Document:

EXHIBIT 10.25

 

SALE AGREEMENT

by and among

ELSEVIER INC.,
ELSEVIER SWISS HOLDINGS S.A., ELSEVIER JAPAN KK,  

ELSEVIER LIMITED
and MDL INFORMATION SYSTEMS (UK) LIMITED,

as SELLERS,

and

SYMYX
TECHNOLOGIES, INC.,

as BUYER

August 9, 2007

 

 

	
  ARTICLE I PURCHASE AND SALE

  	
   

  	
  2

  
	
  Section 1.1

  	
   

  	
  Purchase and Sale

  	
   

  	
  2

  
	
  Section 1.2

  	
   

  	
  Closing Payment Amount

  	
   

  	
  2

  
	
  Section 1.3

  	
   

  	
  Purchase Price Adjustment

  	
   

  	
  2

  
	
  Section 1.4

  	
   

  	
  Closing

  	
   

  	
  5

  
	
  Section 1.5

  	
   

  	
  Deliveries by Seller

  	
   

  	
  5

  
	
  Section 1.6

  	
   

  	
  Deliveries by Buyer

  	
   

  	
  6

  
	
  Section 1.7

  	
   

  	
  Purchase Price Allocation

  	
   

  	
  7

  
	
  ARTICLE II REPRESENTATIONS AND WARRANTIES OF SELLERS

  	
   

  	
  7

  
	
  Section 2.1

  	
   

  	
  Organization and Good Standing

  	
   

  	
  7

  
	
  Section 2.2

  	
   

  	
  Authorization; Validity of Agreement

  	
   

  	
  8

  
	
  Section 2.3

  	
   

  	
  Consents and Approvals; No Violations

  	
   

  	
  9

  
	
  Section 2.4

  	
   

  	
  Capitalization; Subsidiaries

  	
   

  	
  9

  
	
  Section 2.5

  	
   

  	
  Financial Statements; No Undisclosed Liabilities

  	
   

  	
  10

  
	
  Section 2.6

  	
   

  	
  Real Property

  	
   

  	
  11

  
	
  Section 2.7

  	
   

  	
  Absence of Certain Changes

  	
   

  	
  12

  
	
  Section 2.8

  	
   

  	
  Employees; Employee Benefit Plans; Employee
  Employment Agreements

  	
   

  	
  12

  
	
  Section 2.9

  	
   

  	
  Actions and Proceedings

  	
   

  	
  14

  
	
  Section 2.10

  	
   

  	
  Compliance with Applicable Laws

  	
   

  	
  14

  
	
  Section 2.11

  	
   

  	
  Intellectual Property

  	
   

  	
  14

  
	
  Section 2.12

  	
   

  	
  Labor Matters

  	
   

  	
  16

  
	
  Section 2.13

  	
   

  	
  Material Contracts

  	
   

  	
  17

  
	
  Section 2.14

  	
   

  	
  Title and Sufficiency of Assets

  	
   

  	
  19

  
	
  Section 2.15

  	
   

  	
  Environmental Laws and Regulations

  	
   

  	
  19

  
	
  Section 2.16

  	
   

  	
  Taxes

  	
   

  	
  20

  
	
  Section 2.17

  	
   

  	
  Brokers or Finders

  	
   

  	
  23

  
	
  Section 2.18

  	
   

  	
  Shared Services

  	
   

  	
  23

  
	
  Section 2.19

  	
   

  	
  Master Services Agreements

  	
   

  	
  23

  
	
  Section 2.20

  	
   

  	
  Related Party Transactions

  	
   

  	
  23

  
	
  Section 2.21

  	
   

  	
  Customers

  	
   

  	
  23

  
	
  Section 2.22

  	
   

  	
  Suppliers

  	
   

  	
  23

  

 

 

	
  Section 2.23

  	
   

  	
  Indebtedness

  	
   

  	
  24

  
	
  Section 2.24

  	
   

  	
  Insurance

  	
   

  	
  24

  
	
  Section 2.25

  	
   

  	
  Receivables

  	
   

  	
  24

  
	
  Section 2.26

  	
   

  	
  Disclaimer

  	
   

  	
  24

  
	
  ARTICLE III REPRESENTATIONS AND WARRANTIES OF BUYER

  	
   

  	
  25

  
	
  Section 3.1

  	
   

  	
  Organization

  	
   

  	
  25

  
	
  Section 3.2

  	
   

  	
  Authorization, Validity of Agreement

  	
   

  	
  25

  
	
  Section 3.3

  	
   

  	
  Consents and Approvals; No Violations

  	
   

  	
  25

  
	
  Section 3.4

  	
   

  	
  Actions and Proceedings

  	
   

  	
  26

  
	
  Section 3.5

  	
   

  	
  Accredited Investor; Purchase Entirely for Own
  Account; Financial Condition; Experience

  	
   

  	
  26

  
	
  Section 3.6

  	
   

  	
  Brokers or Finders

  	
   

  	
  26

  
	
  Section 3.7

  	
   

  	
  Sufficient Funds and Resources

  	
   

  	
  26

  
	
  Section 3.8

  	
   

  	
  Condition of Business

  	
   

  	
  26

  
	
  ARTICLE IV COVENANTS

  	
   

  	
  27

  
	
  Section 4.1

  	
   

  	
  Conduct of the Business Pending the Closing

  	
   

  	
  27

  
	
  Section 4.2

  	
   

  	
  Consents

  	
   

  	
  29

  
	
  Section 4.3

  	
   

  	
  Regulatory Approvals

  	
   

  	
  29

  
	
  Section 4.4

  	
   

  	
  Employees, Wages and Benefits

  	
   

  	
  30

  
	
  Section 4.5

  	
   

  	
  UK Subject Employees

  	
   

  	
  32

  
	
  Section 4.6

  	
   

  	
  Press Release

  	
   

  	
  33

  
	
  Section 4.7

  	
   

  	
  Further Assurances

  	
   

  	
  33

  
	
  Section 4.8

  	
   

  	
  Tax Matters

  	
   

  	
  34

  
	
  Section 4.9

  	
   

  	
  Use of Business Names by Buyer and the MDL Group
  Companies

  	
   

  	
  37

  
	
  Section 4.10

  	
   

  	
  Preservation of Records

  	
   

  	
  37

  
	
  Section 4.11

  	
   

  	
  Mail and Communications

  	
   

  	
  37

  
	
  Section 4.12

  	
   

  	
  Intercompany Balances and Cash Pooling Arrangements;
  Cash Settlement

  	
   

  	
  38

  
	
  Section 4.13

  	
   

  	
  Access for Integration Planning; Preparation of
  Financial Statements

  	
   

  	
  38

  
	
  Section 4.14

  	
   

  	
  Noncompetition

  	
   

  	
  40

  
	
  Section 4.15

  	
   

  	
  Non-solicit

  	
   

  	
  43

  
	
  Section 4.16

  	
   

  	
  Confidentiality

  	
   

  	
  43

  

 

 ii
 

 

	
  Section 4.17

  	
   

  	
  Exclusivity

  	
   

  	
  43

  
	
  Section 4.18

  	
   

  	
  Notices of Certain Events

  	
   

  	
  44

  
	
  Section 4.19

  	
   

  	
  Acknowledgment of Discontinuation of Services

  	
   

  	
  44

  
	
  Section 4.20

  	
   

  	
  Release of Obligations

  	
   

  	
  45

  
	
  Section 4.21

  	
   

  	
  Directors of MDL Sweden

  	
   

  	
  45

  
	
  Section 4.22

  	
   

  	
  MDL Sweden Shares

  	
   

  	
  45

  
	
  ARTICLE V CONDITIONS

  	
   

  	
  45

  
	
  Section 5.1

  	
   

  	
  Conditions to Each Party’s Obligation to Effect the
  Closing

  	
   

  	
  45

  
	
  Section 5.2

  	
   

  	
  Conditions to Obligations of Buyer to Effect the
  Closing

  	
   

  	
  46

  
	
  Section 5.3

  	
   

  	
  Conditions to Obligations of Sellers to Effect the
  Closing

  	
   

  	
  46

  
	
  ARTICLE VI TERMINATION

  	
   

  	
  47

  
	
  Section 6.1

  	
   

  	
  Termination

  	
   

  	
  47

  
	
  Section 6.2

  	
   

  	
  Procedure and Effect of Termination

  	
   

  	
  47

  
	
  Section 6.3

  	
   

  	
  Effect of Termination

  	
   

  	
  48

  
	
  ARTICLE VII INDEMNIFICATION

  	
   

  	
  48

  
	
  Section 7.1

  	
   

  	
  Survival

  	
   

  	
  48

  
	
  Section 7.2

  	
   

  	
  Indemnification by Elsevier Inc.

  	
   

  	
  48

  
	
  Section 7.3

  	
   

  	
  Indemnification by Buyer

  	
   

  	
  49

  
	
  Section 7.4

  	
   

  	
  Single Recovery

  	
   

  	
  50

  
	
  Section 7.5

  	
   

  	
  Exclusive Remedy

  	
   

  	
  50

  
	
  Section 7.6

  	
   

  	
  Indemnification Procedures

  	
   

  	
  50

  
	
  Section 7.7

  	
   

  	
  Adjustments for Insurance and Taxes

  	
   

  	
  51

  
	
  Section 7.8

  	
   

  	
  Subrogation

  	
   

  	
  51

  
	
  Section 7.9

  	
   

  	
  Treatment of Indemnity Claims

  	
   

  	
  52

  
	
  ARTICLE VIII MISCELLANEOUS

  	
   

  	
  52

  
	
  Section 8.1

  	
   

  	
  Amendment and Modification

  	
   

  	
  52

  
	
  Section 8.2

  	
   

  	
  Notices

  	
   

  	
  52

  
	
  Section 8.3

  	
   

  	
  Interpretation; Certain Definitions

  	
   

  	
  53

  
	
  Section 8.4

  	
   

  	
  Rules of Construction

  	
   

  	
  54

  
	
  Section 8.5

  	
   

  	
  Counterparts

  	
   

  	
  54

  
	
  Section 8.6

  	
   

  	
  Entire Agreement; Third Party Beneficiaries

  	
   

  	
  55

  
	
  Section 8.7

  	
   

  	
  Severability

  	
   

  	
  55

  
	
  Section 8.8

  	
   

  	
  Governing Law

  	
   

  	
  55

  

 

 iii
 

 

	
  Section 8.9

  	
   

  	
  Consent to Jurisdiction; Waiver of Jury Trial

  	
   

  	
  55

  
	
  Section 8.10

  	
   

  	
  Specific Performance

  	
   

  	
  56

  
	
  Section 8.11

  	
   

  	
  Assignment

  	
   

  	
  56

  
	
  Section 8.12

  	
   

  	
  Expenses

  	
   

  	
  56

  
	
  Section 8.13

  	
   

  	
  No Set-Off

  	
   

  	
  56

  
	
  Section 8.14

  	
   

  	
  Non-Recourse

  	
   

  	
  56

  
	
  Section 8.15

  	
   

  	
  Headings

  	
   

  	
  57

  
	
  Section 8.16

  	
   

  	
  Waivers

  	
   

  	
  57

  
	
  Section 8.17

  	
   

  	
  Schedules

  	
   

  	
  57

  

 

 iv
 

INDEX OF EXHIBITS

	
  Form of Transition Services Agreement

  	
  Exhibit A

  
	
  Form of Seller Release

  	
  Exhibit B

  
	
  Form of Bill of Sale and Assignment Agreement

  	
  Exhibit C

  
	
  Form of Access and Hosting Agreement

  	
  Exhibit D

  
	
  Form of Contract Services Agreement

  	
  Exhibit E

  
	
  Form of Elsevier License Agreement

  	
  Exhibit F

  
	
  Form of MDL License Agreement

  	
  Exhibit G

  
	
  Form of Assumption Agreement

  	
  Exhibit H

  
	
  Pension Arrangements

  	
  Exhibit I

  
	
  Form of Press Release

  	
  Exhibit J

  
	
  Form of Crossfire License Agreement

  	
  Exhibit K

  

 

*               ALL
SCHEDULES AND SIMILAR ATTACHMENTS TO THE SALE AGREEMENT HAVE BEEN OMITTED.  COPIES OF SUCH SCHEDULES AND SIMILAR
ATTACHMENTS WILL BE FURNISHED SUPPLEMENTALLY TO THE SEC UPON REQUEST.

 v
 

INDEX OF DEFINED
TERMS

	
   

  	
   

  	
  Defined in

  
	
  Terms

  	
   

  	
  Section

  
	
   

  	
   

  	
   

  
	
  Additional Assets

  	
   

  	
  Preamble

  
	
  Affiliate

  	
   

  	
  8.3(g)

  
	
  Agreement

  	
   

  	
  Preamble

  
	
  Antitrust Laws

  	
   

  	
  4.3

  
	
  Assets

  	
   

  	
  2.14(a)

  
	
  Assumed Liabilities

  	
   

  	
  Preamble

  
	
  Business

  	
   

  	
  Preamble

  
	
  business day

  	
   

  	
  8.3(i)

  
	
  Buyer

  	
   

  	
  Preamble

  
	
  Buyer 401(k) Plan

  	
   

  	
  4.4(c)

  
	
  Buyer Indemnitees

  	
   

  	
  7.2(a)

  
	
  Cancellation Proceeding

  	
   

  	
  4.22

  
	
  Category 1 Claims

  	
   

  	
  7.2 (c)(i)

  
	
  Category 2 Claims

  	
   

  	
  7.2 (c)(ii)

  
	
  Claim Notice

  	
   

  	
  7.6

  
	
  Closing

  	
   

  	
  1.4

  
	
  Closing Balance Sheet

  	
   

  	
  1.3(b)

  
	
  Closing Date

  	
   

  	
  1.4

  
	
  Closing Net Working Capital Statement

  	
   

  	
  1.3(b)

  
	
  Closing Net Working Capital

  	
   

  	
  1.3(a)(iv)

  
	
  Code

  	
   

  	
  1.7

  
	
  Collateral Agreements

  	
   

  	
  2.2

  
	
  Competing Business

  	
   

  	
  4.14(c)

  
	
  Current Balance Sheet

  	
   

  	
  2.5(a)

  
	
  Date hereof

  	
   

  	
  8.3(f)

  
	
  Deductible

  	
   

  	
  7.2(b)

  
	
  Domestic Employees

  	
   

  	
  2.8(a)

  
	
  Elsevier Companies

  	
   

  	
  4.14(e)

  
	
  Elsevier Inc.

  	
   

  	
  Preamble

  
	
  Elsevier KK

  	
   

  	
  Preamble

  
	
  Elsevier S.A

  	
   

  	
  Preamble

  
	
  Elsevier UK

  	
   

  	
  Preamble

  
	
  Elsevier Retained Assets

  	
   

  	
  Preamble

  
	
  Employee Benefit Plans

  	
   

  	
  2.8(a)

  
	
  Employees

  	
   

  	
  2.8(a)

  
	
  Encumbrances

  	
   

  	
  2.14(a)

  
	
  Environmental Laws

  	
   

  	
  2.15

  
	
  ERISA

  	
   

  	
  2.8(a)

  
	
  Evaluation Material

  	
   

  	
  2.26

  
	
  Existing Products

  	
   

  	
  4.14(a)

  
	
  Financial Statements

  	
   

  	
  2.5(a)

  
	
  Foreign Employees

  	
   

  	
  2.8(a)

  
	
  FTC

  	
   

  	
  4.3

  
	
  GAAP

  	
   

  	
  4.13(b)

  
	
  Governmental Entity

  	
   

  	
  2.3

  

 

 vi
 

 

	
  HSR Act

  	
   

  	
  2.3

  
	
  Indebtedness

  	
   

  	
  2.23

  
	
  Indemnified Party

  	
   

  	
  7.6

  
	
  Indemnifying Party

  	
   

  	
  7.6

  
	
  Independent Firm

  	
   

  	
  1.3(d)

  
	
  Intellectual Property

  	
   

  	
  2.11(i)

  
	
  Intercompany Balances

  	
   

  	
  4.12(a)

  
	
  Laws

  	
   

  	
  2.10(a)

  
	
  Lease Consents

  	
   

  	
  2.6(c)

  
	
  Leased Premises

  	
   

  	
  2.6(a)

  
	
  Leases

  	
   

  	
  2.6(a)

  
	
  Losses

  	
   

  	
  7.2(a)

  
	
  Material Adverse Effect

  	
   

  	
  2.1(c)

  
	
  Material Contracts

  	
   

  	
  2.13

  
	
  Master Services Agreements

  	
   

  	
  2.19

  
	
  MDL Group Company

  	
   

  	
  Preamble

  
	
  MDL Registered IP

  	
   

  	
  2.11(e)

  
	
  MDL Sweden

  	
   

  	
  Preamble

  
	
  MDL Sweden Certificate

  	
   

  	
  4.22

  
	
  MDL Sweden Shares

  	
   

  	
  Preamble

  
	
  MDL Switzerland

  	
   

  	
  Preamble

  
	
  MDL Switzerland Shares

  	
   

  	
  Preamble

  
	
  MDL Japan

  	
   

  	
  Preamble

  
	
  MDL Japan Shares

  	
   

  	
  Preamble

  
	
  MDL (U.K.) Limited

  	
   

  	
  Preamble

  
	
  MDL US

  	
   

  	
  Preamble

  
	
  MDL US Shares

  	
   

  	
  Preamble

  
	
  Necessary Intellectual Property

  	
   

  	
  2.11(a)

  
	
  Net Working Capital

  	
   

  	
  1.3(a)(iii)

  
	
  Net Working Capital Excess

  	
   

  	
  1.3(a)(ii)

  
	
  Net Working Capital Shortfall

  	
   

  	
  1.3(a)(i)

  
	
  Notice of Disagreement

  	
   

  	
  1.3(c)

  
	
  ordinary course of business

  	
   

  	
  8.3(e)

  
	
  Permits

  	
   

  	
  2.10(a)

  
	
  Permitted Encumbrances

  	
   

  	
  2.14(a)

  
	
  Post-Closing Tax Period

  	
   

  	
  4.8(c)(ii)

  
	
  Post-Closing Taxes

  	
   

  	
  4.8(c)(iv)

  
	
  Pre-Closing Taxes

  	
   

  	
  4.8(c)(iii)

  
	
  Pre-Closing Tax Period

  	
   

  	
  4.8(c)(i)

  
	
  Public Software

  	
   

  	
  2.11(g)

  
	
  Purchase Price

  	
   

  	
  1.2

  
	
  Reed Elsevier

  	
   

  	
  2.5(a)

  
	
  Reed Elsevier 401(k) Plan

  	
   

  	
  4.4(c)

  
	
  Related Persons

  	
   

  	
  2.8(a)

  
	
  Retention Agreements

  	
   

  	
  4.4(e)

  
	
  Seller Accounting Principles

  	
   

  	
  2.5(a)

  
	
  Seller Indemnitees

  	
   

  	
  7.3

  
	
  Sellers

  	
   

  	
  Preamble

  
	
  Services Agreements

  	
   

  	
  1.5(h)

  
	
  Severance Policies

  	
   

  	
  4.4(e)

  
	
  Shared Services

  	
   

  	
  2.18

  

 

 vii
 

 

	
  Shares

  	
   

  	
  Preamble

  
	
  Software

  	
   

  	
  2.11(d)

  
	
  Straddle Period

  	
   

  	
  4.8(c)(v)

  
	
  Straddle Period Tax Return

  	
   

  	
  4.8(c)(vi)

  
	
  Subsidiary

  	
   

  	
  8.3(h)

  
	
  Target Net Working Capital

  	
   

  	
  1.3(a)(v)

  
	
  Tax Return

  	
   

  	
  2.16(b)

  
	
  Tax Sharing Agreement

  	
   

  	
  2.16(b)

  
	
  Taxes

  	
   

  	
  2.16(b)

  
	
  Temporary Use Premises

  	
   

  	
  2.6(a)

  
	
  to Sellers’ knowledge

  	
   

  	
  8.3(d)

  
	
  Top Customers

  	
   

  	
  2.13(b)

  
	
  Top Suppliers

  	
   

  	
  2.13(g)

  
	
  Transition Services Agreement

  	
   

  	
  1.5(b)

  
	
  Transfer Taxes

  	
   

  	
  4.8(a)

  
	
  Transfer Regulations

  	
   

  	
  4.5(ii)

  
	
  Transferred Employees.

  	
   

  	
  4.4(a)

  
	
  UK Subject Employees

  	
   

  	
  4.5

  
	
  Unaudited GAAP Financials

  	
   

  	
  4.13(b)

  
	
  WARN Act

  	
   

  	
  2.12(b)

  

 

 viii
 

INDEX OF SCHEDULES AND
APPENDICES

	
  Title

  	
   

  	
  Schedule No.

  
	
   

  	
   

  	
   

  
	
  Elsevier Retained Assets

  	
   

  	
  1.1(a)

  
	
  Additional Assets

  	
   

  	
  1.1(b)

  
	
  Wire Transfer Instructions

  	
   

  	
  1.2

  
	
  Net Working Capital

  	
   

  	
  1.3

  
	
  Closing Net Working Capital

  	
   

  	
  1.3

  
	
  Retained Officers and Directors

  	
   

  	
  1.5(j)

  
	
  Purchase Price Allocation

  	
   

  	
  1.7

  
	
  Consents and Approvals

  	
   

  	
  2.3

  
	
  Capitalization

  	
   

  	
  2.4

  
	
  Financial Statements

  	
   

  	
  2.5(a)

  
	
  Material Liabilities

  	
   

  	
  2.5(b)

  
	
  Leased Premises

  	
   

  	
  2.6(a)(i)

  
	
  Temporary Use Premises

  	
   

  	
  2.6(a)(ii)

  
	
  Subleases

  	
   

  	
  2.6(a)(iii)

  
	
  Lease Consents

  	
   

  	
  2.6(c)

  
	
  Absence of Certain Changes

  	
   

  	
  2.7

  
	
  Current Employees

  	
   

  	
  2.8(a)(i)

  
	
  Employee Benefit Plans

  	
   

  	
  2.8(a)(ii)

  
	
  Prohibited Transactions

  	
   

  	
  2.8(b)

  
	
  Retained Employee Benefit Plans

  	
   

  	
  2.8(d)

  
	
  Retiree Benefit Plans

  	
   

  	
  2.8(e)

  
	
  Acceleration of Vesting

  	
   

  	
  2.8(f)

  
	
  Employment Agreements

  	
   

  	
  2.8(g)

  
	
  Compliance with Laws

  	
   

  	
  2.8(h)

  
	
  Actions and Proceedings

  	
   

  	
  2.9

  
	
  Compliance with Applicable Laws

  	
   

  	
  2.10

  
	
  IP Claims

  	
   

  	
  2.11(b)

  
	
  Software

  	
   

  	
  2.11(d)

  
	
  Registered Trademarks and Domain Names

  	
   

  	
  2.11(e)

  
	
  Public Software

  	
   

  	
  2.11(g)

  
	
  Labor Matters

  	
   

  	
  2.12(a)

  
	
  Employment Claims and Proceedings; WARN

  	
   

  	
  2.12(b)

  
	
  Material Contracts

  	
   

  	
  2.13

  
	
  Title to Assets

  	
   

  	
  2.14(a)

  
	
  Title to Additional Assets

  	
   

  	
  2.14(b)

  
	
  Violations of Environmental Laws and Regulations

  	
   

  	
  2.15

  
	
  Taxes

  	
   

  	
  2.16(a)

  
	
  Pending Tax Litigation

  	
   

  	
  2.16(d)

  
	
  Shared Services

  	
   

  	
  2.18

  
	
  Master Services Agreements

  	
   

  	
  2.19

  
	
  Customers

  	
   

  	
  2.21

  
	
  Suppliers

  	
   

  	
  2.22

  
	
  Insurance

  	
   

  	
  2.24

  
	
  Buyer Consents and Approvals

  	
   

  	
  3.3

  
	
  Conduct of Business

  	
   

  	
  4.1

  
	
  Transferred Employees

  	
   

  	
  4.4(a)

  

 

 ix
 

 

	
  Transferred Employee Benefit Plans

  	
   

  	
  4.4(b)

  
	
  Severance Agreements

  	
   

  	
  4.4(e)(i)

  
	
  Retention Policies

  	
   

  	
  4.4(e)(ii)

  
	
  Special Arrangements

  	
   

  	
  4.13

  
	
  Third Party Consents

  	
   

  	
  5.2(c)

  

 

*               ALL SCHEDULES AND SIMILAR
ATTACHMENTS TO THE SALE AGREEMENT HAVE BEEN OMITTED.  COPIES OF SUCH SCHEDULES AND SIMILAR
ATTACHMENTS WILL BE FURNISHED SUPPLEMENTALLY TO THE SEC UPON REQUEST.

 x

SALE AGREEMENT

SALE AGREEMENT, dated as
of August 9, 2007 (the “Agreement”), by and among Elsevier Inc., a
New York corporation (“Elsevier Inc.”), Elsevier Swiss Holdings S.A., a
company organized under the laws of Switzerland (“Elsevier S.A.”),
Elsevier Japan KK, a company organized under the laws of Japan (“Elsevier KK”),
Elsevier Limited, a company organized under the laws of England and Wales (“Elsevier
UK”), MDL Information Systems (UK) Limited, a company organized under the
laws of England and Wales (“MDL (UK) Limited”) (Elsevier Inc., Elsevier
S.A., Elsevier KK, Elsevier UK and MDL (UK) Limited are sometimes referred to
individually as a “Seller” and collectively as the “Sellers”) and
Symyx Technologies, Inc., a Delaware corporation (“Buyer”).

WITNESSETH:

WHEREAS, Elsevier Inc.
owns directly 200 shares (the “MDL US Shares”) of common stock, par
value $1.00 per share, of MDL Information Systems, Inc., a Delaware corporation
(the “MDL US”), which constitute all of the issued and outstanding
shares of capital stock of MDL US;

WHEREAS, Elsevier S.A.
owns directly 150 shares (the “MDL Switzerland Shares”) of ordinary
shares, 2,000 CHF nominal value per share, of MDL Information Systems AG, a
company organized under the laws of Switzerland (“MDL Switzerland”),
which constitute all of the issued and outstanding shares of capital stock of
MDL Switzerland;

WHEREAS, Elsevier KK owns
directly 650 ordinary shares (the “MDL Japan Shares”) of MDL Information
Systems KK, a company organized under the laws of Japan (“MDL Japan”),
which constitute all of the issued and outstanding shares of capital stock of
MDL Japan;

WHEREAS, MDL (UK) Limited
owns directly 1,000 shares (the “MDL Sweden Shares”, and collectively
with the MDL US Shares, MDL Switzerland Shares and the MDL Japan Shares,
together with any and all shares of capital stock issued with respect to any of
the foregoing after the date hereof pursuant to stock splits, stock dividends,
reorganizations and similar actions, the “Shares”) of the capital stock
of MDL Information Systems (Sweden) AB, a company organized under the laws of
Sweden (“MDL Sweden”) (MDL US, MDL Sweden, MDL Switzerland and MDL Japan
are sometimes referred to individually as an “MDL Group Company” and
collectively as the “MDL Group Companies”), which constitute all of the
issued and outstanding shares of capital stock of MDL Sweden;

WHEREAS, the MDL Group
Companies are engaged in the business of (a) providing informatics platforms
and software applications (including the ISIS and Isentris platforms and
related applications) and scientific content and services to enable
pharmaceutical, biotechnology and chemical research processes, and
(b) compiling, maintaining and licensing certain databases of chemical
sourcing, reaction, bioactivity and environmental health and safety information
(the “Business”) which Business does not include the Elsevier Retained
Assets;

 1
 

WHEREAS, prior to the
date hereof, certain assets and businesses previously owned by the MDL Group
Companies or owned by Elsevier Inc. or its Affiliates but used in connection
with the Business, as listed and described on Schedule 1.1(a) hereto
(the “Elsevier Retained Assets”), have been retained and/or transferred
to Sellers or their Affiliates and no longer constitute a part of the Business;

WHEREAS, Elsevier UK and
MDL (UK) Limited own the assets set forth on Schedule 1.1(b) hereto used
by the MDL Group Companies in connection with the Business (the “Additional
Assets”); and

WHEREAS, Buyer desires to
purchase from Sellers, and Sellers desire to sell to Buyer, (i) all of the
Shares and (ii) the Additional Assets, together with any and all liabilities
arising from the utilization of the Additional Assets in the ordinary course of
the Business (the “Assumed Liabilities”), all on the terms and conditions
set forth in this Agreement.

NOW, THEREFORE, in
consideration of the foregoing and the representations, warranties, covenants
and agreements set forth herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and wishing to be
legally bound thereby, the parties, intending to be legally bound hereby, agree
as follows:

ARTICLE
I

PURCHASE
AND SALE

Section 1.1             Purchase and Sale.
Upon the terms and subject to the conditions set forth in this Agreement, at
the Closing, (a) Sellers hereby agree to sell, assign, transfer and deliver to
Buyer, and Buyer hereby agrees to purchase from Sellers, (i) all of the Shares,
free and clear of all Encumbrances, and (ii) all of the Additional Assets, free
and clear of all Encumbrances, other than Permitted Encumbrances, and (b) Buyer
hereby agrees to assume the Assumed Liabilities.

Section 1.2             Closing Payment
Amount. The consideration payable by Buyer for the purchase of the Shares
and the Additional Assets is One Hundred Twenty-Three Million Dollars
($123,000,000) (the “Purchase Price”). On the Closing Date, Buyer shall
pay the Purchase Price to Sellers by wire transfer of immediately available
funds as set forth on Schedule 1.2 hereto.  The Purchase Price is subject to adjustment
as provided in Section 1.3 below.

Section 1.3             Purchase Price
Adjustment.

(a)           The Purchase Price
shall be adjusted after the Closing by adding the Net Working Capital Excess,
or deducting the Net Working Capital Shortfall, if any.  As used herein, the following terms shall
have the definitions set forth below:

(i)            The term “Net
Working Capital Shortfall” shall mean the amount, if any, by which the
Closing Net Working Capital, as finally determined pursuant to Section 1.3(c)
below, is less than the Target Net Working Capital.

 2
 

(ii)           The term “Net
Working Capital Excess” shall mean the amount, if any, by which the Closing
Net Working Capital, as finally determined pursuant to Section 1.3(c) below, is
more than the Target Net Working Capital.

(iii)          The term “Net Working
Capital” shall mean the positive or negative difference between the Current
Assets of the Business (as defined in Schedule 1.3 hereto) minus
the Current Liabilities of the Business (as defined in Schedule 1.3
hereto).

(iv)          The term “Closing Net
Working Capital” shall mean the Net Working Capital of the Business as of
the close of business Pacific Time on the Closing Date.

(v)           The term “Target Net
Working Capital” shall mean negative Twenty-Three Million Four Hundred
Thousand Dollars (-$23,400,000).

(b)           Within sixty (60)
calendar days of the Closing Date, Buyer shall prepare and deliver to the
Seller Representative an unaudited combined balance sheet of the Business as of
the close of business Pacific Time on the Closing Date (the “Closing Balance
Sheet”) and shall include a preliminary unaudited statement of the Closing
Net Working Capital (the “Closing Net Working Capital Statement”).  The Closing Balance Sheet shall (x) fairly
present the Current Assets and Current Liabilities of the Business as of the
close of business Pacific Time on the Closing Date in accordance with Seller
Accounting Principles applied in a manner consistent with the preparation of
the Financial Statements (as hereinafter defined), as further set forth in
Section 2.5 below and Schedule 1.3. 
The Closing Net Working Capital shall be calculated in the manner
described on Schedule 1.3 hereto based upon amounts reflected in the
Closing Balance Sheet but shall take into account the exclusion of cash and
cash equivalents and the elimination of Intercompany Balances in the manner
contemplated in Section 4.12 below.

(c)           The Closing Balance
Sheet and calculation of the Closing Net Working Capital shall become final and
binding upon the parties on the earlier of (i) the date the Seller
Representative notifies Buyer of its acceptance of the Closing Balance Sheet
and calculation of the Closing Net Working Capital or (ii) the thirtieth (30th)
calendar day following the Seller Representative’s receipt of the Closing
Balance Sheet, unless the Seller Representative notifies Buyer in writing prior
to such date of its disagreement with any aspect of the Closing Balance Sheet
or the calculation of the Closing Net Working Capital (a “Notice of
Disagreement”).  The Notice of
Disagreement shall specify in reasonable detail the nature of any such
disagreement, including the Seller Representative’s own calculation of Closing
Net Working Capital.  If a Notice of
Disagreement is received by Buyer within thirty (30) calendar days of the
Seller Representative’s receipt of the Closing Net Working Capital Statement,
then (x) the Closing Net Working Capital amount shall become final and binding
only upon the earlier of (A) the date that Buyer and the Seller Representative
resolve in writing any differences they have with respect to the matters
specified in the Notice of Disagreement, or (B) the date any disputed matters
are finally resolved through accounting arbitration pursuant to Section 1.3(d),
and (y) the final and binding Closing Net Working Capital amount shall be
deemed to be the amount agreed to by Buyer and the Seller Representative, or
the resolution as determined by accounting arbitration, as the case may be; provided
that in no event shall Closing Net Working Capital be less than Buyer’s calculation
of Closing Net Working Capital set forth in the Closing Net Working Capital
Statement or more than the Seller Representative’s calculation of Closing Net
Working Capital set forth on a Notice of Disagreement.

 3
 

(d)           If a Notice of
Disagreement shall be duly and timely delivered pursuant to Section 1.3(c),
Buyer and the Seller Representative shall, during the thirty (30) days
following such delivery, negotiate in good faith in respect of the disputed
items.  If the Seller Representative and
Buyer are unable to resolve any such dispute during such period, the dispute
shall be referred to the San Francisco, California office of KPMG International
or any other independent accounting firm of national standing agreed upon by
the Seller Representative and Buyer (the “Independent Firm”) for
definitive resolution.  The Independent
Firm shall make its determination with respect to such dispute within thirty
(30) calendar days of its appointment or as soon as commercially practicable.  In making such calculation, the Independent
Firm shall consider only those items or amounts in the Closing Balance Sheet or
Buyer’s calculation of Closing Net Working Capital as to which the Seller
Representative has disagreed.  The
Independent Firm shall deliver to Buyer and the Seller Representative, as
promptly as practicable, a report setting forth such calculation.  The Independent Firm shall act as an
arbitrator, and, subject to the proviso at the end of Section 1.3(c), its
determination shall be final and conclusive as between the parties, absent
fraud or manifest error.  All fees and
expenses of the Independent Firm shall be borne (i) by Buyer if the
difference between the Closing Net Working Capital (as determined by the
Independent Firm) and Buyer’s calculation of the Closing Net Working Capital
set forth in the Closing Net Working Capital Statement is greater than the
difference between the Closing Net Working Capital (as determined by the
Independent Firm) and the Seller Representative’s calculation of the Closing
Net Working Capital set forth in the Notice of Disagreement, (ii) by
Sellers if the first such difference is less than the second such difference,
and (iii) otherwise equally by Buyer on the one hand, and Sellers on the
other hand.

(e)           Within ten (10)
business days after the Closing Net Working Capital amount becomes final and
binding pursuant to Section 1.3(c), (i) if a Net Working Capital Shortfall
exists, the Seller Representative, on behalf of Sellers, shall pay the Net
Working Capital Shortfall to Buyer in immediately available funds to an account
designated by Buyer, or (ii) if a Net Working Capital Excess exists, Buyer
shall pay the Net Working Capital Excess to the Seller Representative, for the
benefit of Sellers, in immediately available funds to an account designated by
Elsevier Inc., it being acknowledged and agreed by Sellers that such payment to
the Seller Representative shall be deemed to constitute payment to all Sellers
hereunder.

(f)            Unless otherwise
specified herein, Elsevier Inc. shall act as the authorized agent (the “Seller
Representative”) of the other Sellers for all purposes under this Agreement,
and all actions taken and decisions made by the Seller Representative pursuant
to this Agreement shall be fully binding on and enforceable against each of the
Sellers, to the same extent as if each of the Sellers had taken such actions or
made such decisions. In connection with the foregoing, all notice, delivery,
consent or consultation obligations of Buyer with respect to Sellers shall be
deemed satisfied by Buyer if such notice, delivery, consent or consultation is
provided to, or obtained from, the Seller Representative on behalf of the
Sellers.

 4
 

Section 1.4             Closing.

The closing of the sale
and purchase of the Shares and the Additional Assets (the “Closing”)
shall take place on the date that is the later of (a) the third business day
following the date on which the last to be satisfied or waived of the
conditions set forth in Article V hereof (other than those conditions which, by
their terms, are to be satisfied on the Closing Date) are satisfied or waived
and (b) October 1, 2007, at the offices of Baker & McKenzie LLP, 1114
Avenue of the Americas, New York, NY 10036, or at such other time, date and
location as the parties to this Agreement may mutually agree in writing (the
date on which the Closing actually occurs, the “Closing Date”).  The Closing shall be deemed to be effective
as of the close of business Pacific Time on the Closing Date.

Section 1.5             Deliveries by
Seller. At the Closing, Sellers shall deliver the following to Buyer:

(a)           certificates
representing the Shares (other than the MDL Sweden Shares) duly endorsed in
blank or accompanied by stock powers (or, with respect to the MDL Sweden
Shares, if the MDL Sweden Certificate is not located prior to the Closing, a
stock power without the accompanying certificate) or other applicable
instruments of transfer duly executed in blank form, with transfers duly
executed by the registered holder thereof in favor of Buyer or Buyer’s
designee, and any other documents which may be required to give valid title to
the applicable Shares, free and clear of any Encumbrance, other than
restrictions on transfer imposed under applicable securities Laws;

(b)           a duly executed
counterpart of the Transition Services Agreement substantially in the form
attached hereto as Exhibit A (the “Transition Services Agreement”);

(c)           if the MDL Sweden
Certificate is located prior to the Closing, evidence that Buyer has been duly
entered as the owner of the MDL Sweden Shares in the share register of MDL
Sweden;

(d)           (i) copies of the
resolutions of the Board of Directors or other managerial body of each Seller,
certified by a proper director or officer of such Seller, approving such party’s
execution, delivery and performance of this Agreement and the other agreements
to be executed and delivered by such Seller pursuant to this Agreement and (ii)
an executed certificate of a duly authorized officer of each Seller, dated as
of the Closing Date, certifying that the execution and delivery of this
Agreement, and the other agreements to be executed and delivered by such Seller
pursuant to this Agreement, by such Seller and the consummation by such Seller
of the transactions contemplated hereby and thereby have been duly authorized
by all necessary action on the part of such Seller and its members or
stockholders, as the case may be, in accordance with applicable Law and such
Seller’s organizational documents;

(e)           a receipt for the
Purchase Price;

(f)            a certificate executed
by a duly authorized director or officer of each Seller certifying to the
matters set forth in Sections 5.2(a), 5.2(b) and 5.2(c) with respect to such
Seller;

(g)           the Bill of Sale and
Assignment Agreement substantially in the form attached hereto as Exhibit C,
duly executed by Elsevier UK and MDL (UK) Limited;

 5
 

(h)           a duly executed
counterpart of each of the following agreements (“Services Agreements”):

(i)            the Access and Hosting
Agreement substantially in the form attached hereto as Exhibit D;

(ii)           the Contract Services
Agreement substantially in the form attached hereto as Exhibit E;

(iii)          the Elsevier License
Agreement substantially in the form attached hereto as Exhibit F;

(iv)          the MDL License
Agreement substantially in the form attached hereto as Exhibit G; and

(v)           the Crossfire License
Agreement substantially in the form attached hereto as Exhibit K.

(i)            certificates of good
standing with respect to each MDL Group Company (if the jurisdiction of such
entity issues good standing certificates), issued by the jurisdiction of incorporation
or organization for each such entity, each dated a date that is as close to the
Closing Date as reasonably practicable;

(j)            resignations or
evidence of removal of the directors and officers of the MDL Group Companies,
other than those persons whom Buyer specifies to Seller Representative at least
five (5) days prior to the Closing Date;

(k)           certification, in form
and substance reasonably satisfactory to Buyer, from Elsevier Inc. to the
effect that Elsevier Inc. is not a “foreign person” as defined in Section 1445
of the Code; and

(l)            Seller Releases
substantially in the form attached hereto as Exhibit B, duly executed by
each Seller.

Section 1.6             Deliveries by
Buyer.  At the Closing, Buyer shall
deliver the following to the Seller Representative, for the benefit of Sellers:

(a)           payment of the Purchase
Price in immediately available funds by wire transfer to an account or accounts
designated by the Seller Representative by notice provided to Buyer not later
than two business days prior to the Closing Date, it being acknowledged and
agreed by Sellers that such payment to the Seller Representative shall be
deemed to constitute payment to all Sellers hereunder;

(b)           a duly executed
counterpart of the Transition Services Agreement;

(c)           (i) copies, certified
by a proper officer of Buyer, of the resolutions of its Board of Directors
authorizing Buyer’s execution, delivery and performance of this Agreement and
the other agreements and instruments to be executed and delivered by Buyer
pursuant to this

 6
 

Agreement, and (ii) an executed certificate
of a duly authorized officer of Buyer, dated as of the Closing Date, certifying
that the execution and delivery of this Agreement, and the other agreements to
be executed and delivered by Buyer pursuant to this Agreement, by Buyer and the
consummation by Buyer of the transactions contemplated hereby and thereby have
been duly authorized by all necessary action on the part of Buyer, in
accordance with applicable Law and Buyer’s organizational documents;

(d)           a certificate executed
by a duly authorized officer of Buyer certifying to the matters set forth in
Sections 5.3(a) and (b);

(e)           the Assumption
Agreement substantially in the form attached hereto as Exhibit H duly
executed by Buyer; and

(f)            a duly executed
counterpart of each of the Services Agreements referred to in Section 1.5(h)
above.

Section 1.7             Purchase Price
Allocation.  For purposes of Section
1060 of the Internal Revenue Code of 1986, as amended (the “Code”) (and
any similar provision of state, local or foreign law, as appropriate), the
Purchase Price (and all other capitalized costs) and the Assumed Liabilities
shall be allocated among the Shares and Additional Assets in the manner set
forth on Schedule 1.7 hereto.  The
parties acknowledge that such allocation of the Purchase Price has been
negotiated by them at “arms-length” and that Buyer and Sellers shall be bound
by such allocation for all Tax purposes, shall not take any position (whether
on audits, tax returns or otherwise) that is inconsistent with such allocation,
shall utilize such allocation in any and all Tax filings made by such parties
and shall complete their respective Internal Revenue Service Forms 8594 in
accordance with Schedule 1.7.

ARTICLE
II

REPRESENTATIONS
AND WARRANTIES OF SELLERS

Except as set forth in
the disclosure schedules (subject to the immediately following sentence)
prepared by Sellers and delivered to Buyer simultaneously with the execution
hereof, Sellers, jointly and severally, represent and warrant to Buyer that all
of the statements contained in this Article II are true as of the date hereof
and will be true as of the Closing Date or, if made as of a specified date, as
of such date.  For purposes of the
representations and warranties of Sellers contained herein, disclosure in any
of the disclosure schedules of any facts or circumstances shall be deemed to be
an adequate response and disclosure of such facts or circumstances with respect
to all representations or warranties by Sellers calling for disclosure of such
information, to which such disclosure is readily apparent.

Section 2.1             Organization and
Good Standing.

(a)           Each MDL Group Company
is a corporation duly organized, validly existing and (where applicable) in
good standing under the laws of its jurisdiction of organization and has all
requisite power and authority to own, lease and operate its properties and to
carry on its business as it is now being conducted, except where failure to
have such power and authority would not reasonably be expected to have a
Material Adverse Effect on the Business. 
Each MDL Group

 7
 

Company is duly qualified or licensed to do
business as a foreign corporation and is in good standing in each jurisdiction
where the conduct of its business as it is now conducted requires such
qualification or licensing, except where the failure to be so duly qualified,
licensed and in good standing would not reasonably be expected to have a
Material Adverse Effect on the Business. 
Sellers have heretofore delivered to Buyer true and complete copies of
the certificate of incorporation and bylaws or comparable organizational
documents of each MDL Group Company as currently in effect.

(b)           Each Seller is a
corporation duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization and has all requisite power and
authority to own, lease and operate its properties and to carry on its business
as it is now being conducted, except where failure to be in good standing would
not have a Material Adverse Effect on Sellers.

(c)           As used in this
Agreement, the term “Material Adverse Effect” means: (A) with respect to
the Business, any change, event, circumstance, effect or occurrence,  individually or in the aggregate, which is or
would reasonably be expected to be materially adverse to the assets (including
intangible assets), properties, liabilities, business, condition (financial or
otherwise) or results of operations of the Business, in each case taken as a
whole; provided, however, that, the determination of Material
Adverse Effect shall not include, either alone or in combination: (i) any
change, event, circumstance, effect or occurrence resulting from the
announcement of the execution of this Agreement and the transactions
contemplated hereby, or Buyer’s proposed ownership and operation of the MDL
Group Companies or the Business, including any disruption of customer or
supplier relationships or loss of any employees or independent contractors;
(ii) any changes (after the date hereof) in accounting policies or practices or
any Laws; (iii) any adverse change, event, circumstance, effect or occurrence
affecting the economy of the United States or any other country generally or
the target markets of the Business in particular, provided that the same do not
have a materially disproportionate effect on the Business; (iv) the effect of
any change arising in connection with earthquakes, floods, other acts of God,
hostilities, acts of war, sabotage or terrorism or military actions existing or
underway as of the date hereof, except to the extent that the effect is
material damage to a substantial portion of the assets of the Business taken as
a whole; (v) any failure of the MDL Group Companies to meet any of their
internal projections, including any projections previously made available to
Buyer (it being understood that the facts or occurrences giving rise or
contributing to such failure may be deemed to constitute, in and of themselves,
a Material Adverse Effect and may be taken into account when determining
whether a Material Adverse Effect has occurred); or (vi) the effect of the
divestiture of the MDL Group Companies and the Additional Assets or the loss of
the benefits of any of the Shared Services or Master Services Agreements; and
(B) with respect to Buyer or Sellers, any change, event, circumstance, effect
or occurrence, individually or in the aggregate, which is or would reasonably
be expected to be materially adverse to the ability of such party to consummate
the transactions contemplated by this Agreement and the Collateral Agreements.

Section 2.2             Authorization;
Validity of Agreement.  Each Seller
and MDL Group Company has the full power and authority to execute and deliver
this Agreement and each of the other agreements delivered in connection
herewith (the “Collateral Agreements”) to which it is a party and to
consummate the transactions contemplated hereby and thereby.  The execution, delivery and performance by
each Seller and MDL Group Company of this Agreement and the

 8
 

Collateral Agreements to which such Seller or
MDL Group Company is a party, and the consummation of the transactions
contemplated hereby and thereby, have been duly authorized by, and no other
corporate proceedings on the part of, each Seller and MDL Group Company are
necessary to authorize the execution and delivery by such Seller or MDL Group
Company of this Agreement or the Collateral Agreements and the consummation by
it of the transactions contemplated hereby and thereby.  This Agreement has been (and the Collateral
Agreements will be) duly executed and delivered by each Seller and MDL Group
Company that is a party hereto and thereto and, assuming due and valid
authorization, execution and delivery thereof by Buyer, this Agreement
constitutes (and the Collateral Agreements, when executed and delivered will
constitute) the legal, valid and binding obligations of each Seller and MDL
Group Company, as applicable, enforceable against them in accordance with their
respective terms, except that (i) such enforcement may be subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now
or hereafter in effect, affecting creditors’ rights generally and (ii) the
remedy of specific performance and injunctive and other forms of equitable
relief may be subject to equitable defenses and to the discretion of the court
before which any proceeding therefor may be brought.

Section 2.3             Consents and
Approvals; No Violations.  Neither
the execution, delivery or performance by each Seller of this Agreement, nor
the execution, delivery or performance by each Seller and each MDL Group
Company of the Collateral Agreements to which it is a party, nor the
consummation by each Seller and each MDL Group Company of the transactions
contemplated hereby or thereby, as applicable, will (i) violate any provision
of the articles of organization, by-laws or any other organizational documents
of any such Seller or MDL Group Company; (ii) except with respect to consents
required under the contracts contained in Schedule 2.3, result in a
violation or breach of, or constitute (with or without due notice or lapse of
time or both) a default or give rise to any right of termination, cancellation
or acceleration under, any of the terms, conditions or provisions of any
Material Contract or Lease; (iii) violate any material order, writ, judgment,
injunction or Laws applicable to any Seller or MDL Group Company; (iv) except
as set forth on Schedule 2.3 and except for filings pursuant to the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR
Act”), require on the part of any Seller or MDL Group Company any filing or
registration with, notification to, or authorization, consent or approval of,
any transnational, domestic or foreign federal, state or local, court,
arbitration, tribunal, commission, legislative, executive or regulatory
authority or agency (a “Governmental Entity”); or (v) result in the
creation or imposition of any Encumbrance on any Shares, Assets or Additional
Assets, except for Permitted Encumbrances; other than, in the case of clause
(iv), any such filing or registration with, notification to, or authorization,
consent or approval of, any Governmental Entity that would not have,
individually or in the aggregate, a material effect on Sellers or the MDL Group
Companies.

Section 2.4             Capitalization;
Subsidiaries.

(a)           The authorized capital
stock of each MDL Group Company is set forth on Schedule 2.4
hereto.  All of the Shares were duly
authorized for issuance and are validly issued and, with respect to the MDL US
Shares, are fully paid and non-assessable. The Shares represent all of the
issued and outstanding capital stock of the MDL Group Companies.  Each Seller is the sole record holder and
beneficial owner of all of the Shares set forth opposite such Seller’s name on Schedule
2.4, free and clear of all Encumbrances, other than restrictions on
transfer imposed

 9
 

under applicable securities Laws.  Each Seller has the power and authority to
sell, transfer, assign and deliver such Shares as provided in this Agreement,
and upon the consummation of the Closing, Buyer will be the record and
beneficial owner of the entire equity interest in each MDL Group Company, free
and clear of all Encumbrances other than restrictions on transfer imposed under
applicable securities Laws.  No Seller is
a party to any voting trust or other contract with respect to the voting,
redemption, sale, transfer or other acquisition or disposition of the Shares,
and no Seller has granted any proxy, in whole or in part, with respect to the
Shares.  Other than the Shares, there are
no (i) equity securities of any class of 
any MDL Group Company, or any security exchangeable into or exercisable
for such equity securities, issued, reserved for issuance or outstanding and
(ii) options, warrants, equity securities, calls, rights or other Contracts to
which any MDL Group Company is a party or by which any MDL Group Company is
bound obligating a MDL Group Company to issue, exchange, transfer, deliver or
sell, or cause to be issued, exchanged, transferred, delivered or sold,
additional shares of capital stock or other equity interests of the MDL Group
Company or any security or rights convertible into or exchangeable or
exercisable for any such shares or other equity interests, or obligating the
MDL Group Company to grant, extend, accelerate the vesting of, otherwise modify
or amend or enter into any such option, warrant, equity security, call, right,
or Contract.  No Seller nor any MDL Group
Company is party to any arrangement granting to any Person any stock appreciation,
phantom stock or other similar right with respect to the Shares or the MDL
Group Companies. No applicable securities law was violated in connection with
the offering, sale or issuance of the Shares to any Seller or any of its
Affiliates.  None of the Shares have been
issued in violation of, and none are subject to, any purchase option, call,
right of first refusal, preemptive, subscription, or other similar right.

(b)           No MDL Group Company
owns any equity interest in any person.

Section 2.5             Financial
Statements; No Undisclosed Liabilities.

(a)           Attached hereto as Schedule
2.5(a) are the following financial statements: unaudited combined balance
sheets of the Business as of December 31, 2006 and December 31, 2005 and
the related unaudited statements of income of the Business for each of the
fiscal years then ended, and the unaudited combined interim balance sheet of
the Business as of June 30, 2007 (the “Current Balance Sheet”) and the
related unaudited combined interim statement of income of the Business for the
six months ended June 30, 2007.  The
financial statements described in the preceding sentence are referred to herein
collectively as the “Financial Statements.”  Such Financial Statements have been prepared
in accordance with the accounting principles described on Schedule 2.5(a)
hereto applied on a consistent basis (the “Seller Accounting Principles”).
The Financial Statements have been prepared from and are materially consistent
with the books and records of the Business. 
Subject to the foregoing, the Financial Statements fairly present the
financial condition and the results of operations of the Business as of the
respective dates and for the periods indicated therein, prepared in accordance
with the Seller Accounting Principles, except that (i) the Financial Statements
do not contain footnotes and other presentation
items required under generally accepted accounting principles, International
Financial Reporting Standards or any
other set of promulgated accounting principles and (ii) as a member of
Reed Elsevier, certain services are provided to the Business without
charge.  As used herein, “Reed
Elsevier” shall mean the collective legal entities Reed Elsevier plc, an
English public limited company, Reed Elsevier NV, a Netherlands Naamloze Vennootschap, and their
respective Affiliates.

 10
 

(b)           Except as described on Schedule
2.5(b) and except (i) as set forth in the Current Balance Sheet, and (ii)
for liabilities and obligations incurred by the Business in the ordinary course
of business consistent with past practice since the date of the Current Balance
Sheet, the Business and each MDL Group Company do not have (A) any material
liabilities of any type or nature, whether accrued, contingent, absolute,
determined, determinable or otherwise, of the kind required to be disclosed in
financial statements prepared in accordance with the Seller Accounting
Principles or (B) to Sellers’ knowledge, any other material liabilities of any
type or nature, whether accrued, contingent, absolute, determined, determinable
or otherwise, whether or not of the type required to be disclosed in financial
statements prepared in accordance with the Seller Accounting Principles.

(c)           The MDL Group Companies
have established and maintain a system of internal controls which allow for the
preparation of the Financial Statements in accordance with the Seller
Accounting Principles.

Section 2.6             Real Property.  

(a)           No MDL Group Company
owns any real property.  Schedule
2.6(a)(i) sets forth a list of all real property leased by any MDL Group
Company or any Seller which is used primarily in connection with the Business
(the “Leased Premises”).  Schedule
2.6(a)(ii) contains a list of certain other premises which are owned or
leased by one or more Sellers in connection with operations unrelated to the
Business but partially utilized by the MDL Group Companies under an arrangement
with such Sellers (the “Temporary Use Premises”).  Sellers have made available to Buyer true,
correct and complete copies of all leases relating to the Leased Premises (the “Leases”),
which Leases are in full force and effect and have not been amended or
modified.  Other than as set forth on Schedule
2.6(a)(iii), no MDL Group Company or Seller has entered into any material
sublease, license, option, right, concession or other agreement or arrangement
granting to any person the right to use or occupy such Leased Premises or any
portion thereof or interest therein.

(b)           The applicable Seller
or MDL Group Company, as the case may be, has a valid leasehold interest in all
Leased Premises.  With respect to each
Lease, (i) such Lease is a valid and binding obligation of the applicable
Seller or its applicable Subsidiary and, to Sellers’ knowledge, each other
party to such Lease, and is in full force and effect, (ii) neither the
applicable Seller nor MDL Group Company nor, to Sellers’ knowledge, any other
party to any Lease is in material breach or material default in any respect
under the terms of such Lease and, to Sellers’ knowledge, no event has occurred
which, with notice or lapse of time or both, would constitute a material breach
or material default or permit termination, modification or acceleration
thereunder, (iii) neither the applicable Seller nor MDL Group Company has
assigned, transferred, conveyed, mortgaged, deeded in trust or encumbered any
interest in the leasehold or subleasehold of any Lease, and (iv) no Seller nor
any MDL Group Company has received any written notice that any Leased Premises
is subject to any order to be sold, condemned, expropriated or otherwise taken
by any Governmental Entity, with or without payment of compensation therefor,
and, to Sellers’ knowledge, no such sale, condemnation, expropriation or taking
has been threatened.

 11
 

(c)           Schedule 2.6(c)
sets forth each Lease requiring a consent or other action by any Person as a
result of the execution, delivery and performance of this Agreement.

Section 2.7             Absence of Certain
Changes.  Except as set forth on Schedule
2.7, since the date of the Current Balance Sheet, (i) each MDL Group
Company has conducted its business in the ordinary course of business
consistent with past practice, (ii) there has not been any change, event,
circumstance, effect or occurrence that has had or would reasonably be expected
to have a Material Adverse Effect on the Business, and (iii) there has not been
(A) any damage, destruction or other casualty loss (whether or not covered by
insurance) affecting and material to the Business, the Assets or the Additional
Assets, or (B) any material labor dispute, other than routine individual
grievances, or any activity or proceeding by a labor union or representative
thereof to organize any employees of the Business, or any material lockouts,
strikes, slowdowns, work stoppages or threats thereof by or with respect to
such employees.

Section 2.8             Employees;
Employee Benefit Plans; Employee Employment Agreements.

(a)           Schedule 2.8(a)
sets forth the names and job titles of (i) all current employees of MDL US who
are employed by MDL US primarily in relation to the Business as of the date
stated thereon, including, and indicating as such, any such employees who are
on authorized leaves of absence, leaves of absence pursuant to legally mandated
programs or policies, or short- or long-term disability and any date on which
any such employee is expected to return to active employment (the “Domestic
Employees”), and (ii) all employees employed by any MDL Group Company
outside of the United States or any of Sellers or their Affiliates outside of
the United States primarily in relation to the Business (the “Foreign  Employees,”
and together with the Domestic Employees, the “Employees”), including
with respect to each Employee, such employee’s job title, current salary and
bonus amounts and the geographic location of the facility that is the principal
place of employment for each Employee.  Schedule
2.8(a)(ii) also sets forth a list of each “employee benefit plan” (as
defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”)), and each written plan, agreement, program, policy
or other arrangement involving direct or indirect compensation (other than
workers’ compensation, unemployment compensation and other governmental
programs), employment, consulting, disability benefits, supplemental
unemployment benefits, vacation benefits, severance, bonus, retention bonus,
change of control, incentive, deferred compensation, retirement,
profit-sharing, post-retirement welfare benefits, stock options, stock
appreciation rights or other equity-related compensation, or other benefits,
entered into or maintained or contributed to by the MDL Group Companies or any
person that, together with the MDL Group Companies, would be deemed a “single
employer” (within the meaning of Sections 414(b), (c), (m) and (o) of the  Code, such persons being referred to as “Related
Persons”), for the benefit of employees or former employees of the MDL
Group Companies or employees or former employees of any of Sellers or their
Affiliates in respect of the Business (“Employee Benefit Plans”), or
with respect to which the MDL Group Companies are reasonably expected in the
future to have any liability (contingent or otherwise).  A correct and complete description or summary
of each Employee Benefit Plan has been made available to Buyer by Sellers.

 12
 

(b)           The MDL Group Companies
are not subject to any liability or penalty under Sections 4975 through 4980B
of the Code or Title I of ERISA.  The MDL
Group Companies have complied with all applicable health care continuation
requirements in Section 4980B of the Code and in ERISA.  Except
as set forth on Schedule 2.8(b), no “Prohibited Transaction,”
within the meaning of Section 4975 of the Code or Sections 406 or 407 of ERISA
and not otherwise exempt under Section 408 of ERISA, has occurred with respect
to any Employee Benefit Plan.

(c)           None of the MDL Group
Companies currently maintains, contributes to, is required to contribute to or
has any liabilities with respect to, or has ever in the past maintained,
contributed to, been required to contribute to or had any liabilities with
respect to, any “multiemployer plan” within the meaning of Section 3(37) of
ERISA.

(d)           Except as set forth on Schedule
2.8(d), none of the MDL Group Companies currently maintains, contributes
to, is required to contribute to or has any liabilities with respect to, or has
ever in the past maintained, contributed to, been required to contribute to or
had any liabilities with respect to (i) any employee pension benefit plan
within the meaning of Section 3(2) of ERISA, which is subject to Title IV of
ERISA or to Section 412 of the Code, (ii) any plan described in Section 413 of
the Code, (iii) a plan maintained in connection with any trust described in
Section 501(c)(9) of the Code for which Buyer or any of Buyer’s Affiliates
shall have any liability on or after the Closing Date.

(e)           Except as set forth on Schedule
2.8(e), no Employee Benefit Plan provides, or reflects or represents any
obligation to provide, benefits (including death or medical benefits), whether
or not insured, with respect to any former or current employee of any MDL Group
Company, or any spouse or dependent of any such employee, beyond the employee’s
retirement or other termination of employment with the MDL Group Company other
than (1) coverage mandated by Part 6 of Title I of ERISA or Section 4980B of
the Code or similar Laws of any state, (2) retirement or death benefits under
any plan intended to be qualified under Section 401(a) of the Code, (3)
disability benefits that have been fully provided for by insurance under an
Employee Benefit Plan that constitutes an “employee welfare benefit plan”
within the meaning of Section (3)(1) of ERISA, or (4) benefits in the nature of
severance pay with respect to one or more of the employment contracts set forth
on Schedule 2.8(e).

(f)            There is no contract,
plan or arrangement covering any employee or former employee of any MDL Group
Company that, individually or collectively, as a result of the transactions
contemplated by this Agreement, could give rise to the payment of any amount
that would not be deductible by the applicable MDL Group Company by reason of
Section 280G of the Code.  For purposes
of the foregoing sentence, the term “payment” shall include any payment,
acceleration, forgiveness of indebtedness, vesting, distribution, increase in
benefits or obligation to fund benefits. 
Except as set forth on Schedule 2.8(f), the execution of this
Agreement and the consummation of the transactions contemplated by this
Agreement (alone or together with any other event which, standing alone, would
not by itself trigger such entitlement or acceleration) will not (1) entitle
any person to any payment, forgiveness of indebtedness, vesting, distribution,
or increase in benefits under or with respect to any Employee Benefit Plan or
(2) otherwise trigger any acceleration (of vesting or payment of benefits or
otherwise) under or with respect to any Employee Benefit Plan.

 13
 

(g)           Schedule 2.8(g)
sets forth a list of all written employment, compensation, bonus, and severance
agreements for each Employee.

(h)           Except as set forth on Schedule 2.8(h), each Employee Benefit
Plan has been maintained in all material respects in compliance with its
terms and with the requirements prescribed by any and all applicable
statutes, orders, rules and regulations (including any special provisions
relating to qualified plans where such Plan was intended so to qualify) and has
been maintained in good standing with applicable regulatory authorities.

Section 2.9             Actions and
Proceedings.  Except as set forth on Schedule
2.9, there are no (a) outstanding material judgments, orders, writs,
injunctions or decrees of any Governmental Entity relating to or involving any
MDL Group Company, the Business or any Additional Asset or (b) material
actions, suits, claims, investigation or legal, administrative or arbitration proceedings
pending or, to Sellers’ knowledge, threatened by or against or relating to or
involving any MDL Group Company, the Business or any Additional Asset.

Section 2.10           Compliance with
Applicable Laws.

Except as set forth in Schedule
2.10, the Business and the business of the MDL Group Companies is being,
and for the past two (2) years has been, conducted in material compliance with
all existing material federal, state or 
local statutes, laws, ordinances, orders, judgments, rules or
regulations or similar requirements of Governmental Entities applicable to it (“Laws”).  No MDL Group Company has received any written
notice of or been charged with the violation of any material Laws.  Sellers and MDL Group Companies have in
force, and the Business is being conducted in material compliance with the
terms and conditions of, all material licenses, permits, exemptions, consents,
authorizations, approvals and certificates of Governmental Entities which are
material to the conduct of the Business and which are required under any Law in
connection with the Business (“Permits”), in each case as presently
conducted.  No Seller or MDL Group
Company is in material violation or material breach of, no event has occurred
which would constitute (with or without due notice or lapse of time or both) a
material default (or give rise to any right of termination, cancellation,
modification or acceleration) of, and no inquiries, proceedings or
investigations are pending, or to Sellers’ knowledge threatened, relating to
any term, condition or provision of any Permit. 
No action by any Governmental Entity has been taken or, to Sellers’
knowledge, threatened, in connection with the expiration, continuance or
renewal of any such Permit.  None of the
Permits will be terminated or impaired or become terminable, in whole or in
part, as a result of the transactions contemplated hereby.

Section 2.11           Intellectual
Property.

(a)           Except for (i) assets,
properties and services to be provided under the Transition Services Agreement
and the Services Agreements and (ii) the assets, properties and services
currently provided under the Shared Services agreements and the Master Services
Agreements, the MDL Group Companies own or possess adequate license or other
rights to use all Intellectual Property which is used in and material to the
conduct of the Business as presently conducted as of the date hereof (or
planned to be conducted within the next 12 months pursuant to a written plan of
an MDL Group Company in existence as of the date hereof) (“Necessary
Intellectual Property”). 
Consummation of the transactions contemplated herein will not materially
restrict, impair or extinguish any rights any MDL Group Company currently has
to use the Necessary Intellectual Property.

 14
 

(b)           Except as set forth on Schedule
2.11(b), no claims are pending against any MDL Group Company, nor do
Sellers know of any claims threatened in writing, (i) to the effect that
the conduct of the Business by the MDL Group Companies infringes on or
otherwise violates the rights of any third party, or (ii) challenging the
ownership or possession by an MDL Group Company of its rights to any Necessary
Intellectual Property, or (iii) challenging the validity or enforceability of
any Intellectual Property of the MDL Group Companies.  To Sellers’ knowledge, (i) no other person is
materially infringing or otherwise materially violating any of the Necessary
Intellectual Property  and (ii) the
operation of the Businesses of the MDL Group Companies as currently conducted
(or planned to be conducted within the next 12 months pursuant to a written
plan of an MDL Group Company in existence as of the date hereof) does not
materially infringe or misappropriate any Intellectual Property of any third
party or materially violate any right of any third party (including any right
to privacy or publicity).

(c)           None of the Necessary
Intellectual Property is subject to any outstanding decree, order, judgment or
stipulation restricting in any material manner the licensing thereof by the
applicable MDL Group Company.

(d)           The MDL Group Companies
own or possess adequate license or other rights in the computer programs,
computer software, and applications currently marketed (or currently under
development and intended for marketing within the next 12 months) by the MDL Group
Companies (“Software”) which are material to the conduct of the Business
as presently conducted by the MDL Group Companies as of the date hereof.  To Sellers’ knowledge, Schedule 2.11(d)
sets forth a complete list of all software (including object code and/or source
code) that is incorporated in the Software and is not solely owned by the
applicable MDL Group Company.

(e)           Schedule 2.11(e)
sets forth a complete list of the MDL Registered IP.   For the purposes of this Agreement, “MDL
Registered IP” means all Intellectual Property of the MDL Group Companies
registered (or the subject of a pending application for registration) in the
United States or any foreign country.  Except as set forth on Schedule 2.11(e),
all such MDL Registered IP has been duly filed in the United States Patent and
Trademark Office or U.S. Copyright Office, or their foreign equivalents and has
been properly maintained or renewed in accordance with all applicable
provisions of applicable Law, except where any failure to so file, maintain or
renew could not reasonably be expected to have a material effect on the
Business.

(f)            None of the Necessary
Intellectual Property owned or exclusively licensed by the MDL Group Companies
has been adjudicated invalid or unenforceable, and to Sellers’ knowledge all
such Necessary Intellectual Property is valid and enforceable.  Each applicable MDL Group Company has used
reasonable commercial efforts to maintain the confidentiality of its
Intellectual Property to the extent the value thereof is contingent upon
maintaining confidentiality, except where failure to so maintain would not
reasonably be expected to have a material effect on the Business.

 15

(g)           Except as set forth on Schedule 2.11(g),
to Sellers’ knowledge, none of the MDL Group Companies’ products or portion
thereof constituting Software are being distributed, in whole or in part, or
are being used by any MDL Group Company in conjunction with any Public
Software.  “Public Software” means
any software that contains, or is derived in any manner (in whole or in part)
from, any software that is distributed as free software, open source software
(e.g., Linux) or similar licensing or distribution models including the GNU
General Public License (GPL) or the GNU Lesser General Public License (LGPL).

(h)           To Sellers’ knowledge, none of the Software
used in the Business (including in any software marketed or under development
by the MDL Group Companies) contains any worm, bomb, backdoor, clock, timer, or
other disabling device code, design or routine which can cause software to be
erased, inoperable, or otherwise incapable of being used, either automatically
or upon command by any person, in each case where such item would materially
affect the use or operation of such Software.

(i)            In the ordinary course, Sellers undertake
contractual obligations to deposit certain source code of certain Software
products into escrow accounts.  To
Sellers’ knowledge, no breach of any such contractual obligations has occurred
which would result in the release from escrow of the relevant source code.

(j)            As used in this Agreement, “Intellectual
Property” means all of the following and all worldwide rights therein,
arising therefrom, or associated therewith: 
(i) trademarks, trade names, trade dress, service marks, logos, business
names, and all registrations thereof and applications for registration therefor
(including all goodwill associated thereto); (ii) copyrights, copyright
registrations, mask works and mask work registrations, and applications
therefore and all other rights corresponding thereto throughout the world;
(iii) trade secrets, proprietary information, technology, know-how, processes,
technical data and customer lists; (iv) patents, patent applications, and all
reissues, divisions, renewals, reexaminations, extensions, provisionals,
continuations, continuing prosecution applications and continuations-in-part
thereof, and inventions and improvements (whether or not patented or
patentable); (v) computer software, including all source code, object code,
firmware, development tools, files, records and data, all media on which any of
the foregoing is recorded, all Web addresses, sites and domain names; and (vi)
databases and data collections and all rights therein throughout the world.

Section 2.12           Labor Matters.

(a)           Except as set forth in Schedule 2.12(a),
no MDL Group Company is, nor are any of Sellers’ or their Affiliates with
respect to any of the Employees, a party to or otherwise bound by or currently
negotiating in connection with entering into any collective bargaining or any
other type of collective labor or union agreement, and there is no labor union
or other organization representing any Employee.  No MDL Group Company is in negotiation with
any relevant staff or works council to change any fundamental terms and
conditions of employment. No strike, labor suit or proceeding or labor
administrative proceeding is pending or, to Sellers’ knowledge, threatened in writing
respecting the Employees, and, to Sellers’ knowledge, no such matter has been
threatened within the three (3) year period prior to the date of this
Agreement.  Each MDL Group Company, and
each Seller and their Affiliates with respect to any Employees employed by
them, as applicable, have complied in all material respects with, and are
presently

 16
 

in compliance with, all applicable material Laws pertaining to the
employment of Employees, including all such material Laws relating to labor
relations, equal employment opportunities, fair employment practices,
prohibited discrimination or distinction and other similar employment
activities.

(b)           Except as set forth on Schedule 2.12(b),
in the three (3) years prior to the date hereof, no MDL Group Company has been,
nor have any of Sellers’ or their Affiliates with respect to any of the
Employees been, a party to any court, arbitration or administrative proceeding
in which such MDL Group Company or Sellers or their Affiliates (with respect to
the Employees) was, or is, alleged to have violated any material Laws, or any
judgments, orders, writs, injunctions, decrees, rulings or assessments of any
Governmental Entity, or any arbitration awards, relating to employment, equal
opportunity, nondiscrimination, immigration, wages, hours, benefits, collective
bargaining, the payment of social security and similar taxes, income tax
withholding, and/or privacy rights of employees.  Except as set forth on Schedule 2.12(b),
in the three (3) years prior to the date hereof, no MDL Group Company has, nor
have any of Sellers’ or their Affiliates with respect to any of the Employees,
effectuated (i) a “plant closing” as defined in the Worker Adjustment and
Retraining Notification Act, 29 U.S.C. §§ 2101 et seq.
(the “WARN Act”) (or any similar state, local or foreign Law) affecting
any site of employment or one or more facilities or operating units within any
site of employment or facility of an MDL Group Company or (ii) a “mass layoff”
as defined in the WARN Act (or any similar state, local or foreign Law)
affecting any site of employment or facility of an MDL Group Company or any of
Sellers or their Affiliates with respect to any site of employment or facility
of any of the Employees employed by them.

(c)           There are no material complaints, charges or
claims against any MDL Group Company brought or filed or, to the knowledge of
Sellers, threatened to be brought or filed with any Governmental Entity arising
out of the employment or termination of employment of any current or former employee
of any MDL Group Company.

Section 2.13           Material Contracts.   Schedule
2.13 contains a complete and accurate list of all of the following kinds of
contracts, agreements and arrangements to which any MDL Group Company is a
party or bound:

(a)           agreements, contracts or instruments
relating to any capital lease or purchase on an installment basis of any Asset
(as hereinafter defined) or the guarantee of any of the foregoing;

(b)           agreements, contracts or instruments with
the top 40 customers of the Business for the 3 year period from 2004 to 2006 by
bookings (the “Top Customers”);

(c)           any agreements, contracts or instruments for
the sale or other disposition of a material amount of Assets (in each case
excluding any contracts relating to the Elsevier Retained Assets or for the
license of the Business’ products or the provision of maintenance in the
ordinary course of business);

 17
 

(d)           agreements, contracts or instruments which
have any liability or obligation involving payments in excess of $250,000
annually (excluding any contracts for the license of the MDL Group Companies’
or the Business’ products or the provision of maintenance in the ordinary
course of business);

(e)           sales agency and distribution agreements and
arrangements, including arrangements with independent sales representatives and
organizations;

(f)            agreements, contracts or instruments which
place any material restriction on the ability of any MDL Group Company to
compete in any business or activity within a certain geographic area;

(g)           agreements, contracts or
instruments with the top 10 suppliers or service providers (the “Top
Suppliers”) of the Business in 2006 by total annual expenditures;

(h)           agreements, contracts or instruments under
which any MDL Group Company has granted or received a license or sublicense or
under which such MDL Group Company is obligated to pay or has the right to
receive a royalty, license fee or similar payment, or any other contract
involving Intellectual Property (excluding the Services Agreements and any
non-exclusive licenses granted to customers of the MDL Group Companies in the
ordinary course of business consistent with past practice, and any contract
made in the ordinary course of business for information technology products or
services (including software, hardware and telecommunication services) which is
expected to be fully performed within one year after the date thereof, which
does not require annual expenditures in excess of $250,000);

(i)            agreements, contracts or instruments
relating to joint ventures or strategic alliances with any other person;

(j)            agreements, contracts or instruments
relating to incurrence or extension of any Indebtedness in each case in excess
of $250,000;

(k)           agreements, contracts or instruments for the
acquisition of any business within the past three (3) years, whether by merger,
stock purchase or asset purchase; and

(l)            any agreement to enter into any of the
foregoing.

All of the foregoing contracts, agreements and
arrangements disclosed in Schedule 2.13, or required to be disclosed pursuant
to Section 2.13 including all amendments and modifications thereto, are
referred to herein as “Material Contracts”.  Sellers have heretofore delivered to Buyer
current and complete copies of the documents constituting all of the Material
Contracts.  Except as otherwise specified
on Schedule 2.13, each Material Contract is in full force and effect,
and is a legal valid and binding obligation of the MDL Group Company or, with
respect to the Additional Assets, the Seller that is a party thereto and, to Sellers’
knowledge, of each other party(ies) thereto, enforceable in accordance with its
respective terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and similar Laws of general applicability relating to or affecting
creditors’ rights and to general equity principles (regardless of whether
enforcement is sought at law or in equity). 
Except as set forth on Schedule 2.13, each MDL Group Company or,
with respect to the Additional Assets, the applicable Seller has performed all
material obligations required to be performed by it under the Material
Contracts to which it is a party, and neither such MDL Group Company nor Seller
nor,

 18
 

to Sellers’ knowledge, any other party(ies) to such
Material Contracts, is (with or without the lapse of time or the giving of
notice, or both) in material breach or material default thereunder, nor has
such MDL Group Company or Seller received written notice that it is in material
breach or material default thereunder.

Section 2.14           Title and Sufficiency
of Assets.

(a)           Except for (i) the assets, properties and
services to be provided under the Transition Services Agreement and the
Services Agreements, (ii) the assets, properties and services provided under
the Shared Services agreements and the Master Services Agreements, and (iii)
the Additional Assets, the MDL Group Companies own, lease or have the legal
right to use all of the properties and assets, used or held for use in or
relating to the conduct of the Business as currently conducted (all such
properties and assets being the “Assets”).  Except for the assets, properties and
services referred to in clauses (i) and (ii) above, the Assets and the
Additional Assets are sufficient to conduct the Business as currently conducted
(or currently proposed to be conducted within the next 12 months pursuant to a
written plan of an MDL Group Company in existence as of the date hereof).  Except as set forth on Schedule 2.14(a),
the MDL Group Companies, and Sellers with respect to the Additional Assets collectively,
have good and valid title to the Assets other than the Intellectual Property,
free and clear of all mortgages, liens, assessments, claims, pledges, security
interests, deeds of trust, claims, leases, sub-leases, charges, options, rights
of first refusal, easements, rights of way, servitudes, restrictions (whether
voting, transfer or otherwise) or other encumbrances (collectively, “Encumbrances”),
except for (i) liens for Taxes and other governmental charges that are not yet
due and payable or which are being contested in good faith by appropriate
proceedings (and for which there are adequate accruals or reserves on the
Financial Statements), (ii) mechanics’, workmen’s, repairmen’s, warehousemen’s,
carriers’ or other similar liens arising in the ordinary course of business or
being contested in good faith, (iii) the rights, if any, of third-party
suppliers or other vendors having possession of any such Assets, or (iv)
Encumbrances which would not, individually or in the aggregate, reasonably be
expected to materially impair the current use or the value of the Assets or the
Additional Assets subject to such Encumbrances (the encumbrances described in
clauses (i) through (iv) being referred to collectively as, the “Permitted
Encumbrances”).

(b)           Except as set forth on Schedule 2.14(b),
Sellers have good and valid title to the Additional Assets, free and clear of
all Encumbrances, except for Permitted Encumbrances.

(c)           The representations and warranties set forth
in this Section 2.14 shall not apply to Intellectual Property.  All representations and warranties relating
to title to any Intellectual Property are set forth in Section 2.11 hereof.

Section 2.15           Environmental Laws
and Regulations.   Except as set forth on Schedule 2.15,
(a) the Business is, and has been, conducted in material compliance with all
applicable material Laws relating to protection of the environment, to human
health and safety or to hazardous substances, including all permits and
governmental authorizations (collectively, “Environmental Laws”, (b) the
MDL Group Companies have obtained or caused to be obtained all material
environmental permits necessary for the operation of the Business to comply
with all applicable material Environmental Laws, and the MDL Group Companies
are in material compliance with the terms of such permits, (c) there has been
no written environmental audit

 19
 

conducted within the past five years by or on behalf
of any MDL Group Company with respect to the Leased Premises which has not been
delivered to Buyer prior to the date hereof, and (d) the MDL Group Companies
and Sellers have not received any written notice of any actions, causes of
action, claims, investigations, complaints, written demands or written notices
asserting any liability against or violation by any MDL Group Company or the
Business under any Environmental Law.

Section 2.16           Taxes.

(a)           Except as set forth on Schedule 2.16(a),
all Tax Returns required to be filed by or with respect to any MDL Group
Company have been timely filed in accordance with applicable Laws, and each
such Tax Return is accurate and complete in all material respects.  All Taxes due by or with respect to any MDL
Group Company have been timely paid (whether or not shown on any Tax Return).  No MDL Group Company has requested or is the
beneficiary of an extension of time within which to file any Tax Return, which
Tax Return has not since been filed within the period of such extension.  None of the MDL Group Companies (or any
member of any affiliated, consolidated, combined or unitary group of which an
MDL Group Company is or has been a member) has granted any extension or waiver
of the statute of limitations period, or of the time for assessment or
collection, applicable to any Tax or Tax Return, which period (after giving
effect to such extension or waiver) has not yet expired.  All Tax Returns filed with respect to Tax
years of the MDL Group Companies through the Tax year ended December 31, 1999
have been examined and closed or are Tax Returns with respect to which the
applicable period for assessment under applicable Law, after giving effect to
extensions or waivers, has expired.

(b)           As used herein, “Tax” or “Taxes”
means (i) any federal, state, local or foreign income, alternative or add-on
minimum, windfall profit, gross income, gross receipts, property, sales, use,
transfer, severance, production, franchise, net worth, ad valorem, value-added,
stamp, environmental, gains, license, excise, employment, payroll, withholding
or minimum tax, or any other tax of any kind whatsoever, goods and services,
custom, duty, governmental fee or other like assessment or charge of any kind
whatsoever, together with any interest or any penalty, addition to tax or
additional amount imposed or required to be withheld by any governmental
authority and any liability for any of the foregoing as transferee, (ii) in the
case of any MDL Group Company, liability for the payment of any amount of the
type described in clause (i) as a result of being or having been before the
Closing a member of an affiliated, consolidated, combined or unitary group, or
a party to any agreement or arrangement, as a result of which liability of the
MDL Group Company to a taxing authority is determined or taken into account
with reference to any activities, assets or other attributes of any other
person and (iii) liability of any MDL Group Company for the payment of any
amount as a result of being party to any Tax Sharing Agreement or of any amount
imposed on any person of the type described in (i) or (ii) as a result of any
existing express or implied agreement or arrangement (including, but not
limited to, an indemnification agreement or arrangement), any Law, rule or regulation
or of being a transferee or
successor; “Tax Return”
means any return, report, election, statement, form or similar document
required to be filed or filed with respect to any Taxes (including any attached
schedules), including any information return, claim for refund, amended return
and declaration of estimated Tax, and “Tax Sharing Agreements” means all
existing agreements or arrangements (whether or not written) binding any MDL
Group Company that provide for the allocation, apportionment, sharing or
assignment of any Tax liability or benefit, or the transfer or

 20
 

assignment of income, revenues, receipts, or gains for the purpose of
determining any person’s Tax liability (excluding any indemnification agreement
or arrangement pertaining to the sale or lease of assets or subsidiaries).

(c)           No MDL Group Company has been a United
States real property holding corporation (as defined in Section 897(c)(2) of
the Code) at any time during the applicable period specified in Section
897(c)(1)(A)(ii) of the Code.

(d)           Except as set forth on Schedule 2.16(d),
there is no action, suit, proceeding, investigation, audit, claim, collection
or assessment pending, being conducted or proposed or, to Sellers’ knowledge
threatened, with respect to any Tax Return or Taxes with respect to any of the
MDL Group Companies.  There are no
Encumbrances for Taxes upon any of the Assets or the Additional Assets except
Encumbrances relating to current Taxes not yet due.  All Taxes which any of the MDL Group
Companies are required by Law to withhold or to collect have been duly withheld
and collected and have been paid to the appropriate governmental authority, and
the MDL Group Companies have complied with all information reporting and
withholding requirements, in connection with amounts paid or owing to any
employee, independent contractor, or other third party.  There are no requests for rulings or determinations
in respect of any Tax pending between any MDL Group Company and any
governmental authority.  None of Sellers,
their Affiliates, or the MDL Group Companies has received a written tax opinion
with respect to any transaction relating to any MDL Group Company, other than a
transaction in the ordinary course of business. 
There are no agreements or arrangements with any governmental authority
with regard to the Tax liability of any MDL Group Company.

(e)           None of the MDL Group Companies is a party to,
or bound by, any tax indemnity agreement or Tax Sharing Agreement and none of
the MDL Group Companies has assumed the Tax liability of any other person under
contract.

(f)            None of the MDL Group Companies has been
the “distributing corporation” or the “controlled corporation” (in each case,
within the meaning of Section 355(a)(1) of the Code) with respect to a
transaction described in Section 355 of the Code (i) within the three
(3)-year period ending as of the date of this Agreement, or (ii) in a
distribution that could otherwise constitute part of a “plan” or “series of
related transactions” (within the meaning of Section 355(e) of the Code).

(g)           None of the assets of the MDL Group
Companies (i) are property that are required to be treated as being owned
by any other person pursuant to the provisions of former Section 168(f)(8) of
the Internal Revenue Code of 1954, or (ii) are “tax-exempt use property”
within the meaning of Section 168(h) of the Code.

(h)           There are no adjustments under Section 481
of the Code (or any similar adjustments under any provision of the Code or the
corresponding foreign, state or local Tax Laws) that are required to be taken
into account by the MDL Group Companies in any period ending after the Closing
Date by reason of a change in method of accounting in any taxable period ending
on or before the Closing Date.

 21
 

(i)            None of the MDL Group Companies will be
required to include any item of income in, or exclude any item of deduction
from, taxable income for any period (or any portion thereof) ending after the
Closing Date as a result of (i) the look-back method (as defined in Section
460(b) of the Code), (ii) any installment sale or other open transaction
disposition made prior to the Closing Date, (iii) change in method of
accounting for a taxable period beginning on or prior to the Closing Date, (iv)
“closing agreement” as described in Section 7121 of the Code (or any
corresponding or similar provision of state, local or foreign income Tax Law)
executed on or prior to the Closing Date, or (v) intercompany transaction or
excess loss account described in Treasury Regulations under Section 1502 of the
Code (or any corresponding or similar provision of state, local or foreign
income Tax Law).

(j)            No MDL Group Company has engaged, or deemed
engaged, in a “reportable transaction,” as set forth in Treasury Regulation
Section 1.6011-4(b), or any transaction that is the same as or substantially
similar to one of the types of transactions that the IRS has determined to be a
tax avoidance transaction and identified by notice, regulation, or other form
of published guidance as a “listed transaction,” as set forth in Treasury
Regulation Section 1.6011-4(b)(2).

(k)           Since December 31, 2003, none of Sellers,
their Affiliates, or the MDL Group Companies has made or changed any tax
election, changed any annual tax accounting period, adopted or changed any
method of tax accounting, filed any amended Tax Return, entered into any
closing agreement, settled any Tax claim or assessment, or surrendered any right
to claim a Tax refund, offset or other reduction in Tax liability, in each
case, to the extent such action relates to or affects the tax liabilities of
the MDL Group Companies.

(l)            There is no consolidated overall foreign
loss that could be allocated, in whole or in part, to any MDL Group Company in
any material respect.

(m)          No election has been made under Treasury
Regulations Section 301.7701-3 or any similar provision of Tax Law to treat any
MDL Group Company as an association, corporation or partnership, and none of
the MDL Group Companies has ever been disregarded as an entity, or treated as a
partnership, for Tax purposes.

(n)           Sellers have timely paid all Taxes required
to be paid, the non-payment of which would result in an Encumbrance,
other than Permitted Encumbrances, on any Additional Asset, would otherwise
adversely affect the Business in any material respect or would result in Buyer
becoming liable or responsible therefor. 
Sellers have established adequate reserves for the payment of all Taxes
which arise from or with respect to the Additional Assets, the non-payment
of which would result in an Encumbrance, other than Permitted Encumbrances, on
any Additional Asset, would otherwise adversely affect the Business in any
material respect or would result in Buyer becoming liable therefor.

(o)           Sellers have delivered (or made available
for review at an electronic data room) to Buyer correct and complete copies of
all federal income Tax Returns filed with respect to, and examination reports,
and statements of deficiencies assessed against or agreed to by, any of the MDL
Group Companies which were filed or received after 2003.

 22
 

(p)           No MDL Group Company is a party to
any agreement, contract, arrangement or plan that has resulted or could result,
separately or in the aggregate, in the payment of (i) any “excess parachute
payment” within the meaning of Section 280G of the Code (or any corresponding
provision of state, local or foreign Tax Law) and (ii) any amount that will not
be fully deductible as a result of Section 162(m) of the Code (or any
corresponding provision of state, local or foreign Tax Law).

(q)           Except
as set forth on Schedule 2.16(q), none of the MDL Group Companies (i)
has been a member of an affiliated group filing a consolidated,
combined, affiliated, unitary or similar Tax Return or (ii) has any liability for the Taxes of any Person
under Treasury Regulation Section 1.1502-6 (or any similar provision of state,
local, or foreign Law), as a transferee or successor, by contract, or
otherwise.

Section 2.17           Brokers or Finders.   No
agent, broker, investment banker, financial advisor or other firm or person is
or will be entitled to any brokers’ or finder’s fee or any other commission or
similar fee in connection with any of the transactions contemplated by this
Agreement, except Deutsche Bank Securities Inc., whose fees and expenses will
be paid by Sellers.

Section 2.18           Shared Services.   Schedule
2.18 contains a summary of the material support services (i) provided by
Sellers or any of their Affiliates (other than the MDL Group Companies) to the
MDL Group Companies and the Business as of the date hereof, and (ii) provided
by the MDL Group Companies to Sellers or any of their Affiliates (other than
the MDL Group Companies) (“Shared Services”).

Section 2.19           Master Services
Agreements.   Schedule 2.19 lists all master service
agreements to which Sellers or their Affiliates are parties and pursuant to
which the MDL Group Companies are provided with material goods or services (“Master
Services Agreements”).

Section 2.20           Related Party
Transactions.   Except for the intercompany account balances
and cash pooling arrangements of the MDL Group Companies and Sellers, all of
which will be handled in accordance with Section 4.12 below, neither Sellers
nor any of their Affiliates have borrowed any monies from or have outstanding
any Indebtedness or other similar obligations to the MDL Group Companies.

Section 2.21           Customers.   Schedule
2.21 sets forth the names of all the Top Customers of the Business.  Neither Sellers nor the MDL Group Companies
have received any written notice within the six (6) months prior to the date of
this Agreement that any of the Top Customers has ceased, or will cease, to use
the goods or services of the MDL Group Companies, or has substantially reduced,
or will substantially reduce, the use of such goods or services at any time, in
each case whether as a result of the transactions contemplated hereby or
otherwise.

Section 2.22           Suppliers.   Schedule
2.22 sets forth the names of all the Top Suppliers of the Business.  Neither Sellers nor the MDL Group Companies
have received any written notice within the six (6) months prior to the date of
this Agreement that any of the Top Suppliers has ceased, or will cease, selling
raw materials, supplies, merchandise, other goods or services to the MDL Group
Companies on terms and conditions substantially similar to those used in its
current sales to the MDL Group Companies, in each case whether as a result of
the transactions contemplated hereby or otherwise.

 23
 

Section 2.23           Indebtedness.   As
of the Closing, no MDL Group Company shall have any outstanding
Indebtedness.  For purposes of this
Agreement, “Indebtedness” of any MDL Group Company shall mean any
liability or obligation of any MDL Group Company, whether as a direct obligor,
or guarantor, surety or otherwise (other than product warranties made in the
ordinary course of business), (i) for borrowed money, (ii) evidenced by
notes, bonds, debentures or similar debt instruments, (iii) under any hedging or
swap obligation or other similar arrangement, (iv) capitalized leases and (v)
all outstanding prepayment premiums that are due and payable, if any, and
accrued interest, fees and expenses related to any of the items set forth in
clauses (i) through (iv).

Section 2.24           Insurance.   Schedule
2.24 sets forth the insurance coverage maintained and owned by the MDL
Group Companies with respect to the Business. 
All of such insurance policies are in full force and effect, and the MDL
Group Companies are not in default in any material respect with respect to
their obligations under any such insurance policies.  Neither Sellers nor the MDL Group Companies
have received written notice of the termination of any of such policies.

Section 2.25           Receivables.   All
accounts, notes receivable and other receivables arising out of or relating to
the Business as of June 30, 2007 have been included in the Current Balance
Sheet, and all accounts, notes receivable and other receivables arising out of
or relating to the Business as of the Closing Date are or will be reflected in
the books and records of the Business, and are or will be carried in the
aggregate at values determined in accordance with the Seller Accounting
Principles applied on a consistent basis. 
Subject to any reserves for doubtful accounts reflected in the books and
records of the MDL Group Companies (which reserves are, individually and in the
aggregate, not material in amount and have been determined in accordance with
the Seller Accounting Principles applied on a consistent basis), none of the
MDL Group Companies and no Seller has received written notice from any customer
disputing in any material respect its obligations to pay any invoiced amounts
included in any accounts receivable described in this Section 2.25.

Section 2.26           Disclaimer.   Buyer
acknowledges and agrees that except for the representations and warranties
contained in this Article II, none of Sellers nor any of their directors,
officers, employees, shareholders, agents, Affiliates or representatives, nor
any other person, has made or shall be deemed to have made any representation
or warranty to Buyer, express or implied, at law or in equity, with respect to
the MDL Group Companies or the Business or the execution and delivery of this
Agreement or the transactions contemplated hereby, including, as to the
accuracy or completeness of any information, documents or materials regarding
the MDL Group Companies or the Business furnished or made available to Buyer
and its representatives in any “data rooms,” “virtual data rooms,” management
presentations or in any other form in expectation of, or in connection with,
the transactions contemplated hereby (“Evaluation Material”). Except for
the representations and warranties set forth in this Article II (as modified by
the Schedules hereto), Sellers and the MDL Group Companies hereby disclaim all
liability and responsibility for any representations, warranties, projections,
forecasts, statements or information made, communicated or furnished (orally or
in writing) to Buyer and

 24
 

its representatives.  Sellers and
MDL Group Companies make no representations or warranties to Buyer regarding
the probable success or profitability of the MDL Group Companies or the
Business.  The disclosure of any matter
or item in any schedule hereto shall not be deemed to constitute an
acknowledgment that any such matter is required to be disclosed.

ARTICLE III

REPRESENTATIONS AND
WARRANTIES OF BUYER

Buyer represents and warrants to Seller as follows:

Section 3.1             Organization.   Buyer
is a Delaware corporation duly organized, validly existing and in good standing
under the laws of Delaware.  Buyer has
all requisite corporate power and authority to own, lease and operate its
properties and to carry on its business as is now being conducted.

Section 3.2             Authorization, Validity of Agreement.   Buyer
has full corporate power and authority to execute and deliver this Agreement
and the Collateral Agreements to which it is a party and to consummate the
transactions contemplated hereby and thereby. 
The execution, delivery and performance by Buyer of this Agreement and
the Collateral Agreements, and the consummation of the transactions
contemplated hereby and thereby, have been duly authorized by its Board of
Directors and no other corporate action on the part of Buyer is necessary to
authorize the execution and delivery by Buyer of this Agreement or the
Collateral Agreements and the consummation by it of the transactions
contemplated hereby or thereby.  This
Agreement has been (and the Collateral Agreements will be) duly executed and
delivered by Buyer, and, assuming due and valid authorization, execution and
delivery thereof by Seller, this Agreement constitutes (and the Collateral
Agreements when executed and delivered will constitute) the legal, valid and
binding obligation of Buyer, enforceable against Buyer in accordance with their
respective terms, except that (i) such enforcement may be subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now
or hereafter in effect, affecting creditors’ rights generally and (ii) the
remedy of specific performance and injunctive and other forms of equitable
relief may be subject to equitable defenses and to the discretion of the court
before which any proceeding therefor may be brought.

Section 3.3             Consents and Approvals; No Violations.   Neither
the execution, delivery or performance of this Agreement or the Collateral
Agreements by Buyer nor the consummation by Buyer of the transactions
contemplated hereby or thereby will:  (i)
violate any provision of the certificate of incorporation of Buyer; (ii) result
in a violation or breach of, or constitute (with or without due notice or lapse
of time or both) a default (or give rise to any right of termination,
cancellation or acceleration) under, any of the terms, conditions or provisions
of any material note, bond, mortgage, indenture, lease, license, contract,
agreement or other instrument or obligation to which Buyer is a party or by
which Buyer or any of its properties or assets may be bound; (iii) violate any
material order, writ, judgment, injunction, decree, or Laws applicable to Buyer
or any of its properties or assets; or (iv) except as set forth on Schedule
3.3 and except for filings pursuant to the HSR Act, require on the part of
Buyer any filing or registration with, notification to, or authorization,
consent or approval of, any Governmental Entity, including any foreign
Governmental Entity, other than, in each case, such violations, breaches,
defaults, or failures to file or register that would not have a Material
Adverse Effect on Buyer.

 25
 

Section 3.4             Actions and Proceedings.   There
are no (i) outstanding judgments, orders, writs, injunctions or decrees of any
court or Governmental Entity against Buyer or (ii) actions, suits, claims or legal,
administrative or arbitration proceedings or investigations pending or, to
Buyer’s knowledge, threatened in writing against Buyer, except in each case as
would not have a Material Adverse Effect on Buyer.

Section 3.5             Accredited Investor; Purchase Entirely
for Own Account; Financial Condition; Experience.

(a)           Buyer is an “accredited investor” within the
meaning of that term as defined in Rule 501(a) promulgated under the Securities
Act of 1933, as amended.

(b)           The Shares will be acquired for investment
for Buyer’s own account and not with a view to the distribution of any part
thereof in violation of the Securities Act of 1933, as amended.  Buyer does not have any contract, undertaking
or agreement with any Person to sell, transfer, or grant participations with
respect to any of the Shares.

(c)           Buyer’s financial condition is such that it
is able to bear the risk of holding the Shares for an indefinite period of time
and can bear the loss of its entire investment in its Shares.

(d)           Buyer has such knowledge and experience in
financial and business matters and in making high risk investments of this type
that it is capable of evaluating the merits and risks of the purchase of the
Shares.

Section 3.6             Brokers or Finders.   Buyer
represents, as to itself, its Subsidiaries and its Affiliates, that other than
Thomas Weisel Partners LLC, whose fees and expenses will be paid by Buyer, no
agent, broker, investment banker, financial advisor or other firm or person is
or will be entitled to any brokers’ or finders’ fee or any other commission or
similar fee in connection with any of the transactions contemplated by this
Agreement.

Section 3.7             Sufficient Funds and Resources.   Buyer
will have sufficient liquid funds (through cash on hand, existing credit
arrangements or otherwise) to pay all amounts payable by Buyer hereunder at the
Closing, including payment of the Purchase Price, and sufficient funds and
resources to perform and discharge its obligations under this Agreement from
and after the date hereof.

Section 3.8             Condition of Business.   Notwithstanding
anything contained in this Agreement to the contrary, Buyer acknowledges and
agrees that neither the MDL Group Companies nor Sellers are making any
representations or warranties whatsoever, express or implied, beyond those
expressly given by Sellers in Article II (as modified by the Schedules
hereto).  Without limiting the rights
Buyer has under the affirmative indemnities contained in Sections 7.2(a)(iii)
and (iv), any claims Buyer may have for breach of representation or warranty
shall be based solely on the representations and warranties of Seller set forth
in Article II (as modified by the Schedules hereto).  Buyer further represents that none of Sellers
nor any of their respective Affiliates nor any other Person has made any
representation or warranty, express or

 26
 

implied, as to the accuracy or completeness of any information
regarding the MDL Group Companies or the Business not expressly set forth in
this Agreement, and that none of the MDL Group Companies, Sellers, or any of
their respective Affiliates, officers, directors, employees, agents or
representatives will have or be subject to any liability to Buyer or any other
Person beyond that set forth in this Agreement resulting from the distribution
to Buyer or its representatives or Buyer’s use of, any such information,
including any confidential memoranda distributed on behalf of the MDL Group
Companies relating to the MDL Group Companies and the Business or other
publications or data room information provided to Buyer or its representatives,
or any other document or information in any form provided to Buyer or its
representatives in connection with the sale of the MDL Group Companies and the
Additional Assets and the transactions contemplated hereby. Buyer acknowledges
that from and after the date hereof, neither Buyer nor any of the MDL Group
Companies shall have any ownership, use or other rights in any of the Elsevier
Retained Assets, all of which rights are hereby irrevocably waived, other than
as may be permitted or required under any of the Services Agreements or
Transition Services Agreement, and Sellers acknowledge that from and after the
Closing Date, none of the Sellers shall have any ownership, use or other rights
in any of the assets of any of the MDL Companies or any of the Additional
Assets, all of which rights are hereby irrevocably waived, other than as may be
permitted or required under any of the Services Agreements or Transition
Services Agreement.

ARTICLE IV

COVENANTS

Section 4.1             Conduct of the Business Pending the
Closing.   From the date hereof through and including the
Closing Date, except (1) as set forth on Schedule 4.1, (2) as required
by applicable Law (for which, to the extent practicable, Sellers shall provide
prior notice to Buyer), (3) as otherwise specifically contemplated by this
Agreement, (4) with respect to the transfer of any Elsevier Retained Assets to
any Seller or Affiliate thereof or (5) with the prior written consent of Buyer,
Sellers (a) shall conduct the Business, and shall cause each MDL Group Company
to conduct the Business, only in the ordinary course of business, shall use
commercially reasonable efforts to preserve the present business operations,
organization and goodwill of the Business in all material respects, preserve
the condition and integrity of the Additional Assets in all material respects
and preserve the present relationships with customers and suppliers, including
the Top Customers and Top Suppliers (to the extent such Top Suppliers are customers
or suppliers, respectively, of the Business as of the date hereof), and (b)
shall not:

(i)            transfer, issue, sell, encumber or dispose
of any equity interests of any MDL Group Company or grant options, warrants,
calls or other rights to purchase or otherwise acquire equity interests or
other securities of or any stock appreciation, phantom stock or other similar
right with respect to any MDL Group Company;

(ii)           except as contemplated by Section 4.12,
effect any recapitalization, reclassification or any other change in the
capitalization of any MDL Group Company;

(iii)          amend the organizational documents of any MDL
Group Company;

 27
 

(iv)          except after consultation with Buyer, hire
any new employees into any MDL Group Company or, except in the ordinary course
of business, (A) increase the annual level of compensation, bonus or any other
benefits payable or to become payable by any MDL Group Company to any of its
directors or Employees; (B) grant or increase any bonus, severance, termination
pay, benefit or other direct or indirect compensation to any director or
Employee; or (C) enter into, establish, amend or terminate any employment,
consulting, retention, change of control, labor or collective bargaining, bonus
or other incentive compensation, profit sharing, health or welfare, stock
option or other equity, pension, retirement, vacation, severance or deferred
compensation, non-competition or similar agreement, or any other plan,
agreement, program, policy or arrangement for the benefit of Employees that would
constitute an Employee Benefit Plan, to which any MDL Group Company would be a
party or otherwise would have any liability or potential liability except to
the extent any such action is taken with respect to similarly situated
employees of Related Persons who participate in an Employee Benefit Plan;

(v)           make any material change in any method of
accounting or accounting practice, other than in accordance with the Seller
Accounting Principles or as required by applicable Law;

(vi)          permit any MDL Group Company to enter into or
agree to enter into any merger or consolidation with any corporation or other
entity, or acquire any business or the securities of any other person (whether
by merger, stock purchase, asset purchase or otherwise);

(vii)         enter into any contract or commitment with
respect to the Business, the Assets or the Additional Assets not in the
ordinary course of business or create or permit to be created any Encumbrance
with respect to the Business, the Assets or the Additional Assets, other than
Permitted Encumbrances;

(viii)        sell or otherwise dispose of any material
portion of the Business, the Assets or the Additional Assets or make any
commitment to do so, not in the ordinary course of business;

(ix)           enter into any contract or commitment which
(i) imposes any material restriction on the ability of any MDL Group Company to
compete in any business or activity within a certain geographic area, or
pursuant to which any benefit or right is required to be given or lost as a
result of so competing, (ii) which grants any material exclusive license,
supply or distribution agreement or other exclusive rights, (iii) which grants
any material “most favored nation”, rights of first refusal, rights of first
negotiation or similar rights with respect to any product, service or
Intellectual Property Right, (iv) requires the purchase of all or substantially
all or a given portion of the Business’ requirements from a given third party
which is material to the Business, or (v) would have any of the foregoing effects
on Buyer or any of its Affiliates after the Closing;

(x)            incur, assume, guarantee or extend any
Indebtedness, except in the ordinary course of business consistent with past
practice or which will be reflected as an Intercompany Balance or any debt owed
to any Seller or their Affiliates which will be eliminated at Closing;

 28
 

(xi)           create or suffer to incur any Encumbrance on
any Asset or any Additional Asset other than Permitted Encumbrances;

(xii)          except
as contemplated by Section 4.12, lend money to any person (other than routine
travel advances made to employees
in the ordinary
course of business), or incur or guarantee any indebtedness for
borrowed money or any long-term indebtedness;

(xiii)         enter into or
become bound by, or permit any of the assets owned or used by the Business to
become bound by, any Material Contract, or amend or terminate, or waive or
exercise any material right or remedy under, any Material Contract except
renewals of Material Contracts with Top Customers and Top Suppliers made in the
ordinary course of business consistent with past practice;

(xiv)        fail to maintain
adequate insurance coverage with respect to the Business and the Additional
Assets at levels consistent with past practice;

(xv)         settle, or offer or propose to settle, any material
litigation, investigation, arbitration, proceeding or other claim involving or
against the Business;

(xvi)        make, amend or change any Tax election,
change an annual accounting period, adopt or change any accounting method, make a request for a tax ruling or
surrender any right to claim a refund of Taxes to any of the MDL Group
Companies, file any amended Tax Return or any amendment to any previously filed Tax returns (which may adversely
affect any of Buyer,
the MDL Group Companies or any of their respective Affiliates for any period
ending after the Closing Date), or enter into any closing agreement or
settle or compromise any Tax liability, claim or assessment (which may adversely affect any of Buyer, the MDL Group
Companies or any of their Affiliates for any period ending after the Closing
Date); or

(xvii)       enter into any contract or letter of intent to
do anything prohibited by this Section 4.1.

Section 4.2             Consents.   Prior to
the Closing, Sellers shall cause the MDL Group Companies to use their commercially
reasonable efforts to obtain, and Buyer and Sellers shall use their
commercially reasonable efforts to assist the MDL Group Companies in obtaining,
at the earliest practicable date, all third party consents identified on Schedule
2.3 hereto.

Section 4.3             Regulatory Approvals.   Buyer
and Sellers shall use commercially reasonable efforts to (a) make or cause to
be made all filings required of each of them or any of their respective
subsidiaries or Affiliates under the HSR Act or other Antitrust Laws (as
hereinafter defined) with respect to the transactions contemplated herein as
promptly as practicable and, in any event, within five (5) business days after
the date of this Agreement in the case of all filings required under the HSR
Act and within two (2) weeks in the case of all other filings required by other
Antitrust Laws, (b) comply at the earliest practicable date with any request
under the HSR Act or other Antitrust Laws for additional information,
documents, or other materials received by each of them or any of their
respective subsidiaries or Affiliates from the Federal Trade Commission (“FTC”),
the Antitrust Division or any other Governmental Entity in respect of such
filings or the transactions contemplated herein, and (c) cooperate with each
other in connection with any such filing (including, to the extent permitted by
applicable Law,

 29
 

providing copies of all such documents to the non-filing parties prior
to filing and considering all reasonable additions, deletions or changes
suggested in connection therewith) and in connection with resolving any
investigation or other inquiry of any of the FTC, the Antitrust Division or
other Governmental Entity under any Antitrust Laws with respect to any such
filing or the transaction contemplated herein. 
Each such party shall use its commercially reasonable efforts to furnish
to each other all information required for any application or other filing to
be made pursuant to any applicable Law in connection with the transactions
contemplated herein.  Each such party
shall promptly inform the other parties hereto of any oral communication with,
and provide copies of written communications with any Governmental Entity
regarding any such filings.  No party
hereto shall independently participate in any formal meeting with any
Governmental Entity in respect of any such filings, investigation, or other
inquiry without giving the other parties hereto prior notice of the meeting
and, to the extent permitted by such Governmental Entity, the opportunity to
attend and/or participate.  Subject to
applicable Law, the parties hereto will consult and cooperate with one another
in connection with any analyses, appearances, presentations, memoranda, briefs,
arguments, opinions and proposals made or submitted by or on behalf of any
party hereto relating to proceedings under the HSR Act or other Antitrust
Laws.  Any party may, as it deems
advisable and necessary, reasonably designate any competitively sensitive
material provided to the other parties under this Section 4.3 or otherwise
as “outside counsel only”.  Such
materials and the information contained therein shall be given only to the
outside legal counsel of the recipient and will not be disclosed by such
outside counsel to employees, officers, or directors of the recipient, unless
express written permission is obtained in advance from the source of the
materials.  Notwithstanding anything in
this Agreement to the contrary, the parties understand and agree that the
commercially reasonable efforts of any party hereto shall not be deemed to
include (i) entering into any settlement, undertaking, consent decree,
stipulation or agreement with any Governmental Entity in connection with the
transactions contemplated hereby or (ii) divesting or otherwise holding
separate (including by establishing a trust or otherwise), or taking any other
action (or otherwise agreeing to do any of the foregoing) with respect to the
Business, the Assets or the Additional Assets.

All filing fees incurred pursuant to this Section 4.3
shall be borne by Buyer.

As used in this Agreement, “Antitrust Laws”
means any of the HSR Act, the Sherman Act, as amended, the Clayton Act, as
amended, the Federal Trade Commission Act, as amended, and any other United
States federal or state or foreign statutes, rules, regulations, orders,
decrees, administrative or judicial doctrines or other Laws that are designed
to prohibit, restrict or regulate mergers and acquisitions and/or actions
having the purpose or effect of lessening competition, monopolization or
restraining trade.

Section 4.4             Employees, Wages and Benefits.

(a)           Post-Closing
Employment.  On the Closing Date, Buyer agrees to cause
the MDL Group Companies to employ all Employees employed by an MDL Group
Company, or with respect to the Foreign Employees not employed by an MDL Group
Company, offer to employ each of such employees, with salaries, annual target
bonus amounts and benefits that are substantially comparable in the aggregate
to the compensation and benefits available to such Employees as of the date hereof.  Buyer further agrees, with respect to Foreign
Employees

 30

employed by an
MDL Group Company, to cause the applicable MDL Group Company to abide by
existing contractual terms applicable to such Foreign Employees as disclosed in
Schedule 2.8(a).  The Employees
listed on Schedule 4.4(a)(i) as updated through the
Closing Date to reflect the termination of employment of any Domestic Employees
or the hiring of any new employees pursuant to Section 4.1(b)(iv),  and the Foreign Employees listed on Schedule
4.4(a)(ii) as updated through the Closing Date to reflect the termination
of employment of any Foreign Employees or the hiring of any new employees
pursuant to Section 4.1(b)(iv), who accept offers of employment from, and commence
employment with, Buyer, are referred to herein as the “Transferred Employees.”  Sellers shall use commercially
reasonable efforts to assist Buyer in securing an acceptance of a Buyer offer
of employment from each of the individuals listed on Schedules 4.4(a)(i) and 4.4(a)(ii).

(b)                                 Employee Benefit
Plans.  Except as otherwise expressly
set forth herein, effective as of the Closing Date, the participation of each
Employee and the spouse, former spouse, domestic partner, dependent and
beneficiary of any Employee, and all service credits and benefit accruals under
the Employee Benefit Plans with respect to any of such persons, shall
cease.  Transferred Employees shall be
given credit for all service with an MDL Group Company, Sellers or Sellers’
Affiliates, as applicable, (or to any predecessors thereof) under the
applicable benefit plans of Buyer, for purposes of eligibility to participate,
vesting and, as to welfare and benefit plans and vacation benefits, benefits
accrued in those employee benefit plans to the same extent as such service was
credited for such purpose under any of the applicable Employee Benefit Plans,
except that no such service shall be required to be credited for purposes of
determining benefit accruals under any defined benefit plan.  In addition, Buyer shall assume all accrued
leave entitlements.  Buyer shall use its
reasonable best efforts to obtain the agreement of any applicable insurance
carrier under the relevant insurance contract for each welfare plan of Buyer in
which the Transferred Employees become participants, to (i) cause there to be
waived any pre-existing condition, domestic partner or eligibility limitations
and (ii) give effect, in determining any deductible and maximum out-of-pocket
limitations, to claims incurred and amounts paid by, and amounts reimbursed to,
Employees under similar plans maintained by the MDL Group Companies and its
Affiliates immediately prior to the Closing Date.  Notwithstanding
anything else in this Agreement, nothing herein shall require Buyer to employ
any of the Transferred Employees for any specified period of time following the
Closing Date.  Except as set forth
on Schedule 4.4(b) or as otherwise required by applicable Law, Buyer
acknowledges that none of the Employee Benefit Plans will be transferred by
Sellers or their Affiliates or made available to the employees of the MDL Group
Companies by Sellers or their Affiliates from and after the Closing.  Except as set forth in this Section 4.4,
Sellers shall retain all liabilities with respect to the Employee Benefit plans
set forth on Schedule 4.4(b) after the Closing Date.

(c)                                  401(k) Plans.  As soon as practicable after the Closing
Date, Buyer shall establish or designate a plan intended to qualify as a “cash
or deferred arrangement” within the meaning of Section 401(k) of the Code (the “Buyer
401(k) Plan”).  Each Transferred
Employee (which employee shall be a Domestic Employee) who is eligible to
participate in the Reed Elsevier US Salary Investment Plan (the “Reed
Elsevier 401(k) Plan”) immediately prior to the Closing Date will become
eligible to participate in the Buyer 401(k) Plan as soon as practicable after
the Closing Date.  As soon as
administratively practicable after the Closing Date, each Transferred Employee
who, as of the Closing Date, is a participant in the Reed Elsevier 401(k) Plan
shall be 

 31
 

entitled to a distribution of his or her account
balance in accordance with the terms of the Reed Elsevier 401(k) Plan as in
effect from time to time and applicable Law, and Buyer shall take any and all
action necessary to ensure that the Buyer 401(k) Plan will accept asset
rollovers, including “direct rollovers” within the meaning of Section
401(a)(31) of the Code (or similar applicable Law) from the Reed Elsevier
401(k) Plan.  Such rollovers shall, to
the extent permitted by the administrator of the Buyer 401(k) Plan (Buyer being
obligated to use reasonable best efforts to obtain such permission), include
the balance of any loans taken out by the Employee pursuant to the Reed
Elsevier 401(k) Plan.  The parties will
reasonably cooperate with each other to take such actions (if any) as may be
appropriate so that any outstanding loans by Transferred Employees under the
Reed Elsevier 401(k) Plan as of the Closing Date do not become due and payable
by such Transferred Employees prior to the time at which such Transferred
Employees are provided an opportunity to elect a direct rollover of such
Transferred Employees’ account balances and loans under the Reed Elsevier
401(k) Plan to the Buyer 401(k) Plan.

(d)                                 Employment
Termination Liabilities; Severance. 
Following the Closing Date, Buyer shall cause the MDL Group Companies to
assume and discharge all liabilities and obligations for the provision of
notice or payment in lieu of notice or any applicable penalties under the WARN
Act or any similar state or local Law arising as a result of the transactions
contemplated by this Agreement.

(e)                                  Retention
Benefits.  Following the Closing
Date, Buyer shall be
responsible for the payment of all amounts, including withholding taxes,
payable pursuant to the provisions of any retention agreement entered into with
any of the Transferred Employees by any Seller and listed on Schedule
4.4(e)(ii) (“Retention Agreements”); provided, however that Sellers
shall reimburse Buyer for any amount reflected on Schedule 4.4(e)(ii)
and labeled as either a (i) “Closing Retention Bonus” payable upon a change of
control, or (ii) a “2007 Bonus” together with any applicable employer  payroll taxes with respect to each such
Closing Retention Bonus and 2007 Bonus. 
Such reimbursement shall be made within thirty (30) days of the Buyer providing
Sellers with evidence of payment thereof and compliance with the payment
obligations under the Retention Agreements (including, without limitation, a
copy of the executed general release agreement with respect to each Transferred
Employee listed on Schedule 4.4(e)(ii), each of which agreements shall
be in a form reasonably satisfactory to Sellers).  Buyer also shall provide such other
information as Sellers shall reasonably request in order for Sellers to verify
the payment of any such bonus and compliance with the payment obligations under
the Retention Agreements.  Buyer
acknowledges and agrees that Sellers’ reimbursement obligations shall not
extend to any amendments or changes to the Retention Agreements which increase
the amounts payable thereunder.

Section 4.5                                      UK Subject
Employees.  Notwithstanding any
provision hereof to the contrary, the following provisions shall also apply
following the Closing Date with respect to any of the Transferred Employees who
are employed in, or otherwise subject to the Laws of, the United Kingdom (the “UK
Subject Employees”).

 32
 

(i)                                     Effective as of
the Closing, Buyer shall employ all UK Subject Employees on terms including job
titles and responsibilities, compensation, pension, welfare and fringe benefits
which are substantially equivalent to the compensation, pension, welfare and
fringe benefits available to the UK Subject Employees as of the day preceding
the Closing Date.

(ii)                                  The parties
acknowledge that the sale of the MDL Group Companies and the Business constitutes
the transfer of an undertaking for the purposes of the Transfer Regulations (as
such term is hereinafter defined) and accordingly any contract of employment
with a UK Subject Employee to which the Transfer Regulations apply will have
effect from the Closing as if originally made between the UK Subject Employee
and Buyer subject to the terms of the relevant Transfer Regulations.  As used herein, “Transfer Regulations”
shall mean that Transfer of Undertakings (Protection of Employment) Regulations
2006 or equivalent legislation implementing the provisions of the Acquired
Rights Directive (Council Directive 2001/23/EC) which applies to any of the UK
Subject Employees.

(iii)                               Buyer shall provide
Sellers (or an Affiliate of Sellers, if such entity is the employer of the
applicable UK Subject Employee) with all information which it or they might
require in respect of Buyer’s plans for the Business and its effect on the UK
Subject Employees or any measures it proposes to take affecting the UK Subject
Employees as shall be required to enable Sellers (or applicable Affiliate of
Sellers) to comply with any obligation to inform and consult with the UK
Subject Employees, and shall indemnify Sellers (and applicable Affiliate of
Sellers) for any loss, liability or costs it or they may incur in connection
with its failure to do so (including each loss, liability and cost incurred as
a result of defending or settling a claim alleging such a liability).

(iv)                              Buyer shall recognize and
credit past service with Sellers or Sellers’ Affiliate for eligibility and
vesting, but not for the benefit accrual purposes, except for vacation
entitlement.

(v)                                 Following the Closing
Date, the parties will implement the pension arrangements set forth in Exhibit
I to this Agreement.

Section 4.6                                      Press Release.  Set forth as Exhibit J hereto is a
form of press release with respect to the execution of this Agreement which has
been approved for separate issuance by the parties.  Buyer and Sellers shall not issue any other
press release or public announcement concerning this Agreement or the
transactions contemplated hereby without obtaining the prior written approval
of the other party hereto, which approval will not be unreasonably withheld or
delayed, unless, in the reasonable judgment of Sellers or Buyer, as applicable,
disclosure is otherwise required by applicable Law or the rules and regulations
of any stock exchange on which the securities of such party may be listed or
traded; provided, that, to the extent any such disclosure is required by applicable
Law or the rules and regulations of any such stock exchange, the party
intending to make such disclosure shall use its commercially reasonable efforts
consistent with applicable Law to consult with the other party with respect to
content of such disclosure.

Section 4.7                                      Further
Assurances.  Each party shall, from
time to time after the Closing, without additional consideration, execute and
deliver such further deeds, assignments and instruments of transfer and take
such other actions as may be reasonably requested by the other party to make
effective the transactions contemplated by this Agreement and the Collateral
Agreements.

 33
 

Section 4.8                                      Tax Matters.

(a)                                  Buyer and Sellers
shall each pay, in a due and timely manner, one-half of all sales, use, value
added, documentary, stamp duty, gross receipts, registration, transfer,
transfer gain, conveyance, excise, recording, license and other similar taxes
and fees, including any interest, penalties, additions to tax or additional
amounts in respect of the foregoing (“Transfer Taxes”) arising out of or
in connection with or attributable to the transfer and sale of the Shares and
the Additional Assets; provided, however that Sellers shall pay all Transfer
Taxes attributable to the transfer of the Elsevier Retained Assets.  Buyer and Sellers may agree in writing that
one party bears a specific Transfer Tax. 
Sellers shall prepare all returns in respect of Transfer Taxes; provided,
however, that any such returns shall be delivered to Buyer no later than
twenty (20) business days before filing for approval by Buyer, which approval
shall not be unreasonably withheld or delayed. 
Sellers shall file all such returns. 
Buyer shall reasonably cooperate with Sellers in connection with their
obligations under this Section 4.8(a).

(b)                                 Within four (4) months
of the Closing, Buyer will provide to Sellers an income tax package, including
any items as Sellers may reasonably request in writing within two (2) months of
the Closing for the preparation of an income Tax Return for the Pre-Closing Tax
Period. Sellers will prepare, in a manner consistent with past practice and at
its own cost, all Tax Returns with respect to the MDL Group Companies that (i) relate to an affiliated,
consolidated, combined or unitary group which includes both a Seller and an MDL Group Company (“Sellers’
Consolidated Tax Returns”) or (ii) do not include any period after the Closing
Date.  Sellers shall deliver copies of each such
Pre-Closing Tax Return (and the portion of any such Sellers’ Consolidated Tax
Return relating to any of the MDL Group Companies) to Buyer no later than twenty (20) calendar
days before the due date for filing for Buyer’s review, comments and approval,
which approval shall not be unreasonably withheld or delayed, along with
payment for any Tax due on such Tax Return. 
Buyer shall prepare and file in a due and timely basis all other
Straddle Period Tax Returns; provided, however, that Buyer shall deliver to
Sellers copies of such Tax Returns (other
than any such Tax Returns that are filed on a monthly basis) no later
than twenty (20) calendar days before filing for approval by Sellers, which
approval shall not be unreasonably withheld or delayed.  Sellers
shall pay Buyer the amount representing the liability for Pre-Closing Taxes on
such Tax Returns or any Pre-Closing Tax Return promptly after such approval is
given, but in no event later than the due date for filing such Tax
Returns.  Buyer shall within ten
(10) business days provide copies of any Straddle Period Tax Return filed, in each
case together with proof of full payment of all liabilities shown thereon and
evidence of timely filing thereof.

Reed Elsevier US
Holdings Inc. shall include the income of MDL US (including any deferred items
triggered into income by Reg. §1.1502-13 and any excess loss account taken into
income under Reg. §1.1502-19) on its consolidated federal income Tax Returns
for all periods through the Closing Date and pay any federal income Taxes
attributable to such income.

 34
 

Sellers shall
reasonably allow the applicable MDL Group Company and its counsel to
participate in the portion of any audit of any Sellers’ Consolidated Tax Return
to the extent that such audit relates to such MDL Group Company, and shall not
settle any audit or other Tax proceedings of any of its consolidated, combined
or unitary income Tax Returns to the extent that such return relates to any MDL
Group Company in a manner that would adversely affect any MDL Group Company
after the Closing without the prior written consent of Buyer, which consent
shall not be unreasonably withheld or delayed.

(c)                                  As
used in this Agreement, the following definitions shall apply:

(i)                                     “Pre-Closing
Tax Period” shall mean any Tax period ending on or prior to the Closing
Date and the portion of a Straddle Period ending as of the close of business
Pacific Time on the Closing Date.

(ii)                                  “Pre-Closing
Tax Return” shall mean a Tax Return with respect to any Pre-Closing Tax
Period.

(iii)                               “Post-Closing
Tax Period” shall mean any Tax period beginning after the Closing Date and
the portion of a Straddle Period beginning after the Closing Date.

(iv)                              The
term “Pre-Closing Taxes” means (i) all liability for Taxes of any
of the MDL Group Companies or with respect to the Additional Assets for
Pre-Closing Tax Periods (including for
a Straddle Period, as allocated to a Pre-Closing Tax Period in accordance with
Section 4.8(c)(v) below), (ii) all liability resulting by reason of
the liability of the MDL Group Companies pursuant to Treasury Regulation
Section 1.1502-6 or any analogous state, local or foreign Law or regulation, or
by reason of an MDL Group Company having been on or prior to the Closing Date a
member of any affiliated, consolidated, combined or unitary group, or a party
to any agreement or arrangement, as a result of which liability of the MDL
Group Company is determined or taken into account with reference to the
activities, assets or other attributes of any other person or that relates to
any Pre-Closing Tax Period, (iii) all liability for Taxes described in clause
(iii) of the definition of Tax and (iv) all liability for Taxes with respect to
or arising as a result of or in connection with the Elsevier Retained Assets or
any transfer or disposition thereof.

(v)                                 “Post-Closing
Taxes” shall mean Taxes of the MDL Group Companies or with respect to the
Additional Assets for any Post-Closing Tax Period.

(vi)                              “Straddle
Period” shall mean any Tax period that includes but does not end on the
Closing Date.  With respect to any
Straddle Period, Taxes attributable to the Post-Closing Tax Period shall (x) in
the case of any Taxes other than gross receipts, sales or use Taxes and Taxes
based upon or related to income (including any real property taxes, personal
property taxes and similar ad valorem
obligations levied with respect to the Additional Assets), be equal to the
amount of such Taxes for the entire Straddle Period multiplied by a fraction,
the numerator of which is the number of days during the Straddle Period that
are in the Post-Closing Tax Period and the denominator of which is the total
number of days in the Straddle Period and (y) in the case of any Tax based upon
or related to income and any gross receipts, sales or use Tax, be equal to the
amount of Tax which would be payable for the portion of the Straddle Period
beginning after the Closing Date if such portion were a complete Tax period and
the Pre-Closing Tax Period ended on and included the Closing Date (determined based on an interim
closing of the books as of the close of business Pacific Time on the
Closing Date (and for such
purpose, the 

 35
 

taxable period of
any partnership or other pass-through entity in which any of the MDL
Group Companies holds
a beneficial interest shall be deemed to terminate at such time)).  All determinations necessary to give effect
to the allocation set forth in the foregoing clause (y) shall be made in a
manner consistent with prior practice of the MDL Group Companies (unless
otherwise required by Law).  All other
Taxes with respect to a Straddle Period shall be attributable to the
Pre-Closing Tax Period.

(vii)                           “Straddle
Period Tax Return” shall mean a Tax Return filed with respect to a Straddle
Period.

(d)                                 Buyer shall not file
any amended Tax Return for any period relating to any Pre-Closing Tax Period
without the prior written consent of Sellers, such consent not to be
unreasonably withheld or delayed.

(e)                                  Without the prior
written consent of Buyer, which shall not be unreasonably withheld or delayed,
none of Sellers, Affiliates of Sellers and the MDL Group Companies shall, to
the extent it relates to the MDL Group Companies, make or change any Tax
election, amend or change any Tax Return, change any annual Tax accounting
period, request a Tax ruling, adopt or change any method of Tax accounting if
any such action or omission would have the effect of increasing the Tax
liability of any MDL Group Company, Buyer or any Affiliate of Buyer.

(f)                                    Sellers shall cause
any and all existing Tax Sharing Agreements with respect to or involving any of
the MDL Group Companies to be terminated as of the Closing, such that after the
Closing, none of the MDL Group Companies shall have any further rights or
liabilities thereunder.

(g)                                 Buyer and Sellers
shall cooperate fully, as and to the extent reasonably requested by the other
party, in connection with the preparation and filing of any Tax Return
(including any report required pursuant to Section 6043A of the Code and all
Treasury Regulations promulgated thereunder), any audit, litigation or other
proceeding with respect to Taxes.  Buyer
and Sellers further agree, upon request, to use all reasonable commercial
efforts to obtain any certificate or other document from any governmental
authority or customer of the MDL Group Companies or any other person as may be
necessary to mitigate, reduce or eliminate any Tax that could be imposed
(including but not limited to with respect to the transactions contemplated
hereby).

(h)                                 At the Closing,
Elsevier Inc. shall deliver, and shall cause MDL US to deliver, to Buyer (i) a
statement conforming to the requirements of Treasury Regulation Section
1.1445-2(c)(3) or 1.1445-2(b)(2), as applicable; and (ii) the notification to
the Internal Revenue Service required under Treasury Regulation Section 1.897 -
2(h)(2).

(i)                                     All payments and amounts payable by
Buyer to any of the Sellers under this Agreement will be subject to deduction
and withholding for or on account of any Tax to the extent required by
applicable Law, and any amount so deducted or withheld shall be treated as
actually paid to Sellers.

 36
 

Section 4.9                                      Use of
Business Names by Buyer and the MDL Group Companies.

(a)                                  Except as expressly
provided in this Section 4.9(a) or in the Transition Services Agreement or the
Services Agreements, Buyer shall not use or do business, and shall cause the
MDL Group Companies not to use or do business, directly or indirectly, or allow
any of their Affiliates to use or do business, under the names and/or marks “Elsevier,”
“Reed,” “Reed Elsevier” or any other trademarks, trade names, service marks,
logos and designations of Sellers or of its Affiliates (or any other names
confusingly similar to such names and marks). 
Notwithstanding the foregoing, to the extent that any such names and
marks appear, as of the Closing Date, on any previously printed stationery, signage,
invoices, packaging, advertising and promotional materials, packing and
shipping materials and other similar materials used or held for use by the MDL
Group Companies, Buyer and the MDL Group Companies may use, without alteration,
such previously marked materials from and after the Closing Date for a period
not to exceed six (6) months, provided that, after such six-month period, Buyer
shall immediately cease, and shall cause the MDL Group Companies to immediately
cease, all use of such materials and shall not have any further right to use
such names and marks or any other names and marks of Sellers or their
Affiliates for any purpose.

(b)                                 Except as otherwise
provided in the Transition Services Agreement or Services Agreements, from and
after the Closing Date, Sellers shall not, directly or indirectly, use or do
business, or allow any of their Affiliates to use or do business, under the “MDL”
name and/or mark or any other trademark, trade name, service mark, logo and
designation of the MDL Group Companies, Buyer or of Buyer’s Affiliates (or any
other names confusingly similar to such name and mark).  Notwithstanding the foregoing, to the extent
that any such names and marks appear, as of the Closing Date, on any previously
printed stationery, signage, invoices, packaging, advertising and promotional
materials, packing and shipping materials and other similar materials used or
held for use by Sellers, Sellers may use, without alteration, such previously
marked materials from and after the Closing Date for a period not to exceed six
(6) months, provided that, after such six-month period, Sellers shall
immediately cease all use of such materials and shall not have any further
right to use such names and marks or any other names and marks of the MDL Group
Companies, Buyer or of Buyer’s Affiliates for any purpose except as otherwise
provided in the Transition Services Agreement.

Section 4.10                                Preservation
of Records.  Sellers and Buyer agree
that each of them shall preserve and keep the records held by them relating to
the business of the MDL Group Companies for a period of seven (7) years from
the Closing Date and shall make such records and personnel available to the
other as may be reasonably required by such party in connection with, among
other things, any Tax audits, any insurance claims by or legal proceedings
against or governmental investigations of Sellers or Buyer or any of their
Affiliates or in order to enable Sellers or Buyer to comply with their
respective obligations under this Agreement and each other agreement, document
or instrument contemplated hereby or thereby.

Section 4.11                                Mail
and Communications.  Sellers shall
promptly remit to Buyer any mail or other communications of the MDL Group
Companies received by Sellers from and after the Closing Date.  Buyer shall cause the MDL Group Companies to
promptly remit to Sellers any mail or other communications of Sellers received
by the MDL Group Companies from and after the Closing Date.

 37
 

Section 4.12                                Intercompany
Balances and Cash Pooling Arrangements; Cash Settlement.

(a)                                  Buyer and Sellers acknowledge
and agree that, as of the Closing Date, all intercompany account balances and
cash pooling arrangements between the MDL Group Companies, on the one hand, and
Sellers and their Affiliates, on the other hand (“Intercompany Balances”),
shall be eliminated, either through the capitalization, dividend and/or
cancellation of such Intercompany Balances or otherwise, such that, as of the
Closing Date and thereafter, except pursuant to the Transition Services
Agreement or the Services Agreements, (i) no amounts shall be payable (x) by
the MDL Group Companies to Sellers or any of their Affiliates in respect of any
Intercompany Balances or (y) to the MDL Group Companies by Sellers or any of
their Affiliates in respect of any Intercompany Balances, as the case may be,
and (ii) no party hereto shall have any claim, action or other right against
any other party with respect to any funds, accounts or other assets (or the
proceeds thereof) that were subject to or arose out of any Intercompany
Balances on or prior to the Closing Date. 
For the avoidance of doubt, any Taxes of the MDL Group Companies arising
from such elimination shall be for the account of and paid by Sellers.

(b)                                 For the purposes of
settling the cash and cash equivalent balances of the MDL Group Companies as of
the Closing Date, Sellers and Buyer agree that checks received by the MDL Group
Companies through the Closing Date and entered on its books as of the Closing
Date in the ordinary course of business, but not deposited, shall be the
property of, and shall be promptly delivered to, Sellers and all outstanding
checks issued or payments in-transit made by the MDL Group Companies (i.e.,
amounts recorded by the MDL Group Companies in their respective accounting
records that have not been deducted from any of their respective bank accounts)
as of the Closing Date shall be deducted from the amount of all cash, cash
equivalents and deposited checks in the bank accounts of the MDL Group
Companies as of the business day immediately prior to the Closing Date
(excluding any amounts received from Buyer).

Section 4.13                                Access
for Integration Planning; Preparation of Financial Statements.

(a)                                  Prior to the Closing
Date, Buyer shall be entitled to have such access to the MDL Group Companies
and the management thereof as is reasonable for the purpose of assisting Buyer
in planning for the integration of the Business following the Closing.  Any such access shall be conducted during the
Business’ regular business hours and shall be conducted in accordance with all
applicable Laws, including all antitrust and trade Laws.  In connection with such access, Buyer shall
cooperate with Sellers and shall use its commercially reasonable efforts to
minimize any disruption to the Business. 
No information or knowledge obtained in connection with such access, or
in connection with any of the other activities contemplated under this Section
4.13, shall affect or be deemed to modify any representation or warranty of
Sellers contained in this Agreement, nor shall the same prejudice any right or
entitlement of any Indemnified Party to indemnification under this Agreement.

(b)                                 Buyer has informed
Sellers that it will be obligated to prepare audited financial statements of
the Business prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”) in connection with certain regulatory requirements
to which Buyer is subject.  Sellers have
agreed to assist Buyer in its compliance with such regulatory requirements
solely to the extent specified in this Section 4.13, including by implementing
with Buyer the special arrangements set forth in Schedule 4.13.  In connection with the foregoing, Sellers
shall use, and shall cause the MDL Group Companies to use, commercially
reasonable efforts to 

 38
 

prepare, as soon as is reasonably practicable after the date hereof,
the following financial statements of the Business, in each case prepared in
accordance with GAAP (collectively, the “Unaudited GAAP Financials”):

(1)                                 unaudited
balance sheets, income statements and statements of cash flows for the Business
as of and for the fiscal years ending December 31, 2006, 2005 and 2004; and

(2)                                 unaudited
quarterly balance sheets, income statements and statements of cash flows for
the Business as of and for the quarterly periods ended March 31, 2007 and June
30, 2007 and ending September 30, 2007 (it being acknowledged that such interim
financials for the quarter ending September 30, 2007 cannot be prepared until
the financial results through September 30, 2007 are available).

From and after the Closing Date, Sellers shall continue to use
commercially reasonable efforts to assist Buyer and the MDL Group Companies in
the preparation of the Unaudited GAAP Financials, provided that Sellers are
afforded such access to the books, records, personnel and professional advisors
of the MDL Group Companies as may be reasonably necessary to enable it to
provide such assistance.  In connection with such
post-Closing assistance, Sellers shall allow Buyer and its auditors direct
access (i) to the books, records and relevant personnel of Sellers to the
extent necessary to assist in the preparation of the Unaudited GAAP Financials
and (ii) to Sellers’ independent accountants to provide reasonable assistance
and to coordinate with such accountants the efforts of Buyer’s own
auditors.  Each party shall be
responsible for the fees and expenses incurred by it before and after the
Closing in connection with the activities contemplated by this Section 4.13(b)
(including the fees and expenses of independent accountants, auditors and other
professional advisors), provided that Buyer shall be responsible for the
expenses of  any audit conducted by Buyer
with respect to the Unaudited GAAP Financials after the Closing.

(c)                                  Buyer acknowledges
and agrees (i) that neither the preparation of the Unaudited GAAP Financials,
nor the ability to prepare or audit such Unaudited GAAP Financials, shall be a
condition to Buyer’s obligation to consummate the Closing and (ii) that apart
from the obligation to use commercially reasonable efforts as set forth in
Section 4.13(b) above (but without limiting any representation or warranty
contained in Section 2.5 with respect to the Financial Statements as prepared
in accordance with the Seller Accounting Principles), Sellers shall have no
liability or obligation to Buyer or any other person with respect to the
Unaudited GAAP Financials.  Buyer further
acknowledges and agrees that, for all purposes under this Agreement, a material
breach of Sellers’ obligation to use commercially reasonable efforts under Section
4.13(b) above shall be deemed to exist only if (i) Sellers fail to devote the
internal resources reasonably necessary to commence and pursue the preparation
of such Unaudited GAAP Financials, (ii) Sellers fail to engage professional
advisors reasonably necessary to assist in the preparation of then Unaudited
GAAP Financials or, if retained, such professional advisors fail to commence
their work in a timely manner or (iii) Sellers fail or refuse to provide Buyer
and its auditors with access to Sellers’
books, records, relevant personnel and professional advisors as contemplated by
Section 4.13(b) above.

 39
 

(d)                                 Buyer acknowledges and
agrees that material differences may exist in the financial condition, results
of operations and cash flows of the Business, as the same may be presented in
the Financial Statements and the Unaudited GAAP Financials, due to a variety of
factors, including differences between GAAP and the Seller Accounting
Principles, the manner in which the Financial Statements and Unaudited GAAP
Financials have been compiled and will be compiled, and other factors.  Buyer further acknowledges and agrees that
Sellers are not making any representations or warranties with respect to the
Unaudited GAAP Financials (including whether such Unaudited GAAP Financials are
auditable) and that Sellers’ only representations and warranties regarding the
financial condition, results of operations and cash flows of the Business are
being made solely with respect to the Financial Statements to the extent set forth
in Section 2.5 of this Agreement.

Section 4.14                                Noncompetition.

(a) In consideration of Buyer entering
into this Agreement and in order that Buyer may enjoy the full benefit of the
Business, for a period of two (2) years from the Closing Date with respect to
(i) the MDL Software Products identified below (excluding client software
products used to access the Elsevier databases), and (ii) the MDL Databases
identified below, none of the Elsevier Companies (as defined below) shall,
whether as principal, agent, partner, officer, director, stockholder, employee,
consultant or otherwise, alone or in association with any other person, own,
manage, operate, control, participate in, invest in (other than an investment
that results in such person owning less than 2% of the outstanding voting stock
of a publicly traded company), or carry on a business which is in direct or
indirect competition with the following software products (the “MDL Software
Products”) and databases (“MDL Databases”) of the Business as the same
are marketed and sold as of the date hereof or may be marketed and sold
between the date hereof and the first anniversary of the Closing Date pursuant
to a written plan of an MDL Group Company in existence as of the Closing Date (collectively,
the “Existing Products”):

	
  Product

  	
   

  	
  Principal
  Function/Use

  
	
   

  	
   

  	
   

  
	
  MDL Software Products

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Isentris

  	
   

  	
  Software intended for use in the chemical and
  pharmaceutical industries with the purpose to integrate scientific workflows
  and other information sources.

  
	
   

  	
   

  	
   

  
	
  ISIS

  	
   

  	
  Software intended for the management of discovery
  data in the chemical and pharmaceutical industries, including chemical
  inventories, creating electronic laboratory journals and managing
  therapeutic-level lead candidates for chemical compounds

  

 

 40
 

 

	
  MDL Databases

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  MDL Drug Data Report (PROUS)

  	
   

  	
  Database of patent literature, journals, meetings
  and congresses which contains selected biologically relevant compounds and
  derivatives (for use by chemical and pharmaceutical industry researchers).

  
	
   

  	
   

  	
   

  
	
  MDL Available Chemicals Directory (ACD)

  	
   

  	
  Database of chemical product sources (for use by the
  chemical and pharmaceutical industry researchers and managers).

  
	
   

  	
   

  	
   

  
	
  MDL Screening Compounds Directory

  	
   

  	
  Database for identifying diverse, drug-like
  candidates for high- throughput screening and automatically compiling lists
  of candidate chemical compounds for ordering (for use by chemical and
  pharmaceutical industry researchers).

  
	
   

  	
   

  	
   

  
	
  MDL Metabolite Database

  	
   

  	
  Metabolism information system, including database
  about chemical reactions of selected chemical compounds in vertebrates,
  registration system and browsing interface (for use by chemical and
  pharmaceutical industry researchers).

  
	
   

  	
   

  	
   

  
	
  OHS Databases

  	
   

  	
  Database of Environmental, Health and Safety (EH&S)
  data for reference, or to use in populating end users EH&S systems, for
  OSHA compliance (for use by chemical and pharmaceutical industry researchers
  and managers).

  
	
   

  	
   

  	
   

  
	
  MDL Toxicity database

  	
   

  	
  Structure-searchable bioactivity database of toxic
  chemical substances containing data from in
  vivo  and  in vitro  studies of acute
  toxicity, mutagenicity, skin and eye irritation, tumorigenicity and
  carcinogenicity, reproductive effects and multiple dose effects (for use by
  chemical and pharmaceutical industry researchers).

  

 

(b)                                 For the
avoidance of doubt, having due regard for the fact that the Elsevier Companies
operate, and will continue to operate, substantial database and publishing
operations, only those databases which, in each case, substantially: (i) contain
the same data and are organized and structured in the same or similar fashion;
(ii) are presented in the same format; (iii) are used for the same purpose; and
(iv) are directed at the same users, shall be deemed to be directly or
indirectly competitive with the MDL Databases for purposes of the restrictions
set forth in this Section 4.14.

 41
 

(c) The restrictions set
forth in this Section 4.14 shall not restrict the ability of any Elsevier
Company from (i) engaging in the businesses and activities conducted by the
Elsevier Companies (other than through the MDL Group Companies) as of the date
hereof, including any of the Elsevier Retained Assets, Elsevier’s traditional
journals, newsletters, books and reference works, publishing programs,
ScienceDirect products and services, Inteleos, EMScopes and EMBASE, and MD
Consult or (ii) or acquiring any business after the date hereof, provided,
however, that if any business acquired by any Elsevier Company has gross
revenues attributable to activities which would be prohibited by this Section
4.14 which exceed, for the fiscal year last ended prior to the consummation of
such acquisition, twenty percent (20%) of the total gross revenues of such
business on a consolidated basis (a “Competing Business”), then the Elsevier Companies shall divest such Competing
Business within one year of the completion of such acquisition.

(d)  If any
provision contained in this Section 4.14 shall for any reason be held invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Section, but
this Section shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein. 
It is the intention of the parties that if any of the restrictions or
covenants contained herein is held to cover a geographic area or to be for a
length of time which is not permitted by applicable Law, or in any way
construed to be too broad or to any extent invalid, such provision shall not be
construed to be null, void and of no effect, but to the extent such provision
would be valid or enforceable under applicable Law, a court of competent
jurisdiction shall construe and interpret or reform this Section 4.14 to
provide for a covenant having the maximum enforceable geographic area, time
period and other provisions (not greater than those contained herein) as shall
be valid and enforceable under such Applicable Law.  Each Elsevier Company acknowledges that Buyer
would be irreparably harmed by any breach of this Section and that there would
be no adequate remedy at law or in damages to compensate Buyer for any such
breach.  Each Elsevier Company agrees
that Buyer shall be entitled to injunctive relief requiring specific
performance by such Seller of this Section, and such Seller consents to the
entry thereof.  Without limiting the
generality of the foregoing, the parties hereto agree that the indemnification
provisions of Article VII with respect to the limitation of Seller
indemnification to Elsevier Inc. shall apply to this Section 4.14.

(e)                                  As
used herein, the term “Elsevier Companies” means Sellers and those
companies identified below, and the
respective Subsidiaries of Sellers and such companies as of the Closing Date
after giving effect to the transactions contemplated herein.  As used herein, the term “database”
means one or more structured sets of persistent data, that is then updated and
able to be queried by users.

 42
 

Elsevier companies other
than Sellers

	
  COMPANY NAME

  	
   

  	
  JURISDICTION

  
	
  Elsevier Editora Ltda

  	
   

  	
  Brazil

  
	
  Reed Elsevier Canada Ltd.

  	
   

  	
  Canada

  
	
  Elsevier Masson SAS

  	
   

  	
  France

  
	
  Elsevier GmbH

  	
   

  	
  Germany

  
	
  Elsevier Information Systems GmbH (formerly MDL Information Systems
  GmbH)

  	
   

  	
  Germany

  
	
  Elsevier Ireland Limited

  	
   

  	
  Ireland

  
	
  Elsevier Masson Srl

  	
   

  	
  Italy

  
	
  Elsevier Korea LLC

  	
   

  	
  Korea

  
	
  Masson-Doyma Mexico, S.A.

  	
   

  	
  Mexico

  
	
  Elsevier B.V.

  	
   

  	
  Netherlands

  
	
  Elsevier Urban & Partner Sp. z.o.o.

  	
   

  	
  Poland

  
	
  Elsevier (Singapore) Pte Ltd

  	
   

  	
  Singapore

  
	
  Elsevier Doyma, S.L. (formerly Ediciones Doyma, S.L.)

  	
   

  	
  Spain

  
	
  Elsevier España, S.A.

  	
   

  	
  Spain

  
	
  Elsevier Taiwan LLC

  	
   

  	
  Taiwan

  
	
  Mosby, Inc.

  	
   

  	
  USA (MO)

  
	
  Excerpta Medica, Inc.

  	
   

  	
  USA (NJ)

  

 

Section 4.15                                Non-solicit.

  For a period
of one full year following the Closing Date, Sellers shall not, and shall not
permit any of their respective Subsidiaries to, (i) directly or indirectly
solicit or hire any Transferred Employees, except pursuant to generalized
solicitations by use of advertising or which are not specifically targeted at
any Transferred Employee; provided that the foregoing shall not restrict the
solicitation or hiring of any person who ceases to be employed by Buyer or any
of its Affiliates, including the MDL Group Companies, prior to such person’s
solicitation or hiring.

Section 4.16                                Confidentiality

  Sellers
will not, and will cause their Subsidiaries and representatives not to, for a
period of three years after the Closing Date, directly or indirectly, without
the prior written consent of Buyer, disclose to any third party (other than
each other and their respective representatives) any confidential or
proprietary information used in the conduct of the Business; provided that the
foregoing restriction will not (i) apply to any information to the extent (x)
generally available to, or known by, the public (other than as a result of disclosure in violation of this Section
4.16), (y) independently developed by any Seller or any of its Affiliates,
without reference to any confidential or proprietary information used in the
conduct of the Business (other than by the Business prior to the Closing) or
(z) such information was not previously known to Sellers or any of their
Subsidiaries but becomes rightfully known to Sellers or any of their
Subsidiaries after the Closing Date, without restriction, from a source (other
than Buyer and its Subsidiaries) not related to Sellers’ prior ownership of the
Business, or (ii) prohibit any disclosure required by any applicable legal
requirement, so long as, to the extent legally permissible, such Seller
provides Buyer with reasonable prior notice of such disclosure and a reasonable
opportunity to seek an appropriate protective order.

Section 4.17                                Exclusivity.

  Until
the Closing Date or the date upon which this Agreement is terminated, Sellers
shall not, and shall cause each of the Elsevier Companies and representatives
not to, directly or indirectly, solicit or initiate or enter into discussions
or transactions with, or encourage, or provide any information to any person or
group of persons 

 43
 

(other than Buyer and its representatives) concerning,
any sale, lease, or license of all or any portion of the Business or the MDL
Group Companies, the Assets or the Additional Assets (other than sales or
licensing in the ordinary course of business and sales expressly permitted by
this Agreement or with respect to assets or liabilities of the MDL Group
Companies that are deemed Elsevier Retained Assets).

Section 4.18                                Notices
of Certain Events.

  Each of the
parties hereto shall promptly notify the other parties of:

(a)                                  any written notice or
other communication received by such party from any person reasonably alleging
that the consent of such person is or may be required in connection with the
transactions contemplated by this Agreement;

(b)                                 any written notice or
other communication received by such party from any Governmental Entity in
connection with the transactions contemplated by this Agreement;

(c)                                  any actions, suits,
claims, investigations or proceedings commenced against such party of a nature
such that, if pending on the date of this Agreement, would have been required
to have been disclosed pursuant to Section 2.9 (with respect to Buyer, if Buyer
were making the representations and warranties contained therein);

(d)                                 any written notice
(or, to Sellers’ knowledge or the knowledge of Buyer, as applicable, other
communication) received by such party that any of the Top Customers has ceased,
or will or intends to cease, to use the goods or services of the MDL Group
Companies, or has substantially reduced, or will or intends to substantially
reduce, the use of such goods or services at any time, in each case whether as
a result of the transactions contemplated hereby or otherwise; and

(e)                                  any written notice
(or, to Sellers’ knowledge or the knowledge of Buyer, as applicable, other
communication) received by such party or any Affiliate of such party that any
of the Top Suppliers has ceased, or will or intends to cease, selling raw
materials, supplies, merchandise, other goods or services to the MDL Group
Companies, or has substantially reduced, or will or intends to substantially
reduce, the sale of such raw materials, supplies, merchandise, other goods or
services at any time, in each case on terms and conditions substantially
similar to those used in its current sales to the MDL Group Companies, and in
each case whether as a result of the transactions contemplated hereby or
otherwise.

Section 4.19                                Acknowledgment
of Discontinuation of Services.

(a)                                  Sellers, Buyer and
the MDL Group Companies acknowledge and agree that, from and after the Closing,
Sellers and their Affiliates will not be providing any Shared Services, use of
the Temporary Use Premises or the benefits of any Master Services Agreements to
the MDL Group Companies or the Business, and the MDL Group Companies will not
be providing any Shared Services to Sellers, except as specifically provided in
(x) the Transition Services Agreement and (y) the Services Agreements.  Each party shall be obligated, at its own
cost and expense, to arrange for or otherwise procure replacement services for
the Shared Services, use of the Temporary Use Premises or the benefits of any
Master Services Agreements to the extent 

 44
 

such Shared Services, use of the Temporary Use Premises or the benefits
of any Master Services Agreements are not provided pursuant to the Transition
Services Agreement or the Services Agreements.

Section 4.20                                Release
of Obligations.  Buyer shall
reasonably cooperate, and shall cause the MDL Group Companies to reasonably
cooperate, with Sellers to the extent that Sellers seek to obtain from the
counterparty or counterparties thereto, releases (by novation or otherwise) of
Sellers and their Affiliates (other than the MDL Group Companies) from any
contract, arrangement, guarantee or understanding of the MDL Group Companies
with respect to the Business which imposes any liability or obligation upon
Sellers or their Affiliates (other than the MDL Group Companies).

Section 4.21                                Directors
of MDL Sweden.

At the first annual meeting of MDL Sweden to be held
after the Closing, Buyer undertakes and agrees to obtain the release and
discharge of the current directors of MDL Sweden who will be submitting
resignations at the Closing, together with the Managing Director of MDL Sweden,
from liability arising from their activities in such positions during the
period from January 1, 2007 through the Closing Date.

Section 4.22                                MDL
Sweden Shares.

Sellers have informed Buyer that they have been unable
to locate share certificate No. 1 of MDL Sweden, representing 1,000 shares of
MDL Sweden (the “MDL Sweden Certificate”) and that Sellers believe that
the MDL Sweden Certificate has been lost. Sellers shall use commercially
reasonable efforts to locate the MDL Sweden Certificate prior to Closing. If
such MDL Sweden Certificate is not located by the Closing Date, promptly
following the Closing, Sellers and Buyer shall initiate a cancellation
proceeding in accordance with the Swedish Act on Cancellation of Lost Deeds (Lag (1927:85) om dödande av förkommen handling) with
respect to the MDL Sweden Certificate (the “Cancellation Proceeding”).
Sellers shall assist in, and bear all reasonable out-of-pocket costs incurred
by Buyer in relation to, the Cancellation Proceeding. Sellers further agree to
fully indemnify Buyer for any Loss incurred by Buyer or MDL Sweden prior to the
consummation of the Cancellation Proceeding in relation to any third party
claiming any right to the MDL Sweden Certificate.

ARTICLE V

CONDITIONS

Section 5.1                                      Conditions to
Each Party’s Obligation to Effect the Closing.  The respective obligation of each party to
consummate the Closing shall be subject to the satisfaction or (to the extent
permitted by applicable Law) waiver by each party on or prior to the Closing
Date of each of the following conditions:

(a)                                  Court Orders.  There shall be no order or injunction of a
court of competent jurisdiction in effect precluding or prohibiting
consummation of the Closing.

 45

(b)                                 Antitrust
Approvals. The waiting period and any other obligations or requirements
applicable to the transactions contemplated herein under the HSR Act or any
other Antitrust Laws shall have expired or been complied with, as applicable,
or early termination shall have been granted.

Section 5.2                                      Conditions
to Obligations of Buyer to Effect the Closing.   The
obligations of Buyer to consummate the Closing shall be subject to the
satisfaction, or (to the extent permitted by applicable Law) waiver by Buyer on
or prior to the Closing Date, of each of the following conditions:

(a)                                  Each
of the representations and warranties of Sellers set forth in Article II of
this Agreement shall be true and correct in all respects when made and on and
as of the Closing Date as if made on such date, except to the extent such
representations and warranties relate to an earlier date (in which case such
representations and warranties shall be true and correct on and as of such
earlier date); provided, however, that in the event of a breach of a
representation or warranty, the condition set forth in this Section 5.2(a)
shall be deemed satisfied unless the effect of all such breaches of
representations and warranties, taken together as a whole, could reasonably be
expected to have a Material Adverse Effect on the Business;

(b)                                 Sellers
shall have performed and complied in all material respects with all covenants
and obligations under this Agreement required to be performed and complied with
by them as of the Closing Date, including the satisfaction of the delivery
requirements set forth in Section 1.5;

(c)                                  All
consents of third parties required by the agreements listed in Schedule
5.2(c) shall have been obtained; and

(d)                                 No
Law shall be in effect which would
prohibit or make illegal the consummation of any of the transactions
contemplated by this Agreement and no Governmental Entity shall have
issued any order, decree or ruling (and no proceeding seeking any of the
foregoing shall be pending), which restrains, enjoins or prohibits the consummation
of the transactions contemplated by this Agreement or the Collateral
Agreements.

Section 5.3                                      Conditions
to Obligations of Sellers to Effect the Closing.   The
obligations of Sellers to consummate the Closing shall be subject to the
satisfaction, (or, to the extent permitted by applicable Law, waiver by
Sellers), on or prior to the Closing Date, of each of the following conditions:

(a)                                  Each
of the representations and warranties of Buyer contained in this Agreement
shall be true and correct as of the Closing Date as if made on such date,
except to the extent such representations and warranties relate to an earlier
date (in which case such representations and warranties shall be true and
correct in all material respects on and as of such earlier date), except for
such breaches or inaccuracies of the representations and warranties of Buyer
that would not, individually or in the aggregate, have a Material Adverse
Effect with respect to Buyer;

 46
 

(b)                                 Buyer
shall have performed and complied in all material respects with all covenants
and obligations under this Agreement required to be performed and complied with
by it as of the Closing Date, including the satisfaction of the delivery
requirements set forth in Section 1.6; and

(c)                                  No
Law shall be in effect which would
prohibit or make illegal the consummation of any of the transactions
contemplated by this Agreement and no Governmental Entity shall have
issued any order, decree or ruling (and no proceeding seeking any of the
foregoing shall be pending), which restrains, enjoins or prohibits the
consummation of the transactions contemplated by this Agreement or the
Collateral Agreements.

ARTICLE VI

TERMINATION

Section 6.1                                      Termination.    Anything
herein or elsewhere to the contrary notwithstanding, this Agreement may be
terminated and the transactions contemplated herein may be abandoned at any
time prior to the Closing Date:

(a)                                  by
the mutual consent of Buyer and Sellers;

(b)                                 by
Buyer if the Closing has not occurred on or prior to one hundred twenty (120)
calendar days following the date of execution of this Agreement, provided that
Buyer is not in breach in any material respect of any of its obligations
hereunder; or

(c)                                  by
Sellers if the Closing has not occurred on or prior to one hundred twenty (120) calendar days following the
date of execution of this Agreement, provided that Sellers are not in breach in
any material respect of any of their obligations hereunder; or

(d)                                 by Sellers or Buyer if there shall be
in effect a final non-appealable order of a Governmental Entity of competent
jurisdiction restraining, enjoining or otherwise prohibiting the consummation
of the transactions contemplated hereby; it being agreed that the parties
hereto shall promptly appeal any adverse determination which is appealable (and
pursue such appeal with reasonable diligence) provided, however,
that the right to terminate this Agreement under this Section 6.1(d) shall not
be available to a party if such order was primarily due to the failure of such
party to perform any of its obligations under this Agreement.

Section 6.2                                      Procedure
and Effect of Termination.   In the event of the termination
and abandonment of this Agreement by Seller or Buyer pursuant to Section 6.1
hereof, written notice thereof shall forthwith be given to the other
party.  If the transactions contemplated
by this Agreement are terminated as provided herein:

(a)                                  Each
party will redeliver all documents, work papers and other material of any other
party relating to the transactions contemplated hereby, whether so obtained
before or after the execution hereof, to the party furnishing the same;
provided that each party may retain one copy of all such documents for archival
purposes in the custody of its outside counsel; and

 47
 

(b)                                 All
confidential information received by any party hereto with respect to the
business of any other party or its Affiliates shall be treated in accordance
with the provisions of the Non-Disclosure Agreement entered into among Buyer
and Sellers, which shall survive the termination of this Agreement.

Section 6.3                                      Effect
of Termination.    If this Agreement is terminated and
the transactions contemplated hereby are abandoned pursuant to Section 6.1,
this Agreement shall become void and of no further force and effect, except for
the provisions of (a) Article VIII, (b) Section 4.6 relating to publicity, (c)
Sections 2.17 and 3.6 relating to finders’ fees and brokers’ fees or
commissions, and (d) Section 6.2 and this Section 6.3.  Nothing in this Article VI shall be deemed to
release any party from any liability for any material breach by such party of
the terms and conditions of this Agreement.

ARTICLE VII

INDEMNIFICATION

Section 7.1                                      Survival.   The
representations and warranties of the parties under this Agreement shall
survive the execution and delivery of this Agreement and shall continue in full
force and effect after the date hereof for a period of eighteen (18) months
from the Closing Date; provided that the representations and warranties of
Sellers contained in Sections 2.2, 2.4 and 2.16 and of Buyer contained in
Sections 3.1 and 3.2 shall survive the Closing and the consummation of the
transactions contemplated hereby indefinitely or until the latest date
permitted by Law.  The covenants or
agreements contained in this Agreement that by their terms are to be performed
after the Closing Date shall continue until fully discharged.  No action for a breach of any representation
or warranty contained herein shall be brought after the expiration of the
survival of such representation or warranty, except for claims of which a party
has received written notification setting forth in reasonable detail the
claimed misrepresentation or breach of warranty, covenant or undertaking prior
to such expiration.

Section 7.2                                      Indemnification
by Elsevier Inc.

(a)                                  Subject
to the restrictions and limitations in this Article VII, Elsevier Inc.,
and not any other Seller, shall indemnify Buyer, its Affiliates and each of
their respective officers, directors, employees and agents (collectively, “Buyer
Indemnitees”) against and hold them harmless from any loss, liability, cost
or expense (including reasonable legal fees and expenses) (collectively, “Losses”)
suffered or incurred by such Buyer Indemnitees to the extent arising from (i)
any breach of any representation or warranty of Sellers contained in this
Agreement as of the date of this Agreement or as of the Closing Date as if such
representation or warranty were made on and as of the Closing Date, (ii) any
breach of any covenant or undertaking of Sellers contained in this Agreement,
(iii) all Pre-Closing Taxes, except to the extent that a breach by Buyer of its
obligations contained in Section 4.8(b) results in Losses but only to the
extent that such breach increases such Losses, and (iv) liabilities related to
the Elsevier Retained Assets. Notwithstanding the foregoing, the term “Losses”
for all purposes under this Agreement shall not include, and no party shall be
required to indemnify or hold harmless any other party for, any lost profits,
diminution in value, restitution, mental or emotional distress, exemplary,
consequential, incidental, special or punitive damages except to the extent
that any of the same are paid by an Indemnified Party to a third party in
connection with a claim asserted by such third party; provided  however,
that Losses suffered or incurred by a Buyer Indemnitee shall 

 48
 

include any lost profits and
diminution in value to the extent that the same result from any final,
non-appealable injunction, court order, judgment or binding settlement
materially restricting the freedom of the MDL Group Companies to operate the
Business as the same is conducted as of the date hereof.

(b)                                 Notwithstanding
anything to the contrary herein and without limiting the rights Buyer has under
the affirmative indemnities contained in Sections 7.2(a)(iii) and (iv), no
Buyer Indemnitee shall be entitled to reimbursement or indemnification from
Elsevier Inc. with respect to any inaccuracies in or breaches of the
representations and warranties made by Sellers hereunder (other than Sections
2.2, 2.4 and 2.16) unless and until the cumulative amount of the Losses
suffered or incurred by all Buyer Indemnitees exceeds Two Million Dollars
($2,000,000) in the aggregate, and then only for the amount by which such
Losses exceed such amount (the “Deductible”).

(c)                                  In
no event shall Elsevier Inc.’s aggregate liability under Section 7.2(a)(i)
exceed:

(i)                                     with
respect to claims with respect to all representations and warranties (other
than the IP Representations and Fundamental Representations) (the “Category
1 Claims”), Eighteen Million Dollars ($18,000,000);

(ii)                                  with
respect to the sum of Category 1 Claims and claims with respect to the IP
Representations (the “Category 2 Claims”), Thirty Million Dollars
($30,000,000); and

(iii)                               with
respect to the sum of Category 1 Claims, Category 2 Claims and claims with
respect to the Fundamental Representations, the Purchase Price.

As used herein,
(i) the “IP Representations” shall mean the representations and
warranties contained in Section 2.11, and (ii) “Fundamental Representations”
shall mean the representations and warranties contained in Sections 2.2, 2.4
and 2.16.

(d)                                 “Material
Adverse Effect” and other materiality qualifications or any similar
qualifications contained in any representation, warranty, covenant or
undertaking contained in this Agreement shall be disregarded for purposes of
determining the amount of any Losses arising from or relating to any
indemnifiable breach of such representation, warranty, covenant or undertaking
but shall not be disregarded for purposes of determining whether any such
representation, warranty, covenant or undertaking has been breached.

Section 7.3                                      Indemnification
by Buyer.   From and after the Closing Date, to the extent
provided in this Article VII, Buyer shall indemnify, and shall cause the
MDL Group Companies to indemnify, jointly and severally, Sellers and their
Affiliates, officers, directors, employees and agents  (“Seller Indemnitees”) against and
hold them harmless from any Losses suffered or incurred by such Seller
Indemnitees to the extent arising from (i) any breach of any representation
or warranty of Buyer contained in this Agreement, (ii) any breach of any
covenant or undertaking of Buyer contained in this Agreement, (iii) all
Post-Closing Taxes, (iv) except with respect to any matter for which Buyer is
indemnified under Section 7.2 herein, the operation of the MDL Group Companies
and its Business from and after the Closing Date, including any and all amounts
accruing from and after the Closing Date under the real property leases for the
Leased Premises identified on Schedule 2.6(a), (v) the Assumed
Liabilities, (vi) any contracts 

 49
 

and guarantees described in
Section 4.20 with respect to events arising from and after Closing, including
any and all amounts payable by Sellers as a result of any events arising from
and after the Closing under the guarantees described therein, (vii) the WARN
Act or any similar foreign, state or local Law arising as a result of the
transactions contemplated by this Agreement, and (viii) any claims for
severance or other termination benefits asserted against any Seller or its
Affiliates by any Transferred Employee who is terminated from and after the
Closing Date.

Section 7.4                                      Single
Recovery.   Any liability for indemnification under this
Article VII shall be determined without duplication of recovery by reason of
the set of facts giving rise to such liability constituting a breach of more
than one representation, warranty, covenant or undertaking, or one or more
rights to indemnification, including any matter that has been taken into
account as a liability in calculating Closing Net Working Capital pursuant to
the provisions of Section 1.3 or for which any reserve related to accounts
receivable has been established in the Financial Statements or in the books and
records of the Company in accordance with Seller Accounting Principles.

Section 7.5                                      Exclusive
Remedy.   Buyer and Sellers each acknowledge and agree, for
themselves and on behalf of their respective Affiliates, that the sole and exclusive
remedy for any and all claims relating to breaches of representations,
warranties, covenants and undertakings contained in this Agreement shall be
pursuant to the indemnification provisions set forth in this
Article VII.  In furtherance of the
foregoing, Buyer and Sellers hereby waive, for themselves and on behalf of
their respective Affiliates, to the fullest extent permitted under applicable
Law, any and all rights of rescission.

Section 7.6                                      Indemnification
Procedures.   If there occurs an event or occurrence
(including any claim asserted or action or proceeding commenced by a third
party) which a party (an “Indemnified Party”) asserts constitutes an
indemnifiable event pursuant to Sections 7.2 or 7.3, the Indemnified Party
shall provide written notice to the party obligated to provide indemnification
hereunder (an “Indemnifying Party”), setting forth the nature of the
claim and the basis for indemnification hereunder.  The Indemnified Party shall give such written
notice to the Indemnifying Party, with respect to third party claims, promptly
after it becomes aware of the existence of any such event or occurrence and,
with respect to all claims that are not third party claims, promptly after
determining in good faith that Indemnified Party intends to assert a claim for
indemnification hereunder.  Such notice
shall be a condition precedent to any liability of the Indemnifying Party
hereunder; provided, however, that the failure to provide prompt
notice as provided herein will not relieve the Indemnifying Party of its
obligations hereunder except to the extent such failure materially prejudices
the Indemnifying Party hereunder.  If a
party receives written notice under this Article VII and does not agree that it
is required to indemnify the party giving such notice, it shall give notice of
the same (a “Claim Notice”) within thirty (30) calendar days of receipt
of notice of the claim.  In the event
that the parties cannot agree whether such claim is indemnified hereunder
within ten (10) calendar days after receipt of the Claim Notice, then the
parties shall be free to pursue other available legal remedies to resolve such
dispute.  If no Claim Notice is received
within such thirty (30) calendar day period, the party receiving such notice
shall be deemed to have acknowledged liability for the relevant claim.  In case any third-party action shall be
brought against any Indemnified Party and it shall notify the Indemnifying
Party of the commencement thereof and its claim for indemnification with
respect thereto pursuant to Section 7.2 or Section 7.3, the Indemnifying Party
shall be entitled to participate 

 50
 

therein and to the extent that
it wishes, to assume the defense thereof with counsel selected by it and, after
notice from the Indemnifying Party to the Indemnified Party of such election so
to assume the defense thereof, provided that the Indemnifying Party has not
denied its responsibility to indemnify the Indemnified Party hereunder with
respect to such matter and, provided further, that any reservation of rights by
the Indemnifying Party with respect to the question of whether it is
responsible to indemnify the Indemnified Party hereunder shall not be deemed to
constitute a denial for purposes of the preceding proviso. The Indemnified
Party may participate in such action and employ separate counsel of its choice,
provided that the Indemnifying Party shall not be liable to the Indemnified
Party for any legal expenses of other counsel or any other expenses
subsequently incurred by such Indemnified Party in connection with the defense
thereof; provided, that if such Claim Notice involves a claim for an
injunction against any business or operations of the Indemnified Party, then
the Indemnified Party shall be entitled to retain control of the defense of
such claim with counsel selected by it (and the Indemnifying Party shall be
entitled only to participate in the defense of such claim, at its sole cost and
expense through counsel of its own choice). 
The Indemnified Party agrees to cooperate fully with (and to provide all
relevant documents and records and make all relevant personnel available to)
the Indemnifying Party and its counsel in the defense of any such asserted
claim at the cost of the Indemnifying Party. 
No Indemnified Party shall consent to the entry of any judgment or enter
into any settlement without the consent of the Indemnifying Party, which
consent shall not unreasonably be withheld or delayed, unless such judgment or
settlement includes as an unconditional term thereof the giving by each claimant
or plaintiff to each Indemnifying Party of a release from all liability in
respect to such claim.  No Indemnifying
Party shall be liable under this Article VII for any settlement, compromise or
discharge of any claim effected without its consent.  No Indemnifying Party shall consent to the
entry of any judgment or enter into any settlement without the prior written
consent of the Indemnified Party unless (i) the Indemnifying Party agrees in
writing to pay any amounts payable pursuant to such judgment or settlement and
such third-party claim and (ii) such judgment or settlement includes as an
unconditional term thereof the giving by each claimant or plaintiff to each
Indemnified Party of an express, complete and unconditional release from all
liability in respect to such claim.

Section 7.7                                      Adjustments
for Insurance and Taxes.   Each Loss which an Indemnifying
Party is required to pay pursuant to this Article VII shall be reduced (i)
by the amount of any insurance proceeds actually received by or on behalf of such
Indemnified Party (it being acknowledged and agreed that the Indemnified Party shall have no
obligation so seek any insurance recovery) and (ii) to take account of any
reduction of net Taxes actually realized by the Indemnified Party as a direct
result of such Loss (determined after properly taking into account the actual
and reasonably anticipated effect on (including increase of) Taxes (including
future Taxes) of the Indemnified Party or any Affiliate thereof as a result of
any indemnification amount paid or payable for such Loss under this Article VII
and any reasonable additional cost incurred to realize such net reduction in
Taxes).

Section 7.8                                      Subrogation.   Upon
making any payment to an Indemnified Party for any indemnification claim
pursuant to this Article VII, the Indemnifying Party shall be subrogated, to
the extent of such payment, to any rights which the Indemnified Party or its
Affiliates may have against any other persons with respect to the subject
matter underlying such indemnification claim, and the Indemnified Party shall
take such actions as the Indemnifying Party may reasonably require to perfect
such subrogation or to pursue such rights against such other persons as the
Indemnified Party or its Affiliates may have.

 51
 

Section 7.9                                      Treatment
of Indemnity Claims.   Any indemnification payment by Seller
pursuant to this Article VII shall be treated as an adjustment to the Purchase
Price hereunder.

ARTICLE VIII

MISCELLANEOUS

Section 8.1                                      Amendment
and Modification.   This Agreement may only be amended,
modified and supplemented by written agreement of the parties hereto.

Section 8.2                                      Notices.   All
notices, consents and other communications hereunder shall be in writing and
shall be deemed to have been duly given (a) when delivered by hand or by
Federal Express or a similar overnight courier to, (b) five (5) days after
being deposited in any United States Post Office enclosed in a postage prepaid,
registered or certified envelope addressed to or (c) when successfully
transmitted by fax (with a confirming copy of such communication to be sent as
provided in clauses (a) or (b) above) to, the party for whom intended, at the
address or fax number for such party set forth below (or at such other address
or telecopier number for a party as shall be specified by like notice, provided,
however, that the day any notice of change of address or telecopier
number shall be effective only upon receipt):

(a)                                  if
to Buyer, to:

Symyx Technologies, Inc.

415 Oakmead Parkway

Sunnyvale, CA  94085

Fax No.:  (408) 773-4029

Attention:  Rex S. Jackson, Esq.

with a copy to:

Cooley Godward Kronish LLP

Five Palo Alto Square

3000 El Camino Real

Palo Alto, CA  94306

Fax No.:  (650) 849-7400

Attention:  Timothy J. Moore, Esq.

 52
 

(b)                                 if
to any Seller, to:

Elsevier,
Inc.

360
Park Avenue South

New
York, NY 10010-1710

Telephone
No.:  (212) 633-3952

Fax
No.:  (212) 462-1941

Attention:                                     Maureen
McArdle, Esq.

Deputy General
Counsel

with a
copy to:

Baker
& McKenzie LLP

1114
Avenue of the Americas

New
York, NY 10036

Telephone
No.:  (212) 626-4100

Fax
No.: (212) 310-1600

Attention: 
James C. Colihan, Esq.

Section 8.3                                      Interpretation;
Certain Definitions.

(a)                                  The
words “hereof,” “herein” and “herewith” and words of
similar import shall, unless otherwise stated, be construed to refer to this
Agreement as a whole and not to any particular provision of this Agreement, and
article, section, paragraph, exhibit and schedule references are to the
articles, sections, paragraphs, exhibits and schedules of this Agreement unless
otherwise specified.

(b)                                 Whenever
the words “include,” “includes” or “including” are used in
this Agreement they shall be deemed to be followed by the words “without
limitation.”

(c)                                  The
words describing the singular number shall include the plural and vice versa,
and words denoting any gender shall include all genders and words denoting
natural persons shall include corporations and partnerships and vice versa.

(d)                                 The
phrase “to Sellers’ knowledge”, “to the knowledge of the MDL Group
Companies” or any similar phrase shall mean the actual knowledge after due
inquiry, including of direct reports, of each of the following individuals in
their designated areas of expertise and responsibility:  Lars Barfod (all areas), Carmel Andrews
(finance), Jean Colombel (Sales and Services), and Howard Abels (software).

(e)                                  The
phrase “ordinary course of business” means with respect to any person or
entity, the ordinary course of business of such person or entity, consistent in
all material respects with such person’s or entity’s past practice and custom,
including with respect to any category, quantity or dollar amount, term and
frequency of payment, delivery, accrual, expense or any other accounting entry.

 53
 

(f)                                    The
phrases “the date of this Agreement,” “the date hereof” and terms
of similar import, unless the context otherwise requires, shall be deemed to
refer to August 9, 2007.

(g)                                 As
used in this Agreement, the term “Affiliate(s)” shall have the meaning
set forth in Rule 12b-2 of the Securities Exchange Act of 1934, as amended.

(h)                                 As
used in this Agreement, the word “Subsidiary” means, with respect to any
party, any corporation, partnership or other entity or organization, whether
incorporated or unincorporated, of which (i) such party or any other Subsidiary
of such party is a general partner (excluding such partnerships where such
party or any Subsidiary of such party does not have a majority of the voting
interest in such partnership) or (ii) at least a majority of the securities or
other interests having by their terms ordinary voting power to elect a majority
of the Board of Directors or others performing similar functions with respect
to such corporation or other organization is directly or indirectly owned or
controlled by such party or by any one or more of its Subsidiaries, or by such
party and one or more of its Subsidiaries.

(i)                                     As
used in this Agreement, the term “business day” means a day, other than
a Saturday or a Sunday, on which banking institutions in The City of New York
or the City of San Francisco are required to be open.

(j)                                     The
Exhibits and Schedules to this Agreement are hereby incorporated and made a
part hereof and are an integral part of this Agreement.  All Exhibits and Schedules annexed hereto or
referred to herein are hereby incorporated in and made a part of this Agreement
as if set forth in full herein. 
Disclosure of any item on any Schedule shall not constitute an admission
or indication that such item or matter is material or would have a Material
Adverse Effect.  No disclosure on a
Schedule relating to a possible breach or violation of any Contract or Law
shall be construed as an admission or indication that breach or violation
exists or has actually occurred.  Any
capitalized terms used in any Schedule or Exhibit but not otherwise defined
therein shall be defined as set forth in this Agreement.

(k)                                  An
item arising with respect to a specific representation or warranty shall be
deemed to be “reflected on” or “set forth in” a balance sheet or
financial statements, to the extent any such phrase appears in such representation
or warranty, if (a) there is a reserve, accrual or other similar item
underlying a number on such balance sheet or financial statements that related
to the subject matter of such representation, (b) such item is otherwise
specifically set forth on the balance sheet or financial statements or (c) such
item is reflected on the balance sheet or financial statements and is
specifically set forth in the notes thereto.

Section 8.4                                      Rules
of Construction.   The parties have participated jointly in
the negotiation and drafting of this Agreement. 
In the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the parties
and no presumption or burden of proof shall arise favoring or disfavoring any
party by virtue of the authorship of any provisions of this Agreement.

Section 8.5                                      Counterparts.   This
Agreement may be executed in multiple counterparts, all of which shall together
be considered one and the same agreement.

 54
 

Section 8.6                                      Entire
Agreement; Third Party Beneficiaries.   This Agreement
(including the documents and the instruments referred to herein), the
Confidentiality Agreement entered into by Buyer and Sellers and the schedules
attached hereto (a) constitute the entire agreement, except as provided herein,
and supersede all prior agreements and understandings, both written and oral,
among the parties with respect to the subject matter hereof, and (b) except as
provided herein, are not intended to confer upon any person other than the parties
hereto and their respective successors and assigns any rights or remedies
hereunder.

Section 8.7                                      Severability.   If
any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction or other authority to be invalid, void,
unenforceable or against its regulatory policy, the remainder of the terms,
provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated.

Section 8.8                                      Governing
Law.   This Agreement shall be governed and construed in
accordance with the Laws of the State of New York, including New York
Obligations Law Sections 5-1401 (Choice of Law) and 5-1402 (Choice of Forum),
applicable to contracts to be made and performed entirely therein without
giving effect to the principles of conflicts of law thereof or of any other
jurisdiction.

Section 8.9                                      Consent
to Jurisdiction; Waiver of Jury Trial.

(a)                                  Each
of the parties hereto submits to the exclusive jurisdiction of any state or
federal court sitting in the Borough of Manhattan, of the City of New York in
any action or proceeding arising out of or relating to this Agreement and
agrees that all claims in respect of the action or proceeding may be heard and
determined in any such court.  Each of
the parties hereto waives any defense of inconvenient forum to the maintenance
of any action or proceeding so brought and waives any bond, surety, or other
security that might be required of any other party with respect thereto.  Nothing in this Agreement shall affect any
right that any party may otherwise have to bring any action or proceeding in
the courts of any jurisdiction.  Any
party hereto may make service on any other party by sending or delivering a
copy of the process (i) to the party to be served at the address and in the
manner provided for the giving of notices in Section 8.2 above.  Nothing in this Section 8.9 however, shall
affect the right of any party hereto to serve legal process in any other manner
permitted by law or at equity.  Each
party hereto agrees that a final judgment in any action or proceeding so
brought shall be conclusive and may be enforced by suit on the judgment or in
any other manner provided by law or at equity.

(b)                                 EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES TO
WAIVE ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THE DOCUMENTS OR ANY DEALINGS WITH ANY OTHER PARTY RELATING TO
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE OTHER DOCUMENTS. THIS WAIVER
IS IRREVOCABLE AND MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN
BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 8.9(b) AND
EXECUTED BY EACH OF THE PARTIES HERETO). 
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THE 

 55
 

DOCUMENTS
OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE TRANSACTIONS.  The scope of this waiver is intended to be
all-encompassing of any and all disputes that may be filed in any court and
that relate to the subject matter of the transactions contemplated by the
Agreement or the other Document, including contract claims, tort claims, breach
of duty claims and all other common law and statutory claims. In the event of
litigation, this Agreement may be filed as a written consent to a trial by the
court.

Section 8.10                                Specific
Performance.   The parties agree if any of the provisions of
this Agreement were not performed in accordance with their specific terms or
were otherwise breached, irreparable damage would occur, no adequate remedy at
law would exist and damages would be difficult to determine, and that the
parties shall be entitled to specific performance of the terms hereof, in
addition to any other remedy at law or equity.

Section 8.11                                Assignment.   Neither
this Agreement nor any of the rights, interests or obligations hereunder shall
be assigned by any of the parties hereto (whether by operation of law or
otherwise) without the prior written consent of the other parties.  Notwithstanding the foregoing, Buyer shall
have the right to assign all or certain provisions of this Agreement, or any
interest herein, and may delegate any duty or obligation hereunder, without the
consent of Seller, (i) to any Affiliate of Buyer, (ii) at any time after the Closing,
to any purchaser of any or all of the assets or equity interests (whether by
merger, recapitalization, reorganization or otherwise) of Buyer or the Business
or (iii) to any of Buyer’s financing sources as collateral; provided that, in the case of each of
clauses (i)-(iii), no such assignment or delegation shall relieve Buyer of any
of its obligations hereunder.  This
Agreement will be binding upon, inure to the benefit of and be enforceable by
the parties and their respective permitted successors and assigns.

Section 8.12                                Expenses.   Except
as otherwise provided herein, all costs and expenses incurred in connection
with the preparation, negotiation and execution of this Agreement, the
Collateral Agreements, the transactions contemplated hereby or thereby, and the
consummation of the transactions contemplated hereby or thereby, including any
advisor fees and expenses, whether or not the transactions contemplated hereby
or thereby are consummated (a) by Sellers or any of their Affiliates
(including, for costs incurred prior to the Closing, the MDL Group Companies)
shall be paid by Seller, and (b) by Buyer or any of its Affiliates (including,
for costs incurred following the Closing, the MDL Group Companies) shall be
paid by Buyer.

Section 8.13                                No
Set-Off.   The obligation of Buyer and the MDL Group
Companies to pay to Sellers the Purchase Price and any other payments hereunder
or under the Transition Services Agreement or any other Services Agreement
shall not be subject to any right of set-off against any of Sellers’
obligations whatsoever, and Buyer and the MDL Group Companies hereby
irrevocably waive any and all such rights.

Section 8.14                                Non-Recourse.   No
past, present or future director, officer, employee, incorporator, agent,
attorney or representative of Sellers or the MDL Group Companies or any of
their respective Affiliates shall have any personal liability to Buyer for any
obligations or liabilities of Sellers or the MDL Group Companies under this
Agreement or any Collateral Agreement of or for any claim based on, in respect
of, or by reason of, the transactions contemplated hereby and thereby; provided
that the foregoing will not affect Buyer’s recourse against Sellers hereunder.

 56
 

Section 8.15                                Headings.   Headings
of the Articles and Sections of this Agreement, and the Table of Contents are
for convenience of the parties only, and shall be given no substantive or
interpretative effect whatsoever.

Section 8.16                                Waivers.   Except
as otherwise provided in this Agreement, any failure of any of the parties to
comply with any obligation, covenant, agreement or condition herein may be
waived by the party or parties entitled to the benefits thereof only by a
written instrument signed by the party granting such waiver, but such waiver or
failure to insist upon strict compliance with such obligation, covenant,
agreement or condition shall not operate as a waiver of, or estoppel with
respect to, any subsequent or other failure.

Section 8.17                                Schedules.   The
schedules shall be construed with and as an integral part of this Agreement to
the same extent as if the same had been set forth verbatim herein.

 57
 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be signed by their
respective directors or officers thereunto duly authorized as of the date first
written above.

 

	
   

  	
  ELSEVIER INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Youngsuk Chi

  	
   

  
	
   

  	
   

  	
  Name: Youngsuk Chi

  
	
   

  	
   

  	
  Title: President and Vice Chairman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ELSEVIER SWISS HOLDINGS S.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Maureen
  McArdle

  	
   

  
	
   

  	
   

  	
  Name: Maureen McArdle

  
	
   

  	
   

  	
  Title: Attorney-in-Fact

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ELSEVIER JAPAN KK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ritsuko Miki

  	
   

  
	
   

  	
   

  	
  Ritsuko Miki

  
	
   

  	
   

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ELSEVIER
  LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Herman van
  Campenhout

  	
   

  
	
   

  	
   

  	
  Name: Herman van Campenhout

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MDL INFORMATION SYSTEMS (UK)

  LIMITED

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen
  Cowden

  	
   

  
	
   

  	
   

  	
  Name: Stephen Cowden

  
	
   

  	
  Title:

  	
  Director, RE Directors (No1) Limited

  
	
   

  	
   

  	
  Director, RE
  Directors (No2) Limited

  
							

 

 58
 

 

	
  

  	
  MDL INFORMATION SYSTEMS (UK)

  
	
   

  	
  LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Margaret
  Elaine Woods

  	
   

  
	
   

  	
   

  	
  Name: Margaret Elaine Woods

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
  Director, RE Directors (No1) Limited

  
	
   

  	
  Director, RE Directors (No2) Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MDL INFORMATION SYSTEMS (UK)

  
	
   

  	
  LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Leslie Dixon

  	
   

  
	
   

  	
   

  	
  Name: Leslie Dixon

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
  Director, RE Directors (No1) Limited

  
	
   

  	
  Director, RE Directors (No2) Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SYMYX TECHNOLOGIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rex S.
  Jackson

  	
   

  
	
   

  	
   

  	
  Name: Rex S. Jackson

  
	
   

  	
   

  	
  Title: EVP, Acting CFO & GC

  
						

 

 59Exhibit 10.91

FY 2008 Bonus Plan Proposal

The Company’s (non-executive)
compensation philosophy is to pay a combination of base salary and bonus that
in aggregate is competitive to market rates, but which gives the Company
flexibility during industry down cycles to retain key employees while managing
costs.  The non-executive bonuses are in
the form of profit sharing and spot bonuses determined by the CEO.   The Company’s executive compensation is to
pay a combination of base salary and bonuses that are in aggregate competitive
to market rates, and to reward executives for corporate financial performance
and the achievement of individual personal goals important to implementing the
corporate operating or strategic plans.

Outline of 2008 Bonus Plan:

1.  Non executive bonuses in the form of profit
sharing and spot bonuses for extraordinary contributions or efforts.

2.  The non executive spot bonus pool is at the
discretion of the CEO (based on recommendations from his executives) and
consists of a fixed portion ($100K/quarter).

3.  The total variable bonus pool depends upon
Company performance

a. Size of bonus pool starts
growing at a minimum threshold (e.g., 2.5% ROE) and reaches the target level at
a target threshold (e.g., 5% ROE)

b. If the Company performance exceeds the target
threshold, then the executive bonus pool will continue to grow, at a slower
rate (e.g., bonus pool increases 1/5 for every 1% increase in ROE, up to  a maximum of 2X target at 10% ROE).

4.  The total bonus pool consists of the executive
bonus pool, the non executive spot bonus pool, and profit sharing.  For example on an annual basis:

a)  Executive Bonus Pool:  Currently set as a % base salary and totals
to a target of about $700K / yr at 5% ROE. 
Grows from zero at 2.5% ROE to target at 5% ROE.  Above 5% ROE grows at half that rate to 2x
target at 10% ROE.

b)  Non executive spot Bonus Pool:  $100K 
per quarter.  At the discretion of
the CEO the un-awarded portion of the non-executive spot bonus pool may be
carried forward from quarter to quarter in a fiscal year, or left as net
profit.

c)  Profit
Sharing:  Growing from zero at 2.5% ROE
to a target and cap of 10% non executive salary base at 5% ROE (Approximately
$600K at 5% ROE)

5.  After tax profit (PAT) will be used to
calculate the bonus pool and will be net of the CEO Non Executive Spot Bonus
Pool, the Profit Sharing Bonus Pool above, and the Executive Bonus Pool.  The ROE (= PAT / $58.2M) for each quarter
will be year-to-date.

a)  At 5% ROE, the PAT will be about 0.05x$58.2M
= $2.91M.

b)  At 5% ROE the target executive bonus pool is
approx. $0.7M,

c)  At 5% ROE, the total non executive bonus pool
is approx. $1M ($400K + $600K)

(This does not have to be reported unless PWC believes
it to be a material liability.)

6.  Bonuses to each executive are to be paid
based on performance against quantifiable and measurable personal goals with
specific target completion dates during the quarter

a) Prior to each quarterly
Compensation Committee Meeting, the CEO will submit a report to the Compensation
Committee for each executive:  measurable
goals that quarter; accomplishments against each goal; score for each goal and
recommended bonus.  The Committee will
review the

proposal and make its
recommendation to the entire board which will review the proposal and make the
final decision regarding the bonus for each executive.

b)  Within 3 weeks after the beginning of each
quarter, The CEO will set quarterly goals for each executive and submit them to
the Compensation Committee, and the Compensation Committee will agree with the
CEO on goals for the CEO.  The goals for
the CEO and CFO shall be reviewed by the Compensation Committee and then entire
Board at the quarterly meeting. 
Typically each executive will be measured against 3-5 key goals per
quarter, but it could be as few as 1 or as many as 10.  Each goal will be absolutely measurable with
a specific completion date within the quarter. 
If the goals for an executive are not set and agreed to within one week
after the quarterly board meeting, the Compensation Committee may vote to have
that executive disqualified from participating in all or part of the bonus pool
for that quarter.

c)  Prior to the
quarterly Compensation Committee meeting the CEO will recommend to the
Committee the distribution of up to 100% of the Executive Bonus Pool, for the
quarter most recently completed, that is determined by ROE (item 5.) and
Additions (item 6.)  The CEO may
recommend to the Compensation Committee that unused portions of the executive
Bonus Pool remain as net profits, remain in the executive bonus pool for future
quarters in that fiscal year, or be transferred to the non-executive bonus
pool.  The Committee will make a final
determination for the disposition of the unused portion of the executive bonus
pool.

7.  Executive bonuses are to be earned quarterly
but paid out in a non linear profile used in the 2005 bonus plan, in the ratios
of  (12, 15, 23, 50).  Actual
Quarterly bonuses payouts are based on cumulative achievements and year-to-date
ROE.

a)  After the end of the first quarter, the YTD
annualized ROE and to the YTD annualized executive bonus pool are
calculated.  Up to 12% of the YTD
annualized executive bonus pool may be paid out according to the achievement of
individual personal goals.

b)  After the end of the second quarter, the
annualized ROE and the YTD annualized executive bonus pool are calculated.  Up to 27% of the YTD annualized executive
bonus pool less the amount paid out for quarter 1, may be paid out according to
the achievement of individual personal goals.

c)  After the end of the third quarter, the YTD
annualized ROE and the YTD annualized executive bonus pool are calculated.  Up to 50% of the executive bonus pool, less
the amounts paid out for quarter 1 and quarter 2, may be paid out according to
the achievement of individual personal goals

d)  After the end of the fourth quarter, the YTD
annualized ROE and the YTD annualized executive bonus pool are calculated.  Up to 100% of the executive bonus pool, less
the amounts paid out for quarter 1, quarter 2 and quarter 3, may be paid out
according to the achievement of individual personal goals

e)  If after any quarter the calculated executive
bonus pool less the amounts paid out in previous quarters is negative, then no
executive bonuses may be paid under this plan.

f)   If at the end of the fiscal year the net
income and/or revenue meets or exceeds the plan net income and revenue, then
the executive bonus pool may be increased according to section 6.

8. Guidelines for
distribution of the personal goals portion of the executive bonus pool:

a)  The goals
accomplishment percentages are to be between 0 and 100%.

b)  The following guidelines allow the CEO
latitude in utilizing the un-awarded portion of the executive bonus pool, for
growth of shareholder value:

1.               Additional
bonus to executives who demonstrated extraordinary performance (this
accommodates those situations where an executive’s goal is unachievable by
forces outside his control, or where the executive accomplish something very
important to the Company (e.g., a key development that is important long term),
that isn’t in their quarterly goals (which tend to be more short-term focused
on ROE).

2.               Ability
to move some or all of the unused executive pool to the non executive pool.
 This could be especially useful when the Company is in a down cycle where
the non executive bonus pool is shrinking, and the CEO is trying to build and
incentive reservoir for key no-executive performers.

3.               Allowing for some
or all of the un-awarded portion of the executive bonus pool and the non
executive spot bonus pool to be carried over from quarter to quarter within a
fiscal year, to allow further flexibility for incentives

Below is a graphic sample of
how the quarterly bonus pool (executive bonus pool and the profit sharing pool,
to a cap of 10%)   will be
calculated.  It grows linearly from 2.5%
to 5% ROE, and then the executive bonus pool continues to grow linearly at half
that slope to 10% ROE, with the executive bonus pool cap being 2X the target
bonus pool cap at 5% ROE.

Total Bonus Pool vs. ROE

Total Bonus Pool = Spot Bonus
Pool (fixed at $100K/qtr) + Executive Bonus Pool (variable from zero at 2.5%
ROE to target at 5% ROE to 2X target at 10% ROE) + Profit Sharing (variable
from zero at 2.5% ROE to target and cap at 5% ROE)

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