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Document Preview Agreement and Plan of Merger |
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Title: |
Agreement and Plan of Merger |
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Entities: |
PainCare Holdings, Inc.; Andrea Trescot, M.D.; Pain and Rehabilitation Network, Inc. |
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Date: |
2002 |
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Size: |
Preview shows 15KB of 163KB total |
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Price: |
$61 |
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ID: |
#124734 |
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AGREEMENT AND PLAN OF MERGER
by and among
PAINCARE HOLDINGS, INC.
as the "Buyer"
ANDREA TRESCOT, M.D.
as the "Stockholder" and
PAIN AND REHABILITATION NETWORK, INC.
as the "Company"
Dated: December 1, 2002
TABLE OF CONTENTS
{TABLE}
{S} {C}
ARTICLE 1 DEFINITIONS.................................................................... 4
1.1 Defined Terms ............................................................... 4
1.2 Other Defined Terms ......................................................... 11
ARTICLE 2 PLAN OF MERGER ................................................................ 12
2.1 Organization of Mergeco ..................................................... 12
2.2 The Merger .................................................................. 12
2.3 Merger Conversion ........................................................... 13
2.4 Consideration ............................................................... 13
2.5 Articles of Incorporation, Bylaws, Registered Agent of the Surviving
Corporation ................................................................ 16
2.6 Directors and Officers of the Surviving Corporation ......................... 16
2.7 Registration Rights ......................................................... 16
2.8 Structuring Matters ......................................................... 16
ARTICLE 3 CLOSING ....................................................................... 18
3.1 Closing ..................................................................... 18
3.2 Deliveries at Closing ....................................................... 18
ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER AND THE COMPANY ............. 19
4.1 Organization; Capitalization ................................................ 19
4.2 Authorization ............................................................... 20
4.3 Consents and Approvals ...................................................... 20
4.4 Title to Assets ............................................................. 20
4.5 Facilities .................................................................. 21
4.6 Contracts; No Defaults ...................................................... 21
4.7 No Conflict or Violation .................................................... 22
4.8 Unaudited Financial Statements .............................................. 23
4.9 Absence of Certain Changes or Events ........................................ 23
4.10 No Undisclosed Liabilities .................................................. 25
4.11 Accounts Receivable and Payable ............................................. 25
4.12 Inventories ................................................................. 25
4.13 Intellectual Property Rights ................................................ 26
4.14 Litigation .................................................................. 27
4.15 Labor Matters ............................................................... 27
4.16 Compliance with Law; Permits ................................................ 27
4.17 Taxes ....................................................................... 28
4.18 Severance Arrangements ...................................................... 28
4.19 Insurance ................................................................... 28
4.20 Purchase Commitments ........................................................ 29
4.21 Suppliers ................................................................... 29
4.22 Bank Accounts ............................................................... 29
4.23 Environmental Matters ....................................................... 29
{/TABLE}
-i-
{PAGE}
{TABLE}
{S} {C}
4.24 Employee Benefit Plans ..................................................... 29
4.25 No Brokers ................................................................. 32
4.26 No Other Agreements to Sell the Assets or Capital Stock of the Company ..... 32
4.27 Material Misstatements Or Omissions ........................................ 32
4.28 Investments ................................................................ 32
4.29 Insider Interests .......................................................... 32
4.30 Securities matters ......................................................... 33
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF THE BUYER .................................. 33
5.1 Organization of Buyer and Mergeco .......................................... 33
5.2 Authorization .............................................................. 33
5.3 No Conflict or Violation ................................................... 34
5.4 Consents and Approvals ..................................................... 34
5.5 Disclosure Documents ....................................................... 34
5.6 Capitalization ............................................................. 34
5.7 Litigation ................................................................. 34
5.8 No Undisclosed Liabilities ................................................. 35
5.9 No Brokers ................................................................. 35
5.10 Material Misstatements Or Omissions ........................................ 35
ARTICLE 6 COVENANTS OF THE STOCKHOLDER, THE COMPANY, AND THE BUYER ..................... 35
6.1 Further Assurances: ........................................................ 35
6.2 Conduct of Business ........................................................ 36
6.3 Records .................................................................... 38
6.4 Access of the Buyer ........................................................ 38
6.5 Environmental .............................................................. 39
6.6 Notification of Certain Matters ............................................ 39
6.7 No Mergers, Consolidations, Sale of Stock, Etc ............................. 40
6.8 Landlord Consents .......................................................... 40
6.9 Payment of Indebtedness by Affiliates ...................................... 40
6.10 Approval of Shareholders ................................................... 40
6.11 Certificates of Merger ..................................................... 40
6.12 Excluded Assets ............................................................ 40
ARTICLE 7 CONDITIONS TO THE STOCKHOLDER'S OBLIGATIONS .................................. 41
7.1 Representations, Warranties and Covenants .................................. 41
7.2 No Injunction .............................................................. 41
7.3 Certificates ............................................................... 41
7.4 Corporate Documents ........................................................ 41
7.5 Employment Agreement ....................................................... 41
7.6 Releases of Personal Guarantees ............................................ 41
7.7 Due Diligence .............................................................. 41
ARTICLE 8 CONDITIONS TO THE BUYER'S OBLIGATION ......................................... 41
8.1 Representations, Warranties and Covenants .................................. 42
8.2 No Governmental Proceedings or Litigation .................................. 42
{/TABLE}
-ii-
{PAGE}
{TABLE}
{S} {C}
8.3 Due Diligence and Audit ............................................ 42
8.4 No Injunction ...................................................... 42
8.5 Certificates ....................................................... 42
8.6 Liens .............................................................. 42
8.7 401(k) Plan ........................................................ 42
8.8 Resignation of Officers and Directors and Release .................. 42
ARTICLE 9 ACTIONS BY THE STOCKHOLDERS AND THE BUYER AFTER THE CLOSING .......... 43
9.1 Books and Records .................................................. 43
9.2 Survival of Representations, Etc ................................... 43
9.3 Indemnification .................................................... 43
9.4 Certain Tax Matters ................................................ 46
ARTICLE 10 MISCELLANEOUS ....................................................... 48
10.1 Termination ........................................................ 48
10.2 Assignment ......................................................... 49
10.3 Notices; Transfer of Funds ......................................... 49
10.4 Choice of Law ...................................................... 49
10.5 Submission to Jurisdiction ......................................... 50
10.6 Entire Agreement, Amendments and Waivers ........................... 50
10.7 Multiple Counterparts .............................................. 50
10.8 Expenses ........................................................... 50
10.9 Invalidity ......................................................... 50
10.10 Titles; Gender ..................................................... 50
10.11 Publicity .......................................................... 50
10.12 Burden and Benefit ................................................. 51
10.13 Cumulative Remedies ................................................ 51
{/TABLE}
LIST OF EXHIBITS
Illustration of Earnout Exhibit A
Pledge Agreement Exhibit B
Registration Rights Agreement Exhibit C
Employment Agreement of Dr. Trescot Exhibit D
General Release Exhibit E
-iii-
{PAGE}
AGREEMENT AND PLAN OF MERGER
This Agreement ("Agreement") entered into this 1st day of December, 2002,
by and among PAINCARE HOLDINGS, INC., a Florida corporation (the "Buyer"),
Andrea Trescot, M.D. (the "Stockholder"), and PAIN AND REHABILITATION NETWORK,
INC., a Florida corporation (the "Company").
BACKGROUND
A. The Stockholder owns all of the issued and outstanding capital stock
of the Company.
B. The parties wish to provide for the terms and conditions upon which a
merger of the Company with a new, to-be-formed, wholly-owned subsidiary
corporation of the Buyer ("Mergeco") would be consummated.
C. The Boards of Directors of Buyer and the Company have approved the
merger of the constituent corporations pursuant to the terms of this Agreement.
D. It is the intention of the parties hereto that the proposed merger
shall constitute a tax-free reorganization, as defined in Section 368(a)(1)(A)
and 368(a)(2)(D) of the Code (as hereinafter defined), and that this Agreement
shall also constitute a Plan of Reorganization.
E. The Buyer, the Stockholder, and the Company desire to make certain
representations, warranties, covenants, and agreements in connection with the
transactions contemplated by this Agreement.
TERMS OF AGREEMENT
In consideration of the mutual covenants and promises contained herein and
for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:
ARTICLE 1 DEFINITIONS
1.1 Defined Terms. As used herein, the terms below shall have the
following meanings. Any of these terms, unless the context otherwise requires,
may be used in the singular or plural depending upon the reference.
"Affiliate" shall have the meaning set forth in the Securities Exchange Act
of 1934, as amended, and the rules and regulations thereunder.
"Assets" shall mean all of the Company's right, title and interest in and
to all properties, assets and rights of any kind, whether tangible or
intangible, real or personal, owned by the Company or in which the Company has
any interest whatsoever, excluding the Excluded Assets, but including, without
limitation, all of the Company's right, title and interest in the following:
(a) all accounts and notes receivable, refunds or deposits and prepaid
expenses (including, without limitation, any prepaid insurance premiums);
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