Document:

Unassociated Document

    ESCROW
      AGREEMENT

     

    THIS
      ESCROW AGREEMENT (as the same may be amended or modified from time to time
      and
      including any and all written instructions given to “Escrow
      Agent”
      (hereinafter defined) pursuant hereto, this “Escrow
      Agreement”)
      is
      made and entered into as of April 7, 2006, by and among Perficient, Inc., a
      Delaware corporation (the “Parent”),
      Timothy Robinson (the “Stockholder
      Representative,”
and
      together with the Parent, sometimes referred to collectively as the
“Parties”),
      and
      Continental Stock Transfer & Trust Company (the “Escrow
      Agent”).

     

    WHEREAS,
      the Parties have agreed to deposit in escrow (i) certain funds and (ii) stock
      certificates representing shares of common stock, par value $0.001 per share,
      of
      Parent (the “Parent
      Common Stock”),
      pursuant to that certain Agreement and Plan of Merger dated as of
      April 6, 2006 (the “Merger
      Agreement”)
      by and
      among Parent, PFT MergeCo, Inc., a California corporation and wholly owned
      subsidiary of Parent (“Merger
      Sub”),
      Bay
      Street Solutions, Inc., a California corporation, each Company Stockholder
      (as
      defined therein) and the Stockholder Representative, and wish such deposits
      to
      be subject to the terms and conditions set forth herein.

     

    WHEREAS,
      the purpose of the Escrow Account (as defined below) is to secure claims under
      Article XI
      of the
      Merger Agreement (“Indemnification
      Claims”);
      and

     

    WHEREAS,
      Escrow Agent is willing to serve in such capacity on the terms and conditions
      hereinafter set forth.

     

    NOW
      THEREFORE, in consideration of the foregoing and of the mutual covenants
      hereinafter set forth, the parties hereto agree as follows:

     

    1. Definitions.
      Unless
      otherwise defined herein, each capitalized term used in this Agreement shall
      have the meaning ascribed to such term in the Merger Agreement.

     

    2. Appointment.
      The
      Parties hereby appoint and designate Escrow Agent as the escrow agent for the
      purposes and upon the terms set forth herein, and Escrow Agent hereby accepts
      such appointment and agrees to act as escrow agent hereunder for the purposes
      and upon the terms set forth herein.

     

    3. Action
      by the Escrow Agent.
      Notwithstanding any provision of this Escrow Agreement, the Parties acknowledge
      and agree that the Escrow Agent shall not take any action required of it
      pursuant to this Escrow Agreement until the Escrow Agent has received joint
      written instructions by the Parent and the Stockholder Representative. The
      parties further acknowledge and agree that such written instructions shall
      specify the dollar amount, if any, to be distributed from the Escrowed Cash
      and
      the number of shares, if any, to be distributed from the Escrowed Shares
      (calculated in accordance with Section 8.5).

      
        
          
          

        

        
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    4. Authority
      of Parent.
      After
      the Closing, each of the parties hereto agrees that the Parent shall have
      authority to settle all Indemnification Claims in accordance with Article XI
      of the
      Merger Agreement on behalf of the Surviving Entity, or any of the affiliates
      of
      the Parent or Surviving Entity. Unless the context otherwise requires, any
      references to Parent contained herein shall be deemed to be references to Parent
      and Surviving Entity, and each of their affiliates.

     

    5. Deposit
      of Escrowed Cash and Escrowed Shares.

     

    5.1. At
      the
      closing of the transactions contemplated by the Merger Agreement (the
“Closing”),
      and
      upon receipt from the California Secretary of evidence of the filing of the
      Agreement of Merger, the Parent shall deposit with the Escrow Agent (i) the
      sum
      of $630,000 (the “Escrowed
      Cash”)
      and
      (ii) certificates for an aggregate of 56,284 shares of Parent Common Stock
      (the
“Escrowed
      Shares”)
      to be
      registered in the name of the Company Stockholders in such amounts as set forth
      on Exhibit A
      to this
      Escrow Agreement, each to be held in accordance with the terms of this Escrow
      Agreement. The Escrowed Cash and Escrowed Shares are collectively referred
      to as
      the “Escrow
      Account.”

     

    5.2. From
      and
      after the Closing the Escrow Agent shall (i) hold the Escrowed Cash, together
      with all interest, dividends (other than cash dividends on Parent Common Stock),
      distributions, income, or other proceeds (“Interest”)
      on the
      Escrowed Cash, and, subject to the terms and conditions hereof and (ii) invest
      and reinvest the Escrowed Cash and the Interest thereon (the “Escrow
      Fund”)
      as
      directed in Section 6.

     

    5.3. At
      the
      Closing each of the Company Stockholders shall deliver to Parent an original
      stock power endorsed by such Company Stockholder in blank (the “stock
      powers”)
      which
      shall be held by the Escrow Agent together with the Escrowed Shares in
      accordance with the terms of this Agreement.

     

    5.4. Each
      record owner of the Escrowed Shares shall be entitled to exercise all voting
      rights with respect to such owner’s Escrowed Shares.

     

    5.5. Parent
      and each of the Company Stockholders agree among themselves, for the benefit
      of
      Parent and the Escrow Agent, that any securities or other property distributable
      (whether by way of dividend, stock split or otherwise) in respect of or in
      exchange for any Escrowed Shares shall not be distributed to the record owners
      of such Escrowed Shares, but rather shall be distributed to and held by the
      Escrow Agent in the Escrow Account. Ordinary cash dividends will be paid by
      Parent directly to the Company Stockholders and not to the Escrow Agent. Unless
      and until the Escrow Agent shall actually receive such additional securities
      or
      other property, it may assume without inquiry that the Escrowed Shares currently
      being held by it in the Escrow Account are all that the Escrow Agent is required
      to hold. At the time any Escrowed Shares are required to be released from the
      Escrow Account to any person or entity (“Person”)
      pursuant to this Agreement, any securities or other property previously received
      by the Escrow Agent in respect of or in exchange for such Escrowed Shares shall
      be released from the Escrow to such Person.

      
        
          
          

        

        
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    5.6. The
      Stockholder Representative, on behalf of all of the Company Stockholders, may
      at
      any time deposit additional cash, or other collateral acceptable to the Parent
      and the Escrow Agent, in the Escrow Account (the “Substituted
      Amount”).
      Upon
      receipt by the Escrow Agent of the Substituted Amount, the Escrow Agent shall
      release to the Stockholder Representative such number of Escrowed Shares of
      equal value to the cash or other collateral. The number of Escrowed Shares
      to be
      released from the Escrow Account shall be determined in accordance with
Section 8.5
      at such
      time as the Substituted Amount is deposited into the Escrow Account.

     

    6. Investment
      of Escrow Fund.

     

    6.1. The
      Escrow Agent shall invest and reinvest the Escrow Fund in such of the following
      investments as the Stockholder Representative may from time to time specify
      in
      writing (each a “Permitted
      Investment”):

     

    6.1.1. an
      interest bearing money market account or

     

    6.1.2. any
      U.S.
      Government or U.S. Government Agency security.

     

    In
      the
      absence of written instructions to the contrary from the Stockholder
      Representative, the Escrow Agent shall invest the Escrow Fund in the Permitted
      Investment set forth in Section 6.1.1.

     

    6.2. The
      Escrow Agent will act upon investment instructions the “Business
      Day”
(which
      excludes Saturday, Sunday and any other day on which state banks are required
      or
      authorized to close in New York, New York) after such instructions are received.
      As of the date when the Escrow Fund or any portion thereof is to be released
      under this Agreement, the Escrow Agent shall cause the Permitted Investments
      to
      be converted into cash (unless the recipient of such release portion notifies
      the Escrow Agent in writing that it desires to have the securities retained
      and
      transferred to it), and the Escrow Agent shall not be liable for any loss of
      principal or income in connection therewith. Receipt, investment and
      reinvestment of the Escrow Fund shall be confirmed by the Escrow Agent as soon
      as practicable by account statement to each of the Parent and Stockholder
      Representative, and any discrepancies in any such account statement shall be
      noted by the Parent or Stockholder Representative to the Escrow Agent within
      30
      calendar days after receipt thereof. Failure to inform the Escrow Agent in
      writing of any discrepancies in any such account statement within said 30-day
      period shall conclusively be deemed confirmation of such account statement
      in
      its entirety, absent manifest error. For purposes of this section, each account
      statement shall be deemed to have been received by the party to whom directed
      on
      the earlier of (i) actual receipt thereof and (ii) three Business Days after
      the
      deposit thereof in the United States mail, postage prepaid.

     

    7. Release
      Date.
      For
      purposes of this Agreement, the “Release
      Date”
shall
      be the day that is 364 days after the Closing Date.

      
        
          
          

        

        
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    8. Administration
      of Escrow Account.
      Except
      as otherwise provided herein, the Escrow Agent shall administer the Escrow
      Account as follows:

     

    8.1. If,
      as of
      the Release Date, the Escrow Agent has not received notice of any
      Indemnification Claims, then (i) the Escrow Fund shall promptly (and in any
      event no later than 10 business days thereafter) be released to the Company
      Stockholders in accordance with each Company Stockholder’s Percentage Interest
      set forth on Exhibit B
      to this
      Agreement, or such other proportions as may be specified in writing by the
      Stockholder Representative (it being expressly acknowledged and agreed that
      Parent and the Escrow Agent are entitled to rely on such specified proportions)
      and (ii) the Escrowed Shares and the stock powers then held by the Escrow Agent
      shall promptly (and in any event no later than 10 business days thereafter)
      be
      released to the Company Stockholders.

     

    8.2. If,
      at
      any time on or prior to the Release Date, the Parent desires to make a claim
      against the Escrow Account with respect to Indemnification Claims, then the
      Parent shall, on or prior to the Release Date, deliver a written claim notice
      (a
“Claim
      Notice”)
      to the
      Stockholder Representative and to the Escrow Agent. Such Claim Notice shall
      (i)
      state that Parent believes that it is entitled to all or a portion of the Escrow
      Account and certify that all requirements set forth in Article XI
      of the
      Merger Agreement with respect to such indemnification have been satisfied;
      (ii)
      contain a brief description of the circumstances supporting such belief; and
      (iii) indicate the claimed amount of Damages necessary to satisfy such
      Indemnification Claim (the “Claimed
      Amount”).
      The
      amount to be released from the Escrow Account shall be determined in accordance
      with Sections
      8.4
      and
8.5
      below.

     

    8.3. Within
      20
      days after receipt by the Stockholder Representative of a Claim Notice, the
      Stockholder Representative shall deliver to the Parent and to the Escrow Agent
      a
      written response (the “Response
      Notice”)
      in
      which the Stockholder Representative may: (i) agree that an amount held in
      the
      Escrow Account equal to the full Claimed Amount may be released from the Escrow
      Account to the Parent; (ii) agree that an amount held in the Escrow Account
      equal to part, but not all, of the Claimed Amount (the “Agreed
      Amount”)
      may be
      released from the Escrow Account to the Parent; or (iii) indicate that no part
      of the Claimed Amount may be released from the Escrow Account to the Parent.
      Any
      part of the Claimed Amount that is not to be released to the Parent shall be
      the
“Contested
      Amount.”

     

    8.3.1. If
      the
      Stockholder Representative does not deliver a Response Notice within such 20
      day
      period, then the Company Stockholders shall be deemed to have indicated that
      the
      entire Claimed Amount may be released from the Escrow Account to the
      Parent.

     

    8.3.2. If
      the
      Stockholder Representative delivers a Response Notice agreeing that an amount
      held in the Escrow Account equal to the full Claimed Amount may be released
      from
      the Escrow Account to the Parent, the Escrow Agent shall promptly following
      the
      receipt of the Response Notice, deliver to the Parent an amount from the Escrow
      Account equal to the Claimed Amount.

      
        
          
          

        

        
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    8.3.3. If
      the
      Stockholder Representative delivers a Response Notice agreeing that an amount
      held in the Escrow Account equal to part, but not all, of the Claimed Amount
      may
      be released from the Escrow Account to the Parent, the Escrow Agent shall
      promptly following the receipt of the Response Notice deliver to the Parent
      such
      amount from the Escrow Account equal to the Agreed Amount.

     

    8.3.4. If
      the
      Stockholder Representative delivers a Response Notice indicating that there
      is a
      Contested Amount, the Stockholder Representative and the Parent shall attempt
      in
      good faith to resolve the dispute related to the Contested Amount. If the Parent
      and the Stockholder Representative shall resolve such dispute, such resolution
      shall be binding on all of the Company Stockholders and the Parent and a
      settlement agreement shall be signed by the Parent and the Stockholder
      Representative and sent to the Escrow Agent, who shall, upon receipt thereof,
      if
      applicable, release such amount from the Escrow Account in accordance with
      the
      specific instructions provided in such agreement.

     

    8.3.5. If
      the
      Stockholder Representative and the Parent are unable to resolve the dispute
      relating to any Contested Amount within 45 days after the delivery of the Claim
      Notice, the settlement of such Contested Amount shall take place by a binding
      arbitration proceeding which shall take place in Phoenix, Arizona, unless an
      alternative location is otherwise mutually agreed to by the parties, and be
      conducted by an arbitrator who has not been affiliated with or engaged by either
      party for a period of five years preceding the commencement of the arbitration
      proceeding, and the Escrow Agent shall continue to hold the Contested Amount
      until Escrow Agent receives either: (i) a written notice signed by Parent and
      the Stockholder Representative, providing specific instructions regarding the
      delivery of the Contested Amount, if any, to be released from the Escrow
      Account; or (ii) a final arbitration decision, in accordance with the following
      procedures, providing specific instructions regarding the delivery of any or
      all
      of such Contested Amount. The Contested Amount shall be settled in accordance
      with the Expedited Procedures of the Commercial Arbitration Rules of the
      American Arbitration Association. The arbitrator's decision shall relate solely
      to whether the Parent is entitled to receive the Contested Amount (or a portion
      thereof) from the Escrow Account pursuant to the applicable terms of the Merger
      Agreement and this Agreement. The final decision of the arbitrator shall be
      furnished to Parent, the Stockholder Representative and the Escrow Agent in
      writing and shall constitute the conclusive determination of the issue in
      question, be binding upon Parent, Surviving Entity, the Company Stockholders
      and
      the Escrow Agent. The prevailing party in any arbitration (which determination
      shall be made by the arbitrator) shall be entitled to an award of attorneys’
fees and costs to be paid by the losing party (which determination shall be
      made
      by the arbitrator), and the losing party shall also be liable for all costs
      of
      arbitration, including, but not limited to, the compensation to be paid to
      the
      arbitrator in any proceeding and the transcript and other expenses of such
      proceeding.

     

    8.4. For
      purposes of this Agreement, any amounts distributed to Parent from the Escrow
      Account shall be satisfied equally from the Escrowed Cash and the Escrowed
      Shares; provided, however, that the Stockholder Representative may direct the
      Escrow Agent to make the distribution to the Parent entirely from the Escrowed
      Cash, and further provided, however, that (i) any amounts distributed to Parent
      from the Escrow Account related to Indemnification Claims arising from the
      breach of representations, warranties and covenants contained in Section 4.06,
      Section 4.08
      and
Section 4.11
      of the
      Merger Agreement and (ii) any

      
        
          
          

        

        
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    Indemnification
      Claims arising from Section 2.07(c)
      and
Section 11.01(a)(ii)
      of the
      Merger Agreement shall be satisfied (A) first, from the Escrowed Cash and (B)
      second, from the Escrowed Shares (to the extent the Escrowed Cash is
      insufficient to satisfy such Indemnification Claims).

     

    8.5. The
      number of Escrowed Shares to be released in payment and settlement of any
      Claimed Amount, Agreed Amount or all or any portion of the Contested Amount
      which may be awarded to Parent pursuant to Section 8.3.4
      above
      shall be determined by dividing such Claimed Amount, Agreed Amount or award,
      as
      applicable, by the average closing sales price of one share of Parent Common
      Stock as reported on the NASDAQ National Market for the thirty (30) consecutive
      trading days ending on the date that is one (1) trading day immediately
      preceding the release of such Escrowed Shares as adjusted as appropriate to
      reflect any stock splits, stock dividends, combinations, reorganizations,
      reclassifications or similar events.

     

    9. Escrow
      Agent Compensation.
      Except
      as hereinafter provided, Escrow Agent shall be reimbursed by Parent for all
      actual out-of-pocket expenses incurred in performing the services required
      hereunder. The fees of the Escrow Agent (which shall not exceed $6,000.00 in
      the
      aggregate) and any replacement Escrow Agent shall be paid by
      Parent.

     

    10. Limitation
      of Escrow Agent's Liability.

     

    10.1. Except
      for Escrow Agent's gross negligence or willful misconduct, Escrow Agent shall
      not be responsible or liable in any manner whatsoever for the sufficiency,
      correctness, genuineness or validity of any instrument deposited with it, or
      any
      notice or demand given to it or for the form of execution of any such
      instrument, notice or demand or for the identification, authority or rights
      of
      any person executing, depositing or giving the same or for the terms and
      conditions of any instrument, pursuant to which the parties may
      act.

     

    10.2. Escrow
      Agent shall not have any duties or responsibilities except those expressly
      set
      forth in this Agreement and shall not incur any liability: (i) in acting upon
      any signature, notice, demand, request, waiver, consent, receipt or other paper
      or document reasonably believed by Escrow Agent to be genuine and Escrow Agent
      may assume that any person purporting to give it any notice on behalf of any
      party in accordance with the provisions hereof has been duly authorized to
      do
      so; or (ii) in otherwise acting or failing to act under this Agreement, except
      in the case of Escrow Agent's gross negligence or willful
      misconduct.

     

    10.3. Escrow
      Agent shall not be bound by any modification, cancellation or rescission of
      this
      Agreement unless the same is in writing and signed by the other parties hereto
      and a copy thereof has been received by Escrow Agent.

     

    10.4. Escrow
      Agent has executed this Agreement for the sole purpose of agreeing to act as
      such in accordance with the terms of this Agreement.

    
      
        
          
          

        

        
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    10.5. Subject
      to Section 9
      hereof,
      the parties hereto further agree to jointly and severally indemnify Escrow
      Agent
      from and against any and all losses, claims, damages or liabilities and
      expenses, including reasonable attorney’s fees which may be asserted against it
      or to which it may be exposed or may incur by reason of its performance
      hereunder, except when such performance was grossly or willfully
      negligent.

     

    11. Successor
      Escrow Agent.
      In the
      event the Escrow Agent becomes unavailable or unwilling to continue as escrow
      agent under this Agreement, the Escrow Agent may resign and be discharged from
      its duties and obligations hereunder by giving its written resignation to the
      parties to this Agreement. Such resignation shall take effect not less than
      30
      days after it is given to all parties hereto; provided, however, that such
      resignation shall in no event take effect before the successor to the Escrow
      Agent shall have been appointed pursuant to this Section 11.
      Parent
      and the Stockholder Representative shall designate a successor to the Escrow
      Agent prior to the expiration of such 30-day period by giving written notice
      to
      the Escrow Agent. The Escrow Agent shall promptly transfer all assets in the
      Escrow Account to such designated successor. If no successor Escrow Agent is
      designated prior to the expiration of such 30-day period, the Escrow Agent
      can
      apply to a court of competent jurisdiction for the appointment of a successor
      Escrow Agent or for other appropriate relief. Parent may appoint a successor
      Escrow Agent only with the consent of the Stockholder Representative (which
      consent shall not be unreasonably withheld or delayed). The Escrow Agent shall
      act in accordance with written instructions from Parent and the Stockholder
      Representative as to the transfer of the Escrow Fund to a successor escrow
      agent.

     

    12. Miscellaneous.

     

    12.1. Notice.
      All
      notices hereunder shall be given in accordance with the notice provisions of
      the
      Merger Agreement. In addition, notices to Escrow Agent shall be addressed to
      it
      at:

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place, 8th Floor

    New
      York,
      New York 10004

    Attention: 
      Compliance

     

    In
      addition, notices to the Stockholder Representative shall be addressed
      to:

     

    Timothy
      Robinson

    2020
      Canyon Crest Avenue

    San
      Ramon, California 94582

    Phone:  (925)
      735-0738

    Facsimile: (415)
      772-5750

    Email: 
      trobinson@baystreetsolutions.com

     

    with
      a
      copy (which shall not constitute notice) to:

      
        
          
          

        

        
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    Coblentz,
      Patch, Duffy & Bass LLP

    One
      Ferry
      Building

    Suite
      200

    San
      Francisco, California 94111

    Attn:
      Paul Escobosa, Esq.

    Phone: 
      (415)
      391-4800

    Facsimile: 
      (415)
      989-1663

    Email: 
      pe@cpdb.com

     

    Notices
      to the Parent shall be addressed to:

     

    Perficient,
      Inc.

    1120
      South Capital of Texas Highway

    Building
      3, Suite 220

    Austin,
      Texas 78746

    Attention: Michael
      Hill

    Phone: 
      (512)
      531-6000

    Facsimile:
      (512)
      531-6011

    Email:
      mike.hill@perficient.com

     

    
      
        
        

      

      
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    with
      a
      copy to:

     

    Vinson
      & Elkins LLP

    Terrace
      7

    2801
      Via
      Fortuna, Suite 100

    Austin,
      Texas 78746

    Attention:
      J. Nixon Fox, III, Esq.

    Phone:
      (512) 542-8427

    Facsimile:
      (512) 236-3216

    Email:
      nfox@velaw.com

     

    12.2. Successors
      and Assigns.
      This
      Agreement shall be binding upon each of the parties hereto and each of their
      respective successors and assigns, if any. Nothing in this Agreement is intended
      to confer, or shall be deemed to confer, any rights or remedies upon any person
      or entity other than the parties hereto and their successors and assigns. This
      Agreement shall inure to the benefit of the Stockholder Representative, Parent,
      Escrow Agent and their respective successors and assigns, if any, of the
      foregoing. 

     

    12.3. Amendments.
      This
      Agreement may not be amended, modified, altered or supplemented other than
      by
      means of a written instrument duly executed and delivered by each of the Parent,
      Stockholder Representative and Escrow Agent.

     

    12.4. Entire
      Agreement.
      This
      Agreement and the other agreements referred to herein set forth the entire
      understanding of the parties hereto relating to the subject matter hereof and
      thereof and supersede all prior agreements and understandings among or between
      any of the parties relating to the subject matter hereof and
      thereof.

     

    12.5. Tax
      Reporting Information and Certification of Tax Identification
      Numbers.
      

     

    12.5.1. The
      parties hereto agree that, for tax reporting purposes, all interest on or other
      income, if any, attributable to the Escrow Account or any other amount held
      in
      escrow by the Escrow Agent pursuant to this Agreement shall be allocable to
      the
      Company Stockholders in accordance with each Company Stockholder's Percentage
      Interest or such other percentages as may be specified in writing by the
      Stockholder Representative.

     

    12.5.2. At
      the
      Closing (or as soon as reasonably practicable thereafter) Parent agrees to,
      and
      the Stockholders Representative agrees to cause each Stockholder to, provide
      the
      Escrow Agent with certified tax identification numbers for each of them by
      furnishing appropriate forms W-9 (or Forms W-8, in the case of non-U.S. persons)
      and other

      
        
          
          

        

        
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    forms
      and
      documents that the Escrow Agent may reasonably request (collectively,
“Tax
      Reporting Documentation”).
      The
      parties hereto understand that, if such Tax Reporting Documentation is not
      so
      certified to the Escrow Agent, the Escrow Agent may be required by the Internal
      Revenue Code, as it may be amended from time to time, to withhold a portion
      of
      any interest or other income earned on the investment of monies or other
      property held by the Escrow Agent pursuant to this Agreement.

     

    12.6. Construction.

     

    12.6.1. For
      purposes of this Agreement, whenever the context requires: the singular number
      shall include the plural, and vice versa; the masculine gender shall include
      the
      feminine and neuter genders; the feminine gender shall include the masculine
      and
      neuter genders; and the neuter gender shall include the masculine and feminine
      genders.

     

    12.6.2. The
      parties hereto agree that any rule of construction to the effect that
      ambiguities are to be resolved against the drafting party shall not be applied
      in the construction or interpretation of this Agreement.

     

    12.6.3. As
      used
      in this Agreement, the words "include" and "including," and variations thereof,
      shall not be deemed to be terms of limitation, but rather shall be deemed to
      be
      followed by the words “without limitation.”

     

    12.6.4. This
      Agreement shall be construed pursuant to the laws of the State of New York
      in
      effect at the time of such construction without giving effect to conflicts
      of
      laws principles.

     

    12.6.5. Nothing
      in this Agreement shall be construed to limit or abridge the rights and
      obligations of Parent, Merger Sub, the Company or the Company Stockholders
      under
      the Merger Agreement.

     

    12.7. Termination.
      This
      Agreement shall terminate upon the earliest occurrence of any of the following
      events: (i) the written agreement of all parties hereto; or (ii) upon the
      delivery by Escrow Agent of all of the Escrow Account in accordance with the
      terms of this Agreement; provided, however that Section 10.5
      shall
      survive any termination of this Agreement.

     

    12.8. Incorporation.
      The
      preamble to this Agreement and all annexes, schedules and exhibits (as may
      be
      amended from time to time) annexed hereto are incorporated herein by reference
      as if set forth herein in their entirety.

    
      
        
        

      

      
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    12.9. Severability.
      In the
      event any provision of this Agreement shall be held invalid or unenforceable
      by
      any court of competent jurisdiction, such holding shall not invalidate or render
      unenforceable any other provision of this Agreement and each and every other
      provision of this Agreement shall continue in full force and
      effect.

     

    12.10. Waiver
      of Breach.
      The
      waiver by any party of a breach of any provision of this Agreement shall not
      operate or be construed as a waiver of any other or subsequent breach by any
      party.

     

    12.11. Section
      Headings.
      Section
      headings contained in this Agreement are for reference purposes only and shall
      not affect in any way the meaning or interpretation of this
      Agreement.

     

    12.12. Counterparts
      and Facsimile Signatures.
      This
      Agreement may be executed in one or more counterparts in which event all of
      said
      counterparts shall be deemed to constitute one original of this Agreement.
      Furthermore, this Agreement may be executed by the facsimile signature of any
      party hereto, it being agreed that facsimile signature of any party hereto
      shall
      be deemed an ink-signed original for all purposes.

     

     

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties to this Agreement have executed this Agreement
      as
      of the date first written above.

     

    PARENT:

     

    Perficient,
      Inc.

     

     

    By: 
      /s/
      John
      T. McDonald 
      
        

      

    

    Name:
      John T. McDonald

    Title:
      Chief Executive Officer

     

     

    ESCROW
      AGENT:

     

    Continental
      Stock Transfer & Trust Company

     

     

    By: 
      /s/
      Frank
      A. DiPaolo 
      
        

      

    

    Name:
      Frank A. DiPaolo

    Title:
      CFO

     

    STOCKHOLDER
      REPRESENTATIVE:

     

     

    /s/
      Timothy Robinson 
      
        

      

    

    Timothy
      Robinson

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    ESCROWED
      SHARES

     

    
      	
              Name
                of Company Stockholder

            	 	
              Number
                of

              Escrowed
                Shares

            	 
	
              Alfred
                Arnaud

            	 	 	
              8,041

            	 
	
              Alex
                Bly

            	 	 	
              8,041

            	 
	
              Jason
                Halpern

            	 	 	
              8,041

            	 
	
              Chris
                Heineken

            	 	 	
              8,041

            	 
	
              Eric
                Loftsgaarden

            	 	 	
              8,041

            	 
	
              Kevin
                McNulty

            	 	 	
              8,041

            	 
	
              Timothy
                Robinson

            	 	 	
              8,041

            	 
	
              TOTAL:

            	 	 	
              56,287

            	 

    

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    COMPANY
      STOCKHOLDER'S PERCENTAGE INTEREST

     

    
      	
              Name
                of Company Stockholder

            	 	
              Percentage
                Interest

            	 
	
              Alfred
                Arnaud

            	 	 	
              14.29

            	
              %

            
	
              Alex
                Bly

            	 	 	
              14.29

            	
              %

            
	
              Jason
                Halpern

            	 	 	
              14.29

            	
              %

            
	
              Chris
                Heineken

            	 	 	
              14.29

            	
              %

            
	
              Eric
                Loftsgaarden

            	 	 	
              14.29

            	
              %

            
	
              Kevin
                McNulty

            	 	 	
              14.29

            	
              %

            
	
              Timothy
                Robinson

            	 	 	
              14.29

            	
              %

            
	 	 	 	 	 

    

     

    
      
        
        

      

      -14-THIS
      NOTE AND THE SHARES OF PREFERRED STOCK CONTINGENTLY ISSUABLE UPON CONVERSION
      OF
      THIS NOTE (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
      OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED
      FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT
      IN
      EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT AND IN ACCORDANCE WITH
      APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM
      THE
      REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS, IN
      WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER AND UPON REQUEST BY GENERAL
      COMPONENTS, INC. (THE “COMPANY”), FURNISH TO THE COMPANY AN OPINION OF COUNSEL,
      WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT
      THE
      SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED
      IN
      THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
      LAWS.

     

    GENERAL
      COMPONENTS, INC.

     

    CONVERTIBLE
      PROMISSORY NOTE

     

    
      	Date: December 11, 2006	
              $

            

    

     

    For
      value
      received, General
      Components, Inc., a
      Nevada
      corporation (the “Maker”),
      unconditionally promises to pay to the order of ____________________ (the
“Holder”),
      the
      principal sum
      of
      _____________
      ($               
) (the “Principal
      Amount”)
      together with interest thereon as hereinafter provided, pursuant to the
      following terms: 

     

    1.  Maker.
      The
      term “Maker” as used in this Note shall include the Maker and the respective
      successors and assigns thereto or thereof.

     

    2.  Maturity
      Date.
      Unless
      converted as provided herein, the principal and accrued interest under this
      Note
      shall be due and payable in full on June 11, 2007 (the “Maturity
      Date”).

     

    3.  Interest;
      Payment.
      

     

    A.  Interest
      (the “Interest”)
      shall
      be charged on the outstanding Principal Amount from the date of this Note until
      the payment in full of the outstanding Principal Amount, or the Note has
      otherwise been converted in full pursuant to the terms hereof, at a rate equal
      to two percent (2%) per month (the “Interest
      Rate”),
      payable on the Maturity Date or the earlier conversion of such Principal Amount.
      For the avoidance of doubt, Interest shall be chargeable on the outstanding
      Principal Amount every day prior to the actual Maturity Date or earlier
      conversion in full of the Note.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    B.  All
      computations of interest hereunder shall be made based on the actual number
      of
      days elapsed in a year of 365 days (including the first day but excluding the
      last day during which any such Principal Amount is outstanding).

     

    C.  Any
      payment of principal or interest which is not paid when due shall bear interest
      until paid at a simple interest rate per annum which is five percentage points
      (5%) in excess of the rate that would otherwise be in effect.

     

    D.  Principal
      and interest shall be payable to Holder when due in lawful money of the United
      States of America in immediately available funds at such place as Holder may
      from time to time notify the Maker in writing.
      Whenever any payment to be made hereunder shall be due on a Saturday, Sunday
      or
      a date on which banks in New York City, New York are authorized or required
      to
      be closed, such payment may be made on the next succeeding Business Day.

     

    E.  The
      Maker
      may prepay this Note, in whole or in part, at any time after, upon five (5)
      days
      prior notice without penalty; provided however, Maker may withdraw any such
      notice, in which case this Note shall not come due as a result of such notice
      of
      prepayment.

     

    F.  All
      payments received hereunder may be applied, at Holder’s option, first to the
      payment of any expenses or charges payable hereunder and accrued interest,
      with
      the balance being applied to principal, or in such other order as Holder shall
      determine.

     

    G.  In
      the
      event that it is determined that, under the laws relating to usury applicable
      to
      Maker or the indebtedness evidenced by this Note (“Applicable Usury Laws”), the
      interest charges and fees payable by Maker in connection herewith or in
      connection with any other document or instrument executed and delivered in
      connection herewith cause the effective interest rate applicable to the
      indebtedness evidenced by this Note to exceed the maximum rate allowed by law
      (the “Maximum Rate”), then such interest shall be recalculated for the period in
      question and any excess over the Maximum Rate paid with respect to such period
      shall be credited, without further agreement or notice, to the Principal Amount
      outstanding hereunder to reduce said balance by such amount with the same force
      and effect as though Maker had specifically designated such extra sums to be
      so
      applied to principal and the Holder had agreed to accept such extra payment(s)
      as a premium-free prepayment. All such deemed prepayments shall be applied
      to
      the principal balance payable at maturity. In no event shall any agreed-to
      or
      actual exaction as consideration for this Note exceed the limits imposed or
      provided by Applicable Usury Laws in the jurisdiction in which Maker is resident
      applicable to the use or detention of money or to forbearance in seeking its
      collection in the jurisdiction in which Maker is resident.

     

    4.  Replacement.
      On
      receipt
      of evidence reasonably
      satisfactory
      to the Maker of the loss, theft, destruction or mutilation of this Note and,
      in
      the case of loss,
      theft or destruction, on delivery of an indemnity agreement reasonably
      satisfactory in form and substance to the Maker or, in the case of mutilation,
      on
      surrender and cancellation of this Note, the Maker at
      its
      expense shall execute and deliver, in lieu of this Note, a new note of like
      tenor and amount.

     

    5.  Conversion
      of Note.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    A.  Automatic
      Conversion at Option of Company.
      Maker
      shall have the right, at its sole discretion, to convert the outstanding
      Principal Amount, together with accrued and unpaid interest, into Series B
      Preferred Stock at the Conversion Price upon the issue and sale by the Maker
      of
      at least $3 million in stated value of Series B Preferred Stock having an annual
      preferred dividend of 6% and conversion rights entitling the holder thereof
      to
      convert such shares into Common Stock of the Maker at a conversion price of
      $1.00 per share (after giving effect to the contemplated 1 for 10 reverse split
      of the Maker’s Common Stock).

     

    B.  Conversion
      Price.
      The
“Conversion Price” shall be the price per share of Series B Preferred Stock paid
      by investors upon the issuance thereof by the Maker. Such shares of Series
      B
      Preferred Stock as shall be issued upon such conversion are herein referred
      to
      as the “Conversion Shares.”

     

    C.  Registration
      Rights.
      The
      Company shall treat the Conversion Shares as entitled to the same rights to
      require the filing of a registration statement under the Securities Act of
      1933,
      as amended with the Commission as the shares of Series B Preferred Stock to
      be
      issued after the date hereof. Accordingly, the Company hereby agrees to register
      any or all of the Conversion Shares on the same terms and conditions (including
      with respect to notice periods, provision of information, payment of expenses
      and rights to indemnification) as are or will be set forth in the registration
      rights agreement relating to the Series B Preferred Stock to be issued after
      the
      date hereof.

     

    D.  Mechanics
      of Conversion.
      

     

    (i)  Automatic
      Conversion.
      In the
      event of a conversion pursuant to the provisions of Section 5A hereof, Maker
      shall deliver to the Holder at its address appearing on the records of Maker
      a
      written notice of the imminent conversion of this Note (the “Conversion
      Notice”), requesting surrender of this Note for cancellation and written
      instructions regarding the registration and delivery of certificates for the
      Conversion Shares. In the event the Holder receives a Conversion Notice, the
      Holder shall be required to surrender this Note for cancellation within five
      business days of the Conversion Notice (the “Automatic Conversion Date”), but
      the failure of the Holder so to surrender this Note shall not affect the
      conversion of the outstanding Principal Amount into Conversion Shares, provided
      that if the Note is not surrendered, an affidavit of lost Note shall be
      provided. No holder of this Note shall be entitled upon conversion of this
      Note
      to have the Conversion Shares registered in the name of another person or entity
      without first complying with all applicable restrictions on the transfer of
      this
      Note. In the event the Holder does not provide Maker with written instructions
      regarding the registration and delivery of certificates for the Conversion
      Shares, Maker shall issue such shares in the name of the Holder and shall
      forward such certificates to the Holder at its address appearing on the records
      of Maker. The person entitled to receive the Conversion Shares shall be deemed
      to have become the holder of record of such shares at the close of business
      on
      the Conversion Date and the person entitled to receive share certificates for
      the Conversion Shares shall be regarded for all corporate purposes after the
      Conversion Date as the record holder of the number of Conversion Shares to
      which
      it is entitled upon the conversion. Maker may rely on record ownership of this
      Note for all corporate purposes, notwithstanding any contrary notice. After
      the
      Conversion Date, this Note shall, until surrendered to Maker, represent the
      right to receive the Conversion Shares; provided, however, that Maker shall
      have
      no obligation to issue the Conversion Shares until the Holder has delivered
      either this Note or an affidavit of loss. 

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    E.  Cash
      Payments.
      No
      fractional shares (or scrip representing fractional shares) of Common Stock
      shall be issued upon conversion of this Note. In the event that the conversion
      of the Principal Amount of this Note would result in the issuance of a
      fractional share of Common Stock Maker shall pay a cash adjustment in lieu
      of
      such fractional share to the holder of this Note based upon the Conversion
      Price. 

     

    F.  Stamp
      Taxes, etc.
      Maker
      shall pay all documentary, stamp or other transactional taxes attributable
      to
      the issuance or delivery of shares of Common Stock upon conversion of this
      Note;
      provided, however, that Maker shall not be required to pay any taxes which
      may
      be payable in respect of any transfer involved in the issuance or delivery
      of
      any certificate for such shares in a name other than that of the holder of
      this
      Note, and Maker shall not be required to issue or deliver any such certificate
      unless and until the person requesting the issuance thereof shall have paid
      to
      Maker the amount of such tax or shall have established to Maker’s satisfaction
      that such tax has been paid.

     

    G.  Validity
      of Stock.
      All
      shares of Series B Preferred Stock that may be issued upon conversion of this
      Note will, upon issuance by Maker in accordance with the terms of this Note,
      be
      validly issued, free from all taxes and liens with respect to the issuance
      thereof (other than those created by the holders), free from all pre-emptive
      or
      similar rights and fully paid and non-assessable.

     

    6.  Representations
      and Warranties; Covenants; Acceleration of Maturity.

     

    A.  The
      Maker
      and Magical Insight Investments Ltd. (“Magical”) hereby represent and warrant
      that the reverse merger by share exchange contemplated by the Share Exchange
      Agreement dated as of September 6, 2006 between the Maker, Magical and the
      shareholder of Magical named therein has been consummated on or prior to the
      date hereof.

     

    B.  The
      Maker
      hereby covenants and agrees that Principal Amount hereof shall only be used
      for
      the working capital needs of Beihai Hi-Tech Wealth Technology Development Co.,
      Ltd. (“HTW”), a subsidiary of Magical.

     

    C.  The
      Maker
      and HTW/Magical hereby covenant and agree that the business of the Maker and
      HTW/Magical will at all times prior to the Maturity Dated be conducted in the
      usual and ordinary course of business, other than with regards to any financing
      transactions related to the reverse merger mentioned in Section 6A above or
      any
      disposal of the preexisting operations of the Maker as required by the terms
      of
      such reverse merger. In the event either Maker or HTW/Magical shall fail to
      comply with this Section 6C, then the Maturity Date specified above may be
      accelerated at the election of the Holder to a date not earlier than the date
      of
      such failure and all amounts due hereunder shall become due and payable
      immediately, which obligation shall vest and become the direct financial
      obligation of both Maker and HTW/Magical, on a joint and several
      basis.

     

    7.  Amendments
      and Waivers.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

       

    

    A.  No
      failure or delay on the part of the Holder in exercising any power or right
      under this Note shall operate as a waiver thereof, nor shall any single or
      partial exercise of any such power or right preclude any other or further
      exercise thereof or the exercise of any other power or right. No notice to
      or
      demand on Maker in any case shall entitle it to any notice or demand in similar
      or other circumstances. No waiver or approval by the Holder shall, except as
      may
      be otherwise stated in such waiver or approval, be applicable to subsequent
      transactions. No waiver or approval hereunder shall require any similar or
      dissimilar waiver or approval thereafter to be granted hereunder.

     

    B.  To
      the
      extent that Maker makes a payment or payments to the Holder, and such payment
      or
      payments or any part thereof are subsequently for any reason invalidated, set
      aside and/or required to be repaid to a trustee, receiver or any other party
      under any bankruptcy law, state or federal law, common law or equitable cause,
      then to the extent of such recovery, the obligation or part thereof originally
      intended to be satisfied, and all rights and remedies therefor, shall be revived
      and continued in full force and effect as if such payment had not been made
      or
      such enforcement or setoff had not occurred.

     

    C.  After
      any
      waiver, amendment or supplement under this section becomes effective, Maker
      shall mail to the Holder a copy thereof.

     

    8.  Miscellaneous

     

    A.  Registered
      Holder.
      Maker
      may consider and treat the person in whose name this Note shall be registered
      as
      the absolute owner thereof for all purposes whatsoever (whether or not this
      Note
      shall be overdue) and Maker shall not be affected by any notice to the contrary.
      In case of transfer of this Note by operation of law, the transferee agrees
      to
      notify Maker of such transfer and of its address, and to submit appropriate
      evidence regarding such transfer so that this Note may be registered in the
      name
      of the transferee. This Note is transferable only on the books of Maker by
      the
      Holder hereof, in person or by attorney, on the surrender hereof, duly endorsed.
      Communications sent to any registered owner shall be effective as against all
      Holders or transferees of the Note not registered at the time of sending the
      communication.

     

    B.  Governing
      Law.
      This
      Note shall be governed by and construed in accordance with the laws of the
      State
      of New York. Sections 5-1401 and 5-1402 of the General Obligations Law of the
      State of New York shall apply to this Note and Maker hereby waives any right
      to
      stay or dismiss on the basis of forum non conveniens
      any
      action or proceeding brought before the courts of the State of New York sitting
      in New York County or of United States of America for the Southern District
      of
      New York and hereby submits to the jurisdiction of such courts.

     

    C.  Notices.
      Unless
      otherwise provided, all notices required or permitted under this Note shall
      be
      in writing and shall be deemed effectively given (i) upon personal delivery
      to
      the party to be notified, (ii) upon confirmed delivery by Federal Express or
      other nationally recognized courier service providing next-business-day
      delivery, or (iii) three business days after deposit with the United States
      Postal Service, by registered or certified mail, postage prepaid and addressed
      to the party to be notified, in each case at the address set forth below, or
      at
      such other address as such party may designate by written notice to the other
      party (provided that notice of change of address shall be effective upon receipt
      by the party to whom such notice is addressed).

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

       

    

    If
      sent
      to Holder, notices shall be sent to the address set forth in the Subscription
      Agreement.

     

    If
      sent
      to Maker, notices shall be sent to the following address:

    

    Suite
      2021, 20F, Two Pacific Place

    88
      Queensway

    Hong
      Kong

    

    Attention:
      Simon Mu

     

    D.  Parties
      in Interest.
      All
      covenants, agreements and undertakings in this Note binding upon Maker or the
      Holder shall bind and inure to the benefit of the successors and permitted
      assigns of Maker and the Holder, respectively, whether so expressed or
      not.

     

    E.  Waiver
      of Jury Trial.
      THE
      HOLDER AND MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY
      RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED
      HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS NOTE OR ANY OTHER
      DOCUMENT OR INSTRUMENT EXECUTED AND DELIVERED IN CONNECTION HEREWITH, OR ANY
      COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN),
      OR
      ACTIONS OF THE HOLDER OR MAKER. THIS PROVISION IS A MATERIAL INDUCEMENT FOR
      THE
      HOLDER’S PURCHASING THIS NOTE.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, Maker has caused this Note to be signed in its name by its
      duly
      authorized officer.

    
      	 	 	 
	 	GENERAL
              COMPONENTS, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:
                Zhang Zhengyu

              Title:
                Chief Executive Officer

            
	 	 

    

     

    
      
         

      

      
        7

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