Form of Contribution Agreement

EX-10.2 7 w45617a3exv10w2.htm FORM OF CONTRIBUTION AGREEMENT exv10w2
 

Exhibit 10.2
FORM OF CONTRIBUTION AGREEMENT
          THIS CONTRIBUTION AGREEMENT (this “Agreement”) is made as of                     , 2008, by and between Turner Investment Management LLC, a Maryland limited liability company (“TIM”) and Turner Investment Partners, LLC, a Pennsylvania limited liability company (“LLC”).
WITNESSETH:
          WHEREAS, TIM owns 1,000 membership units in LLC;
          WHEREAS, TIM desires to contribute to LLC, and LLC desires to receive from TIM, all of the assets, properties, rights and interests of TIM, upon the terms and subject to the conditions set forth herein; and
          WHEREAS, LLC desires to assume from TIM, and TIM desires to transfer to LLC, all of the obligations and liabilities of TIM upon the terms and subject to the conditions set forth herein.
          NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, LLC and TIM hereby agree as follows:
     1. Contribution of Assets. On the terms and subject to the conditions of this Agreement, TIM shall contribute to LLC, and LLC shall receive from TIM, all of the right, title and interest of TIM in and to all of the assets, properties, rights and interests of every kind and description and wherever located, whether real, personal or mixed, tangible or intangible, that are owned, contracted, leased or licensed by TIM, except for the Excluded Assets (as defined on Schedule 1 hereto) (the “Contributed Assets”). Notwithstanding anything to the contrary, to the extent that the contribution of any Contributed Asset to LLC is not permitted as a matter of law or without the consent of a third party, and the requisite governmental authorization or third party consent has not been obtained prior to the effectiveness of this Agreement, such Contributed Asset shall be contributed to LLC only if and when the requisite authorization or consent is received. TIM and LLC shall use their commercially reasonable efforts to obtain any such authorization or consent and, they shall cooperate in any lawful arrangement designed to provide LLC the practicable benefits and burdens under such Contributed Asset as if it had been contributed.
     2. Assumption of Liabilities. On the terms and subject to the conditions of this Agreement, and concurrent with the transactions described in Section 1, LLC shall assume all of the obligations and liabilities of TIM, except for obligations and liabilities of TIM exclusively arising out of or relating to the Excluded Assets (the “Assumed Liabilities”).
     3. Employee Matters. LLC covenants and agrees to meet the requirements of the Alternate Procedure set forth in Section 5 of IRS Rev. Proc. 2004-53 and TIM covenants

 


 

and agrees to timely provide LLC sufficient information to meet such requirements including, but not limited to, enabling LLC to issue Forms W-2, for each applicable employee, in a timely manner.
     4. Membership Interests. The aggregate consideration to be received by TIM in exchange for the transfer of the Contributed Assets and the Assumed Liabilities shall be 3,933,897 membership units in LLC with an agreed value of $        , having the rights and preferences set forth in the Amended and Restated Operating Agreement of LLC, dated as of                  , 2008.
     5. Further Assurances. Each party hereto covenants and agrees to take any and all such further action and to execute, acknowledge and deliver such further instruments, documents and agreements as the other party hereto may reasonably request to effectuate, consummate or confirm the transactions contemplated hereby.
     6. Successors and Assigns. Except as expressly provided herein, this Agreement shall bind and inure to the benefit of the respective successors and assigns of LLC and TIM.
     7. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated by this Agreement are consummated as originally contemplated to the greatest extent possible.
     8. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, without regard to conflicts of law principles thereof.
     9. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or as a “pdf” or similar attachment to an electronic transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement.
[Signature Page Follows]

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                    IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the date first written above.
         
  Turner Investment Management LLC
 
 
  By:      
    Name:      
    Title:      
 
         
  Turner Investment Partners, LLC
 
 
  By:      
    Name:      
    Title:      
 

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Schedule 1
“Excluded Assets” means the following:
  1.   1,000 membership units in LLC held by TIM;
 
  2.   Amended and Restated Operating Agreement of TIM, dated June 30, 2002, among Turner Investment Partners, Inc., Thomas DiBella and Kenneth Gainey; and
 
  3.   This Contribution Agreement.

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