Opinion ID: 4546366
Heading Depth: 3
Heading Rank: 2

Heading: The TelJet Transaction and Execution of the APA

Text: In 2011, Ian Blasco, a Riverside General Partner, and Kaplan met with Kelly, then the President of TelJet, and the owners 1 TelJet provided a fiber optic communications network and telecommunications services. - 3 - of TelJet's parent companies to discuss investing in TelJet. Blasco and Kaplan also met with Kelly to discuss the possible acquisition of TelJet by Tech Valley and Kelly's post-acquisition role. Kelly later testified that, during one of these discussions, Kaplan offered [him] a million dollars to guide the sale . . . [payable] if [Tech Valley was] the successful winner to acquire the company. Kelly alleges that Kaplan offered this sum on behalf of Riverside, which would supply the payment. On December 14, 2012, Kelly, other TelJet officers, and TelJet shareholders executed a Letter of Intent (the Letter) with Kaplan and Riverside. The Letter outlined non-binding terms of Tech Valley's acquisition of TelJet. TVC was designated as the bidding entity for the acquisition. The Letter was signed by Kaplan and addressed as being from Riverside (on behalf of Tech Valley). On March 27, 2013, Kelly, Kaplan, and TelJet shareholders signed the APA, which sold TelJet's assets to Tech Valley and TVC. The Transaction closed on June 28, 2013. After the closing, Kelly began work for TVC pursuant to the APA. On August 22, 2014, Kelly resigned from TVC. On September 12, 2014, he rejected a separation agreement from TVC and did not release any claims. - 4 -