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Shareholder Tender and Voting Agreement

 

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Title:

Shareholder Tender and Voting Agreement

Entities:

Digital Privacy Inc; DRS Technologies Inc.; National City Bank

Date:

2002

Size:

Preview shows 6KB of 30KB total

Price:

$43

ID:

#1284626

 

 

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                                                                       Annex B-3


SHAREHOLDER TENDER AND VOTING AGREEMENT

This SHAREHOLDER TENDER AND VOTING AGREEMENT (this "Agreement") is entered
into as of October 23, 2002, by and between DRS Technologies, Inc., a Delaware
corporation ("Parent"), Prince Merger Corporation, a Florida corporation and a
wholly-owned subsidiary of Parent ("Merger Sub"), and Richard P. McNeight, an
individual (the "Shareholder").

W I T N E S S E T H:

WHEREAS, as of the date hereof, Shareholder "beneficially owns" (as such
term is defined in Rule 13d-3 promulgated under the Exchange Act) and is
entitled to dispose of (or to direct the disposition of) and to vote (or to
direct the voting of) the number of shares of common stock, par value $0.015 per
share (the "Common Stock"), of [Prince] Inc., a Florida corporation (the
"Company"), set forth opposite such Shareholder's name on Schedule I hereto
(such shares of Common Stock, together with any other shares of Common Stock the
power to dispose of or vote over which such Shareholder acquires during the
period from and including the date hereof through and including the date on
which this Agreement is terminated in accordance with its terms, are
collectively referred to herein as the "Subject Shares");

WHEREAS, Parent, Merger Sub and the Company propose to enter into an
Agreement and Plan of Merger, dated as of the date hereof (the "Merger
Agreement"), which provides for Merger Sub to commence a tender offer (the
"Offer") for all of the issued and outstanding shares of the Common Stock and
the merger of Merger Sub with and into the Company, with the Company surviving
as a wholly-owned subsidiary of Parent (the "Merger"); and

WHEREAS, as a condition to the willingness of Parent to enter into the
Merger Agreement, and as an inducement and in consideration therefor, the
Shareholder is executing this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the mutual premises,
representations, warranties, covenants and agreements contained herein, the
parties hereto, intending to be legally bound, hereby agree as follows:

ARTICLE I
TENDER AGREEMENT AND IRREVOCABLE PROXY

Section 1.1 Tender Agreement. The Shareholder hereby agrees that
unless this Agreement is terminated pursuant to Article V hereof, (a) the
Shareholder shall tender the Subject Shares to Merger Sub in the Offer as
promptly as practicable, and in any event no later than the tenth Business Day,
following the commencement of the Offer pursuant to Section 1.1 of the Merger
Agreement, and (b) the Shareholder shall not


<PAGE>

withdraw any Subject Shares so tendered unless the Offer is terminated or has
expired without Purchaser purchasing all shares of Common Stock validly tendered
in the Offer.

Section 1.2 Grant of Irrevocable Proxy. Shareholder hereby appoints
Parent and any designee of Parent, and each of them individually, as
Shareholder's proxy and attorney-in-fact, with full power of substitution and
resubstitution, to vote or act by written consent with respect the Subject
Shares (x) in favor of the approval of the terms of the Merger Agreement, the
Merger and the other transactions contemplated by the Merger Agreement (and any
actions required in furtherance thereof), (y) against any action, proposal,
transaction or agreement that would result in a breach in any respect of any
covenant, representation or warranty or any other obligation or agreement of the
Company contained in the Merger Agreement or of the Shareholder contained in
this Agreement, and (z) except with the written consent of Parent, against the
following actions or proposals (other than the transactions contemplated by the
Merger Agreement): (i) any Acquisition Proposal; and (ii) (A) any change in the
persons who constitute the board of directors of the Company as such board is
constituted as of the date of this Agreement (or their successors who were so
approved); (B) any material change in the present capitalization of the Company
or any amendment of the Company's articles of incorporation or bylaws; (C) any
other material change in the Company's corporate structure or business; or (D)
any other action or proposal involving the Company or any of its Subsidiaries
that is intended, or could reasonably be expected, to prevent, impede, interfere
with, delay, postpone or adversely affect the transactions contemplated by the
Merger Agreement; provided, however, that nothing in this Agreement shall limit
or affect Shareholder from acting in accordance with his fiduciary duties as an
officer or director of the Company. Any such vote shall be cast or consent shall
be given in accordance with such procedures relating thereto so as to ensure
that it is duly counted for purposes of determining that a quorum is present and
for purposes of recording the results of such vote or consent. Shareholder
agrees not to enter into any agreement or commitment with any Person the effect
of which would be inconsistent with or violative of the provisions and
agreements contained in this Article I. This proxy is given to secure the
performance of the duties of Shareholder under this Agreement. Shareholder shall

 

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