Exhibit 10.1
Execution Copy
SHARE PURCHASE AGREEMENT
BY AND AMONG
AEROSONIC CORPORATION
AND
OP TECHNOLOGIES, INC.
AND
OPTIMIZATION TECHNOLOGIES, INC.
AND
CERTAIN SHAREHOLDERS OF
OPTIMIZATION TECHNOLOGIES, INC.
(FOR THE PURPOSES OF SECTION 2.6 ONLY)
DATED AUGUST 21, 2007
TABLE OF CONTENTS
Page
RECITALS
- 1 -
1. DEFINITIONS AND USAGE - 1 - 1.1 DEFINITIONS - 1 -
2. SALE AND TRANSFER OF THE SHARES; EXCLUDED ASSETS; DIRECTORS AND OFFICERS;
CLOSING AND OTHER AGREEMENTS - 11 - 2.1 PURCHASE AND SALE OF THE SHARES;
EXCLUDED ASSETS AND LIABILITIES - 11 - 2.2 PURCHASE PRICE - 11 - 2.3 DIRECTORS
OF THE COMPANY; OFFICERS OF THE COMPANY - 15 - 2.4 CLOSING - 15 - 2.5 CLOSING
OBLIGATIONS - 15 - 2.6 BUYER'S RIGHT OF FIRST REFUSAL - 17 - 2.7 COOPERATIVE
EFFORT UNTIL FAA CERTIFICATION - 18 -
3. REPRESENTATIONS AND WARRANTIES RELATING TO THE SELLER AND THE SHARES - 20 -
3.1 ORGANIZATION AND GOOD STANDING - 20 - 3.2 ENFORCEABILITY; AUTHORITY; NO
CONFLICT - 20 - 3.3 TITLE TO THE SHARES; CERTAIN SHAREHOLDERS OF SELLER - 21 -
3.4 BUYER COMMON STOCK TO BE RESTRICTED SECURITIES - 21 -
4. REPRESENTATIONS AND WARRANTIES OF SELLER AND COMPANY RELATING TO THE COMPANY
- 22 - 4.1 ORGANIZATION AND GOOD STANDING - 22 - 4.2 ENFORCEABILITY; AUTHORITY;
NO CONFLICT - 22 - 4.3 CAPITALIZATION; TITLE TO SHARES; INVESTMENTS - 23 - 4.4
FINANCIAL STATEMENTS - 24 - 4.5 BOOKS AND RECORDS - 24 - 4.6 TITLE TO ASSETS;
ENCUMBRANCES - 25 - 4.7 REAL PROPERTY - 25 - 4.8 ACCOUNTS RECEIVABLE - 25 - 4.9
INVENTORIES; SUPPLIERS; CUSTOMERS - 26 - 4.10 NO UNDISCLOSED LIABILITIES;
DIVIDENDS; INDEBTEDNESS - 26 - 4.11 TAXES - 27 - 4.12 NO MATERIAL ADVERSE CHANGE
- 28 - 4.13 EMPLOYEE BENEFITS - 28 - 4.14 COMPLIANCE WITH LEGAL REQUIREMENTS;
GOVERNMENTAL AUTHORIZATIONS - 29 - 4.15 LEGAL PROCEEDINGS; ORDERS - 31 - 4.16
ABSENCE OF CERTAIN CHANGES AND EVENTS - 31 - 4.17 CONTRACTS; NO DEFAULTS - 31 -
4.18 INSURANCE - 33 - 4.19 ENVIRONMENTAL MATTERS - 33 - 4.20 INTELLECTUAL
PROPERTY ASSETS - 34 - 4.21 RELATIONSHIPS WITH RELATED PERSONS - 37 - 4.22
BROKERS OR FINDERS - 37 - 4.23 SOLVENCY - 37 - 4.24 RETURN POLICIES; WARRANTIES;
CUSTOMER SPECIAL ORDERS; ETC - 38 - 4.25 ACCOUNTS; SAFE DEPOSIT BOXES; POWERS OF
ATTORNEY - 38 - 4.26 DISCLOSURE - 38 -
5. REPRESENTATIONS AND WARRANTIES OF BUYER - 38 - 5.1 ORGANIZATION AND GOOD
STANDING - 39 - 5.2 AUTHORITY; NO CONFLICT - 39 - 5.3 CERTAIN PROCEEDINGS - 39 -
5.4 BROKERS OR FINDERS - 40 -
6. COVENANTS OF SELLER PRIOR TO CLOSING - 40 - 6.1 ACCESS AND INVESTIGATION - 40
- 6.2 OPERATION OF THE BUSINESS OF THE COMPANY - 40 - 6.3 NEGATIVE COVENANT - 40
- 6.4 REQUIRED APPROVALS - 41 - 6.5 NOTIFICATION - 41 - 6.6 NO NEGOTIATION - 41
- 6.7 RESIGNATION OF OFFICERS AND DIRECTORS - 41 -
7. COVENANTS OF BUYER