Share Purchase and Transfer Agreement (2003)Full Document 

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Share Purchase and Transfer Agreement
   
dated December 18, 2002
   
[Linklaters Oppenhoff & Radler LOGO]
 
Mainzer Landstrae 16
D-60325 Frankfurt am Main
Postfach 17 01 11
D-60075 Frankfurt am Main
 
Telephone (49-69) 7 10 03-0
Facsimile (49-69) 7 10 03-333


 
Share Purchase and Transfer Agreement
 
between
 
(1)
Manfred Rrup, date of birth: June 12, 1951;
business address: Neuer Hltigbaum 22 32, 22143 Hamburg
 
- hereinafter referred to as Seller 1 -,
 
(2)
Karl Steinberg, date of birth April 15, 1952,
residential address: Neuer Hltigbaum 22 32, 22143 Hamburg
 
- hereinafter referred to as Seller 2 -,
 
(3)
Dr. Peter Klie, date of birth: December 2, 1962;
residential address: Hofweg 63, 22085 Hamburg
 
- hereinafter referred to as Seller 3 -,
 
(4)
Per Larsen, date of birth: October 13, 1967;
residential address: Markusstrae 15, 20355 Hamburg
 
- hereinafter referred to as Seller 4 -,
 
(5)
Thomas Hauswaldt, date of birth: November 24, 1954;
business address: Rathausstrae 13, 20095 Hamburg
 
- hereinafter referred to as Seller 5 -,
 
(6)
Wolfgang Kundrus, date of birth: April 16, 1957;
residential address: Rahlstedter Strae 186e, 22143 Hamburg
 
- hereinafter referred to as Seller 6 -,
 
(7)
CTI Limited, Bermuda,
c/o Creative Technology Ltd., 31 International Business Park, Creative Resource,
Singapore 609921
 
- hereinafter referred to as Seller 7 -,
 
(8)
Megafusion Corporation,
Ichibancho MS Bldg., 17-6, Ichibancho, Chiyoda-ku, Tokyo 102-0082, Japan
 
- hereinafter referred to as Seller 8 -,
 
(9)
Helmut Landwehr, date of birth: May 7, 1955
residential address: Zeppelinallee 79, 60487 Frankfurt
 
- hereinafter referred to as Seller 9 -,
 
(10)
Steve Garth, date of birth: June 26, 1956;
residential address: 1956 Concord Court, Simi Valley, CA 93065, USA
 
- hereinafter referred to as Seller 10 -,
 
(11)
Thorsten Held, date of birth: February 27, 1967;
residential address: Kunaustrae 20d, 22393 Hamburg

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- hereinafter referred to as Seller 11 -,
 
(12)
Jrg Houpert, date of birth: April 1, 1960;
residential address: Osterdeich 45, 28203 Bremen
 
- hereinafter referred to as Seller 12 -,
 
(13)
Werner Kracht, date of birth: January 18, 1953;
residential address: Espellohweg 38, 22607 Hamburg
 
- hereinafter referred to as Seller 13 -,
 
(14)
Dr. Philipp Meyer, date of birth: February 8, 1954;
residential address: Talstrae 20, CH-8001 Zrich
 
- hereinafter referred to as Seller 14 -,
 
(15)
Michael Michaelis, date of birth: April 3, 1961;
residential address: Bttgerstrae 1b, 20148 Hamburg
 
- hereinafter referred to as Seller 15 -,
 
(16)
Stefan Scheffler, date of birth: December 16, 1968;
residential address: Pilatus Pool 17, 20355 Hamburg
 
- hereinafter referred to as Seller 16 -,
 
(17)
Frank Simmerlein, date of birth: August 31, 1960;
residential address: Schulredder 1b, 21033 Hamburg
 
- hereinafter referred to as Seller 17 -,
 
(18)
Bankhaus Hauck & Aufhuser Privatbankiers KGaA,
Kaiserstrae 24, 60311 Frankfurt am Main
 
- hereinafter referred to as Seller 18 -,
 
(19)
Wolf Rmmig, date of birth: January 22, 1944
residential address: Rechtsanwalt Wolf Rmmig, Feldstrae 60, 20357 Hamburg
 
- hereinafter referred to as Seller 19 -,
 
(20)
Prof. Peter Kabel, date of birth: July 27, 1962
residential address: Henriettenweg 8, 20259 Hamburg
 
- hereinafter referred to as Seller 20 -,
 
Seller 1 to Seller 20 hereinafter jointly referred to as Sellers -,
 
Seller 1 to Seller 2 hereinafter jointly referred to as Managing Sellers -,
 
and
 
(21)
Pinnacle Systems GmbH, Frankfurter Strae. 3c, 38112 Braunschweig
 
- hereinafter referred to as Purchaser -

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and, for the purposes of its own undertaking pursuant to Clause 2.4 and acting as guarantor pursuant to Clause 8a for the Purchasers obligations,
 
(22)
Pinnacle Systems, Inc., 280 N, Bernardo Avenue, Mountain View, CA 94043
 
- hereinafter referred to as Pinnacle, Inc.
 
on the other side.
 
Any reference in this Agreement to Parties shall only refer to parties named under 1 - 21 above.

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Index
 
  1
  
Sale and Transfer of Shares and Waiver of Rights
  
6
  2
  
Purchase Price
  
6
  3
  
Closing
  
10
  4
  
Period up to Closing
  
12
  5
  
Statements of Sellers
  
13
  6
  
Indemnification for Taxes, other Public Charges and Employment Claims
  
24
  7
  
[Intentionally left blank]
  
27
  8
  
Statements of Purchaser
  
27
  8a
  
Guarantee of Pinnacle, Inc.
  
28
  9
  
Performance and Liability
  
28
10
  
Covenants
  
29
11
  
Compliance with the Securities Laws
  
32
12
  
Miscellaneous
  
33

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PREAMBLE
 
(A)
Steinberg Media Technologies AG is a stock corporation under German law with registered seat in Hamburg, registered in the commercial register of the lower court of Hamburg under HRB 76780 (the Company). The share capital of the Company amounts to EUR 6,891,307 which is divided into 6,891,307 shares (the Shares) with a par value of EUR 1 each (the Share). The Company has issued four share certificates, representing 6,274,869 Shares, 342,466 Shares, 171,233 Shares and 102,739 Shares, respectively (the Share Certificates). The Shares are bearer shares.
 
(B)
The Company is engaged in the business of developing, manufacturing and distributing soft- and hardware in the area of media and information technology as well as the rendering of services related thereto.
 
(C)
The Sellers hold the following number of Shares in the Company:
 
Seller

  
Number of Shares

1
  
Manfred Rrup
  
2,299,140
2
  
Karl Steinberg
  
2,299,140
3
  
Dr. Peter Klie
  
26,940
4
  
Per Larsen
  
26,940
5
  
Thomas Hauswaldt
  
458,460
6
  
Wolfgang Kundrus
  
186,422
6
  
CTI Limited
  
627,487
8
  
Megafusion Corporation
  
107,880
9
  
Helmut Landwehr
  
26,940
10
  
Steve Garth
  
26,940
11
  
Thorsten Held
  
26,940
12
  
Jrg Houpert
  
26,940
13
  
Werner Kracht
  
26,940
14
  
Dr. Philipp Meyer
  
26,940
15
  
Michael Michaelis
  
26,940
16
  
Stefan Scheffler
  
26,940
17
  
Frank Simmerlein
  
26,940
18
  
Bankhaus Hauck & Aufhuser Privatbankiers KGaA
  
342,466
19
  
Wolf Rmmig
  
171,233
20
  
Prof. Peter Kabel
  
102,739
total number of shares issued
  
6,891,307

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(D)
The Purchaser designs, manufactures, markets and supports a wide range of high-quality software and hardware.
 
(E)
The Sellers are interested in selling and the Purchaser is interested in acquiring all the Shares in the Company on the terms and conditions set forth in this Agreement (the Transaction).
 
1    Sale and Transfer of Shares and Waiver of Rights
 
1.1    Sale and Transfer of Shares
 
 
    
On the terms and subject to the conditions set forth in this Agreement, the Sellers hereby sell to the Purchaser and the Purchaser hereby purchases from the Sellers the Shares together with all ancillary rights including all rights to profits of the current fiscal year and all non-distributed profits of previous fiscal years. The Parties agree (Einigung) that the legal title in the Shares shall transfer to the Purchaser upon physical delivery of the Share Certificates on Closing (bergabe).
 
1.2    Waiver of Rights
 
 
    
The Sellers hereby waive any rights against the Company under the Shareholders Agreement of June 14, 2000 and release the Company from any liability under this agreement, effective as of Closing. Seller 7 (CTI Limited) hereby waives any rights of first refusal and any other pre-emption rights in respect to any of the Shares sold and transferred in connection with the Transaction. Effective as of Closing, the Sellers 18 to 20 hereby waive any rights against the Company, except for interest accrued until the date hereof, under or in connection with the agreements between each of the Sellers with the Company and the Managing Sellers regarding the issuance of three convertible bonds/warrants to the Sellers 18 to 20, dated August 9, 2002 and July 1, 2002, respectively.

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