MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding ("MOU") is dated September 28, 2001 by and between:
(1) MARKETWATCH.COM, INC., incorporated under the laws of Delaware and having its principal place of business at 825 Battery Street, San Francisco, California 94111 (the "Seller"),
AND
(2) PEARSON INTERNATIONAL FINANCE LTD. incorporated under the laws of England & Wales and its principal office at 80 Strand, London WC2R ORL (the "Buyer"),
AND
(3) FTMARKETWATCH (EUROPE) LTD., incorporated under the laws of England and Wales and having its registered office is at Number One, Southwark Bridge, London SE1 9HL, and its successor-in-interest (which shall be FT.com or any other single wholly-owned subsidiary of the Financial Times) (the "Company"),
(here in after collectively referred to as the "Parties" and individually as a "Party"),
WHEREAS:
- Financial Times Group Limited, Pearson Internet Holdings B.V. ("Pearson Internet") and Pearson Overseas Holdings Limited ("POHL")(collectively, "the FT Parties"), and Seller are parties to that certain Joint Venture Agreement dated 20 June, 2000 governing the relationship of Seller, Pearson Internet and POHL as shareholders in the Company (the "Joint Venture Agreement"),
- The Seller owns 42,500 "A" shares in the capital of the Company, amounting to 50% of the total issued and outstanding "A" shares (the "Shares") of the Company;
- Pearson Internet owns all the remaining issued and outstanding "A" shares of the Company. Buyer owns all of the "B" shares of the Company. Buyer, Pearson Internet and POHL are direct or indirect subsidiaries of Pearson plc;
- The Seller and the Buyer have entered into discussions contemplating the sale of the Shares by Seller to Buyer (the "Acquisition") upon terms and conditions set forth in a mutually acceptable Share Sale Agreement (as defined below) which will contain among other things, the terms set forth below.
- The Parties also wish to enter into separate commercial arrangements as follows:
(i) the provision by Seller of the Transitional Services (as defined below);
(ii) a license by Seller for the continuation of the WAT/CMS Services (as defined below) presently provided by Seller to Company;
(iii) the consent by Seller to the assignment by Company to FT.com of Company's rights under the Big Charts MOU (as defined below), (collectively with the Acquisition, the "Transactions"), all upon terms and conditions set forth in mutually acceptable Definitive Agreements (as defined below) which will contain, among other things, the terms set forth below.
F. The Parties wish to memorialize in this MOU their preliminary understanding of the principal terms of the Transactions as described below.
NOW THEREFORE THE PARTIES SET FORTH THEIR PRELIMINARY UNDERSTANDING AS FOLLOWS:
1. PURCHASE OF SHARES; CONSIDERATION.
1.1 Seller will sell, and Buyer will purchase, the Shares free and clear of encumbrances upon the terms of a definitive Share Sale and Purchase Agreement (the "Share Sale Agreement") to be entered into by the Parties.
1.2 The consideration for the purchase of the Shares shall be $1 in cash payable by Buyer to Seller at the closing of the Acquisition.
2. TRANSITIONAL SERVICES
2.1 For the 90 day period beginning from the closing of the Acquisition (the "Transitional Period") Seller shall perform certain services for Company as more fully described in Schedule A hereto (the "Transitional Services") and upon the terms of a definitive Transitional Services Agreement (the "Transitional Services Agreement") to be executed concurrently with the Share Sale Agreement and to be effective as of the closing of the Acquisition.
2.2 Buyer shall, or shall cause that Company shall, as consideration for the Transitional Services:
- pay to Seller an aggregate cash amount of $82,500 payable in three monthly installments beginning with the closing of the Acquisition; and
- assign to Seller all of Company's servers presently located in within the United States.
NOTA KESEPAHAMAN
Nota Kesepahaman ("MOU") dengan tanggal 28 September 2001 oleh dan antara:
(1) MARKETWATCH.COM, INC., Didirikan berdasarkan hukum Delaware dan memiliki tempat bisnis utama di 825 Battery Street, San Francisco, California 94111 (sebagai "Penjual"),
DAN
(2) Pearson INTERNATIONAL FINANCE LTD. Didirikan berdasarkan hukum Inggris & Wales dan kantor utamanya di 80 Strand, London WC2R ORL (sebagai "Pembeli"),
DAN
(3) FTMARKETWATCH (EROPA) LTD, Didirikan berdasarkan hukum Inggris dan Wales dan berkantor terdaftar di Number One, Southwark Bridge, London SE1 9HL, dan penggantinya (FT.com atau setiap perseroan lainnya yang sepenuhnya dimiliki anak perusahaan dari Financial Times) (sebagai "Perusahaan"),
(Selanjutnya secara bersama disebut sebagai "Kedua Pihak" dan secara individu sebagai "Sebuah Pihak"),
MENGINGAT:
(I) Penyediaan oleh Penjual dari Layanan Transisi (sebagaimana didefinisikan di bawah ini);
(ii) Lisensi oleh Penjual sebagai kelanjutan dari WAT / CMS Jasa (sebagaimana didefinisikan di bawah) yang saat ini disediakan oleh Penjual kepada Perusahaan;
(iii) Persetujuan Penjual untuk ketentuan Perusahaan tersebut adalah hak Perusahan FT.com dibawah Diagram Besar MOU (sebagaimana didefinisikan di bawah), (Bersama dengan Akuisisi, sebagai"Transaksi"), semua hal sesuai dengan syarat dan ketentuan yang tercantum dalam Perjanjian Definitif yang telah disepakati bersama (sebagaimana didefinisikan di bawah) yang berisi, antara lain, persyaratan yang ditetapkan di bawah ini.
F. The Parties wish to memorialize in this MOU their preliminary understanding of the principal terms of the Transactions as described below. F. Kedua Pihak yang akan mengajukan MOU ini pertama-tama harus memahami hal utama dari Transaksi seperti dijelaskan dibawah ini.
SEKARANG OLEH KARENANYA PENETAPAN PEMAHAMAN AWAL UNTUK KEDUA PIHAK YAITU SEBAGAI BERIKUT:
1. PEMBELIAN SAHAM; PERTIMBANGAN.
1.1 Penjual akan menjual, dan Pembeli akan membeli, Saham bebas dan jelas dari sitaan atas ketentuan Jual Saham definitif dan Perjanjian Jual Beli ("Perjanjian Penjualan Saham") yang akan diadakan oleh Kedua Pihak.
1.2 Pertimbangan untuk pembelian Saham harus $ 1 pada kas yang dibayar oleh Pembeli kepada Penjual pada penutupan Akuisisi.
2. PERALIHAN LAYANAN
2.1 Untuk awal periode 90 hari dari penutupan Akuisisi ("Masa Transisi") Penjual akan melakukan layanan tertentu untuk Perusahaan sepenuhnya dijelaskan dalam Jadwal Perjanjian A ("Layanan Transisi") dan ketentuan dari Perjanjian Layanan Transisi Definitif ("Perjanjian Layanan Transisi ") akan dijalankan secara bersamaan dengan Perjanjian Penjualan Saham dan efektif sejak ditutupnya Akuisisi.
2.2 Kewajiban Pembeli, atau kewajiban Perusahaan, sebagai pertimbangan untuk Layanan Transisi:
