Item 1.01 Entry into a Material Definitive Agreement.
Effective as of
Pursuant to the Purchase Agreement, the Company paid the purchase price in cash, a portion of which was placed in escrow to secure the Sellers' obligations in the event that a key employee terminates employment with Tangent on or before the first anniversary of the closing of the transaction, and for adjustments with respect to cash, working capital, indebtedness and transaction expenses and indemnification. The Purchase Agreement contains various representations, warranties and covenants of the parties that are customary for a transaction of this nature.
Terms used herein and otherwise not defined have the meanings given them in the Purchase Agreement. The foregoing summary of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement that will be filed as an exhibit to the Company's next Quarterly Report on Form 10-Q.
--------------------------------------------------------------------------------
© Edgar Online, source