TRANSITION SERVICES
AGREEMENT
TRANSITION SERVICES
AGREEMENT
This TRANSITION
SERVICES AGREEMENT, dated as of ___, 2006 (this “
Agreement ”), is by and between ProQuest Company, a
Delaware corporation (“ Seller ”), and Snap-on
Incorporated, a Delaware corporation (“ Buyer
”). Seller and Buyer may be referred to in this Agreement
individually as a “ Party ” or collectively as
“ Parties .” Capitalized terms used herein shall
have the meanings set forth in Article I unless otherwise
defined herein.
WHEREAS, Seller
and Buyer entered into a Stock and Asset Purchase Agreement, dated
as of October 20, 2006 (the “ Purchase Agreement
”), pursuant to which Buyer agreed to acquire the Acquired
Business from Seller;
WHEREAS,
Seller’s operations other than the Acquired Business
currently provide certain services to the Acquired Business, and
the Acquired Business currently provides certain services to Seller
and its Subsidiaries;
WHEREAS,
(i) Buyer wishes that Seller or one of its Subsidiaries
continue to provide certain of such services to Buyer after the
Closing so that Buyer may operate the Acquired Business in all
material respects in the manner in which the Acquired Business was
run by Seller prior to Closing, and Seller wishes to provide such
services or cause such services to be provided for a limited
duration, all as more fully set forth herein and (ii) Seller
wishes that Buyer or one of its Subsidiaries to provide certain of
such services to Seller after the Closing and Buyer wishes to
provide such services or cause such services to be provided for a
limited duration, all as more fully set forth herein;
and
NOW THEREFORE, in
consideration of the premises and the mutual covenants and
agreements contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1.1
Definitions . As used in this Agreement, the following terms
have the meanings set forth or referenced below:
“
Affiliates ” shall mean, with respect to any Person,
any other Person that controls, is controlled by, or is under
common control with such Person. The term “control”
means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a
Person, by ownership of securities, contract, credit arrangement or
otherwise.
“
Agreement ” means this Transition Services Agreement,
as the same may be amended or supplemented from time to time in
accordance with the terms hereof.
“
Buyer ” has the meaning set forth in the introductory
paragraph of this Agreement.
“ Buyer
Services ” has the meaning set forth in
Section 2.2.
“
Business Day ” means any day, excluding Saturday,
Sunday and any other day on which commercial banks in New York, New
York are authorized or required by Law to close.
“ Force
Majeure ” has the meaning set forth in
Section 7.12.
“
Governmental Authority ” shall mean any foreign,
federal, state, provincial or local governmental or regulatory
commission, board, bureau, agency, court or regulatory or
administrative body.
“ Law
” shall mean any foreign, federal, state or local law,
statute, ordinance, regulation, rule, constitution, code, order or
treaty of any Governmental Authority.
“
Person ” means an individual, a corporation, a limited
liability company, a partnership, an association, a trust or other
entity.
“
Providing Party ” means (a) Seller, with respect
to its provision of the Seller Services hereunder, and
(b) Buyer, with respect to its provision of the Buyer Services
hereunder.
“
Purchase Agreement ” has the meaning set forth in the
first “Whereas” clause.
“
Recipient Party ” means (a) Buyer, with respect
to Seller’s provision of the Seller Services hereunder, and
(b) Seller, with respect to Buyer’s provision of the
Buyer Services hereunder.
“
Seller ” has the meaning set forth in the introductory
paragraph of this Agreement.
“ Seller
Services” has the meaning set forth in
Section 2.1.
“
Service ” or “ Services ” means
either the Buyer Services or the Seller Services.
“ Service
Provider ” means (a) Seller or a Subsidiary which is
providing to or obtaining for Buyer, or any Subsidiary, the
particular Seller Service pursuant to Section 2.1,
(b) Buyer or a Subsidiary which is providing to or obtaining
for Seller, or any Subsidiary the particular Buyer Service pursuant
to Section 2.2, or (c) any third party that is providing
any Service to either Party, which third party is to provide
pursuant to Section 2.1 or Section 2.2.
“
Term ” has the meaning set forth in
Section 3.1.
“
Termination Date ” has the meaning set forth in
Section 3.1.
1.2
Interpretation and Rules of Construction . In this
Agreement, except to the extent otherwise provided or that the
context otherwise requires:
(a) when
a reference is made in this Agreement to an Article, Section or
Attachment, such reference is to an Article or Section of, or an
Attachment to, this Agreement unless otherwise
indicated;
(b) the
headings for this Agreement are for reference purposes only and do
not affect in any way the meaning or interpretation of this
Agreement;
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(c) whenever
the words “include,” “includes” or
“including” are used in this Agreement, they are deemed
to be followed by the words “without
limitation”;
(d) the
words “hereof,” “herein” and
“hereunder” and words of similar import, when used in
this Agreement, refer to this Agreement as a whole and not to any
particular provision of this Agreement;
(e) all
terms defined in this Agreement have the defined meanings when used
in any certificate or other document made or delivered pursuant
hereto, unless otherwise defined therein;
(f) the
definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms;
(g) references
to a Person are also to its successors and permitted
assigns;
(h) the
use of “or” is not intended to be exclusive unless
expressly indicated otherwise; and
(i) all
capitalized terms used herein, but not otherwise defined herein,
shall have the meanings ascribed to such terms in the Purchase
Agreement, which meanings are incorporated herein by
reference.
2.1 Seller
Services . On the terms and conditions of this Agreement,
Seller hereby agrees to provide or cause one or more of its
Subsidiaries or Affiliates or a Service Provider that is providing
a Service to Seller or any such Subsidiary or Affiliate to provide
the services listed on Attachment A (the “ Seller
Services ”) to Buyer for the Term of this Agreement with
respect to each Seller Service.
2.2 Buyer
Services . On the terms and conditions of this Agreement, Buyer
hereby agrees to provide or cause one or more of its Subsidiaries
or Affiliates or a Service Provider that is providing a Service to
the Acquired Business to provide the services listed on
Attachment B (the “ Buyer Services ”) to
Seller and its Subsidiaries or Affiliates for the Term of this
Agreement with respect to each Buyer Service.
2.3 Consent of
Service Providers . Each Party’s obligation to deliver
any Service is conditioned upon such Party’s obtaining the
consent, where necessary, of any relevant third party Service
Provider. If that consent cannot reasonably be obtained, the
Parties will use reasonable efforts to arrange for alternative
methods of delivering any such Service.
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3.1 Term .
Subject to the terms herein, this Agreement shall commence on the
Closing Date and shall terminate with respect to each Service on
that date which is one (1) year after the Closing Date, except
(a) if Attachment A or Attachment B expressly
identifies a different expiration date for a particular Service,
such particular Service shall terminate on the identified different
expiration date, and (b) as terminated pursuant to
Article VI (the “ Termination Date ”);
provided , however , that this Agreement shall
continue until the last Termination Date of a Service. The Parties
may extend a Termination Date for a particular Service upon mutual
written agreement. With respect to each Service, the period from
the Effective Date to the Termination Date collectively with any
extension, the “ Term ”).
3.2 Effect of
Termination . Neither the termination of this Agreement with
respect to a Service pursuant to Article VI nor the expiration
of this Agreement with respect to a Service pursuant to
Section 3.1 shall affect (i) the liability of a Party for
breach of this Agreement, (ii) the obligations of a Party to
make payments when due hereunder or (iii) the provisions
contained in Articles IV, V, VI and VII and the related
definitions, each of which shall survive the termination or
expiration of this Agreement.
4.1 Pricing
. Subject to Sections 4.2 and 4.3, each Service rendered
pursuant to this Agreement shall be charged to and payable by the
Recip
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