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Agreement and Plan of Merger

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Title:

Agreement and Plan of Merger

Entities:

Clinical Data, Inc.

Date:

2005

Size:

222KB total

Price:

$90

ID:

#1115084

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Execution Version

AGREEMENT AND PLAN OF MERGER

by and among

CLINICAL DATA, INC.,

IRIDES ACQUISITION CORP.

and

ICORIA, INC.

Dated as of September 19, 2005

TABLE OF CONTENTS

					Page
ARTICLE I			THE MERGER		1
	1.1	Effective Time of the Merger			1
	1.2	Closing			2
	1.3	Effects of the Merger			2
ARTICLE II			CONVERSION OF SECURITIES		2
	2.1	Conversion of Capital Stock			2
	2.2	Exchange of Certificates			5
ARTICLE III			REPRESENTATIONS AND WARRANTIES OF THE COMPANY		8
	3.1	Organization, Standing and Power; Subsidiaries			8
	3.2	Capitalization		10
	3.3	Authority; No Conflict; Required Filings and Consents		12
	3.4	SEC Filings; Financial Statements; Information Provided		14
	3.5	No Undisclosed Liabilities; Indebtedness		15
	3.6	Absence of Certain Changes or Events		16
	3.7	Taxes		16
	3.8	Owned and Leased Real Properties		18
	3.9	Intellectual Property		18
	3.10	Agreements, Contracts and Commitments; Government Contracts		20
	3.11	Litigation; Product Liability		21
	3.12	Environmental Matters		22
	3.13	Employee Benefit Plans		23
	3.14	Compliance With Laws		25
	3.15	Permits		25
	3.16	Labor Matters		25
	3.17	Insurance		26
	3.18	Assets		26
	3.19	Customers and Suppliers		26
	3.20	Opinion of Financial Advisor		27
	3.21	Section 203 of the DGCL Not Applicable		27
	3.22	Brokers; Schedule of Fees and Expenses		27

- i -

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE PARENT AND THE
TRANSITORY SUBSIDIARY 27

	4.1	Organization, Standing and Power		28
	4.2	Capitalization		29
	4.3	Authority; No Conflict; Required Filings and Consents		30
	4.4	SEC Filings; Financial Statements; Information Provided		31
	4.5	Absence of Certain Changes or Events		33
	4.6	Intellectual Property		33
	4.7	Agreements, Contracts and Commitments; Government Contacts		34
	4.8	Litigation; Product Liability		34
	4.9	Compliance With Laws		35
	4.10	Operations of the Transitory Subsidiary		35
	4.11	Brokers; Schedule of Fees and Expenses		35
ARTICLE V			CONDUCT OF BUSINESS	35
	5.1	Covenants of the Company		35
	5.2	Confidentiality		38
ARTICLE VI			ADDITIONAL AGREEMENTS	38
	6.1	No Solicitation		38
	6.2	Proxy Statement/Prospectus; Registration Statement		41
	6.3	Nasdaq Quotation		42
	6.4	Access to Information		42
	6.5	Stockholders Meeting		42
	6.6	Legal Conditions to the Merger		43
	6.7	Public Disclosure		45
	6.8	Section 368(a) Reorganization		45
	6.9	Affiliate Legends		45
	6.10	Nasdaq Stock Market Listing		45

6.11

Company Stock Plans, Company Warrants and Company Convertible Note 45

6.12	Indemnification	47
6.13	Notification of Certain Matters	48
6.14	Exemption from Liability Under Section 16(b)	49
6.15	Employee Benefits	49

- ii -

ARTICLE VII			CONDITIONS TO MERGER	50
	7.1	Conditions to Each Party’s Obligation To Effect the Merger		50

7.2

Additional Conditions to Obligations of the Parent and the Transitory Subsidiary 50

	7.3	Additional Conditions to Obligations of the Company		52
ARTICLE VIII			TERMINATION AND AMENDMENT	53
	8.1	Termination		53
	8.2	Effect of Termination		54
	8.3	Fees and Expenses		55
	8.4	Amendment		56
	8.5	Extension; Waiver		56
ARTICLE IX			MISCELLANEOUS	57
	9.1	Nonsurvival of Representations and Warranties		57
	9.2	Notices		57
	9.3	Entire Agreement		58
	9.4	No Third Party Beneficiaries		58
	9.5	Assignment		58
	9.6	Severability		58
	9.7	Counterparts and Signature		59
	9.8	Interpretation		59
	9.9	Governing Law		59
	9.10	Remedies		59
	9.11	Submission to Jurisdiction		59
	9.12	Waiver of Jury Trial		60
Schedule A		Parties to Company Stockholder Agreement

Schedule B

Material Contracts

Exhibit A

Form of Company Stockholder Agreement

Exhibit B

Form of By-laws of the Transitory Subsidiary

- iii -

TABLE OF DEFINED TERMS

Terms	Reference in Agreement
Acquisition Proposal	Section 6.1(f)
Adjusted Convertible Note	Section 6.11(e)
Adjusted Warrant	Section 6.11(d)
Affiliate	Section 3.2(d)
Agreement	Preamble
Alternative Acquisition Agreement	Section 6.1(b)
Antitrust Laws	Section 6.6(b)
Antitrust Order	Section 6.6(b)
Business Day	Section 1.2
CERCLA	Section 3.12(f)
Certificate of Merger	Section 1.1
Certificates	Section 2.2(a)
Closing	Section 1.2
Closing Average Parent Stock Price	Section 2.1(c)
Closing Date	Section 1.2
Code	Preamble
Company	Preamble
Company Balance Sheet	Section 3.4(b)
Company Board	Section 3.3(a)
Company Common Stock	Section 2.1(b)
Company Convertible Note	Section 3.1(c)
Company Disclosure Schedule	ARTICLE III
Company Employee Plans	Section 3.13(a)
Company Insiders	Section 6.14(c)
Company Intellectual Property	Section 3.9(b)
Company Leases	Section 3.9(b)
Company Material Adverse Effect	Section 3.1(a)
Company Material Contracts	Section 3.10(a)
Company Permits	Section 3.15
Company Preferred Stock	Section 3.2(a)
Company SEC Reports	Section 3.4(a)
Company Stock Options	Section 3.2(c)
Company Stock Plans	Section 3.2(c)
Company Stockholder Agreements	Preamble
Company Stockholder Approval	Section 3.3(a)
Company Stockholders Meeting	Section 3.4(c)
Company Third Party Intellectual Property	Section 3.9(b)
Company Voting Proposal	Section 3.3(a)
Company Warrants	Section 3.2(c)
Confidential Business Information	Section 3.9(a)

- iv -

Confidentiality Agreement	Section 5.2
Costs	Section 6.12(a)
Continuing Employees	Section 6.15
Covered Parties	Section 6.12(a)
Dissenting Shares	Section 2.1(d)(i)
DGCL	Preamble
Effective Time	Section 1.1
Employee Benefit Plan	Section 3.13(a)
Environmental Law	Section 3.12(f)
ERISA Affiliate	Section 3.13(a)
ERISA	Section 3.13(a)
Exchange Agent	Section 2.2(a)
Exchange Fund	Section 2.2(a)
Exchange Act	Section 3.3(c)
Exchange Ratio	Section 2.1(c)
GAAP	Section 3.4(b)
Governmental Entity	Section 3.3(c)
Indebtedness	Section 3.5(b)
Insurance Policies	Section 3.17 below
Intellectual Property	Section 3.9(a)
Liens	Section 3.3(b)
Materials of Environmental Concern	Section 3.12(g)
McDermott	Section 7.2(c)
Merger	Preamble
Mintz	Section 7.2(c)
New Offer	Section 6.1(b)(iii)
Operating Plan	Section 5.1
Ordinary Course of Business	Section 3.2(d)
Outside Date