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Title: |
Agreement and Plan of Reorganization |
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Date: |
2001 |
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Preview shows 22KB of 266KB total |
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$60 |
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ID: |
#1194415 |
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AGREEMENT AND PLAN OF REORGANIZATION
BY AND AMONG
NIKU CORPORATION
MONKEYS ACQUISITION CORP.
AND
600 MONKEYS, INC.
DATED AS OF MAY 17, 2000
<PAGE> 2
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
ARTICLE I THE MERGER...........................................................................1
1.1 The Merger.......................................................................1
1.2 Effective Time...................................................................1
1.3 Effect of the Merger.............................................................1
1.4 Articles of Incorporation; Bylaws................................................1
1.5 Directors and Officers...........................................................1
1.6 Maximum Aggregate Merger Consideration; Effect on Capital Stock..................2
1.7 Dissenters' Rights...............................................................4
1.8 Surrender of Certificates........................................................4
1.9 No Further Ownership Rights in Company Capital Stock.............................6
1.10 Lost, Stolen or Destroyed Certificates...........................................6
1.11 Tax Consequences.................................................................6
1.12 Taking of Necessary Action; Further Action.......................................6
ARTICLE II REPRESENTATIONS AND WARRANTIES OF THE COMPANY.......................................6
2.1 Organization and Qualification...................................................7
2.2 Subsidiaries.....................................................................7
2.3 Company Capital Structure........................................................7
2.4 Authority........................................................................8
2.5 No Conflict......................................................................8
2.6 Consents.........................................................................9
2.7 Company Financial Statements.....................................................9
2.8 No Undisclosed Liabilities.......................................................9
2.9 No Changes.......................................................................9
2.10 Tax and Other Returns and Reports...............................................11
2.11 Restrictions on Business Activities.............................................13
2.12 Title to Properties; Absence of Liens and Encumbrances..........................13
2.13 Governmental Authorization......................................................14
2.14 Intellectual Property...........................................................14
</TABLE>
-i-
<PAGE> 3
TABLE OF CONTENTS
(CONTINUED)
<TABLE>
<CAPTION>
PAGE
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<S> <C>
2.15 Product Warranties; Defects; Liabilities........................................19
2.16 Agreements, Contracts and Commitments...........................................19
2.17 Change of Control Payments......................................................21
2.18 Interested Party Transactions...................................................21
2.19 Compliance with Laws............................................................21
2.20 Litigation......................................................................21
2.21 Insurance.......................................................................22
2.22 Minute Books....................................................................22
2.23 Environmental Matters...........................................................22
2.24 Brokers' and Finders' Fees......................................................23
2.25 Employee Matters and Benefit Plans..............................................23
2.26 Bank Accounts...................................................................27
2.27 Accounts Receivable.............................................................27
2.28 Indemnification Obligations.....................................................27
2.29 Dissolution of LLC..............................................................28
2.30 Representations Complete........................................................28
ARTICLE III REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB...........................28
3.1 Organization, Good Standing and Qualifications of Parent and Merger Sub.........28
3.2 Authority.......................................................................28
3.3 No Conflict.....................................................................28
3.4 Consents........................................................................29
3.5 Parent Common Stock.............................................................29
3.6 SEC Filings; Parent Financial Statements........................................29
ARTICLE IV SECURITIES LAW COMPLIANCE..........................................................30
4.1 Securities Act Exemption........................................................30
4.2 Stock Restrictions..............................................................30
4.3 The Company Stockholders' Restrictions Regarding Securities Law Matters.........30
</TABLE>
-ii-
<PAGE> 4
TABLE OF CONTENTS
(CONTINUED)
<TABLE>
<CAPTION>
PAGE
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<S> <C>
ARTICLE V ADDITIONAL AGREEMENTS...............................................................31
5.1 Access to Information...........................................................31
5.2 Public Disclosure...............................................................31
5.3 Legal Conditions to the Merger..................................................31
5.4 Best Efforts; Additional Documents and Further Assurances.......................31
5.5 Notification of Certain Matters.................................................32
5.6 Reorganization..................................................................32
5.7 Nasdaq National Market..........................................................32
5.8 Blue Sky Laws...................................................................32
5.9 Benefit Arrangements............................................................32
5.10 Registration Rights.............................................................33
5.11 Tax Liabilities.................................................................33
ARTICLE VI CONDITIONS TO THE MERGER...........................................................33
6.1 Conditions to Obligations of Each Party to Effect the Merger....................33
6.2 Additional Conditions to Obligations of the Company.............................34
6.3 Additional Conditions to the Obligations of Parent and Merger Sub...............35
ARTICLE VII SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ESCROW................................37
7.1 Survival of Representations and Warranties......................................37
7.2 Escrow Arrangements.............................................................37
ARTICLE VIII AMENDMENT AND WAIVER.............................................................47
8.1 Amendment.......................................................................47
8.2 Extension; Waiver...............................................................47
ARTICLE IX GENERAL PROVISIONS.................................................................47
9.1 Notices.........................................................................47
9.2 Expenses........................................................................49
9.3 Interpretation..................................................................49
9.4 Counterparts....................................................................49
9.5 Entire Agreement; Assignment....................................................49
</TABLE>
-iii-
<PAGE> 5
TABLE OF CONTENTS
(CONTINUED)
<TABLE>
<CAPTION>
PAGE
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<S> <C>
9.6 Severability....................................................................50
9.7 Other Remedies..................................................................50
9.8 Governing Law...................................................................50
9.9 Rules of Construction...........................................................50
9.10 Specific Performance............................................................50
</TABLE>
-iv-
<PAGE> 6
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT DESCRIPTION
------- --------------------------------------------------------------
<S> <C>
Exhibit A Form of Non-Competition Agreement
Exhibit B Form of Certificate of Merger
Exhibit C Form of Declaration of Registration Rights
Exhibit D Form of Legal Opinion of Counsel to Parent
Exhibit E Form of Legal Opinion of Counsel to the Company
Exhibit F Form of Ira Thomas Associates -- Parent Release Agreement
Exhibit G Escrow Agent Instructions
</TABLE>
<PAGE> 7
INDEX OF SCHEDULES
<TABLE>
<CAPTION>
SCHEDULE DESCRIPTION
-------- -----------
<S> <C>
1 Non-Competition Agreements
2.3(a) Stockholder List
2.5 Conflicts
2.6 Governmental and Third Party Consents
2.7 Company Financials
2.8 Undisclosed Liabilities
2.9 No Changes
2.10 Tax Returns and Audits
2.12(a) Leased Real Property
2.12(b) Liens on Property
2.12(c) Equipment
2.13 Government Authorizations
2.14(b) Registered Intellectual Property Rights
2.14(c) IP Actions To Be Taken Within 120 Days of Closing Date;
Special Status
2.14(h) Intellectual Property In-Licenses
2.14(j) Form of Proprietary Information, Confidentiality and
Assignment Agreement
2.14(k) Third-Party Ownership Rights to Licensed Technology or
Intellectual Property
2.14(m) Form of "Shrink-Wrap" License; Outbound Licenses
2.14(n) Intellectual Property Obligations
2.14(t) Necessary Technology and Intellectual Property Rights
2.15 Product Warranties and Standard Forms of Agreements
2.16(a) Agreements, Contracts and Commitments 2.16(b) Breaches
2.17 Change of Control Payments
2.18 Interested Party Transactions
2.20 Litigation
2.24 Brokers/Finders Fees
2.25(b) Employee Benefit Plans and Employees
2.25(d) Employee Plan Compliance
2.25(g) Post-Employment Obligations
2.25(i)(i) Effect of Transaction
2.25(i)(ii) Excess Parachute Payments
2.25(j) Officers, Directors and Employees
2.25(k) Labor
2.26 Bank Accounts
2.27 Accounts Receivable
5.9 Continuing Employees; Compensation and Options
6.3(e) Indebtedness to be Repaid
</TABLE>
<PAGE> 8
AGREEMENT AND PLAN OF REORGANIZATION
This AGREEMENT AND PLAN OF REORGANIZATION (this "Agreement") is made and
entered into as of May 17, 2000 among Niku Corporation, a Delaware corporation
("Parent"), Monkeys Acquisition Corp., a Delaware corporation and a wholly-owned
subsidiary of Parent ("Merger Sub"), and 600 Monkeys, Inc., a Delaware
corporation (the "Company").
RECITALS
A. Parent, Merger Sub and the Company intend to effect a merger (the
"Merger") of the Company with and into Merger Sub in accordance with this
Agreement and the Delaware General Corporation Law ("Delaware Law"). Upon
consummation of the Merger, the Company will cease to exist, and Merger Sub will
remain a wholly-owned subsidiary of Parent.
B. It is intended that the Merger qualify as a tax-free reorganization
within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as
amended (the "Code").
C. The Board of Directors of the Company has (i) determined that the Merger
is consistent with and in furtherance of the long-term strategy of the Company
and fair to, and in the best interests of, the Company and its stockholders,
(ii) approved this Agreement, the Merger and the other transactions contemplated
by this Agreement and (iii) unanimously recommended that the stockholders of the
Company adopt and approve the principal terms of this Agreement and approve the
Merger. The stockholders of the Company have unanimously approved this Agreement
and the Merger.
D. The respective Boards of Directors of Parent and Merger Sub have
approved this Agreement and the Merger.
E. Concurrently with the execution of this Agreement, and as a condition
and inducement to Parent's willingness to enter into this Agreement, each
employee of the Company listed on Schedule 1 hereto is entering into a
Non-Competition Agreement substantially in the form attached hereto as Exhibit A
(the "Non-Competition Agreement").
NOW, THEREFORE, in consideration of the covenants, promises and
representations set forth herein, and for other good and valuable consideration,
intending to be legally bound hereby the parties agree as follows:
<PAGE> 9
ARTICLE I
THE MERGER
1.1 The Merger At the Effective Time (as defined in Section 1.2) and
subject to and upon the terms and conditions of this Agreement and Delaware Law,
the Company shall be merged with and into Merger Sub, the separate corporate
existence of the Company shall cease and Merger Sub shall continue as the
surviving corporation and as a wholly-owned subsidiary of Parent. Merger Sub as
the surviving corporation after the Merger is hereinafter sometimes referred to
as the "Surviving Corporation."
1.2 Effective Time The closing of the Merger (the "Closing") will take
place as promptly as practicable following satisfaction or waiver of the
conditions set forth in Article VI, at the offices of Fenwick & West LLP, Two
Palo Alto Square, Palo Alto, California, unless another place or time is agreed
to by Parent and the Company. The date upon which the Closing actually occurs is
herein referred to as the "Closing Date." On the Closing Date, the parties
hereto shall cause the Merger to be consummated by filing a Certificate of
Merger, in substantially the form attached hereto as Exhibit B (the "Certificate
of Merger"), with the Secretary of State of the State of Delaware, in accordance
with the relevant provisions of Delaware Law (the time of acceptance by the
Secretary of State of Delaware of the filing of the Certificate of Merger being
referred to herein as the "Effective Time").
1.3 Effect of the Merger At the Effective Time, the effect of the Merger
shall be as provided in the applicable provisions of Delaware Law. Without
limiting the generality of the foregoing, and subject thereto, at the Effective
Time, all the rights and property of the Company and Merger Sub shall vest in
the Surviving Corporation, and all debts and liabilities of the Company and
Merger Sub shall become the debts, liabilities and duties of the Surviving
Corporation.
1.4 Articles of Incorporation; Bylaws
(a) Unless otherwise determined by Parent prior to the Effective Time,
at the Effective Time, the Certificate of Incorporation of the Surviving
Corporation shall be the Certificate of Incorporation of Merger Sub until
thereafter amended as provided by law and such Certificate of Incorporation.
(b) Unless otherwise determined by Parent prior to the Effective Time,
the Bylaws of Merger Sub, as in effect immediately prior to the Effective Time,
shall be the Bylaws of the Surviving Corporation until thereafter amended.
1.5 Directors and Officers The directors of Merger Sub immediately prior
to the Effective Time shall be the initial directors of the Surviving
Corporation, each to hold office in accordance with the Certificate of
Incorporation and Bylaws of the Surviving Corporation. The officers of Merger
Sub immediately prior to the Effective Time shall be the initial officers of the
Surviving Corporation, each to hold office in accordance with the Bylaws of the
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