BUSINESS COMBINATION AGREEMENT
Dated as of May 29, 1997
By and Among
IT PARTNERS INC.
and
XXXXX DATA PRODUCTS, INC.
and
XXXXXX XXXXX
and
XXXXXXXX X. XXXXX
TABLE OF CONTENTS
PAGE
ARTICLE I. DEFINITIONS
Section 1.1. Adjustment Amount.. . . . . . . . . . . . . . . .4
Section 1.2. Affiliate . . . . . . . . . . . . . . . . . . . .4
Section 1.3. Balance Sheet . . . . . . . . . . . . . . . . . .5
Section 1.4. Benefit Arrangements. . . . . . . . . . . . . . .5
Section 1.5. Buyer . . . . . . . . . . . . . . . . . . . . . .5
Section 1.6. Buyer's Accountants . . . . . . . . . . . . . . .5
Section 1.7. Citibank Rate . . . . . . . . . . . . . . . . . .5
Section 1.8. Closing . . . . . . . . . . . . . . . . . . . . .5
Section 1.9. Closing Balance Sheet . . . . . . . . . . . . . .5
Section 1.10. Closing Date. . . . . . . . . . . . . . . . . . .5
Section 1.11. Code. . . . . . . . . . . . . . . . . . . . . . .5
Section 1.12. Confidentiality Agreement . . . . . . . . . . . .5
Section 1.13. Corporation . . . . . . . . . . . . . . . . . . .5
Section 1.14. Dispute Resolution Firm . . . . . . . . . . . . .5
Section 1.15. Employee. . . . . . . . . . . . . . . . . . . . .5
Section 1.16. Employee Benefit Plan . . . . . . . . . . . . . .6
Section 1.17. ERISA . . . . . . . . . . . . . . . . . . . . . .6
Section 1.18. Exhibit . . . . . . . . . . . . . . . . . . . . .6
Section 1.19. Final Closing Balance Sheet . . . . . . . . . . .6
Section 1.20. Final Net Asset Value . . . . . . . . . . . . . .6
Section 1.21. Financials Date . . . . . . . . . . . . . . . . .6
Section 1.22. Guarantees. . . . . . . . . . . . . . . . . . . .6
Section 1.23. Individual Returns. . . . . . . . . . . . . . . .6
Section 1.24. Individual Taxes. . . . . . . . . . . . . . . . .6
Section 1.25. Intellectual Property . . . . . . . . . . . . . .6
Section 1.26. IRS . . . . . . . . . . . . . . . . . . . . . . .6
Section 1.27. Material. . . . . . . . . . . . . . . . . . . . 6-
Section 1.28. Material Adverse Effect . . . . . . . . . . . . .7
Section 1.29. Material Contracts. . . . . . . . . . . . . . . .7
Section 1.30. [intentionally deleted] . . . . . . . . . . . . .7
Section 1.31. Net Asset Value . . . . . . . . . . . . . . . . .7
Section 1.32. Offering Memorandum . . . . . . . . . . . . . . .7
Section 1.33. Other Company . . . . . . . . . . . . . . . . . .7
Section 1.34. [intentionally deleted] . . . . . . . . . . . . .7
Section 1.35. PBGC. . . . . . . . . . . . . . . . . . . . . . .7
Section 1.36. Person. . . . . . . . . . . . . . . . . . . . . .7
Section 1.37. Proposed Closing Balance Sheet. . . . . . . . . .7
Section 1.38. [intentionally deleted] . . . . . . . . . . . . .7
Section 1.39. Purchase Price. . . . . . . . . . . . . . . . . .7
Section 1.40. Retirement Plan . . . . . . . . . . . . . . . . .7
Section 1.41. Schedule. . . . . . . . . . . . . . . . . . . . .8
Section 1.42. Securities Act. . . . . . . . . . . . . . . . . .8
Section 1.43. Seller. . . . . . . . . . . . . . . . . . . . . .8
Section 1.44. Seller's Accountants. . . . . . . . . . . . . . .8
Section 1.45. Senior Debt . . . . . . . . . . . . . . . . . . .8
Section 1.46. Shares. . . . . . . . . . . . . . . . . . . . . .8
Section 1.47. Subsidiary. . . . . . . . . . . . . . . . . . . .8
Section 1.48. Transaction Documents . . . . . . . . . . . . . .8
ARTICLE II: PURCHASE AND SALE OF SHARES
Section 21. Sale. . . . . . . . . . . . . . . . . . . . . . .8
Section 2.2 Purchase Price and Allocation . . . . . . . . . .8
