##### 



Execution Version
 ASSET PURCHASE AGREEMENT
 dated as of
 May 31, 2007
 by and among
 TOLLGRADE COMMUNICATIONS, INC.
 and
 TERADYNE, INC.




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##### 



ARTICLE I DEFINITIONS
    
    
    11.01.
    
    Definitions
    
    
    11.02.
    
    Interpretation
    
    
    10ARTICLE II PURCHASE AND SALE
    
    
    102.01.
    
    Purchase and Sale
    
    
    102.02.
    
    Excluded Assets
    
    
    122.03.
    
    Assumption of Liabilities
    
    
    132.04.
    
    Excluded Liabilities
    
    
    142.05.
    
    Assignment of Contracts and Rights
    
    
    162.06.
    
    Licensed Intellectual Property
    
    
    162.07.
    
    Purchase Price; Closing
    
    
    162.08.
    
    Post-Closing Purchase Price Adjustment
    
    
    182.09.
    
    British Telecom Adjustment
    
    
    192.10.
    
    Allocation of Purchase Price
    
    
    212.11.
    
    Accounts Receivable
    
    
    212.12.
    
    Transfer of IP Assets
    
    
    21ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER
    
    
    223.01.
    
    Corporate Existence and Power; Qualification
    
    
    223.02.
    
    Corporate Authorization
    
    
    223.03.
    
    Governmental Authorization
    
    
    233.04.
    
    Non-Contravention
    
    
    233.05.
    
    Financial Statements
    
    
    233.06.
    
    Absence of Certain Changes or Events
    
    
    233.07.
    
    Consents
    
    
    243.08.
    
    Purchased Assets
    
    
    243.09.
    
    Litigation
    
    
    253.10.
    
    Contracts
    
    
    263.11.
    
    Compliance with Laws
    
    
    283.12.
    
    Sellers Proprietary Rights
    
    
    283.13.
    
    Employees; Employee Benefits
    
    
    303.14.
    
    Finders Fees
    
    
    333.15.
    
    Absence of Undisclosed Liabilities
    
    
    333.16.
    
    Affiliate Transactions
    
    
    333.17.
    
    Accounts Receivable
    
    
    333.18.
    
    Inventory
    
    
    333.19.
    
    Taxes
    
    
    333.20.
    
    Labor Matters
    
    
    343.21.
    
    Insurance
    
    
    343.22.
    
    Licenses and Approvals
    
    
    353.23.
    
    Environmental
    
    
    353.24.
    
    Customers and Suppliers
    
    
    353.25.
    
    Trade Compliance
    
    
    353.26.
    
    Products
    
    
    363.27.
    
    Product Liabilities
    
    
    36
 i




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##### 



Table of Contents
 Page3.28.
    
    Books and Records
    
    
    363.29.
    
    Competition/Antitrust Law
    
    
    363.30.
    
    Compliance
    
    
    373.31.
    
    No Fraudulent Intent
    
    
    37ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER
    
    
    374.01.
    
    Corporate Existence
    
    
    374.02.
    
    Corporate Authorization
    
    
    374.03.
    
    Governmental Authorization
    
    
    384.04.
    
    Non-Contravention
    
    
    384.05.
    
    Finders Fees
    
    
    384.06.
    
    Litigation
    
    
    384.07.
    
    Financial Ability
    
    
    384.08.
    
    No Other Representations or Warranties of Seller
    
    
    38ARTICLE V COVENANTS OF SELLER
    
    
    385.01.
    
    Conduct of the Business
    
    
    385.02.
    
    No Negotiation with Third Parties
    
    
    405.03.
    
    Access to Information
    
    
    415.04.
    
    Supplemental Disclosure
    
    
    415.05.
    
    Non-Interference, Non-Solicitation
and Non-Competition Agreement
    
    
    415.06.
    
    Audited Financial Statements
    
    
    425.07.
    
    Excess Warranty Claims
    
    
    435.08.
    
    Inventory Schedule
    
    
    43ARTICLE VI COVENANTS OF PARTIES
    
    
    436.01.
    
    Notices of Certain Events
    
    
    436.02.
    
    Further Assurances
    
    
    446.03.
    
    Certain Filings
    
    
    446.04.
    
    Public Announcements
    
    
    456.05.
    
    Confidentiality Agreement
    
    
    45ARTICLE VII TAX MATTERS
    
    
    457.01.
    
    Tax Definitions
    
    
    457.02.
    
    Tax Cooperation; Allocation of Taxes
    
    
    467.03.
    
    Value Added Tax
    
    
    47ARTICLE VIII EMPLOYEE MATTERS
    
    
    478.01.
    
    Employment Matters Relating to
United States Employees
    
    
    478.02.
    
    Employment Matters Relating to EU Employees
    
    
    498.03.
    
    Pensions
    
    
    518.04.
    
    No Third Party Beneficiaries
    
    
    51ARTICLE IX CONDITIONS TO CLOSING
    
    
    519.01.
    
    Conditions to the Obligations of Each Party
    
    
    51
 ii




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Table of Contents
 Page9.02.
    
    Conditions to Obligation of Buyer
    
    
    519.03.
    
    Condition to Obligations of Seller
    
    
    52ARTICLE X SURVIVAL; INDEMNIFICATION
    
    
    5210.01.
    
    Survival
    
    
    5210.02.
    
    Indemnification
    
    
    5310.03.
    
    Certain Limitations
    
    
    5410.04.
    
    Procedure for Indemnification
    
    
    5510.05.
    
    Remedies Exclusive
    
    
    55ARTICLE XI TERMINATION
    
    
    5611.01.
    
    Grounds for Termination
    
    
    5611.02.
    
    Effect of Termination
    
    
    56ARTICLE XII MISCELLANEOUS
    
    
    5712.01.
    
    Notices
    
    
    5712.02.
    
    Amendments; Waivers
    
    
    5812.03.
    
    Expenses
    
    
    5812.04.
    
    Successors and Assigns
    
    
    5812.05.
    
    Governing Law; Jurisdiction and Venue
    
    
    5812.06.
    
    WAIVER OF JURY TRIAL
    
    
    5812.07.
    
    Counterparts; Effectiveness
    
    
    5912.08.
    
    Entire Agreement
    
    
    5912.09.
    
    Bulk Sales Laws
    
    
    5912.10.
    
    Severability
    
    
    5912.11.
    
    Headings
    
    
    5912.12.
    
    Terms
    
    
    5912.13.
    
    No Third Party Beneficiaries
    
    
    5912.14.
    
    Captions
    
    
    60
 iii




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##### 



Table of Contents
 PageSCHEDULESSchedule 1.01(a)
    
    Sellers PremisesSchedule 1.01(b)
    
    German Pension Plan EmployeesSchedule 2.01(a)
    
    Purchased Assets  Personal PropertySchedule 2.01(b)
    
    Purchased Assets  Assigned ContractsSchedule 2.01(d)
    
    Purchased Assets  Licenses and ApprovalsSchedule 2.01(e)
    
    Purchased Assets  Accounting Books and RecordsSchedule 2.01(f)
    
    Purchased Assets  Real Property LeasesSchedule 2.01(g)
    
    Purchased Assets  Patents and TrademarksSchedule 2.01(h)
    
    Purchased Assets  Copyrights and SoftwareSchedule 2.01(j)
    
    Purchased Assets  Accounts ReceivableSchedule 2.02(i)
    
    Other Excluded AssetsSchedule 2.03(j)
    
    Other Assumed LiabilitiesSchedule 2.08(b)
    
    Closing Balance Sheet Line ItemsSchedule 2.10
    
    Allocation StatementSchedule 3.03
    
    Governmental AuthorizationSchedule 3.04
    
    Non-ContraventionSchedule 3.05
    
    Reference StatementSchedule 3.06
    
    Absence of Certain Changes or EventsSchedule 3.07
    
    ConsentsSchedule 3.08(d)
    
    Permitted LiensSchedule 3.08(e)
    
    Locations of Purchased AssetsSchedule 3.09
    
    LitigationSchedule 3.10(a)
    
    Assigned ContractsSchedule 3.10(b)
    
    Defaults under Assigned ContractsSchedule 3.10(c)
    
    Conflicting ContractsSchedule 3.12(b)
    
    Software ProgramsSchedule 3.12(c)
    
    License AgreementsSchedule 3.12(e)
    
    Restrictions on Seller Intellectual PropertySchedule 3.12(g)
    
    Infringement by SellerSchedule 3.12(h)
    
    Royalties, Fees and Other PaymentsSchedule 3.12(j)
    
    Infringement by OthersSchedule 3.12(k)
    
    Source CodeSchedule 3.13(b)
    
    Collective Bargaining and Labor AgreementsSchedule 3.13(c)
    
    Employee BenefitsSchedule 3.13(e)
    
    EU EmployeesSchedule 3.14
    
    Finders Fees of SellerSchedule 3.15
    
    Absence of Undisclosed LiabilitiesSchedule 3.16
    
    Affiliate TransactionsSchedule 3.17
    
    Accounts ReceivableSchedule 3.21
    
    Insurance
 iv




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Table of Contents
 PageSCHEDULESSchedule 3.22
    
    Licenses and ApprovalsSchedule 3.23
    
    EnvironmentalSchedule 3.24
    
    Customers and SuppliersSchedule 3.25
    
    Trade ComplianceSchedule 4.03
    
    Governmental AuthorizationSchedule 4.05
    
    Finders Fees of BuyerSchedule 5.01
    
    ConductSchedule 5.05
    
    Non-CompetitionSchedule 8.01(b)
    
    US Transferred EmployeesSchedule 8.02(b)
    
    EU EmployeesSchedule 9.02(f)
    
    Closing Consents
 EXHIBITS
 
 v




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ASSET PURCHASE AGREEMENT
 AGREEMENT Section 12.04 Buyer Seller Party Parties
  WHEREAS,
 WHEREAS,
 WHEREAS,
 NOW, THEREFORE,
 ARTICLE I
 DEFINITIONS
 1.01. Definitions
 Access Period Section 5.03.
 Accounting Referee
 Accounts Receivable Section 2.01(j)
 Affiliate
 Allocation Statement Section 2.10.
 Ancillary Documents




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Ancillary Transfer Documents
 Apportioned Obligations Section 7.02(b).
 Assigned Contracts Section 2.01(b)
 Assignment and Assumption Agreement Exhibit A
 Assumed Liabilities Section 2.03.
 Beckmann Claim
   Benefit Arrangement
 Bill of Sale Exhibit B
 Book and Records Section 2.01(e)
 BT Amendment Section 2.09(b)
 BT Certificate Section 2.09(a)(i)
 BT Contract 2
        BT Measurement Period
 BT Revenues
 Business
 Business Claims Section 2.01(c)
 Business Day
 Business Licenses Section 3.12(c).
 Buyer
 Buyer Benefit Arrangements and Plans
 Buyers Field
 Claims Section 2.01(c)
 Closing Section 2.07(b)
 Closing Balance Sheet Section 2.08(b).
 Closing Consents Section 9.02(f).
 Closing Date
 Closing Net Asset Value Section 2.08(b).
 3




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Closing Purchase Price Section 2.07(a).
 COBRA Section 3.13(a)
 Confidentiality Agreement
 Consent Section 3.07.
 Contracts
 Copyright Assignment Exhibit C
 Copyrights
 Deerfield Letter Agreement Exhibit D
 Directive
 Disclosure Schedule Article III
 Disputed Items Section 2.09(a)(iii)
 Disputed Items Notice Section 2.09(a)(ii)
 Employee List Section 3.13(a)
 4




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Employee Plan
 Environmental Laws CERCLA RCRA
 Environmental Liabilities
 ERISA
 EU Employees Section 3.13(e)
 EU Employment Liabilities Section 2.03(a)
 EU Transferred Employees Section 8.02(b)
 Excluded Assets Section 2.02.
 Excluded Liabilities Section 2.04.
 Financials Section 3.05.
 Financial Statement Expense Section 5.06.
 First Year BT Contract Revenue
 GAAP
 5




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German Pension Plan
 German Pension Plan Employees Schedule 1.01(b)
 German Pension Plan Liabilities
 German Pension Plan Reduction Amount Schedule 1.01(b)
 Governmental Authority
 Hazardous Material
       Indemnified Party Section 10.04(a).
 Indemnifying Party Section 10.04(a).
 Insurance Policies Section 3.21.
 6




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Intellectual Property Assets Section 2.12.
 Intellectual Property License Agreement Exhibit E
 Inventory Section 2.01(i)
 Lease Assignments Exhibit F
 Letter Agreement
 Licensed Intellectual Property
 Licenses and Approvals Section 2.01(d)
 Lien
 Loss Section 10.02(a)
 Major Customers Section 3.24.
 Major Suppliers Section 3.24.
 Material Adverse Effect
 7




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Moral Rights
 Party
 Patent Assignment Exhibit G
 Permitted Lien Section 3.08(d)
 Person
 Personal Data
 Personal Property Section 2.01(a)
 Post-Closing Tax Period Section 7.01.
 Pre-Closing Tax Period Section 7.01.
 Purchase Price Section 2.10.
 Purchased Assets Section 2.01.
 PwC Section 5.06.
 Real Property Leases Section 2.01(f)
 Reference Net Asset Value Section 2.08.
 Reference Statement Section 3.05.
 Release
 Representatives
 SEC Section 5.06.
 Seller
 8




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Seller Intellectual Property Section 2.01(h)
 Sellers Knowledge to the Knowledge of Seller
 Sellers Premises Schedule 1.01(a)
 Software Programs Section 3.12(b)
 Special Representations Section 10.01(c)
 Sublease Agreement Exhibit H
 Target First Year BT Contract Revenue
 Tax Section 7.01.
 Tax Code Section 7.01.
 Tax Information Section 2.02(e)
 Tax Returns Section 7.01
 Technology
 Trademark Assignment Exhibit I
 Transferred Employees
 Transferred IP Assets Section 3.12(e)
 Transition Services Agreement Exhibit J
 Unidentified Employee Section 8.02(h).
 US Terminated Employees Section 8.01(a).
 9




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US Transferred Employees Section 8.01(b).
 VAT Section 7.01.
 WARN Act Section 3.13(a)
 Warranty Limitation Amount Section 5.07
 1.02. Interpretation Section 1.01 Section 1.01 Section 1.01
 ARTICLE II
 PURCHASE AND SALE
 2.01. Purchase and Sale Section 2.02 Purchased Assets Section 2.01
 Section 2.02(i) Schedule 2.01(a) Personal
Property
 Sections 2.02 2.05 Schedule 2.01(b) Assigned Contracts
 Claims
 10




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Business Claims
 Schedule 2.01(d) Licenses and
Approvals
 Schedule 2.01(e) Books and Records
 Schedule 2.01(f) Real Property Leases
 Schedule
2.01(g) Schedule 2.01(g) Schedule 2.01(g)
 Schedule 2.01(h) 11
       Schedule 2.01(h) Section
2.01(g) Seller Intellectual Property
 Inventory
 Accounts Receivable Schedule 2.01(j)
   2.02. Excluded Assets Excluded
Assets
  Schedule 2.01(a)
  12
        Tax Information
    Schedule 2.02(i)
 2.03. Assumption of Liabilities Section 2.04 Assumed Liabilities
 Section 2.04 Section 2.03(a) EU Employment Liabilities
 Schedule 2.01(b)
 13




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Schedule 2.03(j)
 2.04. Excluded Liabilities Excluded Liabilities
   14




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Section 2.03(d)
    Article VII
    15
         2.05. Assignment of Contracts and Rights Schedule 3.07
 2.06. Licensed Intellectual Property Exhibit E
 2.07. Purchase Price; Closing
 Section 2.08 less Closing Purchase Price
 Closing Article IX
  16




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Exhibit H
     Section 9.02(c)
       Sections 2. 07(c)(i) , (ii),
(iii), (iv), (v), (vi), (vii), (xi) and (xii) Section 2.07(xiii)
 17




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Section 9.03(c)
  2.08. Post-Closing Purchase Price Adjustment
 General
 Definitions
 Closing Balance Sheet Section 5.06 Schedule 2.08(b)
 Closing Net Asset Value
 Reference Net Asset Value
 Preparation of Closing Balance Sheet
 Disagreement by Buyer Section 2.08(c)
 Dispute Resolution Section 2.08(d)
 18




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Cooperation
 Time of Payment Section 2.08 Section 2.08(c) Section
2.08(d) Section 2.08(e) Section 2.08(e)
 Method of Payment Section 2.08 Section 2.08
 2.09. British Telecom Adjustment.
 Determination of British Telecom Adjustment
 BT Certificate
 Disputed Items Notice
 19




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Disputed Items
   Renewal of BT Contract BT Amendment Section 2.09(a)(v) provided further Section 2.09(a)(v)
 Operation of Buyer under BT Contract
 Information
 20




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Inspection
 Breach
 Exclusive Remedy Section 2.09
 2.10. Allocation of Purchase Price
 Schedule 2.10 Section 2.10 Purchase Price Allocation
Statement
   2.11. Accounts Receivable
 2.12. Transfer of IP Assets Intellectual Property Assets
 21




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ARTICLE III
 REPRESENTATIONS AND WARRANTIES OF SELLER
 Exhibit K Disclosure Schedule Article III Article III
 3.01. Corporate Existence and Power; Qualification
 3.02. Corporate Authorization
 22




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3.03. Governmental Authorization Schedule 3.03
 3.04. Non-Contravention Schedule 3.04 Schedule 3.07
 3.05. Financial Statements Reference Statement Schedule 3.05 Financials
 3.06. Absence of Certain Changes or Events Schedule
3.06
   23
               Section 3.06
  3.07. Consents Schedule 3.07 Consent Schedule 3.07
 3.08. Purchased Assets
 24
          Schedule
3.08(d) Permitted Liens
 Schedule 3.08(e)
  3.09. Litigation Schedule 3.09
 25




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3.10. Contracts
 Schedule 3.10(a)
             26




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Schedule 3.10(b) Schedule
3.10(b) Schedule 3.10(b)
 Schedule 3.10(c) 27
        3.11. Compliance with Laws
 3.12. Sellers Proprietary Rights
 Schedules 2.01(g) 2.01(h) Schedules 2.01(g) 2.01(h)
 Schedule 3.12(b) Software Programs
 Schedule 3.12(c) Business Licenses 28
         Schedule 3.12(e) Transferred IP Assets Section 3.12(e) Schedule 3.12(e)
  Schedule 3.12(g)
 Schedule 3.12(h)
 29




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Schedule 3.12(j)
 Schedule 3.12(k)
 3.13. Employees; Employee Benefits
 Employee List WARN Act COBRA
 Schedule 3.13(b)
 30




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Schedule 3.13(c)
  EU Employees EU Employees Schedule 3.13(e) Schedule 3.13(e)
        31




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.
          32




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3.14. Finders Fees Schedule 3.14
 3.15. Absence of Undisclosed Liabilities Schedule
3.15
 3.16. Affiliate Transactions Schedule 3.16
 3.17. Accounts Receivable Schedule 2.01(j) Schedule 3.17
 3.18. Inventory
 3.19. Taxes
 33




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3.20. Labor Matters
 3.21. Insurance Schedule 3.21 Insurance Policies Schedule 3.21
 34




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##### 



3.22. Licenses and Approvals Schedule 3.22
 3.23. Environmental
 Schedule 3.23
  3.24. Customers and Suppliers Schedule 3.24 Major Customers Major Suppliers Schedule 3.24
 3.25. Trade Compliance
 35




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##### 



Schedule 3.25 Section 3.11
 3.26. Products
 3.27. Product Liabilities
 3.28. Books and Records
 3.29. Competition/Antitrust Law
   36




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##### 



3.30. Compliance
     3.31. No Fraudulent Intent
 ARTICLE IV
 REPRESENTATIONS AND WARRANTIES OF BUYER
 Article IV
 4.01. Corporate Existence
 4.02. Corporate Authorization
 37




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##### 



4.03. Governmental Authorization Schedule 4.03
 4.04. Non-Contravention
 4.05. Finders Fees Schedule 4.05
 4.06. Litigation
 4.07. Financial Ability
 4.08. No Other Representations or Warranties of Seller Article
III
 ARTICLE V
 COVENANTS OF SELLER
  5.01. Conduct of the Business
 38




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Schedule
5.01
           39




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##### 



5.02. No Negotiation with Third Parties Article XI
 40




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##### 



5.03. Access to Information Access
Period
 5.04. Supplemental Disclosure Article IX
 5.05. Non-Interference, Non-Solicitation and Non-Competition Agreement
  41




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##### 



Section 5.05
 Section 5.05 Schedule 5.05
 Section 5.05 Section 5.05 Section 5.05
 5.06. Audited Financial Statements PwC SEC
 42




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##### 



Section
5.06 Section 5.06 Financial
Statement Expense
 5.07. Excess Warranty Claims Warranty
Limitation Amount
 5.08. Inventory Schedule
 ARTICLE VI
 COVENANTS OF PARTIES
  6.01. Notices of Certain Events
     43




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Section 6.01 Article IX
 6.02. Further Assurances
 6.03. Certain Filings
 44




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##### 



6.04. Public Announcements
 6.05. Confidentiality Agreement .
  Section 6.05(b)
 ARTICLE VII
 TAX MATTERS
 7.01. Tax Definitions .
 Post-Closing Tax Period
 Pre-Closing Tax Period
 Tax
 45




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##### 



Tax Code
 Tax Returns
 VAT
 7.02. Tax Cooperation; Allocation of Taxes
 Section 7.02(a)
 Apportioned Obligations Section 7.02(b) Section 7.02(b)
 46




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##### 





Section 7.02


Section
7.03


7.03. Value Added Tax .








ARTICLE VIII


EMPLOYEE MATTERS


8.01. Employment Matters Relating to United States Employees


Termination US Terminated Employees 47




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##### 







US Transferred Employees Schedule 8.01(b) US Transferred Employees


Buyer Benefit Plans


Rollovers




48




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##### 



8.02. Employment Matters Relating to EU Employees
  EU Transferred Employees
         49




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##### 



Unidentified Employee
      50




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##### 



8.03. Pensions
  8.04. No Third Party Beneficiaries Article VIII
 ARTICLE IX
 CONDITIONS TO CLOSING
 9.01. Conditions to the Obligations of Each Party .
   9.02. Conditions to Obligation of Buyer .
 Article III Article III
 51




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##### 



Sections 9.02(a) 9.02(b)
 Section 9.02(a) Section 5.04.
 Section 2.07(c)
 Schedule 9.02(f) Closing
Consents
 9.03. Condition to Obligations of Seller.
  Article IV Article IV
 Sections 9.03(a) 9.03(b)
 Section 2.07(d)
 ARTICLE X
 SURVIVAL; INDEMNIFICATION
 10.01. Survival .
 52




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##### 



Section 3.01, Section 3.02, Section
3.08(a), Section 3.19, Section 3.23, Section 4.01, Section 4.02 and Section 4.07 Special Representations
 Section 10.01 Section 10.02
 10.02. Indemnification
 Article X Loss
     53




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##### 



Article X
    Article X
 10.03. Certain Limitations
 Section
10.02(a)(i) Section 10.02(b)(i) Article
X
  SECTION 10.02(a)(i)
 Section 10.03
  54
         10.04. Procedure for Indemnification
 Indemnified Party Indemnifying Party
 provided
 10.05. Remedies Exclusive Article X
 55




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##### 



Article X
 ARTICLE XI
 TERMINATION
 11.01. Grounds for Termination .
    Section 9.03(c)
 Section 9.02(c)
  11.02. Effect of Termination . Section 11.01
 56




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##### 



Section 11.02 Sections 6.04 6.05 Article XII Section 11.01
 ARTICLE XII
 MISCELLANEOUS
 12.01. Notices .
  
  
  
  
 57




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##### 



Section 12.01
 12.02. Amendments; Waivers
   12.03. Expenses .
 12.04. Successors and Assigns .
 12.05. Governing Law; Jurisdiction and Venue .
 12.06. WAIVER OF JURY TRIAL .
 58




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##### 



SECTION 12.06
 12.07. Counterparts; Effectiveness .
 12.08. Entire Agreement .
 12.09. Bulk Sales Laws .
 12.10. Severability .
 12.11. Headings .
 12.12. Terms .
 12.13. No Third Party Beneficiaries .
 59




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12.14. Captions .
 [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]
 60




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IN WITNESS WHEREOF,
 TOLLGRADE COMMUNICATIONS, INC.By:
    /s/ Sara M. AntolName:
    Sara M. AntolTitle:
    General Counsel & SecretaryTERADYNE, INC.By:
    /s/ Gregory R. BeecherName:
    Gregory R. BeecherTitle:
    VP, CFO & Treasurer