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Document Preview Joint Venture and Securityholders Agreement |
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Title: |
Joint Venture and Securityholders Agreement |
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Entities: |
HEICO Corp.; WorldPort Communications Inc.; McDermott, Will & Emery; Worldport Communications Inc. |
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Date: |
2002 |
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Size: |
Preview shows 15KB of 124KB total |
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Price: |
$42 |
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ID: |
#101853 |
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JOINT VENTURE AND
SECURITYHOLDERS AGREEMENT
BY AND AMONG
W.C.I. ACQUISITION CORP.,
THE HEICO COMPANIES, L.L.C.
AND
J O HAMBRO CAPITAL MANAGEMENT LIMITED
DATED DECEMBER 23, 2002
================================================================================
{Page}
TABLE OF CONTENTS
{Table}
{Caption}
PAGE
{S} {C} {C}
ARTICLE I INCORPORATION, CAPITALIZATION AND OWNERSHIP....................................................2
1.1. Formation......................................................................................2
1.2. Initial Capital Contributions..................................................................2
1.3. Additional Funds...............................................................................2
1.4. Books and Records..............................................................................2
1.5. Annual Financial Statements....................................................................2
1.6. Interim Financial Statements...................................................................2
1.7. Inspection of Facilities and Records...........................................................3
1.8. Banking Matters................................................................................3
ARTICLE II TRANSACTION....................................................................................3
2.1. Additional Contributions.......................................................................3
2.2. Preferred Stock................................................................................3
2.3. Loan...........................................................................................3
2.4. Merger.........................................................................................4
2.5. Professional Services..........................................................................4
ARTICLE III THE OFFER......................................................................................4
3.1. The Offer......................................................................................4
3.2. Board Approvals................................................................................5
ARTICLE IV THE MERGER.....................................................................................5
4.1. The Merger.....................................................................................5
4.2. Certificate of Incorporation, By-Laws, Directors and Officers of the Surviving
Corporation....................................................................................5
ARTICLE V EFFECT OF THE MERGER ON SECURITIES OF THE COMPANY AND WORLDPORT................................6
5.1. Merger.........................................................................................6
5.2. Company Stock..................................................................................6
5.3. WorldPort Securities...........................................................................6
5.4. Exchange of Certificates Representing WorldPort Common Stock...................................7
5.5. Dissenting Company Stockholders................................................................8
ARTICLE VI EXPENSES.......................................................................................8
ARTICLE VII SUCCESS FEE....................................................................................8
-i-
{Page}
ARTICLE VIII GOVERNANCE.....................................................................................8
8.1. Board of Directors.............................................................................8
(a) Composition...........................................................................8
(b) Expenses and Indemnification..........................................................9
(c) Failure to Designate..................................................................9
8.2. Securityholders' Approval of Certain Transactions.............................................10
ARTICLE IX POTENTIAL CONFLICTS...........................................................................11
ARTICLE X TRANSFER......................................................................................11
10.1. Restrictions on Transfer of Certain Equity Securities.........................................11
(a) No Transfers.........................................................................11
(b) Permitted Transfers..................................................................11
(c) Transfers to an Affiliate............................................................11
(d) Pledges..............................................................................12
10.2. Preemptive Rights.............................................................................12
10.3. Rights of First Refusal.......................................................................13
10.4. Co-Sale Rights................................................................................14
(a) Notice of Transfer...................................................................14
(b) Right of Co-Sale.....................................................................14
10.5. Drag-Along Rights.............................................................................15
10.6. Exit Provisions...............................................................................16
(a) Exit Sale............................................................................16
(b) Initiation Mandatory.................................................................16
(c) Response Election....................................................................17
(d) Failure of Responding Securityholder to Respond......................................17
(e) Closing of Mandatory Purchase and Sale...............................................18
ARTICLE XI REPRESENTATIONS AND WARRANTIES................................................................18
11.1. Representations and Warranties of Securityholders.............................................18
ARTICLE XII COVENANTS OF THE PARTIES......................................................................18
12.1. Reasonable Best Efforts.......................................................................18
12.2. Cooperation in Receipt of Consents............................................................19
-ii-
{Page}
12.3. Public Announcements..........................................................................19
12.4. Further Assurances............................................................................19
12.5. Confidential Information......................................................................19
12.6. Standstill Provisions.........................................................................20
12.7. Filing of Schedule 13D or 13G.................................................................21
ARTICLE XIII LEGEND........................................................................................22
ARTICLE XIV EVENTS OF DEFAULT.............................................................................22
ARTICLE XV ARBITRATION; GOVERNING LAW....................................................................23
15.1. Arbitration...................................................................................23
ARTICLE XVI INDEMNIFICATION...............................................................................24
ARTICLE XVII DEFINITIONS...................................................................................24
ARTICLE XVIII TERM; TERMINATION.............................................................................28
18.1. Term..........................................................................................28
18.2. Termination...................................................................................28
18.3. Effect of Termination and Abandonment.........................................................29
18.4. Amendment.....................................................................................29
18.5. Extension; Waiver.............................................................................29
ARTICLE XIX MISCELLANEOUS.................................................................................29
19.1. This Agreement not to Constitute a Partnership................................................29
19.2. Assignment....................................................................................29
19.3. Notices.......................................................................................29
19.4. Headings......................................................................................30
19.5. Severability..................................................................................30
19.6. Binding Nature................................................................................30
19.7. Entire Agreement; Successors and Assigns......................................................30
EXHIBIT A CERTIFICATE OF INCORPORATION OF W.C.I. ACQUISITION CORP. COMPANY..................................1
EXHIBIT B BY-LAWS OF W.C.I. ACQUISITION CORP................................................................1
EXHIBIT C INITIAL BOARD OF DIRECTORS........................................................................1
EXHIBIT D CONDITIONS OF THE OFFER...........................................................................1
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EXHIBIT E OWNERSHIP OF WORLDPORT STOCK......................................................................1
{/Table}
-iv-
{Page}
JOINT VENTURE AND SECURITYHOLDERS AGREEMENT
THIS JOINT VENTURE AND SECURITYHOLDERS AGREEMENT ("AGREEMENT") is made
and entered into as of this 23rd day of December, 2002 by and among THE HEICO
COMPANIES, L.L.C. a Delaware corporation ("HEICO"), STANLEY H. MEADOWS
("Meadows"),J O HAMBRO CAPITAL MANAGEMENT LIMITED, a corporation organized under
the laws of the United Kingdom ("JOHCM") and W.C.I. ACQUISITION CORP., a
Delaware corporation ("COMPANY"). Unless otherwise defined herein, capitalized
terms are defined in ARTICLE XVII hereof. Heico, Meadows and JOHCM are
collectively referred to herein as the "SECURITYHOLDERS").
W I T N E S S E T H
WHEREAS, Heico and Meadows (collectively, the "HEICO INTERESTS") own or
have the right to acquire an aggregate of 8,521,278 shares of common stock par
value $0.001 per share ("WORLDPORT COMMON STOCK") of WorldPort Communications,
Inc., a Delaware corporation ("WORLDPORT"), and no more;
WHEREAS, JOHCM owns beneficially and of record 9,367,869 shares of
WorldPort Common Stock, and no more;
WHEREAS, the Heico Interests and JOHCM desire to enter into a joint
venture for the purpose of forming the Company in order to offer to acquire for
the Per Share Amount all of the remaining issued and outstanding shares of
WorldPort Common Stock held by Third Parties through a cash tender offer (the
"OFFER") in compliance with Section 14(d)(i) of the Securities Exchange Act of
1934, as amended (the "EXCHANGE ACT") upon the terms and subject to the
conditions set forth in this Agreement;
WHEREAS, upon the closing of the Offer, the Company shall be merged
with and into WorldPort and all shares of the Company shall be converted into
shares of WorldPort (the "MERGER," with the Offer, collectively, the
"TRANSACTION");
WHEREAS, the parties hereto desire to enter into this Agreement for the
purposes, among others, of (i) governing the conduct of the parties during the
Transaction, (ii) establishing the composition of the Board of Directors, (iii)
governing the conduct of the Company, (iv) limiting the manner and terms by
which the Company Shares held by the Securityholders may be transferred, and (v)
to provide for certain matters relating to the Company, certain rights and
obligations in respect of the ownership of the Company Shares and certain other
matters as herein provided;
NOW, THEREFORE, upon the terms and conditions herein, and in
consideration of the mutual covenants contained herein and other good and
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