Document:

exv10w1

Exhibit 10.1

ASSET PURCHASE AGREEMENT

     THIS ASSET PURCHASE AGREEMENT (the “Agreement”) is made and entered into as of
February 12, 2010 by and between Local.com Corporation, a Delaware corporation (“Buyer”),
and LaRoss Partners, LLC, a New York limited liability company (“Seller” or “LaRoss”).
Each of Buyer and Seller is a “Party,” and collectively, “Parties.”

R E C I T A L S

     A. Seller is in the business (the “Business”) of providing web hosting services to
small businesses (“Subscribers”).

     B. Seller desires to sell, and Buyer desires to purchase, certain Subscribers of Seller set
forth in Exhibit A attached hereto (the “Purchased Subscribers”).

A G R E E M E N T

     In consideration of the mutual covenants and promises set forth herein, Buyer and Seller agree
as follow:

ARTICLE 1

DEFINITIONS

     1.1 Defined Terms. Unless otherwise expressly provided in this Agreement, the
following terms, whether in singular or plural form, shall have the following meanings:

     “Affiliate” means, with respect to any Person, any other Person controlled by or under
common control with such Person, with “control” for such purpose meaning the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities or voting interests, by contract or
otherwise.

     “Consents” means all of the consents, permits or approvals of third parties (excluding
the Purchased Subscribers themselves) necessary to transfer the Purchased Subscribers to Buyer (or,
at Buyer’s request, to an affiliate of Buyer) or otherwise to consummate lawfully the transactions
contemplated hereby.

     “Contracts” means all subscriber agreements and other agreements, written or oral
(including any amendments and other modifications thereto) to which Seller is a party and that
affect the Purchased Subscribers.

     “Governmental Authority” means the United States of America, any state, commonwealth,
territory, or possession thereof and any political subdivision or quasi-governmental authority of
any of the same.

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     “Judgment” means any judgment, writ, order, injunction, award or decree of any court,
judge, justice or magistrate, including any bankruptcy court or judge, and any order of or by any
Governmental Authority.

     “Knowledge”: an individual will be deemed to have “Knowledge” of a particular
fact or other matter if:

     (a) such individual is actually aware of such fact or other matter; or

     (b) a prudent individual could be expected to discover or otherwise become aware of
such fact or other matter in the course of conducting a reasonably comprehensive
investigation concerning the existence of such fact or other matter.

     A Person (other than an individual) will be deemed to have “Knowledge” of a particular
fact or other matter if any individual who is serving, or who has at any time served, as a
director, officer, partner, executor, or trustee of such Person (or in any similar capacity) has,
or at any time had, Knowledge of such fact or other matter.

     “Legal Requirements” means applicable common law and any statute, ordinance, code or
other law, rule, regulation, order, technical or other standard, requirement or procedure enacted,
adopted, promulgated, applied or followed by any Governmental Authority, including Judgments.

     “Licenses” means all authorizations and permits relating to the Purchased Subscribers
granted to Seller by any Governmental Authority.

     “Lien” means any security agreement, financing statement filed with any Governmental
Authority, conditional sale or other title retention agreement, any lease, consignment or bailment
given for purposes of security, any lien, mortgage, indenture, pledge, option, encumbrance, adverse
interest, constructive trust or other trust, claim, attachment, exception to or defect in title or
other ownership interest of any kind, which otherwise constitutes an interest in or claim against
property, whether arising pursuant to any Legal Requirement, Contract or otherwise but which shall
not include any rights to payment or obligations imposed upon Buyer as a result of this Agreement
or any ancillary documents.

     “Litigation” means any claim, action, suit, proceeding, arbitration, investigation,
hearing or other activity or procedure that could result in a Judgment, and any notice of any of
the foregoing.

     “Losses” means, on a dollar-for-dollar basis, any claims, losses, liabilities,
damages, Liens, penalties, costs, and expenses, including but not limited to interest which may be
imposed in connection therewith, expenses of investigation, reasonable fees and disbursements of
counsel and other experts, and the cost to any Person making a claim or seeking indemnification
under this Agreement with respect to funds expended by such Person by reason of the occurrence of
any event with respect to which indemnification is sought, but in no event shall “Losses” include
incidental or consequential damages.

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     “Material Adverse Change” means, with respect to Seller, an event that would either
individually or in the aggregate, reasonably be expected to have a material adverse change on the
Business or the Purchased Subscribers, or the results of operations or financial condition of the
Business or the Purchased Subscribers sold hereunder, other than any change or condition relating
to the economy in general, or the industries in which Seller operates in general, and not
specifically relating to Seller.

     “Organizational Documents” shall mean (a) the articles or certificate of incorporation
and the bylaws of a corporation; (b) the partnership agreement and any statement of partnership of
a general partnership; (c) the limited partnership agreement and the certificate of limited
partnership of a limited partnership; (d) the operating agreement and the certificate of formation
of a limited liability company; (e) any charter or similar document adopted or filed in connection
with the creation, formation, or organization of a Person; and (f) any amendment to any of the
foregoing.

     “Person” means any natural person, Governmental Authority, corporation, general or
limited partnership, limited liability company, joint venture, trust, association or unincorporated
entity of any kind.

     “Taxes” means all levies and assessments of any kind or nature imposed by any
Governmental Authority, together with any interest thereon and any penalties, additions to tax or
additional amounts applicable thereto.

     “Transaction Documents” means all instruments and documents executed and delivered by
Buyer, Seller, or any officer, director or Affiliate of either of them, in connection with this
Agreement.

     1.2 Rules of Construction. Unless otherwise expressly provided in this Agreement, (i)
words used in this Agreement, regardless of the gender used, shall be deemed and construed to
include any other gender, masculine, feminine, or neuter, as the context requires; (ii) the word
“including” is not limiting, and the word “or” is not exclusive; (iii) the capitalized term
“Section” refers to sections of this Agreement; (iv) references to a particular Section include all
subsections thereof, (v) references to a particular statute or regulation include all amendments
thereto, rules and regulations thereunder and any successor statute, rule or regulation, or
published clarifications or interpretations with respect thereto, in each case as from time to time
in effect; (vi) references to a Person include such Person’s successors and assigns to the extent
not prohibited by this Agreement; and (vii) references to a “day” or number of “days” shall be
interpreted as a reference to a calendar day or number of calendar days.

ARTICLE 2

PURCHASE AND SALE

     2.1 Purchase and Sale of Assets. Subject to the terms and conditions set forth in
this Agreement and subject to the exceptions set forth on Schedule 2.1, at Closing, Seller shall
transfer to Buyer, and Buyer shall acquire from Seller, free and clear of all Liens, the following
described assets and properties, tangible and intangible, used by or useful to Seller in its
operation of, or otherwise relating to, the Purchased Subscribers (the “Assets”):

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     (a) subject to Section 2.6, all rights, benefits and interests of Seller in,
under or pursuant to all Contracts (provided that all receivables and revenues related to or
generated from billings related to services provided by Seller prior to the Closing shall
not be deemed an Asset and shall be retained by Seller), including all revisions or
amendments thereto, and Licenses;

     (b) the customer database and history related to each Purchased Subscriber, including
without limitation any and all data, indexes and content contained in such database, and any
copyrights thereto;

     (c) all rights, title, licenses and interests in and to all contracts and other assets
necessary for the satisfaction by Buyer of the fulfillment of the services purchased by the
Purchased Subscribers pursuant to the Contracts, including without limitation, ownership of
or perpetual license to the development tools used to modify, add, change or delete content
and functionality to a Purchased Subscriber’s web site purchased from Seller (the “Sites”),
access to the URLs of such Sites, access to the hosting environment for such Sites, and such
other products and services as has been historically provided to such Purchased Subscribers
by Seller pursuant to the Contracts (collectively, the “Fulfillment Assets”); and

     (d) all books and records relating to the Purchased Subscribers, subject to the right
of Seller to have such books and records made available to Seller for a reasonable period,
not to exceed three years from the Closing Date.

     2.2 Assumed Obligations and Liabilities; Retained Liabilities. After the Closing,
Buyer shall assume, pay, discharge, and perform all obligations and liabilities arising after the
Closing that are related to the Assets or arise from or under (i) Buyer’s or its Affiliates’ use of
the Assets or provision of services to the Purchased Subscribers, or (ii) the Contracts
(collectively, the “Assumed Obligations and Liabilities”). All obligations and liabilities
arising out of or relating to the Assets other than the Assumed Obligations and Liabilities shall
remain and be the obligations and liabilities solely of Seller (collectively, the “Retained
Liabilities”).

     2.3 Purchase Price; Final Format Data; TPV Recordings; Purchase Price Adjustment.

     (a) Purchase Price. Buyer shall pay to Seller up to $1,586,000.00 (the
“Purchase Price”), which amount is based upon the transfer of up to 10,000 Purchased
Subscribers. The Purchase Price is payable as set forth below.

     (i) At the Closing, Buyer shall pay to Seller by wire transfer to the account
and pursuant to the instructions set forth on Schedule 2.3(a)(i) an amount
equal to (i) the Purchase Price minus (ii) the Seller Escrow Deposit.

     (ii) At the Closing, Buyer shall deposit the Seller Escrow Deposit with Escrow
Agent pursuant to Section 2.4.

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     (b) Final Format Data. At the Closing, Buyer shall provide to Seller data
relating to the Purchased Subscribers in final format as set forth in Exhibit 2.3(b)
(the “Final Format Data”).

     (c) TPV Recordings. On or before the date 7 days after the Closing, Seller
shall provide to Buyer a copy of all third-party-verification recordings (“TPV
Recordings”) for each of the Purchased Subscribers. If TPV Recordings are not available
for Purchased Subscribers, such Purchased Subscribers shall not be acquired by Buyer and the
Purchase Price shall be adjusted pursuant to Section 2.3(d). If TPV Recordings are
stored at a third party location, Seller shall provide Buyer with access to the third party
location for a period of twelve months after the Closing.

     (d) Purchase Price Adjustment. Within seventy-five (75) days after Closing or
sooner if possible, Buyer and Seller shall mutually determine the actual number of Purchased
Subscribers actually transferred to Buyer. If the number of Purchased Subscribers
transferred to Buyer is less than ten thousand (10,000), then Seller shall deliver a written
instruction to Escrow Agent within five business days of Closing instructing Escrow Agent to
release to Buyer from the Seller Escrow Deposit an amount equal to $153.60 per Purchased
Subscriber under ten thousand (10,000) for the deficiency and the Purchase Price shall be
reduced accordingly. For purposes of determining the number of Purchased Subscribers
transferred to Buyer for this Section 2.3(d), a Purchased Subscriber shall be deemed
to have been transferred to Buyer only if (i) such Purchased Subscriber was successfully
billed by Buyer in the first month after the Closing and Seller was not aware of anything
which would reasonably lead Seller to believe that the amount billed to such Purchased
Subscriber on such bill was uncollectible, and (ii) Buyer has not received a written or
telephonic notice from or on behalf of such Purchased Subscriber or a clearinghouse
indicating that such Purchased Subscriber intends to cancel or has cancelled. Additionally,
within ten (10) months after the Closing or sooner if possible, Buyer and Seller shall
mutually determine the six-month average settlement rate percentage for all Purchased
Subscribers transferred to Buyer based upon the sum of the average settlement rate
percentage in each of the first six (6) months after Closing divided by six. For each one
percent (1%) that the six-month average settlement rate percentage is less than fifty-five
percent (55%) down to a minimum of forty-three (43%)(i.e., a total adjustment of no more
than twelve percent (12%)) the Purchase Price will be reduced by an amount equal to $2.80
for each Purchased Subscriber transferred to Buyer in accordance with the determination
criteria set forth above.

     2.4 Seller Escrow Fund. At the Closing, Buyer shall deposit $336,000.00 (the
“Seller Escrow Deposit”) into an escrow account with Square 1 Bank (the “Escrow
Agent”) under an Escrow Agreement in the form attached hereto as Exhibit B executed and
delivered by Seller, Buyer and Escrow Agent (the “Seller Fund Escrow Agreement”). Seller
and Buyer shall each pay one-half of the fees and expenses of the Escrow Agent in connection with
the administration of the Seller Fund Escrow Agreement. Buyer shall be entitled to seek
indemnification for any
Losses for which it is entitled to be indemnified pursuant to Section 7.1 by making a
claim to Escrow Agent, as evidenced by joint instructions to be given by Buyer and

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Seller in
accordance with the Seller Fund Escrow Agreement, for payment from the Seller Escrow Deposit. On
the date after the Closing Date when all conditions pursuant to which a purchase price adjustment
could be made pursuant to Section 2.3(d) hereof have been exhausted, Seller and Buyer shall jointly
instruct the Escrow Agent to disburse to Seller the entire Seller Escrow Deposit, plus any accrued
interest, less (a) any amounts disbursed by Escrow Agent in payment of claims made by Buyer and (b)
any amounts subject to claims made by Buyer but not disbursed by Escrow Agent (which amounts shall
continue to be held by Escrow Agent until disbursed in accordance with the terms of the Seller Fund
Escrow Agreement). The Seller Escrow Deposit shall not constitute the limit of Seller’s liability
to Buyer, and Buyer shall retain all indemnification rights and remedies pursuant to Article
7 in this Agreement.

     2.5 Credits Processed by LECs or Clearinghouses.

     (a) Credits processed by LECs or clearinghouses shall be the responsibility of the
Party who submitted the original billing to the LEC or clearinghouse, as applicable.

     (i) During the period from the Closing until the date that is four (4) months
from the Closing Date, on the last day of each calendar month and on the date that
is four (4) months from Closing Date, Buyer will provide to Seller a report listing
all credits processed in error against Buyer’s settlements or as an adjustment to
reserves by LECs or clearinghouses, as applicable, and the total amount owed to
Buyer by Seller (the “Buyer Credit”). The Buyer Credit will be reduced by the
Seller Credit (as defined in Section 2.5(a)(ii)) (if any) and if balance of the
Buyer Credit remains thereafter, Buyer and Seller shall then promptly jointly
instruct the Escrow Agent to disburse to Buyer such amount from the Seller Escrow
Deposit. Following the date that is four (4) months from the Closing Date, Buyer
cannot make any claim against Seller for credits processed in error related to
Purchased Subscribers.

     (ii) During the period from the Closing until the date that is four (4) months
from the Closing Date, on the last day of each calendar month and on the date that
is four (4) months from Closing Date, Seller will provide to Buyer a report listing
all credits processed in error against Seller’s settlements or as an adjustment to
reserves by LECs or clearinghouses, as applicable, and the total amount owed to
Seller by Buyer (the “Seller Credit”). After reduction of the Seller Credit for any
Buyer Credit that is owed to Buyer pursuant to Section 2.5(a)(i) hereof, if there
remains a Seller Credit, then Buyer and Seller shall then promptly jointly instruct
the Escrow Agent to disburse to Seller such amount from the Seller Escrow Deposit.
Following the date that is four (4) months from the Closing Date, Seller cannot make
any claim against Buyer for credits processed in error related to Purchased
Subscribers.

     (b) If Buyer or its Affiliates receives a refund request from a Purchased Subscriber
related to services provided by Seller prior to Closing, Buyer shall only
transfer such Purchased Subscriber to Seller at phone number for the aggregator for
that customer set forth in Schedule 2.5(b) and make no commitment regarding issuing
a

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refund. Buyer and its Affiliates shall not make any other statement or suggestion to such
Purchased Subscriber.

2.6 Assignability and Consents.

     (a) Required Consents. Schedule 2.6 sets forth a list of all Contracts
and Licenses which are non-assignable or non-transferable to Buyer without the consent of
some other Person. Seller has taken or caused to be taken by others, all commercially
reasonable actions to obtain or satisfy all Consents from any Persons necessary to
authorize, approve or permit the full and complete sale, conveyance, assignment or transfer
of the Assets; provided, however, that Seller has not undertaken nor will it be responsible
for notifying the Purchased Subscribers of the transfer of their accounts.

     (b) Nonassignable Items. Anything in this Agreement to the contrary
notwithstanding, this Agreement shall not constitute an agreement to sell, convey, assign,
sublease or transfer any Assets, including Contracts and Licenses, if an attempted sale,
conveyance, assignment, or transfer thereof, without the consent of another Person, would
constitute a breach of, or in any way affect the rights of either Seller or Buyer with
respect to, such Assets (“Nonassignable Items”). Seller shall use reasonable efforts
(and Buyer shall cooperate in all reasonable respects with Seller) to obtain and satisfy all
Consents and to resolve all impracticalities of sale, conveyance, assignment, or transfer
necessary to convey to Buyer all Nonassignable Items. If any such Consents are not obtained
and satisfied or if an attempted sale, conveyance, assignment, or transfer would be
ineffective, Seller shall enter into such arrangements (including related written
agreements) as Buyer may reasonably request to provide Buyer with the benefit of the
Nonassignable Items.

ARTICLE 3

SELLER’S REPRESENTATIONS AND WARRANTIES

     Seller represents and warrants to Buyer, as of the date of this Agreement and as of Closing,
as follows:

     3.1 Organization of Seller. Seller is a limited liability company organized, validly
existing and in good standing under the laws of the State of New York, and has all requisite power
and authority to own and lease the properties and assets it currently owns and leases and to
conduct its activities as such activities are currently conducted.

     3.2 Authority. Seller has all requisite power and authority to execute, deliver, and
perform this Agreement and to consummate the transactions contemplated hereby. The execution,
delivery, and performance of this Agreement and the consummation of the transactions contemplated
hereby by Seller have been duly and validly authorized by all necessary action on the part of
Seller, and this Agreement has been duly and validly executed and delivered by Seller, and is the
valid and binding obligation of Seller, enforceable against Seller in accordance with its terms,
except to the extent that enforceability may be limited by (i) applicable
bankruptcy, insolvency, reorganization, receivership, moratorium and other similar

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laws
relating to or affecting the rights and remedies of creditors generally and (ii) general principles
of equity.

     3.3 No Conflict; Required Consents. The execution, delivery, and performance by
Seller of this Agreement do not and will not (i) conflict with or violate any provision of the
Organizational Documents of Seller, (ii) violate any provision of any Legal Requirements, (iii)
except for Consents set forth on Schedule 3.3, conflict with, violate, result in a breach
of, constitute a default under (without regard to requirements of notice, lapse of time, or
elections of other persons, or any combination thereof) or accelerate or permit the acceleration of
the performance required by, any Contract or License to which Seller is a party and by which the
Assets are bound or affected, or (iv) result in the creation of imposition of any Lien against or
upon any of the Assets; or (v) except as set forth on Schedule 3.3, require any consent,
approval, or authorization of, or filing of any certificate, notice, application, report, or other
document with, any Governmental Authority or other Person.

     3.4 Subscribers. As of February 11, 2010, the Subscribers had the attributes set forth
in Schedule 3.4 attached hereto. Since February 11, 2010, there have been no material
changes to such attributes. None of the Purchased Subscribers is subject to current actions by the
attorney general of any state.

     3.5 Litigation. Except as set forth on Schedule 3.5, there is no (i)
outstanding Judgment against Seller requiring Seller to take any action of any kind with respect to
the Assets, or to which the Assets are subject or by which they are bound or affected; or (ii)
Litigation pending or, to Seller’s Knowledge, threatened, against Seller that individually or in
the aggregate might adversely affect the Assets or the ability of Seller to perform its obligations
under this Agreement.

     3.6 Taxes. Seller has duly and timely paid all Taxes with respect to the Assets which
have become due and payable by it. Seller has not received notice of, nor does Seller have any
Knowledge of, any notice of deficiency or assessment of proposed deficiency or assessment from any
taxing Governmental Authority with respect to the Assets. There are no audits pending with respect
to the Assets and there are no outstanding agreements or waivers by Seller that extend the
statutory period of limitations applicable to any federal, state, local, or foreign tax returns or
Taxes with respect to the Assets. Seller has duly and timely filed in true and correct form all
Tax returns and Tax reports required to be filed by Seller with respect to the Assets.

     3.7 Billing Statements. Seller has delivered to Buyer true, complete and correct
copies of the billing and collection statements reflecting the financial results of the Purchased
Subscribers for the months ending January 1, 2009 through, December 31, 2009 (collectively, the
“Billing Statements”). The Billing Statements accurately and completely present all of the
cash flows, income, expenses, liabilities and operations of Seller with respect to the Assets at
the respective dates thereof.

     3.8 No Material Adverse Change. There has been no Material Adverse Change in the
Assets since December 31, 2009, and since such date, the Assets have not been materially and
adversely affected.

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     3.9 No Undisclosed Liabilities. To the Knowledge of Seller, there are no, and on the
Closing Date there will not be any, liabilities of Seller (except, as to the Seller, such
liabilities that do not relate to or affect the Assets) of any kind whatsoever, known or unknown,
whether accrued, contingent, absolute, determined, determinable or otherwise, and to the Knowledge
of Seller, there is no existing condition, situation or set of circumstances that could reasonably
be expected to result in such a liability that is not disclosed on any Schedule or set forth in the
Billing Statements.

     3.10 Compliance with Legal Requirements. The operation of Seller’s business as it
relates to the Assets as currently conducted does not violate or infringe any Legal Requirements
currently in effect or, to the Knowledge of Seller, proposed to become effective. Except as may be
set forth on Schedule 3.10, Seller has not received notice of any violation by Seller of
any Legal Requirement applicable to the operation of Seller’s business as it relates to the Assets
as currently conducted, and knows of no basis for the allegation of any such violation. Seller is
not in default of or in violation with respect to any Judgment.

     3.11 Books and Records. All of the books, records, and accounts of Seller related to
the Assets are in all material respects true and complete, are maintained in accordance with good
business practices and all applicable Legal Requirements, and accurately present and reflect in all
material respects all of the transactions therein described.

     3.12 Terms and Conditions. Except as set forth in Schedule 3.12, all of the
Purchased Subscribers are subject to such standard terms and conditions as noted in the TPV
Recordings made available to Buyer. Schedule 3.12 additionally sets forth the standard
implementation of and service requirements for the web hosting services provided to the Purchased
Subscribers pursuant to the Contracts. Except as set forth in Schedule 3.12, there are no
deviations from or modifications to such standard implementations and service requirements.

     3.13 Finders and Brokers. Seller has not employed any financial advisor, broker or
finder, or incurred any liability for any financial advisory, brokerage, finder’s or similar fee or
commission in connection with the transaction contemplated by this Agreement for which Buyer will
in any way have any liability.

     3.14 Best Practices. The Purchased Subscribers were obtained and acquired in
accordance with the Anti-Cramming Best Practices Guidelines, available at
http://www.fcc.gov/Bureaus/Common_Carrier/Other/cramming/cramming.html.

ARTICLE 4

BUYER’S REPRESENTATIONS AND WARRANTIES

     Buyer represents and warrants to Seller, as of the date of this Agreement and as of the
Closing as follows:

     4.1 Organization and Qualification of Buyer. Buyer is a corporation duly organized
and validly existing under the laws of the State of Delaware and has all requisite power
and authority to own and lease the properties and assets it currently owns and leases and to
conduct its activities as such activities are currently conducted.

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     4.2 Authority. Buyer has all requisite power and authority to execute, deliver, and
perform this Agreement and consummate the transactions contemplated hereby. The execution,
delivery, and performance of this Agreement and the consummation of the transactions contemplated
hereby on the part of Buyer have been duly and validly authorized by all necessary action on the
part of Buyer. This Agreement has been duly and validly executed and delivered by Buyer, and is
the valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms,
except to the extent that enforceability may be limited by (i) applicable bankruptcy, insolvency,
reorganization, receivership, moratorium and other similar laws relating to or affecting the rights
and remedies of creditors generally and (ii) general principles of equity.

     4.3 No Conflict; Required Consents. The execution, delivery, and performance by Buyer
of this Agreement do not and will not (i) conflict with or violate any provision of the
Organizational Documents of Buyer, (ii) violate any provision of any Legal Requirements, or (iii)
require any consent, approval or authorization of, or filing of any certificate, notice,
application, report, or other document with, any Governmental Authority or other Person.

     4.4 Finders and Brokers. Buyer has not employed any financial advisor, broker or
finder, or incurred any liability for any financial advisory, brokerage, finder’s or similar fee or
commission in connection with the transaction contemplated by this Agreement for which Seller will
in any way have any liability.

ARTICLE 5

COVENANTS

     5.1 Transfer Taxes. All sales, use, transfer, and similar Taxes (but excluding Taxes
based on income or capital gains), fees, and assessments arising from or payable in connection with
the transfer of the Assets by Buyer shall be paid by Buyer.

     5.2 Data Transfer Procedures. The Parties will perform and comply with the customer
and data transfer procedures set forth on Schedule 5.2.

     5.3 Confidentiality. Each Party shall keep confidential any non-public information
that such Party may receive from another Party in connection with this Agreement unrelated to the
Assets as well as any non-public information in the possession of such party related to the Assets
(any such information that a party is required to keep confidential pursuant to this sentence shall
be referred to as “Confidential Information”). Each Party shall not disclose any
Confidential Information to any other Person (other than its Affiliates and its and its Affiliates’
directors, officers and employees, and representatives of its advisers and lenders) or use such
information to the detriment of the other; provided that (i) such Party may use and disclose any
such information once it has been publicly disclosed (other than by such Party in breach of its
obligations under this Section) or which, to its knowledge, rightfully has come into the possession
of such Party (other than from the other Party), and (ii) to the extent that such Party
may, in the reasonable judgment of its counsel, be compelled by Legal Requirements to disclose
any of such information, such Party may disclose such information.

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5.4 Nonsolicitation.

     (a) Seller hereby covenants and agrees that, during a period of three years commencing
on the Closing Date (the “Covenant Period”), Seller and its Affiliates shall not
contact any Purchased Subscriber (i) with the intent of interfering with their relationship
with Buyer or (ii) seeking to establish a revenue-generating relationship with such
Purchased Subscriber. Seller hereby covenants and agrees that, prior to the Closing, the
foregoing restriction shall also be agreed to by any third party from which Seller may have
acquired a Purchased Subscriber and that Buyer will be a third-party beneficiary of such
contractual undertaking between Seller and any such third party.

     (b) Seller hereby agrees that a violation or attempted or threatened violation of the
covenants or other provisions contained in this Section 5.4, or any part thereof, by
Seller or any third party from which Seller may have acquired a Purchased Subscriber will
cause irreparable injury to Buyer with respect to the Assets for which money damages would
be inadequate, and that Buyer shall be entitled, in addition to any other rights or remedies
they may have, whether in law or in equity, to obtain an injunction, enjoining and
restraining Seller or any third party from which Seller may have acquired a Purchased
Subscriber (by virtue of its position as contractually identified third party beneficiary)
from violating or attempting or threatening to violate any provision of this Agreement,
including the covenants contained in this Section 5.4.

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ARTICLE 6

CLOSING

     6.1 Closing. The purchase and sale (the “Closing”) provided for in this
Agreement shall take place remotely by the exchange of counterpart signature pages and documents on
the date of this Agreement (the “Closing Date”).

     6.2 Seller’s Obligations. At Closing, Seller shall deliver or cause to be delivered
to Buyer, the following:

     (a) Bill of Sale and Assignment. A Bill of Sale in the form of Exhibit
C transferring the Assets from Seller to Buyer, signed by Seller.

     (b) Assignment and Assumption Agreement. An Assignment and Assumption
Agreement in the form of Exhibit D (the “Assignment and Assumption
Agreement”) assigning all of Seller’s right, title and interest to the Contracts to
Buyer, signed by Seller.

     (c) Escrow Agreement. The Seller Fund Escrow Agreement signed by Seller and
Escrow Agent.

     (d) Books and Records. To the extent not previously delivered, copies of all
customer and subscriber lists, engineering records, files and records used by Seller in
connection with the Purchased Subscribers.

     (e) Consents. Any Consents, in form and substance satisfactory to Buyer.

     (f) Lien Releases. Results of searches of the appropriate public records (as
determined and paid for by Buyer), dated no more than ten days prior to the Closing Date, or
other evidence satisfactory to it, that there exist no Liens affecting the Assets or
reasonable assurances that any such Liens affecting the Assets will be terminated at or
prior to the Closing.

     (g) Certificate of Good Standing. A Certificate of Good Standing of Seller.

     (h) Final Format Data. The Final Format Data, as set forth in Section
2.3(b).

     (i) Fulfillment Assets. The Fulfillment Assets, as set forth in Section
2.1(c).

     (j) Other. Such other documents and instruments as shall be necessary to
effect the intent of this Agreement and consummate the transactions contemplated hereby.

     6.3 Buyer’s Obligations. At Closing, Buyer shall deliver or cause to be delivered to
Seller the following:

     (a) Purchase Price. The Purchase Price, as set forth in Section
2.3(a).

12

 

     (b) Escrow Deposit. Evidence of the deposit of the Seller Escrow Deposit
having been deposited with Escrow Agent satisfactory to Seller.

     (c) Escrow Agreement. The Seller Fund Escrow Agreement signed by Buyer and
Escrow Agent.

     (d) Assignment and Assumption Agreement. The Assignment and Assumption
Agreement, signed by Buyer.

     (e) MSA. All of the accounts of the Purchased Subscribers purchased pursuant
to this Agreement shall be delivered to LaRoss Partners, LLC, which will provide
fulfillment, customer service, billing, management and other services to such Purchased
Subscribers accounts in accordance with and pursuant to the terms of that certain Software
License and Services Agreement, dated February 8, 2008 (the “MSA”), provided that,
notwithstanding anything to the contrary that may be set forth in the MSA, (i) the fees
associated with the management of the Purchased Subscribers accounts will be determined in
accordance with the fee schedule of the MSA, as may be amended from time to time, and (ii)
LaRoss Partners, LLC will be responsible for doing any and all things necessary to
successfully transfer the Purchased Subscriber accounts from Seller’s existing billing
entity to Buyer’s billing entity, including the preparation, processing, mailing and
confirmation of the written transfer letter for each such Purchased Subscriber account, with
approval from Buyer where necessary and appropriate, and the performance of any of Buyer’s
other obligations pursuant to the Customer Data and Transfer Procedures set forth in
Schedule 5.2 attached hereto.

     (f) Other. Such other documents and instruments as shall be necessary to
affect the intent of this Agreement and consummate the transactions contemplated hereby.

ARTICLE 7

INDEMNIFICATION

     7.1 Indemnification by Seller. Subject to the provisions of Sections 7.5 and
7.6, Seller shall defend, indemnify and hold harmless Buyer, its Affiliates, agents, and
representatives (“Buyer Indemnitees”), and any third party claiming by or through any of
them, as the case may be, from and against any and all Losses arising out of or resulting from:

     (a) any material inaccuracy of a representation or warranty made by Seller in this
Agreement when made;

     (b) any material breach of a covenant, agreement, or obligation of Seller in this
Agreement;

     (c) the failure to timely pay, satisfy or discharge any of the Retained Liabilities;

13

 

     (d) any credits processed in error against Seller’s settlements or as an adjustment to
reserves by LECs or clearinghouses for which Buyer submitted the original billing to the LEC
or clearinghouse, as applicable; provided, however, that this indemnity shall terminate on
the date that is four (4) months from the Closing Date; and

     (e) any adjustment to the Purchase Price pursuant to Section 2.3; provided,
however, that this indemnity shall terminate on the date set forth in Section 2.3
after which no further Purchase Price adjustments may be made, subject at all times to the
notice and response requirements set forth in Section 7.3 hereof;

provided, however, that Buyer shall take and shall cause its Affiliates to take all reasonable
steps to mitigate any Losses upon becoming aware of any event which would reasonably be expected
to, or does, give rise thereto.

     7.2 Indemnification by Buyer. Subject to the provisions of Sections 7.5 and
7.6, Buyer shall defend, indemnify and hold harmless Seller, their respective Affiliates,
agents, and representatives (“Seller Indemnitees”), and any third party claiming by or
through any of them, as the case may be, from and against any and all Losses arising out of or
resulting from:

     (a) any material inaccuracy of a representation or warranty made by Buyer in this
Agreement when made;

     (b) any material breach of a covenant, agreement, or obligation of Buyer in this
Agreement;

     (c) the failure to timely pay, satisfy or discharge any of the Assumed Obligations and
Liabilities; and

     (d) any credits processed in error against Buyer’s settlements or as an adjustment to
reserves by LECs or clearinghouses for which Seller submitted the original billing to the
LEC or clearinghouse, as applicable; provided, however, that this indemnity shall terminate
on the Buyer Escrow Fund Termination Date;

provided, however, that Seller shall take and shall cause its Affiliates to take all reasonable
steps to mitigate any Losses upon becoming aware of any event which would reasonably be expected
to, or does, give rise thereto.

     7.3 Claims for Indemnity; Third Party Claims.

     (a) Whenever a claim for Losses shall arise for which one party (“Indemnitee”)
shall be entitled to indemnification under this Article 7, Indemnitee shall notify
the indemnifying party (“Indemnitor”) in writing promptly after the first receipt of
notice of such claim, and in any event within such period as may be necessary for Indemnitor
to take appropriate action to resist such claim. Such notice shall specify all facts known
to Indemnitee giving rise to such indemnification rights. The right of Indemnitee for
indemnification, as set forth in the notice, shall be deemed agreed to by Indemnitor unless,
within 30 days after receipt of such notice, Indemnitor shall notify

14

 

Indemnitee in writing
that it disputes the right of Indemnitee to indemnification. If Indemnitee shall be duly
notified of such dispute, the Parties shall attempt to settle and compromise the same first
by referring such matters to an executive officer of each party prior to commencing any
Litigation to interpret the terms of this Agreement.

     (b) Upon receipt by Indemnitor of a notice from Indemnitee with respect to any claim of
a third party against Indemnitee, and acknowledgment by Indemnitor (whether after resolution
of a dispute or otherwise) of Indemnitee’s right to indemnification hereunder with respect
to such claim, Indemnitor shall assume the defense of such claim with counsel reasonably
satisfactory to Indemnitee and Indemnitee shall cooperate to the extent reasonably requested
by Indemnitor in defense or prosecution thereof and shall furnish such records, information
and testimony and attend all such conferences, discovery proceedings, hearings, trials and
appeals as may be reasonably requested by Indemnitor in connection therewith. If Indemnitor
shall acknowledge Indemnitee’s right to indemnification and elect to assume the defense of
such claim, Indemnitee shall have the right to employ its own counsel in any such case, but
the fees and expenses of such counsel shall be at the expense of Indemnitee. If Indemnitor
has assumed the defense of any claim against Indemnitee, Indemnitor shall have the right to
settle any claim for which indemnification has been sought and is available hereunder;
provided that, to the extent that such settlement requires Indemnitee to take, or prohibits
Indemnitee from taking, any action or purports to obligate Indemnitee, then Indemnitor shall
not settle such claim without the prior written consent of Indemnitee, such consent not to
be unreasonably withheld. If Indemnitor does not assume the defense of a third party claim
and disputes Indemnitee’s right to indemnification, Indemnitee shall have the right to
defend against such claim until Indemnitor’s obligation to indemnify is established pursuant
to Section 7.3, and Indemnitor shall have the right to participate in the defense of
such claim through counsel of its choice, at Indemnitor’s expense, but Indemnitee shall have
control over the defense and authority to resolve such claim subject to this Section
7.3.

     7.4 Survival of Representations and Warranties. Unless specified otherwise in this
Agreement, the representations and warranties of Seller and Buyer in this Agreement shall survive
Closing for a period of twelve months, except for (i) those contained in Sections 3.1
(Organization of Seller), 3.2 (Authority), 3.3 (No Conflict; Required Consents),
3.6 (Taxes), 4.1 (Organization and Qualification of Buyer), 4.2 (Authority)
and 4.3 (No Conflict; Required Consents), which shall survive indefinitely. Neither Seller
nor Buyer shall have any liability under Sections 7.1(a) and 7.2(a), respectively, unless a
claim for Losses for which indemnification is sought thereunder is asserted by Buyer, on the one
hand, or Seller, on the other hand, within the applicable survival period.

ARTICLE 8

MISCELLANEOUS PROVISIONS

     8.1 Expenses. Except as otherwise provided in this Agreement, each of the Parties
shall pay its own expenses and the fees and expenses of its counsel, accountants, and other experts
in connection with this Agreement.

15

 

     8.2 Waivers. No action taken pursuant to this Agreement, including any investigation
by or on behalf of any party hereto, shall be deemed to constitute a waiver by the party taking the
action of compliance with any representation, warranty, covenant or agreement herein. The waiver
by any party hereto of any condition or of a breach of another provision of
this Agreement shall not operate or be construed as a waiver of any other condition or
subsequent breach. The waiver by any party of any of the conditions precedent to its obligations
under this Agreement shall not preclude it from seeking redress for breach of this Agreement other
than with respect to the condition so waived.

     8.3 Notices. All notices, requests, demands, applications, services of process, and
other communications which are required to be or may be given under this Agreement shall be in
writing and shall be deemed to have been duly given if sent by facsimile transmission, courier,
certified first class mail, postage prepaid, return receipt requested, or overnight delivery
service to the Parties hereto at the following addresses:

	 	 	 	 	 
	 

	 	To Seller:
	 	LaRoss Partners, LLC
	 

	 	 	 	1 Expressway Plaza Suite 114
	 

	 	 	 	Roslyn Heights, NY 11577
	 

	 	 	 	Attention: Tom Rossi
	 

	 	 	 	Facsimile: (516) 299-5578
	 
	 	 	 	 
	 

	 	To Buyer:
	 	Local.com Corporation
	 

	 	 	 	One Technology Drive, Building G
	 

	 	 	 	Irvine, CA 92618
	 

	 	 	 	Attention: Chief Financial Officer
	 

	 	 	 	Facsimile: 949-784-0880

or to such other address as any party shall have furnished to the other by notice given in
accordance with this Section. Such notice shall be effective, (i) if sent by facsimile
transmission, when confirmation of transmission is received, or (ii) otherwise, upon actual receipt
or rejection by the intended recipient.

     8.4 Publicity. Seller and Buyer shall consult with and cooperate with the other with
respect to the content and timing of all press releases and other public announcements. Except as
required by applicable legal requirements, neither Seller nor Buyer shall make any such release,
announcement, or statements without the prior written consent and approval of the other, and each
shall keep the existence and terms of this Agreement confidential.

     8.5 Binding Effect; Benefits. This Agreement shall inure to the benefit of and be
binding upon the Parties and their respective successors and permitted assigns. Except for the
assignment by Buyer to any Affiliate of Buyer, neither Buyer nor Seller shall assign this Agreement
or delegate any of its duties hereunder to any other party without the prior written consent of the
other, which consent shall not be unreasonably withheld.

     8.6 Entire Agreement; Amendments. This Agreement and the Exhibits and Schedules
hereto embody the entire agreement between the Parties with respect to the subject

16

 

matter hereof
and supersedes all prior agreements and understandings, oral or written, with respect thereto.
This Agreement may not be modified orally, but only by an agreement in writing
signed by the Party or Parties against whom any waiver, change, amendment, modification, or
discharge may be sought to be enforced.

     8.7 Governing Law. The validity, performance, and enforcement of this Agreement shall
be governed by the laws of the State of California, without giving effect to the principles of
conflicts of law of such state. The Parties agree that any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in connection with, this
Agreement or the transactions contemplated hereby or thereby may be brought in the United States
District Court for the Central District of California, Orange County Division, and each of the
Parties hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts
therefrom) in any such suit, action or proceeding.

     8.8 Counterparts. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together will be deemed
to be one and the same instrument.

     8.9 Further Assurances. From time to time after Closing, Seller shall, if requested by
Buyer, make, execute and deliver to Buyer such additional assignments, bills of sale, deeds and
other instruments of transfer, as may be necessary or proper to transfer to Buyer all of Seller’s
right, title, and interest in and to the Assets.

     8.10 Attorneys’ Fees. The prevailing party in any action to enforce the terms of this
Agreement shall be entitled to reimbursement by the other party for all costs (including reasonable
attorneys’ fees) incurred in connection with such proceeding, in addition to any other remedies to
which it may be entitled.

     8.11 Schedules and Exhibits; Headings. All references herein to schedules and
exhibits are to the schedules and exhibits attached hereto, which shall be incorporated in and
constitute a part of this Agreement by such reference. The headings in this Agreement are for
purposes of reference only and shall not limit or otherwise affect the meaning of this Agreement.

     8.12 Remedies Cumulative. Except as expressly provided otherwise in this Agreement,
in addition to any remedies provided in this Agreement, the Parties will have all remedies provided
at law or in equity. The rights and remedies provided in this Agreement or otherwise under
applicable laws will be cumulative and the exercise of any particular right or remedy will not
preclude the exercise of any other rights or remedies in addition to, or as an alternative of, such
right or remedy, except as expressly provided otherwise in this Agreement.

[Signature page follows.]

17

 

     IN WITNESS WHEREOF, The Parties have executed this Agreement as of the date set forth above.

	 	 	 	 	 
	BUYER: 	
 Local.com Corporation

 	 
	 	/s/ Heath B. Clarke
 	 
	 	By: Heath B. Clarke 	 
	 	Its: Chief Executive Officer 	 
	 
	SELLER: 	 LaRoss Partners, LLC

 	 
	 	/s/ Tom Rossi
 	 
	 	By: Tom Rossi 	 
	 	Its: Managing Directorexv10w1

Exhibit 10.1

AMENDMENT NO. 2 TO CREDIT AGREEMENT

     This AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”), dated as of February 11,
2010, is entered into by and between GEN-PROBE INCORPORATED, a Delaware corporation (the
“Borrower”), and BANK OF AMERICA, N.A. (the “Lender”).

RECITALS

     A. The Borrower and the Lender are party to that certain Credit Agreement dated as of February
27, 2009 (as amended by Amendment to Credit Agreement dated as of March 23, 2009, as amended hereby
and as further amended, restated, extended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), pursuant to which the Lender has extended certain credit
facilities to the Borrower.

     B. The Borrower has requested that the Lender agree to certain amendments with respect to the
Credit Agreement, and the Lender has agreed to such request, subject to the terms and conditions of
this Amendment.

     NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree as follows:

     1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein
shall have the meanings, if any, assigned to such terms in the Credit Agreement. As used herein,
“Amendment Documents” means this Amendment, the Credit Agreement (as amended by this
Amendment), and each certificate and other document executed and delivered by the Borrower pursuant
to Section 4 hereof.

     2. Amendment to Credit Agreement. Subject to the terms and conditions hereof and with
effect from and after the Effective Date, the Credit Agreement shall be amended as follows:

          (a) Section 1.01 of the Credit Agreement shall be amended at the definition of
“Maturity Date” by deleting “February 27, 2010” and inserting in its place “February 25,
2011”.

          (b) Section 2.03(a)(ii)(B) of the Credit Agreement shall be amended by deleting “90”
and inserting in its place “365”.

     3. Representations and Warranties. The Borrower hereby represents and warrants to the
Lender as follows:

          (a) After giving effect to this Amendment, no Default or Event of Default has occurred and is
continuing.

          (b) The execution, delivery and performance by the Borrower of this Amendment and the other
Amendment Documents have been duly authorized by all necessary corporate and other organizational
action and do not and will not require any registration with, consent or approval of, or notice to
or action by, any Person (including any Governmental Authority) in order to be effective and
enforceable.

          (c) All representations and warranties of the Borrower contained in Article V of the
Credit Agreement are true and correct on and as of the Effective Date after giving effect to this
Amendment, except to the extent that any such representation and warranty specifically
relates to an earlier date, in which case they shall be true and correct as of such earlier date
after giving effect to this Amendment.

          (d) The Borrower is entering into this Amendment on the basis of its own investigation and for
its own reasons, without reliance upon the Lender or any other Person.

          (e) The obligations of the Borrower under the Credit Agreement and each other Loan Document
are not subject to any defense, counterclaim, set-off, right of recoupment, abatement or other
claim.

1

 

     4. Effective Date. This Amendment will become effective when each of the conditions
precedent set forth in this Section 4 has been satisfied (the “Effective Date”):

          (a) The Lender shall have received from the Borrower a duly executed original counterpart to
this
Amendment.

          (b) The Lender shall have received from the Borrower a certificate signed by the secretary or
assistant secretary of the Borrower, dated the Effective Date, in form and substance satisfactory
to the Lender, and certifying evidence of the authorization of the execution, delivery and
performance by the Borrower of this Amendment.

          (c) The Borrower shall have paid to the Lender all reasonable and documented costs and
attorneys’ fees incurred by the Lender in connection with this Amendment and the other Amendment
Documents, to the extent invoiced prior to the Effective Date.

          (d) The Lender shall have received, in form and substance satisfactory to it, such additional
approvals, consents, documents and other information as the Lender shall reasonably request.

     5. Reservation of Rights. The Borrower acknowledges and agrees that neither the
execution nor the delivery by the Lender of this Amendment shall (a) be deemed to create a course
of dealing or otherwise obligate the Lender to execute similar amendments or consents under the
same or similar circumstances in the future or (b) be deemed to create any implied waiver of any
right or remedy of the Lender with respect to any term or provision of any Loan Document.

     6. Miscellaneous.

          (a) Except as expressly amended or modified hereby, all terms, covenants and provisions of the
Credit Agreement are and shall remain in full force and effect and all references therein to such
Credit Agreement shall henceforth refer to the Credit Agreement as modified by this Amendment.
This Amendment shall be deemed incorporated into, and be a part of, the Credit Agreement.

          (b) This Amendment shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns. No third party beneficiaries are intended in connection
with this Amendment.

          (c) THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTION 9.13, 9.14 AND
9.15 OF THE CREDIT AGREEMENT RELATING TO, INTER ALIA, GOVERNING LAW, SUBMISSION TO
JURISDICTION, VENUE, WAIVER OF THE RIGHT TO TRIAL BY JURY, AND JUDICIAL REFERENCE, THE PROVISIONS
OF WHICH SECTIONS ARE BY THIS REFERENCE INCORPORATED HEREIN IN FULL.

          (d) This Amendment may be executed in any number of counterparts, each of which shall be
deemed an original, but all such counterparts together shall constitute but one and the same
instrument. Each of the parties hereto understands and agrees that this document (and any other
document required herein) may be delivered by any party hereto or thereto either in the form of an
executed original or an executed original sent by telecopy, facsimile or other electronic
transmission (including .PDF) to be followed promptly by mailing of a hard copy original, and the
receipt by the Lender of a telecopy, facsimile or other electronically transmitted document
purportedly bearing the signature of the Borrower or one of the other parties hereto, as
applicable, shall bind the Borrower or such other party, respectively, with the same force and
effect as the delivery of a hard copy original. Any failure by the Lender to receive the hard copy
executed original of such document shall not diminish the binding effect of receipt of the
telecopy, facsimile or other electronically transmitted executed original of such document of the
party whose hard copy page was not received by the Lender.

          (e) This Amendment contains the entire and exclusive agreement of the parties hereto with
reference to the matters discussed herein. This Amendment supersedes all prior drafts and
communications with respect thereto. This Amendment may not be amended except by a written
agreement executed by the Borrower and the Lender.

          (f) If any term or provision of this Amendment shall be deemed prohibited by or invalid under
any applicable law, such provision shall be invalidated without affecting the remaining provisions
of this Amendment or the Credit Agreement, respectively.

2

 

          (g) The Borrower covenants to pay to or reimburse the Lender, upon demand, for all reasonable
and documented out-of-pocket costs and expenses incurred in connection with the development,
preparation, negotiation, execution and delivery, and enforcement of this Amendment.

          (h) This Amendment shall constitute a “Loan Document” under and as defined in the Credit
Agreement.

[Remainder of this page intentionally left blank]

3

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first above written.

	 	 	 	 	 
	 	GEN-PROBE INCORPORATED, as the Borrower

 	 
	 	By:  	/s/  HERM ROSENMAN
 	 
	 	 	Name:  	Herm Rosenman 	 
	 	 	Title:  	Senior Vice President, Finance & Chief
Financial Officer 	 
	 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as the Lender

 	 
	 	By:  	/s/  JOHN C. PLECQUE
 	 
	 	 	Name:  	John C. Plecque 	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to Amendment No. 2 to Credit Agreement

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