Document:

exhibit101ctpneumannshar

      CTPartners Executive Search Inc.   NLH KG   Share Sale and   Purchase Agreement        

 

    page 1   Contents      1 Definitions 5   2 Conditions to Completion 14   2.1 Conditions 14   2.2 Reasonable endeavours 15   2.3 Waiver 15   2.4 Notice 16   2.5 Termination 16   2.6 Remedies 16   3 Sale and purchase of the Share 16   3.1 Sale and purchase of the Share 16   3.2 Transfer of rights 16   4 Purchase Price 16   4.1 Purchase Price 16   4.2 Payment of the Purchase Price 16   4.3 Debt Redemption Amount 17   4.4 Completion Payment Amount 17   4.5 Net Working Capital Adjustment Amount 17   4.6 First Period Payment Amount 18   4.7 Second Period Payment Amount 18   4.8 Third Period Payment Amount 18   4.9 Payment AWS 18   4.10 Interest 18   4.11 Set-off 18   5 Conduct of Business until Completion 18   5.1 Ordinary course of Business 18   5.2 Integration Process 19   5.3 Seller to notify of potential Material Adverse Effect or breach of Seller’s Warranty    20   6 Completion 20   6.1 Date, time and place 20   6.2 Execution of a Share Transfer Agreement 20   6.3 Seller’s obligations 20   6.4 Delivery at Business premises 21   6.5 Actions by the managing directors 21   6.6 Buyer’s obligations 21   6.7 Interdependence of obligations 21   6.8 Title and risk 21   7 Completion Accounts 22   7.1 Preparation of Completion Accounts 22   7.2 Co-operation 22     

 

    page 2   7.3 Timing 22   7.4 Seller’s accounting 22   7.5 Dispute Notice 22   7.6 Content of Dispute Notice 22   7.7 Independent Accountant 23   7.8 Deemed acceptance 23   8 Trade Receivables and Trade Credits 24   9 Third party consents 24   10 Non-competition 24   10.1 Non-compete 24   10.2 Interpretation 25   10.3 Duration of prohibition 25   10.4 Geographic application of prohibition 25   10.5 Severability 25   10.6 Acknowledgement 26   10.7 Injunction 26   11 Seller’s Warranties 26   11.1 Seller’s Warranties 26   11.2 Reliance 26   11.3 Remedies 26   11.4 Ability to claim 27   11.5 Limitation on claims 27   11.6 Disclosures 28   11.7 Disclaimer 28   11.8 Payment of Claims 28   11.9 Tax effect 28   12 Indemnities 29   12.1 Seller’s indemnity 29   13 Buyer’s Warranties 30   13.1 Buyer’s Warranties 30   13.2 Reliance 31   13.3 LRS GmbH 31   14 Action after Completion 31   14.1 Business Records 31   14.2 Continuing co-operation 31   15 Tax Indemnity 31   16 Tax Claims 32   17 Tax Records 35   17.1 Retention of Tax Records 35   17.2 Access to Tax Records 35   18 Tax Returns 36   18.1 Co-operation regarding Tax Returns 36     

 

    page 3   19 Costs 36   19.1 Legal costs 36   19.2 Redemption or acquisition of the Company's debt 36   20 Notices 36   20.1 General 36   20.2 How to give a communication 36   20.3 Particulars for delivery of notices 37   20.4 Communications by post 37   20.5 Communications by fax 38   20.6 Communications by email 38   20.7 After hours communications 38   20.8 Process service 38   20.9 Change of address 38   21 Confidentiality 38   21.1 Definitions 38   21.2 Confidentiality obligation 39   21.3 Permitted disclosures 39   21.4 Disclosure to other persons 40   21.5 Destruction or return of Confidential Information 40   21.6 Survival 40   22 General 40   22.1 Error, frustration of contract or shortfall exceeding fifty percent 40   22.2 Amendment 40   22.3 Waiver and exercise of rights 40   22.4 Assignment 40   22.5 Consents 41   22.6 Further assurances 41   22.7 Rights cumulative 41   22.8 Continuing obligations 41   22.9 Counterparts 41   22.10 Governing law and jurisdiction 41   22.11 Entire agreement 42   22.12 Construction 42   22.13 Headings 43           

 

    page 4   Schedules and Annexes:      Schedule 1 - Sellers’ Warranties   Schedule 2 - Company’s IP   Schedule 3 - Property   Schedule 4 - Employees   Schedule 5 - Statement of Working Capital   Schedule 6 - Business Authorisations   Schedule 7 - Trade Receivables      Annexure A - Accounts   Annexure B - Data Room Documentation   Annexure C - Permitted Encumbrances   Annexure D - Disclosure Letter   Annexure E - Net Working Capital Amount - Worked Example   Annexure F - Employment Agreement   Annexure G - Payment   Annexure H - Austrian Share Transfer Agreement   Annexure I - Non-solicitation declaration        

 

    page 5      Date     7 November 2014   Parties      CTPartners Executive Search Inc., 28601 Chagrin Blvd, Suite 600, Cleveland, OH 44122   (Buyer)   NLH KG, Schubertring 14, 1010 Vienna (Seller)         Background   A The Seller is the legal and beneficial owner of the Share which comprises all of the   issued share capital of the Company.   B The Seller has agreed to sell, and the Buyer has agreed to buy, the Share in   accordance with the terms of this document.         Agreed terms   1 Definitions   In this document these terms have the following meanings:   Accounting   Policies   The Accounting Standards and any accounting policies of the   Business applied by the Company in its financial statements as of 31   December 2013.   Accounting   Standards   The applicable accounting standards under the Austrian Commercial   Code (Unternehmensgesetzbuch) and, generally accepted   accounting principles and practices in Austria consistently applied by   the Company.   Accounts (a) The unaudited statement of financial position (Bilanz) as at the   Accounts Date;   (b) the unaudited statement of financial performance (Gewinn-   und Verlustrechnung) for the 12 month period ending on the     

 

    page 6   Accounts Date; and   any notes, statements and reports attached to and forming part of   those financial statements, of the Company and the Company's   Affiliates as set out in annexure Error! Reference source not found..   Accounts Date 30 June 2014.   Affiliates With respect to any person, any other person directly or indirectly   controlling, controlled by, or under common control with, that person.   Assets All right, title and interest of the Company or the Company's Affiliates   in:   (a) Contracts;   (b) Property;   (c) Business Authorisations;   (d) Goodwill;   (e) Business Records;   (f) Company’s IP;   (g) Plant and Equipment; and   (h) all other assets owned by the Company or the Company's   Affiliates and used in the Business.   Business The business carried on by the Company and the Company's   Affiliates, being the business of executive search services.   Business   Authorisation   Includes any authorisation, approval, registration, consent, permit,   licence, certification or exemption from, by or with a Governmental   Agency that is necessary for the operation of the Business.   Business Day A day which is not a Saturday, Sunday or bank or public holiday in   Vienna, Austria.   Business   Records   All books, files, reports, records, correspondence, documents, data,   programmes, software and other material (in whatever form stored)   owned by the Company [or the Company's Affiliates] and used for   the purposes of the Business including information contained in:   (a) books of account, sales literature, market research reports,   brochures and other promotional material (including printing   blocks, negatives, sound tracks and any associated material);   (b) all sales and purchasing records;   (c) all trading and financial records;    (d) lists of all regular customers and suppliers;    (e) all business plans and sales forecasts; and   (f) minute books and statutory company registers,   but excluding Tax Records.     

 

    page 7   Buyer’s   Warranties   The warranties and representations in clause 13.1.   Claim Includes any claim, demand, proceeding, suit, litigation, investigation,   audit, action or cause of action in contract, tort, under statute or   otherwise.   Company Neumann Leadership Holding GmbH, a limited liability company   (Gesellschaft mit beschränkter Haftung) under Austrian law with its   seat in Vienna, Austria, and its business address at Schubertring 14,   1010 Vienna, Austria, registered with the Austrian companies   register under registration number FN 227392 a.   Company's   Affiliates   means NL D, NL HK, NP, NP doo, NP kft, NP sro, NP Spzoo and the   Company's Offices.   Company’s IP Means:   (a) all rights subsisting in business names used by the Company   and/or the Company's Affiliates in the Business and the   reputation and goodwill associated with such, including those   business names set out in Part A of schedule 2 (Business   Names);   (b) all rights subsisting in domain names used by the Company   and/or the Company's Affiliates in the Business and the   reputation and goodwill associated with such, including those   domain names set out in Part B of schedule 2 (Domain   Names);   (c) all logos, symbols, get up, trademarks, trade names, service   marks, brand names and similar rights (whether or not   registered or registrable) used by the Company and/or the   Company's Affiliates in the Business and the reputation and   goodwill associated with such, including those trademarks set   out in Part C of schedule 2 (Trademarks);   (d) all rights subsisting in trade secrets and all rights subsisting in   financial, marketing and technical information, ideas, concepts,   know-how, technology, processes and knowledge which is   confidential or of a sensitive nature (but excluding that which is   in the public domain) including customer lists and contact   details, used by the Company and/or the Company's Affiliates   in the Business;   (e) the copyright (if any) in labelling or printing or other subject   matters used by the Company and/or the Company's Affiliates   in connection with the Business;   (f) the copyright and other rights in respect to any computer   programs, software and circuit layouts used by the Company   and/or the Company's Affiliates in the Business;   (g) the goodwill of the Company and/or the Company's Affiliates in     

 

    page 8   and attaching to the Business; and   (h) all other Intellectual Property Rights (excluding moral rights)   used by the Company and/or the Company's Affiliates in the   Business.   Company's   Offices   means NP BG and NP RO.   Company Tax   Records   Tax Records wholly or predominantly relating to the Company and/or   the Company's Affiliates or used (whether before, on or after   Completion) in connection with the Business, or otherwise relating to   the Business.   Completion The completion of the sale and purchase of the Share in accordance   with clause 6.   Completion   Accounts   The accounts prepared in accordance with this document to   determine the amount of the Net Working Capital Amount (if any) an   example of which is set out in schedule 5.   Completion Date The date (which must not be before [31 October 2014]) that is the   last day of the month in which all of the conditions precedent in   clause 2.1 have been satisfied or waived, or such other date as may   be agreed by the parties in writing.   Completion   Payment Amount   The amount specified in annexure G.   Contract Any contract, agreement, arrangement or commitment entered into   by the Company and/or the Company's Affiliates in relation to the   Business under which any obligation is not fully performed as at the   Completion Date.   Controlling Party The party that has control of all discussions and communications in   relation to, and control of the conduct, defence and settlement of, a   Tax Claim, Joint Tax Claim or Tax Proceedings (as the case may be)   as contemplated by clause 16.   Credit   Agreements   The credits listed in schedule 8 granted by Erste Bank der   oesterreichischen Sparkassen AG to the Company.   CZK Czech Crown, the lawful currency of the Czech Republic.   Data Room   Documentation   Those documents listed in annexure Error! Reference source not   found., as contained on two identical CDs tabled at Completion, with   one being retained by each party.   Debt Redemption   Amount   EUR 800,000 as agreed by the Seller with Erste Bank der   oesterreichischen Sparkassen AG as consideration for the   assignment of the receivables and relevant rights under the Credit   Agreements and the amount (if any) to be paid under the final   version of the agreement with Erste Bank der oesterreichischen   Sparkassen AG in accordance with clause 2.1(e) plus expenses as     

 

    page 9   security deposit for the Guarantee Loan.   Default Rate 5% per annum.   Disclosures All information contained in the Data Room Documentation.   Employees The employees employed by the Company or the Company's   Affiliates who are engaged in the Business as at Completion, with the   names and Employment Entitlements of such employees listed in   schedule 4.   Encumbrance Any charge, lien, mortgage, pledge, assignment by way of security,   secured interest, title retention arrangement, preferential right or trust   arrangement or any arrangement having the same or equivalent   effect.   Fees of the   Business   Gross fees, billings, related charges and indirect expenses, but   excluding disbursements and reimbursable expenses, rendered for   services provided or products supplied in the conduct of the   Business by the Company and the Company's Affiliates.   First Period The period commencing on the Completion Date and ending on the   first anniversary of the Completion Date.   First Period   Payment Amount   The amount specified in annexure G.   Goodwill The goodwill of the Seller in and attaching to the Business.   Governmental   Agency   Any government, whether Federal, State or Territory, municipal or   local, and any agency, authority, commission, department,   instrumentality, regulator or tribunal thereof, including the tax   authorities of Austria or any of the jurisdictions where the Company   [or any of the Company's Affiliates] operates.   Guarantee Loan The guarantee loan listed in schedule 8 granted by Erste Bank der   oesterreichischen Sparkassen AG to the Company.   HR$ Hong Kong Dollar, the lawful currency of Hong Kong.   HRK Croatian kuna, the lawful currency of the Republic of Croatia.   HUF Hungarian forint, the lawful currency of Hungary.   Immediately   Available Funds   Bank cheque, telegraphic transfer or other means of transfer of   cleared funds into a bank account nominated in advance by the   payee.   Indemnified Entity The Buyer and the Company and the Company's Affiliates.   Independent   Accountant   One of the following accountants (i) Mag. Georg Bauthen   (Böcklinstraße 49, 1020 Vienna, Austria) or (ii) Dr. Erich Kandler   (Blattgasse 4-6/3/12, 1030 Vienna, Austria) or (iii) Dr. Bernhard   Vanas (Teinfaltstraße 9/7, 1010 Vienna, Austria) as elected by the   Buyer.    Intellectual Any patent, trade mark, service mark, design right, design   registration, trade name, business name, copyright, semiconductor     

 

    page 10   Property Right and circuit layout right and any right or form of protection of a similar   nature to any of these that may subsist anywhere in Austria or any   jurisdiction in which the Company or any of the Company's Affiliates   operates whether registered or unregistered.   Joint Tax Claim A Tax Claim that relates:    (a) to a period that occurs partly before the Completion Date and   partly after the Completion Date;   (b) to two or more periods at least one of which occurs partly   before the Completion Date and partly after the Completion   Date; or   (c) to two or more periods one or more of which occurs before the   Completion Date and one or more of which occurs after the   Completion Date,   but does not include a Tax Claim that relates to, or occurs in, a   period after Completion only because interest accrues or penalties   are incurred after Completion in respect of a Tax obligation relating   to a period prior to Completion.   Jorda Dr. Hans Jorda, born 17.04.1957.   juR quest GmbH juR-quest GmbH, a limited liability company (Gesellschaft mit   beschränkter Haftung) under German law with its seat in Hamburg,   Germany, and its business address at Forstenrieder Allee 61, c/o   ACTIO Revision & Treuhand GmbH, 81476 München, registered with   the commercial register of Hamburg under registration number HRB   101511.   Law Includes any law or legal requirement under any statute, regulation   or by-law, any condition of any authorisation, and any decision,   directive, guidance, guideline or requirements of any Governmental   Agency.   Liability Any liability (whether actual, contingent or prospective), loss,   damage, cost and expense of whatsoever description and   howsoever arising.   Limited Partners Each of Thomas Hölzchen, born 17.09.1956, Prof.Dr. Robert   Büchelhofer, born 23.07.1942, Reinhard Kolvenbach, born   21.01.1950, Andreas Venzke, born 23.11.1965, Helene Krieff, born   14.05.1958, Rudolf Müller, born 28.03.1957, Hedvig Vecsei-Zalka,   born 12.07.1952, Mag.Dr. Gottfried Gröbl, born 04.12.1951, Mag.   Günther Hassler, born 18.01.1959, Dr. Gerlinde Berger, born   29.10.1969, Dr. Hartmut Müller, born 31.03.1964, Patrick Haberland,   born 05.10.1971, Kirsten Werner-Schäfer, born 26.03.1966, Alin   Catalin Popescu, born 02.07.1971, Dr. Andreas Arthur Georgi, born   17.05.1957.    Loss or Losses The losses and damages, costs and expenses as specified in clause   11.3.     

 

    page 11   Malanik Dr. Peter Malanik, geb. 29.08.1961.   Material Adverse   Effect   The meaning given to it in clause 2.1(c)(i).   NL D Neumann Leadership Deutschland GmbH, a limited liability company   (Gesellschaft mit beschränkter Haftung) under German law with its   seat in Munich, Germany, and its business address at Herzog-   Heinrich-Str. 13, 80336 Munich, registered with the commercial   register of Munich under registration number HRB 157090.   NL HK Neumann Leadership Asia Pacific Limited, a private company limited   by shares under Hong Kong law with its seat in Hong Kong, and its   business address at 1205-06, Kinwick Centre, 32 Hollywood Road,   Central, Hong Kong, registered with the companies register in Hong   Kong, under registration number 1051597.   NP NP Neumann & Partners GmbH, a limited liability company   (Gesellschaft mit beschränkter Haftung) under Austrian law with its   seat in Vienna, Austria, and its business address at Schubertring 14,   1010 Vienna, Austria, registered with the companies register under   registration number FN 220412 k.   NP BG NEUMANN & PARTNERS BRANCH BULGARIA  / НОЙМАН ЕНД   ПАРТНЪРС КЛОН БЪЛГАРИЯ" КЧТ, a registered branch office of   the Company with its office at Bulgaria, 1000 Sofia, Sredetz region, r.   a. 11 Slavyanska, office 5, registered under Unified Identification   Code 202899808.   NP doo Neumann & Partners d.o.o. za posredovanje pri zapošljavanju (in   English: Neumann & Partners Ltd. for mediation in employment), a   limited liability company under Croatian law with its seat in Zagreb,   Croatia, and its business address at Gajeva 2a, Zagreb, Croatia,   registered under no. 080743887.   NP kft Neumann & Partners Vezetői Tanácsadó Korlátolt Felelősségű   Társaság, abbreviated name: Neumann & Partners Kft, a limited   liability company under Hungarian law with its seat in Budapest,   Hungary, and its business address at Ali utca 8, 1025 Budapest,   Hungary, registered under registration number 01-09-714998.   NP RO NP Neumann &Partners GmbH, representative office (Romanian:   reprezentanţă), a representative office of NP under Romanian law   with its registered office at 1-3 Remus St., 4th floor, room E4.10,   Bucharest, sector 3, Romania, registered with the Ministry of   Economy under no. 1744/24.12.2013, VAT number 32624185.   NP sro Neumann & Partners s .r.o., a limited liability company under Czech   law with its seat in Prague, Czech Republic, and its business   address at Národní 10/138, 110 00 Prague 1, Czech Republic,   registered with the Commercial Register maintained by the Municipal   Court in Prague under registration number 267 55 017.     

 

    page 12   NP Spzoo Neumann Leadership Poland Sp.z.o.o., a limited liability company   under Polish law, with its seat in Warszawa and its business address   in ul. Bonifraterska 17, 00-203 WarONIFRATERSKA 17, 00-203   Warszawa, Poland, registered under registration number KRS   244781.   Net Working   Capital   Adjustment   Amount   The meaning given to it in clause 4.5.   Net Working   Capital Amount   The net working capital amount set out in accordance with the   statement of working capital in schedule 5.   General Partners Each of Dr. Hans Jorda, born 17.04.1957 and Dr. Peter Malanik,   born 29.08.1961.    Permitted   Encumbrance   An Encumbrance which is listed in annexure Error! Reference   source not found..   Plant and   Equipment   The plant, equipment, furniture, fixtures and fittings owned and used   by the Company and/or the Company's Affiliates in the Business as   at the Completion Date.   PLN means polish zloty, the lawful currency of the Republic of Poland.   Property The leasehold property detailed in schedule 3.   Purchase Price The sum of the:   (a) Debt Redemption Amount;   (b) Completion Payment Amount;   (c) Net Working Capital Adjustment Amount;   (d) First Period Payment Amount;   (e) Second Period Payment Amount;   (f) Third Period Payment Amount.   Related Party   Liabilities   All liabilities (including accrued interest) owing by or to the Company   or any of the Company's Affiliates to or by any one or more of the   General Partners and/or the Limited Partners.   Second Period The period commencing on the day immediately following the end of   the First Period and ending on the second anniversary of the   Completion Date.   Second Period   Payment Amount   The amount specified in annexure G.    Seller NLH KG, a limited partnership (Kommanditgesellschaft) under   Austrian law with its seat in Vienna, Austria, and its business   address at Schubertring 14, 1010 Vienna, Austria, registered with   the Austrian companies register under registration number FN   304926 x.     

 

    page 13   Seller’s Tax   Records   Tax Records relating to the Company or the Company's Affiliates   and within the possession or control of the Seller or any of the   General Partners or Limited Partners of the Seller that might   reasonably be expected to support the Tax position of the Company   or the Company's Affiliates.   Seller’s   Warranties   The warranties of the Seller set out in schedule 1.   Share The fully paid share in the Company in the amount of EUR 503,000   (registered capital).   Stamp Duty Any stamp, transaction or registration duty or similar charge imposed   by any Governmental Agency, including any interest, fine, penalty,   charge or other amount in respect of the above.   Tax (a) Any tax, levy, impost, deduction, charge, rate, compulsory   loan, withholding or duty by whatever name called levied,   imposed or assessed under Austrian tax law or any other Law   in Austria or elsewhere (including, without limitation, profits   tax, property tax, interest tax, income tax, capital gains tax, tax   relating to the franking of dividends, fringe benefits tax, payroll   tax, group tax, land tax, VAT, water and municipal rates,   customs duties and transaction duties and social security   contributions and any claims derived from such social security   contributions);    (b) unless the context otherwise requires, Stamp Duty; and   (c) any interest, penalty, charge, fine or fee or other amount of   any kind assessed, charge or imposed on or in respect of   anything listed in paragraph (a) or (b).   Tax Act The Austrian Income Tax Act 1988 (Einkommensteuergesetz 1988)   as amended, the Austrian Corporate Tax Act 1988   (Körperschaftsteuergesetz 1988) as amended, as the case may be.   Tax Claim The same meaning given in clause 16(a).   Tax Indemnity The indemnity provided in clause 15.   Tax Law Any Law under which Tax is imposed, assessed, charged or   administered and including, without limitation, the Tax Act and the   tax laws in the countries where the Company's Affiliates operate.   Tax Proceedings The same meaning given in clause 16.   Tax Records All originals and copies of books, files, reports, records,   correspondence, documents, data and other material (whether in   electronic or physical form and on whatever media stored) wholly or   predominantly related to Tax matters, including Tax Returns and Tax   assessments.   Tax Relief Any refund, credit, offset, relief, allowance, deduction, rebate   recoupment, compensation, penalty, damages, restitution, right to     

 

    page 14   repayment or other benefit or saving in relation to Tax.   Tax Return Any return relating to Tax including any document which must be   lodged with a Governmental Agency administering a Tax or which a   taxpayer must prepare and retain under a Tax Law (such as an   activity statement, amended return, schedule or election and any   attachment).   Tax Reviewer An independent Tax expert that the Seller and the Buyer agree to   appoint.  If such agreement cannot be reached within a reasonable   time, the independent Tax expert will be nominated by the President   for the time being of the Austrian Chamber of Public Accountants   and Tax Advisors (Kammer der Wirtschaftstreuhänder) (or any   successor institution).   Tax Warranties The representations and warranties of the Seller contained in   warranty 17 of schedule 1.   Third Period The period commencing on the day immediately following the end of   the Second Period and ending on the third anniversary of the   Completion Date.   Third Period   Payment Amount   The amount specified in annexure G.   Trade Credit Money due from the Company or any of the Company's Affiliates   under a invoice issued by a third party to the Company or any of the   Company's Affiliates after the Completion Date that covers a period   that begins prior to the Completion Date and ends after the   Completion Date.   Trade   Receivables   The receivables set out in schedule 7, being money owed to the   Company or any of the Company's Affiliates under invoices issued   by the Company or any of the Company's Affiliates prior to the   Completion Date that are fully or partly unpaid.   Upfront Payment The meaning given to it in clause 4.5.   2 Conditions to Completion   2.1 Conditions   The obligation of the parties to complete is conditional on the following conditions   having been satisfied or waived:   (a) the Buyer having received in writing from the lessor of the Property   located in Austria unconditional consent to the change of control of the   Company to the Buyer and the confirmation that the lease will not be   increased as a consequence of the change of control;   (b) the Buyer having received in writing from the individuals mentioned in   annexure I non-solicitation declarations in accordance with   annexure I;     

 

    page 15   (c) the Buyer (acting reasonably) being satisfied that:   (i) there has been no change in the Business, the financial or   trading position of the Business or the operation of the Business   since the date of this document that has, or is reasonably likely   to have, a material and adverse effect on the turnover,   profitability, financial condition or operation of the Business   taken as a whole (a Material Adverse Effect); and   (ii) no Seller’s Warranty is or has become materially false,   misleading or incorrect or would be reasonably likely to result in   a Claim being made, or allowed to be made, by the Buyer; and   (d) Jorda and Malanik giving notice of their resignation under their   existing agreements with the Company and entering into new   agreements with the Buyer in a form set out in annexure Error!   Reference source not found. with regard to the contract of Malanik;   the form of the contract of Jorda to be agreed upon until Completion ;   (e) the Company having entered into an agreement with Erste Bank der   oesterreichischen Sparkassen AG whereby Erste Bank der   oesterreichischen Sparkassen AG agrees to the full release and   assignment of the receivables and relevant rights under the Credit   Agreements (including the release of all collateral of the Company)   against the payment of the Debt Redemption Amount by the Company   or a third party as set out in the draft "Vereinbarung" attached hereto   as schedule 6;   (f) application  for the renewal of the authorisation of NP RO according to   the procedure provided by law (Decree no. 122/1990) by the   Romanian Ministry of Economy;    (g) written confirmation of the termination of the loan agreement entered   into between Mr. Gottfried Gröbl, born December 4, 1951, and the   Company, dated September 8, 2010, as amended by amendment   agreement entered between Mr. Gottfried Gröbl and the Company   under accession of the Seller, and of the termination of the option   granted under the amendment agreement;   (h) written confirmation of the termination of the loan agreement entered   into between BON Consulting GmbH, registered under FN 302646 v,   and the Company, dated September 8, 2010, as amended by   amendment agreement entered between BON Consulting GmbH and   the Company under accession of the Seller, and of the termination of   the option granted under the amendment agreement.   2.2 Reasonable endeavours   Each of the parties must use all reasonable endeavours to procure the satisfaction   of the conditions referred to in clause 2.1.   2.3 Waiver   The conditions in clause 2.1 may only be waived by the Buyer in writing.     

 

    page 16   2.4 Notice   The Seller and the Buyer must promptly notify the other in writing as soon as it   becomes aware that a condition to Completion is satisfied or becomes (or is likely   to become) incapable of being satisfied.   2.5 Termination   If Completion has not occurred on or before 1 December 2014 (or such other date   as the parties may have agreed in writing) then the Seller or the Buyer may, if not   in breach of this document, give written notice to the other terminating this   document.   2.6 Remedies   If this document is terminated under clause 2.5 then:   (a) each party is released from its continuing obligations under this   document, except those imposing obligations of confidentiality;   (b) each party retains the rights it has against any other party in respect   of any prior breach without affecting any rights at Law or in equity; and   (c) the Buyer must return to the Seller all documents and other materials   in any medium in its possession, power or control which contain   information relating to the Company [or the Company's Affiliates]   including its working papers and any information obtained from the   Disclosures.   3 Sale and purchase of the Share   3.1 Sale and purchase of the Share   Conditional upon Completion, the Seller agrees to sell to the Buyer and the Buyer   agrees to purchase from the Seller, the Share free of all Encumbrances, for the   Purchase Price and otherwise on the terms of this document.   3.2 Transfer of rights   The Share will be transferred to the Buyer with all rights, including dividend rights,   attached or accruing to them on and from the Completion Date.   4 Purchase Price   4.1 Purchase Price   The amount payable by the Buyer to the Seller for the Share is the Purchase Price.    The Purchase Price shall include the Debt Redemption Amount (but not any costs   resulting from Stamp Duties for the redemption or acquisition of the Company's   bank debt (see section 4.3)).    4.2 Payment of the Purchase Price   The Purchase Price will be paid as follows:     

 

    page 17   (a) the Debt Redemption Amount will be paid in accordance with clause   4.3    (b) the Completion Payment Amount will be paid in accordance with   clause 4.4;   (c) the Net Working Capital Adjustment Amount will be paid in   accordance with clause 4.5;   (d) the First Period Payment Amount will be paid in accordance with   clause 4.6;   (e) the Second Period Payment Amount will be paid in accordance with   clause 4.7;   (f) the Third Period Payment Amount will be paid in accordance with   clause 4.8;   4.3 Debt Redemption Amount   On or before 31 December 2014 the Buyer must pay Erste Bank der   oesterreichischen Sparkassen to the account named "VK Kreditmanagment II",   IBAN AT532011140004522900, BIC GIBAATWWXX, in Immediately Available   Funds the Debt Redemption Amount (which will be a non-refundable payment).   4.4 Completion Payment Amount   On Completion the Buyer must pay the Seller, or as the Seller directs, in   Immediately Available Funds the Completion Payment Amount (which will be a   non-refundable payment).   4.5 Net Working Capital Adjustment Amount   The Seller will provide the Buyer until December 15, 2014 with a calculation of the   Net Working Capital Amount as of November 30, 2014. On or before December   22, 2014 the Buyer must pay the Seller (or as the Seller directs) in Immediately   Available Funds an upfront payment in the amount of 50% of the Net Working   Capital Amount ("Upfront Payment") according to the calculation of the Seller.    Within 5 Business Days of acceptance (or deemed acceptance) of the Completion   Accounts by the Seller, and subject to clause 8(a):   (a) if the positive Net Working Capital Amount minus the Upfront Payment   is positive the Buyer must pay the Seller (or as the Seller directs) in   Immediately Available Funds the Net Working Capital Adjustment   Amount (which is the Net Working Capital Amount minus the upfront   payment); or   (b) if the positive or negative Net Working Capital Amount minus the   Upfront Payment is negative the Net Working Capital Adjustment   Amount (which is the Net Working Capital Amount minus the Upfront   Payment) shall be deducted from the First Period Payment Amount   and, if the First Period Payment Amount is less than the Net Working   Capital Adjustment Amount, from the Second Period Payment Amount   and the Third Period Payment Amount (as applicable).     

 

    page 18   4.6 First Period Payment Amount   12 months after Completion the Buyer must pay the Seller (or as the Seller directs)   in Immediately Available Funds the First Period Payment Amount.   4.7 Second Period Payment Amount    24 months after Completion the Buyer must pay the Seller (or as the Seller directs)   in Immediately Available Funds the Second Period Payment Amount.   4.8 Third Period Payment Amount    36 months after Completion the Buyer must pay the Seller (or as the Seller directs)   in Immediately Available Funds the Third Period Payment Amount.   4.9 Payment AWS   The Buyer must within five business days after receipt pay the Seller (or as the   Seller directs) in Immediately Available Funds  of any payments received by the   Company from Erste Bank der oesterreichischen Sparkassen AG (or Austria   Wirtschaftsservice Gesellschaft mbH) related to the guarantee issued by Austria   Wirtschaftsservice Gesellschaft mbH less any adverse tax effects for the Company   and/or the Buyer.    4.10 Interest   If either party does not pay any sum payable by it under this document at the time   and otherwise in the manner provided in this document, that party must pay   interest on such sum from the due date of payment until such sum is paid in full at   the Default Rate.  Interest accrues and compounds daily and is payable on   demand.   4.11 Set-off   Despite any other provision of this document, the Buyer shall set off (aufrechnen)   any amount payable by the Buyer under this document against any amount   payable by the Seller under this document, including any amount payable in   connection with:   (a) the Net Working Capital Adjustment Amount;    (b) an overpayment in respect of any component of the Purchase Price;   (c) a Claim for a breach of a Seller’s Warranty by the Seller;   (d) a breach of this document by the Seller; or   (e) a Claim under any indemnity in this document.   5 Conduct of Business until Completion   5.1 Ordinary course of Business   (a) Subject to the agreement of the Buyer otherwise, until Completion the Seller   must:     

 

    page 19   (i) ensure that the Company and the Company's Affiliates carry on   the Business in the ordinary and normal course;   (ii) use reasonable endeavours to preserve the goodwill of the   Business; and   (iii) promptly notify the Buyer of any Material Adverse Effect in the   Business or the Company.   (b) Except as contemplated by this document or as consented to by the Buyer in   writing, the Seller must not and must procure that the Company does not,   before Completion:   (i) increase, reduce or otherwise alter its share capital (including   by creating, allotting and issuing new share capital) or grant any   options for the issue of shares or other securities;   (ii) declare, make or pay any dividend;   (iii) make a distribution or revaluation of assets;   (iv) alter its articles of association;    (v) cause or permit any Encumbrance (other than a Permitted   Encumbrance) to be given or created over any of the Assets or   undertaking or any material part thereof;   (vi) enter into any commitment (other than a costumer contract):   (A) for more than EUR 10,000;   (B) with a particular person where the aggregate value of   those commitments is more than EUR 20,000; or   (C) for longer than 2 years;   (vii) dispose of, or agree to dispose of or grant an option to   purchase, any Asset (or any interest in an Asset);   (viii) acquire or agree to acquire any share, shares or other interest   in any company, partnership or other venture;   (ix) engage any new employee, (at the Seller’s initiative) terminate   the employment of any Employee, or (except in the ordinary   course of business) change the terms of employment (including   remuneration) of any of the Employees, or pay or provide any   bonus to any Employee; or   (x) institute, settle or compromise (or agree to do so) any legal   proceedings (other than in relation to trade debts in the ordinary   course).   5.2 Integration Process   The Parties have initiated the integration process on 21 October 2014.  The Seller   shall use its best efforts and provide reasonable support to continue the integration   process prior to the Completion Date.     

 

    page 20   5.3 Seller to notify of potential Material Adverse Effect or breach of   Seller’s Warranty   (a) If the Seller becomes aware of any fact, matter or circumstance which   results in, or is reasonably likely to result in:   (i) a Material Adverse Effect; or   (ii) a breach of a Seller’s Warranty,   the Seller must give notice to the Buyer as soon as reasonably practicable   after becoming aware of the fact, matter or circumstance, and the notice   must set out full details of those facts, matters or circumstances and the   potential Material Adverse Effect or breach of the Seller’s Warranty (as   applicable).   (b) The Seller’s obligations in clause 5.3(a) apply until Completion.   6 Completion   6.1 Date, time and place   Completion must take place on the Completion Date at 11am at the offices of Wolf   Theiss Rechtsanwälte GmbH & Co KG, Vienna, or such other time and place as   the parties may agree in writing.   6.2 Execution of a Share Transfer Agreement   In order to effectuate the transfer of the Share to the Buyer, the Buyer and the   Seller shall execute a separate share transfer agreement as a notarial deed   substantially in the form of annexure H.    6.3 Seller’s obligations    At Completion, the Seller must deliver to the Buyer:   (a) written declaration of Jorda and Malanik, such declaration to   acknowledge that the signatory or the companies which provide the   services of Jorda or Malanik to the Company have no Claim or basis   for a Claim against the Company or any Company's Affiliate in respect   of fees, entitlements, salary, or otherwise as of Completion (except as   expressly specified in the written declaration);   (b) the Business Records, complete and up to date;    (c) written non-solicitation declarations of all the individuals mentioned in   and in the form specified in annexure I;   (d) consents to change in control of the Company (in form and substance   satisfactory to the Buyer) from each of the lessors of the Property   required under clause 2.1(a);   (e) copy of the application for the renewal of the authorisation of NP RO   as contemplated by clause 2.1(f);   (f) copies of the written confirmations as mentioned above under clause   2.1(g) and 2.1(h)     

 

    page 21   (g) the Company Tax Records; and   (h) keys to the Business premises.   6.4 Delivery at Business premises    The parties acknowledge and agree that delivery of the items referred to in   clauses 6.3(b), 6.3(g) and 6.3(h) will be deemed to have occurred by those items   being left at the Business premises under the control of the Company.    6.5 Actions by the managing directors   On or prior to Completion, the Seller must cause the managing directors of the   Company to:    (a) execute in notarized form an application for registration of the transfer   of the Share and the registration of the new managing directors of the   Company in the Austrian companies register and have such   application filed with the Austrian companies register; and   (b) subject to Completion occurring revoke all existing authorities to   operate the bank accounts of the Company and the Company's   Affiliates and the persons nominated by the Buyer in writing be   appointed as signatories of the bank accounts of the Company and   the Company's Affiliates;   6.6 Buyer’s obligations   At Completion, the Buyer must:   (a) deliver to the Company:   (i) written consents to act as directors, secretary and public officer   of the Company or the Company's Affiliates signed by the   persons nominated by the Buyer; and   (ii) a CD Rom containing the Data Room Documentation; and   (b) pay to the Seller the Completion Payment Amount (as directed by the   Seller).   6.7 Interdependence of obligations   (a) The obligations of the parties in respect of Completion are interdependent   and if all such obligations have not been performed, then no Completion   may take place.   (b) Performance of the obligations of each party in respect of Completion is   treated as taking place simultaneously and no delivery or payment will be   taken to have been made until all deliveries and payments have been made.    Once all such obligations have been performed, they must be treated as   having been performed simultaneously on the date on which the final   obligation is performed.   6.8 Title and risk   Legal and beneficial title to the Share (and property and risk in it) will pass to the   Buyer upon Completion.     

 

    page 22   7 Completion Accounts    7.1 Preparation of Completion Accounts    The Buyer must prepare (or procure the preparation by its accountants of) the   unaudited Completion Accounts as at the Completion Date in a form materially   similar to the previous Accounts and in accordance with the Accounting Standards   and Accounting Policies.   7.2 Co-operation   The Seller and the Buyer must co-operate fully with each other and provide   reasonable assistance in the preparation of the Completion Accounts.   7.3 Timing   The Buyer must use its reasonable endeavours to prepare (or procure the   preparation by its accountants of) the Completion Accounts as soon as possible   but not later than 2 months after the Completion Date.  The Buyer must deliver the   Completion Accounts to the Seller as soon as the Completion Accounts have been   finalised.   7.4 Seller’s accounting   The Seller and its accountants will be entitled to examine and review the   Completion Accounts and all working papers of the Buyer and its accountants.   7.5 Dispute Notice   If the Seller disputes:   (a) the inclusion, omission or calculation of any item in the Completion   Accounts; or   (b) that the Completion Accounts have been drawn up in accordance with   the Accounting Standards and Accounting Policies,   then it must give notice of such dispute (Dispute Notice) to the Buyer within 15   Business Days after receipt of the Completion Accounts.   7.6 Content of Dispute Notice   (a) A Dispute Notice must identify:    (i) the item in the Completion Accounts in respect of which the dispute   exists (by category and location to the extent that the party has that   information);   (ii) insofar as possible, the amount in dispute; and   (iii) the adjustments to the Completion Accounts and Net Working Capital   Amount and Purchase Price if the Dispute Notice were to be   accepted.   (b) The Buyer and the Seller must use their respective best endeavours to   resolve the dispute the subject of a Dispute Notice within 10 Business Days   of receipt of the Dispute Notice by the Buyer, failing which the dispute must     

 

    page 23   be resolved in accordance with the dispute resolution mechanism set out in   clause 7.7.   (c) The resolution of the dispute, and the Completion Accounts (and the   Purchase Price derived from the resolution of the dispute), will be taken to   be accepted by the Buyer and the Seller.   7.7 Independent Accountant   (a) If the Buyer and the Seller fail to resolve any dispute within 10 Business   Days under clause 7.6(b) the dispute must be submitted as soon as   reasonably practicable for determination by the Independent Accountant.    (b) The Independent Accountant must be appointed to act on the following   basis:   (i) the Independent Accountant must act as experts and not as   arbitrators;   (ii) the Independent Accountant must determine the matter in dispute as   soon as possible;   (iii) the Buyer and the Seller:   (A) must provide the Independent Accountant with all information   the Independent Accountant reasonably requires;   (B) are entitled to make written submissions to the Independent   Accountant; and   (C) must provide the other with a copy of all information provided   and submissions made to the Independent Accountant.   (c) The Independent Accountant is entitled (to the extent they consider it   appropriate) to base their opinion on the information provided and   submissions made by the Buyer and the Seller and on the Business   Records.  The Independent Accountant may seek the advice of another   accountant at its discretion.   (d) The determination of the Independent Accountant is (in the absence of   manifest error) conclusive and binding on the Buyer and Seller and will be   taken to be accepted by the Buyer and the Seller.   (e) The costs of the Independent Accountant must be borne by the Buyer and   Seller equally.   7.8 Deemed acceptance   If the Seller does not give a Dispute Notice within the 15 Business Day period   required by clause 7.5 it will be taken to have accepted the Completion Accounts   and the amount of the Net Working Capital Amount, fees invoiced and Purchase   Price included in the Completion Accounts.     

 

    page 24   8 Trade Receivables and Trade Credits   (a) Any portion of any Trade Receivable that is overdue 120 days (or such other   period as the parties acting reasonably agreed) at the Completion Date will:   (i) reduce the Net Working Capital Adjustment Amount to be paid by the   Buyer in accordance with clause 4.5(a); or   (ii) be added to the Net Working Capital Adjustment Amount to be   deducted from the First Period Payment Amount (or from the Second   Period Payment Amount and the Third Period Payment Amount as   applicable) in accordance with clause 4.5(b).   (b) The Seller shall be in charge of collecting any Trade Receivable that is   overdue 120 days at the Completion Date. Any collected Trade Receivable   that is overdue 120 days at the Completion Date shall belong to the Seller.    (c) If the Buyer or the Company pays a Trade Credit and there is no provision   for such Trade Credit in the Completion Accounts, then:   (i) following such payment the Buyer will provide to the Seller the Trade   Credit and proof of payment; and   (ii) the percentage of that total payment made by the Buyer that relates to   the period from the commencement of the Trade Credit until the   Completion Date shall be added to the Net Working Capital   Adjustment Amount to be deducted from the First Period Payment   Amount (or from the Second Period Payment Amount and the Third   Period Payment Amount as applicable) in accordance with   clause 4.5(b).   9 Third party consents   If any Contract requires the consent of a third party to the continuation of that   Contract as a result of the Buyer acquiring the Share, and such consent has not   been obtained on or prior to Completion:   (a) the Seller will, following Completion and upon request from the Buyer,   use all reasonable endeavours to obtain the consent of that third party   on terms reasonably acceptable to the Buyer; and   (b) the Buyer must provide all assistance and information reasonably   required by the Seller to secure such consents.   10 Non-competition   10.1 Non-compete   The Seller (in consideration for the Buyer entering into this document) undertakes   to the Buyer that it will not:   (i) engage in a business or activity that is the same as or substantially   similar to, or in competition with, the Business or the Buyer;     

 

    page 25   (ii) solicit, canvass, approach, or accept an approach from a person   (including for the purpose of recruiting that person or otherwise   inducing that person to leave their employment) about engaging in a   business or activity that is the same as or substantially similar to, or in   competition with, the Business or the Buyer if that person who was, at   any time during the 12 months ending on the Completion Date:   (A) an agent or employee of the Business or the Buyer;   (B) a person occupying a senior management position and is (or is   likely to be) in possession of confidential information relating to   the Business or the Buyer;   (C) a person able to materially influence customer or client   relationships of the Business or the Buyer; or   (D) a client or a customer of the Business or the Buyer;   (iii) interfere with the relationship between either the Company and the   Company's Affiliates or the Buyer and their clients, customers,   employees or suppliers; or   (iv) disclose confidential information known about the Company and the   Company's Affiliates or the Buyer,   except that nothing in this clause will restrict the Seller from holding or acquiring   (either directly or indirectly) the issued ordinary shares in the capital of any body   corporate listed on a regulated stock exchange.   10.2 Interpretation   For the purposes of clause 10.1, engage in means to carry on, participate in,   provide finance or services, or otherwise be directly or indirectly involved in,   whether as a shareholder, unit holder, director, consultant, adviser, contractor,   principal, agent, manager, employee, beneficiary, partner, associate, trustee or   financier.   10.3 Duration of prohibition   The undertakings in clause 10.1 begin on the Completion Date and end on the   date that is three years after the Completion Date.   10.4 Geographic application of prohibition   The undertakings in clause 10.1 apply if, and only to the extent that the activity   prohibited occurs within:   (a) Austria;   (b) Germany; and   (c) any other jurisdiction in which the Company or the Company's   Affiliates are operating at the Completion Date.   10.5 Severability   The Seller acknowledges that each of the prohibitions and restrictions contained in   this clause:     

 

    page 26   (a) is to be read and construed and is to have effect as a separate   severable and independent prohibition or restriction and will be   enforceable accordingly; and   (b) confers a benefit on the Buyer which is no more than that which is   reasonably and necessarily required by the Buyer for the maintenance   and protection of the Business.   10.6 Acknowledgement   The Seller acknowledges that all the prohibitions and restrictions contained in this   clause 10 are reasonable in the circumstances and necessary to protect the   goodwill of the Business as at the Completion Date.   10.7 Injunction   The Seller acknowledges that monetary damages alone will not be adequate   compensation to the Buyer from breach of this clause 10 and that the Buyer is   entitled to seek (in addition to any other remedies it may be able to seek but   subject to the discretion of the court) an injunction from a court of competent   jurisdiction if:   (a) the Seller fails to comply with or threatens to fail to comply with any of   the provisions of clause 10.1; or   (b) the Buyer has reason to believe that the Seller will not comply with   clause 10.1.   11 Seller’s Warranties    11.1 Seller’s Warranties   Subject to the limitations set out in this document the Seller represents and   warrants to the Buyer that each of the Seller’s Warranties set out in schedule 1 are   true and accurate as at the date of this document and as at the Completion Date, if   not otherwise explicitly stated in this document.   11.2 Reliance   Each of the Seller’s Warranties is to be treated as a separate representation and   warranty and the interpretation of any statement made must not be restricted by   reference to, or inference from any other statement or provision of this document.   11.3 Remedies   (a) Subject to Completion having occured, in the event of breach of any of the   Seller's Warranties, the Buyer shall be entitled, subject to further provisions   of this clause 11, at its sole discretion, to claim from the Seller monetary   compensation for all actual losses and damages, costs and expenses   (including reasonable attorneys' and accountants' fees) incurred by the   Buyer and/or the Company and/or the Company's Affiliates (Losses) by   reason of such Seller's Warranties not being true and accurate (and thus   compared to such Seller's Warranties being true and accurate).  Any liability     

 

    page 27   for lost profit (entgangener Gewinn) is hereby expressly excluded to the   extent permitted by law.   (b) Except for the Seller's Warranties, the Seller will not except any warranty or   other liability with respect to the Share, the Company or the Company's   Affiliates, the Business and the Assets. Any guarantee and liability for a   certain income from the Share shall specifically be excluded.   (c) The remedies for breaches of the Seller's Warranties provided in clause   11.3(a) shall be in lieu of any other remedy (Rechtsbehelf) (including,   without limitation, in lieu of any warranty remedy [Gewährleistungsbehelf]   and/or damage claims of whatever kind [Schadenersatzansprüche]) and any   other liability claim (Haftungsanspruch) the Buyer may have by law or   otherwise in connection with any breach of the Seller's Warranties.   (d) If an event, a fact, a circumstance or a situation simultaneously constitutes a   breach of several Seller's Warranties, the Buyer shall not be entitled to   multiple compensation for the same Loss.       11.4 Ability to claim   (a) The Buyer may not bring a Claim for any breach of a Seller’s Warranty to the   extent that:   (i) the relevant fact, matter or circumstance was fully and fairly disclosed   in the Disclosures so that based on such disclosure the Buyer was –   applying the standard of care and diligence of a prudent buyer – in a   position to identify, assess and evaluate the material facts, matters   and circumstances forming the basis for its Claim and the adverse   impact (financially or otherwise) of such facts, matters and   circumstances on the Business or was within the actual knowledge of   the Buyer (this clause 11.4(a)(i) does not apply to Claims for any   breach of a Tax Warranty); or   (ii) provision or respective liability has been made for that fact, matter or   circumstance in the Accounts.   (b) The Seller shall not be liable towards the Buyer to the extent the Loss   suffered in connection with the breach of a Seller's Warranty is compensated   by a third party or an insurance company.   11.5 Limitation on claims   (a) Any Claim made by the Buyer in respect of a Seller’s Warranty is subject to   and limited as follows:   (i) the Buyer must give written notice to the Seller of the Claim within 18   months after the Completion Date;   (ii) in the case of a single Claim, or a series of related Claims, where the   amount claimed exceeds EUR 15,000;    (iii) the Seller will only be liable for any Claim if its liability for all Claims   not excluded by the limitation in clause 11.5(ii) would exceed in   aggregate EUR 35,000; and     

 

    page 28   (iv) the maximum aggregate amount which the Buyer may recover from   the Seller in respect of all claims amounts to EUR 1,7 million, except   that the Seller's maximum liability to the Buyer for all Claims under the   Tax Indemnity under clause 15 and for breaches of a Tax Warranty   are unlimited.   11.6 Disclosures   (a) In the period from the date of this document until Completion:   (i) the Seller must, as soon as reasonably practicable, disclose to the   Buyer; and   (ii) the Buyer must as soon as reasonably practicable disclose to the   Seller,   in writing any fact, matter or circumstance of which the Seller or the Buyer   become aware and which in its opinion would result or would be likely to   result in any Seller’s Warranty not being true, complete or accurate.  The   Seller must use all reasonable endeavours to remedy (if capable of remedy)   the relevant fact, matter or circumstance before Completion.  If remedied,   the Buyer has no claim in respect of the fact, matter or circumstance.   (b) If any fact, matter or circumstance is disclosed under clause 11.6(a) and is   not remedied before Completion, then, if Completion occurs, the Buyer will   be entitled to claim damages in accordance with this clause 11 but no right   to damages will arise if Completion does not occur.   11.7 Disclaimer   Nothing in this clause 11 applies in relation to any fraudulent misrepresentation   made by the Seller before the date of this document.   11.8 Payment of Claims   All sums payable by the Seller to the Buyer under this document in respect of a   Claim for breach of a Tax Warranty, under the Tax Indemnity or in relation to any   Tax Claim or Tax Proceedings referred to in clause 16 must be paid by the later of:   (a) 20 Business Days preceding the due date (or any extended date for   payment permitted by the relevant Governmental Agency) for   payment of the Tax Liability to which the Claim relates; or   (b) the day that is 20 Business Days after notice of the Claim is provided   to the Seller.   11.9 Tax effect   If any payment by the Seller to the Buyer under the Tax Indemnity or otherwise   under this document, including the payment of an additional amount under this   clause 11.9, would require the Buyer to pay Tax on, or as a result of, the amount   received by the Buyer, the Seller must pay on demand to the Buyer an additional   amount (which amount will not be subject to the limitations in clause 11.5)   calculated as follows:     

 

    page 29   AA =                     T)(1   P    - P   where:   AA means the additional amount to be paid;   P means the amount payable by the Seller disregarding this clause; and   T means the general corporate tax rate (as defined in the Austrian Corporate   Tax Act), expressed as a decimal.   The Buyer will provide proof to the Seller that any tax gross-up due under this   clause is in fact additional tax to be borne by the Buyer caused by the Seller's   payments, if any, net of any (current and future) tax benefits available to the Buyer.    The Buyer will take all reasonable actions to avoid or mitigate such tax impact and   will grant the Seller and his designees the unrestricted opportunity to appeal such   assessments on his behalf and fully cooperate in this matter with the Seller and his   designees.   12 Indemnities   12.1 Seller’s indemnity   (a) Subject to Completion having occurred, the Seller shall indemnify the Buyer   against any Loss suffered or incurred by the Buyer as a result of   (i) any breach of any warranty of the Seller given in Schedule 1 under   Clause 2(a), 2(b), 2(c), 2(d)(i), 2(e) , 2(f)  and 2(k); and/or   (ii) any claims that might be issued to the Company under the license   agreement entered into between the Company, the Seller, Mr. Gary   Mackney, Mr. Petrus Gerbaulet and Legal Neumann GmbH; and/or   (iii) any claims from any employee or contractor, freelancer or consultant   of the Company and/or any of the Company's Affiliates (e.g. salary   claims, overtime, compensation for unused vacation) as well as   related claims from tax or social insurance agencies (e.g. payroll tax   payments and social insurance contributions) and/or;   (iv) any non-compliance of the Company and/or any of the Company's   Affiliates with provisions under the respective national trade law.    (b) Clauses 11.4(a)(ii) and (b) as well as clauses 11.5(a)(i) – (iii) apply to   Claims under this clause 12. However, such indemnification is not excluded   or limited due to the fact that any claim is based on a fact, matter, event or   circumstance which was fully and fairly disclosed in the Disclosures or was   within the actual knowledge of the Buyer.   (c) If an event, a fact, a circumstance or a situation constitutes a breach of a   Seller's Warranty and simultaneously entitles the Buyer to be indemnified   pursuant to this clause 12, the Buyer shall not be entitled to multiple   compensation for the same Loss.     

 

    page 30   13 Buyer’s Warranties   13.1 Buyer’s Warranties    The Buyer represents and warrants to the Seller as at the date of this document   and as at Completion that:    (a) it has full power and authority to enter into this document and has   taken all necessary action to authorise the execution, delivery and   performance of this document in accordance with its terms;   (b) this document constitutes a legally valid and binding obligation of the   Buyer enforceable in accordance with its terms;   (c) the execution, delivery and performance of this document by the   Buyer will not violate any provision of:   (i) any law or regulation or any order or decree of any Governmental   Agency of Austria or any state or territory or relevant jurisdiction in   which it is incorporated;   (ii) the constitution of the Buyer or equivalent constituent documents; or   (iii) any Encumbrance or other document which is binding on the Buyer;   (d) no order has been made, or application filed, or resolution passed or a   notice of intention given to pass a resolution for the winding up of the   Buyer and there are no circumstances justifying commencement of   any such action;   (e) no petition or other process for winding-up or dissolution has been   presented or threatened in writing against the Buyer and, so far as the   Buyer is aware, there are no circumstances justifying such a petition   or other process;   (f) no receiver, receiver and manager, liquidator, administrator, controller,   trustee or similar official has been appointed over all or any part of the   assets or undertaking of the Buyer and, so far as the Buyer is aware,   there are no circumstances justifying such an appointment;   (g) the Buyer has not entered into or taken steps or proposed to enter into   any arrangement or composition or compromise with all or a class of   its creditors;   (h) the Buyer has not:   (i) gone, and is not proposed to go, into liquidation;   (ii) passed a winding-up resolution or commenced steps for winding-up or   dissolution; or   (i) no writ of execution has issued against the Buyer or any of its assets   and, so far as the Buyer is aware, there are no circumstances   justifying such a writ; and   (j) the Buyer is able to pay its debts as and when they fall due.  The   Buyer is not taken under applicable laws to be unable to pay its debts     

 

    page 31   and has not stopped or suspended, or threatened to stop or suspend,   payment of all or a class of its debts.   13.2 Reliance   Each of the statements in clause 13.1 is to be treated as a separate representation   and warranty and the interpretation of any statement made must not be restricted   by reference to or inference from any other statement.   13.3 LRS GmbH   The Buyer represents and warrants to the Seller the payment of the amount   provided for in the Accounts (and considered in the Net Working Capital Amount)   for the dissolution of the agreement between the Company and LRS GmbH (FN   194030p) by the Company.    14 Action after Completion   14.1 Business Records    The Buyer must ensure that the Company does not dispose of or destroy any of   the Business Records within the period of 7 years following the Completion Date,   unless it has given the Seller not less than one month’s written notice of its   intention to do so, and the Seller has not notified the Buyer within one month of   receipt of that notice that it wishes to retain the Business Records the subject of   the notice.   14.2 Continuing co-operation   (a) The Seller and the Buyer acknowledge and agree that both parties must co-   operate with each other in good faith following Completion to facilitate an   orderly and thorough transition from the Seller to the Buyer carrying on the   Business;   (b) Other than to identify personally the credentials and/or career history of the   Seller and each of the General Partners and the Limited Partners of the   Seller, after Completion the Seller may not use, or authorise the use of:   (i) any company or entity name, business name or trade name   incorporating or resembling the “Neumann” name or likely to be   mistaken for the “Neumann” name or confused with it; or   (ii) any logo, symbol or trade mark which is substantially identical with or   deceptively similar to the Trade Marks.   15 Tax Indemnity   (a) The Seller shall indemnify and keep indemnified the Indemnified Entities   against:   (i) all Liabilities for Tax which an Indemnified Entity may suffer, incur or   be liable for as a result of or arising out of (and whether directly or   indirectly) any Tax matter which is not provided for (to like manner and     

 

    page 32   extent) in the Accounts and which has arisen before the Completion   Date or arises after the Completion Date in respect of any period (or   part thereof) before the Completion Date;   (ii) all Liabilities for Tax which an Indemnified Entity suffers, incurs or is   liable for, by reason of any matter or thing being other than as   represented or warranted in the Warranties; and   (iii) all costs and expenses incurred or payable by an Indemnified Entity in   connection with any Liability for Tax referred to in this clause 15,   including all legal proceedings relating thereto, any audit or   investigation made by a Governmental Agency in relation to Tax, and   the settlement of, and steps taken to mitigate or resolve any process   which could lead to, a Liability for Tax, whether or not it transpires that   it does.   (b) Subject to clause 16(b), the Seller is not liable for any Claim under the Tax   Indemnity to the extent that the Claim is made after the expiry of three   months after the expiration of the statutory period within which the relevant   Governmental Agency may seek to recover the Tax to which the Claim   relates.   (c) Obligations to pay Taxes resulting from determinations during tax audits   conducted at the Company or the Company's Affiliates in respect of periods   prior to the Completion Date shall be set off against effective Tax reductions   relating to those determinations, which will be effective in periods after the   Completion Date.   (d) Claims under the Tax Indemnity are time-barred and shall forfeit, if the Buyer   has not notified the Seller in writing of any such claim within three months   after the date on which the obligation to pay Taxes was finally determined   (materiell rechtskräftig) by the competent authority (i.e. the competent   authority's decision is no longer contestable, neither by virtue of an ordinary   or extraordinary appeal or otherwise). clauses 11.5(a)(ii) and (iii) apply to   Claims under this clause 15 as well.    (e) The Seller will pay any amount to the Buyer under this clause 15 in   accordance with clause 11.8.   16 Tax Claims   (a) If the Buyer or the Company or any of the Company's Affiliates receive any   written communication or notice from any Governmental Agency, including a   communication or notification of any enquiry (including any request for   information, notice to produce documents, audit, review or request for a   meeting) (Tax Claim) in relation to the Company or any of the Company's   Affiliates which may directly or indirectly lead to a circumstance as a result of   which the Buyer would, or would be likely, to bring a Claim for a breach of a   Tax Warranty or under the Tax Indemnity, then the Buyer must promptly   notify the Seller in writing and provide the Seller with all information relevant   to the Tax Claim.      

 

    page 33   (b) If the Tax Claim referred to in clause 16(a) is received by the Buyer or the   Company or any of the Company's Affiliates within the time period referred   to in clause 15(b), then the limitation in that clause 15(b) will not apply to   the Tax Claim and the Tax Claim will be governed by this clause 16.   (c) Subject to the Tax Claim not being a Joint Tax Claim, the Seller will be the   Controlling Party in relation to the relevant Tax Claim and, to the extent the   Seller considers appropriate, will conduct, defend and settle any Tax Claim   against the Company and the Buyer (Tax Proceedings) and the Buyer will,   or will procure that the Company, provides all reasonable co-operation in   relation to the conduct, defence or settlement of any such Tax Claim or Tax   Proceedings.  As Controlling Party the Seller must in relation to the Tax   Claim or Tax Proceedings:   (i) act in good faith at all times;   (ii) liaise with the Buyer in relation to the Tax Claim or Tax Proceedings;   (iii) make available to the Buyer as soon as possible, but in any event   within 5 Business Days of receipt by the Seller, a copy of any notice,   correspondence or other document relating to the Tax Claim or Tax   Proceedings;    (iv) not take any action which it is objectively unreasonable to take in all   the circumstances;    (v) bear all costs in relation to the conduct, defence or settlement of the   Tax Claim or Tax Proceedings (including the costs of the Buyer in   providing any co-operation);    (vi) pay to the Buyer or the Company or the respective Affiliate of the   Company so much of any Tax as is required by the relevant   Governmental Agency to be paid in relation to the conduct, defence or   settlement of any such Tax Claim or Tax Proceedings (such payment   being made in accordance with clause 11.8); and   (vii) provide the Buyer with an indemnity in a form agreed to by the Buyer   (such agreement not being unreasonably withheld or delayed) against   all Loss which may result from any action taken at the request of the   Seller by the Buyer or the Company or in connection with the conduct   of the Tax Claim or Tax Proceedings.   (d) If a Tax Claim is a Joint Tax Claim, then the following principles will apply:   (i) The Seller and the Buyer acting reasonably must agree that either the   Seller and the Buyer will jointly control the conduct, defence or   settlement of the Joint Tax Claim, or that one party will be the   Controlling Party.   (ii) Where the Seller and the Buyer are in joint control of the conduct,   defence or settlement of the Joint Tax Claim then the Seller and the   Buyer must agree to the appropriate manner in which to conduct,   defend or settle the Joint Tax Claim and no other action may be taken     

 

    page 34   without such agreement.  The agreement of the Seller and the Buyer   must not be unreasonably withheld or delayed.   (iii) Where one party is the Controlling Party in respect of the Joint Tax   Claim, the other party must provide all reasonable co-operation in   relation to the conduct, defence or settlement of the Joint Tax Claim.   (iv) If:   (A) the agreement required by clause 16(d)(i) cannot be reached   between the Seller and the Buyer within a reasonable time, the   Seller and the Buyer will jointly control the conduct, defence or   settlement of the Joint Tax Claim;   (B) the agreement required by clause 16(d)(ii) cannot be reached   between the Seller and the Buyer within a reasonable time, the   matter in dispute is to be determined by a Tax Reviewer.  In so   acting, the Tax Reviewer will act as an expert and not as an   arbitrator, and his or her decision will be final and binding on the   parties with the relevant conduct, defence or settlement of the   Joint Tax Claim being conducted accordingly.  The Seller and   the Buyer will each pay one half of the Tax Reviewer’s costs   and expenses in respect of any such reference.   (v) The Controlling Party must, in relation to the conduct, defence or   settlement of the Joint Tax Claim:   (A) act in good faith at all times;   (B) liaise with the other party (being the Seller or the Buyer as the   case may be) in relation to the conduct, defence or settlement   of the Joint Tax Claim;   (C) make available to the other party as soon as possible, but in   any event within 5 Business Days of receipt by the Controlling   Party, a copy of any notice, correspondence or other document   relating to the conduct, defence or settlement of the Joint Tax   Claim;   (D) not take any action which it is objectively unreasonable to take   in all the circumstances; and   (E) commence, pursue and conduct the defence or settlement of   the Joint Tax Claim with all due skill, care and attention and   without regard to the quantum of liability (if any) that each party   would bear if the Joint Tax Claim was ultimately not successful.   (vi) The Seller must pay to the Buyer or the Company so much of any Tax   as is required by the relevant Governmental Agency to be paid in   relation to the conduct, defence or settlement of any such Joint Tax   Claim (such payment being made in accordance with clause 11.8);   and   (vii) Where the Seller is the Controlling Party in relation to the Joint Tax   Claim, it must provide the Buyer with an indemnity in a form agreed to     

 

    page 35   by the Buyer (such agreement not being unreasonably withheld or   delayed) against all Loss which may result from any action taken at   the request of the Seller by the Buyer or the Company or any of the   Company's Affiliates or in connection with the conduct of the Joint Tax   Claim.   17 Tax Records   17.1 Retention of Tax Records   (a) The Buyer agrees that after Completion it will hold for safe keeping and store   any Company Tax Records that relate to a period before Completion (or part   thereof):   (i) for the period required under Tax Law; and   (ii) otherwise in conformity with the Buyer’s usual records retention policy.   (b) The Seller agrees that after Completion it will hold for safe keeping and store   any Seller’s Tax Records:   (i) for the period required under the Tax Law; and   (ii) otherwise in conformity with the Seller’s usual records retention policy.   17.2 Access to Tax Records   From Completion:   (a) the Buyer will be entitled at the Buyer’s cost to have access at all reasonable   times to the Seller’s Tax Records to the extent that such access is   reasonably necessary to:   (i) support the Tax position of the Company; or   (ii) in respect of a Joint Tax Claim in respect of which the Buyer is the   Controlling Party or is in joint control with the Seller as contemplated   in clause 16.   The Seller will provide such access to the Seller’s Tax Records within a   reasonable time of the Buyer making its request for access and will   otherwise provide such reasonable assistance as the Buyer requires in   respect of such access.  However, the Buyer is not entitled to access to any   such records that the Seller believes (acting reasonably) may prejudice or   adversely affect any Claim the Seller may have against the Buyer or which   are the subject of client legal privilege or similar administrative concession   and in circumstances where the granting of access may waive that privilege   or concession; and   (b) the Seller will be entitled at the Seller’s cost to have access at all reasonable   times to the pre-Completion Company Tax Records to the extent that they   relate to:   (i) any Tax Return to be prepared by the Seller or any of its general   partners or limited partners; or     

 

    page 36   (ii) the conduct of any Tax Claim or Joint Tax Claim in respect of which   the Seller is the Controlling Party or the Seller is in joint control with   the Buyer as contemplated in clause 16.   The Buyer will provide such access to the Company Tax Records within a   reasonable time of the Seller making a request for access and will otherwise   provide such reasonable assistance as the Seller requires in respect of such   access.  However, the Seller is not entitled to access to any records which   the Buyer believes (acting reasonably) are the subject of client legal privilege   or similar administrative concession and in circumstances where the   granting of access may waive that privilege or concession.   18 Tax Returns   18.1 Co-operation regarding Tax Returns   The Seller must provide all reasonable co-operation and assistance requested by   the Buyer in relation to the preparation of any income Tax Return for the Company   or the Company's Affiliates that relates to a Tax period (or part thereof) before the   Completion Date (including, for the avoidance of doubt, any income Tax Return   that relates to a Tax period commencing before the Completion Date and ending   after the Completion Date).   19 Costs    19.1 Legal costs   Each party must bear its own legal and other costs and expenses in connection   with the preparation, execution and completion of this document and of other   related documentation.  The Buyer shall pay the cost of the notary and all other   expenses in connection with the execution of this agreement and all documents   under this agreement.   19.2 Redemption or acquisition of the Company's debt   Notwithstanding clause 19.1, the Buyer shall bear any costs resulting from Stamp   Duties for the redemption or acquisition of the Company's bank debt.   20 Notices   20.1 General   A notice, demand, certification, process or other communication relating to this   document must be in writing in English and may be given by an agent of the   sender.   20.2 How to give a communication   In addition to any other lawful means, a communication may be given by being:   (a) personally delivered;     

 

    page 37   (b) left at the party’s current delivery address for notices;   (c) sent to the party’s current postal address for notices by pre-paid   ordinary mail or, if the address is outside of Austria, by pre-paid   airmail;   (d) sent by fax to the party’s current fax number for notices; or   (e) emailed to the email address last notified by the addressee.   20.3 Particulars for delivery of notices   (a) The particulars for delivery of notices are initially:   Buyer:   Delivery address: CTPartners Executive Search Inc., 28601 Chagrin   Blvd, Suite 600, Cleveland, OH    44122, United States of America    Postal address: Same as delivery address   Fax:  216-682-3202   Email: wkeneally@ctnet.com   Attention: William J. Keneally   with a copy to:   Delivery address: Wolf Theiss Rechtsanwälte GmbH & Co KG, 1010   Vienna, Schubertring 6, Austria       Postal address: Same as delivery address   Fax:  +43 1 51510 665100   Email: horst.ebhardt@wolftheiss.com   Attention: Dr. Horst Ebhardt   Seller:   Delivery address: c/o Frotz Riedl Rechtsanwälte, Schottengasse   10/12, 1010 Vienna, Austria   Postal address: Same as delivery address   Fax:  +43 1 8908590 88   Email: s.frotz@frra.at   Attention: Dr. Stephan Frotz   (b) Each party may change its particulars for delivery of notices by notice   to each other party.   20.4 Communications by post   Subject to clause 20.7, a communication is given if posted:     

 

    page 38   (a) within Austria to an Austrian postal address, 3 Business Days after   posting; or   (b) outside of Austria to an Austrian postal address or within Austria to an   address outside of Austria,10 Business Days after posting.   20.5 Communications by fax   Subject to clause 20.7, a communication is given if sent by fax, when the sender’s   fax machine produces a report that the fax was sent in full to the addressee.  That   report is conclusive evidence that the addressee received the fax in full at the time   indicated on that report.   20.6 Communications by email   Subject to clause 20.7, if a communication is emailed, a delivery confirmation   report received by the sender, which records the time that the email was delivered   to the addressee’s last notified email address is prima facie evidence of its receipt   by the addressee, unless the sender receives a delivery failure notification,   indicating that the electronic mail has not been delivered to the addressee.   20.7 After hours communications   If a communication is given:   (a) after 5.00 pm in the place of receipt; or   (b) on a day which is a Saturday, Sunday or bank or public holiday in the   place of receipt,   it is taken as having been given at 9.00 am on the next day which is not a   Saturday, Sunday or bank or public holiday in that place.   20.8 Process service   Any process or other document relating to litigation, administrative or arbitral   proceedings relating to this document may be served by any method contemplated   by this clause 20 or in accordance with any applicable law.   20.9 Change of address   Any party may change its address for receipt of Notices at any time by giving   written notice of such change to each other party.   21 Confidentiality    21.1 Definitions   In this clause 21:   Confidential Information means all information, in whatever form, relating to:   (a) this document;   (b) the negotiations relating to this document; and   (c) any expert determination initiated under this document,     

 

    page 39   other than information that:   (d) at the date of this document, was generally and publicly available, or   subsequently becomes so available other than by breach of any duty   or obligation;   (e) at the time it was disclosed to a party, was in the possession of that   party lawfully and without breach of any duty or obligation; or   (f) has been disclosed to a party and was not generally and publicly   available at that date of disclosure, but subsequently, through no act   or omission of that party (or any person to whom it disclosed that   information), becomes available from another source and is not   subject to any duty or obligation as to confidence.   21.2 Confidentiality obligation   Subject to clause 21.3, each party must treat as confidential, and keep   confidential, any Confidential Information provided to it by, or on behalf of, any   other party and must:   (a) not copy, duplicate or otherwise reproduce any documents containing   Confidential Information, without the prior consent of the other party,   except as is necessary in fulfilling its obligations under this document;   (b) use its best endeavours to protect the confidentiality of the   Confidential Information; and   (c) comply with all reasonable instructions given to it from time to time by   the other party regarding the protection of that other party’s   Confidential Information.   21.3 Permitted disclosures   No party may disclose Confidential Information provided to it by any other party   other than:   (a) subject to clause 21.4, to its directors, officers, employees (on a need   to know basis), legal advisers, financial advisers, auditors, financiers   and to the legal advisers of its financial advisers or financiers;   (b) subject to clause 21.4, pursuant to any press release or other   announcement made on or about the date of this document or   Completion by the Buyer or the Seller or any Affiliate of either of them   (in each case, provided that the form and content of that release or   other announcement is agreed in writing by the Buyer and the Seller,   such consent not to be unreasonably withheld or delayed); and   (c) to the extent:   (i) required by:   (A) Law;   (B) the rules of any stock exchange; or   (C) any applicable accounting standards; or     

 

    page 40   (ii) ordered by any court,   having, to the extent practicable, consulted with the other party with a view   to agreeing the form, content, timing and manner of disclosure, and to the   maximum extent possible claimed any rights of confidentiality that it might be   afforded under such laws, rules, standards or court orders.   21.4 Disclosure to other persons   If a party discloses Confidential Information it must use reasonable endeavours to   ensure that no person to whom it disclosed that Confidentiality Information   discloses it to any other person.   21.5 Destruction or return of Confidential Information   Each party must destroy or return all Confidential Information disclosed to it by any   other party (including any Confidential Information which it disclosed to any other   person) if required to do so by the other party.   21.6 Survival   To the extent permitted by law, this clause 21 survives for a period of 5 years after   the end of this document or such other period as may be necessary to comply with   law.   22 General   22.1 Error, frustration of contract or shortfall exceeding fifty percent   Subject to clause 2.5, the parties may not cancel this document or withdraw from   this document and avoid or adjust this document for error (Irrtum), frustration of   contract (Wegfall der Geschäftsgrundlage) or shortfall exceeding fifty percent   (Verkürzung über die Hälfte).   22.2 Amendment   This document may only be varied or replaced by a document executed by the   parties.   22.3 Waiver and exercise of rights   (a) A single or partial exercise or waiver by a party of a right relating to this   document does not prevent any other exercise of that right or the exercise of   any other right.   (b) A party is not liable for any loss, cost or expense of any other party caused   or contributed to by the waiver, exercise, attempted exercise, failure to   exercise or delay in the exercise of a right.   (c) A right relating to this document may only be waived in writing signed by the   party or parties waiving the right.   22.4 Assignment   (a) The Seller may not assign any right under this document without the prior   written consent of the Buyer.     

 

    page 41   (b) Any purported dealing in breach of this clause is of no effect.   (c) The Buyer may, at its sole discretion, delegate or assign any or all of its   rights, obligations and responsibilities under this document to any of its   Affiliates. ln such event the provisions of this document shall continue to   govern the relationship between such Affiliate and the Seller, provided,   however, that the Buyer shall continue to be jointly and severally liable for   any and all obligations assumed by the Affiliate under this document.    22.5 Consents   Except as expressly stated otherwise in this document, a party may conditionally or   unconditionally give or withhold any consent to be given under this document and   is not obliged to give its reasons for doing so.   22.6 Further assurances   Each party agrees, at its own expense, on the request of any other party, to do   everything reasonably necessary for the purposes of or to give effect to this   document and the transactions contemplated by it (including the execution of   documents) and to use all reasonable endeavours to cause relevant third parties to   do likewise.   22.7 Rights cumulative   Except as expressly stated otherwise in this document, the rights of a party under   this document are cumulative and are in addition to any other rights of that party.   22.8 Continuing obligations   All rights and obligations of a party which have not been exercised or performed at   Completion are not extinguished or affected by Completion, unless those rights or   obligations are specifically waived or released in writing by a document signed by   all parties.   22.9 Counterparts   This document may consist of a number of counterparts and, if so, the counterparts   taken together constitute one document.   22.10 Governing law and jurisdiction   (a) This document and the transactions contemplated by this document are   governed by and are to be construed in accordance with the laws applicable   in Austria excluding any Conflict of Laws Rules of Private International Law   and the UN Convention on the International Sale of Goods.   (b) Each party irrevocably and unconditionally submits to the exclusive   jurisdiction of the competent courts exercising jurisdiction in the first district   of Vienna, Austria, and any courts which have jurisdiction to hear appeals   from any of those courts and waives any right to object to any proceedings   being brought in those courts.     

 

    page 42   22.11 Entire agreement   (a) This document constitutes the entire agreement between the parties as to   the subject matter of this document.   (b) All previous negotiations, understandings, representations, warranties,   memoranda or commitments concerning the subject matter of this document   are merged in and superseded by this document are of no effect.  No party   is liable to any other party in respect of those matters.    (c) No oral explanation or information provided by any party to another:   (i) affects the meaning or interpretation of this document; or   (ii) constitutes any collateral agreement, warranty or understanding   between any of the parties.   22.12 Construction   Unless expressed to the contrary, in this document:   (a) words in the singular include the plural and vice versa;   (b) any gender includes the other genders;   (c) if a word or phrase is defined, its other grammatical forms have   corresponding meanings;   (d) includes means includes without limitation;   (e) no rule of construction will apply to the disadvantage of a party   because that party drafted, put forward or would benefit from any   term;   (f) a reference to:   (i) a person includes a partnership, joint venture, unincorporated   association, corporation, entity and a Governmental Agency;   (ii) a person includes the person’s legal personal representatives,   successors, assigns and persons substituted by novation;   (iii) any legislation includes subordinate legislation under it and   includes that legislation and subordinate legislation as modified   or replaced;   (iv) a right includes a benefit, remedy, discretion or power;   (v) time is to local time in Vienna;   (vi) EUR or Euro is a reference to Euro, the lawful currency of the   member states of the European Union that adopt the single   currency in accordance with the EC Treaty;   (vii) writing includes:   (A) any mode of representing or reproducing words in   tangible and permanently visible form, including fax   transmission; and     

 

    page 43   (B) words created or stored in any electronic medium and   retrievable in perceivable form.   (viii) this document includes all schedules and annexures to it; and   (ix) a clause, schedule or annexure is a reference to a clause,   schedule or annexure, as the case may be, of this document;   and   (g) if the date on or by which any act must be done under this document   is not a Business Day, the act must be done on or by the next   Business Day.   22.13 Headings   Headings do not affect the interpretation of this document.      

 

    page 44   Schedule 1   Seller’s Warranties   1 Authority   (a) The Seller has full power and authority to enter into this document and has   taken all necessary action to authorise the execution, delivery and   performance of this document in accordance with its terms.   (b) All necessary action has been taken by the Seller to authorise the execution   and performance of this document under the articles of association of the   Seller.   (c) This document constitutes a legally valid and binding obligation of the Seller   enforceable in accordance with its terms.   (d) The execution, delivery and performance of this document by the Seller will   not violate any provision of:   (i) any law or regulation or any order or decree of any Governmental   Agency of Austria or any state or territory or relevant jurisdiction in   which it is incorporated;   (ii) the articles of association of the Seller or the Company or equivalent   constituent documents; and   (iii) the articles of association of NP, NL D, NL HK, NP doo, NP kft or NP   sro or equivalent constituent documents; and   (iv) any Encumbrance or other document which is binding on the Seller   and does not and will not result in the creation or imposition of any   Encumbrance or restriction of any nature over any of its assets or the   acceleration of the date of payment of any obligation existing under   any Encumbrance or other document which is binding on the Seller.   (e) No person is entitled to recover from the Seller or the Company or the   Company's Affiliates any brokerage, fee or commission in relation to this   document or any transaction contemplated by it.   2 Share capital and corporate structure   (a) The Seller is the legal and beneficial owner of the Share which:   (i) constitute all the issued share capital of the Company;   (ii) are and will, on Completion, be free of all Encumbrances and other   third party interests or rights; and   (iii) are fully paid without any money owing in respect of them.     

 

    page 45   (b) There are no options, agreements, or understandings (whether exercisable   now or in the future and whether contingent or otherwise) which entitle or   may entitle any person to call for the purchase or transfer of the Share or   any other share or security (debt or equity) of the Company.   (c) The Company is the legal and beneficial owner of   (i) the share in NP in the amount of EUR 70.000 (registered capital)   which constitute all the issued share capital of NP;    (ii) the share in NP sro in the amount of CZK 1.300.000 (approximately   EUR 47.000) which constitute 65 % of the issued share capital of NP   sro;   (iii) the share in NP kft in the amount of HUF 2,100,000 (approximately   EUR 6,688) which constitute 70 % of the issued share capital of NP   kft;   (iv) the share in NP HK in the amount of HK$ 10.000 which constitute all   the issued share capital of NL HK;   (v) the share in NL D in the amount of EUR 300.000 (registered capital)   which constitute all the issued share capital of NL D;   (vi) the share in NP doo in the amount of HRK 220.000 (approximately   EUR 29.000) (registered capital) which constitute all the issued share   capital of NP doo;   (vii) the share in NP Spzoo in the amount of PLN 100,000 (approximately   Euro 25,000) (registered capital) which constitute all the issued share   capital of NP Spzoo; and   each of the shares mentioned above under (i) through (vi)    (viii) are and will, on Completion, be free of all Encumbrances and other   third party interests or rights; and   (ix) are fully paid without any money owing in respect of them; and   (x) there are no options, agreements, or understandings (whether   exercisable now or in the future and whether contingent or otherwise)   which entitle or may entitle any person to call for the purchase or   transfer of the shares mentioned above under (i) and (iv) through (vi)   or any other share or security (debt or equity) of the respective   company.   (d) The Company and the Company's Affiliates:   (i) are duly established and validly existing under the respective laws;   (ii) have full power to own the Assets and the Business and to carry on   the Business as it is currently conducted;   (iii) are not registered and are not required to be registered in any place   outside their place of incorporation;   (iv) are duly incorporated under the laws of their registered seat.     

 

    page 46   (e) The Company and NL D, NL HK, NP, NP doo, NP kft, NP sro and NP Spzoo   do not have any subsidiaries or any permanent establishment other than    (i) the Company's registered branch office in Bulgaria (11, Slavyanska   Str. office 5, Sredets District, 1000 Sofia, registration number   202899808, (NP BG); and   (ii) NP's registered branch office in Austria, Hubert-Sattler-Gasse 13,   5020 Salzburg, registration number FN 220412 k; and   (iii) NP's registered representative office in Romania, 1-3 Remus St. 4th   floor, room E4.10, Bucharest, sector 3, registration number   1744/24.12.2013, (NP RO).   (f) NP Spzoo    (i) has suspended its business activity;;   (ii) has terminated (with the exception of the contract with (i) Rödl &   Partner, Roedel Outsourcing sp.z o.o., Warszawa, Poland, regarding   book keeping and advisory services, according to which NP Spzoo is   obliged to make a monthly payment in the amount of approximately   EUR 370,00, and (ii) Regus Zoliborz Sp.z o.o. regarding the lease of   office premises in Warsaw, North Gate, ul. Bonifraterska 17, 00-203   Warszawa, Poland, according to which NP Spzoo is obliged to pay a   monthly rental fee in the amount of approximately EUR 260,00) all its   contracts with other third parties in particular but not limited to its   employees, customers or other contracting parties;   (iii) has not conducted any business in the calendar year 2014 and is not   obliged to perform any business, commitment, obligation or any other   kind of action due to contractual obligations or statutory requirements   other than those mentioned above under (ii).     (g) The Company and the Company's Affiliates are not:   (i) a member of any joint venture, (silent) partnership, syndicate   agreement or unincorporated association (including a recognised   trade association); or   (ii) the holder of shares or other securities in any body corporate   (wherever incorporated).   (h) The Seller has supplied accurate and current copies of the articles of   association of the Company and the Company's Affiliates to the Buyer and   conducted its business affairs in accordance with such articles of   associations.   (i) No creditor of the Company has demanded or was entitled to demand   settlement or security for its claims in course of past capital measures   conducted in the Company.   (j) The shareholder(s) of the Company and the Company's Affiliates    (i) have passed all necessary corporate law resolutions; and     

 

    page 47   (ii) have not passed any resolution outside the ordinary course of   business that could have an adverse effect on the Company and the   Company's Affiliates on or after the Completion Date.   (k) The Company and the Company's Affiliates are at Completion released from   any and all risks and/or contingent liabilities with respect to    (i) any sale of shares, participations or other interests held by the   Company and/or the Company's Affiliates in other entities; and/or   (ii) any reorganisation to which the Company and/or any of the   Company's Affiliates was party; and/or   (iii) the liquidation of entities in which the Company and/or the Company's   Affiliates held shares, participations or other interests (with the   exception of juR quest GmbH).   3 Solvency   (a) No order has been made, or application filed, or resolution passed or a   notice of intention given to pass a resolution for the winding up of the Seller   or the Company or the Company's Affiliates and there are no circumstances   justifying commencement of any such action.   (b) No receiver, receiver and manager, controller, trustee, administrator or   similar official has been appointed over, or has possession or control of, all   or any part of the assets or undertaking of the Seller or the Company or the   Company's Affiliates nor have the Seller or the Company or the Company's   Affiliates entered into any arrangement or composition or compromise with   all or any class of its creditors.   (c) Each of the Seller, the Company and the Company's Affiliates are able to   pay their debts as and when they fall due (except for the EUR 800,000 to be   paid to Erste Bank der oesterreichischen Sparkassen AG; see Debt   Redemption Amount).   4 Accuracy of information   (a) All information and documents provided by or on behalf of the Seller to the   Buyer or its advisors are accurate and for the purpose of a due diligence   review of a prospective buyer of the Share complete and not misleading   whether by inclusion or omission.    (b) The information in the annexures and schedules is accurate and complete   and not misleading whether by inclusion or omission.   (c) The Seller has disclosed in writing all material information that a prospective   buyer of the Share (having regard to the nature of the Business and the   Assets) would reasonably require for the purpose of making a decision   whether to acquire the Business, Assets and Liabilities.     

 

    page 48   (d) All information which would be material to a buyer of the Share (having   regard to the nature of the Business and the Assets and applying the   standard of care and diligence of a prudent buyer) has been fully and fairly   disclosed in the Disclosures to the Buyer.   5 Accounts    (a) The Accounts – applying the standard of care and diligence of a prudent   manager –:   (i) comply with the Accounting Standards;   (ii) give a true and fair view of the financial performance of the Company   and the Company's Affiliates for the year ended on the Accounts Date;   (iii) give a true and fair view of the financial position of the Company and   the Company's Affiliates, Assets and Liabilities as at the Accounts   Date;    (iv) have been prepared in a manner which is consistent with the   standards, requirements and practices consistently applied by the   Company and the Company's Affiliates;   (v) are true and complete and not misleading in any particular; and   (vi) are not affected by any unusual or non-recurring item.   (b) The accounting records on which the Accounts were prepared:   (i) – applying the standard of care and diligence of a prudent manager –   correctly record and explain the transactions and financial position of   the Company and the Company's Affiliates;    (ii) have been kept so that the Accounts can be conveniently and properly   audited or reviewed; and   (iii) are in the possession or control of the Company or the respective   Company's Affiliate.   (c) Except to the extent of any provision for doubtful debts in the Accounts, all   debts owing to and amounts due to the Company or the Company's Affiliates   are collectable within the terms of payment generally used in the respective   industry for their full amounts and are not subject to any counterclaim or set   off.   (d) The Company and the Company's Affiliates will not at Completion owe to, or   be owed by, the Seller or any of the General Partners or Limited Partners of   the Seller any money.   (e) There are no guarantees or other securities in force among the Company   and the Company's Affiliates.    (f) The Company and/or the Company's Affiliates have not concluded a profit   distribution agreement (with the exception of the   "Gruppenbesteuerungsvereinbarung" between the Company and NP).     

 

    page 49   (g) The Company and/or the Company's Affiliates have – applying the standard   of care and diligence of a prudent manager – built sufficient   provisions/accruals for any guarantee given or any other obligation under   any Contract.   6 Position since Accounts Date   (a) No circumstance outside the ordinary course of business has arisen, nor has   any information out of the ordinary become available since the Accounts   Date which:   (i) if the circumstance or information had arisen or become available   when the Accounts were made out, would have affected the   determination of an amount or particular in the Accounts; or   (ii) has materially affected, or may materially affect the operations of the   Company or any of the Company's Affiliates, the results of those   operations or the state of affairs of the Company or any of the   Company's Affiliates in financial years after the financial year ended   on the Accounts Date.   (b) Since the Accounts Date:   (i) the Business has been carried on in the course of its ordinary   business and in a proper and efficient manner;   (ii) there has been no Material Adverse Effect in the financial or trading   position or in the prospects of the Company or any of the Company's   Affiliates;   (iii) the Company or any of the Company's Affiliates has not entered into   any commitment or arrangement other than those which a business of   its kind would usually enter into in the course of its ordinary business;   (iv) the Company or any of the Company's Affiliates has not engaged any   new employee or changed the terms of employment (including   remuneration) of any employees engaged in the Business as at the   Accounts Date; and   (v) except for the transactions contemplated by this document, the   Company and the Company's Affiliates have used their best   endeavours to ensure that the business organisation of the Business   has been maintained intact and preserved the goodwill of its suppliers,   employees, customers and others having commercial relations with   the Business.   (c) The Trade Receivables (as set out in schedule 7) is a complete list of the   Company’s and the Company's Affiliates' receivables as 30 September   2014.     

 

    page 50   7 Assets   (a) The Assets:   (i) are at the Company's or the Company's Affiliates' disposal; and   (ii) together with the Property comprise all the assets used in the   Business and necessary for the conduct of the Business.   (b) The use of the Assets (and the Assets themselves) do not contravene any   laws or other requirement binding on the Company or any of the Company's   Affiliates.    8 Intellectual Property   (a) The Company or any of the Company's Affiliates:    (i) is the legal and beneficial owner of all of the Company’s IP;   (ii) has the right to assign to the Buyer all of the Company’s IP; and   (iii) has the lawful right to use the Company’s IP.   (b) The Company’s IP is free from all Encumbrances.   (c) Apart from the license agreements mentioned in schedule 9 neither the   Seller nor the Company or any of the Company's Affiliates has granted any   rights in the Company’s IP to third parties.   (d) The Company is the registered (if applicable) owner of the Trademarks, the   Business Names and the Domain Names disclosed in Part A, Part B and   Part C1 of schedule 2 and Part A, Part B and Part C1 and C2 of   schedule 2 sets forth a true, correct and complete list of all registered   Company's IP.   (e) The Company is the non-registered owner of, and has valid legal title to, the   Trademarks disclosed in Part C2 and C3 of schedule 2, which sets forth a   true, correct and complete list of all non-registered Trademarks of the   Company and of the Company's Affiliates.   (f) The Company's IP include all of the assets and rights necessary to enable   the Company and the Company's Affiliates to conduct their business in the   manner in which such business has been and is being conducted.  Neither   the Seller nor the Company or any of the Company's Affiliates have entered   into any agreements and licences under which the Seller or the Company or   any of the Company's Affiliates has the right to use any third party   Intellectual Property Rights.   (g) Neither the Seller nor the Company or any of the Company's Affiliates have   entered into any agreement or understanding which restricts the disclosure   or use by the Company or any of the Company's Affiliates of any of the   Company’s IP.   (h) There are no rights of any third party which may prejudice the validity or   enforceability of any of the Company’s IP.     

 

    page 51   (i) No Claim is pending or threatened which involves any of the Intellectual   Property Rights and the Seller has no knowledge of any basis for any such   Claim. To the best knowledge of the Seller, no other person is infringing,   misappropriating, conflicting or making unlawful use of the Company's IP.   The Company does not know of any use of any Company's IP that has   heretofore been or is now being made, except by the Company, by the   Company's Affiliates or by any person duly licensed by the Company to use   the same under an agreement disclosed in schedule 2.   9 Property   (a) Neither the Company nor any of the Company's Affiliates do own any real   estate.The Property is the only property leased, used or occupied by the   Company or the Company's Affiliates Schedule 3 sets forth a true, correct   and complete list of all Property.    (b) The Company and the Company's Affiliates have performed all covenants,   conditions, agreements, statutory requirements, by-laws, orders and   regulations which are binding on them and affecting the Property and the   use of the Property by the Company or any of the Company's Affiliates does   not contravene the same.   10 Contracts   (a) No Contract:   (i) has been entered into other than in the ordinary course of business;   and   (ii) requires the payment of a consideration in excess of EUR 15,000 for   any one item or series of interrelated or connected items relevant to   the Business in any one year or the aggregate payment over the life of   the contract of more than EUR 35,000; and    (iii) cannot be terminated without penalty on 3 months notice or less; or   (iv) restricts or in any way inhibits the Company's or the Company's   Affiliates' freedom to engage in any business activity or enterprise.   (b) Neither the Company, any of the Company's Affiliates nor (to the knowledge   of the Seller) any other party to a particular Contract is in breach of that   Contract nor would it be in breach, but for the requirements of notice or   lapse of time.   (c) The Company or any of the Company's Affiliates has not received any notice   which may affect any rights of it in respect of any Contract.   (d) None of the Contracts are void, voidable, illegal or unenforceable, in whole   or in part.   (e) Each Contract has been entered into on a commercially sound basis and   has been negotiated on arm’s length terms.     

 

    page 52   (f) Each Contract can be readily fulfilled or performed by the Company or the   Company's Affiliates on time and without undue or unusual expenditure or   effort.   (g) The Seller is not aware of any circumstances whereby following a change in   the ownership of the Company to the Buyer the customers or suppliers of   the Business would not remain customers or suppliers of the Business to the   same extent and on terms no less favourable than the terms of their dealing   with the Company before the date of this document.   (h) There are no offers, tenders or quotations made by the Company or the   Seller in respect of the Business which are:   (i) outstanding; and    (ii) capable of acceptance by a third party,   which would give rise to a contractual obligation binding on the Company or   the Seller.   (i) With respect to any Contract, loan agreement or other agreement,   arrangement or understanding (except for (i) the Cooperation Agreement   between the Company and Dotto ReSearch S.r.l., (ii) the lease agreement   regarding the office premises in Hong Kong, (iii) the   "Kontokorrentkreditvertrag" between NP and Raiffeisen, and (iv) the   guarantee issued by AWS), the execution or implementation of this Share   Sale and Purchase Agreement will not result in   (i) any other party being relieved of any obligation or becoming entitled to   exercise any right (including any right of termination or any right of   pre-emption or other option); or   (ii) the Company and/or the Company's Affiliates being found in default of   any such agreement or arrangement or losing any benefit, right or   license that it currently enjoys; or   (iii) a liability or obligation of the Company and/or the Company's Affiliates   being created or increased.   11 Employees   (a) Schedule 4, which final form has to be provided 30 days after Completion   by Seller, contains:   (i) a complete list of the employees of the Company and the Company's   Affiliates and such independent contractors providing services in the   core business of the Company and the Company's Affiliates which   annual payment exceeds EUR 15,000 of the Company and the   Company's Affiliates; and   (ii) (except for contributions to each employee’s nominated retirement   fund):   (A) an accurate statement of the length of continuous service;      

 

    page 53   (B) the entitlements to wages, salaries, annual leave, leave loading,   long service leave, sick leave, bonuses and any other   remuneration or incentive scheme benefit; and   (C) the basis on which any long service leave and sick leave are   accrued,   for each of these employees as at the date of this document.   (b) The Company or the Company's Affiliates is not under any legal or moral   obligation to make nor is it accustomed to making any bonus payments to or   for the benefit of any consultant or employee of the Company or the   Company's Affiliates in the year 2013 and 2014, except than provided for in   the Completion Accounts.   (c) The Company and the Company's Affiliates have complied with their   obligations under all legislation and contracts of employment in respect of all   employees of the Company or the Company's Affiliates in a way where the   failure to so comply could have an adverse effect on the Company and the   Company's Affiliates on or after the Completion Date.    (d) There are no outstanding entitlements from any of the Company's or the   Company's Affiliates employees or contractors, freelancers or consultants or   any claims – if any – from tax or social insurance agencies with regard to   employees or contractors, freelancers and consultants.   (e) All contractors, freelancers or consultants (including those of natural persons   who work for any such contractor, freelancer or consultant) have at no time   been employees of the Company or the Company's Affiliates under the   applicable employment tax and social insurance law provisions.   12 Pensions   (a) Apart from the insurance-backed company pension scheme granted by NL D   to Mr. Werner Eickmeyer, born 18 March 1948, the Company and the   Company's Affiliates are not under a liability or obligation, or a party to any   ex-gratia arrangement or promise, to pay, or accustomed to paying,   pensions, gratuities, superannuation allowances or the like, or otherwise   under any obligation to provide such benefits under a Law, to or for any of its   past or present officers or employees or their dependants; and there are no   retirement benefit, pension or death benefit or similar schemes or   arrangements in relation to, or binding on, the Company and the Company's   Affiliates or to which the Company or the Company's Affiliates contribute.   (b) The Company and the Company's Affiliates have paid all contributions due   under any pensions legislation, employment contracts of the employees and   any other pension arrangements and the pension-scheme mentioned above   in clause 12(a) up to Completion.     

 

    page 54   13 Compliance   (a) The Company and the Company's Affiliates have at all times complied with   all applicable laws in a way where the failure to so comply could have an   adverse effect on the Company and the Company's Affiliates on or after the   Completion Date.   (b) The Company and the Company's Affiliates have, to the best of the Seller's   knowledge:   (i) obtained all authorisations (including Business Authorisations)   necessary or required to conduct the Business and have paid all fees   due in relation to them and complied with all the conditions under   them; or   (ii) been granted an exemption from or other relief from a Governmental   Agency from the need for such authorisation.   (c) Without limiting warranty 13(a) the Company, the Company's Affiliates, their   officers, agents and employees have not, within the 3 years preceding the   Completion Date, permitted or omitted to do any act or thing the commission   or omission of which is in contravention of any law and which is likely to   have a Material Adverse Effect on the Business.   14 Business Records   (a) The Business Records – applying the standard of care and diligence of a   prudent manager –:   (i) have been fully, properly and accurately compiled and maintained;   (ii) are in the possession of Company; and   (iii) comply with all legal requirements.   (b) All returns, particulars, resolutions and other documents required to be filed   with any Governmental Agency in the last 7 years in respect of the   Company, the Company's Affiliates or the Business have been duly filed and   are correct in a way where the failure to so comply could have an adverse   effect on the Company and the Company's Affiliates on or after the   Completion Date.   15 Insurances   (a) The Company and the Company's Affiliates have, and have had at all   material times, valid and adequate insurances required by law to be effected   by it and in respect of all risks which are normally insured against by persons   carrying on similar businesses as the Business for such amounts as are   prudent.   (b) The Company and the Company's Affiliates have not done or omitted to do   any act or thing which might render any of such insurances void or voidable     

 

    page 55   and none of such insurances is rendered void or voidable as a result of this   document.   16 Litigation   (a) As at the date of this document the Company and the Company's Affiliates   are not party to any prosecution, litigation, arbitration or dispute resolution   proceedings (except in relation to the recovery of trade debts in individual   amounts of less than EUR 10,000) nor party to any investigation, audit or   other inquiry by a Governmental Agency except than disclosed in schedule   10.   (b) There are no proceedings, investigations, audits or other inquiries of the type   referred to in warranty 16(a) pending or threatened against the Company or   the Company's Affiliates nor any facts or circumstances which could give   rise to such.   17 Taxation   (a) All Tax that the Company or the Company's Affiliates are or may become   liable to pay in respect of the period up to the Completion Date has or will be   paid prior to or on the Completion Date, or has been adequately provided for   in the Accounts or will be paid, or procured to be paid, by the Seller after   Completion.   (b) All Tax Returns filed (or to be filed) for and on behalf of the Company and   the Company's Affiliates:   (i) have been or will be prepared, made and lodged by the due dates for   filing such returns;   (ii) have been prepared or made in accordance with the relevant Tax   Law;   (iii) have been prepared or made having taken reasonable care and with   full and true disclosure (to the extent required by law); and   (iv) do not contain any statement that is false or misleading whether by   omission or otherwise.   (c) The Company and the Company's Affiliates have maintained proper,   accurate and adequate records to enable them to comply with their   obligations to:   (i) prepare and submit any information, notices, elections, computations,   Tax Returns and payments required in respect of any Tax Law;   (ii) prepare any accounts necessary for the compliance with any Tax   Law;      

 

    page 56   (iii) support the calculation of any adjustable value, and any capital gain or   capital loss on disposal, of any asset held by the Company or the   respective Company's Affiliate at the Completion Date; and   (iv) retain necessary records as required by any Tax Law and to support   any Tax position taken by the Company or any of the Company's   Affiliates,   and all such records are held by the Company or the Company's Affiliates at   the Completion Date.   (d) Any obligation of the Company and the Company's Affiliates under any Tax   Law to withhold amounts at source and/or remit those amounts to a   Governmental Agency, has been complied with.   (e) No dividend has been paid by the Company which has been in violation of   the applicable Laws.   (f) All Tax losses of the Company as shown in the accounts of that company or   latest tax returns are fully available for use subject to the Company satisfying   the conditions under the Tax Act. For the sake of clearance, the Seller does   not represent or warrant for the availability of the Tax losses as far as the   availability is adversely affected by any actions of the Buyer or changes in   the Company after Completion.   (g) The Company has not been a party to any transfers of assets, or transfers of   Tax losses or any debt forgiveness, or other transaction which shifts value.   (h) All Stamp Duty arising under a Stamp Duty law in relation to any transaction   or document to which the Company or any of the Company's Affiliates is or   has been a party or by which the Company or any of the Company's   Affiliates derives, or has or will derive, a benefit has been paid or will be paid   prior to Completion in accordance with the relevant Stamp Duty law (and   whether the Company, any of the Company's Affiliates or a third party is   liable for that Stamp Duty).   (i) All transactions entered into between the Company and its shareholders   and/or the Company's Affiliates and its shareholders have been conducted   on an arms-length and commercial basis.   (j) The Company has not entered into any transaction that would attract the   operation of any transfer pricing provision in any Tax Law.     

 

    page 57   Schedule 2   Company’s IP    A Business Names   Name   Neumann   Neumann Partners      B Domain Names   Name   lawjobs.at   neumannleadership.biz   neumannleadership.eu   neumannleadership.info   neumannleadership.net   neumannleadership.org   neumannleadershipgroup.com   neumannlegal.com   neumann-legal.com   neumannlegal.de   neumann-legal.de   neumannpartner.com   neumannpartner.de   neumannpartners.at   neumannpartners.cn   neumannpartners.co.uk   neumannpartners.com   neumannpartners.com.es   neumannpartners.com.mx   neumannpartners.com.ua   neumannpartners.cz (owned by local company)     

 

    page 58   neumannpartners.de   neumannpartners.dk   neumannpartners.es   neumannpartners.eu   neumannpartners.fr   neumannpartners.hk   neumannpartners.hu (owned by local company)   neumann-partners.hu   neumannpartners.in   neumannpartners.jp   neumannpartners.kr   neumannpartners.pl   neumann-partners.ru   neumannpartners.tw   neumannpartners.us   news-neumannpartners.com   talent.cc      C Trade Marks        

 

   11037419/8 page 59      C 1  Trademarks registered / applied for in the name of the Company (Neumann   Leadership Holding GmbH)   Number  Name  Picture System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information   12893103  NEUMANN. Partners   for Leadership       CTM  21/5/2014  35, 41,   45    Not   registered,   application   pending   End of   opposition   period:   12/9/2014   n/a May be   licensed to   Leader   Prospects   India Pvt Ltd   and Dotto   ReSearch   S.r.l.   6876908  NEUMANN  (word mark) CTM  29/4/2008  35, 45  Registered 8/1/2013 29/4/2018 Identical to   OEPA 246015   still   registered in   the name of   "Neumann   International   AG", see   Annex   G.1.1.B   6942247  neumann: LINKING   OUR TALENTS       CTM  13/5/2008  35, 41,   45    Registered 1/10/2011 13/5/2018 Identical to   OEPA 246013   still   registered in   the name of   "Neumann   International   AG", see   Annex   G.1.1.B   6942254  neumann:       CTM  13/5/2008  35, 45  Registered 18/8/2012 13/5/2018 Identical to   OEPA 246014   still   registered in   the name of   "Neumann   International   AG", see   Annex   G.1.1.B   6942262  NEUMANN LINKING   OUR TALENTS    (word mark) CTM  13/5/2008  45  Registered 4/1/2013 13/5/2018 Identical to   OEPA 246016   still   registered in   the name of     

 

    page 60   Number  Name  Picture System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information   "Neumann   International   AG", see   Annex   G.1.1.B   11654399  NEUMANN LEGAL       CTM  14/3/2013  35, 41,   45    Registered 28/6/2013 14/3/2023 Pledged as   collateral to   Erste Bank   11654464  NEUMANNPARTNERS       CTM  14/3/2013  35, 41,   45    Registered 28/6/2013 14/3/2023 Pledged as   collateral to   Erste Bank      May be   licensed to   NP, NP doo,   NP sro and   Leader   Prospects   India Pvt Ltd    11654531  NEUMANN   PARTNERS   Excellence in   Human Capital       CTM  14/3/2013  35, 41,   45    Registered 28/6/2013 14/3/2023 Pledged as   collateral to   Erste Bank   11654571  NP       CTM  14/3/2013  35, 41,   45    Registered 05/07/2013 14/3/2023 Pledged as   collateral to   Erste Bank      My be   licensed to   DBSearch   International   SAS   818404 NEUMANNPARTNERS  WIPO n/a 35 Registered 13/11/2003 13/11/2023 Registered   for the   following     

 

    page 61   Number  Name  Picture System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information   Designations:   Bosnia and   Herzegovina,   Czech   Republic,   Germany,   Croatia,   Serbia,   Slovenia,   Slovakia,   Ukraine,       The Austrian   basic   registration   no. 206742   was deleted   on   31/10/2012,   therefor no   protection of   this   trademark in   Austria.      May be   licensed to   NP, NP doo,   NP sro and   Leader   Prospects   India Pvt Ltd         

 

    page 62      C 2 Trademarks registered / applied for in the name of Neumann Holding   Aktiengesellschaft, (now Neumann International AG ), FN 42105 w, or   Neumann International AG (formerly Neumann Holding Aktiengesellschaft),   FN 42105 w   Number  Name  Picture System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   Information   246013  NEUMANN:   LINKING   OUR   TALENTS       OEPA  28/04/2008  35, 41,   45    Registered  18/7/2008 28/04/2018  n/a   246014  NEUMANN:       OEPA  28/04/2008  35, 41,   45    Registered  18/7/2008 28/04/2018  n/a   246016  NEUMANN   LINKING   OUR   TALENTS    (word mark) OEPA  28/04/2008  35, 41,   45    Registered  18/7/2008 28/04/2018  n/a   246015  NEUMANN  (word mark) OEPA  28/04/2008  35, 41,   45    Registered  18/7/2008 28/04/2018  n/a   982056 NEUMANN:   LINKING   OUR   TALENTS       WIPO n/a 35, 41,   45   Registered 28/4/2008 28/4/2018 Registered   only for the   following   Designations:   Turkey        

 

    page 63   Number  Name  Picture System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   Information   982058 NEUMANN:       WIPO n/a 35, 41,   45   Registered 28/4/2008 28/4/2018 Registered   only for the   following   Designations:   United   Kingdom,   Sweden,   Turkey,   Bulgaria,   Czech   Republic,   Germany,   Spain,   France,   Croatia,   Hungary,   Italy,   Poland,   Romania,   Russian   Federation,   Slovenia,   Slovakia   982059 NEUMANN   LINKING   OUR   TALENTS    (word mark) WIPO n/a 35, 41,   45   Registered 28/4/2008 28/4/2018 Registered   only for the   following   Designations:   Turkey      982057 NEUMANN  (word mark) WIPO n/a 35, 41,   45   Registered 28/4/2008 28/4/2018 Registered   only for the   following   Designations:   United   Kingdom,   Sweden,   Turkey,   Bulgaria,   Czech   Republic,   Germany,   Spain,   France,   Croatia,   Hungary,   Italy,   Poland,   Romania,   Russian     

 

    page 64   Number  Name  Picture System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   Information   Federation,   Slovenia,   Slovakia      Number  Name  Picture  System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information    202948  TAKE IT   NEUMANN   GROUP       OEPA  10/01/2002  35, 41,   42    Registered  29/3/2002 31/3/2022  n/a   202949  NEUMANN   CONSULTING       OEPA  10/01/2002  35, 41,   42    Registered  29/3/2002 31/3/2022  n/a   202951  NEUMANN   CONSULTING    (word mark) OEPA  10/01/2002  35, 41,   42    Registered  29/3/2002 31/3/2022  n/a   202952  NEUMANN   MANAGEMENT   SOLUTION    (word mark) OEPA  10/01/2002  35, 41,   42    Registered  29/3/2002 31/3/2022  n/a   202953  NEUMANN   GROUP       OEPA  10/01/2002  35, 41,   42    Registered  29/3/2002 31/3/2022  n/a   202954  NEUMANN   GROUP    (word mark) OEPA  10/01/2002  35, 41,   42    Registered  29/3/2002 31/3/2022  n/a     

 

    page 65   Number  Name  Picture  System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information    191512 NEUMANN   MANAGEMENT   SOLUTION       OEPA 20/06/2000  35, 41,   42    Registered 13/10/2000 31/10/2020 Registered in   the name of   "Neumann   Holding AG"   (presumably   used as   abbreviation   for NHA).   756551 NEUMANN   MANAGEMENT   SOLUTION       WIPO n/a 35, 41,   42    Registered 12/2/2001 12/2/2021 Registered in   the name of   "Neumann   Holding AG"   (presumably   used as   abbreviation   for NHA) and   only for the   following   Designations:   United   Kingdom,   Benelux,   Switzerland,   China, Czech   Republic,   Germany,   Spain,   France,   Croatia,   Hungary,   Italy,   Liechtenstein,   Poland,   Portugal,   Romania,   Serbia,   Russian   Federation,   Slovenia,   Slovakia,   Ukraine         C 3 Expired / Deleted Trademarks formerly registered in the name of the   Company (Neumann Leadership Holding GmbH) or for in the name of   Neumann Holding Aktiengesellschaft, (now Neumann International AG ), FN   42105 w, or Neumann International AG (formerly Neumann Holding   Aktiengesellschaft), FN 42105 w     

 

    page 66      Number  Name  Picture System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information   816140 NEUMANN   LEADERSHIP   SELECTION      WIPO n/a 35 Expired 13/11/2003 13/11/2013 n/a   206742 NEUMANNPARTNERS       OEPA 14/06/2002  35 Deleted 29/10/2002 n/a Deleted on   31/10/2012      Number  Name  Picture System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   Information   6942271  NEUMANN  (word   mark)   CTM  13/05/2008  35, 41,   42    Deleted n/a n/a 4/7/2008   withdrawn      Number  Name  Picture  System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information    73137  EUROTOP       OEPA  16/05/1972  35, 42  Deleted  30/11/1972 n/a n/a   202946  NEUMANN   EXECUTIVE   AUDIT       OEPA  10/01/2002  35, 41,   42    Deleted  29/3/2002 n/a  n/a   202947  NEUMANN   EXECUTIVE   (word mark) OEPA  10/01/2002  35, 41, Deleted  29/3/2002 n/a  n/a     

 

    page 67   Number  Name  Picture  System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information    AUDIT  42    202950  NEUMANN   MANAGEMENT   SOLUTION       OEPA  10/01/2002  35, 41,   42    Deleted  29/3/2002 n/a n/a   786190 TAKE IT   NEUMANN   GROUP       WIPO n/a 35, 41,   42    Expired 10/7/2002 10/7/2012 Registered   only for the   following   Designations:   Austria,   Denmark,   Estonia,   Finland,   United   Kingdom,   Greece,   Lithuania,   Norway,   Sweden,   Singapore,   Turkey,   Bosnia and   Hercegovina,   Bulgaria,   Benelux,   Switzerland,   China, Czech   Republic,   Germany,   Spain,   France,   Croatia,   Hungary,   Italy,   Democratic   People's   Republic of   Korea,   Liechtenstein,   Latvia,   Monaco,   Montenegro,   The former   Yugoslav   Republic of   Macedonia,   Poland,     

 

    page 68   Number  Name  Picture  System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information    Portugal,   Romania,   Serbia,   Russian   Federation,   Slovenia,   Slovakia,   Ukraine   786189 NEUMANN   CONSULTING       WIPO n/a 35, 41,   42    Expired 10/7/2002 10/7/2012 Registered   only for the   following   Designations:   Austria,   Denmark,   Estonia,   Finland,   United   Kingdom,   Greece,   Lithuania,   Norway,   Sweden,   Singapore,   Turkey,   Bosnia and   Hercegovina,   Bulgaria,   Benelux,   Switzerland,   China, Czech   Republic,   Germany,   Spain,   France,   Croatia,   Hungary,   Italy,   Democratic   People's   Republic of   Korea,   Liechtenstein,   Latvia,   Monaco,   Montenegro,   The former   Yugoslav   Republic of   Macedonia,   Poland,   Portugal,   Romania,   Serbia,   Russian     

 

    page 69   Number  Name  Picture  System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information    Federation,   Slovenia,   Slovakia,   Ukraine   786187 NEUMANN   CONSULTING    (word mark) WIPO n/a 35, 41,   42    Expired 10/7/2002 10/7/2012 Registered   only for the   following   Designations:   Austria,   Denmark,   Estonia,   Finland,   United   Kingdom,   Greece,   Lithuania,   Norway,   Sweden,   Singapore,   Turkey,   Bosnia and   Hercegovina,   Bulgaria,   Benelux,   Switzerland,   China, Czech   Republic,   Germany,   Spain,   France,   Croatia,   Hungary,   Italy,   Democratic   People's   Republic of   Korea,   Liechtenstein,   Latvia,   Monaco,   Montenegro,   The former   Yugoslav   Republic of   Macedonia,   Poland,   Portugal,   Romania,   Serbia,   Russian   Federation,   Slovenia,   Slovakia,   Ukraine     

 

    page 70   Number  Name  Picture  System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information    7861475 NEUMANN   MANAGEMENT   SOLUTION    (word mark) WIPO n/a 35, 41,   42    Expired 10/7/2002 10/7/2012 Registered   only for the   following   Designations:   Austria,   Denmark,   Estonia,   Finland,   United   Kingdom,   Greece,   Lithuania,   Norway,   Sweden,   Singapore,   Turkey,   Bosnia and   Hercegovina,   Bulgaria,   Benelux,   Switzerland,   China, Czech   Republic,   Germany,   Spain,   France,   Croatia,   Hungary,   Italy,   Democratic   People's   Republic of   Korea,   Liechtenstein,   Latvia,   Monaco,   Montenegro,   The former   Yugoslav   Republic of   Macedonia,   Poland,   Portugal,   Romania,   Serbia,   Russian   Federation,   Slovenia,   Slovakia,   Ukraine     

 

    page 71   Number  Name  Picture  System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information    7861473 NEUMANN   GROUP       WIPO n/a 35, 41,   42    Expired 10/7/2002 10/7/2012 Registered   only for the   following   Designations:   Austria,   Denmark,   Estonia,   Finland,   United   Kingdom,   Greece,   Lithuania,   Norway,   Sweden,   Singapore,   Turkey,   Bosnia and   Hercegovina,   Bulgaria,   Benelux,   Switzerland,   China, Czech   Republic,   Germany,   Spain,   France,   Croatia,   Hungary,   Italy,   Democratic   People's   Republic of   Korea,   Liechtenstein,   Latvia,   Monaco,   Montenegro,   The former   Yugoslav   Republic of   Macedonia,   Poland,   Portugal,   Romania,   Serbia,   Russian   Federation,   Slovenia,   Slovakia,   Ukraine   7861470 NEUMANN   GROUP    (word mark) WIPO n/a 35, 41,   42    Expired 10/7/2002 10/7/2012 Registered   only for the   following     

 

    page 72   Number  Name  Picture  System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information    Designations:   Austria,   Denmark,   Estonia,   Finland,   United   Kingdom,   Greece,   Lithuania,   Norway,   Sweden,   Singapore,   Turkey,   Bosnia and   Hercegovina,   Bulgaria,   Benelux,   Switzerland,   China, Czech   Republic,   Germany,   Spain,   France,   Croatia,   Hungary,   Italy,   Democratic   People's   Republic of   Korea,   Liechtenstein,   Latvia,   Monaco,   Montenegro,   The former   Yugoslav   Republic of   Macedonia,   Poland,   Portugal,   Romania,   Serbia,   Russian   Federation,   Slovenia,   Slovakia,   Ukraine   786318 TAKE IT   NEUMANN   GROUP    (word mark) WIPO n/a 35, 41,   42    Expired 10/7/2002 10/7/2012 Registered   only for the   following   Designations:   Austria,   Denmark,     

 

    page 73   Number  Name  Picture  System  Application   date   Nice   classes    State Registration   date   Expiry   date   Further   information    Estonia,   Finland,   United   Kingdom,   Greece,   Lithuania,   Norway,   Sweden,   Singapore,   Turkey,   Bosnia and   Hercegovina,   Bulgaria,   Benelux,   Switzerland,   China, Czech   Republic,   Germany,   Spain,   France,   Croatia,   Hungary,   Italy,   Democratic   People's   Republic of   Korea,   Liechtenstein,   Latvia,   Monaco,   Montenegro,   The former   Yugoslav   Republic of   Macedonia,   Poland,   Portugal,   Romania,   Serbia,   Russian   Federation,   Slovenia,   Slovakia,   Ukraine        

 

    page 74   Schedule 3   Property       Address Use Lessor Lessee Term Monthly   Rental   Hubert-   Sattler-   Gasse 13,   5020   Salzburg,   Austria   Office   premises   Miguel   Spitzy,   Arenberg-   straße 35,   5020   Salzburg   NP The   agreement   will terminate   on 31   December   2014, 12:00   am without   any   termination   notice   Gross   monthly rent:   EUR   2,516.20   Schubertring   14, 1010   Vienna,   Austria   Office   premises   Amisola   Imobilien   AG, Freyung   4/15, 1010   Vienna   NP Starting from   1 June 2013,   concluded   for ten years   and will   terminate on   31 May 2023   without any   termination   notice.   Gross   monthly rent:   EUR   13,860.52   Parking lots   no. 230, 229,   228, 227,   274, 272,   201 at   Schwarzen-   bergplatz 3,   1010 Vienna,   Austria   Parking lots Generali   Versicherung   AG,   Landskron-   gasse 1-3,   1010 Vienna   Company Starting from   1 September   2013,   concluded   for an infinite   term.   Gross   monthly   rent: EUR   1,244.69      KINWICK   CENTRE,   No. 32   Hollywood   Road, Hong   Kong   Office   premises   Provost   Estates   Limited, 20th   floor, Kinox   Centre, 9   Hung To   Road, Kwun   Tong,   NL HK Starting from   January 4,   2013,   concluded   for two years   and will   terminate on   January 3,   Total   monthly rent:   HK$   66,757.1     

 

    page 75   Kowloon,   Hong Kong   2015.   Národní třída   10, Prague   1, Czech   Republic   Office   premises   EUROVIA   CS, a.s.   NP sro The lease   agreement is   agreed for an   indefinite   period.   The rent is   approx. EUR   1,780 per   month (EUR   5,340 per   quarter)   The rent of    CZK 107,002   (approx.   EUR 3,862)   per month   was a Q3   discount   only; the   service   charge is   CZK 7,940   (approx.   EUR 287)   per month.   Ali utca 8, H-   1025   Budapest,   Hungary   Office   premises   Ms. Orsolya   Hovorka   NP kft The lease is   for an   indefinite   period.    The monthly   rent is HUF   235,000   (app. EUR   750).   Friedrich-   Ebert-Anlage   30, 69117   Heidelberg,   Germany   Office   premises   Dr. Karl-R.   Bassemir   NL D Is renewed   by 12   months each   year, unless   terminated 6   months   beforehand,   i.e. until   February 28   at the latest.   Net rent:   EUR 1,480.   Neuer Wall   72 (fifth   floor), 20354   Hamburg,   Germany   Office   premises   Martin   Johann   Paulsen   Testament   NL D The lease   will terminate   on 30 June   2015.   Net rent:   EUR   4,452.45   EUR   5,060,42 incl.   VAT        

 

    page 76   Grüneburg-   weg 9   (second   floor), 60322   Frankfurt/Mai   n, Germany   Office   premises   Neumann   Legal GmbH   NL D The   sublease   agreement   will terminate   on 30 June   2015 upon 3   months'   notice. If no   party   terminates   the sublease   the   agreement   shall be   extended   automatically   in each case   by 12   months.    Net rent:   EUR 335   Gross   monthly rent:   EUR 398,65   Herzog-   Heinrich-   Strasse   11/13, 80336   Munich,   Germany   Office   premises   W2005/2007   Coburg   Asset 1 BV   NL D The lease   agreement   will terminate   on 31 May   2015. (option   to extend the   lease   agreement to   5 years)   Net rent:   EUR   5,975,41      Gross   monthly rent:   EUR   7,110.74    Kronprinzstra   ße 14, 70173   Stuttgart,   Germany   Office   premises   IVG   Immobilienen   twicklungs-   und   Vermögens-   verwaltungsg   es.mbH &   Co.   Grundbesitz   KG   NL D The lease   agreement   will terminate   on 30   September   2019.    Net monthly   rent: EUR   3,715.-   Gross   monthly rent:   EUR   4.420,85   Anna-   Schneider-   Steig 22,   50678   Cologne,   Germany   Office   premises   Warburg-   Henderson   Kapitalanlag   egesellschaft   für   Immobilien   mbH   NL D According to   Mr. Frömmer   the lease    agreement is   terminated   and will   expire on 31   December,   Gross   monthly rent:   EUR   7,273,31    Net monthly   rent: EUR   6,112.02     

 

    page 77   2015.   Gajeva 2a,   4th floor, 10   000 Zagreb,   Croatia   Office   premises   Smiljana   Filipi   NP doo The renewal   of the lease   for a further   1 year term   is automatic   if no party   cancels the   agreement in   writing at   least 3   months   before the   expiry of the   current lease   period.   Net monthly   rent: EUR   1,000.-   Slavianska   11B, office 5,   BG-1000   Sofia,   Bulgaria   Office   premises    Ms. Savina   Valcheva   # 42   Manastirska   Str., entr. A,   fl. 7, app. 2;   Sofia    NP BG Notice period   is 3 months.   Landlord   must be   informed in   writing    EUR 760,-   gross   monthly   payment    3 Remus St.,   4th floor,   room E4.10,   Bucharest,   sector 3,   Romania   Office   premises   Ibiza Golf   Light SRL,   Voluntari,   Pipera   Tunari 198/3   vila 36, Ilfov   county   NP RO The lease   agreement is   concluded   for a period   of 2 years   starting on   July 1, 2014   Special   agreement”   sharing the   office with   the company   Clearpoint   Communin-   cations.   We pay to   the landlord   a rent of   308,20 EUR   + VAT (24%)   and utilities /   maintenance   tax of 107   EUR + VAT   (24%) and to   Clearpoint   680 EUR via   a contract of   PR services   (which     

 

    page 78   should   actually be   considered   as rent   expenses).   Regus   Warsaw   North Gate,   ul. Boni-   fraterska 17,   00-203   Warsaw,   Poland    Regus office  Regus   Warsaw   North Gate    NP Spzoo Ends   February 28,   2015   Monthly   payment   PLN 1.190,-              

 

    page 79   Schedule 4   Employees         

 

    page 80   Schedule 5   Statement of Working Capital (in EUR)            Preliminary   Indication    June 30, 2014   Final Balance    November 30,   2014   Cash (including all deposits for lease   agreements and the deposits with BP)    921,145    Client accounts receivable  942,179    Vendor prepayments  41,631    Consultant and other employee bonus accrual  -771,761    Vendor accounts payable  -137,721    VAT receivable  785,399    VAT payable  -808,781    Adjustment amount regarding overfunding of   German pension obligation as of 31 December   2013   - 133,862.99    Trade Receivables overdue 120 days - 0    Payroll taxes payable  -    Income taxes payable  -      Net working capital  972,091         Reconciliation to Group Consolidated   balance sheet       Shareholders' equity  -1,469,010    Fixed assets  -152,996    Work in progress  -17,787    Liabilities to banks  2,546,260    End-of-year adjustments  65,624          

 

    page 81     Net working capital  972,091         

 

    page 82   Schedule 6   Draft Agreement Erste Bank        

 

    page 83   Schedule 7   Trade Receivables as of 30 September 2014            

 

    page 84   Schedule 8   Credit Agreements and Guarantee Loans      

 

    page 85   Schedule 9   Licence Agreements    "Vertrag über die Lizenzierung von Namen und Bezeichnungen" between Mr. Gary   Mackney, Mr. Petrus Gerbaulet, Neuman Legal GmbH, NLH KG and Neumann Leadership   Holding GmbH as of May 22, 2013      Working Agreement between Neumann Leadership Holding GmbH and DBSearch   International SAS as of January 2, 2012          

 

    page 86   Schedule 10   Litigation:    none        

 

    page 87   Execution   Executed as an notarial deed.      Executed by CTPartners Executive   Search Inc.    )   )         /s/Hartwig Kienast   ...........................................................   Attorney in fact      Hartwig Kienast   ...........................................................   Name of Attorney in fact (print)                   Executed by NHL KG      )   )         /s/Dr. Hans Jorda   ...........................................................   Director      Dr. Hans Jorda   ...........................................................   Name of Director (print)       /s/Dr. Peter Malanik   ...........................................................   Director      Dr. Peter Malanik   ...........................................................   Name of Director (print)Exhibit 10.1*

Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS AGREEMENT is made and effective as of the 9 day of March, 2010 (the “Effective Date”).
BETWEEN:
GRANT HENDERSON, 

Canada

(The “Employee”)
AND:
RADISYS CANADA ULC
 4190 Still Creek Drive, Suite 300, Vancouver, British Columbia, Canada V5C 6C6
(The “Company”)
WHEREAS
		
	A.
	The Company is engaged in the business of researching, developing and commercializing electronic systems, hardware, software, and services;

B.The Employee has research and development experience in management, marketing, engineering,      and/or related fields and wishes to contribute such experience to the development and growth of the Company’s business; and

C.The Company has agreed to continue to employ the Employee and the Employee has agreed to continue his employment with the Company on the terms and conditions set out in this Agreement and Appendices hereto.

NOW THEREFORE THIS AGREEMENT WITNESSES that for and in consideration of the premises and mutual covenants and agreements hereinafter contained, the parties hereto covenant and agree as follows:

Article1 - GENERAL

1.0    Definitions.  Unless otherwise defined, all capitalized terms used in this Agreement will have the   meanings given below:
		
	(a)
	“Affiliates” means affiliates, as such term is defined under the Canada Business Corporations Act, as amended, from time to time.

		
	(b)
	“Business” means the business of researching, developing and commercializing electronic systems and software and any other research, development and manufacturing work considered, planned or undertaken by the Company during the Employee’s employment;

		
	(c)
	“Confidential Information” means trade secrets and other information, in whatever form or media, either in the possession of the Company, and owned by the Company which is not generally known to the public, or which has been specifically identified as confidential or proprietary by the Company, or its nature is such that it would generally be considered confidential in the industry in which the Company operates, or which the Company is obligated to treat as confidential or proprietary, provided that any information will not be Confidential Information if it:

		
	(i)
	is or becomes publicly available other than as a result of acts done in contravention, violation or breach of this Agreement;

		
	(ii)
	is in the possession of the Employee prior to disclosure to the Employee of the information or is independently derived without the aid, application or use of the disclosed information;

		
	(iii)
	is disclosed to the Employee by a third party on a non-confidential basis; or

		
	(iv)
	is information that the Employee is advised by counsel is required to be disclosed by law;

		
	(d)
	“Developments” means all inventions, ideas, concepts, designs, improvements, discoveries, modifications, computer software, and other results which are conceived of, developed by, written, or reduced to practice by the Employee, alone or jointly with others (including, where applicable, all modifications, derivatives, progeny, models, specifications, source code, design documents, creations, scripts, artwork, text, graphics, photos and pictures);

		
	(e)
	“Excluded Developments” means any Development that the Employee establishes:

		
	(i)
	was developed prior to the Employee performing such services for the Company and precedes the Employee’s initial engagement with the Company and is disclosed at Appendix B; 

		
	(ii)
	was developed entirely on the Employee’s own time; 

		
	(iii)
	was developed without the use of any equipment, supplies, facilities, services or Confidential Information of the Company; 

		
	(iv)
	does not relate directly to the Business or affairs of the Company during the term of the Employee’s employment with the Company or to the actual or demonstrably anticipated research or development of the Company during this period; and

		
	(v)
	Does not result from any work performed by the Employee for the Company.

1.1       Sections and Headings.  The division of this Agreement into Articles and Sections and the insertion of headings are for the convenience of reference only and do not affect the construction or interpretation of this Agreement.  The terms “hereof”, “hereunder” and similar expressions refer to this Agreement and not to any particular Article, Section or other portion hereof and include any agreement supplemental hereto.  Unless something in the subject matter or context is inconsistent therewith, references herein to Articles and Sections are to Articles and Sections of this Agreement.

Article 2 - EMPLOYMENT

2.0      Services.  On the Effective Date, the Employee will continue employment with the Company in the position of Vice President Marketing on the terms and conditions set out in this Agreement.

2.1      Employment Duties.  Subject to the direction and control of the Chief Executive Officer of the Company or his designate (“Management”), the Employee will perform the duties of his position and any other duties that may be reasonably assigned to him by Management from time to time.  The Employee acknowledges the international scope of the Company’s operations, the fluid and fluctuating industry environment, and the Company’s need to react and respond to various market and competitive challenges and agrees that the Company has the right to change his position, his duties and responsibilities, and the person he reports to by providing one (1) month’s notice of the change, provided that such changes will not reduce the Employee’s compensation or require relocation to a work location which is outside of the Vancouver metropolitan area.  The Employee agrees that this Agreement will govern his employment with the Company regardless of his position or length of service with the Company, subject to written amendment by mutual agreement of the Parties.  

2.2      Throughout the term of this Agreement, the Employee will:

		
	(a)
	diligently, honestly and faithfully serve the Company and will use all reasonable efforts to promote and advance the interests and goodwill of the Company;

		
	(b)
	conduct himself at all times in a manner which is not prejudicial to the Company’s interests and in adherence to the Company’s Code of business Conduct and Ethics (Appendix B) as amended from time to time;

		
	(c)
	devote himself in a full-time capacity to the business and affairs of the Company;

		
	(d)
	adhere to all applicable policies of the Company as in effect and as amended from time to time;

		
	(e)
	exercise the degree, diligence and skill that a reasonably prudent Executive Vice President and General Manager would exercise in comparable circumstances; 

		
	(f)
	Refrain from engaging in any activity which will in any manner, directly or indirectly, compete with the trade or business of the Company except in accordance with Section 2.3 herein and as outlined in the Company's Code of Business Conduct and Ethics (Appendix B) as amended from time to time; and 

		
	(g)
	not acquire, directly or indirectly, any interest that constitutes 5% or more of the voting rights attached to the outstanding shares of any corporation or 5% or more of the equity or assets in any firm, partnership or association, the business and operations of which in any manner, directly or indirectly, compete with the trade or business of the Company.

2.3     The Employee will disclose to Management all potential conflicts of interest and activities which could reasonably be seen to compete, indirectly or directly, with the trade or business of the Company.  Management will determine, in its sole discretion, whether the activity in question constitutes a conflict of interest or competition with the Company.  To the extent that Management, acting reasonably, determines a conflict of interest or competition exists, the Employee will discontinue such activity forthwith or within such longer period as Management agrees.  The Employee will immediately certify in writing to the Company that he has discontinued such activity and that he has, as required by Management, cancelled any contracts or sold or otherwise disposed of any interest or assets over the 5% threshold described in Section 0 herein acquired by the Employee by virtue of engaging in the impugned activity, or where no market exists to enable such sale or disposition, by transfer of the Employee’s beneficial interest into blind 

trust or other fiduciary arrangements over which the Employee has no control or direction, or other action that is acceptable to the Board.

2.4     For the purposes of Sections 2.22, and 2.33 herein, “Employee” includes any entity or company owned or controlled by the Employee.

Article 3 - COMPENSATION

3.0      Base Salary.  As compensation for all services rendered under this Agreement, the Company will pay to the Employee and the Employee will accept from the Company an annual base salary of CDN$ 210,000.00, paid bi-weekly, in arrears, in twenty-six (26) equal installments, less statutory and other authorized deductions (the “Base Salary”).

3.1     Stock Options.  Upon commencement of your employment and subject to approval by the Board of Directors of RadiSys, you will be granted 25,000 stock options. The exercise price of your stock options will be the NASDAQ closing price of the shares on the grant date (that is, your employment commencement date). General details regarding stock options are covered in the stock plan document provided. In addition, specific details regarding your grant will be provided shortly after you begin employment with RadiSys.

3.2       Cash Incentive plan.  The Employee will be eligible for an annual cash incentive payout of up to CDN$70,OOO.00, less statutory and other authorized deductions, based on:
		
	a.
	the achievement of corporate performance results (for example, in respect of revenue, operating income, and design wins); 

		
	b.
	the Employee's own level of achievement against objectives as assessed by the CEO and       approved by the Compensation and Development Committee of the Board of Directors; and 

		
	c.
	The Company's cash incentive plan rules; which are established by the Company from time to time (the "Cash Incentive Plan"). Cash incentive awards will be distributed semi-annually, in or about February and August, in accordance with the Bonus Plan rules. The actual amount paid out from the Cash Incentive Plan will vary depending upon the level of corporate performance results and the Employee's results. A bonus award is not earned until Management announces distribution of the cash incentive award, and to be eligible for a cash incentive award, the Employee must be actively employed at the time of distribution.  

3.3       Long Term Incentive Plan (LTIP). RadiSys will be recommending to the Board of     Directors that you are added as a participant in this first LTIP performance period beginning Oct 1, 2009, with a target of 25,000 full-value shares. Attached is the LTIP program brochure to provide you with more information.

3.4        Performance and Salary Review.  Management will review the Employee’s performance and Base Salary annually after the Effective Date.

3.5       Expenses. The Company will reimburse the Employee for all ordinary and necessary expenses incurred by the Employee in the performance of the Employee’s duties under this Agreement.  Reimbursement of such expenses will be made in accordance with the Company’s policies.

3.6       Vacation.  The Employee will be eligible for twenty (20) days’ paid vacation per calendar year, earned prorata at a rate of 1.67 days per completed month of service.  Vacation time not taken during the year in which it is earned will be managed according to the Company’s vacation policy. 

3.7     Benefits.  The Employee will be eligible to participate in all benefit plans generally available to employees of the Company, subject to meeting applicable eligibility requirements of such plans. 
 
Article 4  - TERM AND TERMINATION

4.0     Term.  This Agreement will commence on the Effective Date and will terminate on the effective date of termination by either the Employee or the Company in accordance with Section 4.1 of this Agreement.

4.1      Termination.

		
	a.
	The Company may terminate the employment of the Employee for Cause at any time, without notice, damages or compensation of any kind.

		
	b.
	For the purpose of this Agreement, “Cause” means:

		
	i.
	cause as defined at common law;

		
	ii.
	failure of the Employee to perform substantially the Employees’ duties after a demand for performance is delivered to the Employee by the Company, which identifies the deficiency which the Company wants addressed and a reasonable timeframe in which to address it; or

		
	iii.
	Willful misconduct, including illegal conduct, engaged in by the Employee, which is, or has the potential to be, injurious to the Company or its reputation.

		
	c.
	The Company may terminate the employment of the Employee without cause at any time by providing written notice or payment in lieu of notice to the Employee as follows: 

		
	i.
	six (6) weeks of notice or the equivalent of six (6) weeks of Base Salary, or any combination thereof, if termination of employment occurs during the first year of employment; and

		
	ii.
	An additional six (6) weeks of Base Salary for each additional completed year of service, up to a total combined maximum of eighteen (18) months.

No further compensation, notice or pay in lieu of notice will be payable except as expressly provided for in this Agreement. 
		
	d.
	Payment of severance in excess of any minimum required by the Employment Standards Act is conditional upon execution by the Employee of a release of all claims, satisfactory to the Company.

		
	e.
	Payment of severance, in accordance with (c) above, to the Employee by the Company will be full and adequate compensation to the Employee with respect to any claim relating to the Employee’s employment or termination or manner of termination of the Employee’s employment, and the Employee waives any right that he may have to claim further payment, compensation or damages from the Company.

		
	f.
	The Employee may terminate his employment with the Company by giving prior written notice to the Company of not less than thirty (30) days or such shorter period as the Employee and the Company may agree.  The Company may choose to waive all or part of the notice period and pay to the Employee the Base Salary to be earned during the balance of the notice period.  

4.2     Survival.  Upon a termination of this Agreement for any reason, the Company will be relieved of all further obligations under this Agreement (except as otherwise expressly provided).  Notwithstanding such termination of employment, the Employee will continue to be bound by the provisions of Article 4, Article 5, Article 6, Article 7 and Article 8.

Article 5 - CONFIDENTIALITY

5.0           Confidential Information.

		
	a.
	Ownership of Confidential Information - The Employee acknowledges that the Confidential Information is and will be the sole and exclusive property of the Company.  The Employee acknowledges that the Employee has not, and will not, acquire any right, title or interest in or to any of the Confidential Information.

		
	b.
	Non Disclosure, Use and Reproduction of Confidential Information - The Employee will keep all the Confidential Information strictly confidential, and will not, either directly or indirectly, either during or subsequent to employment with the Company, disclose, allow access to, transmit, transfer, use or reproduce any of the Confidential Information in any manner except as required to perform the duties of the Employee for the Company and in accordance with all procedures established by the Company for the protection of the Confidential Information.  Without limiting the foregoing, the Employee:

		
	i.
	will ensure that all the Confidential Information and all copies thereof, are clearly marked, or otherwise identified as confidential to the Company and proprietary to the person or entity that first provided the Confidential Information, and are stored in a secure place while in the Employee’s possession, custody, charge or control;

		
	ii.
	will not, either directly or indirectly, disclose, allow access to, transmit or transfer any of the Confidential Information to any person other than to an employee, officer, or director of the Company but only upon a “need to know” basis, without the prior written authorization of The Company; and

		
	iii.
	will not, except as required by the Employee’s position, use any of the Confidential Information to create, maintain or market any product or service which is competitive with any product or service produced, marketed, licensed, sold or otherwise dealt in by the Company, or assist any other person to do so.

		
	c.
	Legally Required Disclosure - Notwithstanding the foregoing, to the extent the Employee is required by law to disclose any Confidential Information, the Employee will be permitted to do so, provided that notice of this requirement is delivered to the Company in a timely manner, so that the Company may contest such potential disclosure.

		
	d.
	Return of Materials, Equipment and Confidential Information - Upon request by the Company, and in any event when the Employee leaves the employ of the Company, the Employee will immediately return to the Company all the Confidential Information and all other materials, computer programs, documents, memoranda, notes, papers, reports, lists, manuals, specifications, designs, devices, drawings, notebooks, correspondence, equipment, keys, pass cards, and property, and all copies thereof, in any medium, in the Employee’s possession, charge, control or custody, which are owned by, or relate in any way to the Business or affairs of the Company.

5.1       Ownership of Developments.

		
	a.
	Acknowledgment of Company Ownership - The Employee acknowledges that the Company will be the exclusive owner of all the Developments made during the term of the Employee’s employment by the Company and to all intellectual property rights in and to such Developments.  The Employee hereby assigns all right, title and interest in and to such Developments and their associated intellectual property rights throughout the world and universe to the Company, including without limitation, all trade secrets, patent rights, copyrights, mask works, industrial designs and any other intellectual property rights in and to each Development, effective at the time each is created.  Further, the Employee irrevocably waives all moral rights the Employee may have in such Developments.

		
	b.
	Excluded Developments - The Company acknowledges that it will not own any Excluded Developments.

		
	c.
	Disclosure of Developments - To avoid any disputes over the ownership of Developments, the Employee will provide the Company with a general written description of any of the Developments the Employee believes the Company does not own because they are Excluded Developments.  Thereafter, the Employee agrees to make full and prompt disclosure to the Company of all Developments, including, without limitation, Excluded Developments, made during the term of the Employee’s employment with the Company.  The Company will hold any information it receives regarding Excluded Developments in confidence.

		
	d.
	Further Acts - The Employee agrees to cooperate fully with the Company both during and after the Employee’s employment by the Company, with respect to (i) signing further documents and doing such acts and other things reasonably requested by the Company to confirm the Company’s ownership of the Developments other than Excluded Developments, the transfer of ownership of such Developments to the Company, and the waiver of the Employee’s moral rights therein, and (ii) obtaining or enforcing patent, copyright, trade secret or other protection for such Developments; provided that the Company pays all the Employee’s expenses in doing so, and reasonable compensation if such acts are required after the Employee leaves the employment by the Company.

		
	e.
	Employee-owned Inventions - The Employee hereby covenants and agrees with the Company that unless the Company agrees in writing otherwise, the Employee will only use or incorporate any Excluded Development into a Development, if (i) the Employee owns all proprietary interest in such Excluded Development and (ii) Company has previously agreed in writing to such inclusion.  Employee hereby grants to the Company, at no charge, a non-exclusive, irrevocable, perpetual, worldwide license to use, distribute, transmit, broadcast, sub-license, produce, reproduce, perform, publish, practice, make, and modify any Excluded Development used or incurred in any such Development.  If no Excluded Developments are listed at Appendix B, Employee hereby represents and warrants that there are no Excluded Developments as of the Effective Date.

		
	f.
	Prior Employer Information - The Employee hereby covenants and agrees with the Company that during the Employee’s employment by the Company, the Employee will not improperly use or disclose any confidential or proprietary information of any former employer, partner, principal, co-venture, customer, or independent contractor of the 

Employee and that the Employee will not bring onto the Company’s premises any unpublished documents or any property belonging to any such persons or entities unless such persons or entities have given their consent.  In addition, the Employee will not violate any non-disclosure or proprietary rights agreement the Employee has signed with any person or entity prior to the Employee’s execution of this Agreement, or knowingly infringe the intellectual property rights of any third party while employed by the Company. (Note: How to exclude information from Convedia and Star Vision as appropriate.)

		
	g.
	Protection of Computer Systems and Software - The Employee agrees to take all necessary precautions to protect the computer systems and software of the Company, including, without limitation, complying with the obligations set out in the Company’s policies.

Article 6 - RESTRICTIVE COVENANTS

6.0          Non-solicitation by the Employee.  The Employee agrees that at any time, and from time to time, while employed by the Company and for a period of one (1) year thereafter the Employee will not, without the prior written consent of the Company, either:

		
	a.
	induce or attempt to influence, directly or indirectly, an employee of the Company to leave the employ of the Company; or 

		
	b.
	recruit, employ, or carry on Business with, directly or indirectly, an employee of the Company that has left the employ of the Company within the period of one (1) year preceding the time of such action.

6.1       Non-competition.  The Employee agrees that while employed by the Company and for a period of one (1) year thereafter, the Employee will not, without the prior written consent of the Company, directly or indirectly, anywhere in Canada, the United States, Japan, China, South Korea, or any country within the European Union, provide any professional services to any person or entity that can be reasonably viewed as a competitor to the Business of the Company, while the Employee was employed by the Company, which relate to the researching, developing and commercializing of electronic systems, hardware, software, and services. 

6.2        Reasonableness of Non-competition and Non-solicitation Obligations.  The Employee confirms that the obligations in Sections 6.0 and 6.1 are fair and reasonable given that, among other reasons:

		
	a.
	the sustained contact the Employee will have with the clients of the Company will expose the Employee to the Confidential Information regarding the particular requirements of these clients and the Company’s unique methods of satisfying the needs of these clients, all of which the Employee agrees not to act upon to the detriment of the Company; and/or

		
	b.
	the Employee will be performing important development work on the products or services owned, developed or marketed by the Company;

and the Employee agrees that the obligations in Sections 6.0 and 6.1, together with the Employee’s other obligations under this Agreement, are reasonably necessary for the protection of the Company’s proprietary interests and that given the Employee’s general knowledge and experience they would not prevent the Employee from being gainfully employed if the employment relationship between the Employee and the Company were to end.  The Employee further confirms that the geographic scope of the obligation in Section 6.1 is reasonable given the nature of the market for the products and business of the 

Company.  The Employee also agrees that the obligations in Sections 6.0 and 6.1 are in addition to the confidentiality and non-disclosure obligations provided for in this Agreement and acknowledges that the Company would not have entered into this Agreement but for the protections provided to the Company by all of the aforementioned obligations.
6.3    Conflict of Interest.  The Employee recognizes that the Employee is employed by the Company in a position of responsibility and trust and agrees that during the Employee’s employment with the Company, the Employee will not engage in any activity or otherwise put the Employee in a position which conflicts with the Company’s interests.  Without limiting this general statement, the Employee agrees that during the Employee’s employment with the Company, the Employee will not knowingly lend money to, guarantee the debts or obligations of or permit the name of the Employee or any part thereof to be used or employed by any corporation or firm which directly or indirectly is engaged in or concerned with or interested in any Business in competition with the Business of the Company unless the Employee receives prior written authorization from the Company.

6.4    Acknowledgments. The Employee acknowledges that as of the date of this Agreement:
		
	a.
	a breach of this Agreement would cause the Company irreparable harm and as a result the Employee consents to the issuance of an injunction or other appropriate remedy required to enforce the covenants contained herein; and 

		
	b.
	in the event the Employee breaches any covenant contained herein, the one (1) year periods provided for in Sections 6.0 and 6.1 will be extended for a period of six (6) months from the date any such breach is cured.  In the event it is necessary for the Company to retain legal counsel to enforce any of the terms and conditions of this Agreement, the Employee will pay the Company’s reasonable legal fees, court costs and other related expenses so long as the Company prevails in substantial and material part.  In the event the Company is unsuccessful, the Company will pay the Employee’s reasonable legal fees, court costs and other related expenses. 

Article 7 - ENFORCEMENT

7.0       Application to the British Columbia Supreme Court or the Federal Court of Canada.  In the event of a breach or threatened breach by the Employee of any of the provisions of Article 5 or Article 6, the Company will be entitled to injunctive relief restraining the Employee from breaching such provisions, as set forth in this Agreement.  Nothing in this Agreement precludes the Company from obtaining, protecting or enforcing its intellectual property rights, or enforcing the Employee’s fiduciary, non-competition, non-solicitation, confidentiality or any other post-employment obligations in a court of competent jurisdiction, or from pursuing any other remedy available to it for such breach or threatened breach, including the recovery of damages from the Employee. 

7.1    Severability and Limitation.  All agreements and covenants contained herein are severable and, in the event any of them will be held to be invalid by any competent court, this Agreement will be interpreted as if such invalid agreements or covenants were not contained herein.  Should any court or other legally constituted authority determine that for any such agreement or covenant to be effective that it must be modified to limit its duration or scope, the parties hereto will consider such agreement or covenant to be amended or modified with respect to duration and scope so as to comply with the orders of any such court or other legally constituted authority or to be enforceable under the laws of the Province of British Columbia, and as to all other portions of such agreement or covenants they will remain in full force and effect as originally written.

Article 8 - MEDIATION/ARBITRATION

 8.0       Mediation/Arbitration.  In the event of a dispute hereunder which does not involve the Company seeking a court injunction or remedy pursuant to Article 7, such dispute shall be mediated and, if necessary, arbitrated pursuant to the terms of this Article (the “Med/Arb Agreement”).  

8.1    The parties will work in good faith and in confidence to resolve any disputes that arise in connection with this Agreement.  The parties agree to conduct in good faith at least two meetings (the “Meetings”) to seek resolution to a dispute before delivering a notice to mediate. 

8.2    Where a dispute arises out of or in connection with this Agreement that cannot be resolved by the parties through the Meetings, the parties agree to seek a confidential settlement of such dispute by mediation followed, if necessary, by arbitration.  

8.3    At any time after a dispute has been raised and no resolution has been achieved through the Meetings, either party may give written notice to the other party requesting mediation of the dispute (the “Mediation Notice”) by a single mediator.  If the parties cannot agree on a mediator within fourteen (14) days after delivery of the Mediation Notice, then either party may make application to the British Columbia Mediator Roster Society to appoint one.  The mediation will be held in Vancouver, British Columbia and the costs of mediation will be shared equally between the parties.

8.4     If the parties are unable to reach a mediated settlement within 120 days after delivery of the Mediation Notice, either of the parties may submit the dispute to binding arbitration by giving written notice to the other party and the mediator requesting arbitration of the dispute (the “Arbitration Notice”) by a single arbitrator (the “Arbitrator”).  Within fourteen (14) days of the delivery of the Arbitration  notice, the parties will select the Arbitrator.  In the event the parties do not agree on an arbitrator, either party may apply to the BC Supreme Court to have one appointed.  With input from the parties, the Arbitrator will determine and notify the parties of the rules of and timetable for arbitration.  The Arbitrator will hear the submissions of the parties in accordance with such procedures as he or she may establish, and shall use reasonable best efforts to render a decision within sixty (60) days after the date of receiving or hearing the parties’ final submissions.  The decision of the Arbitrator shall be final and binding on the parties involved in the dispute and shall not be subject to appeal.  The arbitration will be held in Vancouver, British Columbia, and the costs of arbitration will be shared equally between the parties.

8.5     Nothing in this Med/Arb Agreement precludes the Company from obtaining, protecting or enforcing its intellectual property rights, or enforcing the Employee’s fiduciary, non-competition, non-solicitation, confidentiality or any other post-employment obligations in a court of competent jurisdiction, or from pursuing any other remedy available to it for such breach or threatened breach, including the recovery of damages from the Employee. 

Article 9- GENERAL

9.0    Notices.  Any notices to be given hereunder by either party to the other party may be effected in writing, either by personal delivery or by mail if sent certified, postage prepaid, with return receipt requested.  Mailed notices will be addressed to the parties at the address set out on the first page of this Agreement, or as otherwise specified from time to time.  Notice will be effective upon delivery.

9.1     Independent Legal Advice.  The Employee specifically confirms that he has been advised to retain his own independent legal advice prior to entering into this Agreement.  

9.2    Construction.  The parties acknowledge that each party and its respective counsel have had the opportunity to independently review and negotiate the terms and conditions of this Agreement, and that the normal rule of construction to the effect that any ambiguities are to be construed against the drafting party will not be employed in the interpretation of this Agreement or any exhibits or amendments hereto. 

9.3    Assignment.  The Employee cannot assign his interest in this Agreement.

9.4    Benefit of Agreement.  This Agreement will ensure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the parties hereto.

9.5    Entire Agreement.  The Appendices to this Agreement, together with the terms and conditions contained within this Agreement constitute the entire agreement between the parties hereto with respect to the subject matter hereof and cancels and supersedes any prior employment agreements, understandings and arrangements between the parties hereto with respect thereto.  There are no representations, warranties, terms, conditions, undertakings or collateral agreements, express, implied or statutory, between the parties other than as expressly set forth in this Agreement.

9.6    Amendments and Waivers.  No amendment to this Agreement will be valid or binding unless set forth in writing and duly executed by all of the parties hereto.  No waiver of any breach of any provision of this Agreement will be effective or binding unless made in writing and signed by the party purporting to give the same and, unless otherwise provided in the written waiver, will be limited to the specific breach waived.

9.7    Governing Law.  This Agreement will be governed by and construed, enforced and interpreted exclusively in accordance with the laws of the Province of British Columbia and the applicable laws of Canada therein.

IN WITNESS WHEREOF the parties have executed this Agreement as of the date first above written.
RADISYS CANADA INC.

Per:          /s/ Brian Bronson                 
Brian Bronson, CEO and President

	
			
	SIGNED, SEALED AND DELIVERED by GRANT HENDERSON in the presence of:

 /s/ Jennifer Henderson 
Signature

   Jennifer Henderson  
Print Name

388 Ulster st  port Coquitlam  BC V313 3 L5    Address

_________________________________________
Occupation
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	       /s/ Grant Henderson  
GRANT HENDERSON 

Appendix A

Prior Excluded Developments

Title        Date        Identifying Number or Brief Description

__X__    No inventions or improvements
____    Additional Sheets Attached

Signature of Employee: ___/s/ Grant Henderson__________________
Print Name of Employee:  GRANT HENDERSON 
Date:    _________March 9/2010___________________________

Appendix B
Code of Business Conduct and Ethics
Environmental, Health and Safety
RadiSys is committed to providing safe and healthy work environments and to being an environmentally responsible corporate citizen. The RadiSys standard is to comply with all environmental, safety and health laws and regulations. As an employee, you should report any condition that you believe to be unsafe, unhealthy, or hazardous to the environment. RadiSys is committed to minimizing the impact of our business on the environment with methods that are socially responsible, scientifically based and economically sound.
Customs Regulations
RadiSys will comply with customs laws and regulations wherever we do business. Generally, the laws require that the company make complete and accurate Statements to customs authorities about the value, kind, and origin of goods that RadiSys imports for manufacturing and sale. And, in many parts of the world, imported goods must be marked with their country of origin. RadiSys must also ensure that statements made on customs invoices to our customers who import our products are accurate and comply with local customs laws. It is against RadiSys policy to accommodate requests to lower customs values or describe a product in misleading terms. Failure to make correct statements or mis-mark imported goods can lead to fines and penalties and potentially affect the ease and timeliness of the import process for RadiSys and 'our customers.
Any questions relative to customs laws should be directed to the Logistics Manager.
Export Control Regulations
The United States Government controls the export and re-export of many products, software and technologies to other countries, end-users and end-uses. These U.S. regulations apply to RadiSys subsidiaries worldwide. In addition, most countries in which RadiSys does business also maintain controls over exports. It is RadiSys' policy to comply with the export control laws and regulations of the U.S. and all countries in which RadiSys does business.
Generally, these export regulations restrict
		
	•
	Exports to embargoed countries,

•Exports to sanctioned individuals, entities and companies,
•Exports to prohibited nuclear, chemical, biological and missile applications. and
•Releases of certain technology outside the U.S. and to foreign nationals within the U.S.

Specifically, you must obtain authorization from the Export Compliance Manager before sharing encryption technology or software with any customer, vendor, contractor/consultant or other visitor.
Any questions related to export control regulations should be directed to the Export Compliance Manager or refer to the RadiSys Export Compliance Program on RadiSphere.
Protection of RadiSys Information, Ideas &Intellectual Property
Each of us is responsible for protecting the confidentiality of proprietary and other confidential information and trade secrets of RadiSys, its customers, suppliers and other business partners. "Proprietary and other confidential information" includes, but is not limited to, technologies, product 

or marketing strategies, nonpublic financial information, areas of research, new product development data. production data and descriptions, employee lists and directories, organization charts, sales data, information about customers or vendors, and customer or vendor-supplied information. Sometimes it is necessary to share this type of information with other parties’ in the normal course of business. Prior to exchanging any proprietary or confidential information with customers, suppliers or other third parties, a non-disclosure or confidentiality agreement should be executed with an authorized representative of that company or entity and signed by an authorized RadiSys approver per the company signature authority policy. Information disclosed to third parties should be restricted to the minimum amount of information necessary and to the minimum group of people necessary to conduct business -on a "need to know" basis only.
Authorized software on RadiSys computers and systems is subject to licensing agreements with vendors. Each of us must comply with these licensing agreements, which specify how and where the software is to be used. Radisys strictly prohibits any unauthorized or illegal use, copying or distribution of licensed software.

Accurate Records & Reports
Every employee has the responsibility to maintain complete and accurate records and reports. Employees may not make any false statements, misleading or artificial entries, or material omissions or misrepresentations in any of Radisys' books, financial records, or other documents or communications. No assets or funds may be maintained for illegal or improper purposes. All financial transactions must be fully and completely documented and recorded in RadiSys' accounting records. Any report, document, or statement submitted to the government or communicated publicly must be accurate, complete, understandable, and timely. Our goal is to strive for accuracy, transparency, and fairness in all our records and reports.

Proper Use& Protection Assets

Each of us is responsible for preserving RadiSys assets to the best of our ability and using those assets properly. This means taking care of facilities, equipment, information and other assets, and taking all reasonable steps to safeguard these assets. We may not make unlawful or improper use of RadiSys or customer resources or permit others to do so.
All employees are responsible for using good judgment in utilizing RadiSys information technology assets for business purposes only -including email, voicemail, internet services and company distribution lists. User ID and password information is not to be shared with others, and all employees have an obligation to protect company IT assets and data content stored on those assets or on the RadiSys network. All employees are expected to read and maintain an awareness of the "Acceptable Use of Information Technology Assets" policy located on the HR Toolkit.
Fraud &Theft
Our work-related activities at RadiSys must reflect the standards of honesty, loyalty, trustworthiness, fairness, concern for others and accountability. Any act that involves theft, fraud, embezzlement, or misappropriation of any property, including that of RadiSys or any of its employees, suppliers, or customers, is strictly prohibited.
Side Agreements &Off-Book Financial Transactions
RadiSys policy strictly forbids the use of any side agreements, off-book financial transactions or other arrangements to induce business or improve the terms of business transactions. All terms and conditions 

associated with any business transaction must be clearly delineated in the company's regular system of documenting sales, purchase and other business transactions, and must carry the appropriate approvals and authorizations according to the published authorization and approval policy.

          Gifts &Entertainment
             Under no circumstances may RadiSys employees, agents or contractors accept any offer, payment, promise to pay, or authorization to pay any money, gift, or anything of value to or from customers, vendors, consultants, etc. that is perceived as intended, directly or indirectly, to improperly influence any business decision, any act or failure to act, any commitment of fraud or opportunity for the commission of any fraud. Gifts with a value of less than $100, infrequent business meals, celebratory events and entertainment, provided that they are not excessive or create an appearance of impropriety, or are accepted on behalf of the Company, do not violate this policy. Questions regarding whether a particular payment or gift violates this policy should be directed to the Human Resources Department.
             Gifts given by RadiSys to suppliers or customers or received from suppliers should always be appropriate to the circumstances and should never be of a kind that could create an appearance of impropriety. The nature and cost must always be accurately recorded in the RadiSys' books and records.
Conflicts of Interest & Corporate Opportunities
Each of us must avoid any activity or personal interest that creates or appears to create a conflict of interest between our personal interest and the interests of RadiSys. Generally, a "conflict of interest" exists when a person's private interest interferes in any way with the interests of RadiSys. A conflict situation can arise when a director, officer or employee takes actions or has interests that may make it difficult to perform his or per RadiSys work objectively and effectively. Conflicts of interest may also arise when a director, officer or employee (or members of his or her family) receives improper personal benefits as a result of his or her position with RadiSys.
The best policy is to avoid any direct or indirect business connection with our customers, suppliers or competitors, except on behalf of RadiSys. Examples of business connections to avoid are other employment or consulting or similar engagements, investments (other than small investments in public companies), or acceptance of any gifts, payments or other favors. An indirect conflict of interest also may arise through our personal relationships. Any director, officer or employee involved in a close personal relationship with an employee of a RadiSys business partner, such as a supplier, customer or service provider, is obligated to disclose this information to his or her supervisor or manager, as it may create an actual or perceived conflict of interest.
In addition, no officer or employee involved in a close personal relationship with another RadiSys employee should have supervisory, hiring or disciplinary authority over such other employee or be in a position that creates an actual or apparent conflict of interest.
No director, officer or employee may use corporate property, information, or position for improper personal gain, or compete with the Company directly or indirectly. Directors, officers and employees are obligated to evaluate their relationships, circumstances and actions, and discuss any potential conflict of interest situations with their manager or some other appropriate person of authority. Directors, officers and employees owe a duty to RadiSys to advance the Company's legitimate interests at every opportunity.
Insider Trading
In the course of work at RadiSys, we may become aware of material non-public information about RadiSys or other companies that is not available to the public. "Material" information includes any information that would influence a reasonable investor to buy or sell RadiSys stock, or to buy or sell the stock of another 

company with a current or prospective material business relationship with RadiSys.
The use of material, non-public information by employees for their own financial benefit or that of a spouse, relative or friend is against RadiSys policy and against the law. It is a  serious violation of securities laws to buy or sell securities while in possession of material, non-public information. It is also illegal to give the information to others who can reasonably be expected to use the information to trade any stock. The law imposes severe criminal and civil penalties and fines for individuals who violate this law. Also, employees are prohibited from participating in any internet chat room discussions or discussions with any Wall Street analysts or investors about RadrSys or any business partner to RadiSys about whom the employee could have access to non-public information. You can review a complete copy of the RadiSys Insider Trading Policy on RadiSphere.
Foreign Corrupt Practices Act
The Foreign Corrupt Practices Act applies to RadiSys and its subsidiaries worldwide, and prevents any person acting on behalf of RadiSys from making an illegal payment to a foreign official to obtain or keep business.
Company policy strictly forbids these payments. The legal penalties involved for both the individual and the company can be very severe. Any firm, officer, director, employee, agent of the firm, or any stockholder acting on behalf of the firm in the United States must abide by the FCPA. Because the status of certain types of payments may be unclear, employees must review with the Legal Department the nature of any questionable payments before they are made. Employees are prohibited from paying any bribe, kickback or other similar unlawful payment to any public official, or government, customer, vendor or other individual, regardless of nationality) to secure any concession, contract or favorable treatment for RadiSys or the employee.
Compliance with Laws
Each of us must always comply with all applicable governing laws -in the US as well as in other countries where we do business. Examples of laws that impact us include equal opportunity, nondiscrimination and other employment laws, workplace safety laws, securities laws governing disclosure and insider trading, antitrust laws, political
Contribution laws, export control laws, and laws protecting intellectual property such as copyrights, patents and trademarks.
The legal penalties for violating laws and regulations may be severe -for both the individual and the company. We expect you to comply with all applicable laws, and to check with your supervisor or manager if you have any questions about whether any law applies to any contemplated action. None of us should ever be pressured or feel obligated to act in violation of any law. Breaking the law never helps RadiSys and is never a positive indication of your loyalty.
Political Contributions

Except as specifically permitted by law and expressly authorized by company policy, no corporate funds will be used to make political contributions or payments to political candidates or causes.
Antitrust & Competition
It is RadiSys' policy to compete fairly everywhere we do business. All RadiSys employees must comply with antitrust and competition laws throughout the world. All product and service development, manufacturing and sales efforts must conform to the highest ethical standards.

Antitrust laws prohibit agreements or understandings among actual or potential competitors to fix or control prices, fix bids, or boycott specified suppliers or customers, or limit the production and sales of product lines. Other laws prohibit controlling the resale pricing of distributors and dealers, disparaging a competitor, misrepresenting our own products or services, stealing trade secrets or offering or paying bribes or kickbacks. Antitrust laws are vigorously enforced. Failure to comply with antitrust or competition laws could result in heavy fines and/or imprisonment.
Duty to Come Forward
At RadiSys, we encourage employees to act in the best interest of the company. This includes reporting all violations of law or company policies, including incidents of harassment or discrimination. RadiSys will take appropriate steps to investigate all such reports and will take appropriate action. Retribution against any employee for the good faith reporting of a suspected violation of law or policy or for participating in any investigation of a suspected violation will not be tolerated. 

Many times, we are faced with challenging decisions that are often emotional and personal. Remaining objective is difficult, and laws and regulations concerning ethical issues are often complex and subject to interpretation. It is important to speak up, ask questions and bring your concerns into the open. 

You are encouraged to talk with your management team as they will likely be in the best position to understand the situation and the choice you must make. If your management team is unable to help, or you are uncomfortable discussing your concern with them, a service called Ethics Point assist you. Ethics Point is an independent company staffed with trained communication specialists who will gather the pertinent information related .to your concern. If you choose, you can remain anonymous when you me a report. Ethics Point reports are provided to the board of directors, senior executives and compliance management within RadiSys, who ensures concerns are reviewed and addressed. In addition to the above, iffy have concerns about accounting, internal
Controls, or auditing matters about our company, you are also free to contact the audit committee of our board of directors directly. Inquiries or communications intended to be anonymous should be mailed in writing to RadiSys without indicating your name or address with attention to: Scott Gibson, Chairman of the Board and member of the Audit Committee.
If you wish to speak in person with an audit committee member, please contact Scott Gibson at 503-222-2019.
Enforcement
RadiSys has high expectations for employees. While we prefer to focus on the positive aspects of conducting business, there are situations that can be so serious that they may negatively affect RadiSys' employees, reputation, operations and/or profitability. The matters covered in this Code of Business Conduct and Ethics are extremely important to RadiSys, its stockholders and its business partners, and are essential to our ability to conduct business in accordance with our stated values.
RadiSys will take appropriate action against any director, officer, employee, agent, contractor or consultant whose actions are found to violate these policies or any other policies. Management has the discretion to initiate corrective action at any level; however, there may be times when it is determined that improvement is not a reasonable expectation, or the infraction is so serious that it warrants immediate termination.
We have appointed a compliance officer who reports to and is overseen by our audit committee with principal responsibilities of overseeing our compliance program, investigating reports of possible violations and providing periodic reports and evaluations of the effectiveness of this program to the audit committee. In 

the case of a violation by an executive officer or director, a comprehensive report on the matter win be made to the full board of directors. Enforcement responses to violations will be measured in the business judgment of the compliance officer and the audit committee, based on the nature, severity and willful intent of the violation. Enforcement actions could include demotion, reduced compensation, termination of employment, legal action and/or reporting of illegal conduct to appropriate government agencies. Any waiver of this code for executive officers or directors may be made only by the board of directors and must be promptly disclosed to shareholders, along with the reasons for the waiver.
Ethics Point -How to Report
Globally:
www.ethicspoint.com
Within the US:
1-800-300-1736
Outside the US:
Dialing Instructions: 
Check that the phone from which you are dialing can handle international calls 
Enter the AT&T Access Number for the country from which you are calling. (In some countries, you are required to pay a minimum charge for local calls to this access number.) When you hear the voice message, or series of tones, enter the Ethics Point number: 800-300-1736 (Do not press 1or0 before dialing.) 

Global. Toll Free. 24 Hours a Day. 7 Days a Week. Confidential

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