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<br /> M&A Boot Camp Training Sessions<br /> Summer 2020<br /> M&A Boot Camp training sessions<br /> Acquiring privately held businesses<br /> Hogan Lovells faculty:<br /> Rick Climan, Keith Flaum, Jane Ross, and Chris Moore<br /> Table of Contents<br /> 1. Program outline 3<br /> 2. Introductory materials 5<br /> 3. Balance sheet of hypothetical target company 13<br /> 4. Deal structures for acquiring a privately held business 15<br /> 5. Illustrative comparison of income tax consequences: stock sale vs. asset sale 21<br /> 6. Chart comparing alternative deal structures for acquiring privately held businesses 23<br /> 7. Private company acquisition timeline <a title="M&A Boot Camp page 1" href="http://viewer.zmags.com/publication/e04fa3b8?page=1"> M&A Boot Camp Training Sessions Summer 2020</a> <a title="M&A Boot Camp page 2" href="http://viewer.zmags.com/publication/e04fa3b8?page=2"> M&A Boot Camp training sessions Acquiring private</a> <a title="M&A Boot Camp page 3" href="http://viewer.zmags.com/publication/e04fa3b8?page=3"> TAB 1 Program outline 3</a> <a title="M&A Boot Camp page 4" href="http://viewer.zmags.com/publication/e04fa3b8?page=4"> M&A Boot Camp training sessions: Acquiring privat</a> <a title="M&A Boot Camp page 5" href="http://viewer.zmags.com/publication/e04fa3b8?page=5"> TAB 2 Introductory materials 5</a> <a title="M&A Boot Camp page 6" href="http://viewer.zmags.com/publication/e04fa3b8?page=6"> M&A Boot Camp Faculty Rick Climan Partner, Sil</a> <a title="M&A Boot Camp page 7" href="http://viewer.zmags.com/publication/e04fa3b8?page=7"> How Do We Distinguish Among M&A Deals? • Charact</a> <a title="M&A Boot Camp page 8" href="http://viewer.zmags.com/publication/e04fa3b8?page=8"> How Do We Distinguish Among M&A Deals? 1. Is the</a> <a title="M&A Boot Camp page 9" href="http://viewer.zmags.com/publication/e04fa3b8?page=9"> Differences Between Acquisitions of Private and P</a> <a title="M&A Boot Camp page 10" href="http://viewer.zmags.com/publication/e04fa3b8?page=10"> Equity Value vs. Enterprise Value — Assume T</a> <a title="M&A Boot Camp page 11" href="http://viewer.zmags.com/publication/e04fa3b8?page=11"> Strategic vs. Financial Buyers Strategic </a> <a title="M&A Boot Camp page 12" href="http://viewer.zmags.com/publication/e04fa3b8?page=12"> Cash vs. Buyer’s Stock as Acquisition Currency Ca</a> <a title="M&A Boot Camp page 13" href="http://viewer.zmags.com/publication/e04fa3b8?page=13"> TAB 3 Balance sheet of hypothetical target compan</a> <a title="M&A Boot Camp page 14" href="http://viewer.zmags.com/publication/e04fa3b8?page=14"> Balance sheet of hypothetical target company (“T”</a> <a title="M&A Boot Camp page 15" href="http://viewer.zmags.com/publication/e04fa3b8?page=15"> TAB 4 Deal structures for acquiring a privately h</a> <a title="M&A Boot Camp page 16" href="http://viewer.zmags.com/publication/e04fa3b8?page=16"> Example #1 Purchase of Stock for Cash Purchaser $</a> <a title="M&A Boot Camp page 17" href="http://viewer.zmags.com/publication/e04fa3b8?page=17"> Example #2 Purchase of Assets for Cash Purchaser </a> <a title="M&A Boot Camp page 18" href="http://viewer.zmags.com/publication/e04fa3b8?page=18"> Example #3A Forward Cash Merger Purchaser $$$ </a> <a title="M&A Boot Camp page 19" href="http://viewer.zmags.com/publication/e04fa3b8?page=19"> Example #3B “Forward Subsidiary” Cash Merger Pur</a> <a title="M&A Boot Camp page 20" href="http://viewer.zmags.com/publication/e04fa3b8?page=20"> Example #3C “Reverse Subsidiary” Cash Merger Pur</a> <a title="M&A Boot Camp page 21" href="http://viewer.zmags.com/publication/e04fa3b8?page=21"> TAB 5 Illustrative comparison of income tax conse</a> <a title="M&A Boot Camp page 22" href="http://viewer.zmags.com/publication/e04fa3b8?page=22"> Illustrative comparison of the federal income tax</a> <a title="M&A Boot Camp page 23" href="http://viewer.zmags.com/publication/e04fa3b8?page=23"> TAB 6 Chart comparing alternative deal structures</a> <a title="M&A Boot Camp page 24" href="http://viewer.zmags.com/publication/e04fa3b8?page=24"> Structuring the Acquisition of a Privately Held D</a> <a title="M&A Boot Camp page 25" href="http://viewer.zmags.com/publication/e04fa3b8?page=25"> TAB 7 Private company acquisition timeline </a> <a title="M&A Boot Camp page 26" href="http://viewer.zmags.com/publication/e04fa3b8?page=26"> Sample acquisition chronology Private target </a> <a title="M&A Boot Camp page 27" href="http://viewer.zmags.com/publication/e04fa3b8?page=27"> TAB 8 Negotiating the acquisition of a privately </a> <a title="M&A Boot Camp page 28" href="http://viewer.zmags.com/publication/e04fa3b8?page=28"> NEGOTIATING THE ACQUISITION OF A PRIVATELY HELD B</a> <a title="M&A Boot Camp page 29" href="http://viewer.zmags.com/publication/e04fa3b8?page=29"> NEGOTIATING THE ACQUISITION OF A PRIVATELY HELD B</a> <a title="M&A Boot Camp page 30" href="http://viewer.zmags.com/publication/e04fa3b8?page=30"> generally speaking, the adjusted basis of the ass</a> <a title="M&A Boot Camp page 31" href="http://viewer.zmags.com/publication/e04fa3b8?page=31"> C. Merger 1. Types of mergers a. “S</a> <a title="M&A Boot Camp page 32" href="http://viewer.zmags.com/publication/e04fa3b8?page=32"> II. BASIC CHRONOLOGY OF AN ACQUISITION TRANSA</a> <a title="M&A Boot Camp page 33" href="http://viewer.zmags.com/publication/e04fa3b8?page=33"> 2. Confidentiality agreement may also be nee</a> <a title="M&A Boot Camp page 34" href="http://viewer.zmags.com/publication/e04fa3b8?page=34"> G. Confidential information that recipient is</a> <a title="M&A Boot Camp page 35" href="http://viewer.zmags.com/publication/e04fa3b8?page=35"> B. Hazards of using a fully binding letter of</a> <a title="M&A Boot Camp page 36" href="http://viewer.zmags.com/publication/e04fa3b8?page=36"> V. ARCHITECTURE OF THE DEFINITIVE ACQUISITION</a> <a title="M&A Boot Camp page 37" href="http://viewer.zmags.com/publication/e04fa3b8?page=37"> L. General or “miscellaneous” provisions VI</a> <a title="M&A Boot Camp page 38" href="http://viewer.zmags.com/publication/e04fa3b8?page=38"> 3. Shares of the acquirer’s stock a. Pa</a> <a title="M&A Boot Camp page 39" href="http://viewer.zmags.com/publication/e04fa3b8?page=39"> i) Restrictions imposed under federal securi</a> <a title="M&A Boot Camp page 40" href="http://viewer.zmags.com/publication/e04fa3b8?page=40"> 4. Parties standing behind the</a> <a title="M&A Boot Camp page 41" href="http://viewer.zmags.com/publication/e04fa3b8?page=41"> the acquirer is to issue a promissory note or sto</a> <a title="M&A Boot Camp page 42" href="http://viewer.zmags.com/publication/e04fa3b8?page=42"> 6. Delivery of legal opinion by counsel for </a> <a title="M&A Boot Camp page 43" href="http://viewer.zmags.com/publication/e04fa3b8?page=43"> This outline is not intended to be exhaustive. It</a> <a title="M&A Boot Camp page 44" href="http://viewer.zmags.com/publication/e04fa3b8?page=44"> TAB 9 Pricing formulations in stock-for-stock mer</a> <a title="M&A Boot Camp page 45" href="http://viewer.zmags.com/publication/e04fa3b8?page=45"> Pricing formulations in “stock-for-stock” mergers</a> <a title="M&A Boot Camp page 46" href="http://viewer.zmags.com/publication/e04fa3b8?page=46"> Assumed Facts – Assumed Facts: – Acqui</a> <a title="M&A Boot Camp page 47" href="http://viewer.zmags.com/publication/e04fa3b8?page=47"> Fixed Exchange Ratio (2:1) Without “Collar” </a> <a title="M&A Boot Camp page 48" href="http://viewer.zmags.com/publication/e04fa3b8?page=48"> Fixed Dollar Value ($300 Million) Without “Collar</a> <a title="M&A Boot Camp page 49" href="http://viewer.zmags.com/publication/e04fa3b8?page=49"> Fixed Exchange Ratio (2:1) With “Collar” (at $10/</a> <a title="M&A Boot Camp page 50" href="http://viewer.zmags.com/publication/e04fa3b8?page=50"> Fixed Dollar Value ($300 Million) With “Collar” (</a> <a title="M&A Boot Camp page 51" href="http://viewer.zmags.com/publication/e04fa3b8?page=51"> Summary Comparison of Pricing Formulations </a> <a title="M&A Boot Camp page 52" href="http://viewer.zmags.com/publication/e04fa3b8?page=52"> TAB 10 The three basic building blocks of the acq</a> <a title="M&A Boot Camp page 53" href="http://viewer.zmags.com/publication/e04fa3b8?page=53"> The three basic building blocks of the acquisitio</a> <a title="M&A Boot Camp page 54" href="http://viewer.zmags.com/publication/e04fa3b8?page=54"> Introduction to Representations & Warranties W</a> <a title="M&A Boot Camp page 55" href="http://viewer.zmags.com/publication/e04fa3b8?page=55"> Parties’ Mindsets in Negotiating Representations </a> <a title="M&A Boot Camp page 56" href="http://viewer.zmags.com/publication/e04fa3b8?page=56"> Types of Representations & Warranties “Catch-all</a> <a title="M&A Boot Camp page 57" href="http://viewer.zmags.com/publication/e04fa3b8?page=57"> Types of Representations & Warranties Listing r</a> <a title="M&A Boot Camp page 58" href="http://viewer.zmags.com/publication/e04fa3b8?page=58"> Typical Qualifications in Representations & Warra</a> <a title="M&A Boot Camp page 59" href="http://viewer.zmags.com/publication/e04fa3b8?page=59"> Typical Qualifications in Representations & Warra</a> <a title="M&A Boot Camp page 60" href="http://viewer.zmags.com/publication/e04fa3b8?page=60"> Typical Qualifications in Representations & Warra</a> <a title="M&A Boot Camp page 61" href="http://viewer.zmags.com/publication/e04fa3b8?page=61"> Disclosure Schedule What is the function of t</a> <a title="M&A Boot Camp page 62" href="http://viewer.zmags.com/publication/e04fa3b8?page=62"> Effect of References to the Disclosure Schedule i</a> <a title="M&A Boot Camp page 63" href="http://viewer.zmags.com/publication/e04fa3b8?page=63"> Pre-Closing Covenants What’s the difference b</a> <a title="M&A Boot Camp page 64" href="http://viewer.zmags.com/publication/e04fa3b8?page=64"> Pre-Closing Covenants of Target Sample pre-clos</a> <a title="M&A Boot Camp page 65" href="http://viewer.zmags.com/publication/e04fa3b8?page=65"> Pre-Closing Covenants of Buyer Sample pre-closi</a> <a title="M&A Boot Camp page 66" href="http://viewer.zmags.com/publication/e04fa3b8?page=66"> Pre-Closing Covenants What special provisions m</a> <a title="M&A Boot Camp page 67" href="http://viewer.zmags.com/publication/e04fa3b8?page=67"> Closing Conditions What’s a closing condition?</a> <a title="M&A Boot Camp page 68" href="http://viewer.zmags.com/publication/e04fa3b8?page=68"> Closing Conditions Parties’ mindsets in negotiat</a> <a title="M&A Boot Camp page 69" href="http://viewer.zmags.com/publication/e04fa3b8?page=69"> Closing Conditions Sample closing condition – “b</a> <a title="M&A Boot Camp page 70" href="http://viewer.zmags.com/publication/e04fa3b8?page=70"> Closing Conditions “Bring down” condition (cont</a> <a title="M&A Boot Camp page 71" href="http://viewer.zmags.com/publication/e04fa3b8?page=71"> TAB 11 Indemnification provisions in agreements f</a> <a title="M&A Boot Camp page 72" href="http://viewer.zmags.com/publication/e04fa3b8?page=72"> Indemnification provisions in agreements for the </a> <a title="M&A Boot Camp page 73" href="http://viewer.zmags.com/publication/e04fa3b8?page=73"> Introduction to Indemnification What is indemn</a> <a title="M&A Boot Camp page 74" href="http://viewer.zmags.com/publication/e04fa3b8?page=74"> Introduction to Indemnification Interplay betw</a> <a title="M&A Boot Camp page 75" href="http://viewer.zmags.com/publication/e04fa3b8?page=75"> Introduction to Indemnification Is indemnific</a> <a title="M&A Boot Camp page 76" href="http://viewer.zmags.com/publication/e04fa3b8?page=76"> Indemnification Obligations Sample Indemnificati</a> <a title="M&A Boot Camp page 77" href="http://viewer.zmags.com/publication/e04fa3b8?page=77"> Indemnification Obligations When does the obli</a> <a title="M&A Boot Camp page 78" href="http://viewer.zmags.com/publication/e04fa3b8?page=78"> Indemnity Matters What are typical matters tha</a> <a title="M&A Boot Camp page 79" href="http://viewer.zmags.com/publication/e04fa3b8?page=79"> Common Limitations on Indemnification Time lim</a> <a title="M&A Boot Camp page 80" href="http://viewer.zmags.com/publication/e04fa3b8?page=80"> Common Limitations on Indemnification Liabilit</a> <a title="M&A Boot Camp page 81" href="http://viewer.zmags.com/publication/e04fa3b8?page=81"> Other Limitations on Indemnification Effect of</a> <a title="M&A Boot Camp page 82" href="http://viewer.zmags.com/publication/e04fa3b8?page=82"> Other Limitations on Indemnification (cont’d) B</a> <a title="M&A Boot Camp page 83" href="http://viewer.zmags.com/publication/e04fa3b8?page=83"> TAB 12a Sample merger agreement for the acquisiti</a> <a title="M&A Boot Camp page 84" href="http://viewer.zmags.com/publication/e04fa3b8?page=84"> Exhibit 2.1 AGREEMENT OF MERGER among</a> <a title="M&A Boot Camp page 85" href="http://viewer.zmags.com/publication/e04fa3b8?page=85"> TABLE OF CONTENTS </a> <a title="M&A Boot Camp page 86" href="http://viewer.zmags.com/publication/e04fa3b8?page=86"> TABLE OF CONTENTS (CONTINUED) </a> <a title="M&A Boot Camp page 87" href="http://viewer.zmags.com/publication/e04fa3b8?page=87"> TABLE OF CONTENTS (CONTINUED) </a> <a title="M&A Boot Camp page 88" href="http://viewer.zmags.com/publication/e04fa3b8?page=88"> TABLE OF CONTENTS (CONTINUED) </a> <a title="M&A Boot Camp page 89" href="http://viewer.zmags.com/publication/e04fa3b8?page=89"> LIST OF EXHIBITS AND SCHEDULES EXHIBITS Exhi</a> <a title="M&A Boot Camp page 90" href="http://viewer.zmags.com/publication/e04fa3b8?page=90"> AGREEMENT OF MERGER THIS AGREEMENT OF MERGER (th</a> <a title="M&A Boot Camp page 91" href="http://viewer.zmags.com/publication/e04fa3b8?page=91"> 1.4 Certificate of Incorporation and Bylaws; Dire</a> <a title="M&A Boot Camp page 92" href="http://viewer.zmags.com/publication/e04fa3b8?page=92"> (iv) each share of Series C Preferred</a> <a title="M&A Boot Camp page 93" href="http://viewer.zmags.com/publication/e04fa3b8?page=93"> deferred inventory costs associated with deferred</a> <a title="M&A Boot Camp page 94" href="http://viewer.zmags.com/publication/e04fa3b8?page=94"> (vi) The “Series A Per Share Shortfall Amount” sh</a> <a title="M&A Boot Camp page 95" href="http://viewer.zmags.com/publication/e04fa3b8?page=95"> Stockholders' Agent Escrow Fund with respect ther</a> <a title="M&A Boot Camp page 96" href="http://viewer.zmags.com/publication/e04fa3b8?page=96"> that shall be included in “One Year Bookings” sha</a> <a title="M&A Boot Camp page 97" href="http://viewer.zmags.com/publication/e04fa3b8?page=97"> (c) Notwithstanding anything to the c</a> <a title="M&A Boot Camp page 98" href="http://viewer.zmags.com/publication/e04fa3b8?page=98"> Stockholders' Agent. If the Stockholders' Agent d</a> <a title="M&A Boot Camp page 99" href="http://viewer.zmags.com/publication/e04fa3b8?page=99"> (b) Loss of Dissenting Share Status. Notwithstand</a> <a title="M&A Boot Camp page 100" href="http://viewer.zmags.com/publication/e04fa3b8?page=100"> letter of transmittal shall include a request for</a> <a title="M&A Boot Camp page 101" href="http://viewer.zmags.com/publication/e04fa3b8?page=101"> (h) Withholding. Each of the Payment Agent, Paren</a> <a title="M&A Boot Camp page 102" href="http://viewer.zmags.com/publication/e04fa3b8?page=102"> 2.2 Charter Documents; Records. The </a> <a title="M&A Boot Camp page 103" href="http://viewer.zmags.com/publication/e04fa3b8?page=103"> the date on which such Company Option was granted</a> <a title="M&A Boot Camp page 104" href="http://viewer.zmags.com/publication/e04fa3b8?page=104"> (e) Legal Issuance. All outstanding shares of Com</a> <a title="M&A Boot Camp page 105" href="http://viewer.zmags.com/publication/e04fa3b8?page=105"> accounts receivable that have arisen since Decemb</a> <a title="M&A Boot Camp page 106" href="http://viewer.zmags.com/publication/e04fa3b8?page=106"> (e) the Company has not amended or wa</a> <a title="M&A Boot Camp page 107" href="http://viewer.zmags.com/publication/e04fa3b8?page=107"> (p) the Company has not commenced or </a> <a title="M&A Boot Camp page 108" href="http://viewer.zmags.com/publication/e04fa3b8?page=108"> (b) Inbound Licenses. Part 2.10(b) of the Disclos</a> <a title="M&A Boot Camp page 109" href="http://viewer.zmags.com/publication/e04fa3b8?page=109"> (ii) each Company Employee who is or </a> <a title="M&A Boot Camp page 110" href="http://viewer.zmags.com/publication/e04fa3b8?page=110"> (iii) no interference, opposition, re</a> <a title="M&A Boot Camp page 111" href="http://viewer.zmags.com/publication/e04fa3b8?page=111"> (k) No Harmful Code. None of the software (includ</a> <a title="M&A Boot Camp page 112" href="http://viewer.zmags.com/publication/e04fa3b8?page=112"> (o) Personal Data. Part 2.10(o) of the Disclosure</a> <a title="M&A Boot Camp page 113" href="http://viewer.zmags.com/publication/e04fa3b8?page=113"> (ix) each Company Contract relating t</a> <a title="M&A Boot Camp page 114" href="http://viewer.zmags.com/publication/e04fa3b8?page=114"> accurate and complete: (i) description of the mat</a> <a title="M&A Boot Camp page 115" href="http://viewer.zmags.com/publication/e04fa3b8?page=115"> terms and requirements of the respective Governme</a> <a title="M&A Boot Camp page 116" href="http://viewer.zmags.com/publication/e04fa3b8?page=116"> (f) Tax Holidays. There are no (and there have ne</a> <a title="M&A Boot Camp page 117" href="http://viewer.zmags.com/publication/e04fa3b8?page=117"> 2.15 Employee and Labor Matters; Benefit Plans. </a> <a title="M&A Boot Camp page 118" href="http://viewer.zmags.com/publication/e04fa3b8?page=118"> (f) Delivery of Documents. As applicable with res</a> <a title="M&A Boot Camp page 119" href="http://viewer.zmags.com/publication/e04fa3b8?page=119"> Employee Plan can be amended, terminated or other</a> <a title="M&A Boot Camp page 120" href="http://viewer.zmags.com/publication/e04fa3b8?page=120"> (n) Independent Contractors. Part 2.15(n) of the </a> <a title="M&A Boot Camp page 121" href="http://viewer.zmags.com/publication/e04fa3b8?page=121"> 2.17 Insurance. Part 2.17 of the Disc</a> <a title="M&A Boot Camp page 122" href="http://viewer.zmags.com/publication/e04fa3b8?page=122"> 2.20 Authority; Binding Nature of Agreement; Inap</a> <a title="M&A Boot Camp page 123" href="http://viewer.zmags.com/publication/e04fa3b8?page=123"> (e) result in the imposition or creat</a> <a title="M&A Boot Camp page 124" href="http://viewer.zmags.com/publication/e04fa3b8?page=124"> (b) Information Statement. The information suppli</a> <a title="M&A Boot Camp page 125" href="http://viewer.zmags.com/publication/e04fa3b8?page=125"> 3.4 Legal Proceedings. There is no pe</a> <a title="M&A Boot Camp page 126" href="http://viewer.zmags.com/publication/e04fa3b8?page=126"> (f) the Company shall not amend or wa</a> <a title="M&A Boot Camp page 127" href="http://viewer.zmags.com/publication/e04fa3b8?page=127"> (p) the Company shall not commence or</a> <a title="M&A Boot Camp page 128" href="http://viewer.zmags.com/publication/e04fa3b8?page=128"> 4.5 Termination of Certain Employee Benefit Plans</a> <a title="M&A Boot Camp page 129" href="http://viewer.zmags.com/publication/e04fa3b8?page=129"> contemplated by this Agreement, and to submit pro</a> <a title="M&A Boot Camp page 130" href="http://viewer.zmags.com/publication/e04fa3b8?page=130"> (b) Parachute Payments. As promptly as practicabl</a> <a title="M&A Boot Camp page 131" href="http://viewer.zmags.com/publication/e04fa3b8?page=131"> 5.7 Amendment to Certificate of Incor</a> <a title="M&A Boot Camp page 132" href="http://viewer.zmags.com/publication/e04fa3b8?page=132"> 6.4 No Material Adverse Effect. Since</a> <a title="M&A Boot Camp page 133" href="http://viewer.zmags.com/publication/e04fa3b8?page=133"> liabilities (including current and long term liab</a> <a title="M&A Boot Camp page 134" href="http://viewer.zmags.com/publication/e04fa3b8?page=134"> (l) a legal opinion executed by Gunderson Dettmer</a> <a title="M&A Boot Camp page 135" href="http://viewer.zmags.com/publication/e04fa3b8?page=135"> 7. CONDITIONS PRECEDENT TO OBLIGATIONS OF TH</a> <a title="M&A Boot Camp page 136" href="http://viewer.zmags.com/publication/e04fa3b8?page=136"> (b) by Parent if the Closing has not </a> <a title="M&A Boot Camp page 137" href="http://viewer.zmags.com/publication/e04fa3b8?page=137"> (g) by Parent if the Required Merger </a> <a title="M&A Boot Camp page 138" href="http://viewer.zmags.com/publication/e04fa3b8?page=138"> (d) Intentional Misrepresentation; Fraud. Notwith</a> <a title="M&A Boot Camp page 139" href="http://viewer.zmags.com/publication/e04fa3b8?page=139"> (v) the exercise by any stockholder o</a> <a title="M&A Boot Camp page 140" href="http://viewer.zmags.com/publication/e04fa3b8?page=140"> 9.4 No Contribution. Each Indemnitor </a> <a title="M&A Boot Camp page 141" href="http://viewer.zmags.com/publication/e04fa3b8?page=141"> 10. MISCELLANEOUS PROVISIONS 10.1</a> <a title="M&A Boot Camp page 142" href="http://viewer.zmags.com/publication/e04fa3b8?page=142"> “Stockholders' Agent Escrow Agreement”) as design</a> <a title="M&A Boot Camp page 143" href="http://viewer.zmags.com/publication/e04fa3b8?page=143"> If to the Company: Mazu Networks, Inc. 125 Cambr</a> <a title="M&A Boot Camp page 144" href="http://viewer.zmags.com/publication/e04fa3b8?page=144"> 10.8 Governing Law; Dispute Resolution. </a> <a title="M&A Boot Camp page 145" href="http://viewer.zmags.com/publication/e04fa3b8?page=145"> 10.11 Waiver. No failure on the part </a> <a title="M&A Boot Camp page 146" href="http://viewer.zmags.com/publication/e04fa3b8?page=146"> 10.18 Construction. (a) Gender; Etc.</a> <a title="M&A Boot Camp page 147" href="http://viewer.zmags.com/publication/e04fa3b8?page=147"> The parties hereto have caused this Agreement to </a> <a title="M&A Boot Camp page 148" href="http://viewer.zmags.com/publication/e04fa3b8?page=148"> EXHIBIT A CERTAIN DEFINITIONS For purposes of t</a> <a title="M&A Boot Camp page 149" href="http://viewer.zmags.com/publication/e04fa3b8?page=149"> Company Employee Plan. “Company Employee Plan” sh</a> <a title="M&A Boot Camp page 150" href="http://viewer.zmags.com/publication/e04fa3b8?page=150"> Confidentiality Agreement. “Confidentiality Agree</a> <a title="M&A Boot Camp page 151" href="http://viewer.zmags.com/publication/e04fa3b8?page=151"> Environmental Licenses. “Environmental License” m</a> <a title="M&A Boot Camp page 152" href="http://viewer.zmags.com/publication/e04fa3b8?page=152"> Intellectual Property Rights. “Intellectual Prope</a> <a title="M&A Boot Camp page 153" href="http://viewer.zmags.com/publication/e04fa3b8?page=153"> (taken as a whole), capitalization, operations, r</a> <a title="M&A Boot Camp page 154" href="http://viewer.zmags.com/publication/e04fa3b8?page=154"> Series A Preferred Stock. “Series A Preferred Sto</a> <a title="M&A Boot Camp page 155" href="http://viewer.zmags.com/publication/e04fa3b8?page=155"> AN</a> <a title="M&A Boot Camp page 156" href="http://viewer.zmags.com/publication/e04fa3b8?page=156"> EXHIBIT B DISPUTE RESOLUTION PROCEDURES Subject</a> <a title="M&A Boot Camp page 157" href="http://viewer.zmags.com/publication/e04fa3b8?page=157"> (d) If the Stockholders' Agent in the</a> <a title="M&A Boot Camp page 158" href="http://viewer.zmags.com/publication/e04fa3b8?page=158"> (iv) No arbitrator shall have any pas</a> <a title="M&A Boot Camp page 159" href="http://viewer.zmags.com/publication/e04fa3b8?page=159"> EXHIBIT C FORM OF CERTIFICATE AMENDMENT </a> <a title="M&A Boot Camp page 160" href="http://viewer.zmags.com/publication/e04fa3b8?page=160"> FOURTH: Thereafter pursuant to a reso</a> <a title="M&A Boot Camp page 161" href="http://viewer.zmags.com/publication/e04fa3b8?page=161"> TAB 12b Sample merger agreement for the acquisiti</a> <a title="M&A Boot Camp page 162" href="http://viewer.zmags.com/publication/e04fa3b8?page=162"> DealPointData.com Aquantia Corp./Marvell Technolo</a> <a title="M&A Boot Camp page 163" href="http://viewer.zmags.com/publication/e04fa3b8?page=163"> TABLE OF CONTENTS </a> <a title="M&A Boot Camp page 164" href="http://viewer.zmags.com/publication/e04fa3b8?page=164"> TABLE OF CONTENTS (CONTINUED) </a> <a title="M&A Boot Camp page 165" href="http://viewer.zmags.com/publication/e04fa3b8?page=165"> EXHIBITS Exhibit A - Certain Definitions Exhibi</a> <a title="M&A Boot Camp page 166" href="http://viewer.zmags.com/publication/e04fa3b8?page=166"> </a> <a title="M&A Boot Camp page 167" href="http://viewer.zmags.com/publication/e04fa3b8?page=167"> writing each of the conditions set forth in Secti</a> <a title="M&A Boot Camp page 168" href="http://viewer.zmags.com/publication/e04fa3b8?page=168"> reasonably necessary, including obtaining all rea</a> <a title="M&A Boot Camp page 169" href="http://viewer.zmags.com/publication/e04fa3b8?page=169"> transmittal and instructions shall be as reasonab</a> <a title="M&A Boot Camp page 170" href="http://viewer.zmags.com/publication/e04fa3b8?page=170"> Consideration delivered to any public official pu</a> <a title="M&A Boot Camp page 171" href="http://viewer.zmags.com/publication/e04fa3b8?page=171"> Company nor any of the other Acquired Companies o</a> <a title="M&A Boot Camp page 172" href="http://viewer.zmags.com/publication/e04fa3b8?page=172"> voting or registration of, or restricting any Per</a> <a title="M&A Boot Camp page 173" href="http://viewer.zmags.com/publication/e04fa3b8?page=173"> securities of any of the Acquired Companies; or (</a> <a title="M&A Boot Camp page 174" href="http://viewer.zmags.com/publication/e04fa3b8?page=174"> (c) The Acquire</a> <a title="M&A Boot Camp page 175" href="http://viewer.zmags.com/publication/e04fa3b8?page=175"> The Company has Made Available to Parent copies o</a> <a title="M&A Boot Camp page 176" href="http://viewer.zmags.com/publication/e04fa3b8?page=176"> have) an ownership interest, or an exclusive lice</a> <a title="M&A Boot Camp page 177" href="http://viewer.zmags.com/publication/e04fa3b8?page=177"> and enforceable, except as would not, individuall</a> <a title="M&A Boot Camp page 178" href="http://viewer.zmags.com/publication/e04fa3b8?page=178"> (g) Neither th</a> <a title="M&A Boot Camp page 179" href="http://viewer.zmags.com/publication/e04fa3b8?page=179"> handled by authorized third parties acting on beh</a> <a title="M&A Boot Camp page 180" href="http://viewer.zmags.com/publication/e04fa3b8?page=180"> bonus or similar payments consistent with past pr</a> <a title="M&A Boot Camp page 181" href="http://viewer.zmags.com/publication/e04fa3b8?page=181"> any of the Acquired Companies has made or receive</a> <a title="M&A Boot Camp page 182" href="http://viewer.zmags.com/publication/e04fa3b8?page=182"> Material Contract; or (C) give any Person the rig</a> <a title="M&A Boot Camp page 183" href="http://viewer.zmags.com/publication/e04fa3b8?page=183"> Sheet (including any notes to the Company Balance</a> <a title="M&A Boot Camp page 184" href="http://viewer.zmags.com/publication/e04fa3b8?page=184"> U.S. Export and Import Law or Foreign Export and </a> <a title="M&A Boot Camp page 185" href="http://viewer.zmags.com/publication/e04fa3b8?page=185"> before the Closing Date have been or will be time</a> <a title="M&A Boot Camp page 186" href="http://viewer.zmags.com/publication/e04fa3b8?page=186"> withheld and has, within the time and in the mann</a> <a title="M&A Boot Camp page 187" href="http://viewer.zmags.com/publication/e04fa3b8?page=187"> need to be conducted in connection with any of th</a> <a title="M&A Boot Camp page 188" href="http://viewer.zmags.com/publication/e04fa3b8?page=188"> noncompetition agreement, nonsolicitation agreeme</a> <a title="M&A Boot Camp page 189" href="http://viewer.zmags.com/publication/e04fa3b8?page=189"> Allegation”) has been made against any person who</a> <a title="M&A Boot Camp page 190" href="http://viewer.zmags.com/publication/e04fa3b8?page=190"> Title IV of ERISA or Section 412 of the Code; (ii</a> <a title="M&A Boot Camp page 191" href="http://viewer.zmags.com/publication/e04fa3b8?page=191"> (b) Since Janu</a> <a title="M&A Boot Camp page 192" href="http://viewer.zmags.com/publication/e04fa3b8?page=192"> the legal, valid and binding obligation of the Co</a> <a title="M&A Boot Camp page 193" href="http://viewer.zmags.com/publication/e04fa3b8?page=193"> thereof and subject to the limitations, qualifica</a> <a title="M&A Boot Camp page 194" href="http://viewer.zmags.com/publication/e04fa3b8?page=194"> Transactions will: (a) conflict with or result in</a> <a title="M&A Boot Camp page 195" href="http://viewer.zmags.com/publication/e04fa3b8?page=195"> a written notice to Parent stating that it is wit</a> <a title="M&A Boot Camp page 196" href="http://viewer.zmags.com/publication/e04fa3b8?page=196"> (iii) amend or waive any of </a> <a title="M&A Boot Camp page 197" href="http://viewer.zmags.com/publication/e04fa3b8?page=197"> Acquired Company, or incur any indebtedness to, o</a> <a title="M&A Boot Camp page 198" href="http://viewer.zmags.com/publication/e04fa3b8?page=198"> (xix) enter into any Contrac</a> <a title="M&A Boot Camp page 199" href="http://viewer.zmags.com/publication/e04fa3b8?page=199"> reasonably be expected to have or result in a Mat</a> <a title="M&A Boot Camp page 200" href="http://viewer.zmags.com/publication/e04fa3b8?page=200"> information in connection with an Acquisition Pro</a> <a title="M&A Boot Camp page 201" href="http://viewer.zmags.com/publication/e04fa3b8?page=201"> Companies) which, if taken by the Company, would </a> <a title="M&A Boot Camp page 202" href="http://viewer.zmags.com/publication/e04fa3b8?page=202"> and unanimously approved the Contemplated Transac</a> <a title="M&A Boot Camp page 203" href="http://viewer.zmags.com/publication/e04fa3b8?page=203"> “Recommendation Change Notice”) (1) stating that </a> <a title="M&A Boot Camp page 204" href="http://viewer.zmags.com/publication/e04fa3b8?page=204"> Company’s stockholders under applicable Delaware </a> <a title="M&A Boot Camp page 205" href="http://viewer.zmags.com/publication/e04fa3b8?page=205"> withdrawal or modification of the Company Board R</a> <a title="M&A Boot Camp page 206" href="http://viewer.zmags.com/publication/e04fa3b8?page=206"> Converted RSU issued pursuant to this Section 5.3</a> <a title="M&A Boot Camp page 207" href="http://viewer.zmags.com/publication/e04fa3b8?page=207"> period during which shares may be purchased) shal</a> <a title="M&A Boot Camp page 208" href="http://viewer.zmags.com/publication/e04fa3b8?page=208"> (b) With respe</a> <a title="M&A Boot Camp page 209" href="http://viewer.zmags.com/publication/e04fa3b8?page=209"> directors and officers occurring prior to the Eff</a> <a title="M&A Boot Camp page 210" href="http://viewer.zmags.com/publication/e04fa3b8?page=210"> satisfied, then Parent and the Company shall forg</a> <a title="M&A Boot Camp page 211" href="http://viewer.zmags.com/publication/e04fa3b8?page=211"> such party’s employees to the extent required und</a> <a title="M&A Boot Camp page 212" href="http://viewer.zmags.com/publication/e04fa3b8?page=212"> 5.10 Resignation of Officers</a> <a title="M&A Boot Camp page 213" href="http://viewer.zmags.com/publication/e04fa3b8?page=213"> as of the foregoing dates: (i) all “Material Adve</a> <a title="M&A Boot Camp page 214" href="http://viewer.zmags.com/publication/e04fa3b8?page=214"> (b) The CFIUS Condition shall have been satisfied</a> <a title="M&A Boot Camp page 215" href="http://viewer.zmags.com/publication/e04fa3b8?page=215"> (b) No tempora</a> <a title="M&A Boot Camp page 216" href="http://viewer.zmags.com/publication/e04fa3b8?page=216"> (c) by either </a> <a title="M&A Boot Camp page 217" href="http://viewer.zmags.com/publication/e04fa3b8?page=217"> (i) by the Com</a> <a title="M&A Boot Camp page 218" href="http://viewer.zmags.com/publication/e04fa3b8?page=218"> disclosed, announced, commenced, submitted or mad</a> <a title="M&A Boot Camp page 219" href="http://viewer.zmags.com/publication/e04fa3b8?page=219"> occasion, whether or not such fee may be payable </a> <a title="M&A Boot Camp page 220" href="http://viewer.zmags.com/publication/e04fa3b8?page=220"> 9.2 Waiver. (</a> <a title="M&A Boot Camp page 221" href="http://viewer.zmags.com/publication/e04fa3b8?page=221"> by motion or other request for leave from such co</a> <a title="M&A Boot Camp page 222" href="http://viewer.zmags.com/publication/e04fa3b8?page=222"> behalf of the Company’s stockholders only by the </a> <a title="M&A Boot Camp page 223" href="http://viewer.zmags.com/publication/e04fa3b8?page=223"> with a copy (which shall not constitute notice) t</a> <a title="M&A Boot Camp page 224" href="http://viewer.zmags.com/publication/e04fa3b8?page=224"> (c) As used in </a> <a title="M&A Boot Camp page 225" href="http://viewer.zmags.com/publication/e04fa3b8?page=225"> IN WITNESS WHEREOF, the parties have caused this </a> <a title="M&A Boot Camp page 226" href="http://viewer.zmags.com/publication/e04fa3b8?page=226"> EXHIBIT A CERTAIN DEFINITIONS For purposes of t</a> <a title="M&A Boot Camp page 227" href="http://viewer.zmags.com/publication/e04fa3b8?page=227"> limited to the HSR Act, the Sherman Act (as amend</a> <a title="M&A Boot Camp page 228" href="http://viewer.zmags.com/publication/e04fa3b8?page=228"> “Company Associate” means any current or former e</a> <a title="M&A Boot Camp page 229" href="http://viewer.zmags.com/publication/e04fa3b8?page=229"> “Company IP” means: (a) all Intellectual Property</a> <a title="M&A Boot Camp page 230" href="http://viewer.zmags.com/publication/e04fa3b8?page=230"> “Company Technology” means all IT Systems and Com</a> <a title="M&A Boot Camp page 231" href="http://viewer.zmags.com/publication/e04fa3b8?page=231"> “DOJ” means the Antitrust Division of the U.S. De</a> <a title="M&A Boot Camp page 232" href="http://viewer.zmags.com/publication/e04fa3b8?page=232"> “Federal Antitrust Laws” means the merger regulat</a> <a title="M&A Boot Camp page 233" href="http://viewer.zmags.com/publication/e04fa3b8?page=233"> “Hazardous Materials” means any substance, materi</a> <a title="M&A Boot Camp page 234" href="http://viewer.zmags.com/publication/e04fa3b8?page=234"> server-based application, mobile application, clo</a> <a title="M&A Boot Camp page 235" href="http://viewer.zmags.com/publication/e04fa3b8?page=235"> determining whether a Material Adverse Effect has</a> <a title="M&A Boot Camp page 236" href="http://viewer.zmags.com/publication/e04fa3b8?page=236"> “Open Source Software” means software that is dis</a> <a title="M&A Boot Camp page 237" href="http://viewer.zmags.com/publication/e04fa3b8?page=237"> related parties in favor of the Acquired Companie</a> <a title="M&A Boot Camp page 238" href="http://viewer.zmags.com/publication/e04fa3b8?page=238"> “Significant Subsidiary” means, with respect to a</a> <a title="M&A Boot Camp page 239" href="http://viewer.zmags.com/publication/e04fa3b8?page=239"> “Takeover Statute” has the meaning assigned to su</a> <a title="M&A Boot Camp page 240" href="http://viewer.zmags.com/publication/e04fa3b8?page=240"> Company’s board of directors who votes on such ma</a> <a title="M&A Boot Camp page 241" href="http://viewer.zmags.com/publication/e04fa3b8?page=241"> EXHIBIT B PERSONS ENTERING INTO SUPPORT AGREEMEN</a> <a title="M&A Boot Camp page 242" href="http://viewer.zmags.com/publication/e04fa3b8?page=242"> EXHIBIT C CERTIFICATE OF INCORPORATION OF THE SU</a> <a title="M&A Boot Camp page 243" href="http://viewer.zmags.com/publication/e04fa3b8?page=243"> ARTICLE VI In furtherance a</a> <a title="M&A Boot Camp page 244" href="http://viewer.zmags.com/publication/e04fa3b8?page=244"> TAB 13 Drafting and negotiating pointers for juni</a> <a title="M&A Boot Camp page 245" href="http://viewer.zmags.com/publication/e04fa3b8?page=245"> Associate Training Materials M&A “Nuggets” & Car</a> <a title="M&A Boot Camp page 246" href="http://viewer.zmags.com/publication/e04fa3b8?page=246"> REPRESENTATIONS & WARRANTIES; SURVIVAL; NON-RELIA</a> <a title="M&A Boot Camp page 247" href="http://viewer.zmags.com/publication/e04fa3b8?page=247"> This is something of a catch-all provision pursua</a> <a title="M&A Boot Camp page 248" href="http://viewer.zmags.com/publication/e04fa3b8?page=248"> Let me read you the type of language that you sho</a> <a title="M&A Boot Camp page 249" href="http://viewer.zmags.com/publication/e04fa3b8?page=249"> and that the buyer, therefore, has the right to r</a> <a title="M&A Boot Camp page 250" href="http://viewer.zmags.com/publication/e04fa3b8?page=250"> the closing. So there is no post-closing indemnif</a> <a title="M&A Boot Camp page 251" href="http://viewer.zmags.com/publication/e04fa3b8?page=251"> CLOSING CONDITIONS/“WALK” RIGHTS The “Bring-Down</a> <a title="M&A Boot Camp page 252" href="http://viewer.zmags.com/publication/e04fa3b8?page=252"> some practitioners may not fully appreciate the i</a> <a title="M&A Boot Camp page 253" href="http://viewer.zmags.com/publication/e04fa3b8?page=253"> Sound complicated? Well I suppose it is, at least</a> <a title="M&A Boot Camp page 254" href="http://viewer.zmags.com/publication/e04fa3b8?page=254"> conditioned on the target company not having expe</a> <a title="M&A Boot Camp page 255" href="http://viewer.zmags.com/publication/e04fa3b8?page=255"> One important difference relates to the time peri</a> <a title="M&A Boot Camp page 256" href="http://viewer.zmags.com/publication/e04fa3b8?page=256"> representations in an acquisition agreement, incl</a> <a title="M&A Boot Camp page 257" href="http://viewer.zmags.com/publication/e04fa3b8?page=257"> M&A Cartoon: More on MACs [2013] M&</a> <a title="M&A Boot Camp page 258" href="http://viewer.zmags.com/publication/e04fa3b8?page=258"> INDEMNIFICATION; SANDBAGGING The Word “Indemnify</a> <a title="M&A Boot Camp page 259" href="http://viewer.zmags.com/publication/e04fa3b8?page=259"> Let me give you some language that makes it clear</a> <a title="M&A Boot Camp page 260" href="http://viewer.zmags.com/publication/e04fa3b8?page=260"> to “fraud or willful misconduct,” for example. Th</a> <a title="M&A Boot Camp page 261" href="http://viewer.zmags.com/publication/e04fa3b8?page=261"> Second, sometimes consequential damages are the o</a> <a title="M&A Boot Camp page 262" href="http://viewer.zmags.com/publication/e04fa3b8?page=262"> In the classic sandbagging scenario, the buyer do</a> <a title="M&A Boot Camp page 263" href="http://viewer.zmags.com/publication/e04fa3b8?page=263"> One possible explanation is that some practitione</a> <a title="M&A Boot Camp page 264" href="http://viewer.zmags.com/publication/e04fa3b8?page=264"> M&A Cartoon: Negotiating the Causal Nexus Verbiag</a> <a title="M&A Boot Camp page 265" href="http://viewer.zmags.com/publication/e04fa3b8?page=265"> MISCELLANEOUS Third-Party Beneficiaries [2005] </a> <a title="M&A Boot Camp page 266" href="http://viewer.zmags.com/publication/e04fa3b8?page=266"> But the lesson is clear. Lawyers for the parties </a> <a title="M&A Boot Camp page 267" href="http://viewer.zmags.com/publication/e04fa3b8?page=267"> again, my focus today will be limited to studies </a> <a title="M&A Boot Camp page 268" href="http://viewer.zmags.com/publication/e04fa3b8?page=268"> Now, what is buyer power ratio? The buyer power r</a> <a title="M&A Boot Camp page 269" href="http://viewer.zmags.com/publication/e04fa3b8?page=269"> bid for the target company in which the target co</a> <a title="M&A Boot Camp page 270" href="http://viewer.zmags.com/publication/e04fa3b8?page=270"> TAB 14 M&A jargon 270</a> <a title="M&A Boot Camp page 271" href="http://viewer.zmags.com/publication/e04fa3b8?page=271"> M&A Jargon Terms introduced and explained in M&A </a> <a title="M&A Boot Camp page 272" href="http://viewer.zmags.com/publication/e04fa3b8?page=272"> M&A Jargon Terms introduced and explained in M&A </a> <a title="M&A Boot Camp page 273" href="http://viewer.zmags.com/publication/e04fa3b8?page=273"> M&A Jargon Terms introduced and explained in M&A </a> <a title="M&A Boot Camp page 274" href="http://viewer.zmags.com/publication/e04fa3b8?page=274"> TAB 15 ABA Private Target M&A Deal Points Study (</a> <a title="M&A Boot Camp page 275" href="http://viewer.zmags.com/publication/e04fa3b8?page=275"> </a> <a title="M&A Boot Camp page 276" href="http://viewer.zmags.com/publication/e04fa3b8?page=276"> </a> <a title="M&A Boot Camp page 277" href="http://viewer.zmags.com/publication/e04fa3b8?page=277"> </a> <a title="M&A Boot Camp page 278" href="http://viewer.zmags.com/publication/e04fa3b8?page=278"> </a> <a title="M&A Boot Camp page 279" href="http://viewer.zmags.com/publication/e04fa3b8?page=279"> </a> <a title="M&A Boot Camp page 280" href="http://viewer.zmags.com/publication/e04fa3b8?page=280"> </a> <a title="M&A Boot Camp page 281" href="http://viewer.zmags.com/publication/e04fa3b8?page=281"> </a> <a title="M&A Boot Camp page 282" href="http://viewer.zmags.com/publication/e04fa3b8?page=282"> </a> <a title="M&A Boot Camp page 283" href="http://viewer.zmags.com/publication/e04fa3b8?page=283"> </a> <a title="M&A Boot Camp page 284" href="http://viewer.zmags.com/publication/e04fa3b8?page=284"> </a> <a title="M&A Boot Camp page 285" 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href="http://viewer.zmags.com/publication/e04fa3b8?page=324"> </a> <a title="M&A Boot Camp page 325" href="http://viewer.zmags.com/publication/e04fa3b8?page=325"> </a> <a title="M&A Boot Camp page 326" href="http://viewer.zmags.com/publication/e04fa3b8?page=326"> </a> <a title="M&A Boot Camp page 327" href="http://viewer.zmags.com/publication/e04fa3b8?page=327"> </a> <a title="M&A Boot Camp page 328" href="http://viewer.zmags.com/publication/e04fa3b8?page=328"> </a> <a title="M&A Boot Camp page 329" href="http://viewer.zmags.com/publication/e04fa3b8?page=329"> </a> <a title="M&A Boot Camp page 330" href="http://viewer.zmags.com/publication/e04fa3b8?page=330"> </a> <a title="M&A Boot Camp page 331" href="http://viewer.zmags.com/publication/e04fa3b8?page=331"> </a> <a title="M&A Boot Camp page 332" href="http://viewer.zmags.com/publication/e04fa3b8?page=332"> </a> <a title="M&A Boot Camp page 333" href="http://viewer.zmags.com/publication/e04fa3b8?page=333"> </a> <a title="M&A Boot Camp page 334" href="http://viewer.zmags.com/publication/e04fa3b8?page=334"> </a> <a title="M&A Boot Camp page 335" href="http://viewer.zmags.com/publication/e04fa3b8?page=335"> </a> <a title="M&A Boot Camp page 336" href="http://viewer.zmags.com/publication/e04fa3b8?page=336"> </a> <a title="M&A Boot Camp page 337" href="http://viewer.zmags.com/publication/e04fa3b8?page=337"> </a> <a title="M&A Boot Camp page 338" href="http://viewer.zmags.com/publication/e04fa3b8?page=338"> </a> <a title="M&A Boot Camp page 339" href="http://viewer.zmags.com/publication/e04fa3b8?page=339"> TAB 16 “Buyer Power Ratio” Deal Points Study (Rel</a> <a title="M&A Boot Camp page 340" href="http://viewer.zmags.com/publication/e04fa3b8?page=340"> Impact of “Buyer Power Ratio” on </a> <a title="M&A Boot Camp page 341" href="http://viewer.zmags.com/publication/e04fa3b8?page=341"> CONTENTS ABOUT THIS STUDY AND THE “BUYER POWER R</a> <a title="M&A Boot Camp page 342" href="http://viewer.zmags.com/publication/e04fa3b8?page=342"> ABOUT THIS STUDY AND THE “BUYER POWER RATIO”(cont</a> <a title="M&A Boot Camp page 343" href="http://viewer.zmags.com/publication/e04fa3b8?page=343"> DRAFT TERMINOLOGY USED IN THIS PRESENTATION </a> <a title="M&A Boot Camp page 344" href="http://viewer.zmags.com/publication/e04fa3b8?page=344"> Representations & Warranties </a> <a title="M&A Boot Camp page 345" href="http://viewer.zmags.com/publication/e04fa3b8?page=345"> “No undisclosed liabilities” representation Sam</a> <a title="M&A Boot Camp page 346" href="http://viewer.zmags.com/publication/e04fa3b8?page=346"> “No undisclosed liabilities” representation </a> <a title="M&A Boot Camp page 347" href="http://viewer.zmags.com/publication/e04fa3b8?page=347"> “10b-5” or “full disclosure” representation Sam</a> <a title="M&A Boot Camp page 348" href="http://viewer.zmags.com/publication/e04fa3b8?page=348"> “10b-5” or “full disclosure” representation </a> <a title="M&A Boot Camp page 349" href="http://viewer.zmags.com/publication/e04fa3b8?page=349"> “Accuracy of representations” condition – time</a> <a title="M&A Boot Camp page 350" href="http://viewer.zmags.com/publication/e04fa3b8?page=350"> “Accuracy of representations” condition – timing </a> <a title="M&A Boot Camp page 351" href="http://viewer.zmags.com/publication/e04fa3b8?page=351"> “Accuracy of representations” condition – </a> <a title="M&A Boot Camp page 352" href="http://viewer.zmags.com/publication/e04fa3b8?page=352"> “Accuracy of representations” condition – materia</a> <a title="M&A Boot Camp page 353" href="http://viewer.zmags.com/publication/e04fa3b8?page=353"> Indemnification and Related Provisions </a> <a title="M&A Boot Camp page 354" href="http://viewer.zmags.com/publication/e04fa3b8?page=354"> “Sandbagging” Sample provisions: pro-sandbaggi</a> <a title="M&A Boot Camp page 355" href="http://viewer.zmags.com/publication/e04fa3b8?page=355"> “Sandbagging” ! !! % , </a> <a title="M&A Boot Camp page 356" href="http://viewer.zmags.com/publication/e04fa3b8?page=356"> “Non-reliance” clause Sample provision: Non-r</a> <a title="M&A Boot Camp page 357" href="http://viewer.zmags.com/publication/e04fa3b8?page=357"> “Non-reliance” clause ! !! % </a> <a title="M&A Boot Camp page 358" href="http://viewer.zmags.com/publication/e04fa3b8?page=358"> “Consequential” damages exclusion ABA Data (2012</a> <a title="M&A Boot Camp page 359" href="http://viewer.zmags.com/publication/e04fa3b8?page=359"> IP cap in excess of escrow – in acquisitions</a> <a title="M&A Boot Camp page 360" href="http://viewer.zmags.com/publication/e04fa3b8?page=360"> IP cap in excess of escrow in acquisitions of tec</a> <a title="M&A Boot Camp page 361" href="http://viewer.zmags.com/publication/e04fa3b8?page=361"> Buyer's contractual obligation to mitigate losses</a> <a title="M&A Boot Camp page 362" href="http://viewer.zmags.com/publication/e04fa3b8?page=362"> Buyer's indemnifiable losses reduced by tax benef</a> <a title="M&A Boot Camp page 363" href="http://viewer.zmags.com/publication/e04fa3b8?page=363"> Buyer's indemnifiable losses reduced by tax benef</a> <a title="M&A Boot Camp page 364" href="http://viewer.zmags.com/publication/e04fa3b8?page=364"> The number of transactions in each category fo</a> <a title="M&A Boot Camp page 365" href="http://viewer.zmags.com/publication/e04fa3b8?page=365"> TAB 17 Caveats 365</a> <a title="M&A Boot Camp page 366" href="http://viewer.zmags.com/publication/e04fa3b8?page=366"> Caveats • These materials are intended merely to</a> <a title="M&A Boot Camp page 367" href="http://viewer.zmags.com/publication/e04fa3b8?page=367"> Alicante Amsterdam Baltimore Beijing Birmingham B</a>