Document:

EX-4.4

Exhibit 4.4

Execution Copy

STOCK PURCHASE AGREEMENT

by and among

TELVENT EXPORT, S.L.,

and

THE STOCKHOLDERS OF

DTN HOLDING COMPANY, INC.

and

DTN HOLDING COMPANY, INC.

and

GSC RECOVERY IIA, L.P., as Sellers’ Representative

September 15, 2008

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I
	 	DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 
	Section 1.1
	 	Definitions	 	 	1	 
	Section 1.2
	 	Terms Generally	 	 	19	 
	 
	 	 	 	 	 	 
	ARTICLE II
	 	PURCHASE AND SALE OF SHARES; CLOSING	 	 	20	 
	 
	 	 	 	 	 	 
	Section 2.1
	 	Shares	 	 	20	 
	Section 2.2
	 	Purchase Price	 	 	20	 
	Section 2.3
	 	Post-Closing Payment	 	 	22	 
	Section 2.4
	 	Post-Closing Working Capital Adjustment	 	 	26	 
	Section 2.5
	 	Closing	 	 	28	 
	Section 2.6
	 	Closing Obligations	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE III
	 	REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY	 	 	30	 
	 
	 	 	 	 	 	 
	Section 3.1
	 	Organization, Qualification and Corporate Power	 	 	30	 
	Section 3.2
	 	Capitalization	 	 	31	 
	Section 3.3
	 	Financial Statements	 	 	32	 
	Section 3.4
	 	Events Subsequent to the Reference Date	 	 	32	 
	Section 3.5
	 	No Undisclosed Liabilities	 	 	32	 
	Section 3.6
	 	Noncontravention; Consents	 	 	33	 
	Section 3.7
	 	Title to Assets	 	 	33	 
	Section 3.8
	 	Permits	 	 	33	 
	Section 3.9
	 	Compliance with Legal Requirements	 	 	34	 
	Section 3.10
	 	Tax Matters	 	 	34	 
	Section 3.11
	 	Real Property; Real Property Leases	 	 	37	 
	Section 3.12
	 	Intellectual Property	 	 	37	 
	Section 3.13
	 	Contracts	 	 	40	 
	Section 3.14
	 	Accounts Receivable	 	 	42	 
	Section 3.15
	 	Insurance	 	 	42	 
	Section 3.16
	 	Litigation	 	 	43	 
	Section 3.17
	 	Employees	 	 	43	 
	Section 3.18
	 	Labor Relations; Compliance	 	 	43	 
	Section 3.19
	 	Employee Benefits	 	 	43	 
	Section 3.20
	 	Environmental, Health and Safety Matters	 	 	45	 
	Section 3.21
	 	Related-Party Transactions	 	 	46	 
	Section 3.22
	 	Bank Accounts	 	 	46	 
	Section 3.23
	 	Certain Proceedings	 	 	46	 
	Section 3.24
	 	Brokers’ Fees	 	 	47	 
	Section 3.25
	 	Customer and Service Provider Relationships	 	 	47	 
	Section 3.26
	 	No Other Representations	 	 	47	 
	 
	 	 	 	 	 	 
	ARTICLE IV
	 	REPRESENTATIONS AND WARRANTIES REGARDING SELLERS	 	 	47	 

i

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Section 4.1
	 	Authorization	 	 	47	 
	Section 4.2
	 	Noncontravention; Consents	 	 	48	 
	Section 4.3
	 	Shares; Options	 	 	48	 
	Section 4.4
	 	Certain Proceedings	 	 	48	 
	Section 4.5
	 	Brokers’ Fees	 	 	49	 
	Section 4.6
	 	Tax Advisors	 	 	49	 
	Section 4.7
	 	No Action	 	 	49	 
	Section 4.8
	 	No Other Representations	 	 	49	 
	 
	 	 	 	 	 	 
	ARTICLE V
	 	REPRESENTATIONS AND WARRANTIES REGARDING BUYER	 	 	49	 
	 
	 	 	 	 	 	 
	Section 5.1
	 	Organization of Buyer	 	 	49	 
	Section 5.2
	 	Authorization	 	 	50	 
	Section 5.3
	 	Noncontravention	 	 	50	 
	Section 5.4
	 	Certain Proceedings	 	 	50	 
	Section 5.5
	 	Brokers’ Fees	 	 	50	 
	Section 5.6
	 	Independent Investigation; Company’s Representations	 	 	50	 
	 
	 	 	 	 	 	 
	ARTICLE VI
	 	PRE-CLOSING COVENANTS	 	 	51	 
	 
	 	 	 	 	 	 
	Section 6.1
	 	Conduct of Business to Closing Date	 	 	51	 
	Section 6.2
	 	Conduct of Sellers	 	 	53	 
	Section 6.3
	 	Prohibition on Repayment of Borrowed Indebtedness	 	 	53	 
	Section 6.4
	 	Access by Buyer to Properties and Records; Furnishing Information	 	 	53	 
	Section 6.5
	 	Compliance with Conditions	 	 	53	 
	Section 6.6
	 	Notification to Buyer of Damage or Destruction of Assets or Material Changes	 	 	54	 
	Section 6.7
	 	No Solicitation	 	 	55	 
	Section 6.8
	 	Notices of Certain Events	 	 	55	 
	Section 6.9
	 	Annex Transaction	 	 	55	 
	Section 6.10
	 	Company Transaction Expenses	 	 	56	 
	 
	 	 	 	 	 	 
	ARTICLE VII
	 	OTHER MATTERS AND POST-CLOSING COVENANTS	 	 	56	 
	 
	 	 	 	 	 	 
	Section 7.1
	 	Confidentiality	 	 	56	 
	Section 7.2
	 	Further Cooperation	 	 	56	 
	Section 7.3
	 	Sellers’ Representative	 	 	57	 
	Section 7.4
	 	Indemnification of Company Officers and Directors	 	 	58	 
	Section 7.5
	 	2008 Management Incentive Plan	 	 	59	 
	 
	 	 	 	 	 	 
	ARTICLE VIII
	 	CONDITIONS TO CLOSE	 	 	59	 
	 
	 	 	 	 	 	 
	Section 8.1
	 	Conditions to Obligation of Buyer	 	 	59	 
	Section 8.2
	 	Conditions to Obligation of the Company and the Sellers	 	 	61	 
	 
	 	 	 	 	 	 
	ARTICLE IX
	 	INDEMNIFICATION	 	 	62	 
	 
	 	 	 	 	 	 
	Section 9.1
	 	Survival of Representations, Warranties and Covenants	 	 	62	 
	Section 9.2
	 	Indemnification Provisions for Benefit of Buyer	 	 	62	 
	Section 9.3
	 	Indemnification Provisions for Benefit of Sellers	 	 	63	 
	Section 9.4
	 	Matters Involving Third-Parties	 	 	63	 

ii

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Section 9.5
	 	Limitation of Liability	 	 	63	 
	Section 9.6
	 	Satisfaction of Sellers’ Indemnification Obligations	 	 	65	 
	Section 9.7
	 	Tax Indemnity; Special Procedure for Taxes	 	 	65	 
	Section 9.8
	 	Adjustments for Insurance	 	 	66	 
	Section 9.9
	 	Treatment of Indemnity Payments	 	 	66	 
	Section 9.10
	 	Duty to Mitigate	 	 	66	 
	Section 9.11
	 	Exclusive Remedy	 	 	66	 
	Section 9.12
	 	Contribution Among Sellers	 	 	67	 
	Section 9.13
	 	Telvent GIT Guaranty	 	 	67	 
	 
	 	 	 	 	 	 
	ARTICLE X
	 	TAX MATTERS	 	 	67	 
	 
	 	 	 	 	 	 
	Section 10.1
	 	Tax Periods Ending on or Before the Closing Date	 	 	67	 
	Section 10.2
	 	Tax Periods Beginning Before and Ending After the Closing Date	 	 	68	 
	Section 10.3
	 	Refunds and Tax Benefits	 	 	69	 
	Section 10.4
	 	Post-Closing Tax Periods	 	 	69	 
	Section 10.5
	 	Cooperation on Tax Matters	 	 	69	 
	Section 10.6
	 	Certain Taxes and Fees	 	 	70	 
	Section 10.7
	 	Indemnification and Tax Contests	 	 	70	 
	Section 10.8
	 	Section 897 Certification	 	 	70	 
	 
	 	 	 	 	 	 
	ARTICLE XI
	 	TERMINATION	 	 	70	 
	 
	 	 	 	 	 	 
	Section 11.1
	 	Termination	 	 	70	 
	Section 11.2
	 	Effect of Termination	 	 	71	 
	 
	 	 	 	 	 	 
	ARTICLE XII
	 	MISCELLANEOUS	 	 	72	 
	 
	 	 	 	 	 	 
	Section 12.1
	 	Public Announcements	 	 	72	 
	Section 12.2
	 	No Third-Party Beneficiaries	 	 	72	 
	Section 12.3
	 	Entire Agreement	 	 	72	 
	Section 12.4
	 	Successors and Assigns	 	 	72	 
	Section 12.5
	 	Notices	 	 	73	 
	Section 12.6
	 	Governing Law	 	 	74	 
	Section 12.7
	 	Dispute Resolution	 	 	75	 
	Section 12.8
	 	Exclusion of Consequential Damages	 	 	76	 
	Section 12.9
	 	Amendments and Waivers	 	 	76	 
	Section 12.10
	 	Severability	 	 	76	 
	Section 12.11
	 	Expenses	 	 	76	 
	Section 12.12
	 	Construction	 	 	76	 
	Section 12.13
	 	Incorporation of Exhibits and Schedules	 	 	77	 
	Section 12.14
	 	Headings	 	 	77	 
	Section 12.15
	 	Facsimile; Counterparts Signatures	 	 	77	 

iii

 

Exhibits 

Exhibit A — Deferred Payment Assumptions

Exhibit B — Form of Net Working Capital Statement

Exhibit C — Form of Legal Opinion

Exhibit D — Form of Assignment of Inventions Agreement

Exhibit E — Form Statement of EBITDA

Schedules

Schedule 1.1(a) — Employee Stockholders

Schedule 1.1(b) — Encumbrances

Schedule 3.2 — Capitalization

Schedule 3.3 — Financial Statements

Schedule 3.4 — Events Subsequent to the Reference Date

Schedule 3.5 — Undisclosed Liabilities / Indebtedness

Schedule 3.6 — Consents

Schedule 3.7 — Title to Assets

Schedule 3.8 — Permits

Schedule 3.10 — Tax Matters

Schedule 3.11(a) — Owned Real Property

Schedule 3.11(b) — Real Property Leases

Schedule 3.11(c) — Maintenance and Repairs

Schedule 3.12(a) — Company Intellectual Property

Schedule 3.12(b) — Third-Party Intellectual Property

Schedule 3.13 — Contracts

Schedule 3.16 — Litigation

Schedule 3.17 — Employees

Schedule 3.19 — Employee Benefits

Schedule 3.20 — Environmental Matters

Schedule 3.21 — Related Party Transactions

Schedule 3.25 — Principal Customers/Principal Providers

Schedule 4.3 — Encumbrances on Shares

Schedule 4.7 — No Actions

Schedule 6.1(b) — Liens

Schedule 6.1(d) — Other Permitted Contracts

Schedule 6.1(e) — Wage or Salary Increases

Schedule 8.1(a)(v) — Required Consents

 

		
	* 	The Exhibits and  Schedules to this  agreement have not been
filed with this agreement. Pursuant to Item 601(b)(2) of Regulation S-K, such documents are
immaterial to an investment decision. A copy of any of these omitted documents will be
furnished  to the Commission by Telvent upon the Commission’s request. 

iv

 

STOCK PURCHASE AGREEMENT

     This STOCK PURCHASE AGREEMENT (together with any amendments or supplements hereto, this
“Agreement”) is entered into as of September 15, 2008, by and among Telvent Export, S.L., a
company organized under the laws of Spain (“Buyer”), DTN Holding Company, Inc., a
corporation incorporated under the laws of the State of Delaware (the “Company”), GSC
Recovery IIA, L.P., a limited partnership formed under the laws of the State of Delaware, as the
Sellers’ Representative and the stockholders of the Company executing this Agreement on the
signature pages hereto (such stockholders being collectively referred to as “Sellers,” each
being a “Seller”).

RECITALS

     WHEREAS, Sellers desire to sell, and Buyer desires to purchase, 100% of the issued and
outstanding shares of capital stock of the Company for the consideration and on the terms and
conditions set forth in this Agreement.

     NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and
intending to be legally bound, the parties to this Agreement hereby agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.1 Definitions.

     The following terms shall have the following meanings for purposes of this Agreement:

     “AAA” has the meaning set forth in Section 12.7(b).

     “Accounting Firm” has the meaning set forth in Section 2.3(h).

     “Affiliate” of any Person means any other Person controlling, controlled by or under
common control with the first Person, where “control” means the possession, directly or indirectly,
of the authority, solely or on a shared basis, to direct the management and policies of a Person,
whether through the ownership of voting securities or otherwise.

     “After-Tax Proceeds” means the after-tax proceeds for each Employee Stockholder
following the sale of the Class C Common Stock (including shares of Class C Common Stock resulting
from the exercise of Class C Options, calculated net of the exercise price paid or deemed to be
paid hereunder with respect to such Class C Options, on the Closing Date) hereunder calculated
using the assumed marginal tax rates set forth on Exhibit A1 attached hereto and
incorporated herein by reference.

     “Agents” has the meaning set forth in Section 7.1.

 

			
	1	 	This exhibit will define holders by each class and
then, for purposes of the closing calculations, an individual schedule will be
prepared for each stockholder.

 

 

     “Aggregate Company Withholding Taxes” means an amount equal to the aggregate of the
Company Withholding Taxes of all the Sellers for which the Company is required to withhold a
portion of the Closing Cash Payment under applicable Law.

     “Aggregate Escrow Amount” means an amount equal to the aggregate of the Non-Employee
Seller Escrow Amounts of the Class A Stockholders, the Class B Stockholders and the Non-Employee
Class C Stockholders.

     “Aggregate Escrow Funds” means, on any date, the Aggregate Escrow Amount less
(i) the Paid Escrow Percentage multiplied by (A) the amounts the Buyer is entitled to
receive pursuant to the terms of the Escrow Agreement resulting from indemnification claims made by
Buyer prior to such date, plus (B) the amounts reserved for any pending claims for
indemnification, in each case made by Buyer pursuant to Section 9.2 hereof, less (ii) any
amounts released prior to such date pursuant to Section 2.2(d).

     “Agreement” has the meaning set forth in the Preamble to this Agreement.

     “Annex” means Annex Holdings Corporation, a Delaware corporation.

     “Annex Holdings” means Annex Holdings I, LP, a Cayman limited partnership, and the
owner of all the issued and outstanding shares of the common stock of Annex.

     “Annex Stock” means all of the issued and outstanding shares of capital stock of
Annex.

     “Annex Transaction” means the transaction pursuant to which (i) the Company agrees to
purchase all of the Annex Stock, (ii) the Company, in consideration of its purchase of the Annex
Stock, shall issue to Annex Holdings 20,527 shares of Class A Common Stock and 1,081 shares of
Class B Common Stock and (iii) Annex shall thereafter be merged with and into the Company, all on
terms in accordance with the Share Exchange Agreement, dated as of the date hereof, between the
Company and Annex Holdings.

     “Arbitration Dispute” means all disputes arising out of or relating to this Agreement
or the other Transaction Documents or the breach, termination, or validity thereof, or the parties’
performance hereunder or thereunder, involving amounts less than Two Million Five Hundred Thousand
Dollars ($2,500,000.00) and excluding any action for specific performance or other equitable remedy
arising out of or relating to Article II of this Agreement, Article VIII of this Agreement, the
Escrow Agreement or any claims for fraud, intentional misrepresentation or an intentional and
knowing breach of a covenant set forth in this Agreement.

     “Asset Sale” means a sale, lease or sub-lease (as lessor or sublessor), sale and
leaseback, assignment, conveyance, transfer or other disposition to, or any exchange of property
with, any Person, in one transaction or a series of transactions, of all or any part of any of the
Company or any of its Subsidiaries’ businesses, assets or properties of any kind, whether real,
personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired,
including, without limitation, the capital stock of any of the Company’s Subsidiaries, other than
(i) inventory (or other assets) sold or leased in the Ordinary Course of Business (excluding any
such sales by operations or divisions discontinued or to be discontinued), and (ii) sales of other
assets for aggregate consideration of less than $1,000,000 in the aggregate during any fiscal year.

2

 

     “Average Net Working Capital” means the (i) sum of the Net Working Capital as
calculated on the Closing Balance Sheet and as calculated on the last calendar day of each of the
eleven (11) calendar months ending prior to the Closing Date, divided by (ii) twelve (12).

     “Base Payment” has the meaning set forth in Section 2.3(a)(iv).

     “Benefit Plans” has the meaning set forth in Section 3.19(a).

     “Blackstone” means The Blackstone Group L.P.

     “Borrowed Indebtedness” means all indebtedness for borrowed money outstanding on the
Closing Date (including, without limitation, all indebtedness under the Existing Credit Agreement,
accrued interest thereunder, the fair value, as determined and evidenced in writing by Goldman
Sachs Credit Partners L.P. on the Closing Date, of financial derivatives associated therewith).

     “Business Day” means any day that is not a Saturday, Sunday or other day on which
banks are required or authorized by Law to be closed in the cities of Madrid, Spain; Omaha,
Nebraska; or New York, New York.

     “Buyer” has the meaning set forth in the Preamble to this Agreement.

     “Bylaws of the Company” means the Amended and Restated By-Laws of the Company,
effective as of June 1, 2006.

     “Capital Leases” means any lease of any property (whether real, personal or mixed)
that, in conformity with GAAP, is or should be accounted for as a capital lease.

     “Cash” means all cash and Cash Equivalents.

     “Cash Equivalents” means:

	 	(a)	 	Marketable direct obligations issued or unconditionally
guaranteed by the United States government and backed by the full faith and
credit of the United States government;

	 	(b)	 	Domestic and Eurodollar certificates of deposit and time
deposits, bankers’ acceptances and floating rate certificates of deposit issued
by any commercial bank organized under the laws of the United States, any
foreign bank, or its branches or agencies, the long-term indebtedness of which
institution at the time of acquisition is rated A- (or better) by S&P or A3 (or
better) by Moody’s, and which certificates of deposit and time deposits, in
currencies other than U.S. Dollars, are fully protected against currency
fluctuations for any such deposits with a term of more than ninety (90) days;

	 	(c)	 	Shares of money market, mutual or similar funds having assets
in excess of U.S. $100,000,000, and the investments of which are limited to

3

 

	 	 	 	(i) investment grade securities (e.g., securities rated at least Baa by Moody’s
or at least BBB by S&P) and (ii) commercial paper of United States and
foreign banks and bank holding companies and their subsidiaries and United
States and foreign finance, commercial industrial or utility companies
which, at the time of acquisition, are rated A-1 (or better) by S&P or P-1
(or better) by Moody’s (all such institutions being “Qualified
Institutions”); and

	 	(d)	 	Commercial paper of Qualified Institutions; provided that the
maturities of such Cash Equivalents shall not exceed three hundred sixty-five
(365) days from the date of acquisition thereof.

     “Cause” means:

          (a) a Employee Stockholder’s material breach of this Agreement which continues after the
thirtieth (30th) day after the delivery by Buyer of written notice to such Employee Stockholder of
such breach, during which period such Employee Stockholder shall have an opportunity to cure such
breach; or

          (b) conduct involving

     (i) fraud, embezzlement or other material misappropriation of funds or property
of the Company or any of its Subsidiaries or Affiliates;

     (ii) the indictment for any felony;

     (iii) any gross misconduct that is injurious, directly or indirectly, to the
Company or any of its Subsidiaries or Affiliates;

     (iv) willful failure or refusal to perform the Employee Stockholder’s duties in
connection with his or her employment with the Company or any of its Subsidiaries or
Affiliates;

     (v) intentional falsification of records of the Company or any of its
Subsidiaries or Affiliates;

     (vi) an unauthorized use or disclosure of confidential information or trade
secrets to the material detriment of the Company or any of its Subsidiaries or
Affiliates; provided, however, this subsection (vi) shall not
include the use or disclosure of confidential information or trade secrets in the
Employee Stockholder’s good faith performance of his or her duties or
responsibilities for the Company; or

     (vii) breach of any non-competition or non-solicitation covenant with respect
to the Company or any of its Subsidiaries or Affiliates,

provided, however, that Cause shall not be deemed to exist under
clause (iv) hereof unless the Company shall have given the Employee Stockholder
written

4

 

notice specifying in reasonable detail the acts or omissions that the Company
alleges would constitute Cause and the Employee Stockholder fails to cure any such
act or omission within five (5) Business Days after delivery of notice.

     “Certificate of Incorporation” means the Restated Certificate of Incorporation of the
Company effective June 1, 2006, as amended on March 22, 2007 and February 26, 2008, as reflected in
the records of the Delaware Secretary of State.

     “Chairman” has the meaning set forth in Section 12.7(b).

     “Claims Notice” has the meaning set forth in Section 9.1.

     “Class A Common Stock” means the shares of capital stock of the Company, par value
$0.01 per share, designated as “Class A Common Stock” in the Certificate of Incorporation, other
than any shares of the Company owned by the Company or any of its Subsidiaries.

     “Class A Stockholder” means any holder of Class A Common Stock.

     “Class B Common Stock” means the shares of capital stock of the Company, par value
$0.01 per share, designated as “Class B Common Stock” in the Certificate of Incorporation.

     “Class B Stockholder” means any holder of Class B Common Stock.

     “Class C Common Stock” means the shares of capital stock of the Company, par value
$0.01 per share, designated as “Class C Common Stock” in the Certificate of Incorporation.

     “Class C Options” means the options to purchase shares of Class C Common Stock set
forth in the signature page of each holder of Class C Common Stock.

     “Class C Stockholder” means any holder of Class C Common Stock.

     “Closing” has the meaning set forth in Section 2.5.

     “Closing Balance Sheet” has the meaning set forth in Section 2.4(a).

     “Closing Cash Payment” means (a) the Equity Value plus (b) an amount equal to
the aggregate exercise price payable upon exercise of the Class C Options.

     “Closing Date” has the meaning set forth in Section 2.5.

     “Closing Date Purchased Stock” means the sum of (i) 100% of the issued and outstanding
shares of the Class A Common Stock of the Company, (ii) 100% of the issued and outstanding shares
of the Class B Common Stock of the Company, and (iii) 100% of the shares of Class C Common Stock
(including the shares of Class C Common Stock resulting from the exercise of all of the Class C
Options).

     “Closing Statement” has the meaning set forth in Section 2.4(a).

     “Code” means the Internal Revenue Code of 1986, as amended.

5

 

     “Common Stock” means, collectively, the Class A Common Stock, the Class B Common Stock
and the Class C Common Stock.

     “Company” has the meaning set forth in the Preamble to this Agreement.

     “Company Intellectual Property” has the meaning set forth in Section 3.12(a)(i).

     “Company Transaction Expenses” means all expenses of the Company and its Subsidiaries
incurred in connection with the negotiation, preparation, execution or consummation of the
transactions contemplated by this Agreement, including fees and disbursements of attorneys,
accountants, financial advisors and other advisors and service providers (including, without
limitation, Blackstone and its Affiliates).

     “Company Withholding Taxes” mean, for each Seller for which the Company is required to
withhold a portion of such Seller’s Closing Cash Payment under applicable Laws, the amount of such
withholding.

     “Competition Filings” means any filings required to be made under any applicable
Competition Law.

     “Competition Law” means the Sherman Antitrust Act of 1890, as amended, the Clayton
Antitrust Act of 1914, as amended, the HSR Act, the Federal Trade Commission Act, as amended, the
Council Regulation No. 4064/89 of the European Community, and all other federal, state, and foreign
statutes, rules, regulations, orders, decrees, administrative and judicial doctrines, and other
Laws that are designed or intended to prohibit, restrict or regulate actions having the purpose or
effect to the monopolization or restraint of trade or creation of cartels.

     “Confidential Information” means the terms of this Agreement and any and all
information, whether communicated orally or in any physical form, including without limitation,
written documents, drawings, models, photographs, sketches, diskettes, magnetic tapes and other
electromagnetic forms, concerning finances, technologies, formulae, data, business methods,
business strategies, operational procedures, tax matters, business manuals, contracts, budgets,
marketing plans, future expansion plans, relationships with third parties, customer lists and
information, financial statements, present and proposed products, trade secrets, computer software
programs and descriptions of functions and features of software, source code, information regarding
suppliers, employees and affiliates and all other information which is provided hereunder, together
with such portions of analyses, compilations, studies, or other documents, prepared by or for the
party receiving such information which is derived from information provided by the disclosing
party; provided, however, that “Confidential Information” shall not include
information that: (a) is now or subsequently becomes generally available to the public through no
fault or breach on the part of a party receiving such Confidential Information; (b) a receiving
party can demonstrate to have had rightfully in its possession prior to disclosure by the
disclosing party; (c) is independently developed by a receiving party without the use of any
Confidential Information of the disclosing party; or (d) the receiving party rightfully obtains
from a third party who can demonstrate to the receiving party that such third party has the right
to transfer or disclose the Confidential Information.

6

 

     “Consent” means any consent, approval, authorization, clearance, exception, waiver or
similar affirmations by any Person pursuant to a contract, Law, Order or Permit.

     “Consolidated Interest Expense” means, for any period, total interest expense in
accordance with GAAP (including that portion attributable to Capital Leases and capitalized
interest) of the Company and its Subsidiaries on a consolidated basis with respect to all
outstanding Indebtedness of the Company and its Subsidiaries, including all commissions, discounts
and other fees and charges owed with respect to letters of credit and net costs under interest rate
agreements.

     “Consolidated Net Income” means, for any period, (i) the net income (or loss) of the
Company and its Subsidiaries on a consolidated basis for such period taken as a single accounting
period determined in conformity with GAAP, minus (ii) (a) the income (or loss) of any Person (other
than a Subsidiary of the Company) in which any other Person (other than the Company or any of its
Subsidiaries) has a joint interest, except to the extent of the amount of dividends or other
distributions actually paid to the Company or any of its Subsidiaries by such Person during such
period, (b) the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of
the Company or is merged into or consolidated with the Company or any of its Subsidiaries or that
Person’s assets are acquired by the Company or any of its Subsidiaries, (c) the income of any
Subsidiary of the Company to the extent that the declaration or payment of dividends or similar
distributions by that Subsidiary of that income is not at the time permitted by operation of the
terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or
governmental regulation applicable to that Subsidiary, (d) any after-tax gains or losses
attributable to Asset Sales or returned surplus assets of any ERISA Plan, and (e) (to the extent
not included in clauses (a) through (d) above) any net extraordinary gains or net extraordinary
losses.

     “Contracts” has the meaning set forth in Section 3.13.

     “Damages” has the meaning set forth in Section 9.2.

     “Deferred Notice” has the meaning set forth in Section 2.2(b).

     “Deferred Payment Escrow Agreement” has the meaning set forth in Section 2.2(c).

     “Deferred Payment Letter of Credit” has the meaning set forth in Section 2.2(c).

     “Deferred Percentage” has the meaning set forth in Section 2.2(b).

     “Deferred Proceeds” means, for each Employee Stockholder, an amount equal to the
product of (i) the After-Tax Proceeds of such Employee Stockholder multiplied by
(ii) the Deferred Percentage of such Employee Stockholder.

     “Defined Benefit Plans” has the meaning set forth in Section 3.19(f).

     “Disability” means the physical or mental incapacity which renders an Employee
Stockholder incapable of performing the essential functions of the employment-related duties

7

 

required of such Employee Stockholder for 120 or more consecutive days or 270 days out of any
360-day period.

     “DOJ” has the meaning set forth in Section 6.5(b)(iii)(B).

     “Drop Dead Date” has the meaning set forth in Section 11.1(d).

     “EBITDA” means, for any period, an amount determined for the Company and its
Subsidiaries, on a consolidated basis, in accordance with GAAP as in effect on the Closing Date,
and consistent with Company GAAP practices as in effect as of the Closing Date, equal to (i)
Consolidated Net Income plus (ii) the sum, without duplication, of the amounts for such
period of (a) Consolidated Interest Expense, (b) provisions for taxes based on income, (c) total
depreciation expense, (d) total amortization expense (including, without limitation, amortization
or writeoff of debt discount and debt issuance costs and commissions, discounts and other fees and
charges associated with Indebtedness and amortization of intangibles, including, without
limitation, goodwill), (e) other non-cash items reducing Consolidated Net Income (excluding any
such non-cash item to the extent that it represents an accrual or reserve of operating assets or
liabilities that are for potential cash items in any future period or amortization of a prepaid
cash item that was paid in a prior period), and (f) compensation expense recognized by Company in
accordance with GAAP as a result of the Post-Closing Payment described in Section 2.3, below,
minus (iii) other non-cash items increasing Consolidated Net Income for such period
(excluding any such non-cash item to the extent it represents the reversal of an accrual or reserve
of operating assets or liabilities that are potential cash items in any prior period). Revenues
and expenses arising from joint collaborative agreements with Buyer or any of its subsidiaries or
Affiliates shall remain in the computation of Consolidated Net Income and shall not be adjusted for
purposes of determining EBITDA. Notwithstanding the foregoing, the following shall not be included
in the calculation of EBITDA:

	 	(a)	 	any direct or allocated expenses, overhead expenses, or
intercompany or corporate charges of Buyer or its Affiliates (other than the
Company and its Subsidiaries);

	 	(b)	 	any expenses incurred related to re-branding the Company (for
example, from “DTN” to “DTN, a Telvent company” or any such similar name);

	 	(c)	 	any extraordinary, unusual or non-recurring gains, losses or
expenses not incurred by the Company or its Subsidiaries in the Ordinary Course
of Business, including all Company Transaction Expenses;

	 	(d)	 	any income or expenses related to the acquisition of the
Company and its Subsidiaries by Buyer;

	 	(e)	 	any income or expense related to the Annex Transaction; and

	 	(f)	 	any income or expense resulting from acquisitions by the
Company or any of its Subsidiaries of any business after the Closing Date.

8

 

     “EBITDA Target” means for each fiscal year set forth below, the amount of EBITDA as
set forth opposite such year:

	 	•	 	Fiscal year ending December 31, 2009: U.S. $63.6 million

	 	•	 	Fiscal year ending December 31, 2010: U.S. $70.3 million

	 	•	 	Fiscal year ending December 31, 2011: U.S. $76.3 million

     “Employee Portion of the NWC Shortfall” means an amount equal to the product
of (i) the NWC Shortfall multiplied by (ii) a fraction, the numerator of which is the
number of shares of Common Stock (including shares resulting from the exercise of Class C Options)
of all Employee Stockholders, and the denominator of which is the number of shares of Common Stock
(including shares resulting from the exercise of Class C Options) issued and outstanding on the
Closing Date.

     “Employee Pro Rata Portion” means, for any Employee Stockholder, a fraction, the
numerator of which is the amount of Deferred Proceeds of such Employee Stockholder and the
denominator of which is the aggregate amount of Deferred Proceeds of all Employee Stockholders.

     “Employee Stockholders” means the Class C Stockholders listed on Schedule
1.1(a).

     “Employee Stockholder Committee” has the meaning set forth in Section 2.3(f)(v).

     “Encumbrance” means any charge, claim, condition, equitable interest, assignment,
mortgage, lien, option, pledge, security interest, or other charge, encumbrances or restriction of
any kind, including any conditional sale or other title retention agreement and any lease in the
nature thereof, restriction on use, voting, transfer, receipt of income, or exercise of any other
attribute of ownership or any option, right of first refusal, pre-emptive right, or other right of
third parties, whether voluntarily incurred or arising by operation of law, and includes, without
limitation, any agreement to give any of the foregoing in the future.

     “Enterprise Value” means U.S. $445,000,000.

     “Environmental, Health, and Safety Requirements” means all Laws and Orders of all
Governmental Entities and all contractual obligations concerning public health and safety, worker
health and safety, and pollution or protection of the environment, including all those relating to
the presence, use, production, generation, handling, transportation, treatment, storage, disposal,
distribution, labeling, testing, processing, discharge, release, threatened release, control, or
cleanup of any Hazardous Materials, substances or wastes, chemical substances or mixtures,
pesticides, pollutants, contaminants, toxic chemicals, petroleum products or byproducts, asbestos,
polychlorinated biphenyls, noise or radiation, each as amended and as now or hereafter in effect.

     “Equity Value” means (a) the Enterprise Value, plus (b) Cash of the Company
and its Subsidiaries on the Closing Date and less (c) the aggregate amount of Borrowed
Indebtedness of

9

 

the Company and its Subsidiaries and less (d) any Company Transaction Expenses
identified pursuant to Section 2.6(b)(ix).

     “ERISA” has the meaning set forth in Section 3.19(a).

     “ERISA Affiliate” has the meaning set forth in Section 3.19(a).

     “ERISA Plans” has the meaning set forth in Section 3.19(a).

     “Escrow Account” has the meaning set forth in Section 2.2(d).

     “Escrow Agent” has the meaning set forth in Section 2.2(c).

     “Escrow Agreement” has the meaning set forth in Section 2.2(d).

     “Escrow Letter of Credit” has the meaning set forth in Section 2.2(d).

     “Excess NWC” has the meaning set forth in Section 2.4(b).

     “Excess NWC Threshold” means ninety percent (90%) of the Average Net Working Capital.

     “Existing Credit Agreement” means the Amended and Restated First Lien Credit and
Guaranty Agreement, dated as of March 16, 2007, among DTN, Inc., as Borrower, the Company and
certain subsidiaries of the Company, as Guarantors, Goldman Sachs Credit Partners L.P. as Lead
Arranger, Sole Bookrunner and Sole Syndication Agent, General Electric Capital Corporation, as
Administrative Agent and Collateral Agent and the various Lenders thereto.

     “Final Premium Statement” has the meaning set forth in Section 2.3(h).

     “Financial Statements” has the meaning set forth in Section 3.3.

     “Fraction” has the meaning set forth in Section 2.3(a)(v).

     “FTC” has the meaning set forth in Section 6.5(b)(iii)(B).

     “GAAP” means United States generally accepted accounting principles, applied on a
consistent basis.

     “Good Reason” means, with respect to an Employee Stockholder, the Company’s material
breach of any employment agreement with such Employee Stockholder which continues after the
thirtieth (30th) day after the delivery by the Employee Stockholder of written notice to Buyer of
such breach, during which period Buyer shall have an opportunity to cure such breach; provided that
an Employee Stockholder shall not be permitted to terminate his or her employment for Good Reason
if the breach is not susceptible to immediate cure and during any period in which the Company is
diligently pursuing such cure.

10

 

     “Governmental Entity” means any federal, state, local, domestic, foreign or
supranational government or any court of competent jurisdiction, regulatory or administrative
agency or commission or other governmental authority, whether federal, state, local, domestic or
foreign.

     “Hazardous Materials” mean (a) any element, compound or chemical that is
characterized, regulated or defined as a contaminant, pollutant, waste, hazardous or extremely
hazardous substance, or a hazardous, medical, biohazardous, infectious or special waste under
Environmental, Health, and Safety Requirements; (b) petroleum, petroleum-based or petroleum-derived
products; (c) polychlorinated biphenyls; (d) any substance exhibiting a hazardous waste
characteristic including, but not limited to corrosivity, ignitibility, toxicity or reactivity, as
well as any radioactive or explosive materials; and (e) any asbestos or asbestos-containing
materials.

     “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

     “Income Taxes” means federal, state, local and foreign taxes payable on taxable income
of the Company and its Subsidiaries (including, for the avoidance of doubt, franchise taxes
calculated on a gross receipts or gross profits basis or in lieu of taxes payable on income), and
shall not include any other Taxes payable by the Company or its Subsidiaries.

     “Indebtedness,” as applied to any Person, means, without duplication:

	 	(a)	 	all indebtedness of such Person for borrowed money;

	 	(b)	 	that portion of obligations with respect to Capital Leases that
is properly classified as a liability on a balance sheet in conformity with
GAAP;

	 	(c)	 	notes payable and drafts accepted representing extensions of
credit whether or not representing obligations for borrowed money;

	 	(d)	 	any obligation owed by such Person for all or any part of the
deferred purchase price of property or services (excluding any such obligations
incurred under ERISA or customer service agreements), which purchase price is
(i) due more than nine months from the date of incurrence of the obligation in
respect thereof or (ii) evidenced by a note or similar written instrument;

	 	(e)	 	all indebtedness secured by any Encumbrance on any property or
asset owned or held by that Person regardless of whether the indebtedness
secured thereby shall have been assumed by that Person or is nonrecourse to the
credit of that Person;

	 	(f)	 	the face amount of any letter of credit issued as to which that
Person is otherwise liable for reimbursement of drawings;

	 	(g)	 	the direct or indirect guaranty, endorsement (otherwise than
for collection or deposit in the Ordinary Course of Business), co-making,
discounting

11

 

	 	 	 	with recourse or sale with recourse by such Person of the obligation of
another;

	 	(h)	 	any obligation of such Person the primary purpose or intent of
which is to provide assurance to an obligee that the obligation of the obligor
thereof will be paid or discharged, or any agreement relating thereto will be
complied with, or the holders thereof will be protected (in whole or in part)
against loss in respect thereof, in each case, to the extent such obligation is
indebtedness on the balance sheet of such Person;

	 	(i)	 	any liability of such Person for an obligation of another
through any agreement (contingent or otherwise) (i) to purchase, repurchase or
otherwise acquire such obligation or any security therefor, or to provide funds
for the payment or discharge of such obligation (whether in the form of loans,
advances, stock purchases, capital contributions or otherwise) or (ii) to
maintain the solvency or any balance sheet item, level of income or financial
condition of another if, in the case of any agreement described under
subclauses (i) or (ii) of this clause (i), the primary purpose or intent
thereof is as described in clause (h) above, in each case, to the extent such
obligation is indebtedness on the balance sheet of such Person; and

	 	(j)	 	all obligations of such Person in respect of any exchange
traded or over the counter derivative transaction, including, without
limitation, any interest rate agreement and currency agreement, whether entered
into for hedging or speculative purposes; provided, that Indebtedness shall
exclude any obligation under any operating lease (as determined in accordance
with GAAP).

     “Indemnified Party” has the meaning set forth in Section 9.4(a).

     “Indemnifying Party” has the meaning set forth in Section 9.4(a).

     “Intellectual Property” means (a) all patents and patent applications (including all
provisionals, divisionals, continuations, continuation-in-parts, renewals and reissues), patentable
inventions, patent rights and business methods; (b) all registered and unregistered fictional
business names, trade names, trademarks, service marks, and registered domain names and all
applications filed with the appropriate regulatory authority with respect to any of the foregoing;
(c) registered and unregistered copyrights in both published works and unpublished works and
copyrightable subject matter; (d) all know-how, trade secrets, moral rights, rights of publicity,
author’s rights, customer lists, technical information, data, process technology, industrial
designs, plans, drawings, and blueprints; and (e) all Software, regardless of whether such rights
arise under the Laws of the United States or any state, county or jurisdiction thereof.

     “Interest Rate” means the 90-day London Interbank Offered Rate (“LIBOR”) as of the
Closing Date and adjusted as of the last day of each calendar year, as reported on page 3750 of the
Dow Jones Telerate news service (or any successor reporting service or other commercially available
source providing quotations of LIBOR) as determined by Buyer at approximately

12

 

11:00
a.m. London time two (2) Business Days prior to the relevant date of determination, but in no
event less than four percent (4%) per annum.

     “Knowledge” means, with respect to the Company, the actual awareness of a fact or
other matter by Robert D. Gordon, Richard G. Hallé and John Leiferman, after due and reasonable
inquiry; and means, with respect to Buyer, the actual awareness of a fact or other matter by Manuel
Sánchez Ortega, Manuel Fernández Maza, Javier Garoz Neira, Bárbara Zubiría Furest or Cameron G.
Demcoe, after due and reasonable inquiry.

     “Law” means any code, directive, law, ordinance, regulation, reporting or licensing
requirement, rule or statute applicable to a Person or its assets or business, including those
promulgated, interpreted or enforced by any Governmental Entity.

     “Leased Real Property” has the meaning set forth in Section 3.11(b).

     “Legal Requirement” means any Law or Order of any Governmental Entity.

     “Liability” means any liability (whether known or unknown, whether asserted or
unasserted, whether absolute or contingent, whether accrued or unaccrued, and whether liquidated or
unliquidated), including any liability for Taxes or Indebtedness.

     “Material Adverse Effect” means any event, circumstance, development, change or effect
that, individually or in the aggregate with all other events, circumstances, developments, changes
and effects, is materially adverse to the business, assets, financial condition, or results of
operations of the Company and its Subsidiaries taken as a whole or would reasonably be expected to
prevent or materially delay the consummation of the transactions contemplated by this Agreement or
prevent or materially impair the ability of the Company or any Seller to perform its obligations
hereunder; provided, however, that “Material Adverse Effect” shall not include the
effect of any circumstance, change, development, event or state of facts arising out of or
primarily attributable to any of the following, either alone or in combination:

	 	(a)	 	events, circumstances, changes or effects that generally affect
the industries in which the Company’s customers operate, provided that the
Company and its Subsidiaries, or the industry in which they operate, taken as a
whole, are not disproportionately affected;

	 	(b)	 	any conditions in the United States capital markets, securities
markets or general economy, provided that the Company and its Subsidiaries, or
the industry in which they operate, taken as a whole, are not
disproportionately affected;

	 	(c)	 	any public announcement of this Agreement, the taking of any
action contemplated hereby, the pendency of the transactions contemplated
hereby or of the consummation of the transactions contemplated hereby; and

	 	(d)	 	acts of war (whether or not declared), armed hostilities,
sabotage or terrorism, military actions or the escalation thereof, acts of God
including

13

 

	 	 	 	unusually severe actions of the elements, drought, flood, earthquake,
unusually severe storm, fire, or lightning, or other force majeure events
occurring after the date hereof.

     “Material Real Property Leases” means the Real Property Leases for the real property
located, for street numbering purposes, at (i) 9110 West Dodge Road, Omaha, NE and (ii) 11111 “E”
Circle, Omaha, NE.

     “Most Recent Balance Sheet” means the unaudited consolidated balance sheet as of June
30, 2008 for Company and its Subsidiaries.

     “Multiemployer Plan” has the meaning set forth in ERISA Section 3(37).

     “Net Working Capital” means the total current assets, excluding Cash, of the Company
and its Subsidiaries on a consolidated basis, less the total current liabilities of the Company and
its Subsidiaries on a consolidated basis, excluding any current liabilities for (i) Income Taxes,
(ii) current portion of long-term Borrowed Indebtedness (provided, however, that if any draw down
is made under that certain Clean Irrevocable Letter of Credit No. S08076 issued on February 5, 2008
by Svenska Handelsbanken, New York Branch, for the benefit of Travelers Casualty and Surety Company
of America, on or prior to the Closing Date, then the total amount of such draw down shall be
counted as a current portion of long-term Borrowed Indebtedness for purposes of determining Net
Working Capital), (iii) interest accruing on, and any financial derivative associated with, the
Borrowed Indebtedness, and (iv) the Aggregate Company Withholding Taxes. Net Working Capital shall
calculated in accordance with GAAP and in manner consistent with the calculation of Net Working
Capital on the Form Statement of Net Working Capital set forth on Exhibit B attached hereto.

     “Non-Employee Class C Stockholder” means each holder of Class C Common Stock that is
not an Employee Stockholder.

     “Non-Employee Seller Escrow Amount” means, for each Class A Stockholder, Class B
Stockholder and Non-Employee Class C Stockholder, the aggregate of the number of shares being
purchased from such Class A Stockholder, Class B Stockholder or Non-Employee Class C Stockholder,
multiplied by the Per Share Escrow Amount.

     “Non-Employee Stockholders” means the Class A Stockholders, the Class B Stockholders
and the Non-Employee Class C Stockholders.

     “Non-Material Real Property Leases” means all Real Property Leases except for the
Material Real Property Leases.

     “Notice of Disagreement” has the meaning set forth in Section 2.4(a).

     “NWC Closing Statement” has the meaning set forth in Section 2.4(a).

     “NWC Shortfall” has the meaning set forth in Section 2.4(c).

14

 

     “NWC Shortfall Threshold” means one hundred ten percent (110%) of the Average Net
Working Capital.

     “Option Plan” means that certain DTN Holding Company, Inc. First Amended and Restated
Stock Option Plan effective as of January 31, 2008.

     “Order” means any decree, injunction, judgment, order, ruling, writ, quasi-judicial
decision or award or administrative decision or award of any Governmental Entity to which any
Person is a party or that is or may be binding on any Person or its assets or business.

     “Ordinary Course of Business” means the ordinary course of business of the Company and
its Subsidiaries consistent with past custom and practice or in compliance with applicable Law.

     “Other Bid” has the meaning set forth in Section 6.7.

     “Owned Real Property” has the meaning set forth in Section 3.11(a).

     “Paid Escrow Percentage” means, as of any date, a fraction, the numerator of which is
the aggregate number of shares of Closing Date Purchased Stock purchased from the Class A
Stockholders, the Class B Stockholders and the Non-Employee Class C Stockholders, and the
denominator of which is the aggregate number of shares of Common Stock issued and outstanding as of
the Closing (including any shares of Common Stock issued pursuant to the exercise of the Class C
Options on the Closing Date as contemplated in this Agreement).

     “Per Share Closing Cash Payment” means (i) the Closing Cash Payment, divided by (ii)
the aggregate number of shares (including shares issued upon exercise of the Class C Options) of
Closing Date Purchased Stock.

     “Per Share Escrow Amount” means ten percent (10%) of the Per Share Closing Cash
Payment.

     “Permits” means certificates, licenses, permits and variances issued by, obtained or
required to be obtained from any Governmental Entity.

     “Permitted Encumbrances” means:

	 	(a)	 	Encumbrances set forth on Schedule 1.1(b);

	 	(b)	 	any Encumbrance for Taxes, fees, assessments or other charges
or levies by any Governmental Entity, either (i) not due, payable or delinquent
(or which may be paid without interest or penalties) or (ii) being contested in
good faith;

	 	(c)	 	mechanics’, carriers’, workers’, repairers’, cashiers’,
landlords’, warehousemen’s and other similar Encumbrances arising or imposed by
Law, and incurred in the Ordinary Course of Business for amounts not yet due
and payable, or pledges, deposits or other liens securing the

15

 

	 	 	 	performance of bids, trade contracts, leases or statutory obligations
(including workers’ compensation, unemployment insurance or other social
security legislation);

	 	(d)	 	all leases to which the Company or any of its Subsidiaries is a
party;

	 	(e)	 	matters which would be disclosed by an accurate survey or
inspection of real property which do not impair the occupancy or current use of
the Real Property they encumber;

	 	(f)	 	Encumbrances incurred in the Ordinary Course of Business in
connection with workers’ compensation, unemployment insurance and other types
of social security, or to secure the performance of tenders, statutory
obligations, surety and appeal bonds, bids, leases, government contracts, trade
contracts, performance and return-of-money bonds and other similar obligations
(exclusive of obligations for the payment of borrowed money or other
Indebtedness), so long as no foreclosure, sale or similar proceedings have been
commenced with respect to any portion of property on account thereof that have
not been dismissed within 30 days;

	 	(g)	 	purported Encumbrances evidenced by the filing of precautionary
UCC financing statements relating solely to operating leases (under GAAP) of
personal property entered into in the Ordinary Course of Business;

	 	(h)	 	Encumbrances in favor of customs and revenue authorities
arising as a matter of Law to secure payment of customs duties in connection
with the importation of goods;

	 	(i)	 	Encumbrances described in Schedule 6.1(b);

	 	(j)	 	licenses of Company Intellectual Property granted by the
Company in the Ordinary Course of Business; and

	 	(k)	 	zoning, entitlement, conservation restriction and other land
use and environmental regulations by Governmental Entities, and exceptions,
restrictions, easements, imperfections of title, charges, rights-of-way that do
not materially interfere with the present use of the Real Property or the
marketability of the title to the Owned Real Property.

     “Person” means an individual, a partnership, a corporation, a limited liability
company, an association, a joint stock company, a trust, a joint venture, an unincorporated
organization, any other entity, or a governmental entity (or any department, agency, or political
subdivision thereof).

     “Post-Closing Payment” has the meaning set forth in Section 2.3(a).

     “Post-Closing Tax Period” has the meaning set forth in Section 10.2(b)(i).

16

 

     “Pre-Closing Returns” has the meaning set forth in Section 10.1.

     “Pre-Closing Tax Period” has the meaning set forth in Section 10.2(a).

     “Preferred Stock” means the shares of capital stock of the Company, par value $0.01
per share, designated as “Preferred Stock” in the Certificate of Incorporation.

     “Premium” has the meaning set forth in Section 2.3(a)(v).

     “Premium Dispute Notice” has the meaning set forth in Section 2.3(h).

     “Premium Settlement Date” means the date that the Premium Statement becomes final and
binding pursuant to Section 2.3(h).

     “Premium Statement” has the meaning set forth in Section 2.3(h).

     “Principal Customers” has the meaning set forth in Section 3.25.

     “Principal Providers” has the meaning set forth in Section 3.25.

     “Prior Period Returns” has the meaning set forth in Section 10.1.

     “Pro Rata Portion” means, for any such Seller, a fraction, the numerator of which is
the number of shares of Closing Date Purchased Stock sold by such Seller pursuant to this
Agreement, and the denominator of which is the aggregate number of shares of Common Stock issued
and outstanding as of the Closing Date.

     “Pro Rata Portion of the Unpaid Damage Claims” means an amount for each Employee
Stockholder equal to (i) the Unpaid Damage Claims multiplied by a fraction, the numerator of which
is the number of shares of Closing Date Purchased Stock (after exercise of all Class C Options)
sold by such Employee Stockholder on the Closing Date, and the denominator of which is the number
of shares of Common Stock issued and outstanding (after exercise of all Class C Options) on the
Closing Date.

     “Proceeding” means any action, arbitration, audit, charge, claim, complaint, demand,
hearing, investigation, litigation, notice, or suit (whether civil, criminal, administrative,
investigative, or informal) commenced, brought, conducted, or heard by or before any court or
quasi-judicial or administrative agency of any Governmental Entity or before any arbitrator.

     “Real Property” means the Leased Real Property and the Owned Real Property.

     “Real Property Leases” has the meaning set forth in Section 3.11(b).

     “Reference Date” has the meaning set forth in Section 3.4.

     “Registered Intellectual Property” means all Intellectual Property that is registered
or filed with any Governmental Entity, including all patents, registered copyrights and registered
trademarks, and all applications for any of the foregoing.

17

 

     “Release” means any release, spill, emission, discharge, leaking, pumping, injection,
deposit, disposal, dispensed, leaching or migration into the environment (including, without
limitation, ambient air, surface water, groundwater, and surface or subsurface strata) of Hazardous
Materials.

     “Replenishment Amount” has the meaning set forth in Section 2.4(c).

     “Required Consents” means all Consents required from customers, lessors, licensors,
lenders, Governmental Entities or any other Person under (i) the Permits listed on Schedule
3.8, (ii) Material Real Property Leases, (iii) those Contracts required to be disclosed under
Sections 3.13(a), (b), (c), (e), (f), (j), (n) and (o), (iv) any Legal Requirement, or (v) the
licenses required to be set forth in Schedule 3.12(b), in each case relating to the
transfer of Closing Date Purchased Stock to Buyer or the change in control of the Company, as
listed in Schedule 8.1(a)(v); provided, however, that “Required Consents”
shall not include any Consent required under the Existing Credit Agreement.

     “Reverse Break-Up Fee” has the meaning set forth in Section 9.5(b).

     “Securities Act” means the Securities Act of 1933, as amended.

     “Sellers” has the meaning set forth in the Preamble to this Agreement.

     “Sellers’ Representative” has the meaning set forth in Section 7.3(a).

     “Settlement Date” means the date the Closing Statements become final and binding on
the parties pursuant to the provisions of Section 2.4(a).

     “Software” means all computer software programs, interfaces, tools, utilities,
graphics, displays, screens, databases, database layouts and structures and data collections,
including all rights therein and all source code (including annotations) and object code versions
of the foregoing.

     “Straddle Period” has the meaning set forth in Section 10.2(a).

     “Straddle Period Returns” has the meaning set forth in Section 10.2(a).

     “Subsidiary” means any corporation, partnership, limited liability company, or other
entity with respect to which the Company, directly or indirectly, owns a majority of the common
stock, partnership interests, membership interests, or other equity ownership interests, or has the
power to vote or direct the voting of sufficient securities to elect a majority of the directors or
similar governing body.

     “Subsidiary Capital Stock” has the meaning set forth in Section 3.2(b).

     “Tax” means any federal, state, local, or foreign income, gross receipts, license,
payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental
(including taxes under Code Section 59A), customs duties, capital stock, franchise, profits,
withholding, social security (or similar), unemployment, disability, real property, personal

18

 

property, sales, use, transfer, registration, value added, alternative or add-on minimum,
estimated, or other tax of any kind whatsoever imposed by a Governmental Entity, including any
interest, penalty, or addition thereto, whether disputed or not.

     “Tax Distribution” has the meaning set forth in Section 2.3(j).

     “Tax Return” means any return, declaration, report, claim for refund, or information
return or statement relating to Taxes or Income Taxes, including any schedule or attachment
thereto, and including any amendment thereof.

     “Telvent” means Telvent GIT, S.A., a company organized under the laws of Spain.

     “Third-Party Claim” has the meaning set forth in Section 9.4(a).

     “Third-Party Intellectual Property” has the meaning set forth in Section 3.12(b)(i).

     “Transaction” means the sale by Sellers and purchase by Buyer of the Closing Date
Purchased Stock pursuant to the terms of this Agreement.

     “Transaction Documents” means this Agreement and the Escrow Agreement.

     “Unpaid Damage Claims” means the aggregate amount of Damages that Buyer is unable to
collect from the Non-Employee Seller Escrow Amount as a result of the operation of the second
sentence of Section 9.6 hereof.

     Section 1.2 Terms Generally.

     The definitions set forth or referenced in Section 1.1 apply equally to both the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun includes the
corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” will be deemed to be followed by the phrase “without limitation.” The word “or” is not
exclusive. The words “herein,” “hereof” and “hereunder” and words of similar import refer to this
Agreement (including the Exhibits and Schedules) in its entirety and not to any part hereof unless
the context otherwise requires. All references to Articles, Sections, Exhibits and Schedules will
be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement
unless the context otherwise requires. Unless the context otherwise requires, any references to
any agreement or other instrument or statute or regulation are to it as amended and supplemented
from time to time (and, in the case of a statute or regulation, to any successor provisions). Any
reference to a “day” or number of “days” (without the explicit qualifications of “business”) will
be interpreted as a reference to a calendar day or number of calendar days. If any action or
notice is to be taken or given on or by a particular calendar day, and such calendar day is not a
Business Day, then such action or notice will be deferred until, or may be taken or given on, the
next Business Day. All references to dollar amounts in this Agreement and in the other Transaction
Documents shall be references to United States Dollars.

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ARTICLE II

PURCHASE AND SALE OF SHARES; CLOSING

     Section 2.1 Shares.

          (a) Subject to the terms and conditions of this Agreement, at the Closing Sellers will sell
and transfer to Buyer, and Buyer shall purchase from Sellers, the Closing Date Purchased Stock,
consisting of 95,919 shares of Class A Common Stock, 4,081 shares of Class B Common Stock and
18,169 shares of Class C Common Stock.

     Section 2.2 Purchase Price.

     For and in consideration of the sale of 100% of the issued and outstanding shares of Common
Stock, Buyer hereby agrees to pay to, or deliver on behalf of, Sellers the consideration described
in this Section 2.2 on the dates and in the manner set forth below:

          (a) Closing Cash Payment. At the Closing, Buyer shall pay, by wire transfer of
immediately available funds:

     (i) to each Class A Stockholder and to each Class B Stockholder, an amount
equal to (1) the product of (A) the Per Share Closing Cash Payment
multiplied by (B) the number of shares of Class A Common Stock and/or Class
B Common Stock being sold by such Seller on the Closing Date, less (2) an
amount equal to such Seller’s Non-Employee Seller Escrow Amount;

     (ii) to each Non-Employee Class C Stockholder, an amount equal to (1) the
product of (A) the Per Share Closing Cash Payment multiplied by (B)
the number of shares of Class C Common Stock (including, if applicable, those shares
of Class C Common Stock acquired upon exercise of the Class C Options by such
Non-Employee Stockholder on the Closing Date) being sold by such Seller on the
Closing Date less (2) the aggregate exercise price payable by such
Non-Employee Stockholder to the Company upon exercise of the Class C Options on the
Closing Date by such Non-Employee Stockholder, if applicable, less (3) an
amount equal to such Seller’s Non-Employee Seller Escrow Amount, and less
(4) Company Withholding Taxes, as applicable;

     (iii) to each Employee Stockholder, an amount equal to (1) the product
of the Per Share Closing Cash Payment multiplied by the number of shares
of Class C Common Stock (including, if applicable, those shares of Class C Common
Stock acquired upon exercise of the Class C Options by such Employee Stockholder on
the Closing Date) being sold by such Seller on the Closing Date, less (2)
the aggregate exercise price payable by such Employee Stockholder to the Company
upon exercise of the Class C Options on the Closing Date by such Employee
Stockholder, if applicable, less (3) the Deferred Proceeds for such Employee
Stockholder, and less (4) Company Withholding Taxes, as applicable; and

     (iv) to the Company, the Aggregate Company Withholding Taxes.

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          (b) On or before the date that is twenty (20) days after the date hereof, each Employee
Stockholder shall provide written notice (the “Deferred Notice”) to Buyer of the percentage
(the “Deferred Percentage”) of such Employee Stockholder’s After-Tax Proceeds, which
percentage shall not be less than fifty percent (50%), for which payment shall be deferred in
accordance with Section 2.3.

          (c) Deferred Payment Letter of Credit. At the Closing, Buyer shall deposit into an
escrow account, to be established pursuant to the terms of an escrow agreement to be entered into
by and among the Buyer, the members of the Employee Stockholder Committee and an escrow agent
mutually acceptable to the Buyer and the Employee Stockholder Committee (the “Escrow
Agent”) in a form reasonably acceptable to the parties thereto (the “Deferred Payment
Escrow Agreement”) a standby letter of credit issued by Bank of America, NA (the “Deferred
Payment Letter of Credit”), in the amount equal to the aggregate of the Deferred Proceeds of
all of the Employee Stockholders, plus interest accruing on such amount at the Interest Rate from
the Closing Date until December 31, 2011.

          (d) Escrow Account. At the Closing, Buyer shall deposit into an escrow account (the
“Escrow Account”), to be established pursuant to the terms of an escrow agreement to be
entered into by and among Buyer, the Sellers’ Representative and the Escrow Agent in a form
reasonably acceptable to the parties thereto (the “Escrow Agreement”), a standby letter of
credit issued by Bank of America, NA (the “Escrow Letter of Credit”), in an amount equal to
the Aggregate Escrow Amount plus an amount sufficient to cover the interest payments described in
Sections 2.2(d)(i) and 2.2(d)(ii) below. The Aggregate Escrow Amount shall be released on the
dates and in the manner set forth below:

     (i) on the one-year anniversary of the Closing Date, fifty percent (50%) of the
Aggregate Escrow Funds, plus interest on such amount accruing at the Interest Rate
from the Closing Date until such one-year anniversary date, shall be drawn down by
the Escrow Agent under the Escrow Letter of Credit and released to the Non-Employee
Stockholders in accordance with Section 2.2(d)(iv) on such date;

     (ii) on the eighteenth (18th) month anniversary of the Closing Date,
the remaining Aggregate Escrow Funds, plus interest on such amount accruing at the
Interest Rate from the Closing Date until such eighteenth (18th) month
anniversary date, shall be drawn down by the Escrow Agent under the Escrow Letter of
Credit and released to the Non-Employee Stockholders in accordance with Section
2.2(d)(iv) on such date;

     (iii) promptly after settlement of pending indemnification claims, the Escrow
Agent shall draw down from the Escrow Letter of Credit and release to the
Non-Employee Stockholders any amounts, plus interest on such amounts accruing at the
Interest Rate from the Closing Date until such date, which would have been drawn
down and released to the Non-Employee Stockholders pursuant to subparagraphs (i) and
(ii), above, but for such pending claims; and

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     (iv) each Non-Employee Stockholder shall receive a portion of the Aggregate
Escrow Amount plus any interest payable thereon to be released pursuant to
subparagraphs (i), (ii) and (iii) above equal to the product of (A) the then
released portion of the Aggregate Escrow Amount plus any interest payable thereon
and (B) a fraction, the numerator of which is the number of shares of Common Stock
sold by such Non-Employee Stockholder, and the denominator of which is the aggregate
number of shares of Common Stock sold by all Non-Employee Stockholders hereunder.

     Section 2.3 Post-Closing Payment.

          (a) Payment of Post-Closing Payment. Buyer shall pay to each Employee Stockholder at
the times set forth in Section 2.3(b) an amount determined as follows (the “Post-Closing
Payment”):

     (i) the Deferred Proceeds of such Employee Stockholder;

     plus

     (ii) interest on the Deferred Proceeds of such Employee Stockholder accruing at
the Interest Rate from the Closing Date until the date of such payment;

     less

     (iii) such Employee Stockholder’s Pro Rata Portion of the Unpaid Damage Claims,
provided, however, that such amount shall not exceed (A) ten percent (10%) of the
consideration received or deemed to be received by such Employee Stockholder
pursuant to Section 2.2(a)(iii)(1);

     less

     (iv) such Employee Stockholder’s Employee Pro Rata Portion of the NWC Shortfall
(the amount determined pursuant to Sections 2.3(a)(i), (ii), (iii) and (iv) being
hereinafter referred to as the “Base Payment”);

     plus

     (v) an amount (the “Premium”) equal to the product of (i) the sum of
the amounts in (A) Section 2.3(a)(i) and (B) Section 2.3(a)(ii), (ii) seventy-eight
percent (78%) and (iii) a fraction (the “Fraction”), the numerator of which
is the cumulative EBITDA of the Company for the period commencing on January 1, 2009
through December 31, 2011, and the denominator of which is the cumulative EBITDA
Target of the Company for the period commencing on January 1, 2009 through December
31, 2011; provided, however, that in the event that the Fraction is
less than 0.90, then no Premium shall be due and payable;

     less

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     (vi) an amount equal to such Employee Stockholders’ Employee Pro Rata Portion
of any fees of the Accounting Firm allocated to the Employee Stockholders pursuant
to Section 2.3(h) hereof;

     less

     (vii) the amount of any Tax Distributions made to such Employee Stockholder
pursuant to Section 2.3(j) hereof.

          (b) General. Each Employee Stockholder shall be entitled to be paid, in full payment
of such Employee Stockholder’s Deferred Proceeds, the Post-Closing Payment on the times and in the
manner specified in this Section 2.3(b). The Base Payment shall be made on or before December 31,
2011. The Premium shall be paid no later than three (3) Business Days after the Premium Settlement
Date. Notwithstanding the foregoing, Buyer shall be obligated to pay the Base Payment to each
Employee Stockholder, or such Employee Stockholder’s beneficiaries or estate, as appropriate,
promptly after, and in any event within thirty (30) days after the termination of such Employee
Stockholder’s employment with the Company due to his or her death, Disability, termination without
Cause or resignation for Good Reason. Nothing in this Agreement creates or is intended to create,
a fixed term of employment, or a guarantee of employment, express or implied, or to otherwise limit
the parties’ rights to terminate the employment relationship at will with or without cause, and
with or without notice, subject to applicable Law.

          (c) Termination for Death, Disability, Without Cause or for Good Reason. If an
Employee Stockholder’s employment with the Company terminates before December 31, 2011, as a result
of his or her death, Disability, termination without Cause, or resignation for Good Reason, such
Employee Stockholder, or such Employee Stockholder’s beneficiaries or estate, as appropriate, shall
be entitled to receive, to the extent and at the time the Premium is paid to the other Employee
Stockholders, a portion of the Premium equal to the product of (i) the Premium, multiplied by (ii)
a fraction, the numerator of which is the number of days that such Employee Stockholder was
employed by the Company from January 1, 2009 until December 31, 2011, and the denominator of which
is the number of days from January 1, 2009 until December 31, 2011.

          (d) Termination Other Than For Death, Disability, Without Cause or for Good Reason.
If an Employee Stockholder’s employment with the Company terminates for any reason, other than by
reason of his or her death, Disability, termination without Cause or resignation for Good Reason
before December 31, 2011, such Employee Stockholder shall not be entitled to receive the Premium.

          (e) Calculation of EBITDA. The Company and Buyer shall calculate EBITDA of the Company
in good faith and in a manner consistent with the calculation of EBITDA set forth in the form
statement of EBITDA set forth on Exhibit E attached hereto.

          (f) Employee Stockholder Committee.

     (i) Each Employee Stockholder, for itself and its personal representatives and
other successors, hereby severally constitutes and appoints the

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Employee Stockholder Committee, as its agent and attorney-in-fact with full
power and authority in the name of and for and on behalf of each Employee
Stockholder, coupled with an interest, to serve as the Employee Stockholder
Committee under this Agreement to (i) take all such reasonable actions with respect
to this Agreement relating to the Post-Closing Payment, as the Employee Stockholder
Committee shall deem appropriate and (ii) do each and every act and exercise any and
all rights which such Employee Stockholder, or the Employee Stockholders
collectively, are permitted or required to do or exercise under this Agreement;
provided, however, that in no case shall the Employee Stockholder Committee be
entitled to take any such action the effect of which would be to treat any Employee
Stockholder disproportionately to any other Employee Stockholder.

     (ii) The Employee Stockholder Committee shall not be liable for any act done or
omitted hereunder as the Employee Stockholder Committee while acting in good faith,
and any act done or omitted pursuant to the advice of counsel shall be conclusive
evidence of such good faith. The Employee Stockholders hereby severally indemnify
and hold harmless the Employee Stockholder Committee against any loss, liability or
expense incurred without gross negligence or bad faith on the part of the Employee
Stockholder Committee and arising out of or in connection with the acceptance or
administration of its duties under this Agreement or the Escrow Agreement.

     (iii) The Employee Stockholder Committee shall have reasonable access to
information about the Company and Buyer and the reasonable assistance of Company’s
and Buyer’s officers and employees as may be necessary for purposes of performing
its duties and exercising its rights under this Agreement, provided that the
Employee Stockholder Committee shall treat confidentially and not disclose any
nonpublic information from or about Company or Buyer to anyone (except on a
need-to-know basis to individuals who agree in writing to treat such information
confidentially) and Employee Stockholder Committee shall comply with the
confidentiality provisions of this Agreement.

     (iv) A decision, act, consent or instruction of the Employee Stockholder
Committee shall constitute a decision of all of the Employee Stockholders and shall
be final, binding and conclusive upon each such Employee Stockholder, and the Escrow
Agent and Buyer may rely upon any decision, act, consent or instruction of the
Employee Stockholder Committee as being the decision, act, consent or instruction of
each and every such Employee Stockholder. The Escrow Agent and Buyer are hereby
relieved from, and shall be indemnified and held harmless for, any liability to any
Person for any acts done by them in accordance with such decision, act, consent or
instruction of the Employee Stockholder Committee.

     (v) The Employee Stockholder Committee shall be a committee of three Employee
Stockholders (the “Employee Stockholder Committee”) and shall initially be
Robert D. Gordon, John Leiferman and Lori Cocking. Members of the

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Employee Stockholder Committee may be replaced at any time, from time to time,
by a Employee Stockholder reasonably acceptable to Buyer, including in the event of
the death, resignation or incapacity of a member of the Employee Stockholder
Committee, by the written consent of Employee Stockholders (or their successors or
assigns) constituting a majority of the Deferred Proceeds (calculated by dividing
amount of Deferred Proceeds of all Employee Stockholders executing such written
consent by the aggregate amount of Deferred Proceeds of all Employee Stockholders)
of the date of such written consent. Any replacement of a member of the Employee
Stockholder Committee pursuant to this subsection shall become effective upon
delivery of written notice of such change to Buyer.

          (g) Statement of Calculation of EBITDA. Promptly after the Company’s audited financial
statements are available after the end of the fiscal year 2009 and 2010, and in any event before
May 31, each such fiscal year, Buyer shall deliver to the Employee Stockholder Committee, its
calculation of EBITDA for such fiscal year and a statement showing Buyer’s calculation of EBITDA
for each such fiscal year. If the Employee Stockholder Committee disputes the calculation of
EBITDA provided by the Buyer, it shall notify Buyer of such dispute in writing (such notice to set
forth in reasonable detail the component or components of the Premium Statement that are in dispute
and the basis of such dispute) and the Employee Stockholder Committee, and the Buyer shall attempt
to resolve the dispute in good faith. If the dispute cannot be resolved, each of the parties shall
memorialize their calculations of EBITDA.

          (h) Statement of Calculation of Premium. As soon as practicable after December 31,
2011, and in any event within ninety (90) days thereafter, Buyer shall deliver to the Employee
Stockholder Committee a statement showing Buyer’s calculation of the Premium, including its
calculations of the cumulative EBITDA of the Company for the period commencing on January 1, 2009
through December 31, 2011 (the “Premium Statement”). The Employee Stockholder Committee
shall have a period commencing upon delivery of the Premium Statement by Buyer and expiring thirty
(30) days after such delivery date to review the Premium Statement. During such period, Buyer
shall permit the Employee Stockholder Committee and its agents or representatives to have full and
complete access to, and to examine, all work papers and schedules that are or were necessary to
prepare and/or review the Premium Statement, it being the understanding of the parties that the
members of the Employee Stockholder Committee shall perform their review of the Premium Statement
at times and in a manner not in derogation of their duties as employees of the Company. In the
event the Employee Stockholder Committee reasonably and in good faith disputes any determination
contained in the Premium Statement, the Employee Stockholder Committee shall, within thirty (30)
days after delivery of the Premium Statement, deliver a notice to Buyer (the “Premium Dispute
Notice”), setting forth in reasonable detail the component or components of the Premium
Statement, which are in dispute and the basis of such dispute. If the Employee Stockholder
Committee fails to deliver a Premium Dispute Notice to Buyer within thirty (30) days after Buyer’s
delivery of the Premium Statement, then the Employee Stockholders shall be bound by the
calculations contained in the Premium Statement, and the Premium Statement shall be deemed to be
the Final Premium Statement (as defined below). If the Employee Stockholder Committee delivers the
Premium Dispute Notice within such thirty (30) day period, then the Employee Stockholder Committee
and Buyer will negotiate in good faith (with the assistance of their respective independent
accountants and

25

 

counsel, if desired) to resolve any such dispute within thirty (30) days after receipt by the
Buyer of the Premium Dispute Notice. If Buyer and the Employee Stockholder Committee fail to
resolve any such dispute within thirty (30) days after receipt by Buyer of the Premium Dispute
Notice, they shall submit the dispute to a nationally recognized accounting firm mutually
acceptable to Buyer and the Employee Stockholder Committee (the “Accounting Firm”) to
review the Premium Statement. Buyer and the Employee Stockholder Committee shall make available to
the Accounting Firm all work papers and all other information and material in their possession
relating to the matters in the Premium Dispute Notice. Buyer and the Employee Stockholder
Committee will cooperate with the Accounting Firm during the term of its engagement. Buyer and the
Employee Stockholder Committee shall instruct the Accounting Firm not to assign a value to any
disputed items that is outside of the range of values specified by Buyer and Employee Stockholder
Committee (i.e., if Buyer assigns a value of 100 to an item and Employee Stockholder Committee
assigns a value of 50, the Accounting Firm shall not assign a value higher than 100 nor lower than
50). Buyer and the Employee Stockholder Committee shall also instruct the Accounting Firm to make
its determination of the disputed component or components of the cumulative EBITDA based solely on
written submissions by Buyer and the Employee Stockholder Committee which are in accordance with
the guidelines and procedures set forth in this Agreement (i.e., not on the basis of an independent
review) within thirty (30) days following submission of such matters to the Accounting Firm. The
parties hereby expressly agree that the determination of the Accounting Firm shall be final and
binding on the parties (absent fraud or manifest bad faith by the Accounting Firm). The Premium
Statement, as determined by Buyer (if not disputed), or as modified (if at all) by agreement of
Buyer and the Employee Stockholder Committee or by decision of the Accounting Firm, shall be
referred to herein as the “Final Premium Statement.” Each party shall bear its own
expenses and the fees and expenses of its own representatives and experts, including its
independent accountants, in connection with the preparation, review, dispute (if any) and final
determinations contained in the Final Premium Statement. The costs, expenses and fees of the
Accounting Firm shall be borne by the Employee Stockholders, on the one hand, and Buyer, on the
other hand, based on the percentage which the portion of the contested amount not awarded to such
party bears to the amount actually contested by such party.

          (i) Deferred Payment Letter of Credit to Secure Payment of Base Payment. The payment
of the Base Payment shall be secured by the Deferred Payment Letter of Credit.

          (j) Tax Distribution. Prior to the payment of the Post-Closing Payment to each
Employee Stockholder, Buyer shall distribute to such Employee Stockholder, on or prior to January
31st each year, the product of (i) the interest earned on such Employee Stockholder’s
Deferred Proceeds during the preceding year (or portion of such year, if applicable) multiplied
by (ii) the assumed ordinary income marginal tax rates set forth on Exhibit A for such
Employee Stockholder (such product being referred to herein as the “Tax Distribution”).

     Section 2.4 Post-Closing Working Capital Adjustment.

          (a) On or prior to the date that is sixty (60) days following the Closing Date, Buyer shall
prepare and deliver to the Sellers’ Representative (i) an unaudited consolidated balance sheet of
the Company and its Subsidiaries as of the Closing Date (the “Closing Balance Sheet”) and
(ii) a closing statement (in its final and binding form, the “NWC Closing Statement,”

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and, together with the Closing Balance Sheet, the “Closing Statements”) setting forth
the Net Working Capital of the Company and its Subsidiaries on the Closing Date, together with a
complete copy of the work papers used by Buyer and its representatives in preparation of the
Closing Statements. The Closing Statements shall be prepared in accordance with GAAP in a manner
consistent with past practice. The Closing Balance Sheet shall fairly present the consolidated
financial position of the Company and its Subsidiaries as of the Closing Date. The NWC Closing
Statement shall include line items consistent with the form statement of Net Working Capital
attached hereto as Exhibit B. From the date Buyer originally delivers the Closing
Statements and continuing during the period of any dispute with respect to the Closing Statements,
Buyer shall, and shall cause the Company to, provide the Sellers’ Representative with reasonable
access during normal business hours to the books, records (including work papers, schedules,
memoranda and other documents), facilities and employees of the Company who were involved in the
preparation of the Closing Statements. The Closing Statements shall become final and binding upon
the parties fifteen (15) days following the Sellers’ Representatives receipt thereof unless the
Sellers’ Representative gives written notice of its disagreement (a “Notice of
Disagreement”) to Buyer prior to such date. Any Notice of Disagreement shall state each item
to which the Sellers’ Representative takes exception and specify in reasonable detail the nature
and amount of any disagreement so asserted. If a timely Notice of Disagreement is received by
Buyer, then the Closing Statements (as revised in accordance with clause (x) or (y) below) shall
become final and binding upon the parties on the earlier of (x) the date the parties hereto resolve
in writing any differences they have with respect to any matter specified in the Notice of
Disagreement or (y) the date any matters properly in dispute are finally resolved in writing by the
Accounting Firm. During the thirty (30) days immediately following the delivery of a Notice of
Disagreement, the Sellers’ Representative and Buyer shall seek in good faith to resolve in writing
any differences which they may have with respect to any matter specified in the Notice of
Disagreement. At the end of such 30-day period, the Sellers’ Representative and Buyer shall submit
to the Accounting Firm for review and resolution of any and all matters (but only such matters)
which remain in dispute and which were properly included in the Notice of Disagreement. Buyer and
the Sellers’ Representative shall instruct the Accounting Firm to make a final determination of the
items included in the Closing Statements (to the extent such amounts are in dispute) in accordance
with the guidelines and procedures set forth in this Agreement. Buyer and the Sellers’
Representative will cooperate with the Accounting Firm during the term of its engagement. Buyer
and the Sellers’ Representative shall instruct the Accounting Firm not to assign a value to any
disputed items that are outside of the range of values specified by Buyer and Sellers’
Representative (i.e., if Buyer assigns a value of 100 to an item and Sellers’ Representative
assigns a value of 50, the Accounting Firm shall not assign a value higher than 100 nor lower than
50). Buyer and the Sellers’ Representative shall also instruct the Accounting Firm to make its
determination based solely on written submissions by Buyer and the Sellers’ Representative which
are in accordance with the guidelines and procedures set forth in this Agreement (i.e., not on the
basis of an independent review) within thirty (30) days following submission of such matters to the
Accounting Firm. The parties hereby expressly agree that the determination of the Accounting Firm
shall be final and binding on the parties (absent fraud or manifest bad faith by the Accounting
Firm). The fees and expenses of the Accounting Firm pursuant to this Section 2.4(a) shall be borne
by Buyer and the Sellers in inverse proportion to the amount awarded to the parties by the
Accounting Firm as compared to the total amount in dispute, as determined by the

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Accounting Firm. The Sellers and Buyer agree that the process set forth in this Section
2.4(a) shall be the exclusive method to resolve the disagreements set forth in the Notice of
Disagreement.

          (b) If the Net Working Capital of the Company and its Subsidiaries as determined in Section
2.4(a) exceeds the Excess NWC Threshold (the amount by which Net Working Capital exceeds the Excess
NWC Threshold being hereinafter referred to as the “Excess NWC”), Buyer shall pay to each
Seller no later than ten (10) Business Days after the Settlement Date, by delivery of immediately
available funds pursuant to wire instructions delivered to Buyer in writing prior to Closing, or as
specified after the Closing by such Seller in writing, an amount equal to such Seller’s Pro Rata
Portion of the Excess NWC.

          (c) If the Net Working Capital of the Company and its Subsidiaries as determined in Section
2.4(a) is less than the NWC Shortfall Threshold (the amount by which Net Working Capital is less
than the NWC Shortfall Threshold being hereinafter referred to as the “NWC Shortfall”),
then an amount equal to the product of (i) the Paid Escrow Percentage multiplied by
(ii) the NWC Shortfall shall be drawn down by the Escrow Agent under the Escrow Letter of Credit
and released to Buyer or, at the option of Buyer, Buyer may cause the face amount of the Escrow
Letter of Credit to be reduced by the amount of the NWC Shortfall. In the event that the NWC
Shortfall is in excess of $1,000,000 (such excess, the “Replenishment Amount”), each
Non-Employee Stockholder agrees, no later than ten (10) Business Days after the Settlement Date, to
transfer into the Escrow Account, by delivery of immediately available funds pursuant to wire
instructions to be provided by the Escrow Agent, an amount equal to such Non-Employee Stockholder’s
Pro Rata Portion of the Replenishment Amount. The Sellers shall be severally liable for the
obligation to pay Buyer the Replenishment Amount.

     Section 2.5 Closing.

     The closing of the transactions contemplated by this Agreement with respect to the purchase
and sale of the Closing Date Purchased Stock (the “Closing”) shall take place at the
offices of Squire, Sanders & Dempsey L.L.P., 4900 Key Tower, 127 Public Square, Cleveland, OH 44114
at 10:00 a.m., Eastern Daylight Time, on the date which is the later of (i) three (3) Business Days
after the satisfaction or waiver of the closing conditions contained in Article VIII, (ii) as soon
as practicable after the Buyer holds a meeting of its stockholders, such meeting expected to be
held on October 23, 2008, to effect the waiver by Telvent’s stockholders of certain preemptive
rights under Spanish law, or (iii) at such other time and place as the parties may agree in writing
(the “Closing Date”).

     Section 2.6 Closing Obligations.

     At the Closing:

          (a) Each Seller will deliver to the Buyer:

     (i) certificates representing the shares of the Closing Date Purchased Stock
held by such Seller duly endorsed (or accompanied by duly executed stock powers) for
transfer to Buyer, with guaranteed signature, or a duly executed lost stock
affidavit; and

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     (ii) a receipt for such Seller’s portion of the Closing Cash Payment.

          (b) The Company will deliver to the Buyer:

     (i) resignations, effective as of the Closing, of each director of the Company
whom the Buyer shall have specified in writing to the Sellers prior to the Closing;

     (ii) certificates evidencing that the Company and each Subsidiary is in good
standing in all jurisdictions where the Company or each Subsidiary is obligated to
be qualified, dated as of a date not earlier than ten (10) days before the Closing
Date;

     (iii) all Required Consents;

     (iv) a legal opinion of counsel, such counsel to be reasonably acceptable to
Buyer, to the Company, in substantially the form set forth in Exhibit C;

     (v) the certificate referred to in Section 8.1(a)(viii);

     (vi) the statement referred to in Section 10.8;

     (vii) a certificate of an officer of the Company, (i) certifying as complete
and accurate as of Closing the copies of the Certificate of Incorporation and bylaws
of the Company attached to such certificate, (ii) certifying and attaching the
resolutions of the board of directors of the Company authorizing the execution and
delivery of this Agreement and the consummation of the transactions set forth
herein, and (iii) certifying to the incumbency and signatures of the officer of the
Company executing this Agreement and any other documents delivered pursuant to this
Agreement;

     (viii) evidence reasonably satisfactory to Buyer of the exercise of the Class C
Options and the termination of the Option Plan, with each holder of Class C Options
having (i) exercised its Class C Options prior to Closing and paid the exercise
price therefor or (ii) exercised the Class C Options on the Closing Date on a
cashless basis pursuant to Section 2.2 hereof; and

     (ix) a certificate setting forth the amount of Company Transaction Expenses not
paid on or prior to the Closing Date or stating that all Company Transaction
Expenses have been paid.

          (c) The Buyer will deliver to the Sellers and, in the case of (ii) below, the Sellers’
Representative, and in the case of (iii) through (vi) below, the Escrow Agent:

     (i) the Closing Cash Payment;

     (ii) the certificate referred to in Section 8.2(d);

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          (iii) the Escrow Letter of Credit;

          (iv) the Escrow Agreement, executed by Buyer;

          (v) the Deferred Payment Letter of Credit; and

          (vi) the Deferred Payment Escrow Agreement.

          (d) The Escrow Agent will deliver to the Buyer, the Sellers and the Seller’s Representative:

          (i) the Escrow Agreement, executed by Escrow Agent; and

          (ii) the Deferred Payment Escrow Agreement.

          (e) The Sellers’ Representative will deliver to the Buyer and the Sellers the Escrow
Agreement, executed by the Sellers’ Representative.

          (f) The Employee Stockholder Committee will deliver to the Buyer and the Sellers the Deferred
Payment Escrow Agreement, executed by the members of the Employee Stockholder Committee.

ARTICLE III

REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY

     Except as set forth in the disclosure schedules accompanying this Agreement delivered by the
Company, each referencing specifically the applicable representations and warranties (provided that
each matter disclosed in any schedule hereto shall be deemed to be disclosed with respect to any
other section or subsection of this Article III to the extent it is disclosed in such a way as to
make its relevance to such other section or subsection reasonably apparent on its face), the
Company represents and warrants to Buyer as follows:

     Section 3.1 Organization, Qualification and Corporate Power.

     The Company and each Subsidiary is duly organized, validly existing, and in good standing
under the laws of the jurisdiction of its incorporation or organization. The Company and each
Subsidiary is duly qualified to conduct business and is in good standing under the laws of each
jurisdiction in which the failure to be so qualified and in good standing would have a Material
Adverse Effect. The Company and each Subsidiary has all requisite corporate or limited liability
company power, as the case may be, and authority to conduct its business as it is currently being
conducted. The Company has delivered to Buyer or Buyer’s agents correct and complete copies of the
following documents for the Company and each Subsidiary: (a) the articles of incorporation and
bylaws for each corporation, and all amendments thereto; (b) the articles of organization and
operating agreement (or, if applicable, declaration of affairs) for any limited liability company,
and all amendments thereto; and (c) minute books of the Company and DTN, Inc.

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     Section 3.2 Capitalization.

          (a) As of the date hereof, the authorized capital stock of the Company consists of (a) 148,747
shares of Class A Common Stock, of which 97,000 shares are issued and outstanding, (b) 3,150 shares
of Class B Common Stock, of which 3,000 shares are issued and outstanding, (c) 22,526 shares of
Class C Common Stock, of which 15,406 shares are issued and outstanding, and (d) 15,190 shares of
Preferred Stock, of which no shares are issued and outstanding. As of the Closing Date, the
authorized capital stock of the Company will consist of (a) 148,747 shares of Class A Common Stock,
of which 95,919 shares will be issued and outstanding, (b) 4,081 shares of Class B Common Stock, of
which 4,081 shares will be issued and outstanding, (c) 22,526 shares of Class C Common Stock, of
which 15,406 shares will be issued and outstanding, assuming no exercise or termination of Class C
Options prior to the Closing Date, and (d) 15,190 shares of Preferred Stock, of which no shares
will be issued and outstanding. Furthermore, the Company has granted 2,763 Class C Options. A
complete and accurate list of the holders of all Class C Options and the option agreements between
the Company and such holders relating thereto, together with complete and accurate copies of any
such stock option agreements, have been delivered to Buyer. On the date hereof, except for the
transactions contemplated by the Annex Transaction, all of the issued and outstanding shares of
Common Stock have been duly authorized, are validly issued, fully paid and nonassessable and free
of all Encumbrances. At the Closing, all of the issued and outstanding shares of Common Stock will
be duly authorized, validly issued, fully paid and nonassessable and free of all Encumbrances.

          (b) The Company has no Subsidiaries other than those listed on Schedule 3.2.
Schedule 3.2 sets forth a schedule of the authorized and outstanding shares of capital
stock or membership interests of each Subsidiary, and the legal and beneficial holders thereof (the
“Subsidiary Capital Stock”). All of such Subsidiary Capital Stock shown as being
outstanding on Schedule 3.2 is duly authorized, validly issued and outstanding and fully
paid and non-assessable and is not subject to preemptive rights in favor of any Person. Except for
Encumbrances arising out of the Existing Credit Agreement, the shares of the Subsidiary Capital
Stock are free from all Encumbrances.

          (c) Except as set forth on Schedule 3.2:

     (i) except for the Class C Options, there are no outstanding or authorized
options, warrants, purchase rights, subscription rights, conversion rights, exchange
rights, or other contracts or commitments that could require the Company or any
Subsidiary to issue, sell or otherwise cause to become outstanding any of its
capital stock;

     (ii) there are no outstanding or authorized stock appreciation, phantom stock,
profit participation, or similar rights with respect to the Company or any
Subsidiary;

     (iii) there are no voting trusts, proxies, or other written agreements or
understandings with respect to the voting of the capital stock of the Company or any
Subsidiary;

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     (iv) there are no dividends which have accrued or been declared but are unpaid
on any of the shares of the Common Stock of the Company or the Subsidiary Capital
Stock; and

     (v) there are no shareholder or similar agreements which affect or restrict the
voting rights or right to transfer any of the shares of Common Stock of the Company
or the Subsidiary Capital Stock, or registration rights or similar agreements with
respect to the Company or any Subsidiary in force or effect.

     Section 3.3 Financial Statements.

     Schedule 3.3 sets forth the following consolidated financial statements of the Company
and its Subsidiaries (collectively the “Financial Statements”): (a) the audited balance
sheet and related statement of operations and cash flows, and the footnotes thereto, for the twelve
(12) month periods ended December 31, 2007, December 31, 2006 and December 31, 2005; and (b) the
unaudited balance sheet and related statement of operations and cash flows for the six (6) month
period ended June 30, 2008. Except as described in the notes thereto, the Financial Statements (i)
have been prepared in accordance with GAAP, except that the unaudited Financial Statements are
subject to normal year-end adjustments and lack footnotes and other presentation items, (ii)
present fairly in all material respects the assets, liabilities and the financial condition of the
Company and its Subsidiaries as of such dates and the results of operations and cash flows of the
Company and its Subsidiaries for such periods, and (iii) are consistent with the books and records
of the Company and its Subsidiaries.

     Section 3.4 Events Subsequent to the Reference Date.

     Since June 30, 2008 (the “Reference Date”), there has not been any change in the
business, financial condition, operations or results of the business of the Company and its
Subsidiaries which has had a Material Adverse Effect, and, since the Reference Date, the Company
and its Subsidiaries have operated their business in the Ordinary Course of Business. Without
limiting the generality of the foregoing, and except as set forth on Schedule 3.4, since
the Reference Date, none of the actions or events prohibited or circumscribed by Section 6.1 have
been taken or have occurred, except as permitted by this Agreement (or otherwise waived by the
Buyer). Since the Reference Date, the Company and its Subsidiaries have not experienced any
uninsured damage, destruction, or loss to its property or assets in excess of $100,000.

     Section 3.5 No Undisclosed Liabilities.

     Neither the Company nor any of its Subsidiaries has any Indebtedness or other Liability except
for (i) Liabilities reflected or reserved against on the Financial Statements, (ii) Liabilities in
the Ordinary Course of Business incurred since the date of the Most Recent Balance Sheet included
in the Financial Statements, (iii) Liabilities set forth on Schedule 3.5, and (iv)
Liabilities and obligations not required by GAAP to be disclosed in the Financial Statements.

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     Section 3.6 Noncontravention; Consents.

     Except as set forth in Schedule 3.6, neither the execution and the delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will (a) violate any Law
or Order of any Governmental Entity to which the Company or any Subsidiary is subject, (b) violate
any provision of the articles of incorporation or bylaws or other organizational documents of the
Company or any Subsidiary, or (c) conflict with, result in a breach of, constitute a default under,
result in the acceleration of, create in any party the right to accelerate, terminate, modify, or
cancel, or require any notice under any Contract with any Principal Customer or Principal Provider.
Except for the Competition Filings and as set forth in Schedule 3.6, neither the Company
nor any of its Subsidiaries is required to give any notice to, make any filing with, or obtain any
Consent with respect to any Legal Requirement of or Permit issued by or obtained from any
Governmental Entity or any Consent from the other party to any Contract with any Principal Customer
or Principal Provider, in order for the Company, Buyer and Sellers to consummate the transactions
contemplated by this Agreement or to carry on the business of the Company and its Subsidiaries
after the Closing.

     Section 3.7 Title to Assets.

     Except for Permitted Encumbrances and as otherwise set forth on Schedule 3.7, the
Company and each Subsidiary has good and marketable title to, or a valid leasehold interest in, the
tangible properties and tangible assets, real or personal, used in its business as it is presently
being conducted or included in the Financial Statements or acquired after the date thereof (except
for inventory and other assets sold or disposed in the Ordinary Course of Business) free and clear
of all Encumbrances. Neither the Company nor any Subsidiary has received any written notice of
violation or default under any Legal Requirement or contractual requirement relating to its owned
or leased tangible properties and tangible assets that remain uncured or have not been dismissed,
except for any such violation or default which would not reasonably be expected to have a Material
Adverse Effect. All leases and licenses pursuant to which the Company or any Subsidiary leases or
licenses tangible property from others are valid and effective as to the Company, or Subsidiary, as
the case may be, in accordance with their respective terms, and there is not, with respect to the
Company or Subsidiary, as the case may be, and to the Knowledge of the Company, with respect to any
other party, under any of such leases or licenses, any existing default (or event which with notice
or lapse of time, or both, would constitute a default), except for any default which would not
reasonably be expected to have a Material Adverse Effect. To the Knowledge of the Company, the
tangible assets, real and personal, used in the business of the Company and its Subsidiaries are in
good operating condition, sufficient and adequate to conduct the business of the Company and its
Subsidiaries as currently conducted in compliance with all Contracts and Legal Requirements.

     Section 3.8 Permits.

          (a) Schedule 3.8 sets forth all Permits issued or granted to the Company or any
Subsidiary which are necessary for and material to the operation of the Company’s business as
currently conducted and as presently contemplated to be conducted. Except as set forth on
Schedule 3.8, (i) all such Permits are in full force and effect and are validly held by the
Company or the applicable Subsidiary, and the Company or the applicable Subsidiary has complied in
all

33

 

material respects with all terms and conditions thereof, (ii) during the past three (3) years,
the Company or the applicable Subsidiary has not received notice of any Proceeding relating to the
noncompliance with, revocation or modification of any such Permits, the loss of which, individually
or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect, and
(iii) pursuant to the terms and conditions of such Permits, none of such Permits will be subject to
suspension, modification, revocation or nonrenewal as a result of the execution and delivery of
this Agreement or the consummation of the transactions contemplated hereby.

          (b) Each of the Company and its Subsidiaries possesses all material Permits necessary to
conduct its business as currently conducted.

     Section 3.9 Compliance with Legal Requirements.

     The Company and each Subsidiary is in compliance in all material respects with all applicable
Legal Requirements. Neither the Company nor any of its Subsidiaries nor, to the Knowledge of the
Company, any of their officers, directors or employees has taken any action which would cause the
Company to be in violation of the Foreign Corrupt Practices Act. No Proceeding has been filed or
commenced, or to the Knowledge of the Company, threatened, against the Company or any Subsidiary
alleging any failure to so comply with applicable Legal Requirements.

     Section 3.10 Tax Matters.

     Except as set forth in Schedule 3.10:

          (a) Each of the Company and its Subsidiaries has timely filed all material Tax Returns
required to have been filed by it, and has timely paid all material Taxes due and owing by the
Company or the applicable Subsidiary (whether or not shown on any Tax Return). The Tax Returns
filed with respect to the Company and each Subsidiary are true, correct and complete in all
material respects;

          (b) None of such Tax Returns contains a disclosure statement with respect to the Company or
any Subsidiary under Code Section 6662 (or any predecessor statute);

          (c) Neither the Company nor any Subsidiary has received written notice that any taxing
authority has asserted against the Company or any Subsidiary any material deficiency or claim for
Taxes that remains outstanding. No claim has been made in writing by any taxing authority with
which the Company and any Subsidiary does not file Tax Returns that the Company or any Subsidiary
is subject to taxation by that taxing authority, nor, to the Knowledge of the Company or any
Subsidiary, are there any facts which would cause it to reasonably believe that any such claim is
likely to be made;

          (d) All material Tax deficiencies asserted in writing against the Company and its Subsidiaries
have been paid or finally settled with no remaining amounts owed;

34

 

          (e) There is no pending audit or Proceeding with respect to the Company or any Subsidiary
involving (i) the assessment or collection of material Taxes or (ii) a material claim for refund
made by the Company or any Subsidiary with respect to Taxes previously paid;

          (f) All material amounts that are required to be collected or withheld by the Company or any
Subsidiary, or with respect to Taxes, have been duly collected or withheld, and all such amounts
that are required to be remitted to any taxing authority have been duly remitted;

          (g) Neither the Company nor any of its Subsidiaries (i) has been included in an affiliated
group (as defined in Code Section 1504) (other than a group the common parent of which was the
Company) and (ii) has any Liability for the Taxes of any Person under Treasury Regulation Section
1.1502-6 (or any similar provision of state, local, or foreign law), as a transferee or successor,
by contract, or otherwise;

          (h) There are no outstanding waivers of any statute of limitations with respect to the
assessment of any Tax;

          (i) Accruals or reserves for current taxes and deferred Tax Liabilities (A) as stated in the
Financial Statements are all in accordance with GAAP and reflect in all material respects current
and deferred liabilities for Taxes as of the date of such Financial Statements and (B) as of the
Closing Date will, as adjusted in the Ordinary Course of Business, accurately reflect in all
material respects current and deferred Liabilities for Taxes as of the Closing Date;

          (j) There are no Encumbrances, other than Permitted Encumbrances, for Taxes upon the assets of
the Company or any Subsidiary;

          (k) There are no outstanding requests for extensions of time within which to file returns and
reports in respect of any material Taxes owed by the Company or any Subsidiary;

          (l) There are no written agreements with any taxing authority as to Taxes in effect with
respect to the Company or any Subsidiary that will remain in effect following the Closing Date;

          (m) Neither the Company nor any Subsidiary is a party to any tax-sharing agreement or similar
arrangement (whether in writing or not), including any terminated agreement as to which it could
have any continuing Liabilities on or after the Closing Date;

          (n) Neither the Company nor any of its Subsidiaries has pending any application for a ruling
relating to Taxes from any taxing authority, has received a ruling within the last five (5) years
from any taxing authority, or has entered into any closing agreement with any taxing authority;

          (o) Neither the Company nor any Subsidiary is or has ever been a “United States real property
holding corporation” within the meaning of Code Section 897(c)(2) during the applicable period
specified in Code Section 897(c)(1)(A)(ii);

          (p) The Company has delivered or made available to Buyer correct and complete copies of
federal Income Tax Returns and state Income Tax Returns filed on behalf of

35

 

the Company and each Subsidiary for the all taxable years ending on or after December 31,
2004;

          (q) Neither the Company nor any Subsidiary has made or become obligated to make, nor will the
Company or any Subsidiary, as a result of any event connected with any transaction contemplated
herein and/or any termination of employment related to such transaction, make or become obligated
to make any “excess parachute payment,” as defined in Code Section 280G (without regard to Section
(b)(4) thereof);

          (r) The transactions contemplated in this Agreement, either by themselves or in conjunction
with any other transaction that the Company has entered into or agreed to, will not as of the
Closing Date give rise to any federal Income Tax Liability under Code Section 355(e) for which the
Company may be held liable;

          (s) Neither the Company nor any of its Subsidiaries has agreed, nor is the Company or any of
its Subsidiaries required, to make any adjustment that will increase the Liability of the Company
or any Subsidiary for Taxes for any taxable period ending after the Closing Date as a result of
any:

     (i) Change in method of accounting under Code Section 481 for a taxable period
ending on or prior to the Closing Date;

     (ii) “Closing Agreement” as described in Code Section 7121 (or any
corresponding or similar provision of state, local or foreign Tax law) executed on
or prior to the Closing Date;

     (iii) Intercompany transactions or any excess loss account described in
Treasury Regulation under Code Section 1502 (or any corresponding or similar
provisions of state, local or foreign Tax law);

     (iv) Installment sale or open transaction disposition; or

     (v) Prepaid amount received on or prior to the Closing Date;

          (t) Neither the Company nor any of its Subsidiaries has, or has ever had, a “permanent
establishment” in any foreign country, as such term is defined in any applicable Tax treaty or
convention between the United States and such foreign country;

          (u) There are no material joint ventures, partnerships, or limited liability companies, or
other arrangements or contracts to which the Company or any Subsidiary is a party and that, to the
Knowledge of the Company, could be treated as a partnership for federal Income Tax purposes; and

          (v) Neither the Company nor any of its Subsidiaries has, to the Knowledge of the Company,
entered into either a “reportable transaction” as defined by Code Section 6707A(c)(1) or a “listed
transaction” as defined in U.S. Treasury Regulation Section 1.6011-4(b)(2).

36

 

     Section 3.11 Real Property; Real Property Leases.

          (a) Schedule 3.11(a) contains a complete and correct list of all real property owned
by the Company or any of its Subsidiaries (collectively, together with all appurtenant rights,
easements and privileges and all improvements located on such real property, the “Owned Real
Property”), and for each parcel of Owned Real Property, contains the correct (i) street address
(if any), (ii) legal description, and (iii) record owner of such Owned Real Property. Copies of
surveys, title reports or policies which are within the Company’s possession (and the documents
referenced therein, to the extent within the Company’s possession and requested by Buyer) with
respect to each Owned Real Property previously have been made available to Buyer.

          (b) Schedule 3.11(b) contains a complete and correct list of all leases and subleases
under which the Company or any Subsidiary is lessor or lessee or sublessor or sublessee of any real
property (the “Leased Real Property”), together with all amendments or supplements thereto
(the “Real Property Leases”), and the Company has delivered to Buyer or Buyer’s agents
accurate and complete copies of all Real Property Leases. Except as set forth on Schedule
3.11(b), the Non-Material Real Property Leases are in full force and effect and constitute
binding obligations of the Company or Subsidiary, as the case may be, and (a) the Company or
Subsidiary, as the case may be, has not defaulted thereunder in any material respect and (b) to the
Knowledge of the Company, no event has occurred that with notice or lapse of time, or both, would
constitute a material default by the Company or Subsidiary, as the case may be. Except as set
forth on Schedule 3.11(b), the Material Real Property Leases are in full force and effect
and constitute binding obligations of the Company or Subsidiary, as the case may be, and (a) the
Company or Subsidiary, as the case may be, has not defaulted thereunder and (b) to the Knowledge of
the Company, no event has occurred that with notice or lapse of time, or both, would constitute a
default by the Company or Subsidiary, as the case may be.

          (c) All buildings, fixtures and improvements on the Owned Real Property and the Leased Real
Property are in good operating condition and repair, subject to normal wear and tear, and are
adequate for the uses to which they are being put, and shall be sufficient for the continued
conduct of the business of the Company and its Subsidiaries immediately after the Closing in
substantially the same manner as conducted by the Company and its Subsidiaries prior to the
Closing. The current use of the Owned Real Property and the Material Real Property Leases by the
Company and its Subsidiaries does not violate any applicable Law or any covenant, restriction or
easement. To the Knowledge of the Company, the current use of the Non-Material Real Property
Leases by the Company and its Subsidiaries does not violate, in any material respect, any
applicable Law or any covenant, restriction or easement. Except as set forth on Schedule
3.11(c), no buildings, fixtures or improvements on the Owned Real Property and the Leased Real
Property (to the extent used by the Company or any Subsidiary thereon) are in need of maintenance
or repairs except for ordinary, routine maintenance and repairs that are not material in nature or
cost to the Company or its Subsidiaries.

     Section 3.12 Intellectual Property.

          (a) Intellectual Property Owned by the Company.

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     (i) Schedule 3.12(a) contains a complete and correct list of (A) all
Registered Intellectual Property owned by the Company or any Subsidiary and (B) all
other Intellectual Property that is owned by the Company or any Subsidiary that is
necessary for and currently used in the operation of the Company’s business as
currently conducted (collectively, the “Company Intellectual Property”) and
all registrations and applications filed in any jurisdiction with respect thereto.
Schedule 3.12(a) identifies the owner of the Company Intellectual Property.

     (ii) Except as set forth on Schedule 3.12(a), the Company or a
Subsidiary owns all right, title and interest in and to the Company Intellectual
Property.

     (iii) Except as set forth on Schedule 3.12(a), the Company or a
Subsidiary has good and marketable title to the Company Intellectual Property, free
and clear of any and all Encumbrances.

     (iv) There are no Orders or pending Proceedings made by or against the Company
or a Subsidiary and, to the Knowledge of the Company, there are no actions or
proceedings against the Company or a Subsidiary threatened in writing with respect
to the Company Intellectual Property, and, there has been no litigation commenced
or, to the Knowledge of the Company, threatened with respect to the Company
Intellectual Property or the rights therein.

     (v) Except as set forth on Schedule 3.16, the Company Intellectual
Property does not infringe or make unlawful use of any Intellectual Property rights
of others.

     (vi) The Company or a Subsidiary owns or otherwise has all Intellectual
Property rights necessary for the operation of its business as currently conducted.

     (vii) To the Knowledge of the Company, there has not been, nor is there
currently, any misappropriation or infringement by any third party of the Company
Intellectual Property.

     (viii) To the Knowledge of the Company, there are no employees of the Company
or a Subsidiary who are obligated under any contract (including licenses, covenants
or legal commitments of any nature) or any agreement, or subject to any Order of any
Governmental Entity, that would interfere with the use of his or her best efforts to
promote the interests of the Company, or applicable Subsidiary, in the operation of
the business of the Company, or applicable Subsidiary, as conducted on the date
hereof or that would conflict with the operation of the business of the Company, or
applicable Subsidiary as conducted on the date hereof.

     (ix) To the Knowledge of the Company, except as set forth on Schedule
3.12(a), neither the Company nor any Subsidiary uses any inventions of

38

 

their employees made prior to their employment by the Company or Subsidiary to
the extent necessary and currently used in the operation of the business of the
Company and its Subsidiaries. Title to and ownership of any and all rights with
respect to any inventions made by employees within the scope of such employees’
employment with the Company, or on Company time or using Company Intellectual
Property or the assets of the Company and its Subsidiaries, vests in the Company or
Subsidiary employing such employee. Except as set forth on Schedule
3.12(a), all inventors named in patent applications or in issued patents that
are part of the Company Intellectual Property have entered into written agreements
with the Company or Subsidiary assigning to the Company or Subsidiary all of the
inventor’s right, title and interest in and to such patent application(s) and
patents describing and claiming their inventions. Except as set forth on
Schedule 3.12(a), all Persons involved in the conception, making and
development of the Company Intellectual Property have, or will prior to the Closing
Date, entered into standard form proprietary information and invention assignment
agreement.

     (x) Except as described in Schedule 3.12(a), since November 3, 2003,
the Company has not received any written claim, demand, or notice that alleges that
the Company or any Subsidiary has infringed or misappropriated any Intellectual
Property of any other Person or that seeks to restrict in any manner the use,
transfer or licensing of any of the Company Intellectual Property.

     (xi) Schedule 3.12(a) contains a complete and correct list of all
material licenses of any kind relating to Company Intellectual Property granted by
the Company or any Subsidiary to third parties. With respect to each license
required to be set forth on Schedule 3.12(a) (i) such license is a legal,
valid and binding obligation of the Company or Subsidiary, in full force and effect;
and (ii) the Company or Subsidiary is not in breach or default, and, to the
Knowledge of the Company, no event has occurred which with notice or lapse of time,
or both, would constitute a breach or default, or permit termination, modification,
or acceleration under such license. The Company has made available to Buyer
accurate and complete copies of all such licenses, together with all amendments
thereto.

     (xii) With respect to Software included in the Company Intellectual Property,
except as set forth separately in Schedule 3.12(a):

	 	(A)	 	the source code with respect to such Software
is not in the possession of any third-party and the Company and its
Subsidiaries have used commercially reasonable efforts consistent with
industry standards to maintain the confidentiality of such source code;
	 
	 	(B)	 	neither the Company nor any Subsidiary has
granted any exclusive rights or licenses with respect to such Software;
and

39

 

	 	(C)	 	no contractual rights granted by the Company or
any Subsidiary in favor of any party to any such Software (including
Software which is the subject of escrow, payment terms or similar
arrangements) will be immediately triggered by the transactions
contemplated hereby.

          (b) Intellectual Property Used by the Company.

     (i) Schedule 3.12(b) contains a complete and correct list of all
material written license agreements pursuant to which Intellectual Property of any
third-party currently is used by the Company or any Subsidiary in the operation of
its business as currently conducted is licensed to the Company or Subsidiary, except
for off-the-shelf and click-through software available to the general public and
other software that is generally available on standard terms for less than $2,500
per copy, seat, CPU or named user (“Third-Party Intellectual Property”).

     (ii) All material licenses or other material rights or permission to use any
Third-Party Intellectual Property necessary for the conduct of the business of the
Company and its Subsidiaries, as currently conducted and proposed to be conducted
have been obtained by the Company or a Subsidiary, and all license fees, royalties
and any other amounts (if any) due and payable under such license agreements have
been paid. With respect to each license required to be set forth on Schedule
3.12(b) (1) such license is a legal, valid and binding obligation of the Company
or Subsidiary, in full force and effect; and (2) the Company or Subsidiary is not in
breach or default and, to the Knowledge of the Company, no event has occurred which
with notice or lapse of time, or both, would constitute a breach or default, or
permit termination, modification, or acceleration under such license. The Company
has made available to Buyer accurate and complete copies of all such written
licenses, together with all amendments thereto.

     (iii) Subject to the receipt of any Required Consents, the consummation of the
transactions contemplated hereby will not, pursuant to the terms of any written
agreement to which the Company or Subsidiary is a party, result in the loss or
impairment of any rights of the Company or Subsidiary to use the Third-Party
Intellectual Property.

     Section 3.13 Contracts.

     Schedule 3.13 sets forth the following written contracts and other written agreement,
and with respect to subparagraphs (a), (b), (c) and (d) below, to the Knowledge of the Company, a
reasonably detailed description of any non-written contracts and other agreements, to which the
Company or any Subsidiary is a party (the “Contracts”), provided, that a Contract
referenced by more than one description need only be listed once on Schedule 3.13:

          (a) any agreement for the lease of personal property to or from any Person pursuant to which
the Company made lease payments in excess of $100,000 during the twelve-month period ended June 30,
2008;

40

 

          (b) any agreement for the purchase of supplies, products, or other personal property, or for
the receipt of services, pursuant to which the Company made payments in excess of $500,000 during
the twelve-month period ended June 30, 2008;

          (c) any agreement for the sale of supplies, products, or other personal property, or for the
furnishing of services which (i) accounted for revenues in excess of $500,000 during the
twelve-month period ended June 30, 2008, or (ii) accounted for revenues in excess of $25,000 during
the twelve-month period ended June 30, 2008, if such customer accounted for aggregate revenues in
excess of $500,000 during the twelve-month period ended June 30, 2008;

          (d) any contract, lease or sublease concerning the use, occupancy, management or operation of
any real property;

          (e) any agreement concerning a partnership or joint venture or other agreements involving the
sharing of profits and losses of any partnership, joint venture, or other jointly formed entity;

          (f) except for agreements pertaining to any accounts payable which are accrued on the most
recent Financial Statements, any agreement under which it has created, incurred, assumed, or
guaranteed any Indebtedness, or under which it has created an Encumbrance on any of its assets,
tangible or intangible, real or personal;

          (g) any agreement concerning confidentiality, except for such agreements entered into in
connection with transactions or communications with third parties in the Ordinary Course of
Business;

          (h) any agreement to which a Seller, or any Affiliate of any Seller which owns or has an
ownership interest in such Seller, is a party, other than employment, stock purchase, stock award,
stock option or other employee or director benefit agreement;

          (i) any stock option, stock purchase, stock appreciation or deferred compensation agreement
with or for the benefit of its current or former directors, officers, or employees;

          (j) any contracts containing covenants restricting the business activity or limiting the
freedom of the Company or any Subsidiary to engage in any line of business or compete with any
Person, except for restrictions on the use of information received pursuant to confidentiality
agreements entered into in the Ordinary Course of Business;

          (k) any material sales, marketing, distributorship, agency, representative and value added
reseller agreements where the counter-party to such agreement has the right or power to bind the
Company or any Subsidiary;

          (l) any agreements with respect to reorganizations involving third parties, mergers or
acquisitions of capital stock of or business assets of any Person completed since November 3, 2003;

41

 

          (m) any power of attorney granted by the Company or any Subsidiary that is currently effective
and outstanding and which vests in any Person decision-making authority or the right or power to
bind the Company or any Subsidiary;

          (n) any written warranty or guaranty with respect to contractual performance extended by the
Company or any Subsidiary other than in the Ordinary Course of Business;

          (o) standby letters of credit, bank guarantees and surety bonds issued by any bank, financial
institution or surety company with respect to obligations of the Company or any Subsidiary; and

          (p) any amendment, supplement and modification (whether oral or written) in respect of any of
the foregoing except for such amendments, supplements and modification that are entered into in the
Ordinary Course of Business and would not reasonably be expected to have a Material Adverse Effect.

Except as set forth on Schedule 3.13, with respect to each such Contract: (i) the Contract
is a legal, valid and binding obligation of the Company or Subsidiary, in full force and effect,
except insofar as enforcement may be limited by bankruptcy, insolvency, or other Laws affecting
generally the enforceability of creditors’ rights and by limitations on the availability of
equitable remedies; and (ii) the Company or Subsidiary is not in breach or default and, to the
Knowledge of the Company, no event has occurred which with notice or lapse of time, or both, would
constitute a breach or default by the Company or Subsidiary, or permit termination, modification,
or acceleration under the Contract. The Company has made available to Buyer or Buyer’s agents
accurate and complete copies of all Contracts, together with all amendments thereto.

     Section 3.14 Accounts Receivable.

     All accounts receivable reflected on the Financial Statements and those accounts receivable
that have arisen since the Reference Date and have not yet been collected, represent valid
obligations of customers of the Company and its Subsidiaries arising from bona fide transactions
entered into in the Ordinary Course of Business, and, except for liens arising under the Existing
Credit Agreement are free from all Encumbrances.

     Section 3.15 Insurance.

     The Company has delivered to Buyer or Buyer’s agents true and complete copies of all (a)
policies of insurance to which the Company or any Subsidiary is a party or under which the Company
or any Subsidiary is covered and (b) pending applications by the Company or any Subsidiary for
policies of insurance. With respect to each such insurance policy: (i) the policy is a legal,
valid and binding obligation of the Company or Subsidiary, in full force and effect; (ii) subject
to the receipt of any consents required pursuant to the terms of the policy, the policy will not be
subject to termination as a result of the consummation of the transactions contemplated hereby;
(iii) neither the Company nor any Subsidiary has received notice of any breach or default under
such policy, nor has the Company or any Subsidiary received notice of any pending or threatened
termination or cancellation with respect to any such policy; (iv) all premiums due on the policy
have been paid to the extent such premiums are due and payable and the Company and its Subsidiaries
have otherwise performed all of their obligations under such

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policy; and (v)
proper notice has been given to the insurer of all claims of which the Company and its
Subsidiaries have Knowledge that may be insured under such policy. The Company has provided to
Buyer a complete and accurate history of claims made by the Company and any of its Subsidiaries
against any policy of insurance in the past five (5) years.

     Section 3.16 Litigation.

     Schedule 3.16 sets forth a list, as of the date of this Agreement, of all pending
lawsuits or claims with respect to which the Company, its Subsidiaries or the Sellers have received
service of process against the Company or any Subsidiary or otherwise relating to the business of
the Company and its Subsidiaries or any of their respective properties, assets or operations and,
to the Knowledge of the Company, no such lawsuits are currently threatened and the Company has no
Knowledge of any facts which would cause it to reasonably believe that such lawsuit or claim is
likely to be made or filed. Except as set forth in Schedule 3.16, neither the Company nor
any of its Subsidiaries is a party under any judgment, Order or decree of any court, administrative
agency or commission or other governmental authority or instrumentality, domestic or foreign.

     Section 3.17 Employees.

          (a) Except as set forth in Schedule 3.17, the Company has provided to Buyer a complete
and accurate list of the following information for each employee of the Company and its
Subsidiaries: name; job title; current base cash compensation; annual vacation entitlement and any
vacation carry-over from prior years and total balance of vacation remaining unused and sick leave
accrued, or paid time off, as applicable; and service credited for purposes of vesting and
eligibility to participate under any stock option, cash bonus, insurance, medical, welfare, or
vacation plan, other Benefit Plan, ERISA Plan, or Defined Benefit Plan, or any other employee,
executive, or director benefit plan. Except as set forth in Schedule 3.17, neither the
Company nor any of its Subsidiaries is a party to any employment agreement of any kind, oral or
written, that would require the Company to continue to employ any Person after the Closing Date.

          (b) Except as set forth in Schedule 3.17, to the Knowledge of the Company, no officer,
or Employee Stockholder currently intends to terminate his or her employment.

     Section 3.18 Labor Relations; Compliance.

     Neither the Company nor any Subsidiary is a party to any collective bargaining or other labor
contract. There is not presently pending or existing, and to the Knowledge of the Company, there
is not threatened (a) any strike, slowdown, picketing, work stoppage, or employee grievance
process, (b) any Proceeding against or affecting the Company or any Subsidiary relating to the
alleged violation of any Legal Requirement pertaining to labor relations or employment matters, or
(c) any application for certification of a collective bargaining unit. To the Knowledge of the
Company, no event has occurred or circumstance exists that could provide the basis for any work
stoppage or other labor dispute.

     Section 3.19 Employee Benefits.

          (a) Schedule 3.19 contains a true and complete list of each bonus (other than bonuses
offered on an individual, rather than general, basis), deferred compensation, incentive

43

 

compensation (other than incentives offered on an individual, rather than general, basis),
stock purchase, severance or termination pay, hospitalization or other medical, life, or other
insurance, supplemental unemployment benefits, profit-sharing, 401(k) pension or retirement plan,
program, agreement, or arrangement, and each other employee benefit plan, program, agreement, or
arrangement, sponsored, maintained, or contributed to or required to be contributed to by the
Company, or any of its Subsidiaries or by any trade or business, whether or not incorporated (an
“ERISA Affiliate”), that together with the Company and its Subsidiaries would be deemed a
“single employer” within the meaning of Section 4001(b)(l) of the Employee Retirement Income
Security Act of 1974, as amended, and the rules and regulations promulgated thereunder
(“ERISA”), for the benefit of any employee or director, or former employee or director, of
the Company and its Subsidiaries (the “Benefit Plans”). Schedule 3.19 identifies
each of the Benefit Plans that is an “employee welfare benefit plan” or “employee pension benefit
plan” as such terms are defined in Sections 3(1) and 3(2) of ERISA (such plans being hereinafter
referred to collectively as the “ERISA Plans”).

          (b) Except as set forth on Schedule 3.19, with respect to each of the Benefit Plans,
the Company has provided to Buyer correct and complete copies of each of the following documents:
(i) a copy of each Benefit Plan (including all amendments, insurance and annuity contracts, and all
other material documents relating thereto) or, in the case of unwritten Benefit Plans, descriptions
thereof; (ii) the most recent summary plan description for each Benefit Plan for which a summary
plan description is required; and (iii) the most recent determination letter received from the
Internal Revenue Service with respect to each Benefit Plan that is intended to be qualified under
Section 401 of the Code, and any outstanding requests for determination letters.

          (c) Each of the Benefit Plans has been and is operated and administered, in all material
respects, in accordance with its terms and in material compliance with applicable requirements of
the Code, ERISA, and other applicable Legal Requirements, except for any deviations therefrom which
would not be reasonably anticipated to have a Material Adverse Effect, and each such Benefit Plan
may, in accordance with its terms, be amended or terminated at any time.

          (d) None of the Company, any of its Subsidiaries or any ERISA Affiliate contributes, is
obligated to contribute, or has ever been obligated to contribute to a Multiemployer Plan.

          (e) Neither the Company nor any Subsidiary maintains, contributes to, or has any Liability or
obligation with respect to an employee welfare benefit plan that provides health or life insurance
or other benefits for current or future retired or terminated employees or directors (or any spouse
or dependents thereof), except as required by law.

          (f) No Benefit Plan is (i) a “defined benefit plan” (within the meaning of Section 3(35) of
ERISA) (the “Defined Benefit Plans”) or (ii) subject to the minimum funding requirements of
Section 412 of the Code or Part 3 of Title I of ERISA.

          (g) There are no contributions which are, or hereafter will be, required to have been made to
trusts in connection with “defined contribution plans” (within the meaning of

44

 

Section 3(34) of ERISA) with respect to services rendered by employees of the Company prior to
the Closing Date, other than in the Ordinary Course of Business.

          (h) Other than claims in the ordinary course for benefits with respect to the Benefit Plans,
there are no pending, anticipated, or to the Knowledge of the Company, threatened claims by or on
behalf of any employee or beneficiary covered under any Benefit Plan with respect to such Benefit
Plan and there are no Proceedings by a Governmental Entity, pending or, to the Knowledge of the
Company, threatened with respect to any Benefit Plan or Multiemployer Plan, or to the Knowledge of
the Company, any circumstances which might give rise to any Liability under any such Proceeding.

          (i) Except as set forth on Schedule 3.19, no employee of the Company or any of its
Subsidiaries will be entitled to any additional benefits or any acceleration of the time of payment
or vesting of any benefits under any Benefit Plan as a result of the consummation of the
transactions contemplated by this Agreement. There is no agreement, arrangement or commitment to
which the Company or any Subsidiary is a party or by which it may be bound pursuant to which the
value of any of the benefits will be calculated on the basis of any of the transactions
contemplated by this Agreement.

     Section 3.20 Environmental, Health and Safety Matters.

     Except as expressly disclosed on Schedule 3.20:

          (a) The Company and its Subsidiaries have complied and are in compliance, in all material
respects, with all Environmental, Health, and Safety Requirements. Without limiting the generality
of the foregoing, the Company and its Subsidiaries have obtained and complied with in all material
respects, and possess and are in compliance with in all material respects, all Permits that are
required pursuant to Environmental, Health, and Safety Requirements for the occupation of their
facilities and the operation of their business.

          (b) Neither the Company nor any Subsidiary has received any written notice or report regarding
any actual or alleged violation of Environmental, Health, and Safety Requirements, or any
Liabilities or potential Liabilities relating thereto.

          (c) Neither the Company nor any of its Subsidiaries has treated, stored, disposed of, arranged
for or permitted the disposal of, transported, handled, or Released any substance, including any
Hazardous Materials, or owned or operated any property or facility in a manner that may give rise
to any Liabilities pursuant to any Environmental, Health, and Safety Requirements.

          (d) To the Knowledge of the Company, no aboveground or underground storage tanks are or have
been located at any of the real property owned, leased, or otherwise used by the Company and its
Subsidiaries, and no real property owned, leased, or otherwise used by the Company or its
Subsidiaries has been used at any time as a gasoline service station or any other facility for
storing, pumping, dispensing, or producing gasoline or other petroleum products or wastes.

45

 

          (e) Neither the Company nor its Subsidiaries are subject to any Order or other arrangement
with any Governmental Entity or any indemnity or other agreement with any third-party relating to
Liability under any Environmental, Health, and Safety Requirements.

          (f) To the Knowledge of the Company, no employees, former employees or independent contractors
of the Company or its Subsidiaries have been exposed to any Hazardous Materials in the context of
such Person’s activities with the Company or the Subsidiaries.

          (g) To the Knowledge of the Company, there are no facts, events, conditions, circumstances,
activities, practices, incidents, actions, omissions or plans which would reasonably be expected to
prevent or interfere with the operation of the Company in material compliance with Environmental,
Health, and Safety Requirements.

          (h) The Company has delivered to Buyer or Buyer’s agents true and complete copies (if any) of
all (i) environmental audits, investigations, studies, or reports with respect to any real property
owned or leased by the Company and its Subsidiaries that have been performed or prepared by or at
the direction of the Company or any Subsidiary or that are in the possession of the Company or any
of its Subsidiaries, (ii) written notices received by the Company or any Subsidiary from any
Governmental Entities having the power to administer or enforce any applicable Environmental,
Health, and Safety Requirements relating to current or past ownership, use, or operation of or
activities at any real property owned, leased, or otherwise used by the Company or any of its
Subsidiaries, and (iii) written materials relating to any claim, allegation, or action by any
Person (other than any Governmental Entity) under any applicable Environmental, Health, and Safety
Requirements.

     Section 3.21 Related-Party Transactions.

     Except as set forth in Schedule 3.21, neither the Company nor any of its Subsidiaries
is party to any contract, lease or commitment with any stockholder, director, officer or employee
(or any spouse, parent, child, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law or sister-in-law of any such Person) of the Company or any of its Subsidiaries,
other than transactions whereby stockholders have purchased equity interests in the Company, and
other than any employment and similar arrangements in the Ordinary Course of Business. No Seller
has made any loan to the Company or any of its Subsidiaries.

     Section 3.22 Bank Accounts.

     The Company has provided to Buyer a correct and complete list of each account maintained by
the Company and its Subsidiaries at any bank or other financial institution, including the
following information for each such account: (a) the name and location of the institution at which
such account is maintained, (b) the name in which such account is maintained and the account number
of such account, (c) a brief description of such account, and (d) the names of all individuals
authorized to draw on or make withdrawals from such account.

     Section 3.23 Certain Proceedings.

     There is no Proceeding that has been commenced or, to the Knowledge of the Company, threatened
against the Company or any of its Subsidiaries that challenges, or may have the effect

46

 

of preventing, delaying, making illegal, or otherwise interfering with, any of the
transactions contemplated by this Agreement.

     Section 3.24 Brokers’ Fees.

     The Company represents that no agent, broker, investment banker or firm or Person is or will
be entitled to any broker’s or finder’s fee or any other commission or similar fee in connection
with any of the transactions contemplated by this Agreement, except for Blackstone and/or its
Affiliates, whose fees and expenses shall be paid at Closing.

     Section 3.25 Customer and Service Provider Relationships.

     Schedule 3.25 lists each customer that individually or with its Affiliates was, based
on the fiscal year ended December 31, 2007, one of the twenty (20) largest customers of the Company
and its Subsidiaries during such fiscal year (based on revenues) or accounted for revenues in
excess of $1 million during such fiscal year (the “Principal Customers”). Schedule
3.25 also lists the twenty (20) largest suppliers or service providers to the Company and its
Subsidiaries during the fiscal year ended December 31, 2007, based on the amount paid to such
suppliers or service providers (the “Principal Providers”). To the Knowledge of the
Company, the Company and its Subsidiaries have good commercial working relationships with its
Principal Customers and Principal Providers. Except as set forth on Schedule 3.25, since
January 1, 2008, no Principal Customer or Principal Provider has notified in writing the Company or
its Subsidiaries that it has canceled or otherwise terminated its relationship with the Company or
any Subsidiary, and to the Knowledge of the Company, no Principal Customer or Principal Provider
has threatened to take any such action.

     Section 3.26 No Other Representations.

     Except for the representations and warranties contained in this Article III, neither the
Company nor any other Person makes any express or implied representations or warranties on behalf
of the Company or any of its Subsidiaries, and the Company disclaims any such representation or
warranty, whether by the Company or any of its Subsidiaries or any of their respective officers,
directors, employees, agents, Affiliates or representatives, with respect to the execution and
delivery of the Transaction Documents, the consummation of the transactions contemplated hereby or
thereby, the business, assets, properties, operations or conditions of the Company or any of its
Subsidiaries, or any other matter, notwithstanding the delivery or disclosure to Buyer or any of
its officers, directors, employees, agents, Affiliates or representatives or any other Person of
any documentation or other information with respect to the foregoing.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES REGARDING SELLERS

     Each Seller with respect to itself only represents and warrants to Buyer as follows:

     Section 4.1 Authorization.

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     Section 4.5 Brokers’ Fees.

     This Agreement constitutes, and will constitute on the Closing Date, the legal, valid, and
binding obligation of such Seller, enforceable against such Seller in accordance with its terms,
except insofar as enforcement may be limited by bankruptcy, insolvency, or other Laws affecting
generally the enforceability of creditors’ rights and by limitations on the availability of
equitable remedies. Upon the execution and delivery by such Seller of the Transaction Documents to
which such Seller is a party, such Transaction Documents will constitute the legal, valid, and
binding obligations of such Seller enforceable against such Seller in accordance with their
respective terms, except insofar as enforcement may be limited by bankruptcy, insolvency, or other
Laws affecting generally the enforceability of creditors’ rights and by limitations on the
availability of equitable remedies.

     Section 4.2 Noncontravention; Consents.

     Neither the execution nor the delivery of this Agreement, nor the consummation of the
transactions contemplated hereby, will: (a) violate any Law or Order of any Governmental Entity to
which such Seller is subject; or (b) conflict with, result in a breach of, constitute a default
under, result in the acceleration of, create in any party the right to accelerate, terminate,
modify, or cancel, or require any notice under any contract, lease, license, or other arrangement
to which such Seller is a party or bound or to which such Seller’s assets are subject, except, in
each case, (i) such violations or conflicts that become applicable as a result of matters
specifically related to Buyer or its Affiliates or (ii) such other violations or conflicts that
would not materially impair such Seller’s ability to perform its obligations under this Agreement.
Such Seller is not required to give any notice to, make any filing with, or obtain any Consent of
any Governmental Entity or other third-party in order for such Seller to consummate the
transactions contemplated by this Agreement.

     Section 4.3 Shares; Options.

     Except as set forth on Schedule 4.3 or as otherwise contemplated by the Annex
Transaction, such Seller holds, and will hold on the Closing Date, beneficially and of record all
of the shares of Common Stock, or options to purchase the same, set forth on such Seller’s
signature page free and clear of any restrictions on transfer (other than restrictions under the
Securities Act and state securities laws), Encumbrances, purchase rights, contracts, commitments,
claims and demands. Except for the Annex Transaction, such Seller is not a party, and will not be
a party on the Closing Date, to any purchase right or other contract or commitment that could
require such Seller to sell, transfer, or otherwise dispose of any capital stock of the Company
(other than this Agreement). Such Seller is not a party to any voting trust, proxy, or other
agreement or understanding with respect to the voting of any capital stock of the Company, except
as may be set forth in the Transaction Documents.

     Section 4.4 Certain Proceedings.

     As of the date of this Agreement, there is no Proceeding that has been commenced against such
Seller that challenges, or may have the effect of preventing, delaying, making illegal, or
otherwise interfering with, any of the transactions contemplated by this Agreement.

48

 

     Such Seller has no Liability, and will not have any Liability on the Closing Date, for any
fees or commissions to any broker, finder, or agent with respect to the transactions contemplated
by this Agreement.

     Section 4.6 Tax Advisors.

     Such Seller, to the extent deemed necessary or advisable by such Seller, has reviewed with his
or her own tax advisors the foreign and United States federal, state and local Tax consequences of
the transactions contemplated by this Agreement and such Seller is relying solely on such advisors
and not on any statements or representations of Buyer or any of its agents and understands that
such Seller (and not Buyer) shall be responsible for its own Tax liability that may arise as a
result of the transactions contemplated by this Agreement.

     Section 4.7 No Action.

     Such Seller (a) solely in its capacity as a security holder of the Company, (i) does not have
any action or cause of action or other claim whatsoever against the Company or any Subsidiary, (ii)
is not owed any amount by and does not owe any amount to the Company or any Subsidiary, (iii)
waives the provisions of Article X of the Bylaws of the Company solely in connection with the
transactions contemplated by this Agreement, and (b) in any other capacity and except as set forth
on Schedule 4.7, (A) does not have actual knowledge of any claim or cause of action or
other claim whatsoever by such Seller against, and (B) to its actual knowledge, is not owed any
amount by (except for employment compensation or benefits owed to any Employee Stockholder), and
does not owe any amount to, the Company or any Subsidiary.

     Section 4.8 No Other Representations.

     Except for the representations and warranties contained in this Article IV, neither the
Sellers nor any other Person makes any express or implied representations or warranties on behalf
of the Sellers, and the Sellers disclaim any such representation or warranty, whether by the
Sellers or any of their respective officers, directors, employees, agents, Affiliates or
representatives, with respect to the execution and delivery of the Transaction Documents, the
consummation of the transactions contemplated hereby or thereby, the business, assets, properties,
operations or conditions of the Company or any of its Subsidiaries, or any other matter,
notwithstanding the delivery or disclosure to Buyer or any of its officers, directors, employees,
agents, Affiliates or representatives or any other Person of any documentation or other information
with respect to the foregoing.

ARTICLE V

REPRESENTATIONS AND WARRANTIES REGARDING BUYER

     Buyer represents and warrants to the Company and the Sellers as follows:

     Section 5.1 Organization of Buyer.

     Buyer is a wholly-owned subsidiary of Telvent, a company duly organized and validly existing
under the laws of Spain, and Buyer is a company duly organized and validly existing under the laws
of the jurisdiction of its organization.

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     Section 5.2 Authorization.

     This Agreement constitutes the legal, valid, and binding obligation of Buyer, enforceable
against Buyer in accordance with its terms, except insofar as enforcement may be limited by
bankruptcy, insolvency, or other Laws affecting generally the enforceability of creditors’ rights
and by limitations on the availability of equitable remedies. Upon the execution and delivery by
Buyer of the Transaction Documents, to which Buyer is a party, such Transaction Documents will
constitute the legal, valid, and binding obligations of Buyer, enforceable against Buyer in
accordance with their respective terms, except insofar as enforcement may be limited by bankruptcy,
insolvency, or other Laws affecting generally the enforceability of creditors’ rights and by
limitations on the availability of equitable remedies. Buyer has the absolute and unrestricted
right, power, and authority to execute and deliver this Agreement and the other Transaction
Documents to which it is a party and to perform its obligations under this Agreement and the other
Transaction Documents to which it is a party.

     Section 5.3 Noncontravention.

     Neither the execution nor the delivery of this Agreement, nor the consummation of the
transactions contemplated hereby, will (a) violate any Law or Order of any Governmental Entity to
which Buyer is subject or any provision of the articles of incorporation or bylaws or other
organizational documents of Buyer or (b) conflict with, result in a breach of, constitute a default
under, result in the acceleration of, create in any party the right to accelerate, terminate,
modify, or cancel, or require any notice under any contract, lease, license, or other arrangement
to which Buyer is a party or by which it is bound or to which its assets are subject except such
violations or conflicts that would not materially impair Buyer’s ability to perform its obligations
under this Agreement. Except for the Competition Filings, Buyer does not need to give any notice
to, make any filing with, or obtain any Consent of any Governmental Entity or other third-party in
order for Buyer and Sellers to consummate the transactions contemplated by this Agreement.

     Section 5.4 Certain Proceedings.

     To Buyer’s Knowledge, as of the date of this Agreement, there is no Proceeding that has been
commenced against Buyer that challenges, or may have the effect of preventing, delaying, making
illegal, or otherwise interfering with, any of the transactions contemplated by this Agreement.

     Section 5.5 Brokers’ Fees.

     Buyer represents that no agent, broker, investment banker or firm or Person is or will be
entitled to any broker’s or finder’s fee or any other commission or similar fee in connection with
any of the transactions contemplated by this Agreement, except Closa Corporate Advisors S.L. and TM
Capital Corp., whose fees and expenses shall be paid by the Buyer.

     Section 5.6 Independent Investigation; Company’s Representations.

     Buyer has conducted its own independent investigation, review and analysis of the business,
operations, assets, liabilities, results of operations, financial condition, software, technology
and prospects of the Company and its Subsidiaries, which investigation, review and

50

 

analysis was done by Buyer and its Affiliates and representatives. Buyer acknowledges that it
and its representatives have been provided adequate access to the personnel, properties, premises
and records of the Company and its Subsidiaries for such purpose. In entering into this Agreement,
Buyer acknowledges that it has relied solely upon the aforementioned investigation, review and
analysis and not on any factual representations or opinions of the Company, the Sellers or any of
their representatives (except the specific representations and warranties of the Company set forth
in Article III and the schedules thereto, the Sellers in Article IV and the schedules thereto and
any agreements or certificates delivered by the Company to Buyer in accordance with the Company’s
obligations pursuant to this Agreement).

ARTICLE VI

PRE-CLOSING COVENANTS

     The parties covenant and agree as follows:

     Section 6.1 Conduct of Business to Closing Date.

     From and after the date hereof until the Closing Date, the Company shall, and shall cause its
Subsidiaries to, carry on the business of the Company and its Subsidiaries in the Ordinary Course
of Business, including, without limitation, doing the following:

          (a) Maintain Assets. Consistent with past practice, the Company and its Subsidiaries
shall maintain and keep their respective properties and assets in at least as good condition and
repair, reasonable wear and tear excepted, as the condition and repair the properties and assets
are in as of the date hereof.

          (b) Disposition of Assets. Except as approved by Buyer in writing or transactions in
the Ordinary Course of Business not exceeding $200,000, the Company and its Subsidiaries shall not
sell, lease, transfer, assign, pledge, mortgage or otherwise dispose of or encumber or incur or
suffer to exist any Encumbrance (other than Permitted Encumbrances and the liens set forth on
Schedule 6.1(b)) on any of their respective properties or assets; provided,
however, that the monetary limitation on Ordinary Course of Business transactions pursuant
to this Section 6.1(b) shall not apply to assets purchased and delivered to the client under system
sales contracts in the refined fuels line of business entered into by Company or any of its
Affiliates in the Ordinary Course of Business.

          (c) Perform Contracts. The Company and its Subsidiaries shall perform all of its
obligations under the Contracts in all material respects.

          (d) Other Permitted Contracts. Except as approved by Buyer in writing or as set forth
in Schedule 6.1(d), neither the Company nor any of its Subsidiaries shall, outside the
Ordinary Course of Business (i) enter into any agreement, contract, lease, or license for which the
Company or any of its Subsidiaries would reasonably be likely to incur liability in excess of
$100,000 individually or $200,000 in the aggregate, (ii) accelerate, modify, terminate, cancel or
change any Contract, (iii) cancel, compromise, waive or release any right, claim or debts involving
amounts in excess of $25,000, (iv) make any capital expenditure or commitment exceeding $100,000
individually or $200,000 in the aggregate, (v) issue any note, bond or other debt security or
create, incur, assume, or guarantee or otherwise become subject to any

51

 

Indebtedness, or (vi) make any loan to, or enter into any business transaction, agreement,
arrangement or understanding of any other nature with, any Seller, director or other employee of
the Company, or any Affiliate or associate of any Seller, director or other employee of the Company
other than advances to employees for business expenses in the Ordinary Course of Business that do
not exceed $5,000.

          (e) Wage or Salary Increases. Except as set forth on Schedule 6.1(e), neither
the Company nor any of its Subsidiaries shall (i) grant any increase in wages, salaries or benefits
of any employee, except for increases in the Ordinary Course of Business in accordance with
existing policies, (ii) enter into any employment, severance, or similar contract or collective
bargaining agreement (or, except for increases in wages, salaries or benefits in the Ordinary
Course of Business consistent with past practice, amend, modify, change or supplement the terms of
any such existing contract, agreement or arrangement) with respect to any employees, (iii) pay or
agree to pay any pension, retirement allowance or other employee benefit not required by any
existing plan, agreement or arrangement to any employee, whether past or present, or (iv) commit,
adopt, amend, modify, change or terminate any pension, profit-sharing, bonus, incentive, deferred
compensation, group insurance, severance, retirement or other benefit plan, contract, agreement or
arrangement with respect to its directors, officers, and employees (or take any such action with
respect to any other Benefit Plan), or to any employment with or for the benefit of any employee,
or to terminate or amend any of such plans or any of such agreements in existence, including the
Benefit Plans, on the date of this Agreement, except as required by Law. Except in the Ordinary
Course of Business, neither the Company nor any of its Subsidiaries shall enter into, modify or
amend any consulting agreements.

          (f) Maintain Relationships of Customers and Suppliers. The Company and its
Subsidiaries shall use reasonable efforts to maintain satisfactory relationships with all of the
existing customers and suppliers and shall not (A) make any grant of credit to any customer or
supplier, (B) grant any discounts to a customer for early payment of accounts receivable, or (C)
defer payment of accounts payable, in each case outside of the Ordinary Course of Business.

          (g) Insurance. The Company and its Subsidiaries shall maintain their insurance
policies and programs in their current amounts and a basis consistent with past practice.

          (h) Company Intellectual Property. The Company and its Subsidiaries shall use
commercially reasonable efforts to file, prosecute and maintain all Company Intellectual Property
rights in the Ordinary Course of Business. Neither the Company nor any of its Subsidiaries shall
grant any license or sublicense any rights under or with respect to the Company Intellectual
Property except in the Ordinary Course of Business.

          (i) Accounting and Tax Matters. Neither the Company nor any Subsidiary shall make,
change, or revoke any material election in respect of Taxes, change an annual accounting period,
adopt or change any accounting method with respect to Taxes, make any material agreement or
settlement with respect to Taxes, file any amended Tax Return, surrender any right to claim a
refund of Taxes, or consent to any extension or waiver of the limitation period applicable to any
Tax claim or assessment. Neither the Company nor any of its

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Subsidiaries shall make any change in their respective accounting principles (other than as
required by GAAP).

          (j) Dividends and Distributions. Neither the Company nor any of its Subsidiaries
shall declare, set aside, or pay any dividend or make any distribution (whether in cash or in kind)
or redeem, purchase, or otherwise acquire any of its capital stock.

          (k) Agreements Regarding Conduct of Business. Except as expressly provided in this
Agreement, the Company and its Subsidiaries shall not enter into any agreement inconsistent with
the foregoing.

     Section 6.2 Conduct of Sellers.

     Except as expressly provided in this Agreement, no Seller shall enter into any agreement
inconsistent with Section 6.1.

     Section 6.3 Prohibition on Repayment of Borrowed Indebtedness.

     Prior to the Closing Date, the Company shall not repay all or any portion of the Borrowed
Indebtedness except for amounts due and payable under the terms pursuant to which such Borrowed
Indebtedness was incurred.

     Section 6.4 Access by Buyer to Properties and Records; Furnishing Information.

     Following the date hereof, authorized representatives of Buyer shall have reasonable access
during normal business hours to all premises, properties, personnel, books, contracts, documents
and data relating to the Company and its Subsidiaries. Such access shall be arranged with
reasonable advance notification to the Company. Any officer or director of the Company or the
Sellers’ Representative, or such other person as Sellers’ Representative may designate, may attend
all meetings held between Buyer or its authorized representatives and any officers and employees or
customers and suppliers of the Company or any representatives thereof. In no event shall Buyer
communicate with any customer, supplier, employee, or agent of the Company other than through the
Company with the Company’s prior consent.

     Section 6.5 Compliance with Conditions.

          (a) Buyer, the Company and Sellers shall cooperate in good faith and do such other acts and
things as may be reasonable, appropriate, necessary or timely to effectuate the intent and purpose
of this Agreement. Notwithstanding the generality of the foregoing and subject to the terms and
conditions of this Agreement, the Company, Buyer and Sellers shall each use its reasonable best
efforts to cause the conditions in Article VIII to be satisfied at or prior to the Closing Date,
and to take, or cause to be taken, all actions and to do, or cause to be done, all things
necessary, proper or advisable under applicable Laws promptly to consummate the transactions
contemplated by this Agreement.

          (b) In furtherance and not in limitation of Section 6.5(a), each of the requisite parties
shall:

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     (i) make an appropriate filing of a Notification and Report Form pursuant to
the HSR Act with respect to the Transaction as promptly as practicable, and in any
event within ten (10) Business Days after the date hereof, and supply as promptly as
practicable any additional information and documentary material that may be required
pursuant to the HSR Act (including by substantially complying with any second
request for information pursuant to the HSR Act);

     (ii) make any additional filings required by an applicable Competition Law and
take all other actions reasonably necessary, proper or advisable, as determined upon
the reasonable mutual agreement of the parties to cause the expiration or
termination of the applicable waiting periods under the HSR Act or other Competition
Laws, as promptly as practicable; and

     (iii) subject to applicable Laws relating to access to and the exchange of
information, use its reasonable best efforts to:

	 	(A)	 	cooperate with each other in connection with
any filing or submission and in connection with any investigation or
other inquiry under or relating to any Competition Law;
	 
	 	(B)	 	keep the other parties informed of any
communication received by such party from, or given by such party to,
the Federal Trade Commission (the “FTC”), the Antitrust
Division of the Department of Justice (the “DOJ”) or any other
Governmental Entity and of any communication received or given in
connection with any proceeding by a private party regarding the
Transaction; and
	 
	 	(C)	 	to the extent reasonable, consult with the
other party in advance of any meeting or conference with the FTC, the
DOJ or such other applicable Governmental Entity, giving the other
party, to the extent reasonable, an opportunity to attend and
participate with their respective legal counsel in such meetings and
conferences.

          (c) Notwithstanding anything to the contrary contained in this Agreement, in no event shall
Buyer or any of its Affiliates be obligated to propose or agree to accept any undertaking or
condition, enter into any consent decree, make any divestiture, accept any operational restriction
or take or commit to take any action (including litigation), that would reasonably be expected to
limit: (i) the freedom of Buyer or its Affiliates with respect to the operation of, or its ability
to retain, the Company, its Subsidiaries or any businesses, product lines or assets of the Company
and its Subsidiaries, or (ii) the ability of Buyer or its Affiliates to retain or operate any
portion of the businesses, product lines or assets of the Company and its Subsidiaries, or alter or
restrict in any way the business or commercial practices of Buyer and its Affiliates and the
Company and its Subsidiaries.

     Section 6.6 Notification to Buyer of Damage or Destruction of Assets or Material
Changes.

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     The Company shall give Buyer written notice promptly upon becoming aware of any material
change or destruction of any of the properties or assets of the Company.

     Section 6.7 No Solicitation.

     Sellers, the Company and its Subsidiaries shall not, nor shall any of them authorize or permit
any officer, director or employee of or any investment banker, attorney, accountant or other
representative retained by any of them to, (a) solicit, initiate or encourage any Other Bid, (b)
enter into any agreement with respect to any Other Bid, or (c) participate in any discussions or
negotiations regarding an Other Bid, furnish any information to any Person who has made or who is
reasonably expected to make an Other Bid, or take any other action to facilitate any inquiries or
the making of any proposal that constitutes, or may reasonably be expected to lead to, any Other
Bid. The Company promptly shall advise Buyer orally and in writing of any Other Bid or any inquiry
with respect to, or which could reasonably be expected to lead to, an Other Bid. As used in this
Section 6.7, “Other Bid” means any proposal for a merger, sale of securities, sale of
substantial assets or similar transaction involving the Company and/or any of its Subsidiaries,
their business, or any proposal to acquire in any manner all or substantially all of the assets of
the Company and/or its Subsidiaries, other than transactions contemplated by this Agreement.

     Section 6.8 Notices of Certain Events.

     Prior to the Closing, the Company shall notify Buyer promptly upon becoming aware of:

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

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

          (c) any Proceedings commenced or threatened in writing (x) against, relating to, involving or
otherwise affecting the Company, its Subsidiaries or any of their assets or properties, which, if
pending on the date of this Agreement, would have been required to have been disclosed pursuant to
Section 3.16 or Section 3.23 or (y) relating to or otherwise affecting the purchase and sale of the
Closing Date Purchased Stock.

     The Company’s notification of Buyer of any of the events referred to in this Section 6.8 or in
Section 6.6 shall not be deemed to cure any related breaches of the representations, warranties,
covenants or agreements contained in this Agreement, nor shall the failure of Buyer to take any
action with respect to such notice be deemed a waiver of any such breach or breaches.

     Section 6.9 Annex Transaction.

     Each of the Company and Annex Holdings agrees to use its reasonable best efforts to cause the
Annex Transaction to be consummated no later than the Closing Date, and to take, or cause to be
taken, all actions and to do, or cause to be done, all things necessary, proper or

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advisable under applicable Law to consummate the Annex Transaction and Annex Holdings agrees
to sell to the Buyer the shares of Common Stock received by Annex Holdings in the Annex
Transaction; provided, however, that if the Annex Transaction cannot be consummated
in accordance with its terms, then Annex agrees to sell (and Annex Holdings agrees to cause Annex
to sell) its shares of Common Stock to the Buyer pursuant to the terms of this Agreement. If the
Company purchases the Annex Stock pursuant to the Annex Transaction, the Company shall file with
the Delaware Secretary of State, and cause to be effective on or prior to the Closing Date, a
certificate of ownership and merger merging Annex with and into the Company.

     Section 6.10 Company Transaction Expenses.

     Sellers agree to reimburse Buyer for any Company Transaction Expense which is not included in
the certificate of the Company provided pursuant to Section 2.6(b)(ix) hereof. Sellers shall be
severally liable under this Section 6.10.

ARTICLE VII

OTHER MATTERS AND POST-CLOSING COVENANTS

     Section 7.1 Confidentiality.

     Each party (including, without limitation, Sellers’ Representative) will maintain in strict
confidence, and will cause each of its respective directors, officers, employees, agents, and
advisors, if applicable, to maintain in strict confidence and to prevent the unauthorized use,
disclosure, publication or dissemination of, the Confidential Information furnished to such party
by any other party; provided, however, that a party may disclose Confidential
Information of another party if required by Law or any judicial or governmental request,
requirement or order; provided, that, if and to the extent permitted by Law, such
disclosing party will promptly notify such other party of such request and cooperate with such
other party in its efforts to contest such request, requirement or order or to obtain confidential
treatment of such Confidential Information; and provided further, however, that effective upon the
Closing, the provisions of this Section 7.1 shall terminate with respect to Buyer’s use of
Confidential Information related solely to the business of the Company and its Subsidiaries. The
Confidential Information may be disclosed only to employees, lawyers, accountants, bankers and
other consultants (“Agents”), who have a need to review the Confidential Information for
the purpose of consummating the transactions contemplated by this Agreement. Should any party
provide any Confidential Information of another party to any of its Agents, such party will inform
such Agents of the confidential nature of the Confidential Information and direct them not to
disclose the Confidential Information or use the Confidential Information other than in accordance
with this Agreement.

     Section 7.2 Further Cooperation.

     In case at any time after the Closing any further action is necessary or desirable to carry
out the purposes of this Agreement, each of the parties hereto will take such further action
(including the execution and delivery of such further instruments and documents) as any other party
hereto reasonably may request, all at the sole cost and expense of the requesting party (unless the
requesting party is entitled to indemnification therefor hereunder pursuant to Article

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IX). Sellers acknowledge and agree that, from and after the Closing, Buyer will be entitled
to possession of all documents, books, records, agreements, and financial data of any sort relating
to the Company; provided, however, that Sellers shall be entitled to copies of such
financial and other information they may reasonably request in connection with any Proceeding,
including any audit with respect to Taxes.

     Section 7.3 Sellers’ Representative.

          (a) Each Seller, for itself and its personal representatives and other successors, hereby
severally constitutes and appoints GSC Recovery IIA, L.P. as its agent and attorney-in-fact (the
“Sellers’ Representative”), with full power and authority in the name of and for and on
behalf of each Seller, coupled with an interest, to serve as the Sellers’ Representative under this
Agreement to (i) cause the Escrow Agent to disburse to each Seller any portion of the Escrow
Account to which such Seller is entitled pursuant to this Agreement and to take all other actions
to be taken by or on behalf of such Seller in connection therewith, (ii) receive notice on behalf
of the Sellers with respect to, and to negotiate, settle, compromise and otherwise handle, all
claims for indemnification made by Buyer or any other Indemnified Parties pursuant to Article IX of
this Agreement, (iii) take all such reasonable actions with respect to this Agreement and the
Escrow Agreement, as the Sellers’ Representative shall deem appropriate, and (iv) do each and every
act and exercise any and all rights which such Seller, or the Sellers collectively, are permitted
or required to do or exercise under this Agreement or the Escrow Agreement; provided,
however, that in no case shall the Seller’s Representative be entitled to take any such
action the effect of which would be to treat any Seller disproportionately to any other Seller;
provided, also, that the Sellers’ Representative shall not have any authority to
act on behalf of any Employee Stockholder on matters set forth in Sections 2.3(f), (g), and (h),
which are within the purview of the Employee Stockholder Committee.

          (b) The Sellers’ Representative shall not be liable for any act done or omitted hereunder as
Sellers’ Representative while acting in good faith, and any act done or omitted pursuant to the
advice of counsel shall be conclusive evidence of such good faith. Each of the Sellers hereby
severally indemnifies and holds harmless the Sellers’ Representative against any loss, liability or
expense incurred without gross negligence or bad faith on the part of the Sellers’ Representative
and arising out of or in connection with the acceptance or administration of its duties under this
Agreement or the Escrow Agreement.

          (c) The Sellers’ Representative shall be entitled to reimbursement for all Damages covered
under Section 7.3(b) and reasonable fees, expenses, disbursements and advances incurred or made by
it in performance of its duties hereunder (including reasonable fees, expenses and disbursements of
its counsel). Such payment of fees and reimbursement for fees, expenses, disbursements and
advances shall be deducted from amounts, if any, released to Sellers pursuant to Section 2.2(b)
hereof and the Sellers’ Representative may cause the Escrow Agent to pay to the Sellers’
Representative out of such released Aggregate Escrow Funds, any payment of fees and reimbursement
for fees, expenses, disbursements and advances due to the Sellers’ Representative under this
Section 7.3(c).

          (d) The Sellers’ Representative shall have reasonable access to information about the Company
and Buyer and the reasonable assistance of Company’s and Buyer’s officers

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and employees as may be necessary for purposes of performing its duties and exercising its
rights under this Agreement, provided that the Sellers’ Representative shall treat confidentially
and not disclose any nonpublic information from or about Company or Buyer to anyone (except on a
need to know basis to individuals who agree to treat such information confidentially) and Sellers’
Representative shall comply with the confidentiality provisions of this Agreement.

          (e) A decision, act, consent or instruction of the Sellers’ Representative shall constitute a
decision of all of the Sellers and shall be final, binding and conclusive upon each such Seller,
and the Escrow Agent and Buyer may rely upon any decision, act, consent or instruction of the
Sellers’ Representative as being the decision, act, consent or instruction of each and every such
Seller. The Escrow Agent and Buyer are hereby relieved from any liability to any person for any
acts done by them in accordance with such decision, act, consent or instruction of the Sellers’
Representative.

          (f) The Sellers’ Representative may be replaced at any time from time to time, including in
the event of the death, resignation or incapacity of the Sellers’ Representative, (i) prior to the
Closing, by the written consent of Sellers (or their successors or assigns) holding a majority of
the Common Stock (on a fully diluted basis, assuming for these purposes the exercise of all
options) as of the date hereof, and (ii) from and after the Closing, by the written consent of
Sellers (or their successors or assigns) who held a majority of the Closing Date Purchased Stock on
the Closing Date. Any replacement of the Sellers’ Representative pursuant to this subsection shall
become effective upon delivery of written notice of such change to Buyer.

     Section 7.4 Indemnification of Company Officers and Directors.

          (a) For six (6) years after the Closing Date, Buyer and the Company and its Subsidiaries shall
cause the Certificate of Incorporation and bylaws (and other similar organizational documents) of
the Company and its Subsidiaries to contain provisions with respect to indemnification and
exculpation of its current and former directors and officers that are at least as favorable to the
current and former directors and officers as the indemnification and exculpation provisions
contained in the Certificate of Incorporation and bylaws (or other similar organizational
documents) of the Company and its Subsidiaries as in effect on the Closing Date, which provisions
will not be amended, repealed or otherwise modified for a period of six (6) years from the Closing
Date in any adverse manner, except as required by applicable Law.

          (b) Buyer shall cause to be purchased and maintained in effect for a period of six (6)
consecutive years beginning immediately after the Closing Date an extended reporting period (i.e.,
“tail” coverage) under the policy or policies of directors’ and officers’ liability insurance
currently maintained by the Company and its Subsidiaries for the benefit of those persons who are
covered by such policies on the Closing Date on terms with respect to coverage and amount no less
favorable to the persons covered by such insurance than those of such policy in effect on the
Closing Date.

     Section 7.5 2008 Management Incentive Plan.

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     The Buyer and the Company agree that the Company shall maintain the 2008 Management Incentive
Plan through December 31, 2011 and that, for purposes of calculating bonuses thereto, EBITDA shall
be calculated in the same manner as it is calculated in this Agreement except that for the 2008
calculation EBITDA will exclude compensation expense recognized by the Company in 2008 in
accordance with GAAP from the payment of the 2006 dividend on the Class C units of the Company.

ARTICLE VIII

CONDITIONS TO CLOSE

     Section 8.1 Conditions to Obligation of Buyer.

          (a) The obligation of Buyer to purchase the Closing Date Purchased Stock and to take the other
actions required to be taken by Buyer at the Closing is subject to the satisfaction, at or prior to
the Closing, of each of the following conditions (any of which may be waived by Buyer in writing,
in whole or in part):

     (i) the representations and warranties of the Company set forth in Article III
(A) that are not qualified as to “materiality” or “Material Adverse Effect” shall be
true and correct in all material respects as of the date hereof and as of the
Closing Date as if made on and as of the Closing Date, and (B) that are qualified as
to “materiality” and/or “Material Adverse Effect” shall be true and correct as of
the date hereof and as of the Closing Date as if made on and as of the Closing Date,
in each case other than representations and warranties that are made as of a
specific date, in which case such representations and warranties shall be true and
correct in all material respects or true and correct, as the case may be, as of such
specific date;

     (ii) the representations and warranties of the Sellers set forth in Article IV
(A) that are not qualified as to “materiality” or “Material Adverse Effect” shall be
true and correct in all material respects as of the date hereof and as of the
Closing Date as if made on and as of the Closing Date, and (B) that are qualified as
to “materiality” and/or “Material Adverse Effect” shall be true and correct as of
the date hereof and as of the Closing Date as if made on and as of the Closing Date,
in each case other than representations and warranties that are made as of a
specific date, in which case such representations and warranties shall be true and
correct in all material respects or true and correct, as the case may be, as of such
specific date;

     (iii) the Company shall have performed and complied in all material respects
with all of its covenants and obligations hereunder as of the Closing;

     (iv) Sellers shall have performed and complied in all material respects with
all of their respective covenants and obligations hereunder as of the Closing;

     (v) the Company shall have obtained the Required Consents, which consents shall
be in full force and effect on the Closing Date;

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     (vi) no Proceeding shall be pending or, to the Knowledge of the Company,
threatened before any Governmental Entity wherein an unfavorable Order issued
pursuant to such Proceeding would (A) prevent consummation of any of the
transactions contemplated by this Agreement, (B) cause any of the transactions
contemplated by this Agreement to be rescinded following consummation, or (C) permit
consummation of the transactions contemplated by this Agreement only subject to any
condition or restriction that has had or would reasonably be expected to have a
Material Adverse Effect;

     (vii) no Material Adverse Effect shall have occurred after the date of this
Agreement;

     (viii) the Company shall have delivered to Buyer a certificate to the effect
that each of the conditions specified above in Sections 8.1(a)(i), (a)(iii) and
(a)(vi) is satisfied in all respects;

     (ix) each document or other delivery required to be delivered by the Company
pursuant to Section 2.6(b), and the Sellers’ Representative pursuant to Section
2.6(e) must have been delivered by the Company;

     (x) each holder of Class A Common Stock, Class B Common Stock, Class C Common
Stock and Class C Options shall have executed this Agreement and agreed to be bound
by the terms hereof;

     (xi) each of the Class C Options shall have been exercised on or prior to the
Closing Date, and the exercise price for any Class C Options exercised prior to the
Closing Date shall have been paid to the Company, and any Class C Options exercised
on the Closing Date shall be exercised on a cashless basis pursuant to the terms
hereof and the Option Plan shall have been terminated and be of no further force and
effect;

     (xii) that certain Registration Rights Agreement dated June 1, 2006, by and
among the Company and the Sellers shall have been terminated and be of no further
force and effect;

     (xiii) each of (A) the 2006 Amended and Restated DTN Holding Company, Inc.
Management Equity Incentive Plan, dated June 1, 2006 and (B) the 2006 Amended and
Restated DTN Holding Company, Inc. Non-Employee Director Equity Incentive Plan,
dated June 1, 2006, shall have been terminated and be of no further force and
effect;

     (xiv) each Employee Stockholder shall have executed an assignment of inventions
agreement in the form set forth on Exhibit D attached hereto;

     (xv) the Closing Date Purchased Stock shall constitute (A) 100% of the Class A
Common Stock, (B) 100% of the Class B Common Stock, and (C) 100% of the Class C
Common Stock (including the shares of Common Stock resulting from the exercise of
the Class C Options);

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     (xvi) any applicable waiting period (and any extensions thereof) under the HSR
Act and other Competition Law (including, without limitation, the German Act Against
Restraints of Competition of 1958 (Gesetz gegen Wettbewerbsbeschränkungen)) as
amended shall have expired or otherwise been terminated and any approval by any
Governmental Entity of the transactions contemplated by this Agreement shall have
been granted, to the extent such affirmative approval is required by Law, or the
deadline for commencing a proceeding to ban or impose conditions on the transactions
contemplated by this Agreement shall have elapsed without such proceeding being
commenced or threatened, or any such prohibitory order being entered, by the FTC,
the DOJ or any other Governmental Entity; and

     (xvii) each document or other delivery required to be delivered by Sellers
pursuant to Section 2.6(a) must have been delivered by Sellers.

     Section 8.2 Conditions to Obligation of the Company and the Sellers.

     The obligation of the Company and the Sellers to effect the Closing, sell the Shares and to
take the other actions required to be taken by Sellers at the Closing is subject to the
satisfaction, at or prior to the Closing, of each of the following conditions (any of which may be
waived by the Company or the Sellers in writing, in whole or in part):

          (a) the representations and warranties of Buyer set forth in Article V (x) that are not
qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all
material respects as of the date hereof and as of the Closing Date as if made on and as of the
Closing Date, and (y) that are qualified as to “materiality” and/or “Material Adverse Effect” shall
be true and correct as of the date hereof and as of the Closing Date as if made on and as of the
Closing Date, in each case other than representations and warranties that are made as of a specific
date, in which case such representations and warranties shall be true and correct in all material
respects or true and correct, as the case may be, as of such specific date;

          (b) Buyer shall have performed and complied in all material respects with all of its covenants
and obligations hereunder as of the Closing;

          (c) no Proceeding shall be pending or, to Buyer’s Knowledge, threatened before Governmental
Entity wherein an unfavorable Order issued pursuant to such Proceeding would (i) prevent
consummation of any of the transactions contemplated by this Agreement, or (ii) cause any of the
transactions contemplated by this Agreement to be rescinded following consummation;

          (d) Buyer shall have delivered to the Company a certificate to the effect that each of the
conditions specified in Sections 8.2(a), (b) and (c) is satisfied in all respects; and

          (e) each document required to be delivered by Buyer pursuant to Section 2.6(c) must have been
delivered by Buyer.

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ARTICLE IX

INDEMNIFICATION

     Section 9.1 Survival of Representations, Warranties and Covenants.

     The representations and warranties of any of the Company, Sellers and Buyer contained in this
Agreement shall survive the Closing and continue in full force and effect until the date that is
eighteen (18) months from the Closing Date; provided, however, that (a) the
representations and warranties of the Company contained in Section 3.10 (Tax Matters) shall survive
until the date that is ninety (90) days after the expiration of the statute of limitations
applicable to the underlying matter; and (b) the representations and warranties of the parties
contained in Sections 3.1 (Organization, Qualification and Corporate Power), 3.2 (Capitalization),
3.7 (Title to Assets), 3.24 (Brokers’ Fees), 4.1 (Authorization), 4.3 (Shares; Options), 4.5
(Brokers’ Fees), 5.1 (Organization of Buyer), 5.2 (Authorization) and 5.5 (Brokers’ Fees), and
claims arising directly out of fraud, intentional misrepresentation or an intentional and knowing
breach of any covenant set forth herein, shall survive without limitation. All covenants or other
agreements herein which by their terms are to be performed in whole or in part, or which prohibit
actions, subsequent to the Closing Date, shall survive the Closing in accordance with their terms.
All other covenants and agreements contained herein shall not survive the Closing and shall
thereupon terminate, except that claims for indemnification in respect of any breach thereof shall
terminate on the date that is eighteen (18) months from the Closing Date. Any claim for
indemnification pursuant to this Article IX with respect to any of such matters which is not
asserted by written notice containing sufficient detail (including a reference to the section and
subsection of this Agreement pursuant to which indemnification is being sought) as to allow the
claim to be evaluated (and including the estimated amount of such claim) (a “Claims
Notice”) given as herein provided within the ninety (90) day period immediately following the
periods of survival specified in this Section 9.1 may not be pursued and is hereby irrevocably
waived after such time. Any such Claims Notice shall be delivered to the Sellers’ Representative
and the Escrow Agent at the same time and by the same method of delivery pursuant to Section 12.5.

     Section 9.2 Indemnification Provisions for Benefit of Buyer.

     Subject to any applicable limitations set forth in this Article IX, each Seller severally
agrees to indemnify, defend and hold harmless Buyer from and against the entirety of any loss,
liability, claim, damage and expenses (including reasonable attorneys’ and experts’ fees and
disbursements) (collectively, “Damages”) suffered by Buyer, the Company or any of its
Subsidiaries:

          (a) as a result of the breach by such Seller or the Company of any of its respective
representations, warranties, covenants, agreements or obligations contained in this Agreement;

          (b) as a result of the Company’s fraud, intentional misrepresentation or an intentional and
knowing breach of a covenant set forth in this Agreement; and

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          (c) as a result of such Seller’s fraud, intentional misrepresentation or an intentional and
knowing breach of a covenant set forth in this Agreement.

     Section 9.3 Indemnification Provisions for Benefit of Sellers.

     Subject to any applicable limitations set forth in this Article IX, Buyer agrees to indemnify,
defend and hold harmless Sellers from and against all Damages suffered by Sellers as a result of
the breach by Buyer of any of its representations, warranties, covenants, agreements or obligations
contained in this Agreement.

     Section 9.4 Matters Involving Third-Parties.

          (a) If any third party shall notify any party (the “Indemnified Party”) with respect
to any matter (a “Third-Party Claim”) which may give rise to a claim for indemnification
against any other party (the “Indemnifying Party”) under this Article IX, then the
Indemnified Party shall promptly notify the Indemnifying Party thereof in writing;
provided, however, that no delay on the part of the Indemnified Party in notifying
any Indemnifying Party shall relieve the Indemnifying Party from any obligation hereunder unless
(and then solely to the extent) the Indemnifying Party thereby is prejudiced.

          (b) The Indemnifying Party shall assume the defense and defend the Indemnified Party against
the Third-Party Claim with counsel of its choice so long as the Indemnifying Party conducts the
defense of the Third-Party Claim actively and in a reasonably diligent manner.

          (c) So long as the Indemnifying Party is conducting the defense of the Third-Party Claim in
accordance with Section 9.4(b) above, (i) the Indemnified Party may retain separate counsel at its
sole cost and expense and participate in the defense of the Third-Party Claim, (ii) the Indemnified
Party will not consent to the entry of any judgment or enter into any settlement with respect to
the Third-Party Claim without the prior written consent of the Indemnifying Party (not to be
unreasonably withheld), and (iii) the Indemnifying Party will not consent to the entry of any
judgment or enter into any settlement with respect to the Third-Party Claim without the prior
written consent of the Indemnified Party (not to be unreasonably withheld), unless the judgment or
proposed settlement involves only the payment of money damages and does not impose an injunction or
other equitable relief upon the Indemnified Party.

     Section 9.5 Limitation of Liability.

          (a) Limitation on Sellers’ Liability. Except as set forth in the next sentence, in no
event shall Sellers be required to indemnify any Person, and Sellers shall have no liability, for
any Damages under this Agreement to the extent such Damages, together with the aggregate amount of
all Damages for which Sellers have indemnified any Person pursuant to this Agreement, exceed the
Aggregate Escrow Amount plus the aggregate amount subtracted from the Post-Closing Payment pursuant
to Section 2.3(a)(iii). For purposes of a breach by the Company of Sections 3.2 (Capitalization),
3.7 (Title to Assets) 3.10 (Tax Matters), 4.1
(Authorization), 4.3 (Shares; Options), 9.7(a) (Tax Indemnity; Special Procedure for Taxes),
and for Damages arising directly out of fraud, intentional misrepresentation or an intentional and
knowing breach of any of the covenants and agreements of the Company or such Seller set forth

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herein, in no event shall Sellers be required to indemnify any Person, and Sellers shall have no
liability for any Damages under this Agreement to the extent such Damages, together with the
aggregate amount of all Damages for which Sellers have indemnified any Person pursuant to this
Agreement, exceed the Equity Value. In no event shall any Seller be liable for any Damages that
are owed to Buyer under this Agreement in an amount greater than such Seller’s Pro Rata Portion of
such Damages.

          (b) Limitation on Buyer’s Liability. Subject to the next sentence, in the event that
the Transaction does not close, in no event shall Buyer be required to indemnify any Person, and
Buyer shall have no liability, for any Damages under this Article IX to the extent such Damages,
together with the aggregate amount of all Damages for which Buyer has indemnified any Person
pursuant to this Article IX, exceed ten percent (10%) of the Equity Value. Notwithstanding
anything to the contrary contained herein, in the event that (i) Buyer is not entitled to terminate
this Agreement pursuant to Section 11.1(b) and has not given notice of breach which has not been
cured in accordance with Section 11.1(b), (ii) the conditions precedent to Buyer’s obligations to
consummate the transaction have been satisfied or waived (provided, however, that if Buyer’s breach
of this Agreement has prevented the satisfaction of, or made it unreasonable in light of such
breach for the Company, on the one hand, or the Sellers, on the other hand, to pursue the
satisfaction of, such conditions precedent, then the application of the Reverse Break-Up Fee shall
be determined without reference to this clause (ii)), and (iii) this Agreement is terminated
pursuant to Section 11.1(c) (excluding any termination pursuant to Section 11.1(c)(ii) that arises
out of the condition precedent set forth in Section 8.2(c) not being satisfied (other than due to a
Proceeding by a third-party as a result of actions other than those contemplated by this Agreement
that are taken, directly or indirectly, by the Buyer or its Affiliates )) or 11.1(d), then Buyer
shall pay or cause to be paid to the Company $13,350,000 (the “Reverse Break-Up Fee”) by
wire transfer of immediately available funds within three (3) Business Day following such
termination, in which case (A) the payment of the Reverse Break-Up Fee will be considered
liquidated damages for any breach by Buyer of this Agreement and in the event of such payment,
Buyer shall have no other liability for any breach by it of any representations, warranties,
covenants or agreements set forth in this Agreement (other than claims for fraud, intentional
misrepresentation or an intentional and knowing breach of a covenant set forth in this Agreement)
and (B) neither the Company nor any of the Sellers shall seek to recover any other money damages or
seek any other remedy (including specific performance), other than damages or remedies (which may
include specific performance) arising directly out of any claim by the Company or the Sellers for
fraud, intentional misrepresentation or an intentional and knowing breach of a covenant set forth
in this Agreement.

          (c) General Threshold. There shall be no claim for indemnification asserted against
Sellers under this Agreement until (i) the Damages with respect to the particular act,
circumstance, development, event, fact, occurrence or omission exceeds $25,000, and (ii) the
aggregate amount of Damages by the Indemnified Party exceeds $650,000, and once the aggregate
amount of Damages by such Indemnified Party exceeds $650,000, the amount payable to such
Indemnified Party shall be for the full amount of such Damages by such Indemnified
Party. The limitations contained in this Section 9.5(c) shall not apply to the
indemnification obligations of Seller set forth in Section 9.7 hereof.

     Section 9.6 Satisfaction of Sellers’ Indemnification Obligations.

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     All obligations of Sellers to indemnify Buyer for Damages pursuant to this Article IX shall be
satisfied first out of the Escrow Account and pursuant to Section 2.3(a)(iii), pursuant to the
terms and conditions of the Escrow Agreement and this Agreement. As to each claim for Damages made
by Buyer pursuant to this Article IX, Buyer only shall be entitled to receive from the Non-Employee
Seller Escrow Amount an amount equal to (i) the Paid Escrow Percentage multiplied by (ii)
the amount of such Damages.

     Section 9.7 Tax Indemnity; Special Procedure for Taxes.

          (a) Each Seller severally agrees to indemnify, defend and hold harmless Buyer from and against
(i) all Taxes of the Company and its Subsidiaries with respect to taxable periods ending on or
prior to the Closing Date, (ii) all Taxes of the Company and its Subsidiaries with respect to
Straddle Periods to the extent that such Taxes are allocable to the Pre-Closing Tax Period pursuant
to Article X, (iii) all Taxes of any member of an affiliated, consolidated, combined, or unitary
group of which the Company or any of its Subsidiaries (or any predecessor of any of the foregoing)
is or was a member on or prior to the Closing Date, including pursuant to Treasury Regulation
Section 1.1502-6 or any analogous or similar state, local, or foreign regulation, (iv) all Taxes of
any person imposed on the Company or any of its Subsidiaries as a transferee, or successor, by
contract or pursuant to any law, rule, or regulation, which Taxes relate to an event or transaction
occurring before the Closing, and (v) any Damages (excluding amounts included in Taxes and amounts
for which Buyer is responsible pursuant to the terms of this Section 9.7) relating to any of the
foregoing; provided, however, that Sellers shall be liable for non-Income Taxes solely to
the extent that such non-Income Taxes are in excess of the amount accrued therefore on the NWC
Closing Statement, as finally determined. Anything in this Section 9.7(a) to the contrary
notwithstanding, none of the Sellers shall have any obligation to indemnify Buyer for any Taxes
arising from an act or a transaction not in the ordinary course of business and carried out by
Buyer, the Company or a Subsidiary during the period on the Closing Date after the Closing, except
for the Annex Transaction and any transaction pursuant to a legally binding commitment entered into
by the Company or any of its Subsidiaries before the Closing.

          (b) The obligations in Section 9.7(a) shall be without regard to whether there was any breach
of any representation or warranty under Article III with respect to such Tax or any disclosures
that may have been made with respect to Article III or otherwise.

          (c) In the case of any Proceeding with respect to Taxes for which Sellers are or may be liable
pursuant to this Agreement, Company and Buyers shall promptly inform Sellers’ Representative, and
shall afford Sellers’ Representative, or Sellers, at Sellers’ expense, the opportunity to control
the conduct of such Proceedings on behalf of Sellers. Buyer shall execute or cause to be executed
powers of attorney or other documents reasonably necessary to enable Sellers’ Representative to
take all actions with respect to such Proceeding to the extent such Proceeding may affect the
amount of Taxes for which Sellers are liable pursuant to this
Agreement. A Proceeding with respect to Taxes for a period which does not end on the Closing
Date shall be controlled jointly by Sellers and the Buyer. Notwithstanding any provision of this
Section 9.7(c) to the contrary, Buyer shall have the right (but not the obligation) to participate
at its expense in any proceeding controlled by Sellers’ Representative or Sellers and neither
Sellers’ Representative nor Sellers shall enter into any agreement or settlement with a taxing
authority

65

 

pertaining to Taxes without the written consent of Buyer, which consent shall not be
unreasonably withheld, conditioned or delayed.

          (d) The parties will keep each other informed as to matters related to any Proceeding
involving Taxes for which indemnification may be sought hereunder, including, without limitation,
any settlement negotiations.

     Section 9.8 Adjustments for Insurance.

     Any indemnification payable in accordance with this Article IX shall be net of any amounts
actually recovered (after deducting related costs and expenses) or recoverable by the Indemnified
Party for the Damages for which such indemnification payment is made under any insurance policy,
warranty or indemnity from any Person other than a party hereto. If any insurance proceeds or
other recoveries from any Person other than a party hereto are actually realized (in each case net
of expenses of such recoveries) by an Indemnified Party subsequent to the receipt by such
Indemnified Party of an indemnification payment hereunder in respect of the claims to which such
insurance proceedings or other recoveries relate, appropriate refunds shall be made promptly to the
Indemnifying Party regarding the amount of such indemnification payment. Any refund shall equal
the excess, if any, of (i) the insurance proceeds or other recoveries plus the indemnification
payments over (ii) the Damages of such Indemnified Party.

     Section 9.9 Treatment of Indemnity Payments.

     Sellers and Buyer agree that all indemnification payments made in accordance with this Article
IX and all payments pursuant to Section 2.4 will be treated by the parties as an adjustment to the
Equity Value.

     Section 9.10 Duty to Mitigate.

     Nothing in this Agreement shall in any way restrict or limit the general obligation at Law of
Buyer and the Company to mitigate any loss or damage which it may suffer in consequence of any
breach by Sellers of the terms of this Agreement or any fact, matter, event or circumstance giving
rise to a claim for Damages. Each Indemnified Party shall have a duty to use commercially
reasonable efforts to mitigate any Damages suffered by such party in connection with this
Agreement.

     Section 9.11 Exclusive Remedy.

     Buyer, the Company and the Sellers acknowledge and agree that, except as otherwise provided in
Section 2.4, the foregoing indemnification provisions in this Article IX, as limited by Section
12.7, shall be the sole and exclusive remedy of the Buyer and the Sellers with respect to the
transactions contemplated by this Agreement; provided, however, that this exclusive
remedy for damages (i) except as set forth in Section 9.5(b), does not preclude any party hereto
from
bringing an action for specific performance or other equitable remedy to require any other
party hereto to perform its obligations under this Agreement, and (ii) shall not apply to claims
for fraud, intentional misrepresentation or an intentional and knowing breach of a covenant set
forth in this Agreement.

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     Section 9.12 Contribution Among Sellers.

     Each of the Sellers agrees that if any portion of the Escrow Account is paid to satisfy any
Damages relating to or arising out of (a) any breach by such Seller of any of its respective
representations, warranties, covenants, agreements or obligations contained in this Agreement or
(b) any fraud, intentional misrepresentation or an intentional and knowing breach of a covenant set
forth in this Agreement by such Seller, then such Seller shall repay the portion of the Escrow
Account that was paid to satisfy such Damages to the Escrow Agent to be added to the Escrow Account
and released as provided pursuant to this Agreement and the Escrow Agreement.

     Section 9.13 Telvent GIT Guaranty.

     Telvent hereby unconditionally and irrevocably guarantees, to and for the benefit of Sellers
and the Company, the full and timely performance by Buyer of its obligation to comply with any of
its payment obligations pursuant to Article IX of this Agreement. Telvent agrees to make any such
payments in accordance with this Agreement as if such obligation were the direct contractual
obligation of Telvent, and Telvent hereby waives any defense (a) that may arise by reason of the
lack of capacity, power or authority of Buyer or Telvent and (b) that may arise by reason of any
failure or lack of demand, presentment, protest or notice of any kind. For the avoidance of doubt,
this Section 9.13 is a guarantee of payment and not of collection and shall be subject to the
provisions contained in Article XII, including but not limited to the provisions of Section 12.6.

ARTICLE X

TAX MATTERS

     The following provisions shall govern the allocation of responsibility as between Buyer and
Sellers for certain Tax matters following the Closing Date:

     Section 10.1 Tax Periods Ending on or Before the Closing Date.

          (a) The Company shall prepare or cause to be prepared, and file or cause to be filed, all Tax
Returns with respect to the Company and its Subsidiaries for Tax periods ending on or prior to the
Closing Date and required to be filed on or prior thereto, including any amended Tax Returns with
respect to such periods (the “Pre-Closing Returns”). Such Tax Returns shall be prepared in
accordance with the Company’s past practices unless otherwise required by applicable Law. Buyer
shall not amend any Pre-Closing Return without the prior written consent of Sellers. Buyer shall
prepare or cause to be prepared, and file or cause to be filed, all Tax Returns with respect to the
Company and its Subsidiaries for taxable periods ending on or prior to the Closing Date and
required to be filed thereafter (the “Prior Period Returns”). Such Tax Returns shall be
prepared in accordance with the Company’s past practices unless otherwise required by applicable
Law. Buyer shall permit Sellers’ Representative to review and comment on each such Prior Period
Return and the portion of any Tax Return filed by the Company (or
any Affiliate of the Company) relating to the Annex Transaction (including the merger
contemplated thereby) prior to filing, and such Tax Returns or portions of any Tax Return, as
applicable, will be revised to reflect the reasonable comments of the Sellers’ Representative.
Buyer shall not amend any Prior Period Return without the prior written consent of Sellers’

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Representative, except as expressly required by a taxing authority. The Company shall timely pay,
or cause to be paid, all Taxes with respect to the Company shown to be due on such Pre-Closing
Returns and Prior Period Returns; provided, however, that within fifteen (15) days
after the date on which Buyer pays or causes to be paid any Taxes of the Company as shown to be due
on any Prior Period Returns, Sellers shall severally pay to Buyer the amount of such Taxes,
provided, that with respect to non-Income Taxes, Sellers shall severally pay to Buyer the amount by
which such non-Income Taxes exceed the amount accrued therefore on the NWC Closing Statement, as
finally determined.

          (b) The purchase of the Annex Stock pursuant to the Annex Transaction shall be reported on all
Tax Returns as a qualified stock purchase and the merger of Annex with and into the Company
pursuant to the Annex Transaction shall be reported on any Tax Return filed by the Company (or any
Affiliate of the Company) for the taxable period ending on or before the Closing Date as a
transaction qualifying for tax free treatment under Section 332 or 368 of the Code, as the case may
be, and in a manner that is adequate to apprise of the nature and amount of such transaction for
purposes of Section 6501(e)(1)(a)(ii) of the Code.

     Section 10.2 Tax Periods Beginning Before and Ending After the Closing Date.

          (a) Buyer shall prepare or cause to be prepared and file or cause to be filed any Tax Returns
of the Company for Tax periods that begin before the Closing Date and end after the Closing Date
(collectively, the “Straddle Periods” and each, a “Straddle Period” and such Tax
Returns, the “Straddle Period Returns”). Such Straddle Period Returns shall be prepared in
accordance with the Company’s past practices unless otherwise required by applicable Law. Buyer
shall permit Sellers’ Representative to review and comment on each such Straddle Period Return
prior to filing, and such Straddle Period Returns will be revised to reflect the reasonable
comments of the Sellers’ Representative. Buyer shall not amend any Straddle Period Returns in a
manner that would adversely affect Sellers without the prior written consent of the Sellers’
Representative, except as expressly required by a taxing authority. Within fifteen (15) days after
the date on which Buyer pays or causes to be paid any Taxes of the Company shown to be due on any
Straddle Period Return, Sellers shall severally pay, or cause to be paid, to Buyer the amount of
such Taxes that relates to the portion of such Straddle Period ending on the Closing Date (the
“Pre-Closing Tax Period”), provided, however, that with respect to non-Income Taxes,
Sellers shall severally pay, or cause to be paid, to Buyer the amount by which such non-Income
Taxes exceeds the amount accrued therefore on the NWC Closing Statement, as finally determined.

          (b) For purposes of this Agreement:

     (i) In the case of any gross receipts, Income Taxes, or similar Taxes that are
payable with respect to a Straddle Period, the portion of such Taxes allocable to
(A) the Pre-Closing Tax Period, and (B) the portion of the Straddle Period beginning
the day after the Closing Date (the “Post-Closing Tax Period”)
shall be determined on the basis of a deemed closing at the end of the Closing
Date of the books and records of the Company.

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     (ii) In the case of any Taxes (other than gross receipts, Income Taxes, or
similar Taxes) that are payable with respect to a Straddle Period, the portion of
such Taxes allocable to the Pre-Closing Tax Period shall be equal to the product of
all such Taxes multiplied by a fraction the numerator of which is the number of days
in the Straddle Period that are in the Pre-Closing Tax Period and the denominator of
which is the number of days in the entire Straddle Period; provided,
however, that appropriate adjustment shall be made to reflect specific events
that can be identified and specifically allocated as occurring on or prior to the
Closing Date (in which case Sellers shall be severally responsible for any Taxes
related thereto) or occurring after the Closing Date (in which case the Company and
Buyer (as opposed to Sellers) shall be responsible for any Taxes related thereto).

     (iii) The Company (as opposed to Sellers) shall be responsible for all Taxes
with respect to the Post-Closing Tax Period of the Straddle Periods, as well as any
non-Income Taxes with respect to the Pre-Closing Tax Period of the Straddle Periods
to the extent of the amount accrued therefore on the NWC Closing Statement, as
finally determined.

     Section 10.3 Refunds and Tax Benefits.

     Any Tax refunds that are received by Buyer or Company and its Subsidiaries, and any amounts
credited against Tax to which Buyer or Company and its Subsidiaries become entitled, that relate to
Tax periods or portions thereof ending on or before the Closing Date, shall be for the account of
Sellers, and Buyer shall pay over to Sellers any such refund or the amount of any such credit
within fifteen (15) days after receipt or entitlement thereto; provided, however,
that with respect to non-Income Taxes, Buyer shall not be obligated to pay over any such refund or
credit that relate to non-Income Taxes accrued therefore on the NWC Closing Statement, as finally
determined.

     Section 10.4 Post-Closing Tax Periods.

     For the avoidance of doubt, Buyer shall prepare or cause to be prepared and file or cause to
be filed any Tax Returns of the Company for any Post-Closing Tax Period, and the Company (as
opposed to Sellers) shall be responsible for and shall pay all Taxes with respect to any
Post-Closing Tax Period.

     Section 10.5 Cooperation on Tax Matters.

          (a) Buyer, the Company and Sellers shall cooperate fully, as and to the extent reasonably
requested by any party, in connection with the filing of Tax Returns pursuant to this Article X and
any Proceeding with respect to Taxes. Such cooperation shall include the retention and (upon the
other party’s request) the provision of records and information reasonably relevant to any such
Proceeding and making their respective employees, outside consultants and advisors available on a
mutually convenient basis to provide additional information and explanation of
any material provided hereunder. Buyer and Sellers agree (i) the Company shall retain all
books and records with respect to Tax matters pertinent to the Company relating to any taxable
period

69

 

beginning before the Closing Date until the expiration of the statute of limitations (and,
to the extent notified by Buyer or any Seller, as applicable, any extensions thereof) of the
respective taxable periods, and to abide by all record retention agreements entered into with any
taxing authority, and (ii) to give the other party reasonable written notice prior to transferring,
destroying or discarding any such books and records and, if the other so requests, Buyer or
Sellers, as the case may be, shall allow the other to take possession of such books and records.

          (b) Buyer and Sellers further agree, upon reasonable request, to use their commercially
reasonable efforts to obtain any certificate or other document from any taxing authority or any
other Person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed
(including, but not limited to, with respect to the transactions contemplated hereby).

          (c) Buyer and Sellers further agree, upon request, to provide the other party with all
information that either party may be required to report pursuant to Code Section 6043 and all
Treasury Department Regulations promulgated thereunder.

     Section 10.6 Certain Taxes and Fees.

     All transfer, documentary, sales, use, stamp, registration and other such Taxes and related
fees (including any penalties and interest) incurred in connection with this Agreement shall be
shared equally between Buyer, on the one hand, and Sellers, on the other, and each shall be
responsible for one-half of such Taxes. The party required by Law to do so will file all necessary
Tax Returns and other documentation with respect to all such transfer, documentary, sales, use,
stamp, registration and other Taxes and related fees, and, if required by applicable Law, the other
parties will join in the execution of any such Tax Returns and other documentation.

     Section 10.7 Indemnification and Tax Contests.

     Buyer’s and Sellers’ indemnification obligations with respect to the covenants in this Article
X together with the procedures to be observed in connection with any Tax contest shall be governed
by Section 9.7.

     Section 10.8 Section 897 Certification.

     The Company shall provide to Buyer on or before Closing the statement required in accordance
with the provisions of Treasury Regulations Sections 1.1445-2(c)(3) and
1.897-2(h)(2).

ARTICLE XI

TERMINATION

     Section 11.1 Termination.

     This Agreement may be terminated at any time prior to Closing:

          (a) by mutual written consent of Buyer and Sellers.

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          (b) by written notice delivered by Buyer:

     (i) upon a material breach by the Company or the Sellers of any of the
representations or warranties of the Company or the Sellers, as applicable, or if
Sellers or the Company have not performed, satisfied, and complied with their
respective covenants and agreements in all material respects, in each case which has
not or cannot be cured within fifteen (15) days after the giving of written notice
to each of the Company and Sellers’ Representative specifying such breach; or

     (ii) if events have occurred which have made it impossible to satisfy a
condition precedent to Buyer’s obligations to consummate the transactions
contemplated in this Agreement, unless Buyer’s breach of this Agreement has
prevented the condition from being satisfied.

          (c) by written notice delivered by the Company:

     (i) upon a material breach by Buyer of a representation or warranty or if Buyer
has not performed, satisfied, and complied with all of its covenants and agreements
in all material respects, in each case which has not or cannot be cured within
fifteen (15) days after the giving of written notice to Buyer of the breach; or

     (ii) if events have occurred which have made it impossible to satisfy a
condition precedent to Sellers’ obligations to consummate the transactions
contemplated in this Agreement, unless Sellers’ breach of this Agreement has
prevented the condition from being satisfied.

          (d) by written notice delivered by either Buyer on the one hand or the Company on the other
hand if the Closing has not occurred on or prior to December 1, 2008 (the “Drop Dead
Date”); provided that neither Buyer nor the Company shall be entitled to terminate this
Agreement pursuant to this Section 11.1(d) if its breach of this Agreement, or, in the case of the
Company, a breach by any Seller, has prevented the consummation of the transactions contemplated in
this Agreement; and provided further that in the event that the Closing has not occurred on
or prior to the Drop Dead Date solely as a result of a second request for information under the HSR
Act, then the Drop Dead Date shall be extended during the pendency of such second request to a date
not later than January 30, 2009 and may thereafter be further extended by the mutual consent of the
parties, such consent not to be unreasonably withheld or delayed.

     Section 11.2 Effect of Termination.

     In the event of termination of this Agreement by Buyer or Sellers as provided in this Article
XI, this Agreement will forthwith become void and shall automatically terminate with no further
force or effect, and there will be no Liability or obligation on the part of any party hereto to
any other party hereto or its shareholders, partners, directors, managers or officers in respect
thereof, except that (A) the provisions of (i) Sections 3.24, 4.5, 5.5 relating to finder’s fees
and
broker’s fees; (ii) Section 7.1 relating to the obligation of the parties to keep certain
information and data confidential; (iii) Section 9.5 and Section 9.13; (iv) this Section 11.2; and
(v) Article

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XII shall survive the termination, and (B) a termination pursuant to Sections 11.1(b)
or 11.1(c) shall not relieve the breaching party from any Liability or obligation for an uncured
willful breach of a representation, warranty, covenant, or agreement giving rise to the
termination.

ARTICLE XII

MISCELLANEOUS

     Section 12.1 Public Announcements.

     Any public announcement, press release or similar publicity with respect to this Agreement or
the transactions contemplated hereby will be issued, if at all, at such time and in such manner as
mutually agreed to by Buyer and the Sellers’ Representative, except to the extent required by any
applicable Legal Requirement, the applicable requirements of any stock exchange or Nasdaq or the
terms of Buyer’s agreement with the underwriters of its initial public offering (and in such case,
such party will, to the extent consistent with timely compliance with such requirement, consult
with the other parties prior to making the required release, announcement or statement). Subject
to the first sentence of this Section 12.1, the Company and Buyer will consult with each other
concerning the means by which the Company’s employees, customers, and suppliers and others having
dealings with the Company will be informed of the transactions contemplated by this Agreement and
any such communication shall be made as mutually agreed to by Buyer and the Company.

     Section 12.2 No Third-Party Beneficiaries.

     This Agreement shall not confer any rights or remedies upon any Person other than the parties
hereto and their respective successors and permitted assigns; provided, however,
that the Company’s employees, officers and directors shall be third-party beneficiaries with
respect to the covenants and agreements contained herein.

     Section 12.3 Entire Agreement.

     This Agreement (including the Exhibits and Schedules hereto and the other Transaction
Documents and any other agreements and documents referred to herein and therein) and that certain
Confidentiality Agreement between the Buyer and the Company dated February 12, 2008, as amended to
date, constitutes the entire agreement between the parties hereto and supersedes any prior
understandings, agreements, or representations by or between the parties hereto, written or oral,
to the extent they are related in any way to the subject matter hereof.

     Section 12.4 Successors and Assigns.

     This Agreement shall be binding upon and inure to the benefit of the parties named herein and
their respective successors and permitted assigns. No party hereto may assign either this
Agreement or any of its rights, interests, or obligations hereunder without the prior written
approval of the other parties hereto; provided, however, that Buyer may assign
solely its right to purchase the Company’s Common Stock to a wholly-owned, directly or indirectly,
Subsidiary of Buyer without the prior written consent of Sellers.

     Section 12.5 Notices.

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     All notices, consents, waivers, and other communications under this Agreement must be in
writing and will be deemed to have been duly given when (a) delivered by hand (with written
confirmation of receipt), (b) sent by facsimile (with written confirmation of receipt), provided
that a copy is mailed by registered mail, return receipt requested, or (c) when received by the
addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in
each case to the appropriate addresses and facsimile numbers set forth below (or to such other
addresses and facsimile numbers as a party may designate by notice to the other parties, provided
that any such change shall be effective only upon receipt by the other parties):

	 	 	 
	If to Company prior to Closing:
	 	9110 West Dodge Road
	 
	 	Omaha, NE  68114
	 
	 	Attn: Robert D. Gordon
	 
	 	Phone: (402) 399-6401
	 
	 	Facsimile: (952) 882-4500
	 
	 	 
	Copy to:
	 	Stroock & Stroock & Lavan LLP
	 
	 	180 Maiden Lane
	 
	 	New York, NY  10038
	 
	 	Attn: Brett Lawrence, Esq.
	 
	 	Phone: (212) 806-5422
	 
	 	Facsimile: (212) 806-1222
	 
	 	 
	Copy to:
	 	Kutak Rock LLP
	 
	 	1650 Farnam Street
	 
	 	Omaha, NE 68102-2186
	 
	 	Attn: Lisa A. Sarver, Esq.
	 
	 	Phone: (402) 231-8347
	 
	 	Facsimile: (402) 346-1148
	 
	 	 
	If to Sellers’ Representative:
	 	GSC Recovery IIA, L.P.
	 
	 	888 Seventh Avenue
	 
	 	New York, NY 10019
	 
	 	Attn: Matthew Kaufman
	 
	 	Phone: (212) 884-6202
	 
	 	Facsimile: (212) 884-6184
	 
	 	 
	Copy to:
	 	Stroock & Stroock & Lavan LLP
	 
	 	180 Maiden Lane
	 
	 	New York, NY  10038
	 
	 	Attn: Brett Lawrence, Esq.
	 
	 	Phone: (212) 806-5422
	 
	 	Facsimile: (212) 806-1222

73

 

	 	 	 
	If to Buyer:
	 	Telvent Export, S.L.
	 
	 	Valgrande, 6
	 
	 	28108 Alcobendas
	 
	 	Madrid, Spain
	 
	 	Attn: Lidia Garcia Páez, Esq.
	 
	 	Phone:  +34 (902) 335 599
	 
	 	Facsimile: +34 (917) 147 001
	 
	 	 
	Copy to:
	 	Squire, Sanders & Dempsey L.L.P.
	 
	 	4900 Key Tower
	 
	 	127 Public Square
	 
	 	Cleveland, Ohio  44114
	 
	 	Attn:  Laura D. Nemeth, Esq.
	 
	 	Phone:  (216) 479-8552
	 
	 	Facsimile:  (216) 479-8780
	 
	 	 
	If to the Company after Closing:
	 	9110 West Dodge Road
	 
	 	Omaha, NE  68114
	 
	 	Attn: Robert D. Gordon
	 
	 	Phone: (402) 399-6401
	 
	 	Facsimile: (952) 882-4500
	 
	 	 
	Copy to:
	 	Telvent Canada, Ltd.
	 
	 	10333 Southport Road, SW
	 
	 	Calgary, Alberta  T2W 3X6
	 
	 	Canada
	 
	 	Attn:  Cameron G. Demcoe, Esq.
	 
	 	Phone:  (403) 301-5009
	 
	 	Facsimile:  (403) 212-2435
	 
	 	 
	Copy to:
	 	Squire, Sanders & Dempsey L.L.P.
	 
	 	4900 Key Tower
	 
	 	127 Public Square
	 
	 	Cleveland, Ohio  44114
	 
	 	Attn:  Laura D. Nemeth, Esq.
	 
	 	Phone:  (216) 479-8552
	 
	 	Facsimile:  (216) 479-8780

     Section 12.6 Governing Law.

     This Agreement shall be governed by and construed in accordance with the laws of the State of
New York without giving effect to any choice or conflict of law provision or rule (whether of the
State of New York or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of New York. Each of the parties hereto irrevocably consents to
the exclusive jurisdiction of any court located within the Borough of Manhattan of the City of New
York of the State of New York, in connection with any matter based upon or arising out of this
Agreement or the matters contemplated herein, agrees that

74

 

process may be served upon them in any manner authorized by the laws of the State of New York
for such persons and waives and covenants not to assert or plead any objection which they might
otherwise have to such jurisdiction and such process.

     Section 12.7 Dispute Resolution.

     Except for the resolution of matters addressed by Section 2.4 (which shall be resolved in
accordance with the procedures set forth in that section), all Arbitration Disputes shall be
resolved as provided by this Section 12.7.

          (a) Negotiation of Disputes.

     (i) Any party shall give the other party written notice of any Arbitration
Dispute. The parties shall attempt to resolve such Arbitration Dispute promptly by
negotiation between Sellers’ Representative and its advisors and executive officers
of Buyer who have authority to settle the Arbitration Dispute.

     (ii) Within thirty (30) days after delivery of the notice, the party receiving
the notice shall submit to the other a written response. The notice and response
shall include: (A) a statement of each party’s position and a summary of arguments
supporting that position; and (B) in the case of Buyer, the name and title of
executive officer of Buyer who will represent Buyer and, in the case of either
party, the name and title of any other person who will accompany the Sellers’
Representative or the executive officer of Buyer, as the case may be, during the
negotiations. Within thirty (30) days after delivery of the disputing party’s
notice, the executive officers of both parties shall meet at a mutually acceptable
time and place, and thereafter as often as they deem reasonably necessary, to
attempt to resolve the Arbitration Dispute.

          (b) Arbitration. If any such Arbitration Dispute has not been resolved by the parties
in accordance with Section 12.7(a) within forty-five (45) days of the disputing party’s request
notice, or if the parties fail to meet within thirty (30) days of such request notice, then each of
the parties agrees that such Arbitration Dispute shall be finally and exclusively settled without
appeal by arbitration in New York City, New York, administered by the American Arbitration
Association (“AAA”) under its Commercial Arbitration Rules in effect as of the date of the
request for arbitration, which rules are deemed to be incorporated into this Section 12.7(b);
provided, however, that in the event of any conflict between such rules and the
other provisions of this Agreement, such other provisions of this Agreement shall control. The
arbitration shall be conducted before a panel of three (3) arbitrators. Each party shall appoint
one (1) arbitrator within thirty (30) days of receiving notice of the request for arbitration in
accordance with the Commercial Arbitration Rules of the AAA. The two party-appointed arbitrators
shall then attempt to appoint a third arbitrator who shall act as the chairman of the panel (the
“Chairman”) within twenty (20) days of the appointment of the second arbitrator. If the
party-appointed arbitrators fail to agree on the Chairman within such period, the Chairman shall be
appointed by the AAA upon the written request of either party. The decision of the arbitrators
shall be by majority vote, shall be in writing, shall set forth the facts found by the arbitrators
to exist, their decision and the basis for that decision and shall be final and binding upon the
parties and not

75

 

subject to appeal. Judgment upon any award rendered by the arbitrators may be entered in any
court having jurisdiction thereof, including any court having jurisdiction over any of the parties
or their assets. Each party shall bear its own costs and expenses in connection with the
arbitration, including reasonable attorneys’ fees, disbursements, arbitration expense, arbitrators’
fees and the administrative fee of the AAA.

     Section 12.8 Exclusion of Consequential Damages.

     In no event shall Buyer be liable to the Sellers, or Sellers liable to Buyer, for any
indirect, consequential, incidental, special or punitive damages, including any losses based on
reduced current or future profitability or earnings (including based on a multiple of such
profitability or earnings), regardless of the form of action (whether for breach of contract or in
tort or otherwise) and whether advised of the possibility of such damages or not.

     Section 12.9 Amendments and Waivers.

     No amendment, waiver or modification of any provision of this Agreement shall be valid unless
the same shall be in writing and signed by Buyer and Sellers’ Representative. No waiver by any
party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder,
whether intentional or not, shall be deemed to extend to any prior or subsequent default,
misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights
arising by virtue of any prior or subsequent such occurrence.

     Section 12.10 Severability.

     Any term or provision of this Agreement that is invalid or unenforceable in any situation in
any jurisdiction shall not affect the validity or enforceability of the remaining terms and
provisions hereof or the validity or enforceability of the offending term or provision in any other
situation or in any other jurisdiction.

     Section 12.11 Expenses.

     Except as otherwise provided in this Agreement, each Seller and Buyer will bear its own costs
and expenses (including, without limitation, filing fees imposed on such party by Law, and fees and
expenses of legal counsel, accountants and other advisors) incurred in connection with this
Agreement and the transactions contemplated hereby.

     Section 12.12 Construction.

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

76

 

     Section 12.13 Incorporation of Exhibits and Schedules.

     The Exhibits and Schedules identified in this Agreement are incorporated herein by reference
and made a part hereof.

     Section 12.14 Headings.

     The section headings contained in this Agreement are inserted for convenience only and shall
not affect in any way the meaning or interpretation of this Agreement.

     Section 12.15 Facsimile; Counterparts Signatures.

     This Agreement may be executed by facsimile or other electronic delivery and in one or more
counterparts, each of which shall be deemed an original but all of which together will constitute
one and the same instrument.

77

 

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

	 	 	 	 	 	 	 	 	 
	BUYER:	 	THE COMPANY:	 	 
	 
	 	 	 	 	 	 	 	 
	TELVENT EXPORT, S.L., a company

organized under the laws of Spain	 	DTN Holding Company, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Javier Garoz Neira
	 	By:
	 	/s/ Robert D. Gordon
	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Name: Javier Garoz Neira
	 	 	 	Name: Robert D. Gordon	 	 
	 

	 	Title: Attorney-in-fact
	 	 	 	Title: Chief Executive Officer	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Bárbara Zubiría Furest	 	 	 	 	 	 
	 

	 	Name: Bárbara Zubiría Furest	 	 	 	 	 	 
	 

	 	Title: Attorney-in-fact	 	 	 	 	 	 

	 	 	 
	TELVENT:

	 	 
	 
	 	 
	TELVENT GIT, S.A., a company organized
under the laws of Spain, acknowledging and
agreeing to be bound solely by the
provisions of Section 9.13 of this
Agreement
	 	 
	 
	 	 
	/s/ Manuel Sanchez Ortega
 

Name: Manuel Sanchez Ortega
	 	 
	Title: Chairman and Chief Executive
Officer
	 	 

 

 

	 	 	 	 	 
	SELLERS’ REPRESENTATIVE:	 	 
	 
	 	 	 	 
	GSC Recovery IIA, L.P., a Delaware limited partnership	 	 
	 
	 	 	 	 
	By:

	 	GSC Recovery IIA GP, L.P., its general partner	 	 
	 
	 	 	 	 
	By:

	 	GSC RIIA, LLC, its general partner	 	 
	 
	 	 	 	 
	By:

	 	GSCP (NJ) Holdings, L.P., its managing member	 	 
	 
	 	 	 	 
	By:

	 	GSCP (NJ), Inc., its general partner	 	 
	 
	 	 	 	 
	By:

	 	/s/ Matthew Kaufman
 

Name: Matthew Kaufman
	 	 
	 

	 	Title: Senior Managing Director	 	 

 

 

	 	 	 	 	 
	SELLER:	 	 
	 
	 	 	 	 
	Annex Capital Partners LLC, a Delaware limited liability company	 	 
	 
	 	 	 	 
	By:

	 	/s/ Alexander P. Coleman
 

Name: Alexander P. Coleman
	 	 
	 

	 	Title: Managing Member	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held:

	 	 	462	 	 	 
	Shares of Class B Common Stock held:

	 	               
	 	 
	 

	 	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Shares of Class C Options held:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

 

 

	 	 	 	 	 
	SELLER:	 	 
	 
	 	 	 	 
	Annex Holding I, LP, a Cayman limited partnership	 	 
	 
	 	 	 	 
	By:

	 	/s/ Alexander P. Coleman
 

Name: Alexander P. Coleman
	 	 
	 

	 	Title: Managing Member of General Partner	 	 
	 
	 	 	 	 
	Annex Holdings Corporation, a Delaware corporation	 	 
	 
	 	 	 	 
	By:

	 	/s/ Alexander P. Coleman
 

Name: Alexander P. Coleman
	 	 
	 

	 	Title: President	 	 

As of the date hereof, Annex Holdings Corporation owns:

Shares of Class A Common Stock: 21,608

As of the Closing Date, Annex Holding I, LP will own:

Shares of Class A Common Stock: 20,527

Shares of Class B Common Stock: 1,081

 

 

	 	 	 	 	 
	SELLER:	 	 
	 
	 	 	 	 
	Aeries Finance-II Ltd.	 	 
	 
	 	 	 	 
	By:

	 	Patriarch Partners X, LLC,	 	 
	 

	 	its Managing Member	 	 
	 
	 	 	 	 
	By:

	 	/s/ Lynn Tilton
 

Name: Lynn Tilton
	 	 
	 

	 	Title: Manager	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held:

	 	 	678	 	 	 
	Shares of Class B Common Stock held:

	 	               
	 	 
	 

	 	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Shares of Class C Options held:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

 

 

	 	 	 	 	 
	SELLER:	 	 
	 
	 	 	 	 
	Argosy DTN Partners, LLC, a Delaware limited liability company	 	 
	 
	 	 	 	 
	By:

	 	/s/ Jay R. Bloom
 

Name: Jay R. Bloom
	 	 
	 

	 	Title: Managing Member	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held:

	 	 	3,389	 	 	 
	 

	 	 	 	 	 	 
	Shares of Class B Common Stock held:

	 	               
	 	 
	 

	 	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Shares of Class C Options held:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

 

 

SELLER:

GSC
Recovery II, L.P., a Delaware limited partnership

By: GSC Recovery II GP, L.P., its general
partner

By: GSC RII, LLC, its general partner

By: GSC (NJ) Holdings, L.P., its managing
member

By: GSCP (NJ), Inc., its general partner

	 	 	 	 	 
	By:

	 	/s/ Matthew Kaufman
	 	 
	 

	 	 	 	 
	 

	 	Name: Matthew Kaufman	 	 
	 

	 	Title Senior Managing Director	 	 

Shares of Class A Common Stock held: 14,969

Shares of Class B Common Stock held: 0

Shares of Class C Common Stock held: 0

Shares of Class C Options held: 0

 

 

SELLER:

GSC
Recovery IIA, L.P., a Delaware limited
partnership

By: GSC Recovery IIA GP, L.P., its general
partner

By: GSC RIIA, LLC, its general partner

By: GSCP (NJ) Holdings, L.P., its managing
member

By: GSCP (NJ), Inc., its general partner

	 	 	 	 	 
	By:

	 	/s/ Matthew Kaufman
	 	 
	 

	 	 	 	 
	 

	 	Name: Matthew Kaufman	 	 
	 

	 	Title Senior Managing Director	 	 

Shares of Class A Common Stock held: 46,102

Shares of Class B Common Stock held: 0

Shares of Class C Common Stock held: 0

Shares of Class C Options held: 0

 

 

SELLER:

Highland Crusader Offshore Partners, L.P., a
                    
limited partnership

	 	 	 	 	 
	By:

	 	/s/ Michael Pusateri
	 	 
	 

	 	 	 	 
	 

	 	Name: Michael Pusateri	 	 
	 

	 	Title: Chief Operating Officer	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held:

	 	 	3,414	 	 	 
	 

	 	 	 	 	 	 
	Shares of Class B Common Stock held:

	 	               
	 	 
	 

	 	 	 	 	 	 
	Shares of Class C Common Stock held:

	 	               
	 	 
	 

	 	 	 	 	 	 
	Shares of Class C Options held:

	 	               
	 	 
	 

	 	 	 	 	 	 

 

 

SELLER:

J.P. Morgan Securities, Inc., a Delaware
corporation

	 	 	 	 	 
	By:

	 	/s/ Samantha E. Hamerman
	 	 
	 

	 	 	 	 
	 

	 	Name: Samantha E. Hamerman	 	 
	 

	 	Title: Authorized Signatory	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held:

	 	 	333	 	 	 
	 

	 	 	 	 	 	 
	Shares of Class B Common Stock held:

	 	               
	 	 
	 

	 	 	 	 	 	 
	Shares of Class C Common Stock held:

	 	               
	 	 
	 

	 	 	 	 	 	 
	Shares of Class C Options held:

	 	               
	 	 
	 

	 	 	 	 	 	 

 

 

SELLER:

Merrill Lynch, Pierce, Fenner & Smith, a
                    
corporation

	 	 	 	 	 
	By:

	 	/s/ Michael Lee
	 	 
	 

	 	 	 	 
	 

	 	Name: Michael Lee	 	 
	 

	 	Title: Managing Director	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held:

	 	 	1,035	 	 	 
	 

	 	 	 	 	 	 
	Shares of Class B Common Stock held:

	 	               
	 	 
	 

	 	 	 	 	 	 
	Shares of Class C Common Stock held:

	 	               
	 	 
	 

	 	 	 	 	 	 
	Shares of Class C Options held:

	 	               
	 	 
	 

	 	 	 	 	 	 

 

 

SELLER:

	 	 	 	 	 
	SPRING STREET PARTNERS — II, L.P., a
	Delaware limited partnership
	 
	 	 	 	 
	By: Spring Street Capital, L.L.C., its General
	Partner	 	 
	 
	 	 	 	 
	By:

	 	/s/ Guity Javid
 

Name: Guity Javid
	 	 
	 

	 	Title: Authorized Signatory	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	5,010	 	               
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	               	 	               
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	     	 	               
	 
	 	 	 
	Shares of Class C Options held:
	 	     	 	               
	 
	 	 	 

 

 

SELLER:

	 	 	 	 	 
	DTN Equity Holdings, LLC, a Delaware
	limited liability company	 	 
	 
	 	 	 	 
	By:

	 	/s/ John S. Suhler
 

Name: John S. Suhler
	 	 
	 

	 	Title:	 	 

	 	 	 	 	 
	 
	 	               	 	               
	Shares of Class A Common Stock held:  
	 	—	 	               
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	3,000	 	               
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	—	 	               
	 
	 	 	 
	Shares of Class C Options held:
	 	—	 	               
	 
	 	 	 

 

 

SELLER:

	 	 	 
	/s/ Robert D. Gordon
 

Robert D. Gordon, an individual

	 	 

	 	 	 	 	 
	 
	 	               	 	               
	Shares of Class A Common Stock held: 
	 	               	 	               
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	               	 	               
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	4,357	 	               
	 
	 	 	 
	Shares of Class C Options held:
	 	               	 	               
	 
	 	 	 

 

 

SELLER:

	 	 	 
	/s/ Richard G. Hallé
 

Richard G. Hallé, an individual

	 	 

	 	 	 	 	 
	 
	 	               	 	               
	Shares of Class A Common Stock held: 
	 	               	 	               
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	               	 	               
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	2,462	 	               
	 
	 	 	 
	Shares of Class C Options held:
	 	               	 	               
	 
	 	 	 

 

 

SELLER:

	 	 	 	 	 	 	 
	GSCP (NJ) Holdings, L.P., a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 
	By: GSCP (NJ), Inc., its general partner	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Matthew Kaufman
 

Name: Matthew Kaufman
	 	 	 	 
	 

	 	Title: Senior Managing Director	 	 	 	 

	 	 	 	 	 
	 
	 	               	 	               
	Shares of Class A Common Stock held: 
	 	               	 	               
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	               	 	               
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	289	 	               
	 
	 	 	 
	Shares of Class C Options held:
	 	               	 	               
	 
	 	 	 

 

 

SELLER:

	 	 	 
	/s/ William Langley
 

William Langley, an individual

	 	 

	 	 	 	 	 
	 
	 	               	 	               
	Shares of Class A Common Stock held: 
	 	               	 	               
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	               	 	               
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	145	 	               
	 
	 	 	 
	Shares of Class C Options held:
	 	               	 	               
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ James Alviani
 

James Alviani, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	15	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Charles J. George
 

Charles J. George, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	44	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Bela Kogler
 

Bela Kogler, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	148	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Adrian Blake
 

Adrian Blake, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	58	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	590	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Matt Bradford
 

Matt Bradford, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	417	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Scott Fleck
 

Scott Fleck, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	231	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Tamara Freund Kass
 

Tamara (Freund) Kass, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	116	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Urban Lehner
 

Urban Lehner, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	628	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Todd A. Meyer
 

Todd Meyer, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	480	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Barry Mosbrucker
 

Barry Mosbrucker, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	1,306	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Barbara Shousha
 

Barbara Shousha, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	116	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Scott Vigal
 

Scott Vigal, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	116	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Chris Whittinghill
 

Chris Whittinghill, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	172	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Thomas Libassi
 

Thomas Libassi, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	302	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Don Logan
 

Don Logan, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	302	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Thomas Manuel
 

Thomas Manuel, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	289	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:

	 	 
	 
	 	 
	/s/ Hugh J. Yarrington
 

Hugh Yarrington, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 
	 
	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 
	 
	 	 	 
	Shares of Class C Common Stock held:
	 	289	 	 
	 
	 	 	 
	Shares of Class C Options held:
	 	 	 	 
	 
	 	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ John L. Keller
 

John L. Keller, an individual

	 	 

	 	 	 	 	 	 	 	 
	Shares of Class A Common Stock held:
	 	 	               	 	 	 	 
	 
	 	 	 	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Shares of Class C Options held:
	 	 	242	 	 	 	 
	 
	 	 	 	 	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Jack Odle
 

Jack Odle, an individual

	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Options held:
	 	295	 	 	 	 
	 
	 	 	 	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Allen Vaughan
 

Allen Vaughan, an individual

	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Options held:
	 	295	 	 	 	 
	 
	 	 	 	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Marcia Z. Taylor
 

Marcia Taylor, an individual

	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Options held:
	 	589	 	 	 	 
	 
	 	 	 	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Darin Newsom
 

Darin Newsom, an individual

	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	58	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Options held:
	 	 	 	 	 	 
	 
	 	 	 	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Michael S. Browne
 

Michael Browne, an individual

	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	116.0	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Options held:
	 	 	 	 	 	 
	 
	 	 	 	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Scott Bruflodt
 

Scott Bruflodt, an individual

	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	116	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Options held:
	 	 	 	 	 	 
	 
	 	 	 	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Douglas Chenevert
 

Douglas Chenevert, an individual

	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	58	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Options held:
	 	 	 	 	 	 
	 
	 	 	 	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Lori Cocking
 

Lori Cocking, an individual

	 	 

	 	 	 	 	 	 	 
	 Shares of Class A Common Stock held: 
	 	               	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	231	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Options held:
	 	 	 	 	 	 
	 
	 	 	 	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Amy Eggen
 

Amy Eggen, an individual

	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	405	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Options held:
	 	 	 	 	 	 
	 
	 	 	 	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Jim W. Foerster
 

Jim Foerster, an individual

	 	 

	 	 	 	 	 	 	 
	Shares of Class A Common Stock held: 
	 	               	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class B Common Stock held:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Common Stock held:
	 	58	 	 	 	 
	 
	 	 	 	 	 
	Shares of Class C Options held:
	 	 	 	 	 	 
	 
	 	 	 	 	 

 

 

SELLER:

	 	 	 
	/s/ John Leiferman
 

John Leiferman, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held:
	 	 	 	 
	Shares of Class B Common Stock held:

	 	 

	 	 
	Shares of Class C Common Stock held:
Shares of Class C Options held:

	 	 

521
 

	 	  
	 

	 	 

	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Kirk Liligren
 

Kirk Liligren, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held:
	 	 	 	 
	Shares of Class B Common Stock held:

	 	 

	 	 
	Shares of Class C Common Stock held:
Shares of Class C Options held:

	 	 

58
 

	 	  
	 

	 	 

	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Karen Madden
 

Karen Madden, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held:
	 	 	 	 
	Shares of Class B Common Stock held:

	 	 

	 	 
	Shares of Class C Common Stock held:
Shares of Class C Options held:

	 	 

416
 

	 	  
	 

	 	 

	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Steve Madsen
 

Steve Madsen, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held:
	 	 	 	 
	Shares of Class B Common Stock held:

	 	 

	 	 
	Shares of Class C Common Stock held:
Shares of Class C Options held:

	 	 

58
 

	 	  
	 

	 	 

	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Corrine Niklaus
 

Corrine Niklaus, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held:
	 	 	 	 
	Shares of Class B Common Stock held:

	 	 

	 	 
	Shares of Class C Common Stock held:
Shares of Class C Options held:

	 	 

58
 

	 	  
	 

	 	 

	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Travis Richardson
 

Travis Richardson, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held:
	 	 	 	 
	Shares of Class B Common Stock held:

	 	 

	 	 
	Shares of Class C Common Stock held:
Shares of Class C Options held:

	 	 

1,306
 

	 	  
	 

	 	 

	 	 

 

 

	 	 	 
	SELLER:
	 	 
	 
	 	 
	/s/ Ronald J. Sznaider
 

Ron Sznaider, an individual

	 	 

	 	 	 	 	 
	Shares of Class A Common Stock held:
	 	 	 	 
	Shares of Class B Common Stock held:

	 	 

	 	 
	Shares of Class C Common Stock held:
Shares of Class C Options held:

	 	 

417EX-4.5

EXHIBIT 4.5

Versión Final

English
translation of
SYNDICATED FINANCING AGREEMENT
Comprising

TRANCHE A (LOAN)

Amount: €10,450,000

and

TRANCHE B (LOAN)

Amount: €47,050,000

between

TELVENT GIT, S.A.

Borrower

ABENGOA, S.A.

TELVENT EXPORT, S.L.

Guarantors

CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID

ING BELGIUM S.A., SUCURSAL EN ESPAÑA

Lenders

and

CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID

Agent

Madrid, 12 September 2008

 

 

 - 2 -

TABLE OF CONTENTS

	 	 	 	 	 
	1. DEFINITIONS AND INTERPRETATIONS
	 	 	5	 
	2. GENERAL TERMS
	 	 	16	 
	3. DRAWDOWN
	 	 	16	 
	4. MATURITY AND AMORTISATION
	 	 	17	 
	5. GENERAL TERMS
	 	 	17	 
	6. DRAWDOWN
	 	 	18	 
	7. MATURITY AND AMORTISATION
	 	 	21	 
	8. JOINT REGIME
	 	 	21	 
	9. INTEREST
	 	 	22	 
	10. TYPE OF INTEREST
	 	 	23	 
	11. PAYMENT OF INTEREST
	 	 	23	 
	12. CALCULATION OF THE TYPE OF INTEREST
	 	 	23	 
	13. ARREARS INTEREST
	 	 	26	 
	14. EARLY VOLUNTARY AMORTISATION
	 	 	26	 
	15. COMPULSORY EARLY AMORTISATION
	 	 	27	 
	16. CHANGE OF CIRCUMSTANCES
	 	 	28	 
	17. COMMISSIONS AND EXPENSES
	 	 	30	 
	18. TAXES
	 	 	31	 
	19. PAYMENTS AND INDEMNITIES
	 	 	32	 
	20. ACCOUNTS
	 	 	34	 
	21. DECLARATIONS OF THE LENDER AND THE GUARANTORS
	 	 	35	 
	22. OBLIGATIONS
	 	 	38	 
	23. AGENCY
	 	 	44	 
	24. ASSIGNMENT
	 	 	46	 
	25. EARLY TERMINATION
	 	 	47	 
	26. GUARANTEE
	 	 	49	 

 

 

 - 3 -

	 	 	 	 	 
	27. EXECUTION OF THE FINANCING CONTRACT
	 	 	52	 
	28. MISCELLANEOUS STIPULATIONS
	 	 	53	 
	29. LEGISLATION AND JURISDICTION
	 	 	54	 

 

		
	* 	The  Appendices to this  agreement have not been
filed with this agreement. Pursuant to Item 601(b)(2) of Regulation S-K, such documents are
immaterial to an investment decision. A copy of any of these omitted documents will be
furnished  to the Commission by Telvent upon the Commission’s request. 

 

 

 - 4 -

FINANCING CONTRACT*

Madrid, 12th September 2008

This Agreement is signed as a single private agreement to be made public immediately afterwards
through a deed authorised by the Madrid Notary, Juan Alvarez-Sala Walther.

BEFORE ME

On the one hand,

	-	 	TELVENT GIT, S.A., a Spanish company with offices in Alcobendas
(Madrid), calle Valgrande 6, company tax no. A-8263 1623 and
registered at the Madrid Commercial Registry Office on page
number 257879 (henceforth indistinctly, the “Company” or the
“Borrower”).

It is represented by Luis Miguel Martínez Jurado, [***] and by
Fernando Saavedra Obermann, [***], who are duly and
sufficiently authorised for this purpose.

On the other hand,

	-	 	ABENGOA, S.A. (henceforth, “Abengoa”), a Spanish company with
offices in Seville, Avenida de la Buhaira  2,
[***]. It
is represented by Vicente Jorro de Inza, [***] who is duly and sufficiently authorised for
this purpose.
	 
	-	 	TELVENT EXPORT, S.L. (henceforth, “Telvent Export”) a Spanish
company with offices in Alcobendas (Madrid), calle Valgrande 6,
[***]. It is represented by Luis
Miguel Martínez Jurado, [***]
and by Fernando Saavedra Obermann, [***].

Henceforth, and notwithstanding any provisions contained below in this agreement, Abengoa and
Telvent Export shall be jointly referred to as “Guarantors”.

And, furthermore,

	-	 	The CAJA DE AHORROS Y MONTE DE PIEDAD (henceforth “Caja
Madrid”), a Spanish company with offices in Madrid, Plaza del Celenque
2, 

 

 

 - 5 -

	 	 	[***]. It is represented by Jorge
Salamero Sanz, [***] and Aitor Bernard
Cohrs Gallareta [***],
both duly and sufficiently authorised for the purpose.
	 
	-	 	ING BELGIUM S.A., BRANCH IN SPAIN (henceforth, “ING”), with offices in
Madrid, calle Génova 27, [***]. It is
represented by Mónica Martínez Mendizábal,
*** and by Christophe Poos, [***], who are duly and sufficiently authorised for the
purpose.

Henceforth and notwithstanding the provisions contained below in this agreement, Caja Madrid and
ING shall be jointly referred to as “Lending Entities” and each on as “Lender”. Additionally, the
former Lender which, from time to time, acts as an agent in conformity with Stipulation 23 (on the
date of this agreement, Caja Madrid) shall also be referred to as the “Agent”.

DECLARE

	I.	 	The Borrower requires a loan for purchasing, through its own branch, Telvent Export, a block
of shares from the North American company, DTN Holding Corporation, Inc (“DTN”), which
represents 100% of its equity capital (“DTN Shares”).
	 
	II.	 	The Lending Entities are willing to supply this loan to the Borrower,
notwithstanding any subsequent assignments that these entities might
make.
	 
	III.	 	The Lending Entities also want Caja Madrid to act as an Agent of
the other entities participating in such loan and the latter is
willing to assume the relevant agency functions.
	 
	IV.	 	As a result of the above, the parties sign this agreement (henceforth
the “Agreement”) and, in view of this, the Lending Entities grant the
Borrower a commercial loan for the sum of fifty-seven million, five
hundred thousand Euros (€ 57,500,000), divided into two parts:
Tranche A totalling ten million, four hundred and fifty thousand
Euros (€10,450,000) and Tranche B totalling forty-seven million and
fifty thousand Euros (€ 47,050,000), in accordance with the
stipulations established below.

PART ONE – DEFINITIONS AND INTERPRETATION

	1.	 	DEFINITIONS AND INTERPRETATIONS

	 	1.1	 	Definitions

	 	1.1.1	 	General definitions. In addition to the definitions contained throughout, the
following terms used both in the singular and in the plural shall be interpreted in this
Agreement as follows:

“Borrower” shall bear the meaning established in the presentation of this Agreement.

 

 

 - 6 -

“Acquisition without recourse” means acquisitions made by companies or their assets
liquidated by a company belonging to the Group through a non-recourse loan against the
Borrower or against these companies (excluding those concerning which the auditor of the
Borrower or the company belonging to the Group in question has shown reservations regarding
the effective lack of recourse in these loans when revising the corresponding Financial
Statements). Each Ratio Compliance Certificate shall identify all Acquisition without
recourses and those excluded by the Borrower’s auditor pursuant to the stipulations of this
definition (unless the Borrower and Lending Entities agree otherwise).

“Adjustments to the Sale Price” means any adjustments to the price related to the purchase of
DTN Shares carried out pursuant to the provisions of the Sales Agreement after the closure
date, and pursuant to which Telvent Export is obliged to supply additional amounts to
sellers.

“Increase in capital” means the increase in capital by a maximum of one hundred and eight
million North American dollars ($108,000,000)(corresponding to seventy-five million Euros
(€75,000,000) by applying an exchange rate of 1.44), subscribed and paid up at 100%. This
shall be done by the Borrower with the objective of partially financing the DTN Acquisition
Upfront Price.

“Technical Guarantee” means guarantees of a non-monetary bond which therefore implies no
direct obligation to pay the stipulated net amount. Examples of the Technical Guarantee would
be contracting projects, services and supplies with public organisms, other suppliers and
customers, or auctions and related transactions, also with the above.

“Director Banks” means Caja Madrid and ING.

“Maximum Authorised Cash Available” means a maximum sum of eighteen million Euros
(€18,000,000) that the Borrower shall withdraw from its own treasury for the sole purpose of
paying the DTN Acquisition Upfront Price.

“Commission Letter” means letters of this same date signed by the Borrower and sent to the
Agent and Director banks, respectively, which rule the provisions regarding commissions
mentioned in subsections 17.1 (Agency Commission) and 17.3 (Structuring Commission).

“Ratio Compliance Certificate” means the certificate referred to in subsections 22.1.2 and
22.3.6, which certifies the value of the Financial ratios and list of Acquisition without
recourses, Project Companies, Material Branches and other companies belonging to the
Group, which must be Guarantors pursuant to the provisions of Stipulation 26.2.1, for the
period in question, as per the model contained in Annex 2 accompanying this agreement.

 

 

 - 7 -

“Project Company” means a current or future member of the group created for the sole purpose
of developing projects under a long-term finance scheme without the assistance of any other
member of the Group (excluding those concerning which the Borrower or company belonging to
the Group in question has shown reservations regarding the effective lack of recourse in
these loans when revising the corresponding Financial Statements). Each Ratio Compliance
Certificate shall identify all Project Companies and those excluded by the Borrower’s auditor
pursuant to the stipulations of this definition (unless the Borrower and Lending Entities
agree otherwise).

“Coverage Agreement” means Master Agreements for Financial Transactions and their
confirmations, which the Borrower shall sign as per clause 22.2.13.

“Sales Agreement” means the agreement that shall be signed between shareholders of DTN and
Telvent Export, in view of which the latter shall acquire the DTN shares.

“Breakthrough Costs” means the amount, where appropriate, where:

	 	(a)	 	the interest that a Lender should have received during the period between receipt
of the invoice for its total or partial involvement in a Drawdown or any other due
amount and the last day of the Interest Period underway with regard to such Drawdown or
due amount, if these had been paid on the last day of such Interest Period;

it exceeds

	 	(b)	 	the sum that the Lender was able to obtain by depositing the equivalent of the
main sum received by it with a leading bank on the European interbank market, for a
period starting on the Working Day following the receipt of the funds and ending on the
last day of the Interest Period underway.

“Payment Account” means account number 2038-0971-56-6000022660 opened by the Borrower at the
Agent or, where appropriate, any other that the Agent and Borrower subsequently agree upon.

“Existing Debt” means the amount still owed on the Date the Agreement is Signed resulting
from financing contracts whose totals, dates and counterparties are identified in Annex 4.

“Working Day” means a day (other than Saturday or Sunday) on which banks are open to perform
general commercial transactions in Madrid and on which the TARGET2 system is operative.

“Drawdown” means, indistinctly, the single drawdown of funds under Tranche A or B.

 

 

 - 8 -

“Loan Documents” means this Agreement, the Coverage Agreement, Commission Letter, any
Guarantor’s Deed of Adherence and any other document that the Borrower and Agent consider as
such.

“DTN’s Significant Adverse Effect” means any assumption, circumstance, development, change or
effect that, individually or together with others, may have a considerable negative effect on
business, assets, financial state or result of the activity of both DTN and its branches, (as
defined in the Sales Agreement) either as a whole or reasonably, which would prevent or
considerably delay the completion of the transactions foreseen in the Sales Agreement or
would restrict or strongly prejudice the capacity of DTN or any sellers under the Sales
Agreement to comply with their obligations under the latter; in the understanding that “DTN’s
Significant Adverse Effect” shall not include the effect of any circumstance, change,
development, assumption or series of facts that may arise from or are mainly due to any of
the following assumptions, considered individually or jointly:

	 	(a)	 	assumptions, circumstances, changes or effects that generally affect the sectors
of activity in which DTN customers operate, whenever DTN and its branches (as defined in
the Sales Agreement), or the sector of activity in which they jointly operate, are not
disproportionately affected;
	 
	 	(b)	 	any circumstances related to capital markets, stock markets or the United States
economy in general, whenever DTN and its branches (as defined in the Sales Agreement),
or the sector of activity in which they jointly operate are not disproportionately
affected;
	 
	 	(c)	 	any public announcement of the signing of the Sales Agreement, the start of any
action and the pending state of the transactions contemplated therein or the completion
of transactions foreseen therein; and
	 
	 	(d)	 	acts of war (declared or not), armed hostilities, sabotage or terrorism, military
action or their escalation, natural disasters (acts of god) including severe and unusual
natural occurrences, drought, floods, earthquakes, unusually severe earthquakes, fires,
lightning or any other circumstances of force majeure that may occur after the date of
this Agreement.

“Significant Adverse Effect for Telvent” means a Significant Adverse Effect on:

	 	(e)	 	commercial activity, transactions, property and assets, situation (financial or
any other type) or Group perspectives (including Project Companies and Acquisition
without recourses for these purposes, and only until the date of the first Drawdown)
understood as a whole; or
	 
	 	(f)	 	the capacity of the Borrower or Guarantors to comply with their obligations under
this Agreement or under other Finance Documents.

“Lender” shall bear the meaning established in the presentation of this Agreement.

 

 

 - 9 -

“Reference Entities” means Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria, S.A. and
Banco Popular Español, S.A. or other financial entities that substitute them by virtue of
subsection 12.2.2 (iv).

“Guarantor Deed of Accession” means each Deed of Accession to this Agreement as Guarantor
granted, where appropriate, by certain companies belonging to the Group in compliance with
the provisions of subsections 6.2.2 (c) and 26.3.2 and in conformity with the model contained
in Annex 3 accompanying this document.

“Financial Statements” means the accounting documents belonging to a certain entity and
period that are equivalent to Consolidated Financial Statements for such period .

“Consolidated Financial Statements” means, with regard to the Borrower, annual consolidated
accounts (including the balance sheet, profit and loss account, management documents and
report) of the Group corresponding to a certain financial year.

“EURIBOR” shall have the meaning established in subsection 12.2.1.

“Signing Date” means the date of this Agreement.

“Final Expiry Date of Tranche A” means the 12th September 2009.

“Final Expiry Date of Tranche B” means the 12th September 2013.

“Branch” means, for companies, a company:

	 	(a)	 	that is directly or indirectly controlled by the former;
	 
	 	(b)	 	over half of whose equity capital issued is effectively, directly or indirectly
owned by the former; or
	 
	 	(c)	 	it is a Branch of another Branch of the former,

and, for this purpose, a company shall be considered controlled by another if the latter is
able to manage its business matters and control the structure of its board of directors or
equivalent body.

“Material Branches” means companies belonging to the Group, over 50% of which are directly or
indirectly owned by the Borrower. They individually represent at least 5% of Total
consolidated Assets, and/or 5% of consolidated Revenue and/or 5% of consolidated EBITDA
(excluding Project Companies and Acquisition without recourses for the purpose of calculating
Total Assets, consolidated revenue and consolidated EBITDA).

“Loan” means both Tranche A and B as a whole.

“DTN Financing” means DTN’s syndicated financing contract dated 10th March 2006,
pursuant to which it was changed and refunded on the 16th March 2007, together
with any other DTN financing contracts existing when DTN Shares are purchased by the
Borrower.

 

 

 - 10 -

“Guarantor” initially means entities referred to as such in the presentation of this
Agreement, as well as any other entity belonging to the Group that provides collateral by
applying the provisions of subsection 26.3.2.

“Existing Guarantees” means personal and real guarantees granted and not cancelled on the
Signing Date of the Agreement that guarantee the existing Debt, whose validity and
beneficiaries are described in Annex 5.

“Financial Guarantees” means any collateral supplied by any company belonging to the Group to
financial entities to guarantee a loan transaction or by other fund supplying entities to
guarantee any transaction that obliges the return of funds or payment of interest and/or
generates a cost of carry, as well as any other counterguarantees supplied by the latter to
any company belonging to the Group, for the afore-mentioned purpose, which incurs a cost of
carry. To avoid any doubts, it is expressly stated that Technical Guarantees are excluded
from this definition.

“Group” means the Borrower and its Branches (expressly excluding DTN and its Branches).

“Amount of Tranche B” means the amount referred to in Stipulation 5.1.

“Amount of Tranche A” means the amount referred to in Stipulation 2.1.

“Total Amount of the Loan” means the global amount of the Loan, that is the joint sum of
Sections A and B.

“Counterguarantee Lines” means all guarantees identified on page four of Annex 5
(“Cross-Guarantees with Abengoa”), in which the Borrower jointly and severally guarantees
obligations of certain companies belonging to the Abengoa group before the corresponding
credit institutions.

“Margin” means the percentage applicable at all times by virtue of the provisions of
Stipulation 12.3.

“Majority of Lending Entities” means Lending Entities who finance the majority of the Loan
represents at least 662/3% of the Total Amount of the Loan pending
amortisation at all times (or, where appropriate, the amount not yet available).

“Financial Model” means the Borrower’s financial model agreed upon with Lending Entities,
which includes the former’s consolidated pro-forma financial statements containing forecasts
of (i) profit and loss account (indicating consolidated EBITDA), (ii) balance sheet
(indicating Capital expenditures intended for recurring business investment (plants and
equipment), Capital expenditures intended for purchasing authorised

 

 

- 11 -

	 	 	committed shares, Total consolidated Assets and the consolidated Net Financial Debt), (iii)
statement of origin and investment of funds, and (iii) compliance with Financial Ratios,
throughout the whole Loan period (certifying that the afore-mentioned forecasts exclude items
corresponding to Project Companies, Acquisition without recourses and DTN. The above is
summarised in Annex 6 of this Agreement.
	 
	 	 	“Guaranteed Obligations” means the obligations of the Borrower by virtue of this Agreement
and in the Coverage Agreement to pay, in each case, the amount resulting from applying the
provisions of subsection 26.1.4.
	 
	 	 	“Transactions on Capital Markets” means any public offer, by any company belonging to the
Group, related to the subscription or sale of shares, subscription rights, convertible bonds,
warrants or any similar tools that directly or indirectly allow for the subscription for such
new shares (within the framework of admission to negotiate on the Spanish stock market or any
other belonging to a member-state of the Organisation for Economic Cooperation and
Development (O.E.C.D.), shares representing all or part of the equity capital of any company
belonging to the Group, where appropriate), the issuing of debt instruments and, generally,
any other transaction on international capital markets processed by the Borrower and/or any
of the Guarantors that creates liquid assets for the latter.
	 
	 	 	“Instalments” means all payments that, pursuant to clauses 2.2 and 2.3 of the Telvent Export
Sales Agreement, must be made after the closing date of the purchase of DTN Shares.
	 
	 	 	“Availability Period of Tranche A” means the period between the disposition of the whole
Amount of Tranche B and the 31st January 2009.
	 
	 	 	“Availability Period of Tranche A” means the period between the Signing date and the
31st January 2009.
	 
	 	 	“Interest Period” means, indistinctly, each of the successive periods for creating interest
defined in Stipulation 10 concerning the single Drawdown of Sections A and B, respectively.
	 
	 	 	“DTN Upfront Acquisition Price” means the amount equivalent to the sum of the funds resulting
from the Loan, the increase in Capital and the Authorised Maximum Available Amount of Cash
that Telvent Export has to pay as part of the DTN share purchase price which, pursuant to the
provisions of the Sales Agreement, must become effective upon its closure (therefore
excluding Instalments).

 

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	 	 	“SEC” means the North American Securities Exchange Commission.
	 
	 	 	“Drawdown Request” means the document used to request a Drawdown under this Agreement whose
model is enclosed as Annex 1.
	 
	 	 	“Termination Events” means any events established in Stipulation 25.1.
	 
	 	 	“TARGET2” means the Trans-European Automated Real-Time Gross Settlement Express Transfer
System in Euros that uses a single shared platform and was launched on the 19th
November 2007.
	 
	 	 	“Tranche A” means the commercial loan of ten million four hundred and fifty thousand Euros
(€10,450,000) granted in conformity with the provisions of Section Two of this Agreement.
	 
	 	 	“Tranche B” means the commercial loan of forty-seven million and fifty thousand Euros
(€47,050,000) granted in conformity with the provisions of Section Three of this
Agreement.

	 	1.1.2	 	Financial definitions With regard to this Agreement, the following terms, ratios
and financial magnitudes shall have the meanings indicated below, interpreted pursuant
to the accounting principles generally accepted in Spain and, unless expressly indicated
otherwise, calculated based on Consolidated Financial Statements or relating to them.

	 	 	With regard to the Borrower’s Consolidated Financial Statements, “Total Assets” means the
total consolidated assets of the Group with the deduction of those corresponding to Project
Companies or Acquisition without recourses included in such Statements.
	 
	 	 	“Capital Expenditures” means investment in material and immaterial fixed assets, including
capitalised expenses, whenever such investments are treated as investments in fixed assets.
	 
	 	 	“Working Capital” means current assets minus current liabilities.
	 
	 	 	With regard to the Borrower’s Consolidated Financial Statements, “Net Financial Debt” means a
long-term debt (over a year) incurred before credit institutions, plus a short-term debt
(less than a year) also incurred before credit institutions, plus vouchers, bonds, promissory
notes and amounts corresponding to recourse leasing and factoring transactions as well as any
other bonds or liabilities that have the effect of a loan and create financial expenses for
companies belonging to the group, plus bonds relating to third party bond guarantees, minus
Liquid Assets and Available Negotiable Title Deeds; excluding from the debt to credit
institutions all amounts indicated on the Consolidated Financial Statements as owed by DTN or
a Project Company, or those associated with a Acquisition without recourse.

 

- 13 -

	 	 	With regard to the Borrower’s Consolidated Financial Statements, “EBITDA” means the gross
positive or negative operating results before amortisation and, for the purpose of
calculating the Financial Ratios, the deduction of EBITDA corresponding to Project Companies
or Acquisition without recourses included in such Consolidated Financial Statements.
	 
	 	 	“Cash Flow Available for the Debt Service” means EBITDA plus variations of the Working
Capital relating to the previous calculation period, plus tax returns received from the
Public Tax Department minus payment of taxes, plus Capital Expenditure (expressly excluding,
for this purpose, the DTN Upfront Acquisition Price for the financial year ending on the
31st December 2008), plus extraordinary revenue minus extraordinary expenses,
minus payments of benefits to minority partners and minus investment in the capital of other
companies (including, for this purpose, any funds contributed or committed to the capital of
Project Companies and Acquisition without recourses).
	 
	 	 	With regard to the Borrower’s Consolidated Financial Statements, “Expenses” means the
consolidated operating expenses of the Group with the deduction of those corresponding to
Project Companies or Acquisition without recourses included in such Statements.
	 
	 	 	With regard to the Borrower’s Consolidated Financial Statements, “Net Financial expenses”
means, for each calculation period: Guarantors under any of their debts or obligations; minus
(b) the aggregated amount of all revenue obtained from interest, commissions, expenses and
other financial sums earned or charged by the Borrower and the Guarantors; excluding amounts
corresponding to Project Companies or Acquisition without recourses included in such
Consolidated Financial Statements.
	 
	 	 	With regard to the Borrower’s Consolidated Financial Statements, “Revenue” means the
consolidated operating revenue of the Group with the deduction of those corresponding to
Project Companies or Acquisition without recourses included in such Statements.
	 
	 	 	“Interest Coverage Ratio” means the ratio resulting from the quotient between EBITDA and the
Net Financial Expenses, established in conformity with the provisions of subsection 22.3.2.
	 
	 	 	With regard to the Borrower’s Consolidated Financial Statements, “Debt Service Coverage
Ratio” means, at all times and relating to the calculation period immediately prior to that
referred to, the quotient between: (i) the Available Cash Flow for the Debt Service generated
during such period prior to meeting Debt service payments; and (ii) the

 

- 14 -

	 	 	debt Service (expressly excluding major amortisations corresponding to Tranche A of the
Loan); established in conformity with the provisions of subsection 22.3.3.
	 
	 	 	“Debt Ratio” means the ratio resulting from the quotient between the Net Financial Debt and
EBITDA, established in conformity with the provisions of subsection 22.3.4.
	 
	 	 	“Pay-Out Ratio” means the ratio resulting from the quotient between (i) the amount
corresponding to dividends or any other allotments (including but not limited to, for this
purpose, any payments of premiums, returns of contributions or major amortisations and
interest under subordinated debt instruments) effectively made to the Borrower’s shareholders
during a certain financial year and (ii) the Borrower’s allocated net accounting benefit of
the previous financial year (expressly excluding the part corresponding to contributions made
by DTN, Project Companies or any companies that have been subject to a Acquisition without
recourse).
	 
	 	 	“Financial Ratios” means the Debt Service Coverage Ratio, the Debt Ratio, the Interest
Coverage Ratio and the Pay-Out Ratio.
	 
	 	 	“Debt Service” always means Net Financial Expenses, plus ordinary amortisations of the Loan,
plus payments for which the Borrower is responsible by virtue of the Coverage Agreement, plus
any other amount owed by the latter to the Lending Entities as from the period considered,
plus any amortisations of instalments corresponding to leasing transactions processed by the
Borrower, plus ordinary amortisations of the Existing Debt (expressly excluding any
short-term debt drawdowns by virtue of financial transactions signed with companies belonging
to the Group);
	 
	 	 	“Liquid Assets” means liquid assets and amounts related to them resulting from Consolidated
Financial Statements, except for pledged liquid assets that the Borrower and its Branches do
not have freely available and the cash deposited in accounts belonging to Project Companies
and companies that have been subject to a Acquisition without recourse.
	 
	 	 	“Negotiable Securities” means any short-term fixed-interest securities traded on the market
whenever they have not been issued by any member of the Group, which are evaluated according
to their accounting value.
	 
	 	 	“Available Negotiable Securities” means Negotiable Securities excluding those deposited in
accounts belonging to the Project Company and companies that have been subject to a
Acquisition without recourse.

1.2 Interpretation

1.2.1 Unless otherwise indicated, all allusions in this Agreement to:

 

- 15 -

	 	(a)	 	“shares” includes properties, revenue and all types of rights, both
present and future”;
	 
	 	(b)	 	“debt” includes any payment or repayment obligation (either
incurred as main or joint obligor), be it present or future, real or contingent;
	 
	 	(c)	 	time references in this Agreement shall be understood as the
official time in the city of Madrid.

	 	1.2.2	 	The annexes form a part of the Agreement: Any reference made to “this Agreement” in this document
or its annexes shall be understood as made to this document and all its annexes.
	 
	 	1.2.3	 	Person. The word person shall mean individuals or companies of any type, either public or private.
Unless expressly foreseen otherwise, any reference to the Borrower, Lending Entities, Agent or any
other person includes successors of this person and permitted assigns. More specifically, any
reference made to Lending Entities shall include Entities that, on the date of this Agreement,
maintain their share in the Loan, and any other entity that may acquire a share in it.
	 
	 	1.2.4	 	Headings and titles. Headings and titles of stipulations, sections, subsections and paragraphs of
this Agreement and its annexes are intended for convenience and do not constitute any pact between
the parties or any form of interpretation per se.
	 
	 	1.2.5	 	Calculation of deadlines. Except when expressly established otherwise in this
Agreement (i) deadlines expressed in “days” refer to calendar days, counted as from
the calendar day immediately following the initial calculation day, inclusive, until
the last calendar day of the deadline, inclusive, (ii) deadlines expressed in “Working
Days” refer to Working Days, calculated as from the day immediately following the
initial calendar day of the calculation, inclusive, until the last Working Day of the
deadline, inclusive, and (iii) deadlines expressed in months shall be calculated as
from the day calculating starts, inclusive, until the same day of the last month of
the deadline, unless such date does not exist in the last month, in which case the
deadline shall terminate on the previous calendar day of such month. Unless expressly
established otherwise in this Agreement and if, in compliance with the principles
established in the previous paragraph, the last day of the deadline is not a Working
Day, the deadline in question shall automatically be considered extended until the
following Working Day unless the latter occurs during the following month, in which
case the deadline shall be shortened to the previous Working Day; this rule shall also
be applicable in the assumption that certain or definite dates are established in this
Agreement for complying with the parties’ specific obligations and such dates are not
Working Days, without stipulating a deadline.

PART TWO – TRANCHE A (LOAN)

 

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	2.	 	GENERAL TERMS

2.1 Amount

	 	 	The Lending Entities grant the Borrower a commercial loan for a maximum amount of TEN MILLION
FOUR HUNDRED AND FIFTY THOUSAND EUROS (€10,450,000).

2.2 Acceptance

	 	 	The Borrower accepts the commercial loan, related to Tranche A and undertakes to return the
principal amount in its possession and pay any interest, commissions, costs, taxes and
expenses related to or derived from it.

2.3 Destination

	 	 	The Borrower shall allocate all available funds related to Tranche A to the purchase of DTN shares.

2.4 Distribution Table

	 	 	The Amount indicated in Tranche A is distributed amongst the Lending Entities pursuant to the
following shares:

	 	 	 	 	 	 	 	 	 
	Lender	 	Total of Tranche A (Euros)	 	Percentage
	Caja Madrid
	 	 	5,000,000	 	 	 	47.85	%
	ING
	 	 	5,450,000	 	 	 	52.15	%
	TOTAL
	 	 	10,450,000	 	 	 	100.00	%

	 	 	Due to any transfer made by virtue of the provisions of Stipulation 24, any new Lender that
purchases a share in Tranche A or increases its share in the latter, shall accept and assume
its shares purchased in this same Tranche And the amounts and percentages listed in detail
above shall consequently be considered altered.

2.5 Acceptance by Lending Entities of their shares

	 	 	Lending Entities accept and assume the amount of each of their respective shares in Tranche A
according to the conditions established in this Agreement.

	3.	 	DRAWDOWN

3.1 Drawdowns

	 	3.1.1	 	Request. The Borrower may hold the funds related to Tranche A and must send the Agent
a timely Request for a Drawdown for this purpose by letter or by fax, followed by a
letter containing the signature of the duly empowered person, which shall specify:

	 	(a)	 	The amount of the Drawdown
	 
	 	(b)	 	The date designated for delivery of funds related to the Drawdown.
	 
	 	(c)	 	The duration of the Drawdown’s Interest Period.

	 	3.1.2	 	Date of the request. The Borrower should send the Drawdown Request to the Agent before
9.30 a.m. on the fifth Working Day immediately prior to delivering the funds
corresponding to such Drawdown.
	 
	 	3.1.3	 	Drawdown Date. The date designated for delivery of the Drawdown funds by the Lending
Entities should be any Working Day included in the Availability Period of Tranche A.

 

- 17 -

	 	3.1.4	 	Amount and number. Tranche A should be made available through a single Drawdown for
the total amount of TEN MILLION FOUR HUNDRED AND FIFTY THOUSAND EUROS
(€10,450,000).
	 
	 	3.1.5	 	Irrevocability. The Drawdown Request made by virtue of paragraph 3.1.1 above shall be
irrevocable once received by the Agent and the Borrower shall be obliged to provide
the amount requested according to the date and amounts indicated.
	 
	 	3.1.6	 	Notifying Lending Entities. The Agent shall provide the Lending Entities with the
Drawdown Request no later than 2 p.m. on the third Working Day following the receipt
of such request.
	 
	 	3.1.7	 	Cancellation of amounts not available. After the Availability Period of Tranche A
terminates without its Drawdown being completed, Tranche A shall be automatically
cancelled and the Agreement shall be rendered null and void.

3.2 Delivery of Funds

	 	3.2.1	 	Delivery. The Lending Entities should deposit the amount corresponding to their share
of the Drawdown in Tranche A through an OMF or TARGET transfer in favour of the Agent
in the latter’s treasury account in the Bank of Spain (or, alternatively, in any other
account agreed upon with the Agent) before 10 a.m.
	 
	 	 	 	The Agent shall deliver the amount received from the Lending Entities to the Borrower
on the same day by depositing it in the Payments Account, so that this amount is
available to the Borrower on the value-date indicated in the corresponding request for
delivery of the Drawdown.
	 
	 	3.2.2	 	Requirements. Notwithstanding the above, Lending Entities shall not be obliged to meet
any Drawdown Request if (i) the Total Amount of Tranche B has not been provided
beforehand; (ii) it has not been completed pursuant to the procedure established in
Stipulation 3.1; (iii) no Termination Events have occurred that have not been remedied
or consented to by the Lending Entities or which occurred as a result of delivering
the funds; or (iv) the Borrower’s declarations contained in Stipulation 21 that,
according to the terms of subsection 21.2, had to be valid on the date of delivery of
the funds, were not exact with regard to all their material aspects.

	4.	 	MATURITY AND AMORTISATION
	 
	 	 	All amounts available under Tranche A should be entirely met by the Borrower no later than
the Final Maturity Date of this Section. Therefore, notwithstanding the full application of
any other relevant provision contained in this Agreement, it is hereby clarified that on the
Final Maturity Date of Tranche A, the Borrower should have entirely fulfilled its obligations
to pay the principal amount, interests, commissions, taxes, related expenses or any other
amounts.

PART THREE – TRANCHE B (LOAN)

	5.	 	GENERAL TERMS

5.1 Amount

	 	 	The Lending Entities grant the Borrower a commercial loan for a maximum amount of FORTY-SEVEN
MILLION AND FIFTY THOUSAND EUROS (€47,050,000).

 

- 18 -

5.2 Acceptance

	 	 	The Borrower accepts the commercial loan, related to Tranche B and undertakes to return the
principal amount in its possession and pay any interest, commissions, costs, taxes and
expenses related to or derived from it.

5.3 Destination

	 	 	The Borrower shall allocate all available funds related to Tranche A to the purchase of DTN shares.

5.4 Distribution Table

	 	 	The Amount indicated in Tranche B is distributed amongst the Lending Entities pursuant to the
following shares:

	 	 	 	 	 	 	 	 	 
	Lender	 	Total of Tranche B (Euros)	 	Percentage
	Caja Madrid
	 	 	22,500,000	 	 	 	47.82	%
	ING
	 	 	24,550,000	 	 	 	52.18	%
	TOTAL
	 	 	47,050,000	 	 	 	100.00	%

	 	 	Due to any transfer made by virtue of the provisions of Stipulation 24, any new Lender that
purchases a share in Tranche B or increases its share in the latter, shall accept and assume
its shares purchased in this same Tranche And the amounts and percentages listed in detail
above shall consequently be considered altered.

5.5 Acceptance by Lending Entities of their shares

	 	 	Lending Entities accept and assume the amount of each of their respective shares in Tranche B
according to the conditions established in this Agreement.
	 
	6.	 	DRAWDOWN

6.1 Drawdowns

	 	6.1.1	 	Request. The Borrower may hold the funds related to Tranche B and must send the Agent
a timely Request for a Drawdown for this purpose by a letter or by fax, followed by a
letter containing the signature of the duly empowered person, which shall specify:

	 	(a)	 	The amount of the Drawdown
	 
	 	(b)	 	The date designated for delivery of funds related to the Drawdown.
	 
	 	(c)	 	The duration of the Drawdown’s Interest Period.

	 	6.1.2	 	Date of the request. The Borrower should send the Drawdown Request to the Agent before
9.30 a.m. on the fifth Working Day immediately prior to delivering the funds
corresponding to such Drawdown.
	 
	 	6.1.3	 	Drawdown Date. The date designated for delivery of the Drawdown funds by the Lending
Entities should be any Working Day included in the Availability Period of Tranche B.
	 
	 	6.1.4	 	Amount and number. Tranche B should be made available through a single Drawdown for
the total amount of FORTY-SEVEN MILLION AND FIFTY THOUSAND EUROS (€47,050,000).
	 
	 	6.1.5	 	Irrevocability. The Drawdown Request made by virtue of paragraph 6.1.1 above shall be
irrevocable once received by the Agent and the Borrower shall be obliged to

 

- 19 -

	 		 	provide the amount requested according to the date, currency and amounts indicated.
	 
	 	6.1.6	 	Notifying Lending Entities. The Agent shall provide the Lending Entities with the
Drawdown Request no later than 2 p.m. on the third Working Day following the receipt
of such request.
	 
	 	6.1.7	 	Cancellation of amounts not available. After the Availability Period of Tranche B
terminates without its Drawdown being completed, Tranche B shall be automatically
cancelled and the Agreement shall be rendered null and void.

6.2 Delivery of Funds

	 	6.2.1	 	Delivery. The Lending Entities should deposit the amount corresponding to their share
of the Drawdown in Tranche B through an OMF or TARGET transfer in favour of the Agent
in the latter’s treasury account in the Bank of Spain (or, alternatively, in any other
account agreed upon with the Agent) before 10 a.m.
	 
	 		 	The Agent shall deliver the amount received from the Lending Entities on the same day
to the Borrower by depositing it in the Payments Account, so that this amount is
available to the Borrower on the value-date indicated in the corresponding Drawdown
Request.
	 
	 	6.2.2	 	Requirements. Notwithstanding the above, the Lending Entities shall not be obliged to
meet any Drawdown Request if (i) it has not been completed pursuant to the procedure
established in Stipulation 6.1; (iii) no Termination Events have occurred that have
not been remedied or consented to by the Lending Entities or which have occurred as a
result of delivering the funds; or (iv) the Borrower’s declarations contained in
Stipulation 21 that, according to the terms of subsection 21.2, had to be valid on the
date of delivery of the funds, were not accurate with regard to all their material
aspects or ceased to be exact as a result of this delivery; (iv) failure to pay
commissions included in the Commission Letter and costs and expenses incurred from
preparing and negotiating this Agreement, excluding expenses incurred from legal
assessors of Lending Entities, at the same time as the first Drawdown of the Loan was
delivered (or related to it); (v) a Substantial DTN Adverse Effect has occurred; or
(vi) failure to receive documents and comply with conditions indicated below in the
satisfactory form and content required by the Agent.

	 	(a)	 	Copy of the corresponding public deed granted by the Borrower that
documents the Increase in Capital, registered at the corresponding Commercial
registry Office.
	 
	 	(b)	 	Certificate issued by financial entities that act as escrow agents
with regard to Increasing Capital and that certify in satisfactory terms for
Lending Entities that the former, as a whole, has received the total amount of
funds corresponding to the Increase in Capital and Authorised Maximum Available
Cash and undertakes to invest such funds only upon payment of the DTN Acquisition
Upfront Price.
	 
	 	(c)	 	Adhesion to this Agreement through the granting of a Guarantor Deed
of Accession of Material Branches and also any other companies belonging to the
Group as far necessary for the Grantors (excluding Abengoa and subject to the
provisions of Stipulation 26.2.2), together with the Borrower, to represent at
least 85% of the Total consolidated Assets and 85% of consolidated EBITDA, in
accordance with the provisions of Stipulation 26.2.1.
	 
	 	(d)	 	Corporate documentation of the Borrower and the Guarantors:

 

- 20 -

	 	(i)	 	copies of proxies of people who sign this Agreement
and the Guarantor’s Deeds of Accession mentioned in the previous
subTranche and duly made public (and, where appropriate, registered at the
corresponding Commercial Registry Office) with regard to Spanish
companies, or granted before a foreign notary and legalised with regard to
non-Spanish companies;
	 
	 	(ii)	 	copies of updated statutes of both the Borrower and
Spanish Guarantors certified by their corresponding directors or
secretaries or, where appropriate, a copy of the Articles of Incorporation
deed and all those that contain any subsequent changes to such statutes
(certified by their corresponding directors or secretaries); and, with
regard to foreign Guarantors, equivalent documentation pursuant to the
Spanish law, which is applicable to them;
	 
	 	(iii)	 	with regard to Spanish Guarantors with Limited
Companies, whose director or direct partner is the Borrower, a copy of the
agreements of the General Partners’ Meeting approving the granting of this
Agreement or, where appropriate, copies of certificates issued by their
corresponding directors or secretaries which confirm that the Borrower is
neither director nor direct partner of such Guarantors.

	 	(e)	 	Legal opinions:

	 	(i)	 	legal opinion of the Lending Entities’ legal assessor
regarding the validity and enforceability of this Agreement;
	 
	 	(ii)	 	legal opinion of legal assessors of the Lending
Entities regarding non-Spanish Guarantors, quite similar to the model
supplied for this purpose prior to the Signing Date which, however, should
include (i) declaration of the choice of the Spanish legislation which
rules this Agreement and Finance Documents forming a part of it, and their
application in the country of their jurisdiction; and (ii) declaration
that any resolution or sentence issued in Spain regarding the Finance
Documents shall be recognised and applied in the country of their
jurisdiction;
	 
	 	(iii)	 	legal opinion of North American legal assessors of
the Lending Entities, quite similar to the model supplied for this purpose
prior to the Signing Date, confirming that under the DTN Loan there is no
type of recourse against the Borrower and Guarantors (once Telvent Export
has purchased DTN and in conformity with the terms of the DTN Loan
according to its changes as a result of such purchase);

	 	(f)	 	Copy of the summary of the Loan Model. This documentation has been
delivered to the Agent prior to the Signing Date.
	 
	 	(g)	 	Graph containing the updated structure of the Group indicating each
company’s contribution to EBITDA and Total Assets, a copy of which is included in
this Agreement as Annex 7. This documentation has been delivered to the agent
prior to the Signing Date.
	 
	 	(h)	 	Due diligence on DTN intended for the Lending Entities and provided
by KPMG. This documentation has been delivered to the Agent prior to the Signing
Date.
	 
	 	(i)	 	A signed copy of the Sales Documentation and satisfaction of the
Agent regarding its substantial adaptation to the final draft supplied prior to
the Signing Date and certification vouching that any condition to which its

 

 

- 21 -

	 	 	 	effectiveness might be subject has been fulfilled, with the exception of
payment of the price.
	 
	 	(j)	 	A copy of mandatory authorisations issued by authorities for the
defence of competition concerning the purchase of DTN by the Borrower.

	7.	 	MATURITY AND AMORTISATION
	 
	 	 	The Borrower should amortise the principal capital available related to Tranche B, through
successive shares pursuant to the dates and amounts described below:

	 	 	 
	Amortisation Date	 	Main subject of amortisation (Euros)
	12th September 2009
	 	5,050,000
	12th September 2010
	 	10,500,000
	12th September 2011
	 	10,500,000
	12th September 2012
	 	10,500,000
	12th September 2013
	 	10,500,000

	 	 	Nevertheless, assuming that Tranche B had been amortised in advance, the amounts to be
amortised on the dates indicated shall be adjusted as established for each case in this
Agreement.
	 
	 	 	The amortised amounts of the principal amount of Tranche B may not be used again by the
Borrower.

PART FOUR – TERMS AND CONDITIONS COMMON TO BOTH SECTIONS

	8.	 	JOINT REGIME

8.1 Association

	 	 	The contract position of each Lender in the Loan shall be joint and several although their
rights and obligations shall be entirely independent unless expressly stated otherwise in
this Agreement.

8.2 Effects of any Lender’s non-compliance

	 	 	None of the Lending Entities shall respond for another Lender’s failure to comply with the
obligations foreseen by virtue of this Agreement.
	 
	 	 	Assuming that a Lender, despite its commitments towards this Agreement, has not provided the
Agent with the committed funds, this shall not affect the rest of the Lending Entities, which
shall only be obliged to provide the Agent with the funds they individually undertook to
provide and shall therefore not be obliged to assume the part corresponding to the
non-complying Lender, all of which does not prejudice the shares that, before the latter, may
be incumbent upon the Borrower.

 

 

- 22 -

8.3 Extrajudicial and judicial actions of Lending Entities

	 	 	Any Lender may act extrajudicially to preserve and defend its own rights and interests and
those of other Lending Entities. However, the content of the second paragraph of Stipulations
25.2 shall be applicable for a Lender to be able to individually and judicially exercise its
own rights.

8.4 Adoption and binding nature of agreements

	 	 	Unless expressly foreseen otherwise (and, especially, with the exception of the individual
rights established in Stipulations 8.3 and 25.2), the decisions and agreements made by
Lending Entities related to this Agreement and related authorisations that the latter may
grant the Borrower, where appropriate, should be given by the Majority of the Lending
Entities, thus binding the minority.
	 
	 	 	Nevertheless, the parties recognise and accept that a unanimous decision of all Lending
Entities is required for deciding upon the following circumstances:

	 	8.4.1	 	Any change or authorisation that implies altering the proportional
representation of the Lending Entities.
	 
	 	8.4.2	 	Any change or authorisation that implies new or additional obligations for any
Lender, unless it has the consent of the Lender or Entities involved.
	 
	 	8.4.3	 	Changes to the Total Amount of the Loan, the Final Maturity Date of Tranche A
and B and, with regard to Tranche B, changes to the amortisation calendar
established in Stipulation 7).
	 
	 	8.4.4	 	Any changes to the type of reference interest and/or the type of substitution
interest (according to the provisions of Stipulation 12 to follow), arrears interest
(as specified in Stipulation 13 further on), and to the system used for calculating
and/or liquidating it as well as any other change to the calculation and commission
charging procedure.
	 
	 	8.4.5	 	Reduction of Margins.
	 
	 	8.4.6	 	Change of dates for payment of interest or commissions established in this
Agreement.
	 
	 	8.4.7	 	Any change to any of the guarantees provided at any time in favour of Lending
Entities by virtue of this Agreement or in conformity with its provisions, as well
as their lifting (unless it complies with the terms of this Agreement).
	 
	 	8.4.8	 	Any change to the provisions of this Stipulation and the majority regime
established in this Agreement with regard to decision-making by Lending Entities.
	 
	 	8.4.9	 	Transfer of contract positions of the Borrower and/or Guarantors.

	9.	 	INTEREST

9.1 Accrual

	 	 	The main non-reimbursed provision of Sections A and B shall accrue interest in favour of the
Lending Entities at a variable interest rate calculated in accordance with Stipulation 12.

9.2 Daily, annual accrual during each Interest Period

	 	 	Interest will be accrued on a daily basis and calculated (based on a year containing three
hundred and sixty (360) days) according to the calendar days elapsed during each Interest
Period, including the first and excluding the last day.

 

 

- 23 -

	10.	 	TYPE OF INTEREST

10.1 Interest Periods

	 	 	In order to calculate interest, the time between the Drawdown and Final Maturity Dates of
Sections A and B, respectively, shall be divided into successive Interest Periods, the first
day of which shall coincide with the last of the Interest Period immediately before.

	 	10.1.1	 	Duration of Interest Periods. The Interest Periods shall be three (3) or six (6)
months, at the Borrower’s discretion, and the Agent shall be informed of this in
writing when making any Drawdown Request or, for successive Interest Periods, before
9.30 a.m. of the third Working Day prior to the start of the Interest Period in
question, or, where appropriate, these Interest Periods may have a different duration
previously agreed upon with the Lending Entities. In the absence of any notification,
the duration chosen by the Borrower shall be considered to be six (6) months.
	 
	 		 	Notwithstanding the above, (i) no termination date of an Interest Period under Tranche
A may exceed the Final Maturity Date of this Section, and (ii) the termination dates
of Interest Periods under Tranche B must coincide with the amortisation dates
established in Stipulation 12 and, in any event, the last Interest Period of Sections
A and B must coincide with their Final Maturity Date, although this implies that the
duration of such Interest Period must be established in months, weeks and/or days. The
Borrower’s ability to choose the duration of the Interest Periods shall be limited in
this sense.
	 
	 	10.1.2	 	Termination of an Interest Period on a non-weekday. To calculate the Interest Period,
if its last day is not a Working Day, interest shall mature on the first subsequent
Working Day, unless this corresponds to the following calendar month, in which case
the Interest Period shall be considered matured on the Working Day immediately
preceding this.
	 
	 	10.1.3	 	Notifying Lending Entities of the Interest Period The Agent shall inform the Lending
Entities of the Borrower’s express or presumed choice of the duration of each Interest
Period no later than 2 p.m. on the Working Day it receives or should have received
this notification.

10.2 Type of Interest

	 	 	The type of nominal annual interest applicable to each Interest Period shall be determined
pursuant to the provisions of Stipulation 12.
	 
	11.	 	PAYMENT OF INTEREST
	 
	 	 	On the final day of the Interest Period, interest accrued during such period shall be paid by
the Borrower into the Payment Account.
	 
	12.	 	CALCULATION OF THE TYPE OF INTEREST

12.1 Calculation

	 	 	The type of nominal annual interest applicable to Interest Periods into which each Drawdown
related to this Agreement is divided shall be determined by the Agent through adding the
Margin established in Stipulation 12.3 to the relevant type of reference interest (or, where
appropriate, the relevant substituting type) applicable to each Drawdown, pursuant to
Stipulation 12.2.

12.2 Type of reference interest and substitution type

	 	12.2.1	 	Type of reference interest. The type of reference interest shall be EURIBOR.
EURIBOR is understood as the type of monetary market reference of the Euro zone
which, pursuant to the relevant norms established by the European

 

 

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Banking Federation, is published on REUTERS’ EURIBOR1 screen, or its substitute at
the time, at approximately 11 a.m. (CET) of the second Working Day immediately
prior to the start of the Interest Period in question, for deposits in Euros for
the same period of time as that of the Interest Period. If such type does not
appear on this screen for the period of time indicated, the type of reference
interest shall be calculated by means of the linear interpolation of the two types
corresponding to the closest periods by excess or default (or, otherwise, through
applying the type that corresponds to the closest period). Justified expenses and
corresponding taxes shall be added to such type of reference interest, which is
normally done when it is established on the interbank market.

	 	12.2.2	 	Substitution type. Assuming that it was impossible to determine the type of
reference interest according to subsection 12.2.1, a type of substitution interest
determined as follows shall be applied during this Interest Period:

	 	(i)	 	Amount of substitution type: the substitution type shall be the
result of the arithmetic average of the types of interbank interest offered by
Reference Entities to leading banks on the European interbank market, on the
second Working Day prior to the start of the Interest Period, for deposits in
Euros for a period equal to the Interest Period in question (or, otherwise, for
the closest period, by applying the lower type in case of equal periods of time).
Justified expenses and corresponding taxes shall be added to such type of
reference interest, which is normally done when it is established on the
interbank market.
	 
	 	(ii)	 	Reference Entities: Lending Entities may not in any way be
considered Reference Entities.
	 
	 	(iii)	 	Mechanism used for establishing the substitution type: During the
morning of the second Working Day prior to the starting date of the corresponding
Interest Period, the Agent shall request Reference Entities to provide the types
of interbank interest applicable with which the Agent must calculate, on that
same day, the arithmetic average indicated in subsection (i) above. Assuming that
any Reference Entity does not indicate or cannot indicate such interest rate, the
arithmetic average of Reference Entities on the market shall be used, whenever at
least two entities are present.
	 
	 	(iv)	 	Substitution of Reference Entities: Any Reference Entity shall
cease to exist when it ceases to provide the necessary information with regard to
one or more Interest Periods or if it is merged or taken over by one of the
Lending Entities or even becomes a Lender through purchasing a share in the loan
related to this Agreement. Such Reference Entities shall be substituted through a
new appointment made by the Agent.

	 	12.2.3	 	Return to the ordinary type of interest. Substitution types shall no longer be used
when the circumstances requiring their application disappear to give rise to normal
circumstances as from the following Interest Period when the procedure for
determining the type of reference interest shall be re-established.

12.3 Margin

	 	12.3.1	 	Initially, the Margin shall reach TWO POINT TWENTY-FIVE PER CENT (2.25%) on an annual
basis. However, such Margin shall be changed, where appropriate, as from the
30th June 2009, and only concerning the Drawdown made under Tranche B,
pursuant to the Debt Ratio based on the procedure described in this Stipulation.

	 	 	For purposes of the provisions of this Stipulation, the Borrower, along with the
annual Consolidated Financial Statements supplied by the Agent in conformity with

 

 

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	 	 	 	the provisions of subsection 22.1.2, shall accompany the Ratio Compliance Certificate
containing the Debt Ratio value resulting from the Consolidated Financial Statements
of each financial year.
	 
	 	12.3.2	 	For the purposes established in this Stipulation, the value of the new Margin
applicable according to the Debt Ratio shall be determined based on the
Consolidated Financial Statements closed on the 31st December 2008.
	 
	 	12.3.3	 	If the result of the Debt Ratio is included amongst the values indicated below, the
percentage applicable as a Margin of the Drawdown made under Tranche B, as from the
First Interest Period that starts on or after the 30th June 2009 and
until the afore-mentioned ratio is recalculated, shall be that indicated in the
following table:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Over 2.5x	 	Over 1.5x and	 	 
	 	 	 	 	 	 	and equal or	 	equal or	 	Equal or under
	Debt Ratio	 	Over 2.5x	 	under 2.5x	 	under 2.0x	 	1.5x
	Margin
	 	 	2.25	%	 	 	2.00	%	 	 	1.75	%	 	 	1.50	%

	 	12.3.4	 	For the purposes foreseen in subsection 12.3.3 above, the new percentage applicable as
a Margin of the Drawdown made under Tranche B shall begin to be applied to the
Interest Periods commencing at the time, although always after the 30th
June 2009, on or after the date on which the Agent receives the Consolidated Financial
Statements and the corresponding Ratio Compliance Certificate from the Borrower.
	 
	 	12.3.5	 	If the Debt Ratio was unable to be verified due to non-compliance by the Borrower
with its obligations to deliver the Financial Statements and the corresponding
Ratio Compliance Certificate, or if, at this time, any Termination Events were
still awaiting resolution or consent by Lending Entities, the applicable Margin
shall be the highest on the scale established in subsection 12.3.3 above, until the
Debt Ratio has been complied with. As such, the corresponding Margin according to
the previous scale for Interest Periods that commence after verifying the
calculation shall be applied once again.

12.4 Procedure used to establish the type of interest

	 	12.4.1	 	Determination by the Agent and notification. The Agent shall calculate the type of
interest applicable to each Interest Period and shall inform the Borrower and the
Lending Entities of this during the second Working Day prior to that on which the
Interest period in question starts (or, assuming that the substitution reference
type is applied, as soon as possible during such Working Day).
	 
	 	12.4.2	 	Binding nature of the determination, errors excepted. The type of interest
determined by the Agent shall be binding for the Borrower, errors excepted, in
which case, the relevant amendment shall be made.

12.5 Market breakout

	 	12.5.1	 	Market breakout: notification. If, due to exceptional circumstances, any Lender
could not make the debit transactions necessary on the interbank monetary market
for financing the funds loaned according to the corresponding deadline, currency
and amount agreed upon, it shall immediately inform the Agent of this. The latter
shall then determine whether the situation created affects the Lending Entities
that represent at least 35% of the Loan related to this Agreement and, if so, shall
immediately inform the Borrower of this.

 

 

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	 	12.5.2	 	Adaptation of Interest Periods and Interest rate. The duration of the applicable
Interest Period shall then be justifiably determined by the Agent in view of the
deadlines established on the market for debit transactions necessary for continuing
to finance Tranche A and/or B, where appropriate. If these deadlines are one (1)
day or similar, the interest rate applicable shall be EONIA.
	 
	 		 	For the purposes established in this subsection, EONIA means the Euro Monetary Market
reference type resulting from applying the appropriate valid agreement, under the
sponsorship of the European Banking Federation and the Financial Markets Association
(currently the agreement indicates the reference type on the Telerate screen between
6.45 p.m. and 7 p.m. (Central European Time) for loans with delivery of funds on the
Working Day on which the corresponding Interest Period starts), for one-day deposits
in Euros, plus justified expenses normally applicable to the time determined on the
interbank market, as well as corresponding taxes.
	 
	 	12.5.3	 	Loan Renegotiation. If the exceptional prevailing circumstances foreseen in
subsection 12.5.1 above prevent the Lending entities from making the debit
transactions indicated, the Agent shall determine loan renegotiation and the
Borrower and Lending Entities shall negotiate the measures to adopt to adapt the
loan related to this Agreement to the new circumstances, in good faith. Assuming
that the parties do not reach an agreement in a maximum of thirty (30) calendar
days as from the Agent’s decision and notwithstanding the fact that such period
shall not suspend any of the Borrower’s obligations on account of this, this
Agreement shall be terminated early at the end of the period indicated. Any
amortisation resulting from the application of this subsection shall be exempt from
any commission or penalties.

	13.	 	ARREARS INTEREST

13.1 Accrual of arrears interest on the unpaid principal amount

	 	 	The matured and unpaid principal amount of Tranche A or B shall accrue arrears interest as
from its maturity date without the need for a daily reminder, which shall be the interest
rate applicable by virtue of Stipulation 12.1, plus TWO PERCENT (2%) in the understanding
that the reference interest rate shall not be EURIBOR but EONIA (pursuant to the
specifications of paragraph two of subsection 12.5.1).

13.2 Accrual of arrears interest on other unpaid amounts

	 	 	Net interests not paid by the Borrower shall be capitalised on a monthly bases and, as a
result, arrears interest established in Stipulation 13.1 shall be accrued.

13.3 Liquidation and payment of arrears interest

	 	 	The arrears interest indicated in Stipulations 13.1 and 13.2 shall be liquidated and paid by
the Borrower on a monthly bases as from the starting date of the arrears.

13.4 Post-judgement interest

	 	 	The arrears interest indicated in stipulations 13.1 and 13.3 shall also be post-judgement
interest for the purposes of the provisions of article 576.1 of the Civil Prosecution Law (or
in any other similar legal provisions that may substitute it in the future).

	14.	 	EARLY VOLUNTARY AMORTISATION
	 
	 	 	Notwithstanding the provisions of Stipulations 4 and 7, the early voluntary amortisation of
Sections A and B shall be ruled by the following:

	 	14.1.1	 	Minimum amount and multiples of early amortisations and proportionality. Except
for amortisation of the whole of Tranche A and/or B, early voluntary amortisation

 

 

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	 	 	 	may only take place for a minimum of FIVE MILLION EUROS (€ 5,000,000) or, if in
excess of this sum, in multiples of ONE MILLION EUROS (€ 1,000,000).
	 
	 	14.1.2	 	Prior notification of each early amortisation. The Borrower should have notified
the Agent of its intention in writing at least ten (10) Working Days prior (the
shortest period accepted by the Majority of Lending Entities) to the date on which
this is to occur and indicate the amount and the date of the early amortisation that,
should, however, coincide with the final date of the Interest Period.
	 
	 	14.1.3	 	Communication of the notification by the Lending Entities’ Agent. The Agent
shall inform the Lending Entities of the notification of early amortisation no later
than the Working Day following its receipt.
	 
	 	14.1.4	 	Absence of commissions for early voluntary amortisation. Early voluntary
amortisation shall not accrue commissions for the Lending Entities, notwithstanding
the accrual of Breakthrough Costs, where appropriate.
	 
	 	14.1.5	 	Amortisation on a non-working day. If any of the amortisation dates is not a
Working Day for any reason, either due to it being ordinary or early voluntary
amortisation, it shall be understood that this amortisation must take place on the
following Working Day, unless this corresponds to the following calendar month, in
which case payment must be made on the previous Working Day.
	 
	 	14.1.6	 	Irrevocability of the early amortisation notification. Once the notification of
early amortisation has been received by the Agent, unless indicated otherwise in the
Agreement, it shall be considered irrevocable.
	 
	 	14.1.7	 	Definitive nature. The amounts amortised early may not be disposed of again by
the Borrower.

	15.	 	COMPULSORY EARLY AMORTISATION

	 	15.1	 	Despite the provisions of Stipulations 4 and 7, the Borrower should amortise then Total Amount
of the Loan early without this accruing any commission for Lending Entities or any
penalties for the Borrower, notwithstanding, where appropriate, the accrual of
Breakthrough Costs in the following circumstances and for the following amounts:

	 	15.1.1	 	assuming that any company belonging to the Group receives one or more annual
accumulated indemnities for over two hundred thousand Euros (€200,000) resulting
from any claim made under the cover of insurance policies taken out by such
companies (except for civil liability insurance policies against third parties), an
amount equivalent to the indemnity received shall be intended for the early
amortisation of the Total Amount of the Loan, unless the amounts received are for
repairing or substituting assets in a maximum of one hundred and eighty (180) days
as from the date of receipt of the corresponding indemnity;
	 
	 	15.1.2	 	in case of (i) sale, rental, transfer or provision of any assets or (ii) sale,
transfer or provision of stocks and shares of any of the Material Branches belonging
to the Borrower or any of the Guarantors (expressly excluding Abengoa for these
purposes), when the total amount obtained is not reinvested in the Borrower’s
business as market shares during the ninety (90) days after collecting such an
amount, an amount equivalent to the total price obtained shall be intended for the
early amortisation of the Total Amount of the Loan. However, when the total amount
obtained is reinvested in the afore-mentioned period and exceeds twenty million
Euros (€20,000,000), only the equivalent of fifty percent (50%) of such amount shall
be intended for early amortisation of the Total Amount of the Loan.
	 
	 	15.1.3	 	if the Borrower changes its control pursuant to the provisions of Stipulation
16.5;

 

 

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	 	15.1.4	 	in case of unforeseen breach of contract pursuant to the provisions of
Stipulation 16.2; and
	 
	 	15.1.5	 	in case of Transactions on the Capital Market (unless those concerning an
Increase in Capital), an amount equivalent to the total amount obtained in such
transaction shall be intended for early amortisation of the Total Amount of the
Loan.

	 	15.2	 	Order to invest the amounts intended for early amortisation of the Total Amount of the
Loan. In any of the circumstances established in Stipulation 15.1 above, the corresponding
amounts shall firstly be intended for early amortisation of the Amount of Tranche A and,
only when this has been totally amortised shall the rest of the amounts obtained be used
for early amortisation of the Amount of Tranche B.
	 
	 	15.3	 	Amortisation date. The Borrower should proceed with the early amortisation of the amounts
mentioned in subsection 15.1 above on the first date an Interest Period of the
corresponding Drawdown terminates, which takes place after the event that caused the early
amortisation.
	 
	 	15.4	 	Linear allocation when each principal amount of Tranche B matures. Any compulsory early
amortisations of the Amount of Tranche B shall be proportionally and equally applied to
all amortisation quota scheduled pursuant to the provisions of Stipulation 7 above.
	 
	 	15.5	 	Prior notification of each early amortisation. The Borrower should (i) notify the Agent in
writing, as soon as it has been informed of the occurrence of any circumstance that may
give rise to compulsory early amortisation pursuant to the provisions of subsection 15.1
and (ii) have notified the Agent in writing of the origin of this early amortisation in at
least ten (10) Working Days before the date on which it occurs (unless this results in a
shorter period from applying the provisions of subsection 15.3), indicating the amount and
date of the early amortisation.
	 
	 	15.6	 	Communication of the notification by the Lending
Entities’ Agent. The Agent shall inform the Lending Entities
of the notification of early amortisation no later than the Working
Day following its receipt.
	 
	 	15.7	 	Irrevocability of the early amortisation notification. Once the notification of early
amortisation has been received by the Agent, unless indicated otherwise in the Agreement,
it shall be considered irrevocable.
	 
	 	15.8	 	Definitive nature. The amounts amortised early may not be disposed of again by the Borrower. 

	16.	 	CHANGE OF CIRCUMSTANCES

16.1 Cost increase

	 	16.1.1	 	Repercussion. If, due to legal or regulatory provisions (or due to their
interpretation or application by competent authorities), obligations or
restrictions are imposed on the Lending Entities which, on account of their
participation in this transaction, implies for the latter an increase in the cost
of funds taken on the interbank monetary market to which these Entities turn for
financing this Agreement or an increase in the consumption of their own resources,
or limitations are imposed on the type of interest or commissions entailing a
reduction of revenue to which these Entities were entitled by virtue of this
Agreement, the Borrower shall be obliged to compensate the Lending Entities
involved.
	 
	 	16.1.2	 	Exceptions. The provisions of subsection 16.1.1 above shall not be applicable to
increases in costs which, where appropriate, are covered by the application of

 

 

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	 		 	other stipulations of this Agreement or which are due to conduct exclusively
attributable to the Lending Entities.
	 
	 	16.1.3	 	Calculation of the repercussion. Compensation by the Borrower in accordance with
the previous subsections shall be established at the amount transferred by the
Agent based on the reasoned detailed justification submitted by the Lender or
Entities involved.
	 
	 	16.1.4	 	Cancellation due to an increase in costs. If, by virtue of the provisions of
subsection 16.1.1, the Borrower is obliged to compensate one or several Lending
Entities for an increase in costs, the Borrower may cancel the share in Tranche A
and/or Tranche B of any Lending Entities that were affected by the legal or
regulatory provision causing this increase in costs, as an exception to the rules
of distribution proportional to payments established in Stipulation 19.4.

16.2  Unforeseen breach of contract

	 	 	If, at any time after the Signing Date, compliance with any of the obligations under the
Agreement implies the breach of any legal or regulatory provision or orderly compulsory
measure by any Lender, or binding criteria for its interpretation, which is issued by a
competent official authority or organism, the Lender involved may cancel all obligations
derived from this Agreement, by notifying the Borrower through the Agent. In these
circumstances, the Borrower shall be obliged to reimburse such Lender for its share in the
amount of Tranche A and/or B pending amortisation and, at the same time, to pay the
corresponding interest calculated up to the date on which payment is actually made, as well
as expenses and other amounts that must be paid by virtue of this Agreement, on the date the
interest period underway terminates (or, where appropriate, in the period legally permitted,
if this is shorter).

16.3 Mitigation of consequences of the change in circumstances

	 	16.3.1	 	Mitigation. Any Lender affected by any of the circumstances indicated in
stipulations 16.1 and 16.2 shall strive to make them commercially reasonable to
mitigate their consequences.
	 
	 	 	 	The previous subsection shall in no way limit or affect the Borrower’s obligations
under this Agreement.
	 
	 	16.3.2	 	Limitation of liability. The Borrower shall immediately indemnify the Lending
Entities for costs and expenses reasonably incurred by them, at the former’s
consent, as a result of actions carried out in compliance with subsection 16.3.1
above.
	 
	 	 	 	No Lender shall be obliged to perform the actions foreseen in subsection 16.3.1 if, in
its reasonable opinion, this could prejudice it or if it is not totally convinced that
any expenses incurred shall be totally reimbursed.

16.4 Favourable change of circumstances

	 	 	Assuming that the circumstances described in Stipulation 16.1 directly and inversely increase
revenue for Lending Entities, the real advantage verified and experienced by each Lender
shall be reversed.

16.5 Change of control

	 	 	In addition to ordinary amortisations and obligatory cancellation established beforehand
in this Agreement, the Majority of the Lending Entities may request the early cancellation of
the total amounts available and pending amortisation related to Sections A and B, as well as
payment of interests, commissions and other expenses as these are accrued, in a maximum of
fifteen (15) days as from the receipt of the related request, in the assumption

 

 

- 30 -

	 	 	that a person or entity other than Abengoa, S.A., individually or acting concertedly
with others, obtains control of the Borrower after the Signing Date.
	 
	 	 	The Borrower should notify the Agent of the occurrence of this takeover of control as soon as
it is informed.
	 
	 	 	For these purposes, “control” is understood as:

	 	(a)	 	capacity or power (be it through ownership of shares, special power, agreement,
agency or another form) to:

	 	(i)	 	vote for or control the votes of over 50% of voting rights
exercised at the Borrower’s general meeting;
	 
	 	(ii)	 	appoint or dismiss all or over 50% of the members of the Borrower’s
board of directors; or
	 
	 	(iii)	 	establish guidelines with regard to the Borrower’s operating and
financial policies, which must be accepted by directors or similar personnel; or

	 	(b)	 	ownership of over 50% of part of the Borrower’s issued equity capital, which
corresponds to ordinary or another type of shares that, in each case, are entitled to
vote.

	 	 	Likewise, for these purposes, “acting concertedly” means a group of people who, in compliance
with a formal or informal contract or agreement, actively cooperate through directly or
indirectly purchasing shares in the Borrower’s equity capital with a view to obtaining or
consolidating control of the latter.

	17.	 	COMMISSIONS AND EXPENSES

17.1 Agency commission

	 	 	The Borrower shall pay the Agent an annual agency commission whose conditions are established
in a separate letter.

17.2 Availability commission

	 	17.2.1	 	The Borrower shall pay Lending Entities an availability commission equivalent
to FORTY PERCENT (40%) of the Margin applicable at all times and annually based on
the Total Amount of the unused Loan. This shall be accrued on a daily basis as from
the Signing Date (inclusive) until the 12th October 2008 and shall be
payable on such date.
	 
	 	17.2.2	 	In addition, the Borrower shall pay the Lending Entities availability
commission equivalent to FIFTY PERCENT (50%) of the Margin applicable at all times
and annually based on the Total Amount of the unused Loan. This shall be accrued on
a daily basis as from the 13th October 2008 (inclusive) until the date on
which (i) the Availability Period of Tranche A terminates, with regard to the unused
Amount of Tranche A, and (ii) the Availability Period of Tranche B terminates, with
regard to the unused Amount of Tranche A, and this shall be liquidated and payable
in calendar quarters matured by the Borrower.

17.3 Structuring commission

	 	 	The Borrower shall pay Director Entities a structuring commission for distribution amongst
Lending Entities, whose conditions are established in a separate letter.

17.4 Expenses and taxes

	 	 	The Borrower shall be responsible for paying expenses and taxes accrued from signing and
executing this Agreement and especially, judicial or extrajudicial expenses and attorneys’
and proxies’ fees (even when their involvement was not mandatory) or any

 

 - 31 -

	 	 	others that may arise from the preparation, interpretation, alteration or execution of this
Agreement and other Loan Documents, or guarantees or procedures necessary for their
fulfilment (specifically including notary’s fees for making this Agreement and/or other Loan
Documents public and issuing the first authorised copies to each Lender).
	 
	 	 	The Borrower shall be responsible for expenses derived from advertisements and publicity on
the loan related to this Agreement and any other costs or expenses incurred by the Agent or
Lending Entities by virtue of or due to this Agreement or the loan related to it.
	 
	18.	 	TAXES

18.1 Net payment of taxes

	 	 	All principal amounts, interest, commissions, costs, expenses or any other amounts that must
be paid by the Borrower under this agreement shall be net of any type of tax deduction or
retention. The Borrower shall therefore pay the lending Entities the additional amounts
necessary for them to receive the whole amounts they would have received if these taxes,
duties, rates or controls did not exist.
	 
	 	 	The above shall only be applicable for Lending Entities not residing in Spain whenever,
before a date established for paying interest, they have supplied the Borrower through an
Agent with a residence certificate valid on such date issued by the appropriate tax
department which confirms their residence for tax purposes in a European jurisdiction and
whenever they do not act through a country or territory legally classed as a tax haven,
pursuant to the provisions of Royal Decree 1080/1991 of the 5th July.
	 
	 	 	Likewise, if any Lender demands any payment into an account of taxes on any sum received or
receivable by the former pursuant to this Agreement, which shall include a detailed
liquidation of the amount claimed, the Borrower, at the request of the Lender in question
(through the Agent), shall immediately indemnify the latter for such payment and for all
kinds of interest, sanctions or expenses that may arise or must be paid with regard to this
and that are not attributable to such Lender. The content of this paragraph shall not be
applicable in case of any tax that encumbers the net benefits of a Lender and that is
applicable in the jurisdiction where the latter resides or from where it is loaning funds by
virtue of this Agreement. All of the above notwithstanding the fact that the provisions of
the first paragraph of this Stipulation (18.1) apply to eventual deductions or retentions
applicable by virtue of the norms that rule such tax.

18.2 Tax payment letters

	 	 	If, at any time, the Borrower is ordered to make any deduction or retention with regard to
any amount owed by it pursuant to this Agreement (or, if their type of form according to
which such deductions or retentions must be calculated vary at a later date), the Borrower
shall immediately notify the Agent of this.
	 
	 	 	If the Borrower makes any type of payment pursuant to this Agreement with regard to which it
is requested to make a reduction or retention, it shall pay the tax authority or any other
competent entity, the total amount it is requested to deduct or retain within the period
permitted for such payment according to the applicable law, and shall provide the Agent for
the Lender with the original payment letter (or a certified copy of it) in a maximum of
thirty (30) days following that on which payment has been made to the competent authority.
The letter shall be issued by such authority, which confirms payment made to it of all
amounts that must be deducted or retained with regard to the part of such payment that
corresponds to the afore-mentioned Lender.

 

- 32 -

18.3 Recovery and reversion of tax retentions

	 	 	Assuming that after an additional payment has been made by the Borrower by virtue of
Stipulation 18.1, a Lender considers that it has recovered the amount retained, deducted or
paid into an account, which had caused such additional payment, such an amount shall be
collected by such Lender from the Borrower as soon as possible after its actual recovery.
Nevertheless, nothing in this Stipulation (18.3) shall oblige Lending Entities to alter the
tax management followed to date.

18.4 Early cancellation due to an increase in costs.

	 	 	If, in an unforeseeable and original manner and by virtue of the provisions of Stipulation
18.1, the Borrower is obliged to make additional payments on account of the application of
deductions or retentions with regard to one or several Lending Entities, the former may
cancel and amortise its share in Tranche A and/or B of any Lending Entities whose payments
are affected by such deductions or retentions, as an exception to the rules of proportional
distribution of payments established in Stipulation 19.4.
	 
	19.	 	PAYMENTS AND INDEMNITIES

19.1 Forms of payment

	 	 	The Borrower should make the payments due by virtue of this Agreement pursuant to the
following terms and conditions:

	 	19.1.1	 	Time, hour and value date: Payments should be made on the due date, without the need
for a daily reminder, before 10 a.m. with the same-day value.
	 
	 	19.1.2	 	Foreign currency: Payments should be made in Euros, except for those concerning
costs, expenses or taxes, which should be made in the currency in which they
incurred or were generated.
	 
	 	19.1.3	 	Payment Accounts: Payments due by the Borrower by virtue of this Agreement should be
made into the Payment Account and the Agent shall be expressly and irrevocably
authorised to deposit into such accounts any amounts owed by the Borrower by virtue
of this Agreement.

19.2 Reliability and irrevocability of payments

	 	 	Payments shall be considered made and legal when a firm and irrevocable deposit has been made
into the Agent’s accounts, in accordance with valid banking customs and norms. The Agent
shall distribute proportional payments amongst the Lending Entities using the same value-date
and currency as that corresponding to payments received by the Borrower.

19.3 Allocation

	 	 	The payment allocation regime shall be the following:

	 	19.3.1	 	Amount allocation: Payments made by the Borrower, either under Tranche A or B, shall
be allocated to matured debts in the following order:

	 	(i)	 	arrears and ordinary interest;
	 
	 	(ii)	 	fees and commissions;

 

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	 	(iii)	 	expenses and taxes;
	 
	 	(iv)	 	indemnities and additional compensations foreseen in Stipulation 16;
	 
	 	(v)	 	judicial costs; and
	 
	 	(vi)	 	principal amount.

	 	19.3.2	 	Date allocation: Within each concept and notwithstanding the provisions for
obligatory cancellation, the oldest debt shall be paid before the most recent one.
However, if for any reason, the most recent debt is paid, this shall not imply that
Lending Entities renounce collection of the oldest debt.

19.4 Proportional distribution of payments to Lending Entities

	 	19.4.1	 	Payment proportionality according to the share of each Lender. All payments received
by Lending Entities by virtue of this Agreement, either via the Agent or any other,
where appropriate, must be proportional to their respective share in Sections A and
B. Any Lender that receives payment on account of this Agreement that does not
respect this proportionality shall place the amounts received at the disposal of the
Agent for the purpose of their timely redistribution amongst all Lending Entities.

However, the following circumstances shall be excluded from the provisions of this
subsection (19.4.1):

	 	(i)	 	payments received by a Lender for an individual claim
(extrajudicial or judicial, whose requirements are established in subsection
25.2) foreseen in this Agreement;
	 
	 	(ii)	 	if any Lender has received more than the rest of the Lending
Entities through the application of article 91.6 of Bankruptcy Law 22/2003, of
the 9th July, (henceforth “Bankruptcy Law”), whenever this entity
has offered the rest of the Lending Entities the possibility of filing a joint
bankruptcy application through the Agent and such joint request was not agreed
upon in a maximum of thirty (30) Working Days, before the bankruptcy of the
Borrower and/or Guarantors is filed and in compliance with the requirements
established in this Agreement
	 
	 	(iii)	 	when, within the framework of the Borrower’s bankruptcy and
pursuant to the provisions of the Bankruptcy Law, one or several Lending
Entities have received less than their due proportion as they are related to
the debtor.

	 	19.4.2	 	Agent Reimbursement. If the Agent legally makes a payment related to funds received
as an Agent and due to these funds not being firmly and irrevocably deposited in its
accounts, it has to return them or lose its right to them in any other way, all
those receiving these payments shall then be obliged to immediately return them to
the Agent, indicating the day of receipt as their value-date.

It is hereby clarified that the Agent shall not be obliged to pay any amount to one
party on behalf of the other by virtue of this Agreement, until it has been able to
prove, to its satisfaction, that it has previously received the afore-mentioned
amount.

19.5 Balance compensation

	 	 	All credits subject to compensation, which the Borrower or Guarantors hold or possess by
virtue of accounts, deposits or any other bond, on behalf of or in Lending Entities, shall be
applied to payment of their respective Loan liabilities (without prejudice to the applicable

 

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	 	 	mandatory regulations and, especially, the provisions of the Bankruptcy Law with regard to
the Borrower’s bankruptcy).

	 	19.5.1	 	Net asset investment and foreign currency conversion. The authority foreseen in this
Stipulation (19.5) shall be directly applicable to net or easily payable credits,
although these are not designated in the foreign currency of the obligation owed, in
which case Lending Entities may make the conversion corresponding to the types of
market in force at the time.
	 
	 	19.5.2	 	Disposal of quoted securities. Concerning quoted securities, Lending Entities are
authorised to dispose of them at the expense and risk of the Borrower or Guarantor
in question at the best possible price and then, with regard to the net price
obtained, carry out the transactions described in Stipulation 19.5 and convert
foreign currency, where appropriate
	 
	 	19.5.3	 	Return of amounts charged in excess, notwithstanding other listings.
Notwithstanding the provisions of subsection 19.4.1, if, as a result of the
transactions foreseen in this Stipulation (19.5), any Lender charges an amount
exceeding the proportional amount of its credits to the Borrower by virtue of this
Agreement, the former shall be solely obliged to place the excess at the disposal of
the Agent for its distribution amongst the rest of the Lending Entities

19.6 Indemnification of the damages caused to the Lenders

	 	 	The Borrower undertakes to hold the Lenders harmless:

	 	(a)	 	paying the costs incurred as a consequence of an amortisation or payment made on
a date other than the normal due date of the obligation or on a date other than the last
day of an Interest Period or in a currency other than the currency in which the debt is
denominated;
	 
	 	(b)	 	against all costs or claims brought in connection with this Contract, duly
demonstrated damages, necessary expenses (including legal fees) or liabilities
(excluding any loss of profit other than as provided for in part (a) above), along with
the applicable VAT, incurred or sustained by any of them as a consequence of any
termination event or breach by the Borrower or by any of the Guarantors of the
obligations assumed by them under this agreement and
	 
	 	(c)	 	Against any harm or damage, duly demonstrated, sustained by any of them as a
result of contributing or committing the funds corresponding to their participation in a
drawdown when the said drawdown is not delivered to the Borrower as a consequence of the
terms of any of the provisions of this Contract.

	20.	 	ACCOUNTS

20.1 Agent Accounts

	 	 	The Agent will open two accounts for the Borrower for the financing under this Contract where
the drawdowns charged against Tranche A and Tranche B will be debited, along with interest,
fees, expenses, late interest, additional costs and any other amounts payable by the Borrower
in connection with those Tranches. The Agent will credit those accounts with the amounts
received according to Stipulation 19, in such a way that the balances in those accounts
represents owed by the Lender at any given time under this Contract.

20.2 Lender Accounts

	 	 	Each Lender may open a special account for the financing under this Contract (or
alternatively a special account for Tranche A and a special account for Tranche B) where it
will deposit its participation in the amount of Tranche and Tranche B along with the

 

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	 	 	interest, fees, expenses, late interest and any other amounts payable by the Borrower in
connection with those tranches, with or without the Agent’s mediation, so that the balance in
the accounts represents the amount owed by the Borrower to the Lender at any given time.
	 
	 	 	It is hereby noted that the accounts referred to in Stipulation 20.2 to be opened and
maintained by each Lender are not comparable to current bank accounts.

20.3 Maintenance of accounts in the event of assignment

	 	 	In the event of an assignment pursuant to Stipulation 24 below, the assignor shall cancel
part or all of the accounts and the assignee shall then open the corresponding accounts.
	 
	21.	 	DECLARATIONS OF THE LENDER AND THE GUARANTORS

21.1 Declarations

	 	 	The Borrower and each one of the Guarantors make the following declarations to the Lenders
(with regard to themselves and their Group Companies):

	 	21.1.1	 	Legal Status: They are validly incorporated companies according to the laws in
their jurisdictions with the legal capacity to own assets and to pursue their
business objectives in the manner in which they currently do so.
	 
	 	21.1.2	 	Binding obligations: all of the obligations assumed under this Contract or in
the execution, fulfilment or development thereof are legal, valid, binding and
enforceable.
	 
	 	21.1.3	 	Non-existence of conflicts with other obligations: Neither the formalisation
nor the execution or fulfilment of the Financing Document is or will be in conflict
with (i) any applicable law or regulation; (ii) any incorporation documents or
bylaws or (iii) any instrument or agreement binding on them or their assets and will
not enable the other parties to those agreements to terminate or modify them in any
way.
	 
	 	21.1.4	 	Ability to act: They have the capacity to act, to execute this contract and to
comply with all of the rights and obligations derived therefrom;
	 
	 	21.1.5	 	Powers and authorisations: They have obtained (and have kept up to date) all
necessary authorisations and have followed the required procedures for (i) allowing
them to sign and comply with all of the clauses of the Financing Documents to which
they are parties and (ii) to ensure that the Financing Documents to which they are
parties are admissible as evidence in their respective jurisdictions;
	 
	 	21.1.6	 	Applicable legislation and jurisdiction: (i) the choice of Spanish law as the
governing law of the Contract and the Financing Documents to which they are parties
shall be recognised and applied in the country of jurisdiction and (ii) any ruling
or decision issued in Spain in relation to the Financing Documents shall be
recognised and applied in the country of their jurisdiction.
	 
	 	21.1.7	 	Tax deductions: they are not obliged, as of the date of this Contract, to make
any tax deductions against the payments made under this Contract to the Lenders.
	 
	 	21.1.8	 	Absence of registers and document fees: According to the legislation in their
jurisdictions, it is not necessary for the Financing Documents to be filed with,
inscribed or registered with any court or any other body or for any document,
registration or similar fees to be paid in relation to the Financing Documents or
the transactions foreseen in them.

 

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	 	21.1.9	 	Non-existence of Early Termination Events: There are no Termination Events or
circumstances which, with the passage of time, would constitute a Termination Event.
	 
	 	21.1.10	 	Veracity of the information supplied:

	 	(i)	 	All of the information provided by any Group company is and
shall be true and accurate in all substantial aspects on the date on which it
is provided or the date to which it refers;
	 
	 	(ii)	 	The financial forecasts contains in the Financial Model
provided to the Lenders were prepared on the basis of recent historical
information and reasonable assumptions;
	 
	 	(iii)	 	All of the written information provided to the Lenders by any
member of the Group is true, complete and accurate in all substantial aspects
as of the date on which it was provided.

	 	21.1.11	 	Financial statements: The consolidated and individual financial statements of the
Borrower and the Guarantors for the period ended 31 December 2007 are complete and
accurate and present a faithful image of the financial situation as of the date on
which they were prepared and were drawn up according to generally accepted
accounting rules. As of the date of this Contract, there had been no Substantial
Adverse Effect on Telvent between 31 December 2007 and the date of this Contract.
	 
	 	21.1.12	 	Pari passu: The rights of the Lenders under the Financing Documents are equal in
rank to those of other non-guaranteed creditors of the Borrower and the Guarantors,
with the exception of the creditors referred to in sections 3 and 4 articles 90.1 of
the Bankruptcy Act or sections 1 through 5 of Article 91 of the Bankruptcy Act.
	 
	 	21.1.13	 	Litigation: To the best of the Borrower’s and the Guarantors’ knowledge, no
litigation has been brought or is pending and there are no announcements of any
lawsuits, proceedings or administrative claims to be brought before any court or
arbitration panel against them or against their respective subsidiaries or against
any of their assets which, in and of itself or together with other proceedings or
claims, could result in a Substantial Adverse Effect for Telvent.
	 
	 	21.1.14	 	Environmental compliance: They have complied in all substantial aspects with their
environmental obligations and with all applicable environmental laws, including
those which refer directly or indirectly to contamination, pollution, waste, dumping
or emissions of toxic or hazardous substances in relation to the property owned,
leased or occupied by the Borrower, the Guarantors or the Subsidiaries, when such
non-compliance could reasonably be expected to result in a Substantial Adverse
Effect for Telvent.
	 
	 	21.1.15	 	Environmental claims: To the best of their knowledge, there are no
environmental claims now pending or any intention to bring any environmental claims
against the Borrower or the Guarantors, which could result in a Substantial Adverse
Effect for Telvent.
	 
	 	21.1.16	 	Regulatory compliance: (a) They are up to date in all substantial aspects in all
applicable fiscal, mercantile, commercial, civil, labour and social security
obligations relative to their assets, and have not been delinquent or penalised
(except (i) when payment has been appealed in good faith (ii) when the necessary
reserves have been set up to cover their obligations or (iii) when such payments can
be legally retained) and there is no reason to believe that any tax-related claims
will be brought against the Borrower or the Guarantors and (b)

 

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	 	 	 	they are in compliance with all civil, mercantile, administrative, fiscal, labour
and other applicable rules and regulations.
	 
	 	21.1.17	 	Licences: (a) They possess valid authorisation, approvals and licences required to
conduct their business and have not committed any breach relative to the terms and
conditions governing them; (b) they have not been notified of any modification or
variation of the conditions of any such authorisations, approvals or licences which
would result in a Substantial Adverse Effect for Telvent; (c) they have not received
any notice from the competent authorities informing them of the lack of any needed
authorisation, approval or license in which they are ordered to apply for or obtain
them; and (d) as of the date of this Contract there is no reason to believe that
any of the authorisations, approvals or licences they possess will be revoked or
cancelled.
	 
	 	21.1.18	 	Non-existence of bankruptcy situations: (i) Neither the Borrower nor the Guarantors
are in the process of any bankruptcy proceedings or reorganisation process or other
proceedings of a legal or private nature in connection with a situation of
insolvency or inability to meet their payment obligations; (ii) the value of the
Borrower’s and/or the Guarantors’ assets is not less than the value of their
liabilities (taking into account for these purposes any contingent and future
obligations; and (iii) no payment moratorium has been declared in relation to any of
the Borrower’s and/or the Guarantors’ debt.
	 
	 	21.1.19	 	Non-existence of charges on assets: there are no charges or encumbrances on the
assets of the Borrower or the Guarantors other than the Existing Guarantees
described in Appendix 5.
	 
	 	21.1.20	 	Personal guarantees: No personal guarantees have been given to third parties other
than the Counterguaranteed Lines and the rest of the Existing Guarantees described
in Appendix 5 and, inasmuch as Abengoa is concerned, other than those described in
the audited Financial Statements dated 30 June 2008.
	 
	 	21.1.21	 	Non-existence of breach: There have been circumstances which constitute or which,
merely due to the passage of time, would constitute any contravention or breach of
any contract or instrument which binds, affects or obliged the Borrower or the
Guarantors or any of their assets.
	 
	 	21.1.22	 	Third party guarantee: Neither the formalisation of this Contract nor the rights and
obligations arising therefrom shall be used by the Borrower or the Guarantors to
guarantee part or all of their present or future income or assets in favour of third
parties.
	 
	 	21.1.23	 	Information: To the best of their knowledge, there are no events or circumstances
which have not been communicated to the Lenders which, were they to occur, could
have a substantial negative influence on the decision of the Lenders to grant the
Financing to the Borrower under the terms of this Contract.

21.2 Reiteration of Representations and Warranties

	 	 	The representations and warranties contained in sections 21.1.1 to 21.1.6, 21.1.9, 21.1.10,
21.1.11 to 21.1.19 and 21.1.21 are understood to be reiterated mutatis mutandis and by
reference to the facts and circumstances existing then or applicable on the dates on which a
Drawdown Request is sent and on the starting date of each Interest Period and, in relation
to any new Guarantors who are added to the Contract pursuant to the terms of section 26.3.2
on the joining date.

 

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	22.	 	OBLIGATIONS

22.1 Reporting Obligations

	 	 	The Borrower and the Guarantors (or the Borrower where specifically established) undertake to
comply with the following reporting obligations:

	 	22.1.1	 	Documentation and financial information: The following documentation or financial
information will be delivered to the Agent (with enough copies for all Lenders):

	 	(i)	 	as soon as approved by the general meeting of shareholders and
at the latest within seven (7) days of being filed with the SEC (in Abengoa’s
case, with the Comisión Nacional del Mercado de Valores), but in any event
within one hundred eighty (180) days, or in de Abengoa’s case within one
hundred ninety-five (195) days of the end of the fiscal year: (a) the audited
Consolidated Annual Financial Statements for that fiscal year and (b) the
audited Individual Annual Financial Statements (provided they are legally
obliged to have them audited; otherwise, unaudited) of the Borrower and of each
Guarantor for the fiscal year in question and
	 
	 	(ii)	 	as soon as available but in any case no later than the earliest
of (i) the date that is seven (7) days after that on which they must be
submitted to the SEC (in Abengoa’s case, to the Comisión Nacional del Mercado
de Valores) and (ii) sixty (60) days, and in Abengoa’s case seventy-five (75)
days after the end of each six-month period of the fiscal year: (a) the
unaudited Consolidated Annual Financial Statements for the six-month period in
question and (b) the unaudited Individual Annual Financial Statements of the
Borrower and of each Guarantor for the six-month period in question that were
used to prepare the Consolidated Financial Accounts.

	 		 	The financial statements submitted under this section shall be certified by a duly
authorised representative of the company who shall declare that they accurately
represent the company’s financial situation as of the date on which they were
prepared.
	 
	 	22.1.2	 	Certificates of compliance. Along with the six-month and annual Consolidated
Financial Statements submitted by the Borrower under section 22.1.1 above, the
Borrower shall also submit the Ratio Compliance Certificate to the Agent.
	 
	 	 	 	The Ratio Compliance Certificates shall identify all of the Acquisitions without
Recourse and the Project Companies, along with those excluded by the Borrower’s
auditor pursuant to the definitions included under Stipulation 1.1 of this Contract
(except as otherwise agreed by the Borrower and the Lenders).
	 
	 	 	 	The Ratio Compliance Certificates shall be signed by a duly authorised
representative of the Borrower and, if accompanied by the audited Consolidated
Annual Financial Statements, must be certified by the Borrower’s auditors as shown
on the model enclosed herewith as Attachment 2.
	 
	 	22.1.3	 	Auditor’s report, access to auditors in the case of delay. The Auditor’s Report
on the Borrower’s Consolidated Annual Financial Statements shall be submitted
according to the terms indicated in (i) of section 22.1.1. If this were not the
case, the Agent may consult the Borrower regarding the reasons for the delay. If
Agent does not receive a satisfactory response within three (3) days, the Agent may
consult the Borrower’s auditor regarding the reasons for the delay and the
perspectives in terms of the final content of the auditor’s report.

 

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	 	22.1.4	 	Relevant events or circumstances and additional information. The Borrower
undertakes to inform the Agent in writing and in sufficient detail of the following
events or circumstances:

	 	(i)	 	Relevant events: any event that is relevant to the business or
expectations of the Borrower or the Guarantors or that has or could have a
substantial effect on their solvency, notwithstanding, where applicable, the
prior or simultaneous fulfilment of the applicable regulatory obligations, in
particular and without limitation, the prior or simultaneous fulfilment of any
reporting obligations on the part Borrower to the SEC.
	 
	 	(ii)	 	Litigation: any effective, imminent or pending judicial,
arbitration or administrative proceeding against any member of the Group that
could result in a Substantial Adverse Effect for Telvent.
	 
	 	(iii)	 	Grounds for termination: immediately and as soon as it becomes
known, any event constituting grounds for termination that has occurred and can
reasonably be expected to occur (and any measures being taken to correct it).
	 
	 	 	 	At the Agent’s request, the Borrower shall, as soon as possible, provide a
certificate signed by a representative with sufficient powers confirming the
non-existence of grounds for termination.
	 
	 	(iv)	 	Additional information. The information reasonably requested by
the Lender (through the Agent) on the financial and operating situation of any
Group company.

	 	22.1.5	 	Inspection of books and records.

At the Agent’s request (following the instructions of any Financing Entity), with at
least 48 hours of advance notice and without altering the Borrower’s normal course
of business, the Borrower shall allow the Agent and any of the Agent’s
representatives, advisors or contractors to inspect the books and records of any
member of the Group during business hours.

	 	22.1.6	 	“Know Your Customer” Requirements

If

	 	(i)	 	the passage of a law or regulation or any change thereto (or in its
interpretation, development or application) occurring after the Date of Signing;
	 
	 	(ii)	 	any change to the Borrower’s or Guarantors’ status after the Date of
Signing or the addition of new Guarantors as required pursuant to this Contract
	 
	 	(iii)	 	a proposal for the assignment or transfer by one Lender of any of
its rights or obligations under this Contract to a party that was a not a Lender
prior to the said assignment or transfer;

obliges the Agent or any Lender (or in the case of part (iii) above to any potential
new Lender) to comply with the “know your customer” rules or similar identification
procedures under circumstances in which the necessary information is not yet in
their possession, the Borrower and each Guarantor shall in good faith provide, upon
the request of the Agent or any Lender, any and all documentation or evidence that
is reasonably requested by the Agent (acting alone or on behalf of any Lender) or by
any Lender (acting alone or, under the circumstances referred to in section (iii)
above, on behalf of any potential new Lender) so as to

 

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allow the Agent, the Lender or, in the case under the circumstances referred to in
part (iii) above, any potential new Lender to verify the compliance with all “know
your customer” rules or similar identification procedures under the applicable laws
and regulations governing the legal business referred to in this Contract.

22.2 Obligation to do and not to do

	 	 	The Borrower and the Guarantors (or the Borrower when specifically established) undertake to
respect (and to ensure that the Group companies respect) the following:

	 	22.2.1	 	Purpose of the financing. To use the financing exclusively for the purposes
permitted under this Contract.
	 
	 	22.2.2	 	Compliance with the law. To comply in all substantial aspects with civil,
mercantile, administrative, environmental, fiscal, labour and any other applicable
legislation in those cases where non-compliance could affect the parties’ ability to
comply with their obligations under the Financing Documents.
	 
	 	22.2.3	 	Maintenance of authorisations and licences. Maintenance and conservation of any
licences, permits or authorisations needed to conduct their business or to comply
with their obligations under this Contract.
	 
	 	22.2.4	 	Pari Passu. To ensure that the rights of the Lenders under the Financing
Documents are equal in rank to those of other non-guaranteed creditors of the
Borrower and the Guarantors, with the exception of the creditors referred to in
sections 3 and 4 of Articles 90 of the Bankruptcy Act or sections 1 through 5 of
Article 91 of the Bankruptcy Act.
	 
	 	22.2.5	 	Market conditions. To carry out all commercial or financial transactions with
shareholders, Group companies or third parties under market conditions, for
legitimate reasons and taking the Group’s interests into account.
	 
	 	22.2.6	 	Auditors. To have their accounts audited by an auditing firm of recognised
prestige.
	 
	 	22.2.7	 	Insurance. To take out and/or maintain with insurance companies of recognised
solvency insurance policies against commercially insurable risks in the amounts and
according to the criteria insurance policies normally applicable in the sector.
	 
	 	22.2.8	 	Ownership of assets. To preserve the ownership or the legitimate right to use
the relevant assets, both tangible and intangible, in particular the industrial and
intellectual property rights needed to conduct their business.
	 
	 	22.2.9	 	Non-compliance. To report as quickly as possible the existence of any
non-compliance with their obligations under the Financing Documents or any other
documents referred to therein. Once the report has been made, to provide the Agent
or any advisor or representative designated by the Agent, following the instructions
of the majority of the Lenders, with all reasonable documentation, records, books
and information requested by the Agent. Any reasonably incurred expenses associated
with such access shall be paid by the Borrower and the Guarantors accordingly.
	 
	 	22.2.10	 	Compliance with environmental regulations. To comply in all substantial aspects with
their environmental obligations and with all applicable environmental laws,
including those which refer directly or indirectly to contamination, pollution,
waste, dumping or emissions of toxic or hazardous substances in relation to the
property owned, leased or occupied by the Borrower, the Guarantors or the
Subsidiaries,

 

 

 - 41 -

when
such non-compliance could reasonably be expected to result in a Substantial Adverse
Effect for Telvent.

	 	22.2.11	 	Environmental claim. The Borrower shall inform the Agent in writing, as soon as it
becomes aware of (i) any environmental claim that has been filed or (is imminent to
the best of the Borrower’s knowledge) against any Group company; or (ii) any event
or circumstance that could result in an environmental claim being brought against
any Group company; provided that the claim, if settled, could result in a
Substantial Adverse Effect for Telvent.
	 
	 	22.2.12	 	Fiscal and other obligations: To remain up to date in all substantial aspects with
all applicable fiscal, mercantile, commercial, civil, labour and social security
obligations relative to their assets, and to refrain from being delinquent or
penalised, except (i) when payment has been appealed in good faith (ii) when the
necessary reserves have been set up to cover their obligations or (iii) when such
payments can be legally retained.
	 
	 	22.2.13	 	Hedging instrument. Within three (3) months of the Date of Signing, the Borrower
shall arrange with the Director Banks, under market conditions, interest rate
hedging mechanisms to be valid through the Repayment Date of Tranche B, the notional
value of which shall be equivalent to at least 100% of the Total Financing Amount
drawn down at any given time.
	 
	 	22.2.14	 	Business reorganisation. To refrain from agreeing to the dissolution, liquidation,
spin-off, transformation, merger, acquisition or absorptions, except mergers (i) in
which the resulting entity continues to be directly or indirectly controlled by the
Borrower and provided that such mergers do not result in a Substantial Adverse
Effect for Telvent and (ii) in which the resulting entity becomes or continues to be
a Guarantor under this Contract (assuming that any of the member companies of the
resulting entity were a Guarantor immediately prior to the merger).
	 
	 	22.2.15	 	Change of business. To refrain from making changes to the nature or scope of the
commercial activity with respect to that which existe don the date of this
Contract.
	 
	 	22.2.16	 	Absence of encumbrances. Except as refers to Abengoa, to refrain from granting any
type of real guarantee (including pledges, mortgages or any other type of real lien
or encumbrance) on the assets and rights in favour of third party creditors other
than the Existing Guarantees.

The terms of the preceding paragraph shall not apply to:

	 	(a)	 	Guarantees created by a ministry of the law and
	 
	 	(b)	 	Guarantees granted on shares or participations in the share
capital of the Project Companies or the debt assumed by Project companies and
guarantees issued on shares or participations representing the share capital or
the debt assumed by those companies or on those assets which are or have been
the object of financing for acquisition without recourse against the Borrower,
Borrower, the Guarantors or their subsidiaries and the corresponding financing
entities have required this.

	 	22.1.17 	 	Finance and guarantees. Except with regard to Abengoa, to refrain from granting
loans, credit, financial guarantee or other guarantees of a personal nature to any
person (particularly with regard to any type of financing or other contributions in
favour of DTN), except as follows:

 

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	 	(i)	 	The guarantees issued by the Borrower pursuant to the terms of
the Counterguarantees Lines (only up to the date on which the Borrower is
excluded from them pursuant to the terms of Stipulation 26.1.10);
	 
	 	(ii)	 	Financing for Abengoa, S.A. and any of its Group companies in
the ordinary course of their business and provided that the amount at any given
time does not exceed FIFTEEN MILLION EUROS (€15.000.000), on the
understanding that this restriction shall not apply to the financing granted to
Group companies (in relation to which the terms of section (iii) below shall
apply;
	 
	 	(iii)	 	Financing, financial guarantees and other personal guarantees
on account or in favour of any companies of the Group other than the Borrower
and the Guarantors (excluding, for these purposes, the Project Companies and
Acquisitions without Recourse) in the ordinary course of their business and
provided that the amount at any given time does not exceed FIFTEEN MILLION
EUROS (€15.000.000) and
	 
	 	(iv)	 	Guarantees other than those indicated in section (iii) above
granted by the Borrower or its Material Subsidiaries in relation to the
obligations of other Group companies in the ordinary course of their business.

	 	22.2.18	 	Group company debt. With regard to the Group companies other than the Borrower, the
Guarantors, the Project Companies and the Acquisitions without Recourse, to refrain
from any type of indebtedness (this being understood as any of the items included in
the Definition of Net Financial Debt) up to a total amount of TEN MILLION EUROS
(€10,000,000).
	 
	 	22.2.19	 	Financial leases. To refrain from financing using financial lease operations except
those included in the definition of Net Financial Debt for the calculation of
Financial Ratios.
	 
	 	22.2.20	 	Operating leases. To refrain from making payments under operating leases in excess
of a joint annual maximum amount of TWENTY-FIVE MILLION EUROS (€25,000,000).
	 
	 	22.2.21	 	Bankruptcy proceedings. The Borrower and the Guarantors shall abstain from bringing
actions leading to dissolution, liquidation or bankruptcy or from other actions, in
or out of court, which lead to identical results, except as required to do so by
law.
	 
	 	22.2.22	 	Modification of fiscal year. The Borrower shall not modify the length or the closing
date of the fiscal year without previously or simultaneously notifying the Agent and
modifying this Contract accordingly in terms that are satisfactory to the Agent in
relation with the obligation of submitting the Financial Statements, the
Consolidated Financial Statements and the calculation of the Financial Ratios
contained in this Contract.
	 
	 	22.2.23	 	Modification of the purchase-sale contract. With regard to Telvent Export, to
refrain from modifying the terms and conditions of the Purchase-Sale Agreement and
from waiving any rights thereunder, except with the prior written consent of the
Agent with the agreement of the Majority of Lenders.
	 
	 	22.2.24	 	Disposal of assets. To refrain from selling, leasing, disposing of, segregating,
assign or otherwise disposing of any property, rights or assets, except when the
sale, lease, transmission or disposal is carried out at fair market value in the
ordinary course of business and provided that the funds obtained from such sale,
lease transmission or disposal are applied to the early repayment of Tranche B or

 

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are reinvested in the Borrower’s business in the terms established in Stipulation
15.1.2.

	22.2.25 	 	Payment of upfront price for the acquisition of DTN. The Borrower undertakes to
provide Telvent Export with funding from the Financing, the Capital Increase and the
Maximum Authorised Cash Available by extending a subordinated loan in respect of
this Financing, in terms that are satisfactory to the Lenders, on the closing date
of the acquisition of the DTN shares by Telvent Export, and Telvent Export
specifically undertakes top ay the Upfront Price for the acquisition of DTN
exclusively out of those funds. In addition to the subordinated loan, the Borrower
undertakes to simultaneously execute a pledge in favour of the Lenders to the credit
rights derived therefrom, according to the model enclosed herewith as Appendix 8.
	 
	22.2.26 	 	Drawdown documentation. Notwithstanding the power of the Lenders to accredit the
Borrower’s debt (including the drawdowns) as provided for in clause 27 within three
(3) business days of the date on which each one of the drawdowns occurs, the
Borrower undertakes to execute before a notary public of its choice, through a duly
authorised representative, a certificate of recognition of debt in favour of the
Lenders in order to reflect the receipt of the funds corresponding to the drawdowns
by the Borrower.

	22.3	 	Financial obllgations

	 	    The Borrower undertakes to comply at all times with the following financial obligations:
	 

	22.3.1 	 	Capex. The Capex incurred in each fiscal year over the life of the Financing,
specifically excluding the amounts invested in other companies as foreseen in the
Financial Model and defined therein as Investments in Related Parties, may not
exceed TWELVE MILLION EUROS (€12,000,000), and the maximum aggregate amount for
the entire period of time may not exceed FIFTY MILLION EUROS (€50,000,000). In
any event, if in any given fiscal year the Borrower were to make investments below
the annual established limit, it would be allowed to increase the Capex limit for
the next fiscal year in an amount equivalent to the difference between the annual
limit and the amount actually incurred, although the Borrower shall only be allowed
to do this once during the life of the Financing.
	 
	  	 	The amount of the Deferred Payments and any additional payments for Adjustments to
the Purchase-Sale Price made by Telvent Export during the life of the Financing as
stipulated in the Purchase-Sale Agreement shall count towards the Capex limit for
the fiscal year in which such payments are made. Prior to making any such payments,
the Borrower shall provide the Agent with a certificate signed by a duly authorised
representative of the Borrower stating that there will be no breach of the Financial
Ratios as a consequence of making such payments.
	 
	  	 	The above notwithstanding, the Borrower shall be authorised to exceed the Capex
limits established in this section provided that it will result in a breach of the
Debt Ratio and the Debt Service Coverage Ratio in relation to the next to
calculation periods of the Financial Ratios as a consequence of having exceeded the
limits. To this end, if the Borrower decides to exceed the Capex limits, it shall
be obliged to provide the Agent with a certificate, signed by a duly authorised
representative of the Borrower, including a forecast of the Debt Ratio and Debt
Service Coverage Ratio for the next to periods covered by the Financial Ratio
calculation, certifying compliance once the total Capex figure has been recorded in
the corresponding items (including the excess of the limit established herein).

 

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22.3.2   Interest Coverage Ratio. The Interest Coverage Ratio, determined as indicated
in section 22.3.6 below, should by higher than 3.5x.

22.3.3   Debt Service Coverage Ratio. The Debt Service Coverage Ratio, determined as
indicated in section 22.3.6 below, should by higher than 1.1x.

22.3.4  Debt Rate. The Debt Ratio, determined as indicated in section 22.3.6 below,
should be less than:

	 	 	 
	Year	 	Ratio
	2008
	 	3.00x
	2009
	 	2.75x
	2010 and thereafter
	 	2.50x

22.3.5   Ratio Pay-Out. The Ratio Pay-Out, determined as indicated in section 22.3.6
below, should be less than 50%.

22.3.6   Procedure for determining the value of financial ratios. The value of the
Financial Ratios shall be determined by the Certificate of Compliance of Rations
submitted by the Borrower along with the annual or six-monthly Consolidated
Financial Statements, both calculated for the preceding twelve-month period.

It is hereby noted that, given the fact that Spain adheres to International
Accounting Standards which are subject to change by the accounting authorities in
Spain and the European Union, the parties have calculated the values for the
Financial Ratios indicated above on the basis of the International Accounting
Standards in force when the Borrower’s Consolidated Financial Statements for the
fiscal year ended 31 December 2007 were prepared. Hence, any changes to those
accounting standards, when they affect the calculation and/or levels of the
Financial Ratios, shall not have the effect of a breach of the terms of part 3.1
above.

If there is any such change, the parties will immediately commence good faith
negotiations to redefine the Financial Ratio calculations or levels, based on the
adjustments to the accounting standards. If they are unable to reach an agreement
within forty-five (45) days of starting the negotiations, the Agent may refer to
matter to an auditing firm of recognised international prestige to resolve any
possible discrepancies, whose decision shall preserve the substance of what has been
agreed by the parties to this Contract, particularly relative to the items used to
define Net Financial Debt, EBITDA, Cash Flow Available for Debt Service and Net
Financial Expenses. The expenses associated with that intervention shall be paid by
the Borrower.

At all times until an agreement is reached to redefine the Financial Ratios, the
Borrower shall provide sufficiently detailed information in a format reasonably
requested by the Agent to allow the Lenders to compare the level of compliance of
the Financial Ratios before and after the application of the new, modified,
reinterpreted or clarified accounting principles.

23. AGENCY

23.1 Mandate

The Agent’s position is instituted in the following terms:

23.1.1   Appointment and acceptance. Caja Madrid is appointed as the Agent for the
financing to which this Contract refers and has accepted the appointed.

 

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	23.1.2 	 	Liberating effects of payments made to the Agent. Any payments of any kind
made under this Contract must be made by the Borrower to the Agent and shall have
the same liberating effects for the Borrower as though they had been received in the
corresponding proportion by the Lenders.
	 
	23.1.3 	 	Full effect of notices made to the Agent. Any notice given to or received by
the Agent shall have the same effect as if it had been given to or received by the
Lenders. In particular, the shall only forward to the Agent the information that is
needed by the Lenders to comply with their obligations towards supervisory bodies,
such as the information to be reported to the Bank of Spain’s Risk Information
Centre.
	 
	23.1.4 	 	Actions of the Agent on its own initiative or at the request of a Majority of
Lenders. The Agent shall act within the framework of this Contract on its own
initiative or at the request of a Majority of Lenders.

	23.2	 	The Agent’s Liability to Lenders.
	 
	 	 	The Agent’s liability to Lenders shall be governed by the following rules:

	23.2.1	 	Specific and limited nature of the Agent’s mandate. The Agent does not have the
power to represent nor is it the fiduciary of the Lenders beyond that which is
specifically established herein.
	 
	23.2.2	 	The Agent is not liable for the successful outcome of the financing. The Agent
shall not be liable to the Lenders for the validity, enforceability or fulfilment of
this Contract.
	 
	23.2.3	 	No obligation to make inquiries – communicate non-compliance. The Agent is not
obliged to make any inquiries regarding a breach of this Contract. Only when it has
real knowledge or has been informed by one of the Lenders or the Borrower of a
breach of this Contract or other grounds for termination of the Contract shall the
Agent notify the other Lenders.
	 
	23.2.4	 	No liability for following orders or absence of fraud or serious culpability.
The Agent shall not be liable if it follows the instructions received from the
Lender or if, in the absence of such instructions and in emergency situations, it
acts without fraud or grave culpability.
	 
	23.2.5	 	Liability in the event of fraud or grave culpability. The Agent shall not be
liable except as regards the liability arising out of the fraud or grave
culpability.
	 
	23.2.6	 	No liability to Lender for the employees and advisers of the Agent. The
employees and advisers of the agent shall not be liable to the Lenders except in the
event of fraud or grave culpability.
	 
	23.2.7	 	Prior, independent verification by the Lenders. Each one of the Lenders shall
have conducted its own prior and independent research and assessment of this
financing.

	23.3	 	Agent reimbursement; withholdings

		 	The Lenders shall immediately reimburse the Agent, in proportion to their participation in
the financing, for any expense incurred by the Agent in relation to this Contract in the
common interest of the Lenders and regardless of the positive or negative results of the
action or measure that gave rise to the expenditure. In those cases where the expense
incurred by the Agent can be considered a non-ordinary expenses, the reimbursement obligation
shall be subject to authorisation by the Lenders. To this end, the Agent shall be authorised
to retain such amounts from the balances payable to the Lenders for any reason.

 

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23.4  Resignation of Agent

  The resignation of the Agent shall be governed by the following rules:

23.4.1
  Free resignation. The Agent is free to resign by notifying the rest of the
Lenders and the Borrower.

23.4.2
  Appointment of new agent by the Lenders. If the Agent resigns, the Lenders
shall be entitled to appoint a new Agent from among them by agreement of a Majority
of Lenders, provided that the new Agent has an operating office in Spain.

23.4.3   Subsidiary appointment of a new Agent by the outgoing Agent. If the Lenders
have not named a new Agent within sixty (60) days of the Agent announcing its
resignation or if the proposed new Agent does not accept the appointment, the
outgoing agent will appoint it own replacement.

23.4.4   Informing the Borrower of the appointment of a new Agent. The outgoing Agent
and the incoming Agent shall inform the Borrower of the substitution of the Agent at
least one month in advance of the effective date of the substitution in order for
the appointment of the new Agent to be binding upon the Borrower.

23.4.5   Terms of the new Agent’s mandate. The new Agent will be vested with the same
rights, powers and responsibilities as the outgoing Agent.

23.4.6    No transfer of expenses to Borrower. The expenses incurred as a consequence of
the resignation or appointment of a new Agent shall not be passed on to the
Borrower.

23.5 Revocation of the Agent

  The revocation or removal of the Agent shall be governed by the following rules:

23.5.1   Revocation due to non-compliance or divergence and appointment of new Agent.
The Lenders may revoke the Agent’s appointment due to non-compliance or reiterated
differences of opinion with the rest of the Lenders, provided that they
simultaneously appoint a new Agent from among the Lenders and the new Agent accepts
the appointment.

23.5.2   Reference to the system of substitution due to resignation. The appointment and
regimen of the new Agent in the case of revocation shall be, mutatis mutandi, as
indicated in sections 23.4.2 and 23.4.4 to 23.4.6.

24. ASSIGNMENT

24.1 Prohibition against assignment by the Borrower

  The Borrower may not assign or encumber its rights or obligations under this Contract.

24.2 Assignment by the Lenders: requirements

Each Lender may only assign or encumber part or all of its position in this Contract in a way
that will be binding upon the Borrower and the rest of the Lenders, as described below:

24.2.1   Possible assignees. The assignee must be a financial entity, a securitised fund
or an entity especially created or used to securitize, assign, mobilise or guarantee
a mass of assets or liabilities belonging to the assigning Lender.

24.2.2   Non-existence of greater burden on the Borrower. The operation may not, under
any circumstances, result in a greater burden on or any cost to the Borrower or the
Guarantors as far as the fulfilment of their obligations under this Contract is
concerned.

 

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24.2.3   Prior notice. The operation must have been previously notified to the Agent in
writing at least ten (10) business days in advance of the effective date, who shall
then notify the Borrower, indicating the identity of the assignee and the amount of
the assignment. The Borrower shall comply at all times with its obligations relative
to the obtainment of the corresponding Financial Operation Number from the Bank of
Spain in the event that the assignee is not a Spanish entity.

24.2.4   Minimum amount of each assignment. Except in the event of the assignment of the
assignor’s entire participation in the financing to which this Contract refers, the
minimum amount of each assignment transaction shall be equal to THREE MILLION EUROS
(€3,000,000) or, if higher, in multiples of FIVE HUNDRED THOUSAND EUROS
(€500,000), depending on the currency in which the Drawdown is denominated.

24.2.5   Assignment fee. The assignee shall pay the Agent (in its own name) a fee of ONE
THOUSAND EUROS (€1,000) on the effective date of the assignment or assumption.

25. EARLY TERMINATION

25.1 Termination Events

The Lenders may declare the entire balance owed by the Borrower under this Agreement due and
payable in advance under any of the following circumstances (in those cases where the
circumstances are remediable they may only do so provided that the circumstances have not
been remedied by the deadline agreed by or consented to by a Majority of Lenders):

25.1.1   Non-payment of principal, interest or other items. The non-payment by the
established deadline of any amount owed by the Borrower to the Lenders, whether
principal, interest, penalties, fees, taxes, expenses or any other item provided for
under this Contract (except when such non-payment is due exclusively to an
administrative or technical error and the error is corrected by the day after the
payment should have been made).

25.1.2   Financial obligations. Non-compliance with the Financial Ratio levels
established in the terms and with the requirements set out in section 22.3.

25.1.3   Breach of other obligations. Non-compliance by the Borrower or by the
Guarantors with any obligations other than payment obligations or compliance with
Financial Ratios under the Financial Documents, provided that, where the
non-compliance is remediable it has not been remedied within fifteen (15) days.

25.1.4   Erroneous statements. Any false or inaccurate statement or omission in the
declarations contained in Stipulation 21 or in general any statement made by the
Borrower or the Guarantors on the applications or other documents submitted or
subscribed by virtue of or in relation to the Financing Documents.

25.1.5    Cross-default. If any debt of the Borrower or the Guarantors were not paid by
the due date or were due and payable according to the applicable laws or in a
position to be declared due and payable before the due date.

25.1.6   Insolvency. If the Borrower or the Guarantors are, notwithstanding the
imperative rules contained in the Bankruptcy Act, declared to be bankrupt or if they
apply for bankruptcy or when they are otherwise unable to fulfil their obligations
as they become due and payable or when they reach an agreement with their creditors
in the event of a general dismissal of payments.

 

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	 	25.1.7 	 	Seizure. Any judicial or notarial actions taken against the Borrower or the
Guarantors involving the execution, expropriation or confiscation of some or all of
the assets and/or guarantees owned by the Borrower or the Guarantors.
	 
	 	25.1.8	 	Control of Guarantors: If any Guarantor ceases to be a subsidiary of the
Borrower, except as permitted under this Agreement.
	 
	 	25.1.9	 	Partial invalidity. If any clause of this Contract were for any reason declared
to be invalid and unenforceable and that, in the opinion of a Majority of Lenders,
would substantially alter the economic and/or legal basis upon which the Lenders
agreed to provide the Financing.
	 
	 	25.1.10 	 	Failure to obey firm sentence. If the Borrower or the Guarantors refuse to obey
a firm decision or any other firm resolution passed by a competent court.
	 
	 	25.1.11 	 	Non-calculation of financial ratios. If the Agent cannot verify the calculation
of the Financial Ratios contained in Stipulation 22.3 due to Borrower’s failure to
provide the corresponding financial statements as provided for in section 22.1.1 or
due to the Agent not receiving the required data as provided for in section 22.1.2
on time.
	 
	 	25.1.12	 	Cessation or change of business. If a substantial part of the Borrower’s assets or
those of any of the Guarantors or a substantial business line were sold or
transferred or if the Borrower or any of the Guarantors were to suspend, cease or
announce the suspension or cessation of their primary business or modify it
substantially or agree to a dissolution or liquidation.
	 
	 	25.1.13 	 	Auditor’s opinion with provisos. If the Borrower’s auditors were to express any
proviso, deviation or material objection to the financial statements (whether the
balance sheet, profit and loss account, notes to the financial statements or
reported off-balance items) in the reports issued on the Borrower’s individual and
consolidated annual accounts.
	 
	 	25.1.14 	 	Substantial Adverse Effect for Telvent. If any event or circumstance or series of
events or circumstances were to occur which, in the opinion of a Majority of Lender,
could result in a Substantial Adverse Effect for Telvent.

25.2 Procedure

The declaration of early termination of this Contract in its entirety by the Lenders and the
consequential obligation of the Borrower to repay the outstanding balance, by virtue of any
of the clauses indicated in Stipulation 25.1 shall require the prior agreement of a Majority
of Lenders.

If a termination resolution cannot be reached by a Majority of Lenders within thirty (30)
business days (i) from the date on which the Agent receives a request from any one of the
Lenders for the formation of a Majority of Lenders (ii) if there were no such request, from
the data on which the Agent notifies the Lenders of the existence of grounds for the early
termination of the Contract. Each one of the Lenders reserves the right to individually
request the termination of this contract in proportion to that Lender’s participation.

When the Contract in its entirety is terminated by the Lenders as provided for in this
Stipulation, the Borrower shall be obliged, within two (2) days of receiving the notice of
termination sent by the Agent to the Borrower, to repay the total principal plus interest,
fees and expenses. If the Borrower fails to repay the entire outstanding balance if the
Contract is terminated by the given deadline, the Agent shall proceed to take the pertinent
legal actions, acting as the Lenders’ attorney.

 

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If the Agent has not initiated the pertinent legal actions within thirty (30) days of the
period granted to the Borrower to pay the outstanding balance, as provided for in the
preceding paragraph, each one of the Lenders shall be entitled to take the pertinent actions
to claim the amounts owed to each one of them.

In any case, the occurrence of a Termination Event shall entitle the Lenders to refuse to
make any unused portion of the Financing available to the Borrower and a declaration of early
termination carried out in accordance with the terms of this clause shall result in the
immediate cancellation of any unused portion of the Financing available to the Borrower.

SECTION FIVE – GUARANTEE

26. GUARANTEE

26.1 Joint Guarantee

The Guarantors jointly and severally, unconditionally and irrevocably guarantee in respect of
all Lenders, the full and punctual compliance with all payment obligations (whether
principal, ordinary interest, late interest, fees, indemnities, expenses or any other item)
assumed by the Borrower under this Contract, in the terms set out in this Stipulation.

	 	26.1.1	 	The Guarantors constitute this joint and several, irrevocable guarantee in favour of
the Lenders in respect of the borrower and amongst themselves, pursuant to article
1822 of the Civil Code. The joint and several nature of this guarantee is likewise
understood to be pursuant to the terms of article 1837 of the Civil Code.
	 
	 	 	 	The Guarantors hereby expressly waive (i) the benefits of order, division and
discussion and (ii) the power to put forward to the Lenders any exception deriving
from the relationship maintained by the Lenders with the Guarantors and/or the
Borrower.
	 
	 	 	 	The Guarantors specifically consent to the assignments which may be carried out by
the Lenders pursuant to the terms of Stipulation 24 and to that end specifically
declare that none of the terms of the guarantee granted herein shall be affected by
any such assignment. Moreover, the Guarantors waive the right afforded to them in
article 1851 of the Civil Code, authorising the Lenders to grant any extensions and
deferrals they deem appropriate to the Borrower without this affecting the guarantee
constituted by them.
	 
	 	 	 	Under no circumstances shall this guarantee be altered, cancelled or replaced as a
consequence of any agreements reached by the Lenders with the Borrower as part of a
bankruptcy proceeding, in which case the Guarantors’ obligations shall remain
unchanged, as though such proceedings had never taken place.
	 
	 	26.1.2 	 	The Lenders or the Agent, depending on who is responsible pursuant to the terms
of section 26.1.3, may demand the fulfilment of the Guaranteed Obligations directly
from the Guarantors according to article 1144 of the Civil Code and without the need
to first make a claim to the Borrower or to make a joint claim to the Borrower
and/or the Guarantors.
	 
	 	26.1.3	 	Any claims brought in connection with this guarantee shall be brought by the
Agent in the name and on behalf of the Lenders, except under the following
circumstances:

	 	(i)	 	generally speaking (and provided that the terms of section (ii)
below do not apply), if the Agent fails to comply with the obligation to file
the claim

 

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	 	 	 	following the instructions received from the Majority of Lenders, in which case
each Lender, acting individually, may file its own claim directly against the
Guarantors and

	 	(ii)	 	In the event of the expiration or early termination of the
Contract (affecting all of the Lenders or just some of them), in which case
each one of the Lenders affects may file its own individual claim against the
Guarantors.

The Guarantors shall immediately proceed to pay the amounts claimed by the Agent or
by any of the Lenders under this Guarantee within four (4) business days (during
which the outstanding amounts shall accrue interest pursuant to the terms of
Stipulation 13), as from the receipt by the Guarantor of the notice sent by the
Agent or the Lender, depositing the payment into the Agent’s account previously
notified to the Guarantor in writing.

26.1.4  The amount payable by the Guarantors shall be the amount of the resulting
balance. However, under no circumstances may any amounts be guaranteed under this
Stipulation when doing so could result in a violation of the prohibitions against
financial assistance established in article 81 of the Public Limited Companies Act.

26.1.5  The rights corresponding to each one of the Lenders under this guarantee shall
be proportional to the participation of each one of them in the financing or in the
Drawdowns pending repayment.

26.1.6  The Lenders specifically accept the guarantee in the terms and under the
conditions established in Stipulation 26.

26.1.7  For the purposes of determining the amounts which may be claimed by the Lenders
at any given time under this guarantee, the Guarantors expressly ratify the system
for determining the amounts owed by the Borrower set out in Stipulation 26.

26.1.8  This guarantee shall only cease to be valid once the Contract has expired or
been terminated and all amounts owed by the Borrower have been paid in full. The
fact that the Lenders file a claim under this guarantee shall not restrict their
right to subsequent claims as long as the guarantee remains in force.

26.1.9  In any event, any debt emerging in favour of the Guarantors against the
Borrower or against the remaining Guarantors as a result of the execution of the
guarantee contained in this Stipulation, particularly in virtue of the terms of
articles 1.839 and 1.212 of the Civil Code, shall automatically be subordinated to
the obligations derived from this Contract.

26.1.10 The guarantee provided by Abengoa as provided for in this Stipulation shall be
extinguished automatically as soon as Abengoa certifies, to the satisfaction of the
Lenders, the exclusion of the Borrower as a Guarantor from the Counterguaranteed
Lines and submits a legal opinion issued by a reputable law firm of their choice
confirming, to the satisfaction of the Lenders, the absence of any type of recourse
against the Borrower under those lines. Notwithstanding the automatic extinguishment
of the guarantee and at Abengoa’s request, the Agent, acting on behalf of the
Lenders, shall sign within thirty (30) Business Days from the date of the request,
any and all documents as may be required to formalise the extinguishment. The
Lenders expressly authorise the Agent to execute on their behalves any and all
documents as may be necessary to formalise the aforementioned extinguishment.

 

 

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26.2 Guarantors

26.2.1
Guarantee obligation. The Borrower undertakes, in addition to the guarantee
provided by Abengoa on the Date of Signing (which shall remain in effect until it is
extinguished pursuant to the terms of section 26.1.10 above), starting with the
first Drawdown, to ensure that the obligations assumed by it under this Contract are
guaranteed at all times by the Material Subsidiaries (excluding DTN) and
additionally by other Group companies, to the extent necessary so that,
notwithstanding the above and the terms of the following paragraph, the Guarantors,
jointly with the Borrower, represent at least 85% of the Total Consolidated Assets
and 85% of the consolidated EBITDA.

26.2.2
Exceptions. The Borrower’s commitment with respect to the guarantee afforded by
Group companies referred to in section 26.2.1 above shall not, in any case, apply
to:

	 	(i)	 	Project Companies;
	 
	 	(ii)	 	Acquisitions without Recourse and
	 
	 	(iii)	 	Group companies which are bound by legal restrictions on
guaranteeing the amounts owed by the Borrower under this Contract (but only to
the extent that such restrictions affect all amounts, in which case they are
obligated to guarantee the amounts which are not subject to restrictions).
	 
	 	(iv)	 	Group companies in which the Borrower controls less than one
hundred percent (100%) of the share capital, except in those cases in which the
rest of the capital is controlled by another Group company.

26.3 Addition of new Guarantors

26.3.1 The Borrower shall forward to the Agent within three (3) months of the end of
each fiscal year a certificate issued by its auditors stating whether the Borrower
has acquired any direct or indirect stake in another entity (except the entities
referred to in paragraphs (i) to (iv) of the previous section) and, if so, the
volume of assets and EBITDA of the entity. It is hereby noted that the Borrower
shall not be obligated to forward such a certificate to the Agent if there are no
acquisitions to be certified. The failure to submit a certificate by the stipulated
deadline shall be interpreted as a declaration by the Borrower that there are no
acquisitions that require certification.

26.3.2 If, pursuant to the terms of section 26.2.1 above, it were necessary to
incorporate additional Guarantors, the Borrower undertakes to ensure that such
additional Guarantors provide guarantees in identical terms to those established in
Stipulation 26.1 and that they assume the rest of the obligations inherent to the
status of Guarantor in accordance with the Financing Documents, by executing the
corresponding Guarantor Accession Deed.

To this end, the Borrower shall require the additional Guarantors to appear before a
notary public to formalise the guarantee by executing the pertinent Guarantor
Accession Deed within ten (10) Business Days of the date on which the audited
Consolidated Annual Financial Statements referred to in part 22.1.1 are delivered to
the Agent.

 

 

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The Lenders specifically authorise the Agent, acting on their behalves, to accept
the constitution of the guarantee referred to above by means of the execution of the
Guarantor Accession Deed.

The Borrower undertakes to deliver to the Agent simultaneously with the execution of
each Guarantor Accession Deed a legal opinion in relation to each new Guarantor
issued by a legal expert approved by the Agent, the format of which should be
substantially similar to the model provided prior to the Date of Signing for the
initial Guarantors.

26.3.3  Except as regards the guarantee constituted by Telvent Export (to which the
terms of this clause shall not apply), the guarantees provided by the Guarantors
shall be automatically extinguished in their entirety if a percentage of their shares is sold to a third party or in the event of a business reorganisation of the
kind described in section 22.2.14, provided that the remaining Guarantors, along
with the Borrower, jointly contribute at least 85% of the consolidated EBITDA and
the total consolidated assets (consolidated EBITDA and total consolidated assets
being understood for these purposes as those resulting from the exclusions
established in the first paragraph of section 26.2.2).

Notwithstanding the automatic extinguishment of the guarantee under the
circumstances mentioned, the Agent, acting on behalf of the Lenders, shall sign
within thirty (30) Business Days from the date of the notice by the Borrower or the
Guarantee in question of the event which gave rise to the extinguishment of the
guarantee, any and all documents as may be required to formalise the extinguishment

The Lenders expressly authorise the Agent to execute on their behalves any and all
documents as may be necessary to formalise the aforementioned extinguishment.

SECTION SIX — EXECUTION

	27.	 	EXECUTION OF THE FINANCING CONTRACT

27.1 Determining the liquid amount

In the event of the partial or complete termination or expiration of this Contract, the Agent
or the Lender, acting separately, shall liquidate the accounts mentioned in Stipulation 20.
It is hereby agreed that the account balance shown on the certification issued by the Agent
or the Lender, acting separately shall be the liquid, due and payable balance for payment
purposes and for the purposes of execution and claims brought in or out of court. The balance
thus certified may be used in court and shall be effective for all legal purposes, provided
that there is an official document stating that the liquidation has been calculated in the
manner agreed by the parties to this Contract and that the balance coincides with that shown
on the Borrower’s books in relation to each Tranche of Financing referred to in Stipulation
20 above.

27.2 Execution procedure and modalities: general and special

The Lenders may use any executions procedures and modalities as are admissible under the law
in respect of the guarantees or in respect of the Borrower’s assets.

 

 

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27.3 Address for execution

For execution purposes, the Borrower’s address for notices and summonses shall be that
indicate in Stipulation 28.1.

SECTION SEVEN — MISCELLANEOUS

	28.	 	MISCELLANEOUS STIPULATIONS

28.1 Notices and addresses

Any notice or correspondence that must be sent by the parties to one another under this
Contract shall be sent in writing to the address shown in this Stipulation by post, telefax
or any other medium, although it shall only be assumed that the addressee has received it if
there is indubitable proof of delivery.

To this end, the parties have given the following addresses, telefax numbers and the name or
title of the persons to whom such correspondence should be addressed and, inasmuch as the
Lenders are concerned, the accounts into which the payments should be made.

For the Borrower and the Guarantors:

	 	 	 	 	 
	 

	 	Address:
	 	Calle Valgrande 6 — Alcobendas (Madrid),
	 
	 	 	 	 
	 

	 	Attention:
	 	Luis Miguel Martínez Jurado
	 
	 	 	 	 
	 

	 	Telephone:
	 	902 33 55 99
	 
	 	 	 	 
	 

	 	Fax:
	 	91 714 70 72
	 
	 	 	 	 
	 

	 	Email:
	 	luis.martinez@telvent.com
	 
	 	 	 	 
	 

	 	For Lenders:	 	 
	 
	 	 	 	 
	 

	 	Caja Madrid	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	Torre Caja Madrid — Paseo de la Castellana 189, 4a planta. 28045 Madrid
	 
	 	 	 	 
	 

	 	Attention:
	 	Ana del Pozo
	 
	 	 	 	 
	 

	 	Telephone:
	 	91 423 96 26
	 
	 	 	 	 
	 

	 	Fax:
	 	91 423 97 27
	 
	 	 	 	 
	 

	 	Email:
	 	apozoher@cajamadrid.es
	 
	 	 	 	 
	 

	 	ING	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	Génova 27 — 3a planta, 28004 Madrid
	 

	 	 	 	Departamento Credit & FM Support
	 
	 	 	 	 
	 

	 	Attention:
	 	Mercedes Martínez / Buensuceso Vergel

 

 

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	 	Telephone:
	 	91 789 89 72 / 91 789 89 87
	 
	 	 	 	 
	 

	 	Fax:
	 	91 417 82 11
	 
	 	 	 	 
	 

	 	Email:
	 	credit-fmsupport@ing.be

However, the parties may at any time change these addresses and accounts, giving the other
party five (5) days of advance notice.

28.2
Novation

Neither one of the parties may allege the novation of this Contract if it is not specifically
set out in a document signed by the other party.

	29.	 	LEGISLATION AND JURISDICTION

29.1
Applicable Law

This Contract shall be governed by Spanish law.

29.2
Jurisdiction

The parties, expressly waiving any other venue, agree to be bound by the courts and tribunals
of Madrid.

IN WITNESS WHEREOF, the parties have causes this instrument to be signed below in the place and on
the date first above written for submission to the notary public who shall place it upon the public
record in a deed to be authorised on today’s date by the notary public of Madrid, Juan Alvarez-Sala
Walther.

	 	 	 	 	 
	TELVENT GIT, S.A.
	 	 	 	 
	 
	 	 	 	 
	p.p.
	 	 	 	 
	 
	 	 	 	 
	/s/ Luis Miguel Martínez Jurado 

Luis Miguel Martínez Jurado
	 	/s/ Fernando Saavedra Obermann 

Fernando Saavedra Obermann
	 	 
	 
	 	 	 	 
	ABENGOA, S.A.
	 	 	 	 
	 
	 	 	 	 
	p.p.
	 	 	 	 
	 
	 	 	 	 
	/s/ Vincente Jorro de Inza 

Vicente Jorro de Inza
	 	 	 	 
	 
	 	 	 	 
	TELVENT EXPORT, S.L.
	 	 	 	 
	 
	 	 	 	 
	p.p.
	 	 	 	 
	 
	/s/ Luis Miguel Martínez Jurado	 	/s/ Fernando Saavedra Obermann	 	 
	 

	 	 	 	 
	Luis Miguel Martínez Jurado	 	Fernando Saavedra Obermann	 	 

 

 

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	CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID	 	 
	 
	 	 	 	 
	p.p.
	 	 	 	 
	 
	 	 	 	 
	/s/ Jorge Salamero Sanz

	 	/s/ Aitor Bernard Cohrs Gallareta	 	 
	 

	 	 	 	 
	Jorge Salamero Sanz

	 	Aitor Bernard Cohrs Gallareta	 	 
	 
	 	 	 	 
	ING BELGIUM S.A., SUCURSAL EN ESPAÑA
	 	 	 	 
	 
	 	 	 	 
	p.p.
	 	 	 	 
	 
	 	 	 	 
	/s/ Mónica Martínez Mendizábal

	 	/s/ Christophe Poos	 	 
	 

	 	 	 	 
	Mónica Martínez Mendizábal

	 	Christophe Poos

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