%$*-'$e( S$"!/ Pr*!e te estimated ,alue o te stoc as at te Eecti,e

*imeG as set out in Scedule $.

E4!lu(e( A%%e$% te assets Aand ri5tsF o te Business set out in clause

..

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E4!lu(e( C"#$r'!$ L*'*l*$*e% all liabilities o te Seller relatin5 to or arisin5

in connection wit (a) an> breac o contract or breac o dut> wic are

attributable to an> actG ne5lectG omission or deault o an> member o te

Seller roup or an> o teir emplo>eesG sub7contractors or a5ents beore te

Eecti,e *imeH or (b) an> product or ser,ice deli,ered or perormed b> an>

member o te Seller roup beore te Eecti,e *ime

E4!lu(e( L*'*l*$*e% all te liabilities or obli5ations o or relatin5 to te

Business or


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IT Sy%$e- all computer ardware (includin5 networ and

telecommunications equipment) and sotware (includin5 associated

preparator> materialsG user manuals and oter related documentation)

ownedG usedG leased or licensed b> te Seller in relation to te Business.

ALe'%e te lease (includin5 an> supplemental documents) under wic eaco te Leaseold Properties is eld and Le'%e% means all o tem.F

Le'%e Tr'#%,er D'$e in respect o eac Leaseold Propert>G te later o

(a) te 'ompletion 3ateH and

(b) te da> wic is Ai,eF Business 3a>s ater te date a Licence (as

deined in Part 4. o Scedule ") is 5ranted in respect o tat

Leaseold Propert>.

Le'%e1"l( Pr"+er$*e% te leaseold propertiesG particulars o wic are set

out in Part . o Scedule ".

L"%%e% includes all liabilitiesG costsG e9pensesG dama5es and losses

(includin5 but not limited to an> directG indirect or consequential lossesG loss o

proitG loss o reputation and all interestG penalties and le5al costs (calculated

on a ull indemnit> basis) and all oter AreasonableF proessional costs and

e9penses).

[M'#'e-e#$ A!!"u#$% te unaudited mana5ement accounts o te ASeller

-1 BusinessFG comprisin5 a balance seet as at A3 o te


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S$"!/ Pr*!e te ,alue o te stocG as calculated in accordance wit

Scedule .

T'4 "r T'4'$*"# all orms o ta9ation and statutor>G 5o,ernmentalG stateG

ederalG pro,incialG localG 5o,ernment or municipal car5esG dutiesG impostsG

contributionsG le,iesG witoldin5s or liabilities were,er car5eable andweter o te % or an> oter =urisdictionH and an> penalt>G ineG surcar5eG

interestG car5es or costs relatin5 tereto.

T'4 7'rr'#$*e% te warranties set out in Part :. o Scedule :.

T1*r( P'r$y C"#%e#$ a consentG licenceG appro,alG autorisation or wai,er

required rom a tird part> or te con,e>anceG transerG assi5nment or

no,ation in a,our o te Bu>er o an> o te er.

T1*r( P'r$y R*1$% te beneit o all ri5ts and claims (oter tan ri5ts and

claims relatin5 to *a9 and claims under an> insurance policies) o te Seller

arisin5 on or beore te Eecti,e *ime out o or in connection wit te

BusinessG includin5 but not limited to all claims a5ainstG or ri5ts to mae an>

claims a5ainstG an> tird part> in respect o an> 5oods or ser,ices sold or

supplied to te Seller in connection wit te Business on or beore te

Eecti,e *ime were te 5oods or te sub=ect matter o te ser,ices orm part

o te Business.

Tr'#%'!$*"# te transaction contemplated b> tis a5reement or an> part o

tat transaction.

TULRCA te *rade %nion and Labour 1elations ('onsolidation) ment) 1e5ulations

00:.

TUPE 89:8 te *ranser o %ndertain5s (Protection o Emplo>ment)

1e5ulations $6!$.

;AT ,alue added ta9 car5eable under te ?alue


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1.2 1eerences to clauses and Scedules are to te clauses oG and Scedules

toG tis a5reement and reerences to para5raps are to para5raps o te

rele,ant Scedule.

1.3 *e Scedules orm part o tis a5reement and sall a,e eect as i set outin ull in te bod> o tis a5reement.

1.4 *is a5reement sall be bindin5 onG and enure to te beneit oG te parties to

tis a5reement and teir respecti,e Apersonal representati,esGF successors

and permitted assi5nsG and a reerence to a part> sall include tat part>Js

Apersonal representati,esFG successors and permitted assi5ns.

1.5 < reerence to a !"-+'#y sall include an> compan>G corporation or oter

bod> corporateG were,er and owe,er incorporated or establised.

1.6 < reerence to a 1"l(*# !"-+'#y or a %u%*(*'ry means a oldin5

compan> or a subsidiar> (as te case ma> be) as deined in section $$"6 o

te 'ompanies o te membersip

requirement contained in sections $$"6($)(b) and (c)G a compan> sall be

treated as a member o anoter compan> e,en i its sares in tat oter

compan> are re5istered in te name o

(a) anoter person (or its nominee)G b> wa> o securit> or in connection

wit te tain5 o securit>H or

(b) its nomineeF.

1.7 < reerence to 3r*$*# or 3r*$$e# includes a9 but not email (unless oterwise

e9pressl> pro,ided in tis a5reement).

1.8 words ollowin5 te terms *#!lu(*#G *#!lu(eG *# +'r$*!ul'r G ,"r

e4'-+le or an> similar e9pression sall be construed as illustrati,e and sall

not limit te sense o te wordsG descriptionG deinitionG prase or term

precedin5 tose terms. 2ere te conte9t permitsG "$1er and "$1er3*%e are

illustrati,e and sall not limit te sense o te words precedin5 tem.

1.9 1eerences to a document in 'ree( ,"r- is to tat document in te orm

a5reed b> te parties and initialled b> tem or on teir beal or identiication.

1.10 %nless oterwise pro,idedG a reerence to a statuteG statutor> pro,ision or

subordinate le5islation is a reerence to it as it is in orce as at te date o tis

a5reement. < reerence to a statute or statutor> pro,ision sall include all

subordinate le5islation made as at te date o tis a5reement under tat

statute or statutor> pro,ision.

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2. AGREEMENT TO SELL AND PURCHASE

2.1 *e Seller sall sell wit ull title 5uarantee and ree rom EncumbrancesG AorG

to te e9tent tat it is not te owner tereo sall procure te sale wit ull title

5uarantee and ree rom EncumbrancesGF and te Bu>erG wit a ,iew to

carr>in5 on te Business as a 5oin5 concernG sall purcase te er sall not acquire or assume an> o te ollowin5 under tis

a5reement

(a) te E9cluded LiabilitiesH

(b) Ate 'reditorsHF

(c) Aan> ri5t o action to wic te Seller ma> be entitled (weter in

contractG tort or oterwise) oter tan pursuant to or in connectionwit an> 'ontractHF

(d) Aall contracts and arran5ements relatin5 to te Business entered into

outside te ordinar> course o businessHF

(e) all te SellerJs cas7in7and or at te ban or at an> oter inancial

institutionH

(f) Ate Boo 3ebtsHF

(g) an> *a9 or wic te Seller is liableG weter or not ten dueG and

an> liabilit> or inancin5 car5es relatin5 to te BusinessH(h) te SellerJs accounts and accountin5 records wic do not relate

e9clusi,el> to te BusinessH and

(i) Ate beneit o an> and all insurance claims and repa>ments arisin5

beore te Eecti,e *ime in relation to te Business.F

2.3 Sub=ect to te Bu>erJs ri5ts under clause 4.4G te sale and purcase o eac

o te .

2.4 *e Properties sall be sold to te Bu>er in accordance wit Part #. and Part

4. o Scedule ".

2.5 A*e Purcase Price sall be apportioned between te er to te Seller pursuant to tis a5reement sall be te a55re5ate o

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te ,alues attributed to te ment as speciied in clause 4.#(a) orG i pa>able b> te SellerG to te Bu>er

at an accountG details o wic sall a,e been notiied to te Seller in

ad,ance b> te Bu>er (and i suc details a,e not been notiied prior to te

date o determination or a5reement o te Stoc PriceG te i,e Business 3a>

period reerred to in tis clause #. sall not commence until suc notiication

is made).

3.3 ; te Stoc Price is more tan te Estimated Stoc PriceG te Bu>er sall pa>

an amount equal to te dierence to te Seller in accordance wit clause #..

; te Stoc Price is less tan te Estimated Stoc Price te Seller sall pa>

an amount equal to te dierence to te Bu>er in accordance wit clause #..

3.4 *e Purcase Price sall be deemed to be reduced b> te amount o an>

pa>ment made to te Bu>er or a breac o an> 2arrant>. A*e reduction sall

be attributed as nearl> as possible to te er sall decide.F

4. COMPLETION

4.1 'ompletion sall tae place on te 'ompletion 3ate at te oices o A wit its obli5ations set out in para5rap

$ o Scedule #.

4.3 ment b> electronic transer in immediatel>

a,ailable unds to te client account o te SellerJs solicitors (wo are

irre,ocabl> autorised b> te Seller to recei,e te same). Pa>ment in

accordance wit tis clause sall be a 5ood and ,alid discar5e o

te Bu>erJs obli5ation to pa> te 'ompletion Pa>ment.

(b) deli,er to te Seller

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(i) dul> e9ecuted counterparts o te licencesG a5reementsG

assi5nments and oter documents reerred to in para5rap

$.$(d) and para5rap $.$(e) o Scedule #

(ii) a certiied cop> o te resolution o te board o directors o

te Bu>er autorisin5 te e9ecution and deli,er> b> teoicers speciied in te resolution o tis a5reementG and an>

oter documents reerred to in tis a5reement as bein5

required to be deli,ered b> it.

(iii) a si5ned acnowled5ement o te 3isclosure Letter.

4.4 ; te Seller does not compl> wit clause 4. in an> material respectG te

Bu>er ma>G witout pre=udice to an> oter ri5ts or remedies it as (includin5

te ri5t to claim dama5es or breac o tis a5reement)

(a) so ar as is practicableG proceed to 'ompletionH or

(b) b> written notice to te SellerG deer 'ompletion to a date no more

tan ! da>s ater te date on wic 'ompletion would oterwise

a,e taen placeH or

(c) b> written notice to te SellerG terminate tis a5reement (and i so

terminatedG tis a5reement sall terminate and cease to a,e eect

sa,e or te pro,isions reerred to in clause 4." and an> ri5tsG

remedies and obli5ations or liabilities o te parties tat a,e accrued

up to te termination.

4.5 -n termination o tis a5reement in accordance wit clause 4.4(c)G te

ollowin5 clauses sall remain in orce clause $ and clause $" to clause #

inclusi,e.

4.6 8ollowin5 'ompletionG te Bu>er and te Seller sall eac compl> wit teir

respecti,e obli5ations set out in para5rap o Scedule #.

5. 7ARRANTIES

5.1 *e Seller warrants tatG e9cept as 3isclosedG eac 2arrant> is trueG accurate

and not misleadin5 on te date o tis a5reement.

5.2 2arranties qualiied b> te e9pression %" ,'r '% $1e Seller *% '3're (or an>

similar e9pression) are deemed to be 5i,en to te best o te nowled5eG

inormation and belie o te Seller ater it as made due and careul

enquiries.

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5.3 Eac o te 2arranties is separate andG unless oterwise speciicall>

pro,idedG is not limited b> reerence to an> oter 2arrant> or an> oter

pro,ision in tis a5reement.

5.4 E9cept or te matters 3isclosedG no inormation o wic te Bu>erG itsa5ents or ad,isers as nowled5e (in eac case weter actualG constructi,e

or imputed)G or wic could a,e been disco,ered (weter b> in,esti5ation

made b> te Bu>er or on its beal)G sall pre=udice or pre,ent an> 'laimG or

reduce te amount reco,erable under an> 'laim.

6. LIMITATIONS ON CLAIMS

6.1 *e a55re5ate liabilit> o te Seller or all 'laims sall not e9ceed M

A oter caseG on or beore te A%BE1F anni,ersar> o

'ompletion.

6.3 otin5 in tis clause : applies to e9clude or limit te liabilit> o te Seller to

te e9tent tat a 'laim arises or is dela>ed as a result o disonest>G raudG

wilul misconduct or wilul concealment b> te SellerG its a5ents or ad,isers.

7. APPORTIONMENTS AND PREPAYMENTS

7.1 *e er and te Seller sall pa> to

te Bu>er te ull amount o te amount in

respect o ?er until it is paid.

7.2 *e Prepa>ments sall belon5 to te Seller and te Bu>er sall pa> to te

Seller te ull amount o te Prepa>ments A(e9cludin5 an> amount in respect

o ?er is required to account)F and sall old suc sum in

trust or te Seller until it is paid.

7.3


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part> ma> reer te matter to an independent irm o accountants (N E4+er$N)

or resolution as ollows

(a) te E9pert sall be =ointl> a5reed b> te parties orG i no a5reement is

reaced witin A$0F Business 3a>s ater eiter part> notiies te oter

tat it wises to appoint an E9pertG sall be nominated at te requesto eiter part> b> te APresident or te time bein5 o te ;nstitute o

'artered possible (and

i terms cannot be a5reed witin A$0F Business 3a>s rom te date o

nominationG ten eiter part> ma> request te APresident or te time

bein5 o te ;nstitute o 'artered er nor te Seller sall unreasonabl> witold

a5reement to te proposed terms o appointment o te E9pertH

(c) te E9pert sall be requested to resol,e te matter in dispute

appl>in5 te terms o tis a5reementH

(d) te determination o te E9pert sall be inal and bindin5 on bot

parties in te absence o maniest errorH

(e) te costs o te E9pert sall be sared b> Bu>er and te Seller

equall>H and(f) te E9pert sall present its indin5s in writin5 to te parties witin A0

Business 3a>sF o its appointment and te parties sall 5i,e it all

reasonable assistanceG to5eter wit access to all personnel and

documents it requests.

8. LIABILITIES O5 THE SELLER AND THE BUYER

8.1 A*e Bu>er sall

(a) wit eect rom te Eecti,e *imeG assume responsibilit> or tepa>ment and perormance o te

or perorm te ment orG as te case

ma> beG te perormance o te member o te Seller roup wic a,e been e9pressl>

speciied in te 3isclosure LetterH and

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(c) indemni> te Seller a5ainst all Losses suered or incurred b> te

Seller arisin5 out o or in connection wit te Bu>erJs ailure to

compl> wit tis clause !.F

8.2 otin5 in tis a5reement sall pass to te Bu>erG or sall be construed asacceptance b> te Bu>er oG an> liabilit>G debt or oter obli5ation o te Seller

(weter accruedG absoluteG contin5entG nown or unnown) or an>tin5 done

or omitted to be done beore or at te Eecti,e *ime in te course o or in

connection wit te Business or te suc

liabilit> is an )F and te Seller sall

(a) indemni> te Bu>er a5ainst all Losses suered or incurred b> te

Bu>er arisin5 out o or in connection wit an> suc tin5 (includin5

an> E9cluded Liabilities)H and

(b) perorm an> suc obli5ation allin5 due or perormance or wicsould a,e been perormed beore te Eecti,e *imeG includin5 te

E9cluded Liabilities.

9. ;ALUE ADDED TA>

9.1 ableG or consideration 5i,enG b>

(a) te Bu>er under tis a5reement are e9clusi,e o ?er

sall in addition pa> an amount equal to an> ? ?er intend tat article " o te ?alue


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(b) Aan> interest car5ed b> C1' due to late pa>ment o suc ?F rom a breac b> te Bu>er o an> o

its obli5ations under tis clause 6.F

9.4 *e Bu>er

(a) warrants to te Seller tat it is re5istered or ? ater

'ompletionG use te on te same ind o business

(weter or not as part o an> e9istin5 business o te Bu>er) as tat

carried on b> te Seller in relation to te er to be re5istered or ?


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(b) tat it as paid all sums due in relation to te Emplo>ees up to te

Eecti,e *ime (weter arisin5 under common lawG statuteG equit> or

oterwise) includin5 all remunerationG e9pensesG national insurance

and pension contributionsG liabilit> to *a9ation and oter sums

pa>able in respect o an> period up to and includin5 te Eecti,e

*imeH

(c) tat tere are no sums owin5 to or rom an> Emplo>ee oter tan

reimbursement o e9penses or te current AmontF and wa5es or

te current salar> periodH

(d) tat it as complied wit its obli5ations under re5ulation $$ o *%PEH

and

(e) to indemni> te Bu>er a5ainst all Losses suered or incurred b> te

Bu>er arisin5 out o or in connection wit

(i) an> ailure b> te Seller to compl> wit its obli5ations under

*%PE or tis clause $0.H

(ii) te emplo>ment o te Emplo>ees or te termination o teir

emplo>ment b> te Seller up to and includin5 te Eecti,e

*imeH and

(iii) an> contract o emplo>ment or en5a5ement or collecti,e

a5reement not 3isclosed to te Bu>er and te termination o

an> suc contract.

11. THE CONTRACTS

11.1 *e Bu>er undertaes to te Seller wit eect rom te Eecti,e *ime to

assume te obli5ations and liabilities o te Seller under te 'ontracts Aand

te Bu>er sall indemni> te Seller a5ainst all Losses suered or incurred b>

te Seller in respect o te non7perormance or deecti,e or ne5li5ent

perormance b> te Bu>er o te 'ontracts ater te Eecti,e *imeF pro,ided

tat notin5 in tis a5reement sall mae te Bu>er liable or in an> wa>

responsible or an> E9cluded 'ontract Liabilit>.

11.2 ; an> person main5 pa>ment ater te Eecti,e *ime o an> sum pursuant to

a 'ontract (te beneit o wic pa>ment is in accordance wit te terms o

tis a5reement to accrue to te Bu>er) sall claim an> ri5t o set7o or

counterclaim in respect o an> act or tin5 done or omitted to be done b> te

Seller Aor an> oter member o te Seller roupF or Aits -1 teir respecti,eF

emplo>eesG a5ents or sub7contractors beore te Eecti,e *imeG te Seller

sall immediatel> account to te Bu>erG or as it ma> directG or an amount

equal to te dierence between te pa>ment wic would a,e been recei,ed

ad no suc ri5t o set7o or counterclaim been e9ercised or claimed and

te pa>ment actuall> recei,ed.

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11.3 *is a5reement sall constitute an assi5nment to te Bu>er o te beneit o

all o te 'ontracts wic are capable o assi5nment witout te consent o

an> tird part>G in eac caseG wit eect rom te Eecti,e *ime.

11.4 ;nsoar as an> o te 'ontracts cannot be assi5ned to te Bu>er witout *irdPart> 'onsent

(a) te Seller sall Aat te Bu>erJs requestF use all reasonable

endea,ours wit te co7operation o te Bu>er to obtain suc

consentH

(b) unless and until an> suc 'ontract is assi5nedG te Seller sall

continue its corporate e9istence and sall old suc 'ontract and

an> moniesG 5oods or oter beneits recei,ed tereunder as trustee

or te Bu>er and its successors in title absolutel>H

(c) te Bu>er sall (i sub7contractin5 is permissible and lawul under te'ontract in question)G as te SellerJs sub7contractorG perorm all te

obli5ations o te Seller under suc 'ontract andG were sub7

contractin5 is not permissibleG te Bu>er sall perorm suc

obli5ations as a5ent or te SellerH and

(d) unless and until an> suc 'ontract is assi5ned or no,atedG te Seller

sall (so ar as it lawull> ma>) Aat te Bu>erJs costF 5i,e all suc

assistance as te Bu>er ma> reasonabl> require to enable te Bu>er

to enorce its (or te SellerJs) ri5ts under suc 'ontract and (witout

limitation) sall pro,ide access to all rele,ant boosG documents andoter inormation in relation to suc 'ontract as te Bu>er ma>

require rom time to time.

11.5 otin5 in tis a5reement sall be construed as an assi5nment or attempted

assi5nment i suc assi5nment or attempted assi5nment would constitute a

breac o suc 'ontract.

11.6 ; *ird Part> 'onsent to assi5nment or no,ation o a 'ontract is reusedG or

oterwise not obtained on terms reasonabl> satisactor> to te Bu>er witin

A:0F Business 3a>s o te 'ompletion 3ateG te Bu>er sall be entitledG at its

sole discretionG to require te Seller to ser,e proper notice to terminate tat

'ontract. A*e Seller sall indemni> te Bu>er a5ainst all Losses suered or

incurred b> te Bu>er arisin5 out o or in connection wit te termination o

suc 'ontract.F

11.7 otin5 in tis clause $$ or elsewere in tis a5reement sall a,e te eect

o main5 te Bu>er liable in an> wa> under an> 5uarantees or warranties

5i,en b> te Seller to an> 'ustomer in relation to 5oods sold or ser,ices

rendered b> te Seller beore te Eecti,e *imeG te liabilit> or wic sallremain absolutel> wit te Seller.

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12. BOO DEBTS

12.1 A*e Seller and te Bu>er sall cause to be prepared rom te accountin5

records o te BusinessG witin A$0F Business 3a>s o 'ompletionG a list o te

Boo 3ebts sowin5 (amon5st oter tin5s) te names o te debtors and te

amounts owin5 to te Seller b> eac o te rele,ant debtors.F

12.2 *e Bu>er sall not acquire te Boo 3ebtsG wic sall remain te propert>

and responsibilit> o te Seller (sub=ect to tis clause $).

12.3 otwitstandin5 tat te Boo 3ebts are E9cluded er sall

endea,our to collect te Boo 3ebts on te SellerJs bealG but sall not be

bound to tae an> le5al proceedin5s or oter steps to reco,er te same Asa,e

as ma> be usual in te ordinar> course o businessF. Sub=ect to an> e9press

intention to te contrar> on te part o te debtorG an> mone> recei,ed b> te

Bu>er in te course o collectin5 an> Boo 3ebts rom a person wo is also

indebted to te Bu>er sall be deemed to a,e been paid in or towards te

discar5e o te oldest debt.

12.4 *e Seller sall not see to reco,er te Boo 3ebts directl> and sall not do

an>tin5 to inder teir collection b> te Bu>er andG in particularG te Seller

sall not assi5n an> o te Boo 3ebts to an> tird part>. *e Seller sall

inorm te Bu>er o an> pa>ments tat ma> be made to te Seller in respect

o te Boo 3ebts.

12.5 A2itin AtenF Business 3a>s o te end o eac calendar mont ollowin5

'ompletionG te Bu>er sall pro,ide te Seller wit a statement o te Boo

3ebts collected in tat mont (orG in te case o te irst suc montG te

period between 'ompletion and te end o suc mont) and sall remit to te

Seller te amounts recei,ed durin5 tat period.F

12.6 A; it becomes apparent tat reco,er> o an> Boo 3ebt is not liel> to be

possible witin Aa reasonable period -1 A:0F Business 3a>s rom te date o

in,oiceF te Bu>er sall ad,ise te Seller in writin5 and urnis te Seller wit

ull particulars o te steps taen b> te Bu>er to eect reco,er>. 2ere te

debtor in question is a continuin5 customer o te Bu>er in respect o te

Business ater te Eecti,e *imeG te Seller sall consult wit te Bu>er

beore institutin5 an> le5al proceedin5s and sall not tae an> action

calculated or liel> to aect te oodwill o te Business andG in an> e,entG

te Seller sall not institute an> le5al proceedin5s witout irst 5i,in5 te

Bu>er at least A$0F Business 3a>sJ prior notice in writin5 o its intention to do

so and te Bu>er sall be entitled to elect b> notice in writin5 to te Seller

prior to te e9pir> o tat A$0F Business 3a> period to purcase te rele,ant

Boo 3ebt rom te Seller a5ainst deli,er> o a le5al assi5nment o tat Boo

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3ebt in suc orm as te Bu>er ma> reasonabl> require. suc purcase

sall be at te maret ,alue to be a5reed between te parties orG in te e,ent

tat te parties cannot a5ree tat ,alue witin A$0F Business 3a>s o te

Bu>erJs notice bein5 ser,ed o its election to purcaseG eiter part> ma> reer

te matter or determination in accordance wit te procedure detailed in

clause .:(a) to clause .:().F

12.7 *e obli5ations o te Bu>er under tis clause $ to collect Boo 3ebts sall

cease absolutel> A%BE1F monts ater 'ompletionG sa,e tat i tereater

an> pa>ments are made to te Bu>er in respect o suc Boo 3ebtsG te

Bu>er sall remit te same to te Seller less its reasonable costs and

e9penses.

12.8 ;n consideration o te Bu>er collectin5 te Boo 3ebtsG te Seller sall pa> to

te Bu>er a commission o APE1'E*

te Bu>er and te Bu>er sall be entitled to deduct te commission rom an>

amounts wic it would oterwise be obli5ed to remit to te Seller under tis

clause $.

13. DATA PROTECTION

A*e Bu>er undertaes to compl> wit te 3P< in relation to its application to

te Business and 5eo5rapic area in wic te Business is carried on at

'ompletionG carr> onG be concerned or assist in an> wa>G a business

wic is or would be in competition wit te Business as it was

carried on at 'ompletionH

(b) at an> time durin5 te period o A%BE1F >ears rom 'ompletionG

can,assG solicit or oterwise see Aor acceptF te custom o an>

person wo as been a client or customer o te Seller in respect o

te Business at an> time durin5 te period o A%BE1F monts

prior to 'ompletionH

(c) at an> time durin5 te period o A%BE1F >ears rom 'ompletion

emplo> or en5a5eG or oer to emplo> or en5a5eG or solicit or

oterwise entice or attempt to entice awa> rom te Bu>er Aor an>

member o te Bu>er roupFG an> person wo is emplo>ed or

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en5a5ed b> te Bu>er Aor an> member o te Bu>er roupF Ain a

Amana5erialG sales or tecnicalF role in respect o te BusinessFH or

(d) Aat an> time ater 'ompletionG use in te course o an> business an>

trade or ser,ice marG business or domain nameG desi5n or lo5o

wicG at 'ompletionG was or ad been used b> te Seller in respecto te BusinessG or an>tin5 wic isG in te reasonable opinion o

te Bu>erG capable o conusion wit suc wordsG marG nameG

desi5n or lo5o.F

14.2 Eac undertain5 in clause $4.$ is a separate undertain5 o te Seller and

sall be enorceable separatel> and independentl> b> te Bu>er. Eac suc

undertain5 is considered air and reasonable b> te parties in order to

assure te Bu>er te ull beneit o te Business and 5oodwill in te Business.

15. CON5IDENTIALITY AND ANNOUNCEMENTS

15.1 E9cept to te e9tent required b> law or an> le5al or re5ulator> autorit> o

competent =urisdiction

(a) te Seller sall not A(and sall procure tat no member o te Seller

roup sall)F at an> time disclose to an> person (oter tan its

proessional ad,isers) te terms o tis a5reement or an> trade

secret or oter conidential inormation relatin5 to te Business or te

Bu>erG or mae an> use o suc inormation oter tan to te e9tent

necessar> or te purpose o e9ercisin5 or perormin5 its ri5ts and

obli5ations under tis a5reementH and

(b) sub=ect to clause $".G neiter part> sall maeG or permit an> person

to mae or sendG an> public announcementG communication or

circular concernin5 tis a5reement witout te prior written consent

o te oter part>.

15.2 *e Bu>er ma>G at an> time ater 'ompletionG announce its acquisition o te

Business to an> emplo>eesG clientsG customers or suppliers o te Business.

16. 5URTHER ASSURANCE

*e Seller sall (at its own e9pense) promptl> e9ecute and deli,er suc

documentsG perorm suc acts and do suc tin5s as te Bu>er ma>

Areasonabl>F require rom time to time or te purpose o 5i,in5 ull eect to

tis a5reement.

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25/45

or a9 number as tat part> ma> noti> to te oter part> in accordance wit

tis a5reement).

21.2 3eli,er> o a notice is deemed to a,e taen place (pro,ided tat all oter

requirements in tis clause $ a,e been satisied) i deli,ered b> andG atte time te notice is let at te addressG or i sent b> a9G at te time o

transmissionG or i sent b> post on te AsecondF Business 3a> ater postin5G

unless suc deemed receipt would occur outside business ours (meanin5

6.00 am to ".#0 pm onda> to 8rida> on a da> tat is not a public olida> in

te place o deemed receipt)G in wic case deemed receipt will occur wen

business ne9t starts in te place o receipt (and all reerences to time are to

local time in te place o receipt).

21.3 *is clause $ does not appl> to te ser,ice o an> proceedin5s or oter

documents in an> le5al action.

22. SE;ERANCE

; an> pro,ision or part7pro,ision o tis a5reement is or becomes in,alidG

ille5al or unenorceableG it sall be deemed modiied to te minimum e9tent

necessar> to mae it ,alidG le5al and enorceable. ; suc modiication is not

possibleG te rele,ant pro,ision or part7pro,ision sall be deemed deleted.

modiication to or deletion o a pro,ision or part7pro,ision under tis

clause sall not aect te ,alidit> and enorceabilit> o te rest o tisa5reement.

23. GO;ERNING LA7 AND =URISDICTION

23.1 *is a5reement and an> dispute or claim arisin5 out o or in connection wit it

or its sub=ect matter or ormation (includin5 non7contractual disputes or

claims) sall be 5o,erned b> and construed in accordance wit te law o

En5land and 2ales.

23.2 Eac part> irre,ocabl> a5rees tat te courts o En5land and 2ales sall

a,e Ae9clusi,e OR non7e9clusi,eF =urisdiction to settle an> dispute or claim

arisin5 out o or in connection wit tis a5reement or its sub=ect matter or

ormation (includin5 non7contractual disputes or claims).

*is a5reement as been entered into on te date stated at te be5innin5 o it.

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S!1e(ule 2 S$"!/ )'lu'$*"#

1. *e Seller and te Bu>er sall procure tat a =oint p>sical stoc7tae o te

Stoc as at te Eecti,e *ime is carried out as soon as reasonabl> possible

ater te Eecti,e *imeG and in an> e,ent no later tan te AirstF Business 3a>

ollowin5 te 'ompletion 3ate (S$"!/?$'/e) b> te SellerJs emplo>ees or

a5ents in te presence o te representati,es o te Bu>er.

2. *e Stoc sall be ,alued Aat te lower o cost and net realisable ,alue OR

-*CE1 Ber sall use Aits reasonable endea,oursF to procure tat as soon aspossible ollowin5 te Stoc7tae and in an> e,ent witin A%BE1F Business

3a>sG tere is deli,ered to te Seller a scedule o te Bu>erJs ,aluation o

te Stoc (S$"!/ S!1e(ule).

4. *e Seller sall noti> te Bu>er witin A%BE1F Business 3a>s o receipt o

te Stoc Scedule (Re)*e3 Per*"() weter or not it accepts te Stoc

Scedule.

". ; te Seller notiies te Bu>er witin te 1e,iew Period tat it does not acceptte Stoc Scedule

(a) ;t sallG at te same timeG set out in a notice in writin5 ( O@e!$*"#

N"$*!e) its reasons Ain ullF OR Ain reasonable detailF or suc non7

acceptance and speci> te ad=ustments wicG in its opinionG sould

be made to te Stoc Scedule in order to compl> wit te

requirements o tis scedule and deli,er suc notice to te Bu>erH

and

(b) *e parties sall use all reasonable endea,ours to meet and discuss

te ob=ections raised in te -b=ection otice and to reac a5reementupon te ad=ustments (i an>) required to be made to te Stoc

Scedule.

6. ; te Seller is satisied wit te Stoc Scedule (eiter as ori5inall> submitted

or ater ad=ustments a5reed between te Seller and te Bu>er in accordance

wit para5rap " abo,e) or te Seller ails to issue an -b=ection otice b> te

end o te 1e,iew Period G ten te Stoc Scedule (incorporatin5 an> a5reed

ad=ustments) sallG in te absence o maniest errorG be deemed a5reed and

sall constitute te ,alue o te Stoc (S$"!/ ;'lue) or te purpose o te

Purcase Price.

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7. ; witin A%BE1F o Business 3a>s o receipt o an -b=ection otice te

Seller and te Bu>er ail to a5ree te Stoc Scedule (suc ailure to a5ree

bein5 reerred to as a D*%+u$e)G te 3ispute sall be reerred or inal decision

to an independent irm o accountants in accordance wit te procedure set

out at clause .:(a) to clause .:().

8. 2en te parties reac (or are deemed to reac pursuant to para5rap :

abo,e) a5reement on te Stoc Scedule or wen te Stoc Scedule is

inall> determined at an> sta5e in accordance wit te procedures in tis

Scedule G te Stoc Scedule so a5reed or determined sall be inal and

bindin5 on te parties or te purpose o te ,alue o te Stoc and te

Purcase Price.

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S!1e(ule C"-+le$*"# '#( +"%$ C"-+le$*"#

1. COMPLETION

*e Seller sall deli,erG or procure deli,er>G to te Bu>er o or mae a,ailable

to te Bu>er

(a) p>sical possession o all te deli,er>G

wit te intent tat title in suc er b> and

on suc deli,er>H

(b) dul> e9ecuted con,e>ancesG assi5nmentsG licences and oter

documents in te a5reed orm necessar> to ,est title in te

Properties inG or transer te Properties toG te Bu>er or as te Bu>er

directsH

(c) te title deeds relatin5 to te Properties and all in,oicesG policiesG

premiumsG receiptsG maintenance contractsG ealt and saet> iles

and oter accounts relatin5 to te Properties Aand certiied copies o

all documents eld b> mort5a5eesFH

(d) Adul> e9ecuted a5reements in te a5reed orm or te assi5nment or

no,ation o te beneit o te 'ontracts to te Bu>erG or as te Bu>er

directsG and all requisite noticesG consents and licences tereorHF

(e) Adul> e9ecuted assi5nments in te a5reed orm to ,est te oodwill

and te Business ame in te Bu>er or as te Bu>er directsHF

(f) all suc *ird Part> 'onsents as te Bu>er ma> require to ,est in te

Bu>er Aor as te Bu>er ma> directF te ull beneit o te wors wic are te sub=ect o te Business

;ntellectual Propert> 1i5ts to wic an> indi,idual is now or ma> be

at an> uture time be entitled under 'apter ;? o Part ; o te

'op>ri5t 3esi5ns and Patents similar pro,isions o

law in an> =urisdiction.

(j) te lo5boos and test certiicates o an> motor ,eicles tat are to

transer under tis a5reementH

(k) te 'ontractsH

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(l) Aall ?stallisationF dul> e9ecuted b> te

A suc member is a part> and wic aect te Business

or er sall eac

issue a statement in te a5reed orm to te 'ustomers oG and suppliers toG

te Business inormin5 tem o te transer o te Business to te Bu>er.

2.2 relatin5 to or connected wit te Business or te te SellerG or b> an> member o te Seller roupG on or ater

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'ompletion sall be immediatel> passed or paid (as te case ma> be) to te

Bu>er or as it ma> direct (or in accordance wit clause G i applicable).

2.3 -n and at an> time ater 'ompletionG te Seller sall 5i,e or procure to be

5i,en to te Bu>er all suc inormation and oter assistance (includin5particulars o 'ustomersG suppliers and oters wo a,e dealt wit te Seller

in connection wit te Business) tat te Bu>er ma> reasonabl> require or

te conduct o te Business and or te purpose o implementin5 te

pro,isions o tis a5reement.

2.4 ot later tan two Business 3a>s ater te 'ompletion 3ateG te Seller sall

send to eac o te Emplo>ees a letterG in te a5reed ormG e9plainin5 tat

teir emplo>ment as been transerred to te Bu>er pursuant to *%PE.

2.5 *e Seller sall promptl> noti> te Bu>er o an> claimsG demandsG actionsG

complaints and proceedin5s a5ainst te Seller brou5t b> an> tird part> in

respect o an> 5oods manuactured or ser,ices supplied b> te Seller or in

respect o te s ater 'ompletionG te name o

te Seller Aand an> oter member o te Seller roupF sall be

can5ed so as to omit te word NA2-13FN or an> conusin5l> similar

word or nameH

(b) procure tat te Seller and eac member o te Seller roup sall

5i,e te Bu>er suc assistance as te Bu>er ma> reasonabl> require

or te adoption b> te Bu>erG or an> person connected wit itG o an>

business name or trade mar includin5 te words NA2-13SFNH

(c) procure tat Aas soon as reasonabl> practicable ater 'ompletionG

and in an> e,ent witin A%BE1F monts ater 'ompletionGF te

Seller roup sall cease in an> manner watsoe,er to use or displa>

an> trade or ser,ice mars or namesG domain names or lo5os used

in or oterwise associated or connected wit te Business or

includin5 te word NA2-13FN or an> conusin5l> similar marsG

domain namesG names or lo5os or wordsG and sall remo,e rom an>

websites wic it is retainin5 an> reerence to te BusinessG and

sall delete an> >perte9t lins wic connect an> suc websites to

websites wic relate to te BusinessH and

(d) procure tat an> compan> lea,in5 te Seller roup obser,esG and

continues to obser,eG te requirements o tis paragraph .:(d) o

Scedule #.

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2.7 *e Seller sall ensure tat it maintains adequate insurance co,er in respect

o an> loss or liabilit> it ma> suer or incur (weter to te Bu>er under tis

a5reement or oterwise) in connection wit an> actG e,entG omission or

circumstance relatin5 to te Business and occurrin5 or arisin5 at or beore te

Eecti,e *ime.

2.8 *e Seller sall promptl> pro,ide te Bu>er wit an> inormation (includin5

copies o all rele,ant documents and correspondence) tat comes to te

attention o te Seller ater 'ompletion in respect o te actual or potential

lossG witdrawal or una,ailabilit> o an> relie rom stamp dut> or stamp dut>

land ta9 wic as been claimed b> te Seller in connection wit te 5rant o

an> lease wic alls witin te deinition o te Leaseold Properties.

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S!1e(ule < T1e e-+l"yee%

Kob title 3ate o

comme

ncemen

t o

continu

ous

emplo>

ment

(M)

Pension Bonus Colida>

s

-ter

beneits

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S!1e(ule T1e Pr"+er$*e%

P'r$ 8. 5ree1"l( Pr"+er$*e%

P'r$ 2. Le'%e1"l( Pr"+er$*e%

P'r$ . C"#(*$*"#% ", %'le 5ree1"l( Pr"+er$*e%

P'r$


35/45


36/45

4. ACCOUNTS

1.4 *e prepared in accordance wit 5enerall>

accepted accountin5 principles applied in te % (incorporatin5 Statements o

Standard oter actor tat would mae te inancial position and

results sown b> te material respectF.

1.8 *e

can5e in accountin5 policies or estimation tecniques used.

1.9 Ca,in5 re5ard to te purpose or wic te ana5ement are not misleadin5 in an> material respect and neiter

materiall> o,erstate te ,alue o te assets nor materiall> understate te

liabilities o te Seller as at te date to wic te> were drawn up and do not

materiall> o,erstate te proits o te Seller in respect o te period to wic

te> relate. *e> were prepared on a basis consistent wit te preparation o

mana5ement accounts o te Seller prepared durin5 te AF >ears prior to te

date o tis a5reement.

5. CHANGES SINCE THE ACCOUNTS DATE

Since te and usual course

Awitout interruptionF bot as re5ards te natureG scope and manner

o conductin5 te Business and so as to maintain it as a 5oin5

concernH

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(b) tere as been no material ad,erse can5e in te inancial or

tradin5 position or prospects o te Business Aso ar as te Seller is

awareF nor is an> suc can5e e9pectedH and

(c) tere as been no material reduction in te ,alue o tose 8i9ed

oter personF.

1.11 *e Seller as 5ood and maretable title to eac owned b> te Seller.

*ere are no Encumbrances o,er an> o te Encumbrances o,er te part o tem.

7. THE CONTRACTS

1.12 A*e 'ontracts are te onl> contracts entered intoG or wic will a,e been

entered intoG beore te Eecti,e *ime b> or on beal o te Seller in

connection wit te Business wic at te Eecti,e *ime will remain to be

perormed in wole or in part.F

1.13 *e 'ontracts are ,alid and bindin5G and no act or omission as occurred

wic would (i necessar> wit te 5i,in5 o notice or lapse o time) constitute

a breac o an> 'ontract.

1.14 one o te 'ontracts

(a) is liel> to result in a loss to te Seller on completion o perormance

(or would beG but or te *ransaction)H or

(b) cannot readil> be ulilled or perormed b> te Seller on time witout

undue or unusual e9penditure o mone> or eortH or

(c) in,ol,es or is liel> to in,ol,e an a55re5ate e9penditure in e9cess o

MA o 5oods te a55re5ate sales ,alue o wic will

represent in e9cess o A$0F o te anticipated turno,er o te

Business in te A$F monts ollowin5 'ompletionH or

(e) is te sub=ect o an> claimG dispute or proceedin5G weter actualG

pendin5 or treatened.

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8. CONDITION O5 ASSETS

2ere rele,antG te 8i9ed and properl> maintainedH

(h) are not surplus to te requirements o te BusinessH and

(i) are used e9clusi,el> in connection wit te Business.

9. THE STOC AND 7OR?IN?PROGRESS

1.15 *e Stoc is suicient or te normal requirements o te BusinessG relates

e9clusi,el> to te Business and is in 5ood condition.

1.16 *e wor7in pro5ress o te Business is at its normal le,el.

10. EMPLOYEES AND AGENTS

1.17 o person is emplo>ed or en5a5ed in te Business (weter temporar> or

permanent and weter under a contract o ser,ice or contract or ser,ices)

oter tan te Emplo>ees and te Emplo>ees are all emplo>ed b> te Seller

and wor woll> or mainl> in te Business.

1.18 *e Seller as 3isclosed

(a) copies o all ser,ice contractsG andboosG policiesG notices o

termination and oter documents (weter bindin5 or not) wic

appl> to te Emplo>eesG identi>in5 wic applies to wic emplo>eeH

(b) ull particulars o te current terms o emplo>ment or en5a5ement

and beneits o all Emplo>eesG weter or not recorded in writin5G or

implied b> custom or practice or oterwiseH

(c) copies o all a5reements or arran5ements wit an> trade unionG

emplo>ee representati,e or bod> o emplo>ees or teir

representati,es (weter bindin5 or not) and details o an> suc

unwritten a5reements or arran5ements wic ma> aect te

Emplo>eesH

(d) details o an> Emplo>ee wo as 5i,en or recei,ed notice to

terminate teir emplo>ment or wo intends or is liel> to terminate

teir emplo>ment as a result o tis a5reementH and

(e) details o an> actual or treatened (oicial or unoicial) trade

disputes aectin5 te Business in te AtwoF >ears precedin5 te date

o tis a5reement.

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er wit te inormation required under

re5ulation $$ o *%PE in relation to eac o te Emplo>ees.

1.20 ;n respect o eac o te Emplo>eesG te Seller as

(a) perormed all obli5ations required to be perormed b> it (and as

settled all outstandin5 claimsG actionsG awardsG inesG demands and

liabilities)G weter arisin5 under contractG statuteG at common law or

in equit> or under an> treaties includin5 te *reat> on te 8unctionin5

o te European %nion or laws o te European %nion or oterwiseH

(b) abided b> te terms o an> a5reement or arran5ement wit an> trade

unionG emplo>ee representati,e or bod> o emplo>ees or teir

representati,es (weter bindin5 or not) wic ma> aect teEmplo>eesH

(c) ull> complied wit its obli5ations under re5ulation $# o *%PE and

section $!! o *%L1'ee representati,es on an> matter concernin5 or arisin5

rom tis a5reement or aectin5 te Emplo>eesH

(d) maintained adequateG suitable and up to date records relatin5 to te

Emplo>eesH and

(e) paid or will a,e paid to C1' and an> oter appropriate autorit>

all ta9esG national insurance contributions and oter le,ies due in

respect o te Emplo>ees on account o teir emplo>ment b> te

Seller up to te Eecti,e *ime.

1.21 *e Seller as not oeredG promised or a5reed to an> uture ,ariation in an>

contract o emplo>ment o an> one o te Emplo>ees or an> oter person

emplo>ed b> te Seller in respect o wom liabilit> is deemed b> *%PE to

pass to te Bu>erG and no ne5otiations or an increase in te remuneration or

beneits o an> Emplo>ee are current or liel> to tae place witin te period

o Asi9F monts ater 'ompletion.

1.22 *e Seller is not en5a5ed or in,ol,ed in an> disputeG claim or le5al

proceedin5s (weter arisin5 under contractG common lawG statute or in

equit>) wit an> o te Emplo>ees or an> oter person currentl> or pre,iousl>

emplo>ed b> or en5a5ed in te Business or teir dependantsG and so ar as

te Seller is aware tere is no e,ent wic could 5i,e rise to suc disputeG

claim or proceedin5s. 3etails o all suc disputesG claims and le5al

proceedin5s durin5 te AtwoF >ears prior to tis a5reement a,e been

3isclosed.

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1.23 *ere are no a5ents or distributors o te Seller en5a5ed in an> wor related

to te Business.

1.24 ;n te period o AtenF >ears precedin5 te date o tis a5reementG te Seller

as not (nor as an> predecessor or owner o an> part o te Business) beena part> to an> rele,ant transer or te purposes o *%PE or *%PE $6!$

aectin5 an> o te Emplo>ees or an> oter persons en5a5ed in te Business

and no e,ent as occurred wic ma> in,ol,e suc persons in te uture

bein5 a part> to suc a transer. o suc persons a,e ad teir terms o

emplo>ment ,aried or an> reason as a result o or connected wit suc a

transer.

11. STATUTORY RESTRICTIONS

1.25 AeiterF te Seller Anor an> person or wose acts or deaults te Seller ma>

be ,icariousl> liableF as committed or omitted to do an> act or tin5 in

relation to te Business wic could 5i,e rise to an> ine or penalt>.

1.26 *e Seller as notG in relation to te BusinessG recei,ed notice o an> breac

b> it o competitionG anti7trustG anti7restricti,e trade practice or consumer

protection lawG rule or re5ulation an>were in te world or o an> in,esti5ationG

enquir>G report or order b> or b> reerence to an> re5ulator> autorit> under

an> suc lawG rule or re5ulation.

12. LITIGATION

1.27 eiter te SellerG nor an> person or wose acts or omissions it ma> be

,icariousl> liableG is en5a5ed inG sub=ect to or treatened b> an>

(a) liti5ationG administrati,eG mediation or arbitration proceedin5s (e9cept

or debt collection in te ordinar> and usual course o businessG

details o wic a,e been 3isclosed) in relation to te Business or

te o temH or

(b) is te sub=ect o an> in,esti5ationG inquir> or enorcementproceedin5s b> an> 5o,ernmentalG administrati,e or re5ulator> bod>.

1.28 3etails o all material claimsG complaints or returns relatin5 to te Business

tat a,e occurred durin5 te $ monts precedin5 te date o tis

a5reement a,e been 3isclosed.

13. INSOL;ENCY O5 SELLER

1.29 *e Seller is sol,ent and able to pa> its debts as te> all due.

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1.30 o order as been made or petition presentedG meetin5 con,ened or

resolution passed or te windin5 up o te SellerG nor as an> recei,er been

appointed or an> distressG e9ecution or oter process been le,ied in respect

o te Business or te o tem and no e,ents a,e occurred

wic would =usti> an> suc proceedin5s.

14. COMPLIANCE

1.31 in te manner in wic it is now carried on

and all suc licencesG consentsG permitsG a5reementsG arran5ements and

autorities are ,alid and subsistin5. *e Seller nows o no reason w> an> o

tem sould be suspendedG cancelled or re,oed or te beneit o tem

sould not continue to be en=o>ed b> te Bu>er or oter owner or te time

bein5 o te Business (comprisin5 te part o tem.

P'r$ 2. I#$elle!$u'l +r"+er$y '#( IT

1. INTELLECTUAL PROPERTY

1.1 2it te e9ception o ri5ts in conidential inormationG no ;ntellectual Propert>

1i5ts are ownedG usedG or eld or use b> te Seller in connection wit te

Business.

1.2 ;n relation to ri5ts in conidential inormation

(a) te Seller as not disclosed or permitted to be disclosed an> suc

inormation (oter tan to te e9tent necessar> in te ordinar> course

o business or or te purpose o disclosure to its proessional

ad,isers) to an> person e9cept te Bu>erH and

(b) te Seller does not own ri5ts in an> conidential inormation wic

ma> be capable o patent protection or wicG i disclosed oter tan

sub=ect to conditions o conidentialit>G mi5t a,e a material ad,erse

eect on te Business.

1.3 one o te acti,ities in,ol,ed in te conduct o te Business inrin5eG a,e

inrin5ed or are liel> to inrin5e an> ;ntellectual Propert> 1i5ts o an> tird

part>G or constituteG a,e constituted or are liel> to constitute an> breac o conidenceG passin5 o or actionable unair competition in an> =urisdiction. o

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suc acti,ities 5i,e or a,e 5i,en rise to an> obli5ation to pa> an> ro>alt>G eeG

compensation or an> oter sum.

2. IT

1.4 *e Seller is te owner o te ;* S>stemG ree rom Encumbrances and all

oter ri5ts e9ercisable b> tird parties. *e Seller as obtained all necessar>

ri5ts rom tird parties to enable it to mae e9clusi,e and unrestricted use o

te ;* S>stemG and suc ri5ts are reel> transerable to te Bu>er.

1.5 *e elements o te ;* S>stem

(a) are unctionin5 properl> and in accordance wit all applicable

speciicationsH

(b) are not deecti,e in an> respectH

(c) a,e suicient capacit> and perormance to meet te current and

oreseeable requirements o te BusinessH

(d) a,e not been and will not be aected b> an> can5es in dates (pastG

present or uture)H and

(e) are capable o perormin5 unctions in multiple currenciesG includin5

te euro.

(f) *e Seller as obtained all necessar> ri5ts rom tird parties and

complied wit all oter requirements under an> applicable pri,ac>and data protection lawsG re5ulations and mandator> codes to enable

te Bu>er to process an> personal data connected to te Business in

compliance wit all suc lawsG re5ulations and codes.

P'r$ . Pe#%*"#%

$. *e Seller as no obli5ation (weter or not le5all> bindin5) to pro,ide or

contribute towards pensionG lump sumG deatG ill7ealtG disabilit> or accident

beneits in respect o te Emplo>eesG and no proposal or announcement asbeen made to an> Emplo>ee about te introductionG continuanceG increase or

impro,ement oG or pa>ment o a contribution towards an> oter pensionG

lump sumG deatG ill7ealtG disabilit> or accident beneit.

. Prior to $ -ctober 0$G te Seller acilitated access to a desi5nated

staeolder sceme as required b> Section # o te 2elare 1eorm and

Pensions Emplo>ee on

5rounds o a5eG se9G disabilit>G marital statusG ours o worG i9ed7term or

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temporar> a5enc> worer statusG se9ual orientationG reli5ion or belie in

pro,idin5 pensionG lump sumG deatG ill7ealtG disabilit> or accident beneits.

4. o claims or complaints a,e been made or are pendin5 or treatened in

respect o te pro,ision o (or ailure to pro,ide) pensionG lump sumG deatG ill7ealtG disabilit> or accident beneits in relation to an> o te Emplo>ees and

tere is no act or circumstance liel> to 5i,e rise to suc claims or

complaints.

". *e Seller as complied wit its automatic enrolment obli5ations as required

b> te Pensions documents relatin5 to te sta5in5 date or te SellerG copies o an>

correspondence between te Seller and te Pensions 1e5ulator re5ardin5

auto7enrolmentG copies o an> records ept in accordance wit re5ulations "

to ! o te Emplo>ersJ 3uties (1e5istration and 'ompliance) 1e5ulations

0$0 in respect o te Emplo>ees and details o an> Emplo>ees wo a,e

opted out and copies o an> opt7out letters in respect o tose emplo>ees. o

noticesG inesG or oter sanctions a,e been issued b> te Pensions 1e5ulator

and no instances o non7compliance wit te automatic enrolment obli5ations

a,e been notiied to te Pension 1e5ulator in respect o te Seller.

P'r$ compan> witin

te Seller roupG in response to an> written enquires raised b> or on beal o

te Bu>er in relation to te Properties were complete and accurate at te date

te> were 5i,en Aand remain true an accurate on te date o tis a5reementF.

P'r$ . E#)*r"#-e#$ '#( 1e'l$1 '#( %',e$y

1.1 *e Seller as obtained and complied at all times wit all ECS Permits. lead to te re,ocationG suspensionG ,ariation or non7

renewal o or te inabilit> to transer an> ECS Permits.

1.2 *e Business as at all times been operated in compliance wit all ECS Laws

in orce rom time to time and tere are no acts or circumstances tat ma>

lead to an> breac o or liabilit> under an> ECS Laws or an> claim or liabilit>in respect o ECS atters.

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1.3 *ere are no CaIardous Substances atG on or underG nor a,e an>

CaIardous Substances been emittedG escaped or mi5rated romG an> o te

Properties.

1.4 *ere a,e been no claimsG in,esti5ationsG prosecutions or oter proceedin5sa5ainst or treatened a5ainst te Seller or an> o its directorsG oicers or

emplo>ees in respect o Carm arisin5 rom te operation o te Business or

occupation o an> o te Properties or or an> breac or alle5ed breac o an>

ECS Permits or ECS LawsG and tere are no acts or circumstances tat ma>

lead to an> suc claimsG in,esti5ationsG prosecutions or oter proceedin5s. noticeG communication or inormation

alle5in5 an> liabilit> in relation to an> ECS atters or tat an> wors are

required.

P'r$ . T'4'$*"#

3. STAMP DUTY AND SDLT

le5al eect)

to wic te Seller is a part> and wic relate to te BusinessG in te

enorcement o wic te Bu>er ma> be interestedG a,e been dul> stamped.

4. ;AT

1.5 eiter te Seller nor an> rele,ant associate (as deined in para5rap # o

Scedule $0 to ?


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Si5ned b> A

Documents

Business & Related Assets Purchase Agreement - Short Form - Equitable Law