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EXHIBIT 2.2
31 December 2006
FIRST AMENDMENT TO
SHARE PURCHASE AGREEMENT
in respect of the TechTeam Stock in Advanced Network Engineering
NV
between
Peter De Gendt, Wim De Geetere, Werner Meynaerts, Pascal
Claessens
and Christophe Gesqueire as Sellers
and
TechTeam Global NV as Purchaser
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FIRST AMENDMENT TO
SHARE PURCHASE AGREEMENT
BETWEEN: (1) PETER DE GENDT, residing at Offerlaan 144, B-9000
Ghent,
Belgium,
hereinafter referred to as "SELLER 1";
(2) WIM DE GEETERE, residing at IJsbeerlaan 9, B-9850
Nevele,
Belgium,
hereinafter referred to as "SELLER 2";
(3) WERNER MEYNAERTS, residing at Zavelstraat 75, B-3010
Kessel-Lo,
Belgium,
hereinafter referred to as "SELLER 3";
(4) PASCAL CLAESSENS, residing at Haakveld 29, B-2547 Lint,
Belgium,
hereinafter referred to as "SELLER 4";
(5) CHRISTOPHE GESQUEIRE, residing at Broekstraat 10, B-9500
Geraardsbergen, Belgium,
hereinafter referred to as "SELLER 5";
hereinafter jointly referred to as the "SELLERS";
AND: (6) TECHTEAM GLOBAL NV, a company organised and existing
under the
laws of Belgium, having its registered office at
Zweefvliegtuigstraat 10, B-1130 Haren (Brussels), registered
with the register of legal entities (enterprise number
0458.468.124),
represented for the purposes of this Agreement by Christoph
Neut,
hereinafter referred to as the "PURCHASER";
(7) TECHTEAM GLOBAL, INC., a corporation organised and
existing
under the laws of the State of Delaware, USA, having its
registered office at 27335 W. 11 Mile Road, Southfield, MI
48033
USA.
represented for the purposes of this Agreement by Marc J.
Lichtman,
hereinafter referred to as the "TECHTEAM";
Amended TechTeam_ANE_SPA 18-12-06
2
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WHEREAS:
(A) The Sellers sold their interest in Advanced Network
Engineering NV, a
company organised and existing under the laws of Belgium, having
its
registered office at Casinoplein 16, B-9000 Ghent, Belgium,
registered with
the register of legal entities (enterprise number
0436.127.143)
(hereinafter referred to as the "COMPANY") to Purchaser in the
Share
Purchase Agreement dated 13 May 2004 ("SPA").
(B) The SPA provided that the Sellers could earn additional
purchase price
consideration in the event the Operating Income of the Company
reached or
exceeded E780,000.00 for the three-year period, ending May 13,
2007, after
the sale of the Company ("Earn-Out").
(C) Based upon changes in the business of the Company, as a
subsidiary of the
Purchaser, there is uncertainty regarding whether the Sellers
have or will
earn the additional purchase price consideration set forth in
Section 3.2
of the SPA, and the Parties wish to resolve any potential
dispute by
amending the Earn-Out as set forth herein.
(D) Inasmuch as the compromise involves the issuance of the
common stock of
TechTeam, the parties agree that TechTeam shall be a party to
this
Amendment.
IT IS AGREED AS FOLLOWS:
SECTION 3.2. EARN-OUT AMOUNT. Section 3.2 Earn-Out Amount is
deleted
in its entirety and replaced by the following:
3.2.1 Purchaser shall pay Sellers the following amounts:
(a) Seller 1. E16,200
(b) Seller 2. E20,100
(c) Seller 3. E9,600
(d) Seller 4. E12,864
(e) Seller 5. E9,600
3.2.2 TechTeam shall issue to the following Sellers a number of
shares
of TechTeam common stock equivalent to the euro amount set
forth
below, as calculated by Section 3.2.3 ("TechTeam Stock"):
3.2.2.1.1 Seller 1. E16,200
3.2.2.1.2 Seller 3. E9,600
3.2.2.1.3 Seller 5. E9,600
3.2.3 Calculation of Number of Shares of TechTeam Stock. The
number of
shares of TechTeam Stock shall be calculated by (i)
converting
the consideration in euros to U.S. dollars using the E/US$
spot
exchange rate published by the Wall Street Journal on the
date
three (3) Business Days prior to the date this Amendment is
executed ("Execution Date") (the result being the "Dollar
Consideration"); and (ii) dividing the Dollar Consideration
by
the average closing share
Amended TechTeam_ANE_SPA 18-12-06
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price of TechTeam Stock as listed on the NASDAQ Stock Market
for
the three (3) Business Days prior to, and the three (3)
Business
Days following, the Execution Date (the "Average Closing
Price"). No fractional shares of TechTeam Stock will be
issued.
In lieu of any such fractional shares, each Seller who would
otherwise have been entitled to a fraction of a share of
TechTeam Stock shall be entitled to receive a cash payment
in
lieu of such fractional share determined by multiplying (A)
the
Average Closing Price of a whole share of TechTeam Stock by
(B)
the fractional share interest to which such holder would
otherwise be entitled, which amount shall be paid to each
Seller
with payments made under Section 3.2.1.
3.2.4 Issuance of Securities. The TechTeam Stock has been duly
and
validly authorized for issuance, offer and sale pursuant to
this
Agreement and, when issued and delivered as provided
hereunder
against payment in accordance with the terms hereof, shall
be
valid and binding obligations of TechTeam enforceable in
accordance with their respective terms.
3.2.5 Restrictions on TechTeam Stock. Each Seller who
receives
TechTeam Stock understands and agrees that the shares
granted
hereunder are restricted as follows:
3.2.5.1 Vesting Schedule. The TechTeam Stock will vest in
three
equal parts on December 31, 2007, December 31, 2008, and
December 31, 2009, provided that, for each individual
Seller, the management company owned by that Seller is
still providing services to the Company or an Affiliate
on the applicable vesting date. No Seller may sell or
transfer any of the TechTeam Stock until they are
vested. If a Seller's management company is not
providing services to the Company or an Affiliate as a
result of death or disability of a Seller, that Seller's
TechTeam Stock will become fully vested as of the last
date services
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