Nautilus 2006 Annual Report Download - page 144
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Buyer shall not purchase any Excluded Assets and Excluded Assets shall remain the property of Seller after the Closing.
7
Article 2.2
No Assumption of Liabilities by Buyer
. Neither Nautilus nor Buyer will assume, discharge or perform any liabilities or
obligations of Seller or the Shareholders incurred or arising prior to or after the Closing, including, without limitation, those
liabilities listed below, all of which liabilities will remain with Seller or the Shareholders and which Seller and the
Shareholders hereby agree to retain and discharge or perform:
2.2.1
subject to Article 12.3, liabilities for all Taxes;
2.2.2
any environmental, health or public safety claims, liabilities or remedial expenses;
2.2.3 liabilities or obligations with respect to wages, severance or termination, employee welfare benefits and pensions, workers
compensation and health care claims or other benefits or funds payable to employees or former employees of the respective
Seller;
2.2.4
liabilities for money borrowed and accounts payable;
2.2.5
liabilities arising from any product warranties; and
2.2.6
liabilities or obligations to any supplier of goods, services or utilities or to any customer and;
2.2.7
any other liabilities or obligations to any third party, including, without limitation, liabilities to any Government Authority.
Article 2.3 Purchase Price . The purchase price (the “Purchase Price”) for the Assets shall be US$40,000,000 (FORTY MILLION U.S.
DOLLARS), subject to adjustment as provided in Article 2.4 below. The Purchase Price, subject to adjustment in accordance
with Article 2.4 below, shall be paid or credited as paid by or on behalf of Buyer as follows:
(a) the US$4,000,000 option fee previously paid to Seller under the Option Agreement shall be credited against the Purchase
Price;
(b) US(*) in cash shall be credited against the Purchase Price but shall be deposited by Buyer with the Escrow Agent at Closing
as security for Seller’s and the Shareholders’ obligations under Chapter 8 hereof and released in accordance with the terms
of the Escrow Agreement; and
(c)
US(*) of the Purchase Price shall be paid to Seller by wire transfer at Closing.
(*) Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested
with respect to the omitted portions.