Exhibit 2.2
PURCHASE AND TRANSFER AGREEMENT
FOR SHARES IN
RÖNTEC
AKTIENGESELLSCHAFT
WITH ITS REGISTERED OFFICE IN
BERLIN
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PURCHASE AND TRANSFER
AGREEMENT
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between
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Bruker AXS GmbH
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Östliche
Rheinbrückenstraße 50
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D-76167 Karlsruhe
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- hereinafter referred to as the “
Purchaser ” -
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and
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1.
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bmp Aktiengesellschaft
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Alt-Moabit 59-61
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D-10555 Berlin
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2.
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bmp Venture Tech GmbH
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Alt-Moabit 59-61
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D-10555 Berlin
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3.
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Ventegis Capital AG
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Kurfürstendamm 119
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D-10711 Berlin
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4.
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Mr. Martin Gander
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***
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5.
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Mr. Andreas Gatzke
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***
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6.
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Mr. Gert Kommichau
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***
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7.
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Mr. Klaus Kromer
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***
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8.
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Mr. Gerd Liebezeit
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***
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9.
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Mr. Manfred Maneck
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***
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10.
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Mr. Olaf Meibaum
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***
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11.
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Mr. Detlef Meinhardt
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***
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12.
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Mr. Rainer Schädlich
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***
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13.
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Herrn Thomas Schülein
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***
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14.
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Herrn Prof. Norbert Langhoff
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***
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15.
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Herrn Ulrich Waldschläger
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***
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- hereinafter referred to individually or
together as the “Sellers” -
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- the Sellers Nos. 4 through 15 are referred to
individually and together as the “Old Shareholders”,
and the Sellers Nos. 1 through 3 are also referred to individually
and jointly as the “Financial Investors” -
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- the Seller No. 1 is also referred to
hereinafter as “bmp AG” -
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- the Sellers and the Purchaser will hereinafter
also be referred to individually as a “Party” and
together as the “Parties” -
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[ ***] Indicates information has been omitted
and separately filed with the Securities and Exchange Commission
pursuant to an application for an order declaring confidential
treatment thereof.
TABLE OF CONTENTS
LIST OF DEFINITIONS
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Share/Shares
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see the Preamble
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Old Shareholders
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see page 3
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Banking Day
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every day on which banks are open in
Frankfurt am Main
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Base Purchase Price
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see Clause 3.1
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bmp AG
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see page 3
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Bruker-Röntec
Division
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is the business division currently
operated by RÖNTEC AG in Berlin, which will continue to be
conducted in Berlin, if applicable after a transformation [
Umwandlung ] of RÖNTEC AG or a merger [
Verschmelzung ] of RÖNTEC AG with the Purchaser.
If in the future the Purchaser wants to locate its own
divisions or divisions which are still to be acquired on the site
of RÖNTEC AG in Berlin, these divisions are not to be
attributed to the Bruker-Röntec Division for the purposes of
this Agreement and especially not for the purpose of determining
turnover in order to calculate an increase in the Purchase Price
pursuant to § 4.
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Retention Amount
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see Clause 3.3
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Supplemental Cash Purchase Price
2006 and 2007
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see Clause 4.4.1
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Supplemental Purchase Price
2006
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see Clause 4.1
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Supplemental Purchase Price
2007
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see Clause 4.2
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Supplemental Purchase Price in Kind
2006 and 2007
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see Clause 4.4.1
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Financial Investors
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see page 3
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Indemnification Claims
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see Clause 9.2
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Company
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see the Preamble
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Maximum Liability Amount
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see Clause 6.2
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Annual Financial
Statements
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see Clause 3.3.1
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Purchaser
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see page 2
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Sellers’ Knowledge
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see Clause 5.1.4
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Small Shareholders
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stockholders of RÖNTEC AG each
holding less than 0.5% of the shares in RÖNTEC AG
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Minimum Amount
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see Clause 6.3
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Party / Parties
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see page 3
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Reduction Amount
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see Clause 3.2
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Registered Shares
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see Clause 3.2.2
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RÖNTEC AG
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see Preamble
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RönTec GmbH
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see Preamble
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Threshold Amount
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see Clause 6.3
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Effective Transfer Date
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see Clause 1.3
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Sold Shares
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see Clause 2.1
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Seller
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see page 3
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Closing Date
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see Clause 2.2.1
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LIST OF EXHIBITS
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Exhibit P1
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Copy of the Share Register of
RÖNTEC AG
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Exhibit P3
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Draft of the Purchase and Transfer
Agreement with all Small Shareholders, each holding less than 0.5%
of the shares in RÖNTEC AG
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Exhibit P4 (Part 1)
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List of Shares and Shareholders of
RÖNTEC AG;
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Exhibit P4 (Part 2)
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Index of the Sellers and the Sold
Shares they own;
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Exhibit P4 (Part 3)
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Allocation of the Purchase Price
among the Sellers;
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Exhibit P4 (Part 4)
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Bank Accounts of the
Sellers;
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Exhibit 3.2.
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Subsidies for Subsidy Periods after
the Closing Date
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Exhibit 3.3.8
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Sample Confirmation of Receipt of
the Purchase Price
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Exhibit 3.3.5
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Confirmation by the Secretary of
Bruker BioSciences Corporation of the Transfer of Title to the
Registered Shares
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Exhibit 3.3.3
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Summary of the SEC Trading
Restrictions
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Exhibit 3.3.8
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Sample Confirmation of Receipt of
the Purchase Price
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Exhibit 5.3.1
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Excerpt from the Commercial Register
and Articles of RÖNTEC AG
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Exhibit 5.3.2
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Agreements on Silent Partnerships
with bmp AG, bmp Venture Tech GmbH and Venegis Capital
AG
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Exhibit 5.8
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List of the Company’s
Contingent Liabilities
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Exhibit 5.10
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List of all of the Company’s
Loan Agreements / Liabilities owed to Banks
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Exhibit 5.13
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List of all Patents, Trademarks and
Intellectual Property Rights of the Company
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Exhibit 5.15
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The Company’s Leases and Long
Term Contractual Relationships
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Exhibit 5.16
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Procurement Agreements of the
Company
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These exhibits are omitted in accordance with
Item 601(b)(2) of Regulation S-K. The Registrant will furnish
a copy of any omitted annex or exhibit to the Securities and
Exchange Commission supplementally upon request.
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Exhibit 5.17
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Service Agreements of the
Company
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Exhibit 5.18
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Consulting Agreements of the
Company
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Exhibit 5.19
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Distribution Agreements and
Commercial Agency Agreements of the Company
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Exhibit 5.23
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List of all Insurance Agreements of
the Company
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Exhibit 5.25
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Warranties given by the
Company
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Exhibit 5.27
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Compliance
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Exhibit 5.30
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Restrictions on
Competition
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Exhibit 5.31
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List of Agreements between the
Sellers and RÖNTEC AG
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Exhibit 6.1.2.a
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Disclosure Letter
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Exhibit 6.1.2.b
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Due Diligence Report of CMS Hasche
Sigle
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Exhibit 6.1.2.c
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Letter from William Knight dated 20
September 2005
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Exhibit 8.
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List of Liabilities for
Release
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Exhibit 11
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Stock Repurchase Agreement between
various Old Shareholders and Bruker BioSciences
Corporation
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These exhibits are omitted in
accordance with Item 601(b)(2) of Regulation S-K. The
Registrant will furnish a copy of any omitted annex or exhibit to
the Securities and Exchange Commission supplementally upon
request.
PREAMBLE
The Sellers hold a total of
3,035,080 shares of registered common stock in RÖNTEC
Aktiengesellschaft, with each share having a notional par value of
EUR 1.00. RÖNTEC Aktiengesellschaft has its registered office
in Berlin, is registered in the Commercial Register of the Local
Court Charlottenburg[ Amtsgericht ] of Berlin under no. HRB
72789 and has a share capital of EUR 3,064,968 (in words: three
million sixty-four thousand nine hundred and sixty-eight Euros)
(hereinafter referred to as “ RÖNTEC AG ”
or also as the “ Company ”). The share
capital is divided into a total of 3,064,968 shares of registered
common stock, each having a notional par value of EUR 1.00
(hereinafter collectively referred to as the “ Shares
” or individually as a “ Share
”).
A copy of the share register of
RÖNTEC AG, status 7 October 2005, is attached as Exhibit
P1 .
The Purchaser is registered in the
Commercial Register of the Local Court of Karlsruhe under no. HRB
7524. The Purchaser has its registered office in
Karlsruhe.
RÖNTEC AG is active in the
field of planning, development, production and distribution of
devices for materials and structural analysis using x-rays,
including applications in industry, research and academics.
The Company provides products in the form of complex system
solutions consisting of hardware and software, especially x-ray
spectrometers for x-ray microanalysis, micro x-ray fluoroscopic
spectrometers for the analysis of works of art, total reflection
spectrometers for environmental and trace analysis, energy
dispersion x-ray diffractometers for determining single crystal
characteristics as well as x-ray detectors for various
applications.
There are contracts on establishing
silent partnerships [ still e Gesellschaften ]
between RÖNTEC AG and Ventegis Capital AG, Berlin (Local Court
of Charlottenburg, no. HRB 57882), bmp Venture Tech GmbH, Berlin
(Local Court of Charlottenburg, no. HRB 68302) and bmp Mobility AG
Venture Capital, Berlin (Local Court of Charlottenburg, no.
HRB 65607). These silent partnerships were initially
concluded with RönTec-Gesellschaft für
Röntgenanalysen-Technik mbH (hereinafter referred to as
“ RönTec GmbH ”) and were transferred to
RÖNTEC AG after RönTec GmbH was merged with this
company. bmp Mobility AG Venture Capital, which in the
meantime has changed its name to bmp eBusiness AG Venture Capital,
transferred its rights under the silent partnership by an agreement
of 28 June 2000 to bmp Life Science AG, Berlin (Local Court of
Charlottenburg, HRB 67465). Both bmp Mobility AG Venture
Capital, which changed its name to bmp eBusiness AG, as well as bmp
Life Science AG have been merged in the meantime with bmp
Aktiengesellschaft, Berlin (Local Court of Charlottenburg, HRB
64077B), so that bmp Aktiengesellschaft, bmp Venture Tech GmbH as
well as Ventegis Capital AG hold silent participations in
RÖNTEC AG.
Under the above silent partnerships,
RÖNTEC AG is required to surrender part of its
profits.
RÖNTEC AG has granted Prof.
Norbert Langhoff an option to acquire *** shares in RÖNTEC AG
under a convertible bond dated 18 November 2002.
The Sellers as well as all other
shareholders in RÖNTEC AG intend to sell 100 % of the share
capital in RÖNTEC AG, i.e. all 3,064,968 shares. The
Purchaser intends to acquire the above Shares. It is intended that
those shareholders in RÖNTEC AG, who are not parties to this
Agreement and who each hold less than 0.5 % of the Shares of
RÖNTEC AG (hereinafter, the “ Small Shareholders
”) will sell and transfer all of the shares they hold in
RÖNTEC AG to the Purchaser under a separate share purchase and
transfer agreement. The draft of this agreement is attached
as Exhibit P3 .
The Purchaser also intends after
acquiring all shares in RÖNTEC AG to transform the legal form
into a company with limited liability [ Gesellschaft mit
beschränkter Haftung ] and then change the fiscal year to
the calendar year. This can also be accomplished by merging
RÖNTEC AG with the Purchaser, whereby the division of the
current RÖNTEC AG would then be continued, for example, as
“Bruker-Röntec Division” at the site in Berlin as
a branch of the Purchaser.
The Purchaser also intends to
strengthen the equity capital of RÖNTEC AG after the above
acquisition of all shares in RÖNTEC AG. This can be
accomplished on the one hand by obtaining releases from the current
liabilities of RÖNTEC AG owed to third parties, and also by
direct contribution of funds to RÖNTEC AG.
The Parties are aware that the
Exhibits attached to this Agreement are presently not complete and
also are only preliminary in nature, meaning that changes in these
Exhibits can occur up to the Closing Date. The final
Exhibits, which are supposed to be binding on the Parties, will be
exchanged between the Parties on the Closing Date and will be
attached to this Agreement.
Now therefore, the Parties agree as
follows:
[ ***] Indicates information has been omitted
and separately filed with the Securities and Exchange Commission
pursuant to an application for an order declaring confidential
treatment thereof.
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§ 1
COMPANY DETAILS
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1.1
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Company Details
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RÖNTEC AG is a stock
corporation [ Aktiengesellschaft ] existing under German law
with the name “RÖNTEC Aktiengesellschaft”, which
has its registered office in Berlin and is registered in the
Commercial Register of the Local Court of Charlottenburg under no.
HRB 72789.
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1.2
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Share Capital of RÖNTEC
AG
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The share capital of RÖNTEC AG
is EUR 3,064,968.00 (in words: three million sixty-four thousand
nine hundred sixty-eight Euros) and is fully paid in. The share
capital consists of 3,064,968 registered shares of common stock
having a notional value of EUR 1.00 each, which are held as set
forth in Exhibit P4 (Part 1). All shares and the
shareholders listed in Exhibit P4 (Part 1) are registered in the
Share Register of RÖNTEC AG. The shares do not have
certificates.
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1.3
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Effective Transfer Date
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The effective transfer date within
the meaning of this Purchase and Transfer Agreement is 7 October
2005, 24:00 hours (hereinafter referred to as the “
Effective Transfer Date ”).
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§ 2
SALE OF SHARES; ENTITLEMENT TO DIVIDENDS
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2.1
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Sale of Shares
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The Sellers hereby sell to the
Purchaser, which accepts the sale, all shares in RÖNTEC AG
which they hold and are listed in Exhibit P4 (Part 2)
(hereinafter referred to as the “ Sold Shares ”)
with economic effect as of the Effective Transfer Date pursuant to
the provisions of this Purchase and Transfer Agreement. The sale of
the Sold Shares includes all related claims and other rights
including the right to a dividend for the current fiscal year and
all previous fiscal years.
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2.2
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Transfer; Consents
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Subject to the condition precedent
of payment of the Base Purchase Price pursuant to Clauses 3.1,
3.3.1, 3.3.3 through 3.3.6 minus a withheld amount of EUR *** under
Clause 3.3.1 for the Financial Investors, the Sellers transfer to
the Purchaser the Sold Shares under Clause 2.1 including all
related claims and other rights such as the dividend right for the
current fiscal year and all past fiscal years. In execution hereof,
the Sellers assign to the Purchaser the Sold Shares subject to the
above condition precedent. The Purchaser accepts the assignment.
The date on which the Base Purchase Price under Clauses 3.1, 3.3.1,
3.3.3 through 3.3.6 minus the Retention Amount for the Financial
Investors under Clause 3.3.1 is paid to the Sellers and title to
the Sold Shares thereby passes to the Purchaser is hereinafter
referred to as the “ Closing Date ”.
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§ 3
PURCHASE PRICE; PAYMENT METHOD
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3.1
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Base Purchase Price
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The Purchase Price to be paid by the
Purchaser to the Sellers for the Sold Shares which are sold and
transferred under Clause 2.1 of this Purchase and Transfer
Agreement as well as for all other performance and actions of the
Sellers pursuant to this Purchase and Transfer Agreement is
EUR 3,085,119.00, hereinafter referred to as the “
Base Purchase Price ”), which is allocated to the
Sellers in accordance with the information in
Exhibit P4 (Part 3).
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3.2
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Adjustment of the Purchase
Price
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If the subsidies for subsidy periods
after the Closing Date listed in Exhibit 3.2 are reduced
during a period of 12 calendar months after the Closing Date
compared to the amount set forth in Exhibit 3.2 because the
acquisition of the shares in RÖNTEC AG by the Purchaser means
that the prerequisites for a continued grant of the listed
subsidies are no longer met, the share of the Base Purchase Price
under Clause 3.1 allocable to the Financial Investors and, thus,
the Base Purchase Price itself will be reduced by a total of *** of
the amount by which the subsidies listed in Exhibit 3.2 in the
mentioned period of time are reduced compared to the amounts listed
in Exhibit 3.2 (the amount by which the Base Purchase Price is
reduced under the above calculation is hereinafter
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[ ***] Indicates information has
been omitted and separately filed with the Securities and Exchange
Commission pursuant to an application for an order declaring
confidential treatment thereof.
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referred to as the “
Reduction Amount ”. The Reduction Amount is limited to
a maximum of EUR *** and is allocated to the Financial Investors in
a manner proportionate to their respective interests in the Base
Purchase Price as set forth in Exhibit P4 (Part 3). The
Purchase Price will not be adjusted if a final and binding subsidy
ruling has been presented to the Purchaser prior to the applicable
reduction in the subsidies, and such ruling provides an assurance
that the subsidies listed in Exhibit 3.2 will not be reduced below
the amounts listed in Exhibit 3.2 on the grounds that the
prerequisites for the further grant of the listed subsidies
continue to exist despite the acquisition of the shares in
RÖNTEC AG by the Purchaser.
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3.3
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Due Date, Allocation and Payment of
the Purchase Price
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3.3.1
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The Base Purchase Price minus a
retained amount of EUR *** (hereinafter referred to as the
“ Retention Amount ”) is to be paid pursuant to
the provisions in Clauses 3.3.3 et seq . within five Banking
Days after all of the following conditions have
occurred:
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a)
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Proof of the extension of the
existing lease agreement between RÖNTEC AG and WISTA AG for
the property currently used by RÖNTEC AG in
Schwarzschildstrasse 12, 12489 Berlin. The extension must be for a
period of at least 3 years and on the current
conditions;
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b)
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Presentation of a confirmation from
WISTA AG that it will not terminate the lease with RÖNTEC AG
for the property currently used by RÖNTEC AG in
Schwarzschildstrasse 12, 12489 Berlin, as a result of the transfer
of a majority of the shares or all of the shares in RÖNTEC AG
to the Purchaser;
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c)
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Valid conclusion of the share
purchase and transfer agreement with the Small Shareholders of
RÖNTEC AG attached as Exhibit P3;
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d)
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Presentation of a confirmation from
the *** that RÖNTEC AG has properly and fully settled all
license fees *** in the past;
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e)
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Valid conclusion of a Stock
Repurchase Agreement pursuant to Exhibit 11 between Bruker
BioSciences Corporation and each Old shareholder, except for the
Old shareholders Martin Gander, Rainer Schädlich, Gerd
Liebezeit and Prof. Dr. Norbert Langhoff;
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[ ***] Indicates information has
been omitted and separately filed with the Securities and Exchange
Commission pursuant to an application for an order declaring
confidential treatment thereof.
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f)
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Presentation of the audited annual
financial statements of RÖNTEC AG for the fiscal year ending
on 30 June 2005, affixed with an unqualified auditor’s
opinion (hereinafter referred to as the “ Annual Financial
Statements 2005 ”, and together with the annual financial
statements for 30 June 2004, the “ Annual Financial
Statements ”);
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g)
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All members of the Supervisory Board
have given written notices of resignation, according to which each
of them resigns from his office as a member of the Supervisory
Board effective at the point in time of transfer of all shares in
RÖNTEC AG to the Purchaser;
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h)
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The shareholders’ meeting of
RÖNTEC AG has consented to the transfer of the 219,351 shares
of common stock to Ventegis Capital AG under the agreement of 29
October/3 November 2004, to the transfer of all Shares to the
Purchaser as well as the cancellation of the agreements on partial
transfer of profits with bmp Aktiengesellschaft, bmp Venture Tech
GmbH and Ventegis Capital AG;
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i)
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Cancellation of the option agreement
between RÖNTEC AG and Prof. Norbert Langhoff as well as
conclusion of an agreement with Prof. Norbert Langhoff to the
effect that the bond of RÖNTEC AG in the nominal amount of EUR
5,000.00 which was subscribed to by Prof. Norbert Langhoff will be
redeemed in the near future;
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j)
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Approval of all resolutions adopted
by the shareholders’ meeting of RÖNTEC AG since 2 April
2002 by the two equally entitled beneficiaries of the estate of
Hans-Eberhard Gorny, Valentina Gorny and Xenia Gorny;
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k)
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Presentation of all completed
Exhibits to this Agreement in a form acceptable to all Parties and
written confirmation of the Parties or their representatives to
this effect;
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l)
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Cancellation of all existing
participation agreements between shareholders in RÖNTEC AG and
RÖNTEC AG itself, if any;
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m)
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Conclusion of a cancellation
agreement for the silent partnerships/partial transfer of profits
agreements listed in Exhibit 5.3.2 with bmp Aktiengesellschaft, bmp
Venture Tech GmbH and Ventegis Capital AG effective as of the
Closing Date;
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n)
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Performance of a due diligence
examination at RÖNTEC USA Inc. with a result satisfactory to
the Purchaser.
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The Purchaser is entitled to
completely or partially waive the occurrence of the above
conditions by declaration to the Sellers. If the above conditions
precedent have not occurred by no later than 18 November 2005 or,
in the case of non-occurrence, if the Purchaser has not waived the
occurrence of the respective condition which has not occurred by no
later than 18 November 2005, the Purchaser on the one hand and the
Sellers holding at least 45% of the share capital acting jointly on
the other hand can withdraw from this Agreement by declaration
given to the Sellers. Sellers who jointly hold at least 45% of the
share capital and act jointly are entitled in the case of the
non-occurrence of the condition under point k) to withdraw
regardless of any declaration of waiver by the Purchaser, but not
before 19 November 2005. If the Purchaser withdraws from this
Agreement pursuant to this Clause 3.3.1, claims of the Sellers
against the Purchaser based on or as a result of the withdrawal
from this Agreement are excluded.
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3.3.2
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The Retention Amount allocated to
the Financial Investors in the amount of EUR ***, minus any
Reduction Amount under Clause 3.2, is to be paid within 15 Banking
Days of the earlier of 15 March 2007 or the date upon which a final
and binding subsidy ruling is presented, according to which the
subsidies listed in Exhibit 3.2 will not be reduced below the
amounts listed in Exhibit 3.2 on the grounds that the conditions
for the continuing grant of the listed subsidies are no longer
present as a result of the acquisition of the Shares in RÖNTEC
AG by the Purchaser; to the extent that the date determined in the
above manner is not a Banking Day, payment shall be made on the
next Banking Day. The payments are to be made to the Financial
Investors proportionate to their respective interests in the Base
Purchase Price, as set forth in Exhibit P4 (Part
3).
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3.3.3
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The Base Purchase Price less the
Retention Amount is to be paid to the Financial Investors and the
Old Shareholders as follows: the amount payable to the Financial
Investors must be wholly rendered in cash, while 25% of the amount
payable to the Old Shareholders must be rendered in cash and 75%
must be in the form of registered shares (each with a par value of
US Dollars 0.01) in the American company, Bruker BioSciences
Corporation, with its registered office in Billerica, MA 01821, USA
(hereinafter, the “ Registered Shares ”). The
Purchaser guarantees that it is able to transfer to the respective
Sellers title to the Registered Shares free of title rights of
third parties as part of the Base Purchase Price. This does not
apply to the rights resulting under the Stock Repurchase Agreement
pursuant to Exhibit 11 which must still be concluded.
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[ ***] Indicates information has been omitted
and separately filed with the Securities and Exchange Commission
pursuant to an application for an order declaring confidential
treatment thereof.
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3.3.4
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The Base Purchase Price is allocated
to the individual Sellers on a proportionate basis as set forth in
Exhibit P4 (Part 3). To the extent that the Base Purchase
Price under Clause 3.2 is to be adjusted for any Reduction Amount,
the adjustment only affects the Financial Investors proportionate
to their respective interests in the Base Purchase Price as set
forth in Exhibit P4 (Part 3).
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3.3.5
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To the extent that the Base Purchase
Price is to be paid in cash, it is to be paid by transfer to the
bank accounts set forth for each Seller in Exhibit P4 (Part
4). To the extent that the Base Purchase Price is to be paid to the
Old Shareholders in the form of Registered Shares, the number of
Registered Shares calculated according to the provision in Clause
3.6 is to be transferred to the Old Shareholders, and the transfer
of title is to be confirmed by the Secretary of Bruker BioSciences
Corporation using the draft letter attached as Exhibit 3.3.5
, and copies of the stock certificates are to be presented. Upon
confirmation by the Secretary of Bruker BioSciences Corporation,
the Registered Shares to be transferred to the Old Shareholders on
a proportionate basis as part of the Base Purchase Price are also
deemed to have been provided for purposes of fulfilling the
condition precedent set forth in Clause 2.2.
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3.3.6.1
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The number of Registered Shares to
be transferred to the respective Old Shareholders is calculated by
allocating 75% of the Base Purchase Price to be paid to each Old
Shareholder, exchanged into US Dollars at the exchange rate
applicable on the Effective Transfer Date, which amount is then
divided by the average price over the last 3 months prior to the
Effective Transfer Date for the Registered Shares traded on the
Nasdaq.
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3.3.6.2
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When calculating the Registered
Shares to be allocated to the individual Old Shareholders, the
number of Registered Shares for the respective Old Shareholder is
to be rounded up to the next whole number. For example, if an Old
Shareholder is to notionally receive 100.21 Registered Shares, the
Old Shareholder should receive a total of 101 Registered Shares
after rounding.
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3.3.6.4
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The exchange rate applicable for
exchanging Euros into US Dollars as of the Effective Transfer Date
is to be determined as follows: the rate fixed at 13:00 by Deutsche
Bank (DBREF), according to the information under www.db-markets.de.
The exchange rate as of the Effective Transfer Date of 7 October
2005 is, therefore, 1.2145 US$ = 1 EUR.
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3.3.7
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The Old Shareholders, except for the
Old Shareholders Martin Gander, Rainer Schädlich, Gerd
Liebezeit and Prof. Dr. Norbert Langhoff, are restricted in their
ability to transact with the Registered Shares received as purchase
price in kind in accordance with the provisions in the Stock
Repurchase Agreement attached as Exhibit 11. All Sellers are also
instructed that the Registered
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Shares are subject to the SEC
Trading Restrictions and that the Sellers must comply with these. A
brief summary of the SEC Trading Restrictions is attached as
Exhibit 3.3.3.
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3.3.8
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Each Seller personally undertakes to
confirm to the Purchaser the receipt of the respective Purchase
Price pursuant to Exhibit P4 (Part 3) in the bank accounts set
forth in Exhibit P4 (Part 4) without undue delay after receipt of
payment. The Sellers will issue the declaration of confirmation
using the form attached as Exhibit 3.3.8 .
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§ 4
PURCHASE PRICE INCREASE
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4.1
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Supplemental Purchase Price
2006
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The Purchase Price for the Old
Shareholders is to be increased by *** of the amount by which the
turnover [ Umsatz ] of RÖNTEC AG or the
Bruker-Röntec Division exceeds an amount of EUR *** during the
period between 1 January 2006 and 31 December 2006 (hereinafter
referred to as the “ Supplemental Purchase Price 2006
”). Thus, if the turnover of Bruker-Röntec Division does
not exceed the amount of EUR *** in the stated period of time, no
Supplemental Purchase Price 2006 is to be paid. In the event that
the Bruker Röntec Division is expanded in the field of x-ray
microanalysis by the acquisition of other activities, the
Supplemental Purchase Price 2006 is limited to a total amount of
EUR ***. The maximum amount of EUR *** results from subtracting the
amount allocable to the Small Shareholders (EUR ***) from EUR ***.
The Supplemental Purchase Price 2006 will be distributed among the
Old Shareholders Pursuant to the information in Exhibit P4
(Part 3). The Financial Investors do not receive any portion of the
Supplemental Purchase Price 2006.
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4.2
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Supplemental Purchase Price
2007
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The Purchase Price allocable to the
Old Shareholders is to be further increased by *** of the amount by
which the turnover of RÖNTEC AG or the Bruker-Röntec
Division during the period between 1 January 2007 and 31 December
2007 exceeds the turnover during the period between 1 January 2006
and 31 December 2006 (hereinafter referred to as the “
Supplemental Purchase Price 2007 ”). If the turnover
during the period between 1 January 2006 and 31
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[ ***] Indicates information has
been omitted and separately filed with the Securities and Exchange
Commission pursuant to an application for an order declaring
confidential treatment thereof.
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December 2006 is less than EUR ***,
the Supplemental Purchase Price 2007 is *** of the amount by which
the turnover of the Bruker-Röntec Division during the period
between 1 January 2007 and 31 December 2007 exceeds EUR ***. Thus,
if the turnover of the Bruker-Röntec Division during the
period between 1 January 2007 and 31 December 2007 does not exceed
EUR ***, or if it does not exceed the turnover during the period
between 1 January 2006 and 31 December 2006, no Supplemental
Purchase Price 2007 is to be paid. In the event that the
Bruker-Röntec Division is expanded in the field of x-ray
microanalysis by the acquisition of other activities, the
Supplemental Purchase Price 2007 is limited to a total of EUR ***.
The maximum amount of EUR *** results from subtracting the amount
allocable to the Small Shareholders (EUR ***) from EUR ***. The
Supplemental Purchase Price 2007 will be distributed among the Old
Shareholders Pursuant to the information in Exhibit P4 (Part
3). The Financial Investors do not receive any portion of the
Supplemental Purchase Price 2007.
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4.3
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Determination of the Relevant
Turnover
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4.3.1
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The turnover used to determine the
Supplemental Purchase Price 2006 and the Supplemental Purchase
Price 2007 during the periods set forth in Clauses 4.1 and 4.2 is
to be determined on the basis of US GAAP as applied by the
Purchaser. The Old Shareholders, to the extent that they are in a
service or employment relationship with RÖNTEC AG, undertake
not to shift turnover of RÖNTEC AG or the Bruker-Röntec
Division ordinarily anticipated in the calendar year 2005 to the
calendar year 2006 or to shift turnover ordinarily anticipated in
the calendar year 2007 or 2008 to the respective preceding calendar
year.
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4.3.2
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To the extent that product lines of
the Bruker-Röntec Division are moved to other sites of the
Purchaser, the turnover of Bruker-Röntec generated there is to
be added for purposes of calculating the Supplemental Purchase
Prices.
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4.3.3
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Thomas Schülein is exclusively
entitled to manage and supervise, alone and/or with the help of
advisers, the preparation and audit of the turnover figures for the
stated calendar years and to inspect the relevant
documents.
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[ ***] Indicates information has
been omitted and separately filed with the Securities and Exchange
Commission pursuant to an application for an order declaring
confidential treatment thereof.
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4.4
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Due Date, Payment and Adjustment of
the Supplemental Purchase Prices
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4.4.1
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With regard to the portions of the
Supplemental Purchase Price 2006 and the Supplemental Purchase
Price 2007 payable to the Old Shareholders, 50% is to be paid in
cash (“ Supplemental Cash Purchase Price 2006 ”
or “ Supplemental Cash Purchase Price 2007 ”)
and 50% is to be paid in Restricted Shares (“ Supplemental
Purchase Price in Kind 2006 or “ Supplemental Purchase
Price in Kind 2007 ”) to the Old Shareholders.
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4.4.2
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The Supplemental Cash Purchase Price
2006, the Supplemental Cash Purchase Price 2007 and the
Supplemental Purchase Price in Kind 2007 to be determined and paid
to the Old Shareholders pursuant to the provisions in Clauses 4.1,
4.2 and 4.4.1 is reduced, however, by the Reduction Amount, i.e. by
a total of 50% of that amount by which the subsidies for subsidy
periods after the Closing Date set forth in Exhibit 3.2 are reduced
during a period of 12 calendar months after the Closing Date; the
reduction shall not, however, exceed EUR 100,000.00. The Reduction
Amount is first to be set off against the Supplemental Cash
Purchase Price 2006 and, in the event that the Reduction Amount
exceeds the Supplemental Cash Purchase Price 2006, the difference
is then to be set off against the Supplemental Cash Purchase Price
2007 and, in the event that the Reduction Amount exceeds the
Supplemental Cash Purchase Price 2006 and the Supplemental Cash
Purchase Price 2007, any remaining difference shall be set off
against the Supplemental Purchase Price in Kind 2007.
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4.4.3
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The Supplemental Cash Purchase Price
2006 and the Supplemental Purchase Price in Kind 2006 are due for
payment on 15 March 2007; the Supplemental Cash Purchase Price 2007
and the Supplemental Purchase Price in Kind 2007 are due on 15
March 2008 or, if any of the above dates is not a Banking Day, on
the next Banking Day, in each case less any reductions pursuant to
Clause 4.4.2.
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4.4.4
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The Supplemental Cash Purchase Price
2006 and the Supplemental Cash Purchase Price 2007, less any
reductions under Clause 4.4.2, are allocated to the Old
Shareholders proportionate to their respective interests in the
Base Purchase Price as set forth in Exhibit P4 (Part 3) and
are to be paid by transfer to the bank accounts of the respective
Old Shareholder set forth in the above Exhibit. The provision under
Clause 3.3.8 applies mutatis mutandis .
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4.4.5
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The Supplemental Purchase Price in
Kind 2006 and the Supplemental Purchase Price in Kind 2007, less
any reductions under Clause 4.4.2, are allocated to the Old
Shareholders proportionate to their respective interests in the
Purchase Price as set forth in Exhibit P4 (Part 3) and are
to be rendered by transfer of Registered Shares to the Old
shareholders. When determining the
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number of Registered Shares to be
transferred as Supplemental Purchase Price in Kind 2006 and
Supplemental Purchase Price in Kind 2007, the provisions in Clauses
3.3.6.1 through 3.3.7 apply accordingly, except that that the
relevant rates for the exchange of Euros into US Dollars as well as
for determining the relevant closing price of the Registered Shares
traded on the Nasdaq will be determined as of 10 March 2007 for the
Supplemental Purchase Price in Kind 2006 and on 10 March 2008 for
the Supplemental Purchase Price in Kind 2007 or, to the extent that
these dates are not Banking Days, on the next Banking
Day.
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4.4.6
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The Purchaser is entitled at any
time to pay the Supplemental Purchase Price in Kind 2006 or the
Supplemental Purchase Price in Kind 2007 completely or partially in
cash to the bank accounts of the Sellers set forth in Exhibit P3
(Part 4).
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4.5
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Loss of Claim for Payment of a
Supplemental Purchase Price
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The claim of the Old Shareholders,
except for the Old Shareholders Martin Gander, Rainer
Schädlich, Gerd Liebezeit and Prof. Dr. Norbert Langhoff, for
payment of a Supplemental Purchase Price 2006 and/or payment of a
Supplemental Purchase Price 2007 is lost if the employment or
service relationship with the relevant Old Shareholder is
terminated by the relevant Old Shareholder prior to 15 March 2007
in the case of the Supplemental Purchase Price 2006 or before 15
March 2008 in the case of the Supplemental Purchase Price 2007. The
claim of the Old Shareholders, except for the Old Shareholders
Martin Gander, Rainer Schädlich, Gerd Liebezeit and Prof. Dr.
Norbert Langhoff, for payment of a Supplemental Purchase Price in
Kind 2006 and/or payment of a Supplemental Purchase Price in Kind
2007 is also lost if the employment or service relationship with
the relevant Old Shareholder is terminated by RÖNTEC AG or its
legal successor for good cause [ wichtiger Grund ] prior to
15 March 2007 in the case of the Supplemental Purchase Price in
Kind 2006 or prior to 15 March 2008 in the case of the Supplemental
Purchase Price in
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