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EXHIBIT 10.2  

 
 

AMENDED AND RESTATED STOCK PURCHASE AGREEMENT    

by and among 

URPASIS
INVESTMENTS LIMITED, 

URVANOS
INVESTMENTS LIMITED, 

IHS INC., 

GENERAL
ATLANTIC PARTNERS 82, L.P., 

GAP
COINVESTMENTS III, LLC 

and 

GAP
COINVESTMENTS IV, LLC 

Dated: October 6, 2005 

  

 
 

Table of Contents    
    

	 
	 	 
	 	 
	 	Page

	 	 	ARTICLE I	 	DEFINITIONS	 	1
	 	 	1.1	 	Definitions	 	1
	

 	
 	

ARTICLE II	
 	

PURCHASE AND SALE OF CLASS A COMMON STOCK	
 	

4
	 	 	2.1	 	Purchase and Sale of Class A Common Stock	 	4
	 	 	2.2	 	Closing	 	4
	

 	
 	

ARTICLE III	
 	

REPRESENTATIONS AND WARRANTIES OF THE SELLERS	
 	

4
	 	 	3.1	 	Consents	 	4
	 	 	3.2	 	No Contravention	 	4
	 	 	3.3	 	Title to the Purchased Shares	 	5
	 	 	3.4	 	SEC Report	 	5
	 	 	3.5	 	Private Offering	 	5
	 	 	3.6	 	Broker's, Finder's or Similar Fees	 	5
	

 	
 	

ARTICLE IV	
 	

REPRESENTATIONS AND WARRANTIES OF THE COMPANY	
 	

5
	 	 	4.1	 	Corporate Existence and Power	 	5
	 	 	4.2	 	Authorization; No Contravention	 	5
	 	 	4.3	 	Binding Effect	 	6
	 	 	4.4	 	Litigation	 	6
	 	 	4.5	 	Compliance with Laws	 	6
	 	 	4.6	 	Capitalization	 	7
	 	 	4.7	 	No Default or Breach; Contractual Obligations	 	8
	 	 	4.8	 	SEC Report; Financial Statements	 	8
	 	 	4.9	 	No Material Adverse Change; Ordinary Course of Business	 	8
	 	 	4.10	 	Private Offering	 	9
	 	 	4.11	 	Broker's, Finder's or Similar Fees	 	9
	

 	
 	

ARTICLE V	
 	

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER	
 	

9
	 	 	5.1	 	Existence and Power	 	9
	 	 	5.2	 	Authorization; No Contravention	 	9
	 	 	5.3	 	Governmental Authorization; Third Party Consents	 	9
	 	 	5.4	 	Binding Effect	 	9
	 	 	5.5	 	Purchase for Own Account	 	9
	 	 	5.6	 	Restricted Securities	 	10
	 	 	5.7	 	Broker's, Finder's or Similar Fees	 	10
	 	 	5.8	 	Accredited Investor	 	10
	 	 	5.9	 	Group	 	10
	 	 	5.10	 	Disclosure	 	10
	 	 	5.11	 	Reliance	 	10
	

 	
 	

ARTICLE VI	
 	

CONDITIONS TO THE OBLIGATION OF THE PURCHASER TO CLOSE	
 	

10
	 	 	6.1	 	Secretary's Certificate	 	10
	 	 	6.2	 	Purchased Shares	 	11
	 	 	6.3	 	IPO	 	11
	 	 	 	 	 	 	 

i

 

	

 	
 	

ARTICLE VII	
 	

CONDITIONS TO THE OBLIGATION OF THE COMPANY AND THE SELLERS TO CLOSE	
 	

11
	 	 	7.1	 	Payment of Purchase Price	 	11
	 	 	7.2	 	IPO	 	11
	

 	
 	

ARTICLE VIII	
 	

INDEMNIFICATION	
 	

11
	 	 	8.1	 	Indemnification	 	11
	 	 	8.2	 	Notification	 	12
	 	 	8.3	 	Contribution	 	12
	 	 	8.4	 	Limits on Indemnification	 	13
	

 	
 	

ARTICLE IX	
 	

COVENANTS OF THE PARTIES	
 	

13
	 	 	9.1	 	Registration Rights	 	13
	 	 	9.2	 	Allocation of the Purchased Shares and the Purchase Price among the Purchasers	 	14
	 	 	9.3	 	Lock-Up	 	14
	

 	
 	

ARTICLE X	
 	

TERMINATION OF AGREEMENT	
 	

15
	 	 	10.1	 	Termination	 	15
	 	 	10.2	 	Survival	 	15
	

 	
 	

ARTICLE XI	
 	

MISCELLANEOUS	
 	

15
	 	 	11.1	 	Survival of Representations and Warranties	 	15
	 	 	11.2	 	Notices	 	15
	 	 	11.3	 	Successors and Assigns; Third Party Beneficiaries	 	17
	 	 	11.4	 	Amendment and Waiver	 	17
	 	 	11.5	 	Counterparts	 	17
	 	 	11.6	 	Headings	 	17
	 	 	11.7	 	GOVERNING LAW	 	17
	 	 	11.8	 	Severability	 	17
	 	 	11.9	 	Rules of Construction	 	17
	 	 	11.10	 	Entire Agreement	 	18
	 	 	11.11	 	Public Announcements	 	18
	 	 	11.12	 	Further Assurances	 	18
	

 	
 	

ANNEXES	
 	

 	
 	

 
	 	 	Annex A	 	Ownership of Class A Common Stock	 	 
	

 	
 	

SCHEDULES	
 	

 	
 	

 
	 	 	2.1	 	Purchased Shares and Purchase Price	 	 
	 	 	4.1	 	Significant Subsidiaries	 	 

ii

 
 

AMENDED AND RESTATED STOCK PURCHASE AGREEMENT    

        AMENDED
AND RESTATED STOCK PURCHASE AGREEMENT, dated October 6, 2005 (this "Agreement"), by and among Urpasis Investments Limited,
a Cyprus limited liability company ("Urpasis"), Urvanos Investments Limited, a Cyprus limited liability company
("Urvanos" and, together with Urpasis, the "Sellers"), IHS Inc., a Delaware corporation (the
"Company"), General Atlantic Partners 82, L.P., a Delaware limited partnership ("GAP LP"), as
assignee of General Atlantic Partners 80, L.P., GAP Coinvestments III, LLC, a Delaware limited liability company ("GAP Coinvestments III") and
GAP Coinvestments IV, LLC, a Delaware limited liability company ("GAP Coinvestments IV" and, collectively with GAP LP and GAP Coinvestments III, the
"Purchasers"). 

        WHEREAS,
the Company and the Purchasers are parties to a Stock Purchase Agreement, dated April 11, 2005 (the "Original Agreement"); 

        WHEREAS,
prior to the date hereof General Atlantic Partners 80, L.P. has assigned all of its rights and obligations under the Original Agreement to its Affiliate, GAP LP, and GAP LP has
agreed to accept such assignment; 

        WHEREAS,
pursuant to the Original Agreement, the Company agreed to issue and sell, and the Purchasers agreed to buy, shares of Class A Common Stock, par value $0.01 per share, of
the Company (the "Class A Common Stock"); 

        WHEREAS,
the Company, the Purchasers and the Sellers propose to hereby amend and restate the Original Agreement in its entirety; 

        WHEREAS,
the Sellers are the beneficial and record owners of the issued and outstanding shares of Class A Common Stock as set forth on Annex
A hereto; 

        WHEREAS,
the Company believes that it is in its best interests to facilitate the sale by the Sellers of certain shares of Class A Common Stock to the Purchasers in the manner set
forth in this Agreement; and 

        WHEREAS,
upon the terms and conditions set forth in this Agreement, the Sellers propose to sell to each of the Purchasers the aggregate number of shares of Class A Common Stock,
to be determined as set forth in Section 2.1 hereof, for an aggregate purchase price of $75,000,000. 

        NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows: 

 
 

ARTICLE I    
    
    DEFINITIONS    
    

        1.1    Definitions.    As used in this Agreement, and unless the context requires a different meaning, the following
terms have the meanings indicated: 

        "Affiliate" shall mean any Person who is an "affiliate" as defined in Rule 12b-2 of the General Rules and
Regulations under the Exchange Act. 

        "Agreement" means this Agreement as the same may be amended, supplemented or modified in accordance with the terms hereof. 

        "Audited Financial Statements" has the meaning set forth in Section 4.8 of this Agreement. 

        "Authorization" has the meaning set forth in Section 4.2 of this Agreement. 

        "Board of Directors" means the Board of Directors of the Company. 

        "Business Day" means any day other than a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized
or required by law or executive order to close. 

 

        "By-laws" means the By-laws of the Company in effect on the date hereof. 

        "Certificate of Incorporation" means the Certificate of Incorporation of the Company in effect on the date hereof. 

        "Class A Common Stock" has the meaning set forth in the preamble to this Agreement. 

        "Class B Common Stock" means the Class B Common Stock, par value $0.01 per share, of the Company. 

        "Closing" has the meaning set forth in Section 2.2 of this Agreement. 

        "Closing Date" has the meaning set forth in Section 2.2 of this Agreement. 

        "Code" means the Internal Revenue Code of 1986, as amended, or any successor statute thereto. 

        "Commission" means the United States Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the
Securities Act. 

        "Company" has the meaning set forth in the preamble to this Agreement. 

        "Company Plans" means each Plan that the Company and each of its Subsidiaries maintains or to which the Company and each of its
Subsidiaries contributes. 

        "Condition of the Company" means the assets, business, properties, operations or condition (financial or otherwise) of the Company and its
Subsidiaries, taken as a whole. 

        "Contractual Obligations" means, as to any Person, any provision of any security issued by such Person or of any agreement, undertaking,
contract, indenture, mortgage, deed of trust or other instrument to which such Person is a party or by which it or any of its property is bound. 

        "Environmental Laws" has the meaning set forth in Section 4.5(a) of this Agreement. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder. 

        "FCPA" has the meaning set forth in Section 4.5(c) of this Agreement. 

        "GAAP" means United States generally accepted accounting principles in effect from time to time. 

        "GA LLC" means General Atlantic LLC. 

        "GAP Coinvestments III" has the meaning set forth in the preamble to this Agreement. 

        "GAP Coinvestments IV" has the meaning set forth in the preamble to this Agreement. 

        "GAP Group" has the meaning set forth in Section 5.9 of this Agreement. 

        "GAP LP" has the meaning set forth in the preamble to this Agreement. 

        "Governmental Authority" means the government of any nation, state, city, locality or other political subdivision thereof, any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital
ownership or otherwise, by any of the foregoing. 

        "Indemnified Party" has the meaning set forth in Section 8.1 of this Agreement. 

        "Intellectual Property" has the meaning set forth in Section 4.5(b) of this Agreement. 

        "IPO" means the Company's initial public offering of its shares of Class A Common Stock as contemplated by the SEC Report. 

        "IPO Price" has the meaning set forth in Section 2.1 of this Agreement. 

2

 

        "Lien" means any mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, lien (statutory or other) or preference,
priority, right or other security interest or preferential arrangement of any kind or nature whatsoever (excluding preferred stock and equity related preferences). 

        "Losses" has the meaning set forth in Section 8.1 of this Agreement. 

        "Material Adverse Effect" has the meaning set forth in Section 4.1 of this Agreement. 

        "Money Laundering Laws" has the meaning set forth in Section 4.5(d) of this Agreement. 

        "OFAC" has the meaning set forth in Section 4.5(e) of this Agreement. 

        "Order" means any rule, regulation, judgment, injunction, writ, award, decree or order of any nature. 

        "Person" means any individual, firm, corporation, partnership, trust, incorporated or unincorporated association, joint venture, joint
stock company, limited liability company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 

        "Purchased Shares" has the meaning set forth in Section 2.1 of this Agreement. 

        "Purchasers" has the meaning set forth in the preamble to this Agreement. 

        "Purchasers' RRA" has the meaning set forth in Section 9.1 of this Agreement. 

        "SEC Report" means Amendment No. 5 to the Company's Registration Statement on Form S-1 (Registration Number
333-122565) filed with the Commission on August 30, 2005. 

        "Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder. 

        "Secretary" has the meaning set forth in the Company's By-laws. 

        "Sellers" has the meaning set forth in the preamble to this Agreement. 

        "Selling Stockholder RRA" has the meaning set forth in Section 9.1 of this Agreement. 

        "Significant Subsidiaries" has the meaning set forth in Section 4.1 of this Agreement. 

        "Stock Equivalents" means any security or obligation which is by its terms convertible into or exchangeable or exercisable for shares of
common stock or other capital stock of the Company, and any option, warrant or other subscription or purchase right with respect to common stock or such other capital stock. 

        "Subsidiaries" means, as of the relevant date of determination, with respect to any Person, a corporation or other Person of which 50% or
more of the voting power of the outstanding voting equity securities or 50% or more of the outstanding economic equity interest is held, directly or indirectly, by such Person. Unless otherwise
qualified, or the context otherwise requires, all references to a "Subsidiary" or to "Subsidiaries" in
this Agreement shall refer to a Subsidiary or Subsidiaries of the Company. 

        "Transfer" shall have the meaning set forth in Section 9.3 of this Agreement. 

        "Unaudited Financial Statements" has the meaning set forth in Section 4.8 of this Agreement. 

3

 

 
 

ARTICLE II    
    
    PURCHASE AND SALE OF CLASS A COMMON STOCK    
    

        2.1    Purchase and Sale of Class A Common Stock.    Subject to the terms and conditions herein set forth, the
Sellers, jointly and severally, agree to sell to each Purchaser, and each Purchaser, severally and not jointly, agrees to purchase from the Sellers, on the Closing Date the percentage of the aggregate
number of shares of Class A Common Stock being sold and determined pursuant to the next sentence of this Section 2.1 as is set forth opposite such Purchaser's name on  Schedule 2.1 hereto
(which shall be updated in accordance with Section 9.2 hereof to the extent necessary by the Purchasers and such
updated Schedule will be delivered to the Company and the Sellers no later than the Business Day prior to the Closing Date). The shares of Class A Common Stock being purchased pursuant to this
Section 2.1 are collectively referred to herein as the "Purchased Shares". For purposes of this Agreement, the aggregate number of all Purchased
Shares shall be equal to (rounded to the nearest whole share) the quotient obtained by dividing (x) 75,000,000 by (y) the "initial public offering price per share" of Class A
Common Stock as set forth on the front cover of the final prospectus contained in the Company's Registration Statement on Form S-1 (333-122565) (the
"IPO Price"). 

        2.2    Closing.    Unless this Agreement has been terminated in accordance with Section 10.1, the closing of
the sale and purchase of the Purchased Shares (the "Closing") shall take place at the offices of Davis
Polk & Wardwell, New York, New York, at 10:00 a.m., local time, simultaneously with the closing of the IPO, or at such other time, place and date that the parties hereto may agree in
writing (the "Closing Date"); provided, however, that in
no event shall the Closing Date be later than the closing of the IPO. On the Closing Date, (a) the Sellers shall deliver to each of the Purchasers, certificates representing the Purchased
Shares, duly endorsed in blank or accompanied by stock powers duly executed in blank, in proper form for transfer, (b) the Company shall register the Purchased Shares in the stock register of
the Company in the name of the appropriate Purchaser and (c) each Purchaser shall pay the aggregate purchase price for its Purchased Shares by wire transfer of immediately available funds to
such account or accounts as designated by the Sellers. 

 
 

ARTICLE III    
    
    REPRESENTATIONS AND WARRANTIES OF THE SELLERS    
    

        Each Seller, jointly and severally, represents and warrants to each of the Purchasers and the Company on and as of the date hereof as follows: 

        3.1    Consents.    All consents, approvals, authorizations and orders necessary for the execution and delivery by
such Seller of this Agreement, and for the sale and delivery of the Purchased Shares, have been obtained; and such Seller has full right, power and authority to enter into this Agreement and to sell,
assign, transfer and deliver the Purchased Shares to be sold by such Seller hereunder. 

        3.2    No Contravention.    The sale of the Purchased Shares to be sold by such Seller hereunder and the compliance by
such Seller with all of the provisions of this Agreement, and the consummation of the transactions herein contemplated will not conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which such Seller is a party or by which such Seller is bound
or to which any of the property or assets of such Seller is subject, except for such conflicts, breaches or violations as would not interfere with the consummation of the transactions contemplated by
this Agreement; nor will such action result in any violation of the provisions of the Memorandum of Association or Articles of Association of such Seller or any statute or any order, rule or
regulation of any court or governmental agency or body having jurisdiction over such Seller or the property of such Seller. 

4

 

        3.3    Title to the Purchased Shares.    Such Seller has, and immediately prior to the Closing such Seller will
have, good and valid title to the Purchased Shares to be sold by such Seller hereunder, free and clear of all liens, encumbrances, equities or claims; and, upon delivery of such Purchased Shares and
payment therefor pursuant hereto, good and valid title to such Purchased Shares, free and clear of all liens, encumbrances, equities or claims, will pass to the Purchasers. 

        3.4    SEC Report.    To the extent that any statements or omissions made in the SEC Report or any amendment or
supplement thereto are made in reliance upon and in conformity with information furnished to the Company by such Seller for use therein, the SEC Report and any further amendments or supplements
thereto, when they become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Act and the rules and regulations of the
Commission thereunder and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not
misleading. 

        3.5    Private Offering.    No form of general solicitation or general advertising was used by such Seller in
connection with its sale of the Purchased Shares. 

        3.6    Broker's, Finder's or Similar Fees.    Any brokerage commissions, finder's fees, placement fees, or similar
fees or commissions payable in connection with the transactions contemplated hereby based on any agreement, arrangement or understanding with such Seller or any action taken by any such Seller shall
be paid by such Seller on the Closing Date. 

 
 

ARTICLE IV    
    
    REPRESENTATIONS AND WARRANTIES OF THE COMPANY    
    

        The Company represents and warrants to each of the Purchasers on and as of the date hereof as follows: 

        4.1    Corporate Existence and Power.    The Company has been duly incorporated and is validly existing as a
corporation in good standing under the laws of the State of Delaware, with power and authority (corporate and other) to own its properties and conduct its business as described in the SEC Report, and
has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any
business so as to require such qualification, or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction. The Company has no subsidiaries
except those entities set forth in Exhibit 21 to the SEC Report; the subsidiaries of the Company listed in Schedule 4.1 hereto are the
only significant subsidiaries (as such term is defined in Rule 1-02(w) of
Regulation S-X, as promulgated by the Commission) of the Company (the "Significant Subsidiaries"); each subsidiary of the Company has
been duly incorporated or formed and is validly existing as a corporation or limited liability company under the laws of its jurisdiction of incorporation or formation; and each subsidiary of the
Company is in good standing (to the extent such concept is recognized in its jurisdiction of incorporation or formation), except where the failure of any subsidiary other than a Significant Subsidiary
to be in good standing would not, individually or in the aggregate, have a material adverse effect on the general affairs, management, financial position, stockholders' equity or results of operations
of the Company and its consolidated subsidiaries taken as a whole (a "Material Adverse Effect") or interfere with the consummation of the transactions
contemplated by this Agreement. 

        4.2    Authorization; No Contravention.    The execution, delivery and performance by the Company with all of the
provisions of this Agreement and the consummation of the transactions herein contemplated will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, any indenture, mortgage, deed of trust, loan agreement or other 

5

 

agreement
or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company
or any of its subsidiaries is subject, except for such conflicts, breaches or violations as would not, individually or in the aggregate, have a Material Adverse Effect or interfere with the
consummation of the transactions contemplated by this Agreement; nor will such action result in any violation of the provisions of the Certificate of Incorporation or By-laws of the
Company or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties; and no
consent, approval, authorization, order, registration or qualification (each, an "Authorization") of or with any such court or governmental agency or
body is required for the sale of the Purchased Shares or the consummation by the Company of the transactions contemplated by this Agreement, except such Authorizations as may be required under state
or foreign securities or Blue Sky laws in connection with the purchase of the Purchased Shares by the Purchasers. 

        4.3    Binding Effect.    This Agreement has been duly executed and delivered by the Company, and constitutes the
legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general principles of equity relating to enforceability
(regardless of whether considered in a proceeding at law or in equity). 

        4.4    Litigation.    Other than as set forth in the SEC Report, there are no legal or governmental proceedings
pending to which the Company or any of its subsidiaries is a party or of which any property of the Company or any of its subsidiaries is the subject which, if determined adversely to the Company or
any of its subsidiaries, would individually or in the aggregate have a Material Adverse Effect or interfere with the consummation of the transactions contemplated by this Agreement; and, to the best
of the Company's knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others. 

        4.5    Compliance with Laws.    

        (a)   The
Company and its subsidiaries are (A) in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the
protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants ("Environmental Laws"),
(B) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and
(C) have not received notice of any actual or potential liability under any environmental law, except where such non-compliance with Environmental Laws, failure to receive required
permits, licenses or other approvals, or liability would not, individually or in the aggregate, have a Material Adverse Effect, whether or not arising from transactions in the ordinary course of
business, except as set forth in or contemplated in the SEC Report; 

        (b)   (A) The
Company and its subsidiaries own, possess, license or have other rights to use, all patents, patent applications, trade and service marks, trade and
service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual property (collectively, the
"Intellectual Property") necessary for the conduct of the Company's business as now conducted or as proposed in the SEC Report to be conducted, except
where the failure to own, possess or license would not, individually or in the aggregate, have a Material Adverse Effect; (B) except as set forth in the SEC Report, there are no pending
actions, suits or proceedings against the Company, or to the knowledge of the Company, against any other entity or person, (i) challenging the Company's rights in or to any such Intellectual
Property, (ii) challenging the validity or scope of any such Intellectual Property, or (iii) stating that the Company infringes or otherwise violates any patent, trademark, copyright,
trade secret or other proprietary rights of 

6

 

others;
(C) except as set forth in the SEC Report and excluding any action, suit or proceeding which would not reasonably be expected to have a Material Adverse Effect or interfere with the
consummation of the transactions contemplated by this Agreement, to the Company's knowledge, there is no threatened action, suit or proceeding, or written claim received by the Company
(i) challenging the Company's rights in or to any such Intellectual Property; (ii) challenging the validity or scope of any such Intellectual Property; or (iii) stating that the
Company infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of others; and (D) except as set forth in the SEC Report and excluding any
action, suit or proceeding which would not reasonably be expected to have a Material Adverse Effect or interfere with the consummation of the transactions contemplated by this Agreement, there is no
infringement by third parties of any such Intellectual Property; 

        (c)   Neither
the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent or employee of the Company or any of its subsidiaries
is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder ("FCPA"), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce
corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of
value to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA;
the Company and its subsidiaries have conducted their businesses in compliance with the FCPA (as applicable) and have instituted and maintain policies and procedures designed to ensure, and which are
reasonably expected to continue to ensure, continued compliance therewith; 

        (d)   The
operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, and the rules and regulations thereunder (collectively, the "Money Laundering
Laws") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries
with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened; and 

        (e)   Neither
the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent or employee of the Company or any of its subsidiaries
is currently targeted by any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("OFAC"); and the
Company will not directly or, to the knowledge of the Company, indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other person or entity, for the purpose of financing the activities of any person currently targeted by any U.S. sanctions administered by OFAC. 

        4.6    Capitalization.    The Company has an authorized capitalization as set forth in the SEC Report, and all of the
issued shares of capital stock of the Company, including the Purchased Shares, have been duly and validly authorized and issued, are fully paid and non-assessable and conform to the
description of the stock contained in the SEC Report; and all of the issued shares of capital stock of each Significant Subsidiary of the Company have been duly and validly authorized and issued, are
fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims; the Purchased Shares to be sold by the
Sellers to the Purchasers hereunder have been duly and validly authorized, are fully paid and non-assessable and conform to the description of the stock contained in the SEC Report. 

7

  

        4.7    No Default or Breach; Contractual Obligations.    Neither the Company nor any of its subsidiaries is
(A) in violation of its Certificate of Incorporation or By-laws or (B) in default in the performance or observance of any material obligation, agreement, covenant or
condition contained in any material indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be
bound, except, in the case of (B), a default which would not, individually or in the aggregate, have a Material Adverse Effect. 

        4.8    SEC Report; Financial Statements.    

        (a)   The
SEC Report conforms in all material respects with the applicable requirements of the Securities Act and the rules and regulations of the Commission promulgated
thereunder. The SEC Report does not, and as of the Closing Date the Registration Statement on Form S-1 (Registration Number 333-122565) (including the prospectus
included therein) declared effective by the Commission will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading. This representation and warranty shall not apply to any statements or omissions made in
reliance upon and in conformity with any written information furnished to the Company by any underwriter or the selling stockholders. 

        (b)   The
audited consolidated financial statements of the Company and its Subsidiaries (balance sheet and statements of operations, cash flow and stockholders' equity,
together with the notes thereto) for the fiscal years ended November 30, 2004 and November 30, 2003, which contain the unqualified report of Ernst & Young LLP (the
"Audited Financial Statements"), set forth in the SEC Report are complete and correct in all material respects. The unaudited consolidated financial
statements of the Company and its Subsidiaries (balance sheet and statements of operations, cash flow and stockholders' equity, together with the notes thereto) for the six months ended
May 31, 2005 (the "Unaudited Financial Statements", and together with the Audited Financial Statements, the "Financial
Statements") are complete and correct in all material respects. The Financial Statements (i) have been prepared in accordance with GAAP applied on a consistent basis
throughout the periods indicated and with each other and (ii) fairly present in all material respects the financial condition, operating results and cash flows of the Company and its
Subsidiaries as of the respective dates and for the respective periods indicated in accordance with GAAP. 

        (c)   The
Company (individually and on a consolidated basis) and each of its Significant Subsidiaries maintain a system of internal accounting controls sufficient to provide
reasonable assurance that (A) transactions are executed in accordance with management's general or specific authorizations; (B) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (C) access to assets is
permitted only in accordance with management's general or specific authorization; and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences. 

        4.9    No Material Adverse Change; Ordinary Course of Business.    Neither the Company nor any of its subsidiaries has
sustained since the date of the latest audited financial statements included in the SEC Report any loss or interference with its business from fire, explosion, flood or other calamity, whether or not
covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the SEC Report, except for such loss or interference as
would not, individually or in the aggregate, have a Material Adverse Effect; and, since the respective dates as of which information is given in the SEC Report, there has not been any change in the
capital stock or long-term debt of the Company or any of its subsidiaries or any material adverse change, or any development involving a prospective material adverse change, in or
affecting the general 

8

 

affairs,
management, financial position, stockholders' equity or results of operations of the Company and its consolidated subsidiaries taken as a whole, otherwise than as set forth or contemplated in
the SEC Report. 

        4.10    Private Offering.    No registration of the Purchased Shares, pursuant to the provisions of the Securities Act
or any state securities or "blue sky" laws, will be required for the offer or sale of the Purchased Shares by the Sellers. The Company agrees that neither it, nor anyone acting on its behalf, shall
offer to sell any other securities of the Company so as to require the registration of the Purchased Shares pursuant to the provisions of the Securities Act or any state securities or "blue sky" laws. 

        4.11    Broker's, Finder's or Similar Fees.    There are no brokerage commissions, finder's fees, placement fees, or
similar fees or commissions payable by the Company or any of its Subsidiaries in connection with the transactions contemplated pursuant to this Agreement based on any agreement, arrangement or
understanding with the Company or any of its Subsidiaries or any action taken by any such Person. 

 
 

ARTICLE V    
    
    REPRESENTATIONS AND WARRANTIES OF THE PURCHASER    
    

        Each of the Purchasers hereby represents and warrants, severally and not jointly, to the Sellers and the Company on and as of the date hereof and the Closing Date
as follows: 

        5.1    Existence and Power.    Such Purchaser (a) is a limited partnership or limited liability company, as the
case may be, duly organized and validly existing under the laws of the jurisdiction of its formation and (b) has the requisite partnership or limited liability company, as the case may be,
power and authority to execute, deliver and perform its obligations under this Agreement. 

        5.2    Authorization; No Contravention.    The execution, delivery and performance by such Purchaser of this Agreement
and the transactions contemplated hereby (a) have been duly authorized by all necessary partnership or limited liability company, as the case may be, action, (b) do not contravene the
terms of such Purchaser's organizational documents, or any amendment thereof, (c) do not violate, conflict with or result in any breach, default or contravention of, or the creation of (or with
due notice or lapse of time or both would result in any breach, default or contravention of), any Lien under, any Contractual Obligation of such Purchaser or a Requirement of Law applicable to such
Purchaser, and (d) do not violate any Order of any Governmental Authority against, or binding upon, such Purchaser. 

        5.3    Governmental Authorization; Third Party Consents.    No approval, consent, compliance, exemption, authorization
or other action by, or notice to, or filing with, any Governmental Authority or any other Person, and no lapse of a waiting period under any Requirement of Law, is necessary or required in connection
with the execution, delivery or performance (including, without limitation, the purchase of the Purchased Shares) by, or enforcement against, such Purchaser of this Agreement or the transactions
contemplated hereby. 

        5.4    Binding Effect.    This Agreement has been duly executed and delivered by such Purchaser and constitutes the
legal, valid and binding obligations of such Purchaser, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors' rights generally or by general principles of equity relating to enforceability
(regardless of whether considered in a proceeding at law or in equity). 

        5.5    Purchase for Own Account.    The Purchased Shares to be acquired by such Purchaser pursuant to this Agreement
are being acquired for its own account for investment only, and not with a view to, or for sale in connection with, any distribution of such Purchased Shares or any part thereof in any transaction
that would be in violation of the securities laws of the United States of America, any 

9

 

state
of the United States or any foreign jurisdiction. Such Purchaser understands and agrees that such Purchased Shares have not been registered under the Securities Act and are "restricted
securities" within the meaning of Rule 144 under the Securities Act; and that the Purchased Shares cannot be sold, transferred or otherwise disposed of except in compliance with the Securities
Act and applicable state and foreign securities laws, as then in effect. Such Purchaser agrees to the imprinting of a legend on certificates representing all of its Purchased Shares to the following
effect: 

        THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY FOREIGN JURISDICTION. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED. 

        5.6    Restricted Securities.    Such Purchaser understands that the Purchased Shares will not be registered at the
time of their sale under the Securities Act for the reason that the sale provided for in this Agreement is exempt pursuant to Section 4(1) of the Securities Act and that the reliance of
the Company on such exemption is predicated in part on such Purchaser's representations set forth herein. 

        5.7    Broker's, Finder's or Similar Fees.    There are no brokerage commissions, finder's fees or similar fees or
commissions payable by such Purchaser in connection with the transactions contemplated hereby based on any agreement, arrangement or understanding with such Purchaser or any action taken by such
Purchaser. 

        5.8    Accredited Investor.    Such Purchaser is an "Accredited Investor" within the meaning of Rule 501 of
Regulation D under the Securities Act, as presently in effect. 

        5.9    Group.    The Purchasers are Affiliates of each other and constitute a "group" (as defined in
Rule 13d-5 promulgated under the Exchange Act). The Purchasers are also members of a "group" of investment entities that are Affiliates of GA LLC (such group, the
"GAP Group"). The GAP Group beneficially owns assets with a fair market value in excess of $100 million. 

        5.10    Disclosure.    The Purchasers have carefully reviewed the SEC Report and have been furnished with all other
materials that they consider relevant to an investment in the Purchased Shares; the Purchasers have had a full opportunity to ask questions of and receive answers from the Sellers and the Company or
any person or persons acting on behalf of such Persons concerning the terms and conditions of an investment in the Purchased Shares. 

        5.11    Reliance.    The Purchasers are not relying upon, and have not relied upon, any statement, representation or
warranty made by any person, including, without limitation, the placement agents and the underwriters in the IPO, except for the statements, representations and warranties contained in this Agreement. 

 
 

ARTICLE VI    
    
    CONDITIONS TO THE OBLIGATION OF THE PURCHASER TO CLOSE    
    

        The obligation of the Purchasers to purchase the Purchased Shares, to pay the purchase price therefor at the Closing and to perform any obligations hereunder
shall be subject to the satisfaction as determined by, or waived by, the Purchasers of the following conditions on or before the Closing Date. 

        6.1    Secretary's Certificate.    The Purchasers shall have received a certificate from the Company, dated the
Closing Date and signed by the Secretary of the Company, certifying (a) that the Company is in good standing with the Secretary of State of the State of Delaware, (b) that the attached
copies of the Certificate of Incorporation, the Amended and Restated By-laws, resolutions of the Board of 

10

 

Directors
approving this Agreement and the transactions contemplated hereby, are all true, complete and correct and remain unamended and in full force and effect and (c) as to the incumbency
and specimen signature of each officer of the Company executing this Agreement and any other document delivered in connection herewith on behalf of the Company. 

        6.2    Purchased Shares.    The Sellers shall have delivered to each of the Purchasers certificates in definitive
form, duly endorsed in blank or accompanied by duly executed stock powers, representing the number of Purchased Shares set forth opposite such Purchaser's name on  Schedule 2.1 hereto. 

        6.3    IPO.    The Company's Registration Statement on Form S-1 (Registration Number
333-122565) shall have been declared effective by the Commission, such Registration Statement shall remain effective, no stop order shall have been issued by the Commission against such
Registration Statement and the Company shall have, simultaneously with the Closing, consummated the IPO. 

 
 

ARTICLE VII    
    
    CONDITIONS TO THE OBLIGATION OF THE COMPANY AND THE SELLERS TO CLOSE    
    

        The obligation of each Seller to sell the Purchased Shares and of each Seller and the Company to perform their respective obligations hereunder shall be subject
to the satisfaction as determined by, or waived by, each Seller and the Company of the following conditions on or before the Closing Date; provided,  however, that each Seller and the Company shall not be permitted to waive the conditions set forth in Section 7.2 without the prior written
consent of Goldman, Sachs & Co. and Citigroup Global Markets Inc. 

        7.1    Payment of Purchase Price.    Each Purchaser shall be prepared to pay the aggregate purchase price for the
Purchased Shares to be purchased by such Purchaser. 

        7.2    IPO.    The Company's Registration Statement on Form S-1 (Registration Number
333-122565) shall have been declared effective by the Commission, such Registration Statement shall remain effective, no stop order shall have been issued by the Commission against such
Registration Statement and the Company shall have, simultaneously with the Closing, consummated the IPO. 

 
 

ARTICLE VIII    
    
    INDEMNIFICATION    
    

        8.1    Indemnification.    

        (a)   Subject
to the limitations set forth in Section 8.4, the Company and each Seller (each an "Indemnifying Party" and
collectively, the "Indemnifying Parties"), jointly and severally, agree to indemnify, defend and hold harmless each of the Purchasers and its Affiliates
and their respective officers, managers, directors, agents, employees, subsidiaries, partners, members and controlling persons (each, an "Indemnified
Party") to the fullest extent permitted by law from and against any and all
losses, Claims, or written threats thereof (including, without limitation, any Claim by a third party), damages, expenses (including reasonable fees, disbursements and other charges of counsel
incurred by the Indemnified Party in any action between such Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise in the manner described in
Section 8.2 below) or other liabilities (collectively, "Losses") resulting from or arising out of any breach of any representation or warranty,
covenant or agreement by an Indemnifying Party in this Agreement or any certificate delivered hereunder. 

        (b)   In
connection with the obligation of the Indemnifying Parties to indemnify for expenses as set forth in clause (a) of this Section 8.1, each
Indemnifying Party shall, upon presentation of appropriate invoices containing reasonable detail, reimburse each Indemnified Party for all such 

11

 

expenses
(including reasonable fees, disbursements and other charges of counsel incurred by the Indemnified Party in any action between such Indemnifying Party and the Indemnified Party or between the
Indemnified Party and any third party) as they are incurred by such Indemnified Party; provided,  however, that if such expenses arise out of any action,
investigation or other proceeding commenced by an Indemnified Party (other than as a result of
any action, Claim or written threat by a third party against the Indemnified Party), such Indemnifying Party shall reimburse such Indemnified Party for all such expenses only (x) after the
final resolution or disposition of such action, investigation or other proceeding and (y) if such Indemnified Party prevails in such action, investigation or other proceeding; and provided,
further, that if an Indemnified Party is reimbursed under this Article VIII for any expenses, such reimbursement of expenses shall be refunded to the extent it is finally judicially determined
that such expenses resulted or arose primarily from the gross negligence, bad faith, or willful misconduct of such Indemnified Party. 

        8.2    Notification.    Each Indemnified Party under this Article VIII shall, promptly after the receipt of
notice of the commencement of any Claim against such Indemnified Party in respect of which indemnity may be sought from an Indemnifying Party under this Article VIII, notify such Indemnifying
Party in writing of the commencement thereof. The omission of any Indemnified Party to so notify an Indemnifying Party of any such action shall not relieve such Indemnifying Party from any liability
which it may have to such Indemnified Party under this Article VIII unless, and only to the extent that, such omission results in such Indemnifying Party's forfeiture of substantive rights or
defenses, or otherwise materially prejudices such Indemnifying Party's defense of such Claim. In case any such Claim shall be brought against any Indemnified Party, and it shall notify the
Indemnifying Party of the commencement thereof, such Indemnifying Party shall be entitled to assume the defense thereof at its own expense, with counsel satisfactory to such Indemnifying Party in its
reasonable judgment; provided that any Indemnified Party may, at its own expense, retain separate counsel to participate in such defense. Notwithstanding the foregoing, in any Claim in which both an
Indemnifying Party, on the one hand, and an Indemnified Party, on the other hand, are, or are reasonably likely to become, a party, such Indemnified Party shall have the right to employ separate
counsel and to control its own defense of such Claim if, in the reasonable opinion of counsel to such Indemnified Party, either (x) one or more defenses are available to the Indemnified Party
that are not available to the Indemnifying Party or (y) a conflict or potential conflict exists between the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand,
that would make such separate representation advisable; provided, however, that (i) the
Indemnifying Party shall not be liable for the fees and expenses of more than one counsel to all Indemnified Parties, (ii) in any action between the Indemnifying Party and the
Indemnified Parties, the Indemnifying Party shall reimburse the Indemnified Parties for such fees and expenses only (x) after the final resolution or disposition of such action and
(y) if the Indemnified Party prevails in such action and (iii) in any action between the Indemnified Parties and any third party, the Indemnifying Party shall reimburse the Indemnified
Parties for such fees and expenses as such fees and expenses are incurred. The Indemnifying Parties agree that they will not, without the prior written consent of the Purchasers, settle, compromise or
consent to the entry of any judgment in any pending or threatened Claim relating to the matters contemplated hereby (if any Indemnified Party is a party thereto or has been actually threatened to be
made a party thereto) unless such settlement, compromise or consent includes an unconditional release of each Indemnified Party from all liability arising or that may arise out of such Claim. The
Indemnifying Parties shall not be liable for any settlement of any Claim effected against an Indemnified Party without its written consent, which consent shall not be unreasonably withheld. 

        8.3    Contribution.    If the indemnification provided for in this Article VIII from an Indemnifying Party is
unavailable to an Indemnified Party hereunder in respect of any Losses for which such Indemnifying Party would otherwise be required to indemnify the Indemnified Party under this Article VIII,
then such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall 

12

 

contribute
to the amount paid or payable by such Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of such Indemnifying Party and such
Indemnified Party in connection with the actions which resulted in such Losses, as well as any other relevant equitable considerations. The relative faults of such Indemnifying Party and such
Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact, has been made by, or relates to information supplied by, such Indemnifying Party or such Indemnified Party, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the Losses referred to above shall be deemed to include any legal or other fees,
charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. 

        8.4    Limits on Indemnification.    

        (a)   Absent
fraud or willful or intentional misconduct, the indemnification and contribution provided by the Indemnifying Parties pursuant to Sections 8.1(a), 8.2 and
8.3 shall be the sole and exclusive remedy for any Losses. 

        (b)   The
amount of any payment by each Seller to the Indemnified Parties under this Article VIII in respect of Losses resulting from or arising out of any
indemnification or contribution claim made pursuant to Sections 8.1, 8.2 or 8.3 shall in no event exceed the product of (x) the number of Purchased Shares sold by such Seller and
(y) the IPO Price. In addition, the Sellers shall only be liable for amounts payable under Sections 8.1, 8.2 or 8.3 in the event that (i) the Company is bankrupt or insolvent or
(ii) an Indemnified Party shall have obtained a judicial judgment, order or decree (in each case,
which has not been appealed) for amounts payable to such Indemnified Party under Sections 8.1, 8.2 and 8.3 and such Indemnified Party shall have made a demand upon the Company for payment of
such amounts following such judgment, order or decree, which demand remains unsatisfied for 45 days or more. 

 
 

ARTICLE IX    
    
    COVENANTS OF THE PARTIES    
    

        9.1    Registration Rights.    On or prior to the second anniversary of the Closing Date, the Company shall either
(i) deliver to (x) the Purchasers, an opinion of Davis Polk & Wardwell or another outside counsel reasonably acceptable to the Purchasers to the effect that a trier of fact,
applying the particular facts and circumstances existing at the time such opinion is delivered, should not conclude that any of the Purchasers (or any Affiliate of the Purchasers that may then own the
Purchased Shares) is an "affiliate" of the Company within the meaning of the Securities Act and (y) the Company's transfer agent, instructions to remove the legend set forth in
Section 5.5 of this Agreement from the certificate(s) representing the Purchased Shares, and the Company's transfer agent shall have removed such legend from the certificate(s) representing the
Purchased Shares in accordance with such instructions, or (ii) enter into a Registration Rights Agreement in form and substance reasonably satisfactory to the Purchasers and the Company (the
"Purchasers' RRA") providing (A) the Purchasers with the right to demand registration of the resale of the Purchased Shares pursuant to a "shelf"
Registration Statement on Form S-3 (or any other available form) in accordance with Rule 415 promulgated under the Securities Act;  provided, however, that neither such right nor the Purchasers' RRA otherwise shall include any rights to
demand an underwritten transaction either pursuant to the "shelf" registration statement or otherwise, (B) that such shelf Registration Statement shall remain in effect until such time as the
Company can cause the delivery of the legal opinion set forth in clause (i) of this Section 9.1, (C) the Purchasers with "piggyback" rights on any registration by the
Company pursuant to the Registration Rights Agreement between the Company and the selling stockholders identified in the SEC Report (the "Selling Stockholder
RRA") or otherwise (other than a 

13

 

registration
(i) on Form S-8 or S-4 or any successor or similar forms, (ii) relating to equity securities issuable upon exercise of employee stock options
or in connection with any employee benefit or similar plan of the Company, (iii) for its own account pursuant to Rule 415 or any successor rule thereto, or (iv) in connection with
a direct or indirect acquisition by the Company of another company); provided, however, that to the
extent that any "cutbacks" are required by the underwriters in any such "piggyback" registration, the number of shares to be offered by the Purchasers shall be "cutback" before the number of shares
offered by the selling stockholders or the Company is "cutback" and (D) other customary terms and provisions; provided,  however, that (a) the
rights set forth in the Purchasers' RRA shall be subject in all cases to those set forth in the Selling Stockholder RRA,
and (b) to the extent there is any conflict between the rights of the Purchasers and such selling stockholders (including, without limitation, to the extent that any "cutbacks" are required by
the underwriters in a registration made pursuant to either the Purchasers' RRA or the Selling Stockholder RRA, the number of shares to be offered by the Purchasers shall be "cutback" before the number
of shares offered by the selling stockholders is "cutback"), the rights of the selling stockholders shall prevail. 

        9.2    Allocation of the Purchased Shares and the Purchase Price among the Purchasers.    No later than the fifth
Business Day immediately prior to the Closing Date, the Purchasers shall deliver to the Company and the Sellers an updated Schedule 2.1 to this
Agreement setting forth opposite each Purchaser's name the percentage of the aggregate number of shares of Class A Common Stock that will be purchased by such Purchaser. Notwithstanding the
foregoing, the aggregate purchase price for all of the Purchased Shares shall in no event be less than $75,000,000. 

        9.3    Lock-Up.    From the Closing Date until the date that is two (2) years following the Closing
Date, none of the Purchasers shall, directly or indirectly, without the prior written consent of the Company, offer, sell, contract to sell, transfer, pledge, grant any option to purchase, make any
short sale or otherwise dispose of (each such transaction, a "Transfer"), any of the Purchased Shares, or any options or warrants to purchase any of the
Purchased Shares. However, nothing in this Section 9.3 shall prevent or restrict (a) any Purchaser from Transferring Purchased Shares in connection with a sale of the Company approved by
the Board of Directors (whether by merger, consolidation, tender offer, exchange offer, sale of shares of capital stock, other business combination transaction, sale of all or substantially all of the
assets or otherwise), (b) any Purchaser from Transferring Purchased Shares to any Affiliate of such Purchaser so long as such Affiliate is a member of the GAP Group, or (c) GapStar, LLC,
an Affiliate of the Purchasers, from pledging no more than 1.3% of the Purchased Shares to a financial institution to secure a bona fide obligation to such financial institution;  provided, however, that in each such case, it shall be a condition to the Transfer that the transferee
execute an agreement stating that the transferee is receiving and holding such Purchased Shares subject to the lock-up provisions in this Section 9.3 and that there shall be no
further Transfer of such Purchased Shares except in accordance with the lock-up provisions of this Section 9.3. The foregoing restrictions are expressly agreed to preclude the
Purchasers and any permitted transferees from engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of
any shares of the Company's common stock even if such shares would be disposed of by someone other than the Purchasers or any permitted transferee. Such prohibited hedging or other transactions would
include, without limitation, any short sale or any purchase, sale or grant of any right (including, without limitation, any put or call option) with respect to any of the Purchased Shares or with
respect to any security that includes, relates to, or derives any significant part of its value from such Purchased Shares. 

14

 

 
 

ARTICLE X    
    
    TERMINATION OF AGREEMENT    
    

        10.1    Termination.    This Agreement may be terminated prior to the Closing as follows: 

        (a)   at
any time on or prior to the Closing Date, by mutual written consent of the parties hereto; provided,  however, that this Agreement shall not be terminated
after the effective date of the Registration Statement on Form S-1 (Registration
Number 333-122565) unless the underwriting agreement entered into by the Company in connection with the IPO is terminated prior to the closing of the IPO; or 

        (b)   at
the election of the Company, the Sellers or the Purchasers by written notice to the other parties hereto after 5:00 p.m., New York time, on December 31,
2005, if the Closing shall not have occurred, unless such date is extended by the mutual written consent of the parties hereto; provided,  however, that the
right to terminate this Agreement under this Section 10.1(b) shall not be available (i) to any party whose breach
of any representation, warranty, covenant or agreement under this Agreement has been the cause of, or resulted in, the failure of the Closing to occur on or before such date or (ii) if the
Closing has not occurred solely because any party hereto has not yet obtained a necessary approval from any Governmental Authority. 

        If
this Agreement so terminates, it shall become null and void and have no further force or effect, except as provided in Section 10.2. 

        10.2    Survival.    If this Agreement is terminated and the transactions contemplated hereby are not consummated as
described above, this Agreement shall become void and of no further force and effect; except for the provisions of this Section 10.2; provided,  however, that none of the parties hereto shall have any liability in respect of a termination of this Agreement pursuant to
Section 10.1(a) or Section 10.1(b); and provided, further, that none of the parties hereto shall have any liability for speculative, indirect, unforeseeable or consequential
damages or lost profits resulting from any legal action relating to any termination of this Agreement. 

 
 

ARTICLE XI    
    
    MISCELLANEOUS    
    

        11.1    Survival of Representations and Warranties.    All of the representations and warranties made herein shall
survive the execution and delivery of this Agreement until the date that is ninety (90) days after the receipt by the Purchasers of audited consolidated financial statements of the Company and
its Subsidiaries for the fiscal year ending November 30, 2006 (or, if such fiscal year changes and no such audited consolidated financial statements are available, then the successor fiscal
year), except for the representations and warranties in Sections 3.3, 3.6, 4.6, 4.11 and 5.3, which shall survive indefinitely. 

        11.2    Notices.    All notices, demands and other communications provided for or permitted hereunder shall be made in
writing and shall be by registered or certified first-class mail, return receipt requested, telecopier, courier service or personal delivery: 

if
to the Sellers: 

c/o
Totalserve Management Limited

Totalserve House Gr. Xenopoulou, 17

P.C. 3106, Limassol, Cyprus

Telecopy: + 357 258 66001

Attention: Mrs. M. Dionysiou 

15

 

with
a copy to: 

c/o
Michael Kyprianou & Associates

G. Digeni & Kannigos

3035 Limassol, Cyprus

Telecopy: + 357 253 63698

Attention: Mr. P. Aristodemou 

and:

IHS Inc.

15 Inverness Way East

Englewood, CO 80112 

	Telecopy:	 	(212) 850-8540
	Attention:	 	Steve Green, Esq.

Senior
Vice President and General Counsel 

if
to the Company: 

IHS Inc.

15 Inverness Way East

Englewood, CO 80112 

	Telecopy:	 	(212) 850-8540
	Attention:	 	Steve Green, Esq.

Senior
Vice President and General Counsel 

with
a copy to: 

Davis
Polk & Wardwell

450 Lexington Avenue

New York, NY 10017 

	Telecopy:	 	(212) 450-3596
	Attention:	 	Richard Sandler, Esq.

if
to the Purchasers: 

c/o
General Atlantic Service Corporation

3 Pickwick Plaza

Greenwich, CT 06830 

	Telecopy:	 	(203) 622-8818
	Attention:	 	Steven A. Denning

Matthew Nimetz

with
a copy to: 

Paul,
Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064 

	Telecopy:	 	(212) 757-3990
	Attention:	 	Douglas A. Cifu, Esq.

        All
such notices, demands and other communications shall be deemed to have been duly given (i) when delivered by hand, if personally delivered; (ii) one Business Day after
being sent, if sent via a reputable nationwide overnight courier service guaranteeing next business day delivery; (iii) five (5) Business Days after being sent, if sent by registered or
certified mail, return receipt requested, postage prepaid; and (iv) when receipt is mechanically acknowledged, if telecopied. Any party may by notice given in accordance with this
Section 11.2 designate another address or Person for receipt of 

16

 

notices
hereunder. Any party may give any notice, request, consent or other communication under this Agreement using any other means (including, without limitation, personal delivery, messenger
service, first class mail or electronic mail), but no such notice, request, consent or other communication shall be deemed to have been duly given unless and until it is actually received by the party
to whom it is given. 

        11.3    Successors and Assigns; Third Party Beneficiaries.    This Agreement shall inure to the benefit of and be
binding upon the successors and permitted assigns of the parties hereto. Subject to applicable securities laws and the terms and conditions thereof, after the Closing Date, the Purchasers may assign
any of their rights under this Agreement to any of their respective Affiliates. Neither the Sellers nor the Company may assign any of their rights under this Agreement without the written consent of
the Purchasers. Except as provided in Article V, Article VII, Article VIII, Article X and Section 11.4(b), no Person other than the parties hereto and their
successors and permitted assigns is intended to be a beneficiary of this Agreement. 

        11.4    Amendment and Waiver.    

        (a)   No
failure or delay on the part of the Sellers, the Company or the Purchasers in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

        (b)   Any
amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement, and any consent to any departure by
the Sellers, the Company or the Purchasers from the terms of any provision of this Agreement, shall be effective (i) only if it is made or given in writing and signed by the Sellers, the
Company and the Purchasers purchasing a majority of the Purchased Shares, and (ii) only in the specific instance and for the specific purpose for which made or given. Notwithstanding the
foregoing, (A) this Agreement may not be amended after the execution of the underwriting agreement to be entered into by the Sellers and the Company in connection with the IPO and prior to the
closing of the IPO and (B) this sentence, Article VII and the proviso set forth in Section 10.1(a) may not be amended after the date hereof, in each case of (A) and
(B), without the prior written consent of Goldman, Sachs & Co. and Citigroup Global Markets Inc. Except where notice is specifically required by this Agreement, no notice to or demand on
the Sellers or the Company in any case shall entitle the Sellers or the Company to any other or further notice or demand in similar or other circumstances. 

        11.5    Counterparts.    This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

        11.6    Headings.    The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 

        11.7    GOVERNING LAW.    THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 

        11.8    Severability.    If any one or more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof. 

        11.9    Rules of Construction.    Unless the context otherwise requires, references to sections or
subsections refer to sections or subsections of this Agreement. 

17

 

        11.10    Entire Agreement.    This Agreement, together with the exhibits and schedules hereto, is intended by the
parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
contained herein. There are no restrictions, promises, representations, warranties or undertakings, other than those set forth or referred to herein. This Agreement, together with the exhibits and
schedules hereto, supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

        11.11    Public Announcements.    Following the date hereof, the Company shall be permitted to issue a press release
in compliance with Rule 135 under the Securities Act and file the SEC Report with disclosure relating to this Agreement and the transactions contemplated hereby and to file this Agreement with
the SEC Report or a subsequent amendment. The Purchasers shall have the opportunity to review and comment on the press release prior to its issuance and to review and comment on any portion of the SEC
Report or any amendment thereto that describes the Transaction or the Purchasers, which review and comment shall be provided as expeditiously as possible and in any event within 24 hours of
delivery. Any such press release shall be in form and substance reasonably satisfactory to the Purchasers. Except
as set forth in the previous sentence, neither the Sellers, the Company nor the Purchasers will issue any press release or make any public statements with respect to this Agreement or the transactions
contemplated hereby without the prior written consent of the other parties hereto, except to the extent such party reasonably believes such press release or public statement is required by applicable
law or stock market regulations; provided, however, that the Sellers, the Company and the Purchasers may
make reasonable public statements consistent with prior public statements otherwise permitted under this Section 11.11; and provided, further, that following the Closing, GA LLC may disclose on
its worldwide web page, www.generalatlantic.com, the name of the Company, the name of the Chief Executive Officer of the Company, a brief description of
the business of the Company, the Company's logo and the aggregate amount of the Purchasers' investment in the Company. Notwithstanding the foregoing, neither the Sellers nor the Company will use or
refer to the name of any Purchaser in any public statement or disclosure without the consent of such Purchaser except to the extent that such party reasonably believes such statement or disclosure is
required by applicable law or stock market regulations. 

        11.12    Further Assurances.    Each of the parties shall execute such documents and perform such further acts
(including, without limitation, obtaining any consents, exemptions, authorizations or other actions by, or giving any notices to, or making any filings with, any Governmental Authority or any other
Person) as may be reasonably required or desirable to carry out or to perform the provisions of this Agreement. 

[Remainder
of page intentionally left blank] 

18

 

        IN
WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this Amended and Restated Stock Purchase Agreement on the date first written above. 

	URPASIS INVESTMENTS LIMITED	 	 
	

By:	

/s/  I.C.M. ROBERTSON      
	
 	

/s/  MELINDA DIONYSIOU      

	 	Name:	I.C.M. Robertson	 	Filgass Holdings Limited
	 	Title:	Director	 	Director
	

URVANOS INVESTMENTS LIMITED	
 	

 
	

By:	

/s/  I.C.M. ROBERTSON      
	
 	

/s/  MELINDA DIONYSIOU      

	 	Name:	I.C.M. Robertson	 	Filgass Holdings Limited
	 	Title:	Director	 	Director

	 	 	IHS INC.
	

 	
 	

By:	

/s/  STEPHEN GREEN      

	 	 	 	Name:	Stephen Green
	 	 	 	Title:	Senior Vice President and General Counsel
	

 	
 	

GENERAL ATLANTIC PARTNERS 82, L.P.

	 	 	By:	GENERAL ATLANTIC LLC,

its General Partner	 

	

 	
 	

By:	

/s/  MATTHEW NIMETZ      

	 	 	 	Name:	Matthew Nimetz
	 	 	 	Title:	A Managing Director
	

 	
 	

GAP COINVESTMENTS III, LLC
	

 	
 	

By:	

/s/  MATTHEW NIMETZ      

	 	 	 	Name:	Matthew Nimetz
	 	 	 	Title:	A Managing Member
	

 	
 	

GAP COINVESTMENTS IV, LLC
	

 	
 	

By:	

/s/  MATTHEW NIMETZ      

	 	 	 	Name:	Matthew Nimetz
	 	 	 	Title:	A Managing Member

19

QuickLinks

AMENDED AND RESTATED STOCK PURCHASE AGREEMENT

Table of Contents

AMENDED AND RESTATED STOCK PURCHASE AGREEMENT

ARTICLE I DEFINITIONS

ARTICLE II PURCHASE AND SALE OF CLASS A COMMON STOCK

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLERS

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY

ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

ARTICLE VI CONDITIONS TO THE OBLIGATION OF THE PURCHASER TO CLOSE

ARTICLE VII CONDITIONS TO THE OBLIGATION OF THE COMPANY AND THE SELLERS TO CLOSE

ARTICLE VIII INDEMNIFICATION

ARTICLE IX COVENANTS OF THE PARTIES

ARTICLE X TERMINATION OF AGREEMENT

ARTICLE XI MISCELLANEOUSExhibit 10.2.7

 

MEMORANDUM OF AGREEMENT

 

Dated:  September 20, 2005

 

SARGASSO
TANKER CORPORATION, MAJURO, MARSHALL ISLANDS,
hereinafter called the Seller, have agreed to sell and ANIA AFRAMAX
CORPORATION, MAJURO, MARSHALL ISLANDS, hereinafter called the Buyer,
have agreed to purchase M/T ANIA (the “Vessel”)

 

	
  Classification:
  American Bureau of Shipping

  	
   

  	
   

  
	
  Built: December 1994

  	
   

  	
  by: Hyundai Heavy Industries Co., Ltd., Ulsan, So. Korea

  
	
  Flag: Marshall Islands

  	
   

  	
  Place of
  Registration: Majuro, Marshall Islands

  
	
  Call sign. V7AW3

  	
   

  	
  Register
  tonnage: GRT: 53,341; NRT: 28,328

  
	
  Register
  number: IMO #9053672

  	
   

  	
   

  
	
  on the
  following conditions:

  	
   

  	
   

  

 

1.              Purchase
Price

 

The Purchase Price for the
Vessel shall consist of common shares of Double Hull Tankers, Inc. (“DHT”)
and cash in the amounts set forth below, and shall be payable in accordance
with Clause 3.

 

A.  The number of common shares
of DHT that will comprise the Purchase Price shall be determined by:

 

1.                                       multiplying the initial public offering price
per share of DHT common stock (without deduction for underwriters’ discounts or
fees) by the number of shares of DHT common stock that are issued to OSG
International, Inc. in connection with the purchase of the seven vessels
that will comprise DHT’s initial fleet;

 

2.                                       multiplying the result by the percentage that
corresponds to the Vessel below:

 

	
  Overseas
  Ann

  	
   

  	
  21.5

  	
  %

  
	
  Overseas Chris

  	
   

  	
  21.5

  	
  %

  
	
  Regal Unity

  	
   

  	
  16.8

  	
  %

  
	
  Overseas Cathy

  	
   

  	
  12.2

  	
  %

  
	
  Overseas Sophie

  	
   

  	
  11.8

  	
  %

  
	
  Rebecca

  	
   

  	
  8.1

  	
  %

  
	
  Ania

  	
   

  	
  8.1

  	
  %; and

  

 

3.                                       dividing the result by the initial public
offering price per share of DHT common stock (without deduction for
underwriters’ discounts or fees).

 

B.  The amount of cash that will
comprise the Purchase Price shall be determined by:

 

1.                                       multiplying
the initial public offering price per share of DHT common stock (without deduction for underwriters’
discounts or fees) by the number of shares of DHT common stock that are
sold to the public in the underwritten public offering (which, for the
avoidance of doubt, excludes any shares issued to OSG International, Inc.)
to obtain the “Gross IPO Proceeds” and then adding $236,000,000 to the Gross
IPO Proceeds to obtain the “Gross Proceeds”;

 

2.                                       deducting
from the Gross Proceeds: (i) the product of the Gross IPO Proceeds and 6%,
(ii) all fees paid by DHT to The Royal Bank of Scotland in connection with
its entering into its $401 million secured credit facility and (iii) the
estimated total expenses of issuance and distribution found under the caption “Other
Expenses of Issuance and Distribution” in the final prospectus related to the
initial public offering of shares of DHT common stock to obtain “Net Proceeds”;
and

 

3.                                       multiplying
Net Proceeds by the percentage that corresponds to the Vessel in the table in Section 1.A.2
above.

 

 

2.              Deposit

 

Security for
the correct fulfillment of this contract has been waived.

 

3.              Payment

 

In exchange
for those delivery documents required to be delivered by Seller to Buyer in
accordance with this MOA, Buyer shall deliver to Seller (i) the cash
portion of the Purchase Price, to be paid on the Delivery Date (as defined
below), net of any bank charges by wire transfer from Buyer’s bank or its
correspondent bank in New York City, United States to Seller’s nominated bank
account in New York City, and confirmed by Seller’s nominated bank to have been
received, and (ii) the portion of the Purchase Price paid in DHT shares,
to be transferred on the Delivery Date (as defined below) into Seller’s
nominated custody account and confirmed to have been received.

 

The closing of
the delivery of, and transfer of title to, the Vessel by the Seller to the Buyer
shall take place at a place designated by OSG Ship Management, Inc.  At such closing the Seller shall deliver to
the Buyer the documents in accordance with Clause 16.

 

4.              Inspections

 

The Buyer has
inspected the Vessel and its class records between April and June, 2005
and has accepted the Vessel and such class records.  This sale is therefore outright and subject
only the terms and conditions of this MOA incorporating the terms set forth
herein and not subject to any subsequent or additional inspections of the Vessel
or her records by the Buyer.

 

5.              Place
and time of delivery

 

The Vessel
shall be delivered and taken over safely afloat, at sea or at a safe port, at a
safe berth, safely alongside or at a safe and readily accessible anchorage of
anywhere in the Atlantic, Pacific or Indian Ocean(s), or Arabian, Caribbean,
Mediterranean or Red Sea(s) or any connecting bodies of water or the islands
thereof, within Institute Warranty Limits, all in the Seller’s option, on the
date of the closing of DHT’s initial public offering (the “Delivery Date”)
after payment is received by the Seller and confirmed to be received in
accordance with Clause 3.

 

The Seller
shall keep the Buyer informed about the Vessel’s schedule and the Vessel
is to be delivered to the Buyer wherever the Vessel may be at the designated
time and date of closing.

 

Should the Vessel
become a total or constructive total loss before delivery this contract shall
be considered null and void.

 

 

 

6.              Drydocking

 

No predelivery drydocking as
per NSF 1987.

 

7.              Spares/bunkers
etc.

 

The Seller
shall deliver the Vessel to the Buyer with everything belonging to her, unless
excluded herein, on board, including broached/unbroached stores and with all
spare parts and spare equipment including a spare anchor, a spare tail-end
shaft or a spare propeller, if any. 
Forwarding charges, if any, shall be for the Buyer’s account.  The Seller is not required to replace spare
parts, including spare tail-end shaft, spare propeller or a spare anchor, if
any, which are taken out of spare and used as replacement prior to delivery,
but the replaced items shall be the property of the Buyer.  The wireless station/equipment and all
navigational aids/equipment on board the Vessel, and the above items, shall be
included in the sale without any extra cost to the Buyer.  The Seller has the right to take ashore
crockery, plate, cutlery, linen and other articles bearing the Seller’s flag or
name, provided they replace same with similar unmarked items.  Library, forms, etc., exclusively for use in
the vessels of the Seller, its parent or affiliates, shall be excluded without
compensation.  Personal belongings of
master, officers and crew including slop chest to be excluded from the sale
without compensation, as well as the additional items as per exclusions in
Clause 18.

 

The Buyer
shall not be required to pay for bunkers or lubricating oils and greases remaining
onboard at the time of delivery, but the quantities of IFO and MDO/MGO and
lubricating oils and greases at the time of delivery shall be recorded.

 

Items on
Exclusions List as per Clause 18 are the only ones other than the personal
effects of master, officers and crew and victualling (provisions) and leased
gas bottles/cylinders which are excluded from the sale.

 

8.              Documentation

 

In exchange
for payment of the Purchase Price, the Seller shall, on the Delivery Date, furnish
the Buyer with the documents specified in Clause 17(A) of this
Contract.

 

The Seller
shall, on the Delivery Date, leave to the Buyer all classification
certificates, not required to be returned to any Authority, as well as all
plans etc. which are onboard the Vessel. 
Other technical documentation which may be in the Seller’s possession
shall promptly upon the Buyer’s instructions be forwarded to the Buyer.  The Seller may keep the log books kept up to
the time of delivery, but the Buyer has the right to take copies of same at its
own expense.

 

9.              Encumbrances

 

The Seller
warrants that the Vessel, at the time of delivery, is free from all
encumbrances, mortgages, and maritime liens or any other debts whatsoever.  However, the Vessel may be on a charter (voyage
or time), and delivery shall not affect the performance of such charter.  Should any claims which have been incurred
prior to the time of delivery be made against the Vessel, the Seller hereby
undertakes to indemnify the Buyer against all consequence of such claims.

 

10.       Taxes
etc.

 

Any taxes,
fees and expenses connected with the purchase and registration under the Buyer’s
flag shall be for the Buyer’s account, whereas similar charges connected with
the closing of the Seller’s register shall be for the Seller’s account.

 

11.       Condition
on delivery

 

The Vessel,
with everything belonging to her, shall be at the Seller’s risk and expense
until she is delivered to the Buyer on the Delivery Date.  Subject to the terms of this contract, she
shall be delivered and taken over as she is at the time of inspection, fair
wear and tear excepted.  The Vessel shall
be delivered with her present class maintained, free of recommendations, and
the Vessel’s continuous survey cycles of machinery are to be clean and
up-to-date.  All trading,
national/international certificates shall be valid and unextended on the Delivery

 

 

Date.  The Seller shall notify the Classification
Society of any matters coming to their knowledge prior to delivery which upon
being reported to the Classification Society would lead to the withdrawal of
the Vessel’s class or to the imposition of a recommendation relating to her
class.  If a recommendation is issued by Class prior
to the Vessel’s delivery, the Seller will make arrangements to have the
recommendation cleared at their time and expense in accordance with the Class recommendation
that was issued.

 

12.       Name/markings

 

(not
applicable)

 

13.       Buyer’s
default

 

Should the
Purchase Price not be paid on the Delivery Date, the Seller has the right to
cancel this contract.

 

14.       Seller’s
default

 

If the Seller
fails to execute a legal transfer or to deliver the Vessel with everything
belonging to her (unless excluded herein) on the Delivery Date, the Buyer shall
have the right to cancel this contract.

 

15.       Arbitration

 

If any dispute
should arise in connection with the interpretation and fulfillment of this
contract, same shall be decided by arbitration in the city of New York, New
York and shall be referred to a single Arbitrator to be appointed by the
parties hereto.  If the parties cannot
agree upon the appointment of the single Arbitrator, the dispute shall be
settled by three Arbitrators, each party appointing one Arbitrator, the third
being appointed by the two Arbitrators already chosen unless they fail to agree
or refuse to appoint a third Arbitrator in which case The Society of Maritime Arbitrators
in New York City shall select the third Arbitrator.

 

If either of
the appointed Arbitrators refuses or is incapable of acting, the party who
appointed him, shall appoint a new Arbitrator in his place.

 

If one of the
parties fails to appoint an Arbitrator — either originally or by way of
substitution — for two weeks after the other party having appointed his
Arbitrator has sent the party making default notice by mail, cable or telex to
make the appointment, the party appointing the third Arbitrator shall, after
application from the party having appointed his Arbitrator, also appoint an
Arbitrator on behalf of the party making default.

 

The award
rendered by the Arbitrators shall be final and binding upon the parties and
judgment on the award may be entered in any court of competent
jurisdiction.  The Arbitrators shall
determine which party shall bear the expense of the arbitration or the
proportion of such expense that each party shall bear.  The Arbitrators shall be commercial men
conversant with shipping matters.  To the
extent not otherwise set forth in this Contract or agreed by the parties, the rule of
the Society of Maritime Arbitrators, Inc. shall apply.

 

This contract
shall be governed by the law of the State of New York.

 

16.       Closing
and Delivery

 

The closing of the delivery
of, and transfer of title to, the Vessel by the Seller to the Buyer shall take
place on the Delivery Date after payment is received by Seller and is confirmed
to be received in accordance with Clause 3, at a place designated by OSG Ship
Management, Inc. The Seller's obligation to sell the Vessel and the
Buyer's obligation to purchase the Vessel shall be conditioned upon delivery of
(i) a time charter agreement and related charter framework agreement as
described in the prospectus related to the initial public offering of shares by
DHT by each of the parties thereto and (ii) a final underwriting agreement
related to the initial public offering of shares of DHT by each of
Overseas  Shipholding Group, Inc., DHT
and the underwriters party thereto.

 

The Seller shall keep the Buyer
informed about the Vessel’s schedule.

 

At such closing:

 

A.           Seller shall deliver to Buyer the following documents:

 

1.               Original notarized bill of sale in
triplicate, in proper form for recording with the Marshall Islands
authorities, transferring title to the vessel and everything belonging to her
(unless excluded herein) to

 

 

the Buyer free from all debts, claims,
encumbrances, mortgages, and maritime liens and warranting such title.

 

2.               Certificate of
ownership and encumbrance issued by the Marshall Islands authorities dated on the
Delivery Date evidencing ownership of the vessel by the Seller free and clear
from all liens and encumbrances of record.

 

3.               Permission from the
Marshall Islands authorities to transfer the Vessel to the Buyer for
re-registration under Marshall Islands flag.

 

4.               Copies of Seller’s Articles
of Incorporation and By-laws and an incumbency certificate of the Seller.

 

5.               Certificate of Good
Standing.

 

6.               Notarized copies of
resolutions of the board of directors and shareholders of Seller authorizing
the sale of the Vessel to the Buyer on the terms set forth in this MOA and the
appointment of the Seller’s attorneys-in-fact.

 

7.               A notarized power
of attorney authorizing the officers and attorneys-in-fact of the Seller to
execute and deliver all documents relevant to the sale and delivery of the Vessel,
including the bill of sale for the Vessel.

 

8.               A confirmation of
class certificate from American Bureau of Shipping issued not earlier than
three (3) business days prior to the Delivery Date, confirming that the Vessel
is in class with certificates valid as onboard.

 

9.               Written
instructions directing the master to record the change of ownership in the Vessel’s
logbook at the time of delivery.

 

10.         Commercial invoice in
triplicate giving main particulars of the Vessel.

 

11.         A copy of the Vessel’s
international/national, class and trading certificates as follows:

 

•                  Certificate
of Registry

•                  International
tonnage certificate

•                  Radio
station license

•                  Safety
construction certificate

•                  Safety
radiotelegraphy certificate

•                  Oil
pollution (IOPP) certificate

•                  Load
line certificate

•                  Safe
manning certificate

•                  Vessel’s
classification certificate

•                  Current
SMC issued to the Vessel and doc as per the ISM code

•                  International
ship security certificate

 

The Seller shall
email scanned copies of draft documents prior to intended date of delivery and the
Buyer shall provide comments on such draft documents.  Seller also to provide reasonable additional
documentation required for re-registration provided same is communicated prior
to intended date of delivery.

 

B.             The Buyer shall
deliver to the Seller:

 

1.               Payment of the Purchase
Price as provided in Clauses 1 and 3 of this MOA.

 

2.               A notarized power
of attorney authorizing the officers and attorneys-in-fact of the Buyer to
execute and deliver all documents relevant to the purchase of the Vessel,
including this MOA.

 

 

3.               A notarized copy of
resolutions of the board of directors of the Buyer authorizing the purchase of
the Vessel from the Seller on the terms set forth in this MOA and authorizing
the execution and delivery of the MOA, and any other documents required in
connection therewith.

 

C.            Buyer and Seller shall
execute:

 

1.               A protocol of
delivery and acceptance fixing the place, date and time of the transfer of
title to the Vessel.

 

17.       Certain
Included and Excluded Items

 

The Vessel
shall be delivered with everything belonging to her as on board, unless
excluded herein, including broached/unbroached stores and with all spare parts
and spare equipment, wireless station/equipment and all navigational
aids/equipment on board the Vessel.  There
is nothing ashore that belongs to the Vessel.

 

The above
items shall be included in the sale without any extra cost to the Buyer.  All spares shall be treated as per clause
seven (7) of the NSF 1987.

 

Bunkers (IFO
and MDO/MGO) and lubricating oils and greases remaining on board at the time of
delivery are excluded from sale without compensation and remain the property of
the Seller, who may transfer ownership of same to affiliates at or subsequent
to delivery.  Sale to exclude without
compensation the personal effects of master, officers and crew.

 

Exclusions
listed below are the only ones other than the personal effects of master,
officers and crew, victualling (provisions) and leased gas bottles/cylinders
which are excluded from the sale.

 

The following
items are excluded from the sale without compensation and remain the property
of the Seller, and the Seller may transfer ownership of same to affiliates at
or subsequent to delivery.  These items
may remain on board at the sole discretion of and for the use and convenience
of the Seller or its affiliate(s) (as the case may be) and may be removed at
any time after delivery at the expense of such party.

 

1.               All onboard log
books up to the time and date of delivery for deck, engine and radio with the Buyer’s
right to photocopy these logs at its own expense.

 

2.               Seller’s company
forms, documents / stationery and all correspondence and company manuals.

 

3.               All ISPS, ISM and
quality documentation and correspondence.

 

4.               Vessel’s Rydex
communications e-mail system and server.

 

5.               Training video
library, books.

 

6.               Oxygen / acetylene
/ freon / nitrogen / argon cylinders / bottles.

 

7.               Crew/officers
library / walport videos.

 

8.               Master’s
slopchest/bonded stores; personal effects of master, officers and crew.

 

9.               Personal hand-held
computers.

 

10.         Personal cell phones.

 

11.         Contents of master’s safe.

 

12.         Arms / ammunition.

 

13.         Works of art, originals,
copies, prints, statues.

 

 

14.         Safety clothing / hats or
other shirts/hats with logo of OSG and/or the Seller, otherwise unmarked items
will remain.

 

15.         Certificates/documents to
be returned to authorities.

 

16.         Seagull training software.

 

17.         All Seller’s non-class
computer software and server.

 

18.         Chartco
digital chart updates system software.

 

19.         Any rented or leased or
third party’s equipment are excluded from the sale of the Vessel whether or not
removed from the Vessel prior to delivery.

 

18.       Notices

 

All notices
required to be given in accordance with this MOA shall be in writing, by email
or fax and shall be addressed as follows:

 

To the Seller:

 

	
  Mr. Charles
  F. Nolfo

  
	
  OSG Ship
  Management, Inc.

  
	
  511 Fifth
  Avenue, New York, NY 10017

  
	
  Tele: 212 –
  578 – 1807

  
	
  Fax: 212 –
  251 – 1139

  
	
  e-mail:
  cnolfo@osg.com

  

 

To the Buyer:

 

	
  Mr. Ole Jacob Diesen

  
	
  Chief Executive Officer

  
	
  Double Hull Tankers, Inc.

  
	
  26 New Street

  
	
  St. Helier, Jersey JE23RA

  
	
  Channel Islands

  
	
  Tele: 44-1534-639759

  

 

19.       No
Representations or Warranties

 

EXCEPT AS
EXPRESSLY SET FORTH IN THIS CONTRACT, SELLER MAKES NO WARRANTY AND NONE SHALL
BE IMPLIED AS TO THE DESCRIPTION OR CONDITION OF THE VESSEL OR ITS FITNESS OR
ELIGIBILITY FOR A PARTICULAR TRADE, REGISTRY OR PURPOSE, THE VESSEL’S
PERFORMANCE, MERCHANTABILITY, INSURABILITY OR SEAWORTHINESS OR ITS COMPLIANCE
WITH NATIONAL OR INTERNATIONAL CODES, CONVENTIONS, LAWS OR REGULATIONS.

 

If the Seller shall
be unable to deliver the Vessel or the Buyer shall be unable to accept delivery
of the Vessel due to outbreak of war, restraint of government, princes or
people or other reasons that may be brought about by force majeure, the Seller or
the Buyer may terminate this contract without any liability upon either party.

 

This contract
or any interest herein may not be assigned by either party without the prior
written consent of the other.  Any
assignment by either of the parties hereto in violation of the foregoing
sentence shall be void.  This contract
may not be modified in any respect except in writing signed by both parties and
shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and assigns.

 

 

The parties
hereto agree that the price, terms, and conditions of this contract will not be
disclosed until it may be otherwise mutually agreed, unless such disclosure is
required to be made in order to comply with any law, regulation, order or
process binding on either of the parties or their respective parents,
subsidiaries, agents, directors, officers or legal or accounting advisors.

 

	
  For the Seller

  	
  For the Buyer

  
	
  SARGASSO TANKER CORPORATION.

  	
  ANIA AFRAMAX CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ James I. Edelson

  	
   

  	
  By:

  	
  /s/ Ole Jacob Diesen

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  James I. Edelson

  	
   

  	
  Ole Jacob Diesen

  
	
   

  	
  Secretary

  	
   

  	
  Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]