An asset purchase agreement is the legal document that will govern the transfer of ownership of a business's assets from the seller to the buyer. Key Employees – All Must Transfer.Exhibit 9.1(f)(ii), Key Employees – Three (3) of the Four (4) Must Transfer. THIS ASSET PURCHASE AGREEMENT (this "Agreement") is made and entered into as of. "Initial Restricted Employees" means the Transferred Employees. With respect to employees and employee benefits in the acquisition agreement. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset.