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Title: |
Agreement and Plan of Merger |
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Date: |
2005 |
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Preview shows 19KB of 212KB total |
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$54 |
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ID: |
#1260624 |
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AGREEMENT AND PLAN OF MERGER
BY AND AMONG
K-V PHARMACEUTICAL COMPANY,
KESTREL-FALCON ACQUISITION CORPORATION,
FP1096, INC., AND
FEMMEPHARMA HOLDING COMPANY, INC.
DATED AS OF MAY 4, 2005
<PAGE>
<PAGE>
<TABLE>
TABLE OF CONTENTS
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Page
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<S> <C>
ARTICLE I DEFINITIONS.................................................................................................1
ARTICLE II THE MERGER................................................................................................14
2.1 THE MERGER.........................................................................................14
2.2 EFFECTIVE TIME.....................................................................................14
2.3 EFFECT OF THE MERGER...............................................................................14
2.4 ARTICLES OF INCORPORATION AND BYLAWS...............................................................14
2.5 DIRECTORS AND OFFICERS.............................................................................15
2.6 EFFECT OF MERGER ON THE CAPITAL STOCK OF THE CONSTITUENT CORPORATIONS..............................15
2.7 DISSENTING SHARES..................................................................................17
2.8 SURRENDER OF CERTIFICATES..........................................................................17
2.9 NO FURTHER OWNERSHIP RIGHTS IN FP1096 CAPITAL STOCK................................................19
2.10 LOST, STOLEN OR DESTROYED CERTIFICATES.............................................................19
2.11 CLOSING DATE DELIVERIES OF FP1096 AND FEMMEPHARMA..................................................19
2.12 CLOSING DATE DELIVERIES OF K-V.....................................................................20
2.13 TAKING OF NECESSARY ACTION; FURTHER ACTION.........................................................21
ARTICLE III REPRESENTATIONS AND WARRANTIES OF FP1096 AND FEMMEPHARMA.................................................21
3.1 ORGANIZATION.......................................................................................21
3.2 FP1096 CAPITAL STRUCTURE...........................................................................21
3.3 SUBSIDIARIES.......................................................................................23
3.4 AUTHORITY..........................................................................................23
3.5 NO CONFLICT........................................................................................23
3.6 CONSENTS...........................................................................................23
3.7 REGULATORY MATTERS.................................................................................24
3.8 FP1096 FINANCIAL STATEMENTS........................................................................25
3.9 NO UNDISCLOSED LIABILITIES.........................................................................26
3.10 NO CHANGES.........................................................................................26
3.11 TAX MATTERS........................................................................................27
3.12 RESTRICTIONS ON BUSINESS ACTIVITIES................................................................28
3.13 TITLE TO PROPERTIES; ABSENCE OF LIENS AND ENCUMBRANCES; SUFFICIENCY OF ASSETS......................29
3.14 INTELLECTUAL PROPERTY..............................................................................30
3.15 AGREEMENTS, CONTRACTS AND COMMITMENTS..............................................................32
3.16 INTERESTED PARTY TRANSACTIONS......................................................................32
3.17 GOVERNMENTAL AUTHORIZATION.........................................................................32
3.18 LITIGATION.........................................................................................32
3.19 MINUTE BOOKS.......................................................................................33
3.20 ENVIRONMENTAL MATTERS..............................................................................33
3.21 BROKERS' AND FINDERS' FEES.........................................................................34
3.22 EMPLOYEE BENEFIT PLANS AND COMPENSATION............................................................34
3.23 INSURANCE..........................................................................................35
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TABLE OF CONTENTS
(CONTINUED)
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<S> <C>
3.24 COMPLIANCE WITH LAWS...............................................................................36
3.25 WARRANTIES; INDEMNITIES............................................................................36
3.26 COPIES OF MATERIALS................................................................................36
3.27 FULL DISCLOSURE....................................................................................36
3.28 INFORMATION STATEMENT..............................................................................36
3.29 OWNERSHIP OF FP1096 CAPITAL STOCK..................................................................37
3.30 ABSENCE OF CLAIMS BY THE SHAREHOLDERS..............................................................37
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF K-V AND K-V SUB.........................................................37
4.1 ORGANIZATION, STANDING AND POWER...................................................................37
4.2 AUTHORITY..........................................................................................37
4.3 CONSENTS...........................................................................................38
4.4 CAPITAL RESOURCES..................................................................................38
4.5 BROKER'S AND FINDERS' FEES.........................................................................38
4.6 NO CONFLICTS.......................................................................................38
4.7 INTERIM OPERATIONS OF K-V SUB......................................................................38
ARTICLE V ADDITIONAL AGREEMENTS......................................................................................38
5.1 CONFIDENTIALITY....................................................................................38
5.2 EXPENSES...........................................................................................40
5.3 FIRPTA COMPLIANCE..................................................................................40
5.4 ADDITIONAL DOCUMENTS AND FURTHER ASSURANCES........................................................40
5.5 RETAINED EMPLOYMENT LIABILITIES....................................................................40
5.6 ADDITIONAL INFORMATION.............................................................................41
5.7 NON-COMMERCIALIZATION..............................................................................41
5.8 TAX MATTERS........................................................................................41
ARTICLE VI CONDITIONS TO THE MERGER..................................................................................43
6.1 CONDITIONS TO OBLIGATIONS OF EACH PARTY TO EFFECT THE MERGER.......................................43
6.2 CONDITIONS TO THE OBLIGATIONS OF K-V AND K-V SUB...................................................43
6.3 CONDITIONS TO OBLIGATIONS OF FP1096, FEMMEPHARMA AND THE SHAREHOLDERS..............................46
ARTICLE VII SURVIVAL; INDEMNIFICATION................................................................................47
7.1 SURVIVAL OF REPRESENTATIONS AND WARRANTIES.........................................................47
7.2 INDEMNIFICATION....................................................................................48
7.3 PROCEDURE..........................................................................................49
7.4 LIMITATION ON INDEMNIFICATION; ESCROW..............................................................50
7.5 EXCLUSIVE REMEDY...................................................................................52
7.6 ESCROW AND ESCROW RELEASE AMOUNT...................................................................52
7.7 SELLER REPRESENTATIVE..............................................................................52
ARTICLE VIII GENERAL PROVISIONS......................................................................................53
8.1 TERMINATION........................................................................................53
8.2 EFFECT OF TERMINATION..............................................................................53
8.3 NOTICES............................................................................................53
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TABLE OF CONTENTS
(CONTINUED)
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<S> <C>
8.4 INTERPRETATION.....................................................................................54
8.5 COUNTERPARTS.......................................................................................55
8.6 AMENDMENT..........................................................................................55
8.7 ENTIRE AGREEMENT; ASSIGNMENT.......................................................................55
8.8 SEVERABILITY.......................................................................................55
8.9 OTHER REMEDIES.....................................................................................55
8.10 GOVERNING LAW; VENUE...............................................................................55
8.11 RULES OF CONSTRUCTION..............................................................................56
8.12 WAIVER OF JURY TRIAL...............................................................................56
</TABLE>
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<PAGE>
<PAGE>
INDEX OF EXHIBITS
EXHIBIT DESCRIPTION
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Exhibit A Asset Contribution Agreement
Exhibit B Form of Escrow Agreement
Exhibit C Form of License Agreement
Exhibit D Form of Release Agreement
Exhibit E Retained Contracts
Exhibit F List of Shareholders
Exhibit G Form of Transition Agreement
Exhibit H1 Form of Merger Certificate
Exhibit H2 Form of Certificate of Merger of Domestic Corporation
into Foreign Corporation
Exhibit I Letter of Transmittal
Exhibit J Closing Instructions
Exhibit K Form(s) of Proprietary Information, Confidentiality
and Assignment Agreement
SCHEDULES
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<PAGE>
<PAGE>
THIS AGREEMENT AND PLAN OF MERGER (this "Agreement") is made and
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entered into as of May 4, 2005 by and among K-V Pharmaceutical Company, a
Delaware corporation ("K-V"), Kestrel-Falcon Acquisition Corporation, a
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Delaware corporation and a wholly-owned subsidiary of K-V Pharmaceutical
("K-V Sub"), FP1096, Inc., a Pennsylvania corporation ("FP1096"), and
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FemmePharma Holding Company, Inc., a Delaware corporation and a wholly-owned
subsidiary of FP1096 ("FemmePharma").
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RECITALS
A. K-V and FP1096 believe it is in the best interests of each
company and its respective shareholders that K-V acquire FP1096 through the
statutory merger of K-V Sub with and into FP1096 (the "Merger").
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B. Immediately prior to the Merger, FP1096 will have executed
and delivered the Asset Contribution Agreement (as defined in Article I) and
the License Agreement (as defined in Article I) as a condition to K-V to
consummate the transactions pursuant to this Agreement.
C. Immediately prior to the Merger, FP1096 will have
consummated the Spin Off (as defined in Article I) as a condition to FP1096
to consummate the transactions pursuant to this Agreement.
Therefore, in consideration of the premises and mutual covenants
and conditions set forth herein and intending to be legally bound, the
parties hereto hereby agree as follows:
ARTICLE I
DEFINITIONS
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The terms defined in this Article I, whenever used in this
Agreement, including without limitation in the exhibits and schedules hereto
and the disclosure letters delivered in connection herewith, unless
otherwise specified, shall have the following meanings:
"Accounts Receivable" means, in the ordinary course of business:
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(i) all trade accounts receivable and other rights to payment from customers
of FP1096 and the full benefit of all security for such accounts or rights
to payment, (ii) all other accounts or notes receivable of FP1096, and the
full benefit of all security for such accounts or notes, and (iii) any
claim, remedy or other right related to any of the foregoing.
"Affiliate" means with respect to any Person, any other Person that
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directly, or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such first Person. The term
"control" of such first Person (including the terms "controlling,"
"controlled by" and "under common control with" such first Person) means the
possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of such first Person, whether
through the ownership of voting securities, by contract, or otherwise.
"Agreement" has the meaning given to it in the first paragraph of
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this Agreement.
<PAGE>
<PAGE>
"Anti-infective Product" means any local regional, topical or
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intravaginally administered product that is delivered to the pelvic region
used for the treatment of candidiasis, bacterial vaginosis or
trichomoniasis, whether such conditions are described by such terms or any
other terminology.
"Appraisal" has the meaning given to it in Section 6.2(u) of this
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Agreement.
"Asset Contribution Agreement" means the Asset Contribution
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Agreement dated as of the date hereof by and between FP1096 and FemmePharma
in substantially the form of EXHIBIT A.
"Audit" has the meaning given to it in Section 5.8(c).
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"Balance Sheet Date" has the meaning given to it in Section 3.8(a).
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