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Title: |
Agreement and Plan of Merger |
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Date: |
2001 |
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Preview shows 24KB of 316KB total |
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$51 |
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ID: |
#1230104 |
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<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<Page>
AGREEMENT AND PLAN OF MERGER
AMONG
EXABYTE CORPORATION,
BRONCO ACQUISITION, INC.,
ECRIX CORPORATION,
CERTAIN LENDERS,
AND
CERTAIN INVESTORS
DATED AS OF AUGUST 22, 2001
-------------------------------------------------------------------------------
<Page>
TABLE OF CONTENTS
<Table>
<Caption>
PAGE
<S> <C>
ARTICLE I THE MERGER......................................................................1
1.1 The Merger........................................................................1
1.2 The Closing.......................................................................1
1.3 Effective Date and Time...........................................................2
1.4 Certificate of Incorporation of the Surviving Corporation.........................2
1.5 Bylaws of the Surviving Corporation...............................................2
1.6 Effects of Merger.................................................................2
1.7 Directors and Officers............................................................3
1.8 Conversion of Shares..............................................................4
1.9 Tax-Free Reorganization...........................................................9
ARTICLE II PURCHASE OF CONVERTIBLE SECURED PROMISSORY NOTES...............................9
2.1 The Loan..........................................................................9
2.2 Delivery..........................................................................9
ARTICLE III PURCHASE OF SERIES H CONVERTIBLE PREFERRED STOCK.............................10
3.1 Authorization; Agreement To Sell And Purchase....................................10
3.2 Closing, Delivery and Payment....................................................10
3.3 Rights and Preferences of Series H Shares........................................11
3.4 Registration Agreement...........................................................11
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY.................................11
4.1 Organization.....................................................................11
4.2 Enforceability...................................................................12
i
<Page>
4.3 Capitalization...................................................................12
4.4 Subsidiaries and Affiliates......................................................14
4.5 No Approvals; No Conflicts.......................................................14
4.6 Financial Statements.............................................................15
4.7 Absence of Certain Changes or Events.............................................15
4.8 Taxes............................................................................17
4.9 Property.........................................................................20
4.10 Contracts.......................................................................22
4.11 Customers and Suppliers.........................................................23
4.12 Warranties and Returns..........................................................24
4.13 Claims and Legal Proceedings....................................................24
4.14 Labor and Employment Matters....................................................24
4.15 Employee Benefit Plans..........................................................25
4.16 Personnel.......................................................................29
4.17 Intellectual Property...........................................................29
4.18 Accounts Receivable.............................................................33
4.19 Inventory.......................................................................33
4.20 Corporate Books and Records.....................................................33
4.21 Licenses, Permits, Authorizations, etc..........................................33
4.22 Compliance With Laws............................................................34
4.23 Insurance.......................................................................34
4.24 Brokers or Finders..............................................................34
4.25 Bank Accounts...................................................................35
4.26 Insider Interests...............................................................35
4.27 Compliance WITH ENVIRONMENTAL Laws..............................................35
ii
<Page>
4.28 Information Supplied by the Company.............................................36
4.29 Full Disclosure.................................................................37
4.30 Absence of Undisclosed Liabilities..............................................37
4.31 Government Contracts............................................................37
ARTICLE V REPRESENTATIONS AND WARRANTIES OF INVESTORS
AND LENDERS REGARDING SECURITIES MATTERS.........................................38
5.1 Requisite Power and Authority....................................................38
5.2 Investment Representations.......................................................38
5.3 Investor Bears Economic Risk.....................................................38
5.4 Acquisition for Own Account......................................................38
5.5 Investor and Lender Can Protect Its Interest.....................................39
5.6 Accredited Investor..............................................................39
5.7 Parent Information...............................................................39
5.8 Rule 144.........................................................................39
5.9 Information Furnished by Investors and Lenders...................................39
ARTICLE VI REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB.......................40
6.1 Organization.....................................................................40
6.2 Enforceability...................................................................41
6.3 Capitalization...................................................................42
6.4 Subsidiaries and Affiliates......................................................43
6.5 No Approvals; No Conflicts.......................................................43
6.6 Financial Statements.............................................................44
6.7 Absence of Certain Changes or Events.............................................44
6.8 Taxes............................................................................46
6.9 Property.........................................................................49
iii
<Page>
6.10 Contracts.......................................................................51
6.11 Customers and Suppliers.........................................................52
6.12 Warranties and Returns..........................................................53
6.13 Claims and Legal Proceedings....................................................53
6.14 Labor and Employment Matters....................................................53
6.15 Employee Benefit Plans..........................................................54
6.16 Personnel.......................................................................58
6.17 Intellectual Property...........................................................58
6.18 Accounts Receivable.............................................................61
6.19 Inventory.......................................................................61
6.20 Corporate Books and Records.....................................................62
6.21 Licenses, Permits, Authorizations, etc..........................................62
6.22 Compliance With Laws............................................................62
6.23 Insurance.......................................................................62
6.24 Brokers or Finders..............................................................63
6.25 Insider Interests...............................................................63
6.26 Compliance WITH ENVIRONMENTAL Laws..............................................64
6.27 Information Supplied by Parent..................................................64
6.28 Full Disclosure.................................................................65
6.29 Absence of Undisclosed Liabilities..............................................65
6.30 Government Contracts............................................................65
6.31 Securities -- Parent Common Stock...............................................65
6.32 Securities -- H Shares and Notes................................................65
6.33 SEC Documents; Parent Financial Statements......................................66
iv
<Page>
ARTICLE VII CONDITIONS PRECEDENT TO OBLIGATIONS OF PARENT AND MERGER SUB.................67
7.1 Accuracy of Representations and Warranties.......................................67
7.2 Performance of Agreements........................................................67
7.3 Compliance Certificate...........................................................67
7.4 No Material Adverse Change.......................................................67
7.5 Approvals........................................................................68
7.6 Secretary's Certificate..........................................................68
7.7 Compliance With Laws.............................................................68
7.8 Stockholder Approval.............................................................68
7.9 Legal Proceedings................................................................68
7.10 Affiliate Letters...............................................................69
7.11 Termination of Certain Agreements...............................................69
7.12 Dissenter Rights Exercised Greater Than 20% of Stock............................69
7.13 Consents to Merger..............................................................69
7.14 Receipt of Loan from Company....................................................69
7.15 Amendment to Certificate........................................................70
7.16 Lock-Up Agreements..............................................................70
7.17 SEC Effectiveness...............................................................70
7.18 Series H Purchase...............................................................70
ARTICLE VIII CONDITIONS PRECEDENT TO OBLIGATIONS OF THE COMPANY..........................70
8.1 Accuracy of Representations and Warranties.......................................70
8.2 Performance of Agreements........................................................71
8.3 Compliance Certificate...........................................................71
8.4 No Material Adverse Change.......................................................71
v
<Page>
8.5 Approvals and Consents...........................................................71
8.6 Secretary's Certificate..........................................................71
8.7 Compliance With Laws.............................................................72
8.8 Legal Proceeding.................................................................72
8.9 Stockholder Approval.............................................................72
8.10 Parent's Trading Market Listing.................................................72
8.11 S-4 Effectiveness...............................................................72
8.12 Congress Consent................................................................73
ARTICLE IX CONDITIONS PRECEDENT TO OBLIGATIONS OF THE INVESTORS..........................73
9.1 Closing of the Merger............................................................73
9.2 Compliance With Laws.............................................................73
9.3 Registration Rights Agreement....................................................73
ARTICLE X COVENANTS......................................................................73
10.1 Conduct of Business by the Company Pending the Merger...........................73
10.2 Conduct of Business by Parent Pending the Merger................................76
10.3 Access to Information; Confidentiality..........................................79
10.4 Notification of Certain Matters.................................................80
10.5 Further Action; Best Efforts....................................................80
10.6 Approval of Parent Stockholders; Preparation of Proxy Statement.................80
10.7 Company Stockholder Approval....................................................81
10.8 Preparation of S-4..............................................................81
10.9 Parent Common Stock.............................................................82
10.10 Dissenting Shares..............................................................82
10.11 Publicity......................................................................82
vi
<Page>
10.12 No Solicitation, etc...........................................................83
10.13 Regulatory and Other Approvals.................................................84
10.14 Company Employees..............................................................85
10.15 Rights Agreement...............................................................86
ARTICLE XI TERMINATION, AMENDMENT AND WAIVER.............................................86
11.1 Termination.....................................................................86
11.2 Effect Of Termination...........................................................87
11.3 Amendment.......................................................................88
11.4 Waiver..........................................................................88
ARTICLE XII GENERAL......................................................................89
12.1 No Survival of Representations and Warranties...................................89
12.2 Expenses........................................................................89
12.3 Notices.........................................................................89
12.4 Severability....................................................................90
12.5 Entire Agreement................................................................90
12.6 Assignment......................................................................90
12.7 Parties in Interest.............................................................91
12.8 Governing Law; Jurisdiction; Venue..............................................91
12.9 No Third-Party Beneficiary......................................................91
12.10 Counterparts...................................................................91
</Table>
vii
<Page>
EXHIBITS
Exhibit 1.3 Certificate of Merger
Exhibit 2.1 Notes
Exhibit 3.1.1(a) Parent H Certificate
Exhibit 3.1.2 Investor Purchase Schedule
Exhibit 3.4 Registration Rights Agreement
Exhibit 4 Company Disclosure Memorandum
Exhibit 6 Parent Disclosure Memorandum
Exhibit 6.5(b) Rights Agreement Amendment
Exhibit 7.10 Affiliate Letter
Exhibit 7.16 Lock Up Agreement
<Page>
AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger (this "AGREEMENT") is made and
entered into as of August 22, 2001, by and among Exabyte Corporation, a Delaware
corporation ("PARENT"), Bronco Acquisition, Inc., a Delaware corporation and a
wholly owned subsidiary of Parent ("MERGER SUB"), Ecrix Corporation, a Delaware
corporation (the "COMPANY"), the investors listed on the signature page of this
Agreement (the "INVESTORS") and the lenders listed on the signature pages of
this Agreement (the "LENDERS").
RECITALS
A. The Company, Parent and Merger Sub believe it advisable and in
their respective best interests to effect a merger of the Company and Merger Sub
pursuant to this Agreement (the "MERGER").
B. The Board of Directors of the Company has approved this
Agreement and the Merger as required by applicable law, and will submit this
Agreement to the Company's stockholders for their approval.
C. The Boards of Directors of Parent and Merger Sub and the sole
stockholder of Merger Sub have approved this Agreement and the Merger as
required by applicable law.
AGREEMENT
In consideration of the terms of this Agreement, the parties hereto
agree as follows:
ARTICLE I
THE MERGER
1.1 THE MERGER
Upon the terms and subject to the conditions of this Agreement, at the
Effective Time (as defined in SECTION 1.3) the separate existence of Merger Sub
shall cease and Merger Sub shall be merged with and into the Company, and the
Company shall continue as the surviving corporation in the Merger and a wholly
owned subsidiary of Parent (the Company as the surviving corporation after the
Merger is sometimes referred to herein as the "SURVIVING CORPORATION").
1.2 THE CLOSING
Upon the terms and subject to the conditions of this Agreement, the
closing of the Merger (the "Closing") shall take place on the earliest
practicable business day (the "CLOSING DATE"), but not later than the fifth
business day, after the satisfaction or
1
<Page>
waiver of the conditions set forth in ARTICLES VII AND VIII at 10 a.m. local
time at the offices of Holland & Hart LLP, Suite 500, 1050 Walnut Street,
Boulder, CO 80302, or such other date, time or location as Parent and the
Company shall agree.
1.3 EFFECTIVE DATE AND TIME
On the Closing Date and upon the terms and subject to the conditions of
this Agreement, the Company and Merger Sub shall cause the appropriate
certificate (the "CERTIFICATE OF MERGER") substantially in the form attached as
EXHIBIT 1.3 complying with the applicable provisions of the Delaware General
Corporate Law ("DGCL") to be properly executed and filed with the Secretary of
State of the State of Delaware (the "DELAWARE SECRETARY OF STATE"). The Merger
shall become effective on the date (the "EFFECTIVE DATE") and at the time (the
"EFFECTIVE TIME") of filing of the Certificate of Merger or at such other time
as may be specified in the Certificate of Merger as filed. If the Delaware
Secretary of State requires any changes in the Certificate of Merger as a
condition to filing or to issuing its certificate to the effect that the Merger
is effective, Parent, Merger Sub and the Company will execute any necessary
revisions incorporating such changes, provided such changes are not materially
inconsistent with and do not result in any material change in the terms of this
Agreement.
1.4 CERTIFICATE OF INCORPORATION OF THE SURVIVING CORPORATION
At the Effective Time, the Certificate of Incorporation of Merger Sub
as in effect immediately prior to the Effective Time shall become the
Certificate of Incorporation of the Surviving Corporation, except that the name
of the corporation shall set forth therein shall be changed to the name of the
Company. Thereafter, the Certificate of Incorporation of the Surviving
Corporation may be amended in accordance with its terms and as provided by law.
1.5 BYLAWS OF THE SURVIVING CORPORATION
At the Effective Time, the Bylaws of Merger Sub as in effect
immediately prior to the Effective Time shall become the Bylaws of the Surviving
Corporation, except that the name of the corporation set forth therein shall be
changed to the name of the Company. Thereafter, the Bylaws may be amended or
repealed in accordance with their terms and the Certificate of Incorporation of
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