Nautilus 2006 Annual Report Download - page 178
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Exhibit
ESCROW AGREEMENT
THIS ESCROW AGREEMENT , dated as of December 31, 2007 (this “Agreement”), is entered into by and among NAUTILUS, INC ., a
Washington corporation (“Nautilus”), LAND AMERICA HEALTH & FITNESS CO., LTD. , a People’s Republic of China limited liability
company (“Seller”), [NAUTILUS WOFE] , a People’s Republic of China limited liability company (“Buyer”), (*) and (*)
and Land America
are sometimes collectively referred to as the “Selling Parties” or individually as a “Selling Party”), (*) , as representative of the Selling Parties
(the “Representative”) and , as escrow agent (the “Escrow Agent”).
PRELIMINARY STATEMENTS
NOW, THEREFORE , the parties hereto hereby agree as follows:
41
A. The parties hereto have entered into an Asset Purchase Agreement, dated •• , 2007 (the “Purchase Agreement”).
Capitalized terms used in
the Purchase Agreement are used herein with the same meaning, unless otherwise defined herein.
B.
This is the Escrow Agreement referred to in the Purchase Agreement.
1. Appointment of Escrow Agent . Nautilus and the Selling Parties hereby appoint the Escrow Agent to act as escrow agent in accordance
with the terms and conditions of this Agreement, and the Escrow Agent hereby accepts such appointment and agrees to act as escrow
agent hereunder in accordance with such terms and conditions.
2. Establishment of Escrow . Pursuant to Section 2.3 of the Purchase Agreement, (*)) has been deposited with the Escrow Agent by or on
behalf of Buyer. Such funds and all interest or other income received in respect of such funds are collectively referred to as the “Escrow
Property”. Any interest or other income received in respect of funds included in the Escrow Property will be held for the account of the
Selling Parties.
3.
Release of Escrow Property.
(a)
Indemnification Claim Releases
.
(1) From time to time on before the dates specified in Article 8.2 of the Purchase Agreement, Nautilus may give a notice (a
“Notice”) to the Representative and the Escrow Agent specifying in reasonable detail the nature and dollar amount of any
claim (a “Claim”) it may have under Article 8.1.1 or 8.1.2 of the Purchase Agreement. Nautilus may make more than one
claim with respect to any underlying state of facts. If the
(*) 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.