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Document Preview Agreement and Plan of Reorganization |
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Title: |
Agreement and Plan of Reorganization |
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Entities: |
Downey Financial Corp.; Fidelity Bancorp, Inc.; MAF Bancorp, Inc.; Reliance Acceptance Group; United Community Financial Corp.; Washington Federal Inc.; Waypoint Financial Corp.; Vedder, Price, Kaufman & Kammholz P.C. |
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Date: |
2002 |
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Size: |
Preview shows 16KB of 232KB total |
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Price: |
$90 |
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ID: |
#1008623 |
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AGREEMENT AND PLAN OF REORGANIZATION
by and among
MAF BANCORP, INC.,
a Delaware corporation
and
FIDELITY BANCORP, INC.,
a Delaware corporation
December 16, 2002
<page>
TABLE OF CONTENTS
PAGE
I. THE MERGER...........................................................1
1.1 Effects of the Merger.......................................1
1.2 Conversion of Shares upon the Merger........................2
1.3 Stock Options...............................................2
1.4 Consummation of the Merger; Effective Time..................4
1.5 Exchange of Company Common Stock............................4
II. REPRESENTATIONS AND WARRANTIES OF PURCHASER..........................6
2.1 Organization................................................6
2.2 Authorization...............................................7
2.3 Conflicts...................................................7
2.4 Capitalization; Ownership of the Company....................8
2.5 Purchaser Financial Statements; Material Changes............9
2.6 Purchaser SEC Filings.......................................9
2.7 Purchaser Reports...........................................9
2.8 Compliance With Laws.......................................10
2.9 Disclosure.................................................10
2.10 Litigation.................................................11
2.11 Defaults...................................................11
2.12 Absence of Purchaser Material Adverse Change...............11
2.13 Undisclosed Liabilities....................................11
2.14 Licenses...................................................11
2.15 Government Approvals.......................................12
2.16 Fees.......................................................12
2.17 Fairness Opinion...........................................12
2.18 Taxation of the Merger.....................................12
2.19 Insurance..................................................12
2.20 Employee Benefit Plans.....................................12
III. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.......................12
3.1 Organization...............................................12
3.2 Authorization..............................................13
3.3 Conflicts..................................................14
3.4 Capitalization and Stockholders............................14
3.5 Company Financial Statements; Material Changes.............15
3.6 Company SEC Filings........................................16
3.7 Company Reports............................................16
3.8 Compliance With Laws.......................................16
3.9 Litigation.................................................17
3.10 Defaults...................................................17
3.11 Absence of Company Material Adverse Change.................17
3.12 Undisclosed Liabilities....................................18
3.13 Licenses...................................................18
3.14 Governmental and Stockholder Approvals.....................18
3.15 Antitakeover Provisions Inapplicable.......................18
i
<page>
TABLE OF CONTENTS
(continued)
PAGE
3.16 Disclosure.................................................18
3.17 Taxes......................................................19
3.18 Insurance..................................................20
3.19 Loans; Investments.........................................20
3.20 Interest Rate Risk Management Arrangements.................21
3.21 Allowance for Loan and Lease Losses........................21
3.22 Company Benefit Plans......................................21
3.23 Environmental Matters......................................25
3.24 Material Contracts.........................................26
3.25 Real Property..............................................26
3.26 Indemnification............................................27
3.27 Insider Interests..........................................27
3.28 Rights Agreement...........................................27
3.29 Bankruptcy Claims..........................................28
3.30 Fairness Opinion...........................................28
3.31 Fees.......................................................28
IV. COVENANTS...........................................................28
4.1 Conduct of Business by the Company Until the Effective
Time.......................................................28
4.2 Conduct of Business by Purchaser Until the Effective Time..33
4.3 Certain Actions............................................34
4.4 Request for Consent........................................35
V. ADDITIONAL AGREEMENTS...............................................35
5.1 Inspection of Records; Confidentiality.....................35
5.2 Meetings of the Company....................................36
5.3 Bank Merger................................................36
5.4 D&O Indemnification........................................36
5.5 Affiliate Letters..........................................37
5.6 Regulatory Applications....................................38
5.7 Financial Statements and Reports...........................38
5.8 Registration Statement; Stockholder Approval...............38
5.9 Notice.....................................................39
5.10 Press Releases.............................................39
5.11 Delivery of Supplements to Disclosure Schedules............40
5.12 Tax Opinion................................................40
5.13 Tax Treatment..............................................40
5.14 Resolution of Company Benefit Plans........................41
5.15 Appointment to Purchaser Board of Directors................42
5.16 Advisory Board.............................................42
5.17 Rights Agreement...........................................43
5.18 Environmental Investigation................................43
5.19 Cooperation................................................44
ii
<page>
TABLE OF CONTENTS
(continued)
PAGE
VI. CONDITIONS..........................................................44
6.1 Conditions to the Obligations of the Parties...............44
6.2 Conditions to the Obligations of Purchaser.................44
6.3 Conditions to the Obligations of the Company...............47
VII. TERMINATION; AMENDMENT; WAIVER......................................48
7.1 Termination................................................48
7.2 Termination Fee to Purchaser...............................50
7.3 Termination Fee to the Company.............................51
7.4 Expenses...................................................51
7.5 Effect of Termination; Survival of Agreements..............51
7.6 Amendment..................................................51
7.7 Waiver.....................................................51
VIII. GENERAL PROVISIONS..................................................52
8.1 Survival...................................................52
8.2 Notice.....................................................52
8.3 Applicable Law.............................................53
8.4 Headings, Etc..............................................53
8.5 Severability...............................................53
8.6 Entire Agreement; Binding Effect; Nonassignment;
Counterparts...............................................53
8.7 Definitions................................................53
EXHIBITS
Exhibit A-1 Form of Conversion Agreement*
Exhibit A-2 Form of Cancellation Agreement*
Exhibit B Form of Certificate of Merger*
Exhibit C Form of Bank Merger Agreement*
Exhibit D Form of Affiliate Letter
Exhibit E Forms of Letter of Understanding*
Exhibit F Form of Benefits Letter*
Exhibit G Index
* Intentionally omitted.
iii
<page>
AGREEMENT AND PLAN OF REORGANIZATION
This Agreement and Plan of Reorganization ("Agreement") is made and
entered into as of the 16th day of December, 2002, by and among MAF Bancorp,
Inc., a Delaware corporation ("Purchaser"), and Fidelity Bancorp, Inc., a
Delaware corporation (the "Company").
W I T N E S S E T H:
WHEREAS, the Boards of Directors of Purchaser and the Company deem it
advisable and in the best interests of their respective stockholders that the
Company be merged with and into Purchaser in accordance with the Delaware
General Corporation Law ("DGCL") and this Agreement;
WHEREAS, in connection with the merger of the Company with and into
Purchaser (the "Merger"), Purchaser and the Company intend that Fidelity Federal
Savings Bank, a wholly-owned subsidiary of the Company (the "Bank"), shall merge
(the "Bank Merger") with and into Mid America Bank, fsb, a wholly-owned
subsidiary of Purchaser ("Mid America"); and
WHEREAS, Purchaser and the Company intend the Merger to qualify as a
tax-free reorganization under Section 368(a)(1)(A) of the Internal Revenue Code
of 1986, as amended ("Code").
NOW, THEREFORE, in consideration of the representations, warranties,
covenants and agreements herein contained, the parties hereto agree as follows:
I.
THE MERGER
1.1 Effects of the Merger.
(a) Surviving Corporation. Subject to the terms and
conditions of this Agreement, the separate existence of the Company shall cease
and the Company shall be merged with and into Purchaser at the Effective Time
(as defined below) in accordance with the DGCL, with Purchaser being the
continuing and surviving corporation (the "Surviving Corporation").
(b) Certificate of Incorporation. The Certificate of
Incorporation of Purchaser shall be the Certificate of Incorporation of the
Surviving Corporation until amended in accordance with the provisions thereof
and the DGCL.
(c) By-laws. The By-laws of Purchaser in effect
immediately prior to the Effective Time shall be the By-laws of the Surviving
Corporation until altered, amended or repealed as provided therein, or in
accordance with the Certificate of Incorporation of the Surviving Corporation
and the DGCL.
(d) Directors and Officers. The directors of the
Surviving Corporation shall be the persons who were directors of Purchaser
immediately prior to the Effective Time; provided, however, the Chairman and
Chief Executive Officer of the Company, as of the date
<page>
hereof, shall be appointed: (i) to the board of directors of the Surviving
Corporation, with a position in that class of directors the term of which
expires at the third annual meeting of Purchaser's stockholders following the
Effective Time and (ii) to the board of directors of Mid America. The officers
of the Surviving Corporation shall be the persons who were officers of Purchaser
immediately prior to the Effective Time; provided, however, the President of the
Company, as the date hereof, shall be appointed, at the Effective Time, as an
officer of Purchaser and Mid America, in accordance with the provisions of
Section 5.14(c).
1.2 Conversion of Shares upon the Merger. At the Effective Time,
by virtue of the Merger and without any action on the part of Purchaser, the
Company or the holders of Purchaser Common Stock (as defined below) or Company
Common Stock (as defined below), the following shall occur:
(a) Purchaser Common Stock. Each share of the common
stock, par value $0.01 per share, of Purchaser ("Purchaser Common Stock") issued
and outstanding immediately prior to the Effective Time shall remain outstanding
and shall be unchanged following the Merger.
(b) Company Common Stock. Subject to Sections 1.2(c) and
1.5(c), each share of the common stock, par value $0.01 per share, of the
Company ("Company Common Stock") issued and outstanding immediately prior to the
Effective Time shall be converted into the right to receive 0.89 fully paid and
nonassessable shares of Purchaser Common Stock, subject to adjustment pursuant
to this Section 1.2(b) (such ratio as may be modified pursuant to this Section
1.2(b), to the extent applicable, being referred to herein as the "Exchange
Ratio", and the value of such shares of Purchaser Common Stock is referred to
herein as the "Merger Consideration"). If subsequent to the date of this
Agreement but prior to the Effective Time, Purchaser should split or combine
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